These regulations may be called the Competition Commission of India

Okay, I will generate the policy analysis report based solely on the provided text. **Report: Analysis of the Competition Commission of India Manner of Recovery of Monetary Penalty Amendment Regulations, 2021** **1. Executive Summary:** This report analyzes the Competition Commission of India (CCI) Manner of Recovery of Monetary Penalty Amendment Regulations, 2021. This amendment modifies the 2011 regulations concerning the recovery of monetary penalties. The core purpose of the amendment is to correct the "SubHead" designation in specific account heads within the regulations' forms and subregulation, changing "05" to "00." This report details these changes and their implications, based solely on the provided text. **2. Introduction:** This report provides an overview and analysis of the Competition Commission of India Manner of Recovery of Monetary Penalty Amendment Regulations, 2021, as published in the Gazette of India. The analysis is based exclusively on the provided policy text. **3. Policy Overview:** * This amendment modifies the *Competition Commission of India Manner of Recovery of Monetary Penalty Regulations, 2011*. * **Core Objective:** The core objective, as inferred from the provided text, is to rectify discrepancies in the account head designation within the regulations' documents related to monetary penalty recovery. It involves correcting "SubHead 05" to "SubHead 00" in specific locations. **4. Background and Rationale:** The provided text suggests that the amendment addresses an error or inconsistency in the account head designation related to the recovery of monetary penalties. The original regulations (2011), and potentially earlier amendments, incorrectly specified "SubHead 05" in certain forms and subregulations. This amendment aims to correct this error, ensuring accuracy and consistency in financial record-keeping related to penalty recovery. This might be important for accountability and transparency in the funds recovery process. **5. Key Provisions / Changes:** This section focuses on the changes introduced by the 2021 amendment: * **Specific Part of Original Policy Changed:** The amendment targets *Regulation 3, Subregulation 3*, and *Form 1 and Form II* appended to the original regulations. * **New Rule/Provision:** The amendment replaces the phrase "SubHead 05" with "SubHead 00" in the following locations: * Regulation 3, Subregulation 3, after "Head No. 1475.00.105.05". * Form 1, after "1475.00.105.05". * Form II, under the column head of account, after "Head 1475.00.105.05". * **Difference/Effect of Change:** The change from "SubHead 05" to "SubHead 00" signifies a correction in the account head designation. The specific impact is a more accurate classification of monetary penalty recovery transactions within the accounting system. The practical implication would relate to how these penalties are categorized and tracked for accounting and reporting purposes. **6. Target Audience and Stakeholders:** Based on the text, the target audience and stakeholders directly affected by these changes include: * The Competition Commission of India (CCI) * CCI's accounting and finance departments responsible for managing and recording monetary penalty recoveries. * Individuals or entities paying monetary penalties to the CCI, as the corrected account head may affect how their payments are processed and recorded. * Auditors and regulatory bodies overseeing the CCI's financial transactions. **7. Implementation Aspects (Inferred):** * **Responsible Agency/Bodies:** The Competition Commission of India (CCI) is responsible for implementing this amendment. * **Timelines/Procedures:** The amendment comes into force on the date of its publication in the official Gazette (February 17, 2021). The text doesn't provide specific procedures but suggests that the CCI must update its internal documents (regulation text and forms) to reflect the changes. This also implies updating any related IT systems used for financial record-keeping. **8. Expected Outcomes / Impact of Changes:** The likely intended outcome of these changes is improved accuracy and consistency in the financial accounting of monetary penalty recoveries by the CCI. This correction should lead to: * More reliable financial reporting related to penalty recoveries. * Reduced potential for errors or discrepancies in financial records. * Improved compliance with accounting standards and regulations. **9. Conclusion:** The Competition Commission of India Manner of Recovery of Monetary Penalty Amendment Regulations, 2021, represents a minor but important correction to the 2011 regulations. By rectifying the "SubHead" designation in the specified locations, the amendment aims to improve the accuracy and reliability of financial accounting related to monetary penalty recoveries, fostering better governance and accountability. This small change demonstrates the need for attention to detail in regulatory frameworks.

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