Canada markets open in 8 hours 49 minutes
  • S&P/TSX

    20,402.66
    -59.24 (-0.29%)
     
  • S&P 500

    4,455.48
    +6.50 (+0.15%)
     
  • DOW

    34,798.00
    +33.20 (+0.10%)
     
  • CAD/USD

    0.7918
    +0.0014 (+0.17%)
     
  • CRUDE OIL

    74.90
    +0.92 (+1.24%)
     
  • BTC-CAD

    55,543.16
    +2,145.59 (+4.02%)
     
  • CMC Crypto 200

    1,096.70
    -6.36 (-0.58%)
     
  • GOLD FUTURES

    1,759.50
    +7.80 (+0.45%)
     
  • RUSSELL 2000

    2,248.07
    -10.97 (-0.49%)
     
  • 10-Yr Bond

    1.4600
    -1.4100 (-100.00%)
     
  • NASDAQ futures

    15,371.50
    +52.75 (+0.34%)
     
  • VOLATILITY

    17.75
    -18.63 (-100.00%)
     
  • FTSE

    7,051.48
    -26.87 (-0.38%)
     
  • NIKKEI 225

    30,239.40
    -9.41 (-0.03%)
     
  • CAD/EUR

    0.6750
    +0.0010 (+0.15%)
     

Union Cabinet approves ammendment to LLP Act, to decriminalise 12 offences

·1 min read
Union Finance Minister Nirmala Sitharaman. (Photo/ ANI)
Union Finance Minister Nirmala Sitharaman. (Photo/ ANI)

New Delhi [India], July 28 (ANI): The Union Cabinet on Wednesday cleared the Limited Liability Partnership (LLP) Amendment Bill, which proposes to decriminalise 12 offences under the Limited Liability Partnership Act and foster the ease of doing business in the country.

Addressing a press briefing after the Cabinet meeting, the Union Finance Minister Nirmala Sitharaman said: "An amendment has been proposed in the Limited Liability Partnership Bill for the first time. We are doing a lot of changes in the Companies Act and corporate bodies are getting a lot of ease of doing business. LLPs are becoming popular among start-ups."

"As of today, you have 24 penal provisions in the LLP Act, 21 compoundable offences, and 3 non-compoundable offences. After today penal provisions will be cut to 22, compoundable offences will be only 7, non-compoundable offenses will be only 3," the Finance Minister said.

"Total of 12 offences to be decriminalised under LLPs. Many of the startups can also benefit from the ease of doing business," she added.

"To provide ease of doing business benefits to law-abiding corporators in LLP firms, the criminality has been removed. A penalty in the form of a fine has been decided for violations of general trends. This boosts Aatmanirbhar Bharat," Union Minister Anurag Thakur said.

Meanwhile, the Union Cabinet has also given nod to the Deposit Insurance Credit Guarantee Corporation (DICGC) Bill, 2021. (ANI)

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting