TMI BlogNotes on clauses-MiscellaneousX X X X Extracts X X X X X X X X Extracts X X X X ..... e. The said section further provides that where there is a person competent to contract and entitled in possession to receive the income of the trust-property for his life or any greater estate, no investment in any of the securities or class of securities mentioned above shall be made without his consent in writing. 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... It is proposed to insert a new sub-section (3) to the said section so as to provide 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 the political parties. Sub-section (3) of section 29C of the Representation of the People Act, 1951, inter alia, provides that every political party ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es 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 1st April, 2017. Clauses 143 to 145 of the Bill seek to amend certain provisions of the Securities and Exchange Board of India Act, 1992. It is proposed to amend section 2 of the Act so as to insert therein definitions of the expressions Insurance Regulatory and Development Authority , Judicial Member , Pension Fund Regulatory and Development Authority and Technical Member . It i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ement Systems Act, 2007 (hereinafter referred to as the said Act) which provides for the regulation and supervision of payment systems in India. The existing provisions of Chapter II of the said Act relates to Designated Authority and its Committee. It is proposed to substitute the said Chapter so as to provide that instead of the existing Board for Regulation and Supervision of Payments and Settlement, the Payments Regulatory Board will exercise the functions relating to the regulation and supervision of payments and settlement systems under the Act. The proposed new Board 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e said Act provides that where any income has accrued, arisen or received or any asset has been acquired out of such income prior to commencement of the Income Declaration Scheme, 2016, and no declaration in respect of such income is made under the said Scheme, then such income shall be deemed to have accrued, arisen or received, as the case may be, in the year in which a notice under sub-section (1) of section 142, subsection (2) of section 143 or section 148 or section 153A or section 153C of the Income-tax Act, 1961 is issued by the Assessing Officer, and provisions of the said Act shall apply accordingly. It is proposed to omit clause (c) of the said section. This amendment will take effect retrospectively from 1st June, 2016. - ..... X X X X Extracts X X X X X X X X Extracts X X X X
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