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MCA-21 version 3 to offer ease of doing biz, online compliance monitoring

IANS  |  New Delhi 

Amid the row over functionality of its database, the is working on the Version 3 of MCA-21 database, which will address many current flaws in this

The new MCA-21 V 3.0 will have features like single source of truth, ease of doing business, e-adjudication, online compliance monitoring, all aimed at improving the authenticity and comprehensiveness of corporate It may also make the of companies (RoC) appear obsolete.

"A new version is coming. Version 3 will be a that would take a year from now to take shape as the process of selection of vendors could be started only by September after the formation of the new government. After that, tests and migration of the MCA-21 platform to a new version will start," sources said.

"The Version 3 will ease process of filing details as single source of truth will ensure that common information will automatically get updated over various forms. Second, the entire process will go online. This will ensure that nobody is required to go to a RoC. Everything will be on the front-end where entire and then would be done. So if anyone is not complying with the law, will automatically get generated and reach him", the sources added.

21 which was under revamp to a new version has found itself under a controversy over utility of the enrolled companies under the Government's sample NSSO has doubted the veracity of these listed companies saying 21 per cent of these from MCA-21 were "out-of-coverage" meaning they were either not operating. Another 12 per cent of companies could not be found putting a question mark on accuracy of GDP data that switched to verifying corporate data using MCA-21.

MCA-21 is an initiative under storing all registered companies that file accounts online with MCA.

The government has already said there would not be any impact on the GDP data, saying that appropriate adjustments are made at aggregate levels.

This follows doubts over the GDP numbers after a survey report of NSSO showed over a third of the companies on the Ministry of Corporate Affairs' MCA-21 and used in computing India's GDP could either not be traced or were wrongly classified or non functional.

(Anjana Das can be contacted at anjana.d@ians.in)

--IANS

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sun, May 12 2019. 11:12 IST
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