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Notes on Clauses - Swachh Bharat Cess

Notes-7 - Bill - Notes on clauses - Bill - Notes-7 - Swachh Bharat Cess Clause 117 of the Bill seeks to insert a new Chapter VI so as to levy a cess to be called the Swachh Bharat Cess, as service tax on all or any of the taxable services for the purposes of the Union for financing and promoting Swachh Bharat initiatives and any other purpose relating thereto. Clauses 118 to 142 of the Bill seeks to insert a new Chapter VII in the Finance Bill, 2015 which deals with the Public Debt Management Ag .....

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umber of executive and nominee Members as may be notified by the Central Government; (c) to specify the functions of the Agency which shall include- (i) collecting and publishing information about public debt, including borrowing by the Central Government otherwise than under this Chapter; (ii) purchasing, re-issuing and trading in Government securities; and (iii) carrying out such other transactions as may be required for management of public debt; (d) to provide that the Central Government sha .....

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e Bill provides for the extent and commencement of the said Chapter. Clause 144 of the Bill defines certain terms and expressions. Clause 145 of the Bill provides for the establishment of a Fund known as the Senior Citizens Welfare Fund . Clause 146 of the Bill provides for the constitution of a Committee for administration of the said Fund. Clause 147 of the Bill deals with the payment of claims in respect of the unclaimed amount. Clause 148 of the Bill relates to publication of information wit .....

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o exempt in certain cases and power of the Central Government to issue an order for removing the difficulties with respect to the implementation of the said chapter. Clause 154 of the Bill seeks to amend certain provisions of the Reserve Bank of India Act, 1934. It is proposed to amend section 17 of the said Act so as to insert a proviso providing that the Reserve Bank may exercise the functions specified in clauses (e) and (f) of sub-section (11) of said section, if the Central Government issue .....

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w section 28A which relates to saving of recognised associations. Clause 159 of the Bill seeks to insert a new section 29A which relating to repeal of the Forward Contracts (Regulation) Act and saving of certain provisions. It is also proposed to insert a new section 29B which relates to transfer and vesting of undertaking of the Commission with the Securities and Exchange Board of India. The said amendments are consequential in the light of insertion of the new Chapter Public Debt Management Ag .....

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ivatives so as to empower the central Government to notify such contracts in derivatives. Clause 162 of the Bill seeks to insert a new section 30A which relates to special provisions in respect of commodity derivatives. These amendments relate to the Securities Contracts (Regulation) Act, 1956 providing for merger of the Forward Market Commission and the Securities Exchange Board of India and are consequential in view of new Chapter VII Public Management Agency . Clause 163 seeks to amend the Se .....

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amend certain provisions of the Foreign Exchange and Management Act, 1999. It is proposed to amend section 6 of the Act so as to provide that the Central Government may, in consultation with the Reserve Bank, prescribe any class or classes of capital account transactions, not involving debt instruments, which are permissible; the limit up to which foreign exchange shall be admissible for such transactions; and any conditions which may be placed on such transactions. It is further proposed to ins .....

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ub-section (1) of section 2 of the Prevention of Money-laundering Act, 2002 (2002 Act) relating to definitions. Sub-clause (i) seeks to insert in clause (u), after the words, or the value of any such property , the words or where such property is taken or held outside the country, then the property equivalent in value held within the country . Subclause (ii) seeks to substitute in clause (y), the words thirty lakh rupees by one crore rupees . Clause 172 of the Bill seeks to amend the second prov .....

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bsection (8) so as to provide for restoring confiscated property, on the directions of Special Court, to claimants with legitimate legal interest who may have suffered a quantified loss as a result of the offences of money laundering. Clause 174 of the Bill seeks to amend section 20 of the 2002 Act. This clause seeks to amend sub-section (5) of the said section so as to substitute the words the Court or the Adjudicating Authority as the case may be , with the words Special Court . Sub-clause (ii .....

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5) or sub section (7) of section 8, but does not deal with cases where the order of release is made by the Special Court under sub-section (6) of section 8 or under section 58B or order of confiscation under sub-section (2A) of section 60. Thus, sub-clause (i) seeks to substitute or release under sub-section (5) or sub-section (6) or sub-section (7) of section 8 or section 58B or sub-section (2A) of section 60 for under sub-section (5) or sub-section (7) of section 8 . Sub-clause (ii) seeks to s .....

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Special Court and not the Adjudicating Authority as mentioned in sub-section (2A) of section 60. Thus, this clause seeks to substitute the words Adjudicating Authority with the Special Court . Clause 177 of the Bill seeks to amend the Schedule to the 2002 Act. It seeks to insert section 132 of the Customs Act, 1962 as predicate offence in paragraph 1 to Part B. Clause 178 of the Bill seeks to amend section 4 of the fiscal responsibility and Budget Management Act, 2003 so as to enhance the period .....

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ired in consideration of a transfer referred to in clause (xvii) of section 47 of the Income-tax Act, 1961 under an offer for sale to the public included in an initial offer and where such units are subsequently listed on a recognised stock exchange. Clause 181 of the Bill seeks to amend the Table given under section 98 of the 2004 Act which specifies the rates at which the securities transaction tax shall be charged to provide for securities transaction tax at the rate of 0.2 per cent. to be pa .....

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nsaction tax collected during any calendar month from every person who enters into a taxable securities transaction referred to in sub-clause (ab) of clause (13) of section 97 at the rate specified in section 98 shall be paid by every recognised stock exchange or the lead merchant banker in the case of an initial offer to the credit of the Central Government by the seventh day of the month immediately following the said calendar month. Clause 183 of the Bill seeks to amend section 101 of the 200 .....

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