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GOVERNMENT POLICIES AND SCHEMES - August 2021

Aug 2021

Aug 07, 2021

Lok Sabha Passes Law to Nullify Retrospective Tax

The Lok Sabha passed without any discussion the Taxation Laws (Amendment) Bill, 2021, that aims to nullify the relevant retrospective tax clauses introduced in 2012 to bring past indirect transfer of Indian assets under the ambit of taxation amid Opposition protests on the Pegasus snooping controversy and the three central farm laws.
"The Bill is being brought to keep up the word given by former Union finance minister Arun Jaitley under the leadership of Prime Minister Narendra Modi, keeping up the commitment of the BJP that we don't believe in a retrospective collection of tax. We are keeping that word," said Union Finance Minister Nirmala Sitharaman, while moving the legislation for consideration and passage amid the din.
The House also passed in a jiffy the Central Universities (Amendment) Bill, 2021, before Rajendra Agarwal, who was in the Chair, adjourned the House.

Aug 06, 2021

RS Clears 3 Crucial Bills

The Upper House of the Parliament passed three bills amid protest by the opposition members who have been demanding discussion on the Pegasus snooping allegations, farm laws and rise in fuel price.
The government managed to pass three bills between brief adjournments -- The Constitution (Scheduled Tribe) Order (Amendment) Bill, The Commission for Air Quality Management in National Capital Region and Adjoining Areas Bill, The Essential Defence Services Bill, 2021.

Aug 05, 2021

RS Passes Limited Liability Partnership Amendment Bill

The Rajya Sabha passed the Limited Liability Partnership (Amendment) Bill, which seeks to encourage the start-up ecosystem and further boost ease of doing business, amid uproar by the opposition on Pegasus snooping row and other issues.
The bill, which was passed after a short debate, seeks to decriminalise 12 offences under the law and help to improve the ease of doing business by amending the Limited Liability Partnership (LLP) Act, 2008.
Finance Minister Nirmala Sitharaman moved the bill for consideration and passage. The bill was introduced in the House last week.
The proposed bill seeks to reduce the total number of penal provisions under the LLP Act to 22, compoundable offences to 7, non-compoundable offences to 3 and the number of defaults to be dealt with under the 'In-House Adjudication Mechanism' will be only 12.

Aug 04, 2021

Lok Sabha Passes Essential Defence Services Bill

The Lok Sabha passed the Essential Defence Services Bill, 2021, that allows the government to prohibit strikes, mass casual leave and lockouts in essential defence services establishments.
All offences punishable under the Bill will be cognisable and non-bailable. Persons commencing or participating in illegal strikes will be punished with up to one-year imprisonment or Rs 10,000 fine, or both.

Aug 03, 2021

Parliament Passes 'Inland Vessels Bill, 2021'

Parliament passed The Inland Vessels Bill, 2021, which aims to bring uniformity in the application of the law relating to inland waterways and navigation within the country.
Lok Sabha had passed the Bill in July. It was cleared by the Rajya Sabha by a voice vote.
Ports, Shipping and Waterways Minister Sarbananda Sonowal, moved The Inland Vessels Bill, 2021 in the Upper House for consideration and passing.
The Bill will promote economical and safe cargo transportation in the inland water and bring uniformity in the application of the law relating to inland waterways and navigation in the country.

Lok Sabha Passes Bill to Amend Public Sector General Insurance Law

Lok Sabha passed a bill to amend the general insurance law to allow the government to pare its stake in state-owned insurers.
The General Insurance Business (Nationalisation) Amendment Bill, 2021 is aimed at generating required resources from the Indian markets so that public sector general insurers can design innovative products.
As per the statement of objects and reasons of The General Insurance Business (Nationalisation) Amendment Bill, 2021, it seeks to remove the requirement that the central government should hold not less than 51 percent of the equity capital in a specified insurer.

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