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Finance Ministry to decriminalise host of minor offences
Changes will be made to 19 legislations to help businesses tide over Covid-19 crisis
New Delhi: The Union Finance Ministry has proposed to decriminalise a host of minor offences, including those relating to cheque bounce and repayment of loans, in as many as 19 legislations to help businesses tide over the crisis caused by the coronavirus outbreak.
The 19 legislations include Negotiable Instruments Act (cheque bounce), SARFAESI Act (repayment of bank loans), LIC Act, PFRDA Act, RBI Act, NHB Act, Banking Regulation Act and Chit Funds Act. "Actions taken for decriminalisation of minor offences are expected to go a long way in improving ease of doing business and helping unclog the court system and prisons," the Finance Ministry said while inviting comments of stakeholders by June 23 on 19 legislations. "It would also be a significant step in the Government of India's objective of achieving 'Sabka Saath, Sabka Vikas and Sabka Vishwas'," it noted.
Based on the feedback, the Department of Financial Services will take a call as to a particular section should remain a criminal offence or that should be suitably modified to decriminalise to improve ease of doing business.
The other legislations listed in the document for consultation for suitable amendments to decriminalise minor offences are Insurance Act, Payment and Settlements Systems Act, NABARD Act, State Financial Corporations Act, Credit Information Companies (Regulation) Act, and Factoring Regulation Act. The Actuaries Act, the General Insurance Business (Nationalisation) Act, the Banning of Unregulated Deposit Schemes Act, the DICGC Act and the Prize Chits and Money Circulation Schemes (Banning) Act are also among the legislations.
Last month, Finance Minister Nirmala Sitharaman while announcing the fifth and final tranche of the Rs 20.97-lakh crore stimulus package for the economy hit by the coronavirus pandemic had said that violations involving minor technical and procedural defaults would be decriminalised as effort to further ease of doing business in the country.
