Ministry of Corporate Affairs (MCA) Operationalizes Central Processing Centre to facilitate Ease of Doing Business (EoDB) | Current Affairs | Vision IAS
News Today Logo

    Ministry of Corporate Affairs (MCA) Operationalizes Central Processing Centre to facilitate Ease of Doing Business (EoDB)

    Posted 17 Feb 2024

    Updated 22 Mar 2024

    1 min read

    • CPC is established for centralised processing of regulatory compliance forms filed under Companies Act and Limited Liability Partnership Act.
      • It will process applications in time bound and faceless manner on lines of Central Registration Centre (CRC) and Centralized Processing for Accelerated Corporate Exit (C-PACE).
        • CRC provides services for speedy incorporation of companies whereas C-PACE provides centralised processing of applications for voluntary closure of companies.
    • EoDB refers to simplicity, efficiency, and cost-effectiveness of setting-up, operating, and closure of businesses in a particular territory.
       
    • Focus areas of EoDB reforms include -
      • Simplification of procedures related to applications, renewals, inspections, filing records, etc.,
      • Rationalization by repealing, amending, or subsuming redundant laws,
      • Digitization by creating online interfaces eliminating manual forms and records, and
      • Decriminalization of minor technical or procedural defaults.
         
    • Significance of EoDB reforms
      • Economic growth: Through improved resource allocation, enhanced competitiveness to boost innovation, etc.
      • Foreign investment: Through reduced bureaucratic hurdles, improved transparency to reduce perceived risks for investors, etc.
      • Social development: By promoting inclusivity and providing opportunities for marginalized communities to participate in economic activities.
    • Tags :
    • Central Processing Centre
    • Ease of Doing Business
    • EoDB
    Watch News Today
    Subscribe for Premium Features