New Delhi, May 10 (KNN) The Department of Industrial Policy & Promotion (DIPP) has begun an exercise for issuance of Unique Business Identification Number (UBIN) for budding entrepreneurs to start off their new businesses without any delay, said DIPP Secretary, Ramesh Abhishek.

 “This number would automatically be moved on to MCA portal after it is issued to the intended beneficiary and subsequently sent on to the CBDT which would nomenclature it as PAN for Unique Business Identification Number”, said Abhishek.

He said this while delivering his remarks on the concluding session at a Seminar on “Is the Corporate Sector Over-Regulated?” organized by PHD Chamber of Commerce and Industry. 

On the issue of ease of doing business and minimum government and maximum governance, the Secretary held that after the new government came in to power, bureaucracy has been activated so much that it has become target oriented as each month the PMO is undertaking a review monitoring meetings on projects implementation.  It is on account of this push that the coal and railway projects that have been languishing for approvals and executions for decades are now in the process of implementation in various states.

While addressing the event, President, PHD Chamber, Mahesh Gupta demanded several amendments in the existing Companies Act,  particularly emphasizing the government permission for closely held company’s director for availing of loans from its holding units as such entities barely get financial funding from lending institutions.