Budget 2023: Corp Affairs min gets Rs 756 cr, higher than current fiscal

The corporate affairs ministry will get a budgetary allocation of Rs 756.19 crore in the next financial year, higher than the amount earmarked for the ongoing fiscal ending March 31.

In 2022-23, the total allocation was initially at Rs 733.02 crore, and the same was sharply revised to Rs 630.36 crore, according to the Union Budget 2023-24 presented in Parliament on Wednesday.

The Budget documents showed that out of the total amount of Rs 756.19 crore for the next fiscal, Rs 714.19 crore will be from the revenue side and Rs 42 crore from the capital side for 2023-24.

The funds towards regional directors, official liquidators and other expenditures with reference to various bodies under the Companies Act have been hiked to Rs 330 crore for the next financial year over the current fiscal.

Another expenditure pertains to expenses of the Serious Fraud Investigation Office (SFIO), National Company Law Tribunal (NCLT), National Company Law Appellate Tribunal (NCLAT), National Financial Reporting Authority (NFRA), National Financial Reporting Appellate Authority (NFRAA) and Investors Education and Protection Fund (IEPF) Authority, among others.

The Competition Commission of India (CCI) has been allocated Rs 51 crore, which is higher than Rs 46 crore given in 2022-23.

As per the document, the Insolvency and Bankruptcy Code (IBBI) will receive Rs 41.85 crore next fiscal. The amount is less than Rs 58.02 crore initially allocated for this financial year but the figure was lowered to Rs 32.06 crore in the revised estimates.