How are Anti-bribery Policies Functioning in Indian?

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The outbreak of corruption in public life has been a great concern. It is observed that businesses pay 1 trillion USD every year in the form of bribe. Do you know that it is 2% of the global GDP? India is a developing country, and corruption has weakened the roots of its development. Bribes in corporate sectors have tremendously contributed to it. The anti-bribery and anti-corruption (ABAC) of India underwent a high change in recent years. It has brought significant changes that can bring a huge impact on the way companies to function in India. Companies need to ensure compliance with the enforcement of new laws. Do Firms Wrap Up a Bribe in the Name of Diwali Gifts? Diwali is a very famous festival in India. It is celebrated with full zeal in all sectors- public and private. Even the big companies give gifts and tips to their clients on the occasion of Diwali. Under the Prevention of Corruption Act, 1988 (PCA), giving and receiving bribe might impose criminal penalties for the public official as well the bribe giver. It is often noted that employees receive gifts that are beyond certain monetary limits. Is it Bribe? Well, it can be. Gifting is not considered to be an illegal act under the anti-bribery policy. However, if the gift is presented because of any personal interest or for some work to be done, it is considered a bribe. These gifts that are way too much than the normal monetary limits must be reported. Majority of the MNCs operating here are subjected to anti-bribery policy. The employer and the employee need to understand and implement the policies with full honesty. Several investors are trying to build their companies in India. Therefore, the corporate sector needs to put robust anti-bribery policies. It will not just be good from a valuation perspective but compliance as well. This will keep a check on embarrassing bribery actions in future.

Important Points of the Anti-corruption Policy

Corruption is much higher in India than in other countries. The Central government is coming forward with strict guidelines for an anti-corruption and bribe free working space. The already existing anti-corruption policy includes: Comprehensive assessment of geographies in which the business operates. Compliance of activities is looked after. Mandates written policies which the companies have to follow to carry out any procedures. A proper relationship between business partners and the government. Surveillance of business processes, methods, activities, gifts, etc Creating awareness and training for the employees in this regards Final Words India still lags in the proper implementation of policies to safeguard the interest of our country as a whole. There are thousands of pending corruption cases in every state of India. Can you fathom the depth of this malpractice? The anti-bribery policy has made things better to some extent but not completely. A lot still needs to be done. Training the employees about these policies is a must. Rainmaker has skilled experts to carry out extensive training concerning anti-bribery policy. Only then one can ensure a corruption-free environment. This will increase public confidence and promote the development of our country. PARTAGER CET ARTICLE Tweet Save 0 Repost 0 S'inscrire à la newsletter VOUS AIMEREZ AUSSI :

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