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India to have new bankruptcy code soon: PM Modi
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SME Times News Bureau | 07 Oct, 2015
India would soon have a new bankruptcy code to hasten pace of
liquidation in stress cases, Prime Minister Narendra Modi said on
Tuesday.
"We are working on a new bankruptcy code and a company
law tribunal will be set up to improve ease of doing business in India
with a transparent and predictable tax regime," Modi said at tech summit
here where visiting German Chancellor Angela Merkel was present with a
large delegation.
Though the code was incorporated in the amended
Companies Act in 2013, it could not be implemented as some issues
remained unresolved.
The proposed laws will govern businesses
formation, contract enforcement, debt repayment and bankruptcy as they
pay a critical role in economic growth.
Areas of concerns for
doing business in the country are the lengthy litigation process,
difficult arbitration procedures and deficient bankruptcy laws.
Referring
to regulatory and taxation issues that were adversely impacting
sentiment of foreign investors, the prime minister told German investors
and firms that his government had taken decisive steps to remove
bottlenecks.
"We have expedited regulatory clearances, including
security and environmental clearance; increased validity period of
industrial licences; de-licenced many defence items, lifted curbs on
end-use certificates and increased validity of defence industrial
licences to 18 years from three years," Modi said.
Similarly, the
government had clarified that it would not resort to retrospective
taxation and reinforced it by not levying minimum alternative tax (MAT)
on foreign portfolio investors and deferred implementing the General
Anti-Avoidance Rules (GAAR) by two more years.
"We have
introduced the Goods and Services Tax Bill in parliament and are hopeful
to roll it out from April in 2016," Modi reiterated.
Noting that
the economic partnership between the two countries remained below full
potential, he said his government was keen to develop the sectors where
Germany was strong.
"We are committed to creating favourable
conditions for business and industry because we believe they are
necessary for improving lives f our ordinary citizens," Modi said in his
address in English to about 500 Indian and German honchos.
Stressing
that the government had no business to be in business, he said the
country was committed to protect Intellectual Property Rights (IPRs) of
all innovators and entrepreneurs.
"We have taken initiatives for
transparency and online processing in IP administration. A progressive
and forward looking national IPR policy is being finalized," Modi added.
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