Claiming that the proposed amendments were aimed at improving the ease of doing business, Ms. Sitharaman explained: "Out of 66 compoundable offences under the Act, 23 will get recategorised so that they can be dealt with through in-house adjudication framework, seven have been omitted altogether, 11 will have limited punishment in the form of fines alone by removing imprisonment provision, five will be dealt with under different alternative frameworks, six which had earlier been decriminalised will now have reduced quantum of penalties."
The proposed amendments will ensure that companies which have an obligation to spend Rs. 50 lakh per annum or less on corporate social responsibity (CSR) are no longer required to have a CSR committee. Companies which spend over the obligated 2% on CSR in a particular year can carry it forward as credit for fulfilment of CSR obligations for the next few years as well.
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