Budget 2024: Govt may decriminalise over 100 provisions for ease of doing business: Report

The 2024 union budget is likely to make doing business easier by decriminalising over 100 provisions, Moneycontrol reported, citing anonymous officials, who told that out of a total of 580 provisions analysed, 310 provisions have been retained as they are, and the remaining are under review for decriminalisation. Around 130-180 provisions may become part of the Jan Vishwas Bill II for decriminalisation, according to the report. The Bill for the first time, also aims to decriminalise certain provisions of the Income Tax Act, the report read. The Central Excise Act and Central Goods and Services Tax Act are also under review, according to the report. Other laws under review for decriminalising certain provisions include the Securities and Exchange Board of India Act, Securities Contracts Act, Depositories Act, National Bank for Agriculture and Rural Development Act, National Housing Bank Act, Deposit Insurance and Credit Guarantee Corporation Act, Banking Regulation Act, Payment and Settlement System Act, RBI Act, Credit Information Companies Act, State financial corporations Act, Insurance Act, Life Insurance Companies Act, The Competition Act, Insolvency and Bankruptcy Code Act, Limited Liability Partnership Act, Companies Act, and the Environment Act, according to the report.