NEW DELHI: If you happen to unearth treasure worth even as little as 10 rupees (16 US cents) in India, don’t even think of pocketing it — that’s because under a law introduced by the former British colonial rulers, it still belongs to “Her Majesty.”

Now, however, the Treasure Trove Act of 1878 and nearly 300 other outdated laws are set to be repealed in the largest-ever cull of rules that make India one of the most puzzling places in the world to do business.

New Prime Minister Narendra Modi is hoping that less regulation and faster decision-making will lift India from its ranking of 134 out of 189 countries on the World Bank’s ease of doing business table into the top 50 and attract investors.

“Some of the laws on our books are laughable. Others have no place in a modern India,” said Law Minister Ravi Shankar Prasad.