Blockchain system to ease startup compliance

The Centre is preparing a blockchain-based validation mechanism for startups that will lessen compliance encumbrance and expedite processes. The Department for Promotion of Industry and Internal Trade (DPIIT) has begun working on a framework that will facilitate many agencies, such as the Central Board of Direct Taxes (CBDT) and public sector undertakings (PSUS), among others, to access, validate or approve documents and data available to all stakeholders on the chain. The system will help curtail the need for separate submissions by startups to authorities, regulators and intermediaries .