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Notes on clauses-Miscellaneous

Notes-07 - Notes on clauses - Bill - Notes-07 - Miscellaneous Clauses 129 and 130 seek to amend section 20 of the Indian Trusts Act, 1882 [as substituted by section 2 of the Indian Trusts (Amendment) Act, 2016], relating to investment of trust money. The provisions of the aforesaid section, inter alia, provides that where trust-property consists of money and cannot be applied immediately or at an early date, the trustee shall, subject to any direction contained in the instrument of trust, invest .....

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iting. It is proposed to amend the said section so as to provide that the trustee can make investment of such money as expressly authorised by the instrument of trust or in any of the securities or class of securities as specified by the Central Government by notification in the Official Gazette. It is further proposed to amend the proviso to the said section so as to omit the expression "in any of the securities or class of securities mentioned above" occurring therein, which is conse .....

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by the inland post under the said Act, provided that the highest rate of postage when pre-paid, shall not exceed the rate set forth for each class of postal articles in the First Schedule. It is proposed to substitute the proviso to sub-section (1) of the said section of the said Act so as to provide that till the issuance of notification in the Official Gazette, by the Central Government, to fix the rates of postage and other sums of postal articles, in accordance with provisions of sub-section .....

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that the Central Government may authorise any scheduled bank to issue electoral bond as referred to in the proposed clause (d) of the first proviso to section 13A of the Income-tax Act. It is also proposed to define the expression electoral bond . This amendment is consequential in nature. This amendment will come into force from 1st April, 2017. Clauses 135 and 136 of the Bill seek to amend section 29C of the Representation of the People Act, 1951 relating to declaration of donation received by .....

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excluded from the scope of sub-section (3) of section 29C of the said Act. It is also proposed to define the term "electoral bond" which is consequential in nature. This amendment will take effect from 1st April, 2017. Clauses 137 and 138 of the Bill seek to amend section 18 of the Oil Industry (Development) Act, 1974 relating to Oil Industry Development Fund. Sub-section (2) of section 18 of the said Act provides for application of the Oil Industry Development Fund for certain purpos .....

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earch and Development Cess Act, 1986 provides for the levy and collection of a cess on all payments made for the import of technology for the purposes of encouraging the commercial application of indigenously developed technology and for adapting imported technology to wider domestic application and for matters connected therewith or incidental thereto. It is proposed to repeal the said Act, and to make budgetary allocation for Research and Development. This amendment will come into force from 1 .....

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rities Appellate Tribunal, section 15L relating to the composition of the Appellate Tribunal, section 15M relating to the qualifications for appointment as Presiding Officer and Judicial Member. It is further proposed to insert new sections 15MA, 15MB and section 15MC relating to appointment of Presiding Officer, Judicial Members, Search-cum-Selection Committee for appointment of Technical Members, vacancy not to invalidate selection proceedings. It is also proposed to substitute section 15N rel .....

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ons (4) to (6) are proposed to be inserted in section 15U relating to distribution of business amongst Benches, transfer cases from one Bench to another Bench. Clause 146 of the Bill seeks to amend the Seventh Schedule to the Finance Act, 2005 so as to revise the rates of certain tariff items as specified in the Seventh Schedule. Clauses 147 to 149 of the Bill seek to amend certain provisions of the Payment and Settlement Systems Act, 2007 (hereinafter referred to as the said Act) which provides .....

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shall consist of the Governor, Reserve Bank as Chairperson, Deputy Governor Reserve Bank who is in-charge of Payment and Settlement Systems as Member, one officer of the Reserve Bank to be nominated by the Central Board of the Reserve Bank as Member of the Board and three persons to be nominated by the Central Government as Members. It is also proposed to empower the said Board to devise the procedures to be followed in the meetings, venue of the meetings and other matters, incidental thereto b .....

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