User: prs Topic: Legal-News
Category: Acts
1 new since Jul 01 2016 20:27 IST RSS 2.0
 
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Modi government clears a move that makes 24x7 malls, movie theatres, eating joints a reality 29.6.2016 ET: Policy
Model Shop & Establishment Act will permit eating joints, movie theatres, malls, and local markets to remain open round the clock.
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Nasscom criticises government's policy-making & project implementation in key digital and internet-related areas 29.6.2016 ET: Policy
The guidelines for FDI in ecommerce also came under attack as being contrary to the spirit of the Digital India initiative being championed by Prime Minister Narendra Modi.
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Make domestic coal supply contracts flexible for relief in cost of power for discoms: ICRA 28.6.2016 ET: Power
ICRA also noted that timely implementation of UDAY by discoms in non-participating states remain critical for sustained improvement of the discoms.
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Disclose details of land ordinance by President: Central Information Commission tells govt 28.6.2016 DNA: Top News
The Central Information Commission (CIC) has ordered making public all records, including copies of file notings, related to the promulgation of land ordinance by President Pranab Mukherjee. Exercising his right to information (RTI), Venkatesh Nayak had in January last year sought from the President's secretariat photo copies of all materials on the basis of which the President had promulgated the land ordinance and the relevant file notings. The application was then transferred to the Department of Land Resources (DoLA), which said the requisite information was not available with it. The query was also forwarded to the legislative department of the central government. However, the legislative department said the information sought falls under the administrative ambit of the Ministry of Rural Development and records relating to the promulgation of the ordinance would be available with DoLA. Aggrieved over denial of information, he filed an appeal with the CIC in May last year. In the course of hearing ...
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New six-member panel may set interest rates in next RBI monetary policy meet 28.6.2016 DNA: Top News
In a sweeping change, government enforced a law for setting up a broad-based, six-member committee that is likely to decide on interest rate at the next monetary policy in August, with RBI Governor having a casting vote in case of a tie. Under the current system, the Governor has overriding powers to accept or reject the recommendation of the Reserve Bank of India's panel on monetary policy. The government has kicked-off the process of setting up a Monetary Policy Committee (MPC), which will take over the job of interest rate setting from the central bank. "The Government has decided to bring the provisions of amended RBI Act regarding constitution of MPC into force on June 27, 2016 so that statutory basis of MPC is made effective," an official statement said. MPC will set interest rates by majority, with a casting vote for the central bank governor in the event of a tie. Officials said the MPC is likely to be in place by next month and the monetary policy review scheduled on August 9 will be done by the ...
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Bajaj Finserv in talks with JV partner on 'various options' 27.6.2016 ET: Finance / Insurance
Stock exchange BSE had sought clarification from the firm regarding media reports that Bajaj Finserv may buy Allianz's stakes in Bajaj Allianz Life.
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Government caps prices of 42 essential medicines, reduction in cost by 15% 27.6.2016 DNA: Popular News
The government on Monday capped the prices of 42 essential medicines used in treatment of various ailments including tuberculosis, cancer and cardiac diseases, thereby, reducing their cost by up to 15%. National Pharmaceutical Pricing Authority (NPPA), drug price regulator, in a notification on its website said it has fixed or revised ceiling prices of 45 scheduled formulations of Schedule-I under Drugs (Price Control) Amendment Order, 2016. NPPA said manufacturers not complying with the ceiling price would be liable to deposit the overcharged amount along with interest. The government fixes the prices of essential drugs based on the simple average of all medicines in a particular therapeutic segment, having sales of more than one ...
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New panel likely to set interest rate in next monetary policy 27.6.2016 ET: Policy
Under the current system, the Governor has overriding powers to accept or reject the recommendation of the Reserve Bank of India's panel on monetary policy.
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Government initiates process to constitute Monetary Policy Committee (MPC) under the Reserve Bank of India Act, 1934 27.6.2016 Govt of india: PIB
With a view to maintain price stability, while keeping in mind the objective of growth, the Reserve Bank of India Act, 1934 (RBI Act) has been amended by the Finance Act, 2016 to provide for a statutory and institutionalised framework for a Monetary Policy Committee (MPC
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Rs 13,000 crore black money unearthed from overseas bank accounts 27.6.2016 ET: Finance / Insurance
So far, the I-T department has filed 55 prosecution complaints before criminal courts in the ICIJ cases on charges of wilful attempt to evade tax.
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Food Security Act to be implemented in all states by next month: Ram Vilas Paswan 26.6.2016 ET: Policy
"National Food Security Act is in force in 33 States/UTs, and in states of Tamil Nadu and Nagaland it will be implemented in next month," Paswan said.
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Going the AAP way? Congress stages dharna demanding resignation of 21 AAP MLAs 26.6.2016 DNA: Opinion
Scores of Congress workers staged dharnas on Sunday in the constituencies of 21 AAP MLAs, who have been appointed as parliamentary secretaries in alleged violation of office of profit rule, and demanded their resignation. Delhi Congress president Ajay Maken asked party workers to carry out campaigns to expose the "failures and double talk" of the Arvind Kejriwal government. The dharnas were staged at the end of the party's week-long door-to-door signature campaign demanding the resignation of the 21 AAP MLAs for holding office of profit after President Pranab Mukherjee refused assent to the bill passed by the AAP government to validate their appointment as parliamentary secretaries with retrospective effect. "The Kejriwal government, which talks about morality and ethics, should immediately seek the resignation of the 21 MLAs as they have no right to remain as legislators after accepting office of profit in contravention of rules and regulations," Maken said. He said Congress president Sonia Gandhi had ...
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Allow banks, HFCs to fund land deals: Deepak Parekh to RBI 26.6.2016 ET: Policy
Parekh, chairman of HDFC Ltd that was a pioneer in this sector, said that a major factor that can improve housing affordability is bringing down the cost of land.
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Allow banks, housing finance companies to fund land deals: Deepak Parekh to RBI 26.6.2016 DNA: Urban Tales
In a strong pitch for RBI to allow banks and housing finance companies to fund land transactions, industry leader Deepak Parekh has said NBFCs and foreign private equity players are charging exorbitant rates that push up the cost of land. Parekh, chairman of the country's leading mortgage lender HDFC Ltd that was a pioneer in this sector, said that a major factor that can improve housing affordability is bringing down the cost of land. "Merely reducing interest rates is not sufficient. As banks and housing finance companies are not permitted to fund land transactions, this gap is mainly being met by non-banking financial companies and foreign private equity players who fund these transactions at exorbitant rates," he said. In his annual message to shareholders of HDFC, Parekh further said in a sector like real estate where multiple approvals are required, embarking on a digital platform to grant approvals will be a significant game changer for the industry. "It will bring in discipline to grant approvals ...
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GAAR not to apply on income from investments before April 1, 2017 26.6.2016 DNA: India
To clear the air on retrospective applicability of the stringent anti-avoidance GAAR rule, the I-T department has said the same will not apply to income from transfer of investments before April 1, 2017. General Anti-Avoidance Rule (GAAR), which will kick in from April 1 next year, contains provisions to prospectively tax overseas deals involving local assets and are aimed at minimising tax avoidance and evasion by entities based in tax havens. The amendments carried out in the Income Tax Rules state that Rule 10U(1)(d) has been amended to provide that GAAR will not apply to income earned/received by any person from transfer of investments made before April 1, 2017. Earlier, this date was August 30, 2010. Further, Rule 10U(2) has been amended to provide that GAAR will apply to any arrangement, irrespective of the date it has been entered into, if tax benefit is obtained on or after April 1, 2017. Earlier, this date was April 1, 2015. The industry has been demanding that GAAR provisions should apply ...
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Labour ministry slows down on labour reforms push 26.6.2016 DNA: Opinion
Two key labour reform bills may not come up in the Monsoon Session of Parliament beginning next month while legislations on three populist measures could be introduced. Progress is slow on key bills like Industrial Relations Code and Small Factories Bill, which are aimed at improving ease of doing business in the country, sources said. "The Labour Ministry is going slow on labour reforms in view of the government's focus on job creation and safeguarding workers' rights," a source said. The source further said the Ministry is unlikely to move those bills which would improve ease of doing business and in the Monsoon Session they would rather push for passage the bills that seek to provide more facilities and benefits to workers and safeguard their rights. The Ministry will push bills including Maternity Benefit Bill, Employees' Compensation Bill, Employees' Provident Fund Amendment Bill and Child Labour Bill. The Maternity Benefit Bill seeks to enhance maternity leave to 26 weeks from existing 12 weeks. ...
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Monetary committee rules to be notified in few weeks, says Shaktikanta Das 26.6.2016 ET: Policy
Das was briefing about the progress for setting up of the six-member monetary policy committee (MPC), which will determine the benchmark interest rates.
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Labour Ministry slows down on labour reforms push 26.6.2016 ET: Policy
The Industrial Code Bill combines Industrial Disputes Act, 1947, Trade Unions Act, 1926, and the Industrial Employment (Standing Orders) Act, 1946.
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GAAR not to apply on income from investments before April 1 26.6.2016 ET: Policy
The industry has been demanding that the tax department come out with specific guidance note on when this provision will get triggered.
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Monetary policy committee rules to be notified in few weeks: Shaktikanta Das 26.6.2016 DNA: Opinion
Moving ahead with the operationalisation of the interest rate setting monetary policy committee, the Finance Ministry has said it will notify the rules "within few weeks" and thereafter appoint three government nominees. "We are already working on it (on the rules). I think it should not take more than few weeks. Its a matter of weeks I would say," Economic Affairs Secretary Shaktikanta Das told PTI in an interview. He was replying about the progress for setting up of the six-member monetary policy committee (MPC), which will determine the benchmark interest rates. Presently the rates are decided by the Governor of the Reserve Bank of India. Das also said that the amendments to the RBI Act have already been notified, and now "once the rules are notified, then the government will take up the selection of the three names from the government side". The remaining three members would be from RBI with the Governor being the ex officio Chairperson. Deputy Governor of RBI in charge of the monetary policy will be ...
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