Salient Features of Draft Regulatory Reform Bill, 2013

Salient Features of Draft Regulatory Reform Bill, 2013



Salient Features of Draft Regulatory Reform Bill, 2013
(i) General:
a. The objective of the proposed regulatory Bill is orderly development of infrastructure
services, enable competition and protect consumer interest in securing access to affordable and quality infrastructure.
b. The Draft Bill is guided by the three general principles of separation of power, democratic accountability, and the federal principle. Accordingly, the rule-making and enforcement functions have been separated from judicial functions, which have been vested in Appellate Tribunals. To secure democratic accountability, the regulator has been made responsible to the legislature and to the people at large. The federal principle has also been followed through distribution of subjects of economic regulation between union and state competencies.
c. The Draft Bill includes an overarching institutional framework for regulatory commissions and appellate tribunals, their role and functions, legislative, financial and judicial accountability and their interface with the market and the people.
(ii) Constitution:
Independence and autonomy are key considerations for constitution of regulatory commissions and appellate tribunals. In the Draft Bill, selection, appointment and removal of chairperson and members is insulated against any perceived interference or manipulation that may influence the outcome. The Draft Bill lays down a fair selection process where it proposes that the Chairperson and members of the regulatory commissions may be appointed by the President of India on the recommendation of the Prime minister who should choose from out of a panel of two or three names empanelled by a High Powered Selection Committee and approved by the Minister concerned.
(iii) Tariff Regulatory Commission:
The Government may also constitute tariff regulatory commissions for determination of tariffs in the provision of goods and services in public utility industries where competition is either restricted or the prices of such goods or services are determined by the government or an entity owned or controlled by the government.
(iv) Tenure and other conditions:
Tenure of members is proposed to be fixed at four years. It is proposed that qualifications and experience of members should be specified by law with a view to ensure a multi-disciplinary composition of the regulatory commissions and appellate tribunals. Further, at least one member may also be drawn from other than public sector background to enrich the functioning
of the regulatory bodies

Uzbekistan, Kazakhstan, Kyrgyzstan, Tajikistan and Turkmenistan

A Snapshot of Hon’ble Prime Minister Shri Narendra Modi’s  visit to Central Asian Countries— Uzbekistan, Kazakhstan, Kyrgyzstan, Tajikistan and Turkmenistan (6^th-13^th July, 2015)

Hon’ble Prime Minister Shri Narendra Modi during his visit to Central Asian Countries- Uzbekistan, Kazakhstan, Kyrgyzstan, Tajikistan and Turkmenistan from (6th -13th July) aimed at enhancing strategic, economic and energy ties along with cooperation in the field of trade and investments. Shri Narendra Modi is the first Indian PM to visit the five Central Asian nations in one trip. During the visit India signed several MOUs and Agreements with each of these Central Asian countries.Uzbekistan, Kazakhstan, Kyrgyzstan, Tajikistan and Turkmenistan

Shri Pankaj Mohindroo, National President, India Cellular Association

Seeking Suggestions  for “THE COMMERCIAL COURTS, COMMERCIAL DIVISION AND COMMERCIAL APPELLATE DIVISION OF HIGH COURTS”

Dear All,

The Government has recently introduced the “THE COMMERCIAL COURTS, COMMERCIAL DIVISION AND COMMERCIAL APPELLATE DIVISION OF HIGH COURTS”BILL, 2015 and is seeking inputs from all concerns.

For the benefit of INBA members the draft bill’s link is enclosed herewith. We request you to please provide your suggestions on how to improve the said Bill. The standing committee has clearly requested that suggestions should be against each clause; therefore kindly provide suggestions accordingly in the format enclosed:

INBA’s recommendations to “THE COMMERCIAL COURTS, COMMERCIAL DIVISION AND COMMERCIAL APPELLATE DIVISION OF HIGH COURTS” BILL, 2015.

S. No.

Section

Particulars of Section

Effect and impact of the sections

Recommendations to the proposed Bill

Download Format

All are requested to please submit their written responses in the above format latest by: 17th June, 2015. Please note INBA needs to compile your suggestions before sending them to the committee which has to be done latest by 20th June, 2015.

Your submission will be appreciated and acknowledged by the committee of Parliament.

For all submission related queries, please contact at:

Archana Aggarwal; Email: archana_aggarwal@indianbarassociation.org;

Contact:+919971532995/918285710651

RBI increases limit for resident individuals under Liberalised Remittance Scheme (LRS) from USD 125,000 to USD 250,000

RBI increases limit for resident individuals under Liberalised Remittance Scheme (LRS) from USD 125,000 to USD 250,000

In reference to the A.P.(DIR Series) Circular No. 138 dated June 3, 2014 regarding the Liberalised Remittance Scheme (LRS) for resident individuals and the existing guidelines issued under the Foreign Exchange Management (Current Account Transactions) Rules, 2000. RBI has decided to make the following changes for further liberalization and rationalization on the existing guidelines.

Limit and Facilities under LRS–AD banks may now allow remittances by a resident individual up to USD 250,000 per financial year for any permitted current or capital account transaction or a combination of both. If an individual has already remitted any amount under the LRS, then the applicable limit for such an individual would be reduced from the present limit of USD 250,000 for the financial year by the amount already remitted. The permissible capital account transactions by an individual under LRS are:

2013. i) opening of foreign currency account abroad with a bank;
      ii) purchase of property abroad;
      iii) making investments abroad;
      iv) setting up Wholly owned subsidiaries and Joint Ventures abroad;
      v) extending loans including loans in Indian Rupees to Non-resident Indians (NRIs) who are relatives as defined in Companies Act, 2013.

Remittance Procedure

Requirements to be complied with by the remitter— The resident individual seeking to make the remittances should furnish an application cum declaration in the format to the AD/ full fledged money changer (FFMC) concerned regarding the purpose of the remittances and declaration to the effect that the funds belong to the remitter and will not be used for the prohibited purposes. Resident individuals can also purchase foreign exchange from a full fledged money changer (FFMC) for private/business visits. Foreign exchange thus purchased from an FFMC should also be reckoned within the overall LRS limit USD 250,000 and declared accordingly in the application-cum-declaration form submitted to the AD bank.

Requirements to be complied with by the Authorised Persons– While allowing the facility to resident individuals, Authorised Persons, including AD Category II and FFMCs, are required to ensure that the “Know Your Customer” guidelines and the Anti-Money Laundering Rules in force have been complied with while allowing the transactions.

Requirements to be complied with by the Authorised Dealers– It is clarified that banks should not extend any kind of funded and non-funded facilities to resident individuals to facilitate capital account remittances under the Scheme. The applicants should have maintained the bank account with the bank for a minimum period of one year prior to the remittance for capital account transactions.

The Real Estate (Regulation and Development) Bill, 2013

The Real Estate (Regulation and Development) Bill, 2013

The Union Cabinet chaired by the Hon’ble Prime Minister, Shri Narendra Modi, has given its approval to amendments to the Real Estate (Regulation and Development) Bill, 2013. The Real Estate (Regulation and Development) Bill is a pioneering initiative to protect the interest of consumers, promote fair play in real estate transactions and to ensure timely execution of projects. The Bill provides for a uniform regulatory environment, help speedy adjudication of disputes and ensure orderly growth of the real estate sector.

The recommendations of the Standing Committee of Parliament on Urban Development and suggestions of various stakeholders have also been included in the amended bill. The various measures taken under the bill are expected to boost domestic and foreign investment in the sector and help achieve the objective of the Government of India to provide ‘Housing for All by 2022’, through enhanced private participation.

The Bill is expected to ensure greater accountability towards consumers, significantly reduce frauds and delays, promote professionalism and standardization. The Bill also aims at restoring confidence of the general public in the real estate sector by instituting transparency and accountability in real estate and housing transactions. Further, it also ensures mandatory disclosure by promoters to customers through registration of real estate projects as well as real estate agents with the Real Estate Regulatory Authority.

The salient features of the Bill are as under :

The Real Estate (Regulation and Development) Bill, 2013

Webinar on Doing Business in Germany & India : Basic Laws

Webinar on Doing Business in Germany & India : Basic Laws

Free Webinar on Doing Business in Germany & India: Basic Laws.

Thursday, May 28, 2015 11:10 AM – 12:15 PM.

The topics to be recovered the labour relations system, the consequences of terminating employment contracts, employment litigation and seconded employees. Also, the presenters will point out specific particularities of the employment laws in their various countries.

1. How to open office and Regulatory compliance.
2. How to hire a local attorney Key insights and information on European markets and sectors.
3. How we can help you take advantage of the new opportunities available Trade Finance.