New Delhi, (PTI) : Employer compliance in the country needs a thorough re-examination as entrepreneurs cannot compete in the 21st century with the 19th and 20th-century regulatory environment, according to a report. The report titled, ‘Simplifying compliance management for the logistics & supply chain industry’ suggested a three-vector framework which includes, rationalisation, digitisation and decriminalisation to undertake policy reforms for facilitating ease of doing business in the country.
The report released by TeamleaseRegtech, a regulatory technology (Regtech) solutions company, examines the sectoral concerns and gives an overview of the regulatory environment for the logistics and supply chain industry. There is a lot of duplication, redundancy and overlap across compliances, the report noted and recommended that a detailed analysis of such opportunities should be conducted.
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‘At least 20-30% of compliances can be reduced without affecting outcomes’
The list should be classified into items that can be executed by executive order and those requiring legislative change. Based on an initial assessment, at least 20 to 30 percent of the compliances can be reduced without affecting the outcomes. Criminal penalties in business laws should be used with extreme restraint. Misdemeanours such as procedural lapses and technical non-compliances should be punished with financial penalties only whereas criminal penalties should be retained only for serious crimes involving intentional harm.
Imprisonment clauses must go through legislative scrutiny
All imprisonment clauses must go through legislative scrutiny at least once in five years, the report suggested. For this, sunset clauses can be introduced in the legislative process to ensure either the renewal or termination of imprisonment clauses depending on their need and relevance in light of the evolving business climate.
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