Pursuant to the Jan Vishwas (Amendment of Provisions) Act 2023 (please refer to the e-mails in trail), the Ministry of Commerce and Industry has made amendments pertaining to the Industries (Development and Regulation) Act, 1951 effective from 12th December, 2023. The Jan Vishwas (Amendment of Provisions) Act, 2023 is geared to implement updated/ enhanced monetary fines while doing away with the criminal sanctions associated with non-compliance of provisions under the Industries (Development and Regulation) Act, 1951.
Key Highlights
- Now, any industrial undertaking failing to register itself within the prescribed time period will attract a penalty which may extend upto twenty-five lakh rupees.
- Establishment of any new industrial undertaking except under a licence, will be liable to penalty which may extend to twenty-five lakh rupees.
- Any production and manufacture of new articles by an owner of an industrial undertaking without license will attract penalty which may extend to twenty-five lakh rupees.
- Any industrial undertaking carrying on business without license, or after revocation of license, or effecting any substantial expansion or change of location of the part or whole of the industrial undertaking which has been registered will attract penalty which may extend to twenty-five lakh rupees.
Source : Ministry of Commerce and Industries
