Nitika, BA LL.B, LPU
- Real Estate Act comes into effect(01,may,2017):
The Real estate act which aims to protect the interest of home buyers by ensuring transparency has come into effect. The ministry of housing and urban poverty allevation(HUPA) has asked all the states and union territories to implement the act with the letter and spirit. Since land is state subject, real estate sector comes with in the ambit of the state government. In march of last year , the real estate (regulation and development) bill was passed in 2016 by the parliament. But, the Act came in to force in may of 2016. With this 59 of 92 notified sections are also came into force and the provisions which are remaining they all are came into force now. the act has been already notified by 13 states and union territories including Andhra Pradesh, Delhi, Uttar Pradesh, Bihar, Diu, Daman and Gujrat.
This act provides for the mandatory registeration of the projects and the agents of the real estate. The act mandates 70% of the deposits collected from the buyers in the separate bank accounts for the construction of the project. The funds could be withdrawn only for the construction purposes. The act will ensure transperency and accountability in the real estate sector.it will enhance the consumer confidence and then simontaneously it will benefit the whole sector. This act will aid in the effective implementation of projects such as hosing by all by 2020 and smart city.
- Government notifies specified bank notes Act.(march 2, 2017):
The union govt. Has notified the specific bank notes Act,2017 to prohibit the holding ,transferring or receiving of screapped old Rs. 1000 and Rs. 500 currency notes from 31 december 2016. This law makes possession of more than a certain number of the old Rs. 500 and Rs. Notes a criminal offence.
It ends the liability if the RBI and the Govt. on the demonetised Rs. 500 and Rs. 1000 currency notes. It prohibits the holding, transferring or receiving of demonitised notes from the 31 december, 2016 and confer power on the court of a first class magisterate to impose the penality. The union Govt. had demonitised old Rs. 500 and Rs.1000 notes from November 2016 on the recommendation of the RBI’s central board to eliminate unaccounted money and fake currency notes from the financial system. The demonetisation had abruptly suked out 86% of the currency in circulation in the form of Rs. 500 and Rs. 1000 out of the system.
- Union government notifies AADHAR Act,2016(28,march, 2016)
The union govt. had notified the Aadhar Act,2016. The act will provide statutory backing for transfer of the subsidies and benifits to eligible people having Aadhar (UID) number.
Aadhar act seeks to provide efficient, transparent and targeted delivery of subsidies,benifits and services to individuals residing in India by assigning them unique identity number.it will be used for all benefit that will be linked to cconsolidated fund of india or the expenditure incurred from it. The act gives statutory for establishment of UID of India consisting of a chairperson and two members. Those individuals not having Aadhar number shall be offered alternate and vialble means of identification for delivery of subsidies,benifits or services.
- GST Act, 2017(4 july,2017):
The central government passed four sets of GST Acts in the budget session this year. These were central GST Act,2017
- Integerated GST,2017
- Union territory GST Act,2017
- Compensation of states, GST Act,2017.
The acts were approved by the parliament after they were introduced as per the part of the money bill. Following the passage of the GST Acts, the GST Council decided the rate slabs for the goods and the servicesto be taxed under the GST regime. A 21-members select committee was formed to look into the proposed GST laws.State and Union Territory GST laws were passed by all the states and Union Territories of India except Jammu & Kashmir, paving the way for smooth rollout of the tax from 1 July 2017.
GST is considered to be the biggest tax reform in India since independence. It will help realise the goal of “one Nation-one-tax-one-market”. The IT network was touted to be developed by unnamed private firms. The known authorised capital of GSTN is ₹10 crore (US$1.6 million) in which Central Government holds 24.5 percent of shares while the state government holds 24.5 percent and rest with private banking firms for smooth running of the transactions. GST is expected to benefit all stakeholders- industry,govt and the consumer.most of the people or experts believe that GST will lower the cost of goods and services,boost to the economy and make Indian products and services globally competitive, and even boost initiatives like “MAKE IN INDIA”. Under GST, a normal taxpayer would have to furnish three returns monthly and one annual return.
- Amendment To The Arbitration And Conciliation Act 2015(2 December 2015):
The Government of India decided to amend the Arbitration and Conciliation Act, 1996 by introducing the Arbitration and Conciliation (Amendment) Bill, 2015 in the Parliament. The Union Cabinet chaired by the Prime Minister, had given its approval for amendments to the Arbitration and Conciliation Bill, 2015 taking into consideration the Law Commission’s recommendations, and suggestions received from stake holders. The other causa proxima for the amendment is India’s abysmal ranking in the World Bank’s Ease of Doing Business Index released in 2014 (142 out of 189 countries) and the Prime Minister’s effort to better it.
In an attempt to make arbitration a preferred mode of settlement of commercial disputes and making India a hub of international commercial arbitration, the President of India on 23rd October 2015 promulgated an Ordinance (“Arbitration and Conciliation (Amendment) Ordinance, 2015) amending the Arbitration and Conciliation Act, 1996. Whether the Bill will bring about substantial change or will be whittled down to a pale reflection of what it ought to be by the rigours of parliamentary debate remains to be seen. But, rest assured we will be there to analyse the developments as and when they take place.
 Nair, Remya (8 June 2015), “Rajya Sabha panel to hear GST concerns on 16 June”, Live Mint