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Tune in on 17th July for the Small Business Virtual Summit with Cisco. Register now!
Last Updated : Feb 01, 2017 08:24 PM IST | Source: PTI

Union Budget 2017-18: MCA to get higher allocation at Rs 448 cr next fiscal

The Ministry of Corporate Affairs (MCA) will get more funds in the next financial year, as the yearly allocation has been increased to Rs 448.04 crore in the Union Budget.


The Ministry of Corporate Affairs (MCA) will get more funds in the next financial year, as the yearly allocation has been increased to Rs 448.04 crore in the Union Budget.


MCA, which implements the Companies Act apart from being the nodal Ministry for CCI and IBBI, had a budgetary allocation of Rs 344.43 crore for the current financial year and the amount was later revised upwards to Rs 384.57 crore.


In 2017-18 financial year, MCA would have a total allocation of Rs 448.04 crore, including Rs 418.54 crore under 'revenue' head, as per the Union Budget 2017-18 presented by Finance Minister Arun Jaitley today.

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Out of the total amount, Competition Commission of India (CCI) would get Rs 94.18 crore while the newly-formed Insolvency and Bankruptcy Board of India (IBBI) would receive Rs 6.50 crore.


Among others, Rs 4 crore has been set aside for Corporate Data Management (CDM) scheme and Rs 1.50 crore towards Data Mining System (DMS).


CDM seeks to create an in-house data mining and analytics facility in the Ministry to effectively utilise the vast repository of information held in its corporate registry.


In addition, it would provide "authentic and clean data to all stakeholders in a more accessible manner," the Budget said.


"The facility aims at making available the information in an organised and structured manner to the Ministry and to other policy and decision making agencies within and outside the government," it added.


Meanwhile, an allocation of Rs 1.80 crore has been given for the Forward Markets Commission (FMC), which was merged with the Securities and Exchange Board of India (Sebi). It comes under the Department of Economic Affairs, Ministry of Finance.


Read more: LIVE UNION BUDGET 2017-18 UPDATES

Follow: Moneycontrol Budget Page

First Published on Feb 1, 2017 08:00 pm
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