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MEMORANDUM REGARDING DELEGATED LEGISLATION

MEMO - Bills - Bill - MEMO - Sub-clause (II) of clause 4 of the Bill seeks to insert Explanation 2A to sub-section (1) of section 9 relating to income deemed to accrue or arise in 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 pr .....

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date on which it is converted into, or treated as, a capital asset shall be determined in the prescribed manner. Clause 98 of the Bill seeks to amend section 157 of the Customs Act, 1962 to confer power upon the Board, inter alia, to make regulations in respect of, (i) the manner of finalisation of provisional assessment; (ii) the manner of conducting pre-notice consultation; (iii) the circumstances under which and the manner of, issuing supplementary notice; (iv) the form and manner in which a .....

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nner thereof; and (x) the measures and the simplified or different procedures or documentation for a class of importers or exporters or categories of goods or on the basis of the modes of transport of goods. Clause 116 of the Bill seeks to substitute new sections 3, 3A and 3B of section 3 of the Government Savings Act, 1873. The proposed section 3, inter alia, provides that the Government Savings Banks means State Bank of India or a banking company, or any other company or institution, as the Ce .....

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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 in such manner as may be prescribed. Clause 123 of the Bill seeks to amend section 8 of the said Act to empower the Central Government to prescribe limit of the deposit that may be excluded in computing court fees by notification. Clause 144 of the Bill seeks to insert a new sub-section (2) in section 12A of the Securi .....

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osed sub-section (3) empowers the Central Government to notify the dates for the payment of the face value of the subscribed capital to the Reserve Bank. Clause 176 of the Bill seeks to insert a new sub-section (4A) in section 11 of the Securities and Exchange Board of India Act, 1992. The said sub-section empowers the Central Government to levy penalty after holding an inquiry in the prescribed manner. Clause 177 of the Bill seeks to insert a new sub-section (2) in section 11B of the said Act. .....

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