Replacement of System of Prior Permissions

In pursuance of announcement of the Finance Minister in his budget speech, this Department of Industrial Policy and Promotion with the approval of competent authority has constituted an Expert Committee to examine the possibility of replacing multiple prior permission with pre-existing regulatory mechanism. The Terms of Reference of the Committee are:-

 1. Study the requirement of various prior permissions with an exhaustive inventory of such permission;

 2. Examine the possibility of replacing these prior permissions with a pre-existing (proposed) regulatory mechanism;

 3. Identify safeguards to be put in place while replacing the system of prior permission and integrating these safeguards in the proposed regulatory mechanism;

 4. Recommend a framework of the proposed regulatory mechanism; and

 5. Draft the proposed legislation.

 This information was given by the Minister of State (Independent Charge) in the Ministry of Commerce & Industry Smt. Nirmala Sitharaman in a written reply in Rajya Sabha today.