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MEMORANDUM REGARDING DELEGATED LEGISLATION

India. Clause (a) of Explanation 2A provides that significant economic presence of a non-resident in India means any transaction in respect of any goods, services or property carried out, if the aggregate of payments arising from such transaction or transactions during the previous year exceeds such amount as may be prescribed. Further, clause (b) to the said Explanation provides that the significant economic presence shall also mean systematic and continuous soliciting of business activities or engaging in interaction with such number of users as may be prescribed. Sub-clause (II) of clause 9 of the Bill seeks to insert a new clause (via) in section 28 of the Incometax Act relating to profits and gains of business or profession. The said c .....

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a or a banking company, or any other company or institution, as the Central Government may specify by notification. The proposed section 3A empowers the Central Government to frame new Savings Schemes or amend or discontinue existing Savings Schemes by notification so as to promote household savings in the country. The proposed section 3B empowers the Central Government to include or omit or amend Savings Schemes specified in the Schedule by notification. Clause 118 of the Bill, inter alia, seeks to amend clause (a) of sub-section (4) of section 4A of the said Act to empower the Central Government to pay the deposit of a deceased person to any person appearing to him to be entitled, to receive it or to administer the estate of the deceased .....

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in section 19 of the Depositories Act, 1996. The said sub-section empowers the Central Government to levy penalty after holding an inquiry in the prescribed manner. Sub-clause (f) of clause 203 of the Bill seeks to insert a new sub-section (2) in section 7 of the Central Road Fund Act, 2000. Item (B) of sub-clause (f) empowers the Central Government to amend Schedule II to the Act relating to Category of projects and Infrastructure Sub-Sectors by notification. Further, sub-clause (g) of the said clause proposes to insert a new section 7A to the said Act relating to apportionment of share of fund by Committee. The said section empowers the Central Government to constitute a Committee by notification for finalising the apportionment of the s .....

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