Centre To Amend RBI Act To Annul Old 500, 1000 Rupee Notes

Centre To Amend RBI Act To Annul Old 500, 1000 Rupee Notes NEW DELHI:  The government is likely to amend the Reserve Bank of India Act to extinguish the validity of Rs. 500 and Rs. 1,000 printed before November 9 and a reference to this effect would be made in the upcoming Budget.As part of the demonetisation process, there would be a law to make Rs. 500 and 1000 notes invalid and it

Amendments to I-T laws: No tax on ancestral jewellery, purchase from disclosed income

NEW DELHI: Amendments to the I-T laws do not seek to tax inherited gold and jewellery as also those items that are purchased through disclosed or agriculture income, the government said today. The Lok Sabha earlier this week passed the Taxation Laws (Second Amendment) Bill, which proposes a steep up to 85 per cent tax and penalty on undisclosed wealth that is discovered by tax authorities during

‘Sexual favours’ to be considered as bribe under proposed amendments to anti-corruption law

A Parliamentary Committee has proposed a new law under which seeking a “sexual favour” can be considered as bribe and people can be penalised for it. In its report on the new anti-corruption bill, the Select Committee of Rajya Sabha has endorsed Law Commission's report and recommended inclusion of "undue advantage" in a relevant provision of the proposed legislation to cover "any gratification other than

New draft of medical devices regulation Bill

The Union health ministry is working on a second draft of a legislation to regulate sale of medical devices. The first one was withdrawn, after resentment from the industry. Officials declined to say when the draft would be finalised or when it could go to Parliament. The industry had a meeting with officials in the Prime Minister's Office recently. There were discussions on readying the final

Assam Assembly passes Assam Amusements and Betting Tax (Amendment) Bill, 2016

This bill will reduce the service charge of cinema tickets with an aim to boost to the local film industry. The government, however, raised the entertainment tax on cinema tickets by up to ten percentile points. The government proposed to make service charge 8 rupees per ticket for the halls without air conditioning system and 12 rupees for the halls with air conditioning system with back-up generator.

Parliament passes Central Agricultural University (Amendment) Bill, 2016

Parliament has passed the Central Agricultural University (Amendment) Bill, 2016 to help the north-eastern state achieve higher growth in animal husbandry sector. The Bill proposes to amend the Central Agricultural University Act, 1992 to include Nagaland under the jurisdiction of Imphal Central Agriculture University (CAU). Key Facts The amendment will help Nagaland to reap the benefit of the Imphal Central Agriculture

Lok Sabha passes Taxation Laws (Amendment) Bill, 2016

The Lok Sabha on 10 August 2016 passed the Taxation Laws (Amendment) Bill, 2016. The Bill seeks to amend the Income Tax Act, 1961 and the Customs Tariff Act, 1975. The Bill introduced in the Lok Sabha on the same day was passed by voice vote after a short debate. Features of the Taxation Laws (Amendment) Bill, 2016.

Women may get maternity leave for 26 weeks; Bandaru Dattatreya may table bill today

 NEW DELHI: Labour minister Bandaru Dattatreya may table the much-awaited amendment to Maternity Benefit Act, 1961 bill in Rajya Sabha on Tuesday, paving way for 26 weeks of maternity leave to working women. Move is also aimed at providing 12 weeks of maternity leave to commissioning mothers and introducing an enabling provision of "work from home" for nursing mothers. The changes proposed by the

Lok Sabha passes The Constitution (122nd Amendment) (GST) Bill, 2014

The Lok Sabha on 8 August 2016 passed The Constitution (122nd Amendment) (GST) Bill, 2014. The bill was passed by two-third majority, with 443 members voting in its favour and none against in the final vote. Introduced in Lok Sabha in May 2015, the Bill was passed by Rajya Sabha on 3 August 2016. 

Provisions of the Bill

Parliament passes Benami Transactions (Prohibition) Amendment Bill, 2016

The Parliament has passed the Benami Transactions (Prohibition) Amendment Bill after it was unanimously approved by Rajya Sabha. The comprehensive amendment bill seeks to amend and strengthen Benami Transaction (Prohibition) Act, 1988 in terms of legal and administrative procedure to curb domestic black money. 

Union Cabinet approved Motor Vehicle (Amendment) Bill, 2016

Union Cabinet on 3 August 2016 gave its approval to Motor Vehicle (Amendment) Bill, 2016. The amendment seeks to improve road safety in the country. The bill proposes to increase penalties against traffic violations to as deterrent measure. 

Rajya Sabha passes The Constitution (122nd Amendment) (GST) Bill, 2014

Rajya Sabha on 3 August 2016 passed The Constitution (122nd Amendment) (GST) Bill, 2014 to introduce the goods and services tax (GST). The passage of this historic GST Bill has now paved the way for the concept of one nation, one tax. It will enable both the Centre and the States to simultaneously levy the GST, which will subsume all indirect taxes currently levied, including excise duties and service tax. It will be levied

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R D Burmania: Panchamemoirs authored by Chaitanya Padukone released

R D Burmania: Panchamemoirs: Chaitanya Padukone . A book titled R D Burmania: Panchamemoirs authored by Chaitanya Padukone was released in July 2016. The book throws light on the legendary musician Rahul Dev Burman, whose cabaret tunes still reverberate at pubs and discotheques. It also claims that Burman hated composing such songs and even believed that the genre was just a passing fad. 

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GST Bill: Here's how the amendments changed the 2014 Bill

The government on Tuesday circulated certain official amendments to the Constitution (122nd Amendment) Bill, 2014 on GST. The Bill is currently pending in the Rajya Sabha. The Bill was introduced and passed in Lok Sabha in May 2015. It was then referred to a Select Committee of Rajya Sabha which submitted its report in July 2015. With the Bill listed for passage this week, we explain key provisions in the Bill, and the

Lok Sabha passes Bill on Reconstruction of Financial Assets

The Lok Sabha on 1 August 2016 passed the Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Bill, 2016. The bill was passed by a voice vote. The bill seeks to amend four laws:  The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 .  The Recovery of Debts due to Banks and Financial Institutions Act, 1993.

Parliament passes National Institutes of Technology, Science Education and Research (Amendment) Bill, 2016

Rajya Sabha on 1 August 2016 passed the National Institutes of Technology, Science Education and Research (Amendment) Bill, 2016. Lok Sabha passed the bill on 21 July 2016. Now, the bill will be sent to the President for his assent. The Bill seeks to establish the National Institute of Technology (NIT), Andhra Pradesh as an institute of national importance under the National Institutes of Technology, Science Education

Parliament passes Indian Medical Council (Amendment) Bill, 2016

Rajya Sabha on 1 August 2016 passed Indian Medical Council (Amendment) Bill, 2016 by voice vote. The Bill seeks to amend the Indian Medical Council Act, 1956. It also seeks to replace the Indian Medical Council (Amendment) Ordinance, 2016. The Bill states that its provisions will come in to force from 24 May 2016. The bill was passed in Lok Sabha on 19 July 2016 after being introduced by Minister of Health and

Dentists (Amendment) Bill, 2016 passed in Rajya Sabha

Rajya Sabha on 1 August 2016 passed the Dentists (Amendment) Bill, 2016 with voice Vote. The Bill seeks to amend the Dentists Act, 1948. It also seeks to replace the Dentists (Amendment) Ordinance, 2016 and states that its provisions will come in to force from 24 May 2016. Lok Sabha passed the bill on 19 July 2016. Now, the bill will be sent to the President for his assent. 

Lok Sabha passes bill to fast track debt recovery

NEW DELHI: The Lok Sabha has passed a Bill that amends four different Acts, seeking to expedite disposal of debt recovery applications that can take many years under the current regime. The changes will strengthen the insolvency framework that is being implemented through the Insolvency and Bankruptcy Code passed by Parliament in May. "One of the big challenges that we face is with regard to the enforcement of

LS clears Bill for speedy recovery of bad loans

The Lok Sabha on Monday passed a Bill, which provides for expeditious recovery of bad loans by banks. The Bill, passed by voice vote, also proposes to move towards online debt recovery tribunals (DRTs). The Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Bill, 2016, seeks to amend four laws -Securitisation and Reconstruction of Financial Assets and Enforcement