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.

Budget 2024: Union finance minister Nirmala Sitharaman addresses a press conference after the 53rd GST Council Meeting, at the National Media Center in New Delhi.

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What is the Jan Vishwas Bill and how is it related?

This is part of the second version of the Jan Vishwas Bill, which aims to put an end to criminal proceedings and imprisonment for minor offences, while replacing them with monetary penalties. This is particularly beneficial for the many courts that already overburdened with cases of minor offences, the report read.

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Around 130-180 provisions may become part of the Jan Vishwas Bill II for decriminalisation, according to the report.

What acts are scrutinised for decriminalisation?

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 (Regulation) 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 (Regulation) Act, State financial corporations Act, Insurance Act, Life Insurance Companies Act, The Competition Act, Insolvency and Bankruptcy Code (Amendment) Act, Limited Liability Partnership Act, Companies Act, and the Environment (Protection) Act, according to the report.

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