Top
Begin typing your search above and press return to search.

Ministry of Company Affairs (MCA)-21 Version 3 To Offer Ease Of Doing Business

Ministry of Company Affairs (MCA)-21 Version 3 To Offer Ease Of Doing Business

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  13 May 2019 8:10 AM GMT

New Delhi: Amid the row over the functionality of its database, the Ministry of Corporate Affairs is working on the Version 3 of the MCA-21 database, which will address many current flaws in this online registry.

The new MCA-21 V 3.0 will have features like a single Amid the row over the functionality of its database, the Ministry of Corporate Affairs is working on the Version 3 of the MCA-21 database source of truth, ease of doing business, re-adjudication, online compliance monitoring, all aimed at improving the authenticity and comprehensiveness of corporate It may also make the current registrar of companies (RoC) appear obsolete.

“A new version is coming. Version 3 will be a front-runner 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 platform to a new version will start,” MCA sources said.

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

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

Also Read: BUSINESS

Next Story