Page 18 - Banking Finance May 2021

ROUNDUP

Nitin Gadkari, Minister, Road Transport, Gadkari also said that 93% of the The idea is to decriminalize 12 offences
Highways and MSMEs told the Rajya vehicles are currently paying toll using that will be dealt with by an in-house
Sabha in a written reply, "As on 16th FASTag and the remaining 7% who adjudication mechanism rather than
March 2021, more than 3 crore haven't are paying a double user fee. the National Company Law Tribunal
FASTags have been issued. The average (NCLT). One offence related to non-
daily fee collection through FASTag is Telangana announces 30% compliance of tribunal orders will be
more than Rs. 100 crores from 1st fitment for staff; dropped to avoid duplication.
March 2021 to 16th March 2021."
retirement age fixed at 61 The Bill is expected to offer relief on
certain fees and penalty for defaults to
EPFO closed 7.1 million The State Government of Telangana small LLPs defined on the basis of their
recently announced 30% fitment for all
accounts in April- total contribution and sales. There is
government employees and teachers and
December 2020 raised their retired age from 58 to 61. also a plan to introduce an accounting
and auditing regime for LLPs.
The Parliament was informed very Chief Minister K. Chandrasekhar Rao
recently that Employees' Provident said that around 9.17 lakh employees
Fund Organisation closed 7.1 million and pensioners, including contract and MCA may decriminalize
EPF accounts during April-December, outsourcing employees, would be given LLP violations
2020 post pandemic which is higher a salary hike from April 1, 2021. Also, The government is set to introduce a
than 6.6 million in the same period a he announced extension of the Bill regarding the decriminalization of
year ago. retirement age of government minor and technical violations in the
employees and teachers from the
Santosh Gangwar, Labour Minister Limited Liability Partnership (LLP) Act,
said in a written reply to the Lok Sabha, existing 58 to 61. and give these business vehicles more
"The number of EPF accounts closed Rao said, "I am happy to announce the borrowing flexibility. The corporate
during the period from April to good news to all state government affairs ministry is presently working on
December, 2020 is 71,01,929,". employees and teachers that they will the Bill, based on suggestions given by
get 30% fitment and to this effect the
The minister also stated that the a panel of experts led by secretary in
number of EPF accounts with partial orders will be implemented from April the ministry Rajesh Verma.
withdrawal also rose to 1,27,72,120 in 1, 2021." The move signifies concerted efforts to
April-December 2020 from 54,42,884 bring to effect as quickly as possible all
in the same period in 2019. MCA may decriminalize the planned legislative changes aimed
LLP violations at improving ease of doing business
Only GPS-based toll The government is set to introduce a which the government hopes will add
collection in a year: Bill regarding the decriminalization of momentum to the economic recovery.
minor and technical violations in the
Gadkari Limited Liability Partnership (LLP) Act, The idea is to decriminalize 12 offences
Nitin Gadkari, Union Road Transport and give these business vehicles more that will be dealt with by an in-house
and Highways Minister has recently borrowing flexibility. The corporate adjudication mechanism rather than
told the Lok Sabha that all toll booths affairs ministry is presently working on the National Company Law Tribunal
across the National Highway network the Bill, based on suggestions given by (NCLT). One offence related to non-
will be done away with and a complete a panel of experts led by secretary in compliance of tribunal orders will be
GPS-based toll collection system will be the ministry Rajesh Verma. dropped to avoid duplication.
rolled out within one year. The Bill is expected to offer relief on
The move signifies concerted efforts to
Responding to a question during the bring to effect as quickly as possible all certain fees and penalty for defaults to
Question Hour, he stated, "The money the planned legislative changes aimed small LLPs defined on the basis of their
will be collected based on GPS imaging at improving ease of doing business total contribution and sales. There is
(on vehicles) and you will pay the user which the government hopes will add also a plan to introduce an accounting
fee for the stretch you will use." momentum to the economic recovery. and auditing regime for LLPs.

18 | 2021 | MAY | BANKING FINANCE