Adherence to regulatory compliance
Besides earning profit, the objective of organisations should be to take care of the interest of the stakeholders and to ensure the protection of interest of stakeholders, various laws are being implemented by Government. Complying with regulatory requirements should not be considered as burden rather it is a responsibility of corporates towards community and the society.
J R D Tata the Chairman of the Tata Group believed that, “to create good working conditions, to pay the best wages to its employees and provide decent housing to its employees are not enough for the industry, the aim of an industry should be to discharge its overall social responsibilities to the community and the society at large, where industry is located.
Laws are there to help the organisations to keep transparency and to get the contribution done towards the development of our nation. In this direction, Government of India is trying to make the Indian legal system more flexible and simple. The Central Government's resolve to bring reform in the legal system of the country, to make it more accessible to the common man and to imbibe the principles of rule of law, has inter-alia, and began with the review of enactments which are obsolete, redundant and unnecessary. In fulfillment of this objective, the Central Government has undertaken a comprehensive review of laws and the legal system with a view to remove incoherent and redundant laws. A two-member Committee was constituted for review of obsolete laws for repeal. As per the committee India has total 2781 Central Acts lying on the Statute-Book as on 15th October, 2014 before two amendments came last year. Out of these 2781 Acts, Government of India has decided to repeal 1741 Acts. The Acts identified for repeal by the said Committee are categorized as-
(i) 777 Central Acts identified for repeal wholly or in part;
(ii) 83 Central Acts relating to State subjects to be repealed by State Legislatures;
(iii) 624 Central Appropriation Acts enacted up to the year 2010; and
(iv) 257 Appropriation Acts enacted by Parliament for the States under President's Rule to be repealed by such states.
And out of 1741 Acts 125 Acts have been repealed, 35 Acts by the Repealing and Amending Act, 2015 and 90 Acts by the Repealing and Amending (Second) Act, 2015 and 758 Acts are still in pipe line to be passed, for which a bill “Repealing and Amending (Third) Act, 2015” was presented in Lok Sabha on 13th May last year.
If we talk about manufacturing company, normally more than fifty enactments apply on it and on the other hand, in case of non-manufacturing company it attracts generally more than forty enactments. Corporates are to take care of regular compliance of these enactments. History is witness to the fact that all the organizations which have been adhering to compliance are enjoying the top position in corporate world.
LexComply is a one-stop compliance management solution for practicing professionals and organization. It generates and send alerts for due date based, Ongoing and Event based compliances to the concerned official proactively. It serves as centralized repository of acts, rules, forms and other allied documents to make compliance efficient. It automates reminders, status reports, updates, task and compliance proof management. It also enables professionals to conduct Audit, Research,Due Diligence, Compliance Training and give opinion.
2/11B, Jangpura A
This release was published on openPR.
Permanent link to this press release:
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Adherence to regulatory compliance here
News-ID: 353214 • Views: 730
More Releases from RSJ Lexsys Private Limited
How to Plan Delisting
Delisting means permanent removal of securities of a listed company from all or any of the recognised stock exchanges where such shares are listed. As a consequence of delisting, the securities of that company would no longer be tradable at that stock exchange. Applicability of Delisting Regulation: 1. Delisting of Equity Shares from all the stock exchanges or any STXs except securities listed without making a public issue, on the institutional trading platform
Ingredient - Based approval for proprietary foods
Food Safety and Standards Authority of India (FSSAI) recognizes that a specific framework to manufacture and market proprietary food is required in accordance with the global best practices to provide certainty to all stakeholders while providing them with the flexibility to innovate. Earlier the Food Safety and Standards (Food Products Standards and Food Additives) Regulations, 2011 defines“the Proprietary food as food that has not been standardized under these regulations.” The notification dated
More Releases for Acts
Plumbers with Heart Deliver Acts of Service
Tulsa Oklahoma: April 22, 2021 – Trying to fix a water leak or finding you have no hot water from your heater can be monumental pains to solve. That’s why Acts of Service Plumbing is becoming the go-to local company that delivers service with heart and at a fair price. Tulsa-based Acts of Service Plumbing is a premier Christian plumbing services company offering a comprehensive range of solutions, including water
High Voltage Circuit Breaker Market - Significant Developments in High Voltage T …
A circuit breaker is a mechanical switching device which is capable of making, carrying as well as breaking currents under normal circuit conditions. It is also capable of making and carrying currents for a specified time and breaking currents under specified abnormal circuit conditions, such as those of a short circuit. Electrical power transmission networks are protected and controlled by high voltage circuit breaker inside electrical grid substation. Obtain Brochure For
Grassroot Diplomat Honours Six Politicians And Diplomats For Selfless Acts
LONDON, January 31, 2013 – The winners of the inaugural Grassroot Diplomat Initiative Awards were announced a few days ago at a ceremony in London. Over 120 distinguished guests from embassies, political offices, universities and non-government organisations gathered to celebrate the achievements of outstanding diplomats and politicians representing the people’s interest at the highest level. Host and director of Grassroot Diplomat Talyn Rahman-Figueroa described the nominees as “worthy examples for
Texas Courts Again Reject Imperial Finance’s Anti-Competitive Acts
Texas courts1 have once again rejected Imperial Finance’s continued attempts to stifle competition and harm consumers. Houston, TX, April 25, 2012 -- Texas courts1 have once again rejected Imperial Finance’s continued attempts to stifle competition and harm consumers. A Texas court this month slammed for the fifth time Imperial’s anti-consumer attempts to prohibit customers from selling their structured settlements to persons other than Imperial. Imperial sought to prohibit its customers from
Labels: Bizerba acts to ensure sustainability and consumer protection
The environment takes centre stage at EuroCIS 2012: Bizerba focuses on the topics of bisphenol A, low migration and linerless labels No fear of finding bisphenol A in labels or till rolls Balingen, 24 February 2012 - There is an industrial chemical that experts and the media have, for some time now, been fearing may cause problems by mixing with human hormones. Its name: Bisphenol A, BPA for short. It is
When the Playroom Becomes a Crime Scene: Pedophiles Coax Children into Performin …
Berlin, Germany - Meeting friends in the Internet, establishing contacts, trying out new things – before even learning to write: An increasing number of children age six and up are using the availability of free Internet services to talk with each other face to face through video chatting. And all too often they are left to do this unsupervised on their PCs. "Unfortunately, pedophiles are also aware of this fact