Bill to improve ease of doing business
The Rajya Sabha on Wednesday passed the Limited Liability Partnership (Amendment) Bill with a brief debate of 20 minutes. Asserting that it is a “very timely Bill” Union Finance Minister, Nirmala Sitharaman said it will help the start-ups, professional limited liability partnerships, chartered accountants, and cost accountants. “All of them will be benefited by ease of doing business,” Sitharaman said. The Opposition members were protesting a discussion on Pegasus Spyware issue during the debate started at 2 pm on Wednesday.
A new section 34A will be inserted to empower the Centre to prescribe the “Accounting Standards” or “Auditing Standards” for a class or classes of limited liability partnerships. Section 39, in amended form, will deal with “compounding of offences” so as to authorise the Regional Director to compound any offence under this Act which is punishable with fine only. New section 67A empowers the Centre to establish “Special Courts” for providing speedy trial of offences under the Act.