Background- Under the Companies Act, 1956 read with Companies (Central Government’s) General Rules and Forms, 1956, various forms are required to be filed electronically on the MCA21 portal with the Ministry of Corporate Affairs (MCA), Government of India through the website www.mca.gov.in . Presently, MCA accepts payment of filing fees through any of the following channels:
(i) Remittance through physical challan at the accredited branches of the authorized banks (cheque / cash)
(ii) Credit Card
(iii) Internet Banking
(iv) any other mode as may be approved by MCA.
Modification in payment mechanism
a) To improve the service delivery time, it is decided that:
1. Payments upto Rs. 50,000 will be mandatorily required to be made through electronic mode w.e.f. 27 March 2011.
2. Payments above Rs. 50,000 – a. Can be made through electronic mode / challan payment between the period 27th March 2011 to 1 October 2011.
b. Will be mandatorily required to be made through electronic mode w.e.f. 1 October 2011.
Conclusion- The proposals are one of many being implemented to simplify the existing Company law by removing redundant procedures and making optimum use of information technology. The above is expected to improve the services to the stakeholders by creating faster work item leading to reduction in time for approvals of forms / applications.