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Monsoon Session: Key Bills for Business Reform
24 Nov
Summary
- Two critical bills are set for review by a select committee.
- Bills aim to simplify compliance and decriminalize minor business offenses.
- IBC amendment seeks to overhaul India's insolvency framework.
The upcoming monsoon session is poised to see the return of two significant legislative proposals for parliamentary approval: the Jan Vishwas Amendment Bill and the Insolvency and Bankruptcy Code (IBC) Amendment Bill. Following their review by a select committee, these bills are expected to bring about substantial changes.
The Jan Vishwas Amendment Bill is geared towards simplifying regulatory compliance for businesses. It also aims to decriminalize minor offenses, thereby reducing the burden on entrepreneurs and fostering a more conducive business environment.
Complementing this, the IBC Amendment Bill proposes a comprehensive overhaul of India's insolvency and bankruptcy framework. Its objectives include addressing procedural delays, clarifying existing ambiguities, and potentially introducing a creditor-initiated insolvency resolution process to further enhance efficiency.
