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October 2012

India Inc braces for stricter bribery laws

By Tarunkumar Singhal, Raman Jokhakar, Chartered Accountants
Reading Time 1 mins
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India Inc is gearing up to face more stringent and specific anti-bribery laws with the government planning to amend the Indian Penal Code (IPC) to cover bribes given domestically by the private sector.

Once this comes into force, the employee concerned and also the company’s management could face imprisonment of upto seven years. It is likely that the proposed IPC amendment would be broad based and, in addition to bribes given to public officials, will also cover bribes within the private sector (such as company A, a supplier, bribing an official in company B to bag huge orders).

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