MCA signs pact with CBIC for data exchange to boost regulatory enforcement

The Ministry of Corporate Affairs (MCA) has signed a Memorandum of Under­standing (MoU) with the Central Board of Indirect Taxes and Customs (CBIC) for exchanging data such as import-export transactions and financial statements of companies registered in the country.
 
The move, expected to enhance ease of doing business, will use data analytics and artificial intelligence to improve regulatory enforcement. The MoU will en­able sharing of specific information such as details of Bill of Entry (Imports), Shi­pping Bill (Exports) summary from CBIC and financial statements filed with the Reg­istrar by firms, and returns of allotment of shares for regulatory purposes.