Credit system

credit cards to the tune of RMB 7 billion — approximately Rs 6,500 crore.

In the latest in a series of upgrades to the system, China’s General Administration of Customs (GAC) last week said 33 government authorities, including the People’s Bank of China, provincial governments and municipalities, had jointly signed a memorandum of cooperation to this effect.

GAC Vice Minister Li Guo said his agency and 33 other government departments will punish companies for violations, including smuggling, tax evasion, fraudulent company registration information and fake trade data.

“In order to combat false trade data, these joint disciplinary measures will be applied to companies that report fake trade data, which leads to statistical distortions. Based on the national credit information

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Is it a good idea to shut down bars and restaurantsservingalcoholnearhighways? sharing platform, data exchange about discredited enterprises can be realised,” Li said.

He said that companies considered “discredited” would be subjected to more stringent inspections when applying for government tax rebates. Li said that the top management and legal representatives would also be harshly dealt with. “Company representatives may be restricted from air travel and even purchasing high-speed rail tickets. Only when discredited enterprises pay a high economic cost and operating cost can this system act as a deterrent,” he said.

The GAC had announced the rewards system last November and released the set of punitive measures this week. Officials say the system has had an effect already, with 735 entities having paid taxes to the tune of RMB 4.8 billion or Rs 4,500 crore since 2013. FULL REPORT ON INDIANEXPRESS.COM Will merely making the Motor Vehicles Act more stringent help curb road accidents?