GS PAPER II: Indian Economy and issues relating to planning, mobilization, of resources, growth, development and employment.

Context: Minister of State for Finance and Corporate Affairs launched the first phase of Ministry of Corporate Affairs’ (MCA) MCA21 Version 3.0 (V3.0) comprising of revamped website, new email services for MCA Officers and two new modules, namely, e. Book and e. Consultation during a virtual event.

The e-consultation module will facilitate:

• virtual public consultation of proposed amendments and new legislations
• leverage Artificial intelligence for compiling, grouping and categorizing comments/inputs received from stakeholders and create analytical reports for quick policy decision making.
• new email service for officers of MCA to provide them with advanced features and capabilities for organised and managed communication with internal as well as external stakeholders.

About MCA21

• It is an e-Governance initiative of Ministry of Corporate Affairs (MCA), that enables an easy and secure access of the MCA services to the corporate entities, professionals and citizens of India.

Objectives:

• To fully automate all processes related to the proactive enforcement and compliance of the legal requirements under the Companies Act, 1956, New Companies Act, 2013 and Limited Liability Partnership Act, 2008.
• To help the business community to meet their statutory obligations.

MCA21 application offers the following Benefits:

• Enables the business community to register a company and file statutory documents quickly and easily.
• Provides easy access of public documents
• Helps faster and effective resolution of public grievances
• Helps registration and verification of charges easily
• Ensures proactive and effective compliance with relevant laws and corporate governance
• Enables the MCA employees to deliver best of breed services

MCA 3.0

• It have additional modules for e-Adjudication, e-Consultation and Compliance Management.
• It is a technology-driven forward looking project, envisioned to strengthen enforcement, promote Ease of Doing Business, enhance user experience, facilitate seamless integration and data exchange among Regulators.

The key components of MCA21 3.0

• e-Scrutiny: To scrutinise certain Straight Through Process (STP) Forms filed by the corporates on the MCA21 registry and flag the companies for more in depth scrutiny.
• e-adjudication: To manage the increased volume of adjudication proceedings and to provide end to end adjudication electronically.
• e-Consultation: To automate and enhance the current process of public consultation on proposed amendments and draft rules etc.
• Compliance Management System (CMS): To assist MCA in identifying non-compliant companies/LLPs.
• MCA Lab: To evaluate the effectiveness of Compliance Management System, e-consultation module, enforcement module, etc. and suggest enhancements to the same on an on-going basis.
• Additionally, MCA21 V3 will have a cognitive chat bot enabled helpdesk, mobile apps, interactive user dashboards, enhanced user experience using UI/UX technologies, and seamless data dissemination through APIs.

https://pib.gov.in/PressReleasePage.aspx?PRID=1721263

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