Page 13 - Banking Finance August 2017

ROUNDUP

INDUSTRY

NEWS
NEWS
NEWS
NEWS
NEWS

Insolvency and Bankruptcy Code Country set to be the
Timeline of 180 days for resolution under the Code is important and the system largest milk producer
would evolve, said M S Sahoo, chairperson, Insol-
vency and Bankruptcy Board of India (IBBI). Re- According to a report by the United
sponding to a query during a meeting with stake- Nations (UN)
and the
holders Sahoo said, "Initially there may be some
Organisation
problems as systems are not in place. As many
for Eco-
transactions go through, practices will be stream-
lined, standardised and automated. Artificial intel- nomic Co-
ligence will come in and machines will take over a lot of the work." operation
and Development (OECD), India
He added: "Under the information utilities, we need to have information about
would be the world's largest milk pro-
all credits, authenticate and verify them, make correct information available. ducer by 2026 and will account for
This will help the National Company Law Tribunal to admit or reject a matter,
the biggest increase in wheat pro-
help insolvency professionals to verify the claims, so that the transactions move
duction globally.
expeditiously. The regulation has been notified. Now it is for the market to come
up, seek registration and start working. Untraceable listed enti-
Jurisdiction-free tax assessment ties on regional stock ex-

The CBDT is framing a policy involving special team of officers to prepare modali- changes
ties for creation of jurisdiction free tax assessment. "This About half of the companies listed on
first-of-its-kind initiative will totally change the relationship regional stock
and dealing between an assessee and his assessing officer exchanges
(AO). The income tax returns (ITRs), scrutiny cases and all (RSE) across the
other I-T related correspondence of a taxpayer will go to country have
an officer chosen randomly by the database system who is vanished with
working in any I-T office of the country," a senior official said. investor money. All these companies
as moved on to the dissemination
Virtual currencies tracked by the government board are asked to submit a plan to
A federal government panel is evaluating options to control get listed on recognised stock ex-
or intervene the virtual currency in India. Digital currency changes such as the BSE and the NSE,
like bitcoin should be controlled through the central bank and which follow stringent net-worth and
capital markets regulator along with intelligence agencies other listing criteria, or to provide an
to monitor money laundering and terrorist financing. exit opportunity to shareholders.

BANKING FINANCE | AUGUST | 2017 | 13

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