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TMI BlogNotes on Clauses - Swachh Bharat CessX X X X Extracts X X X X X X X X Extracts X X X X ..... ublic debt over the long-term within an acceptable level of risk at all times under the general superintendence of the Central Government; (b) to provide that the general superintendence, direction and management of the affairs and business of the Agency shall vest in the Board which shall consist of such number of executive and nominee Members as may be notified by the Central Government; (c) to specify the functions of the Agency which shall include- (i) collecting and publishing information about public debt, including borrowing by the Central Government otherwise than under this Chapter; (ii) purchasing, re-issuing and trading in Government securities; and (iii) carrying out such other transactions as may be required for management of p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 53 of the Bill deal with power of the Central Government to exempt in certain cases and power of the Central Government to issue an order for removing the difficulties with respect to the implementation of the said chapter. Clause 154 of the Bill seeks to amend certain provisions of the Reserve Bank of India Act, 1934. It is proposed to amend section 17 of the said Act so as to insert a proviso providing that the Reserve Bank may exercise the functions specified in clauses (e) and (f) of sub-section (11) of said section, if the Central Government issues a notification under sub-section (2) of section 21 of the said Act entrusting the Bank with the functions of the managing public debt and issuing managing bonds and debentures of the Central ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t of commodity derivatives. These amendments relate to the Securities Contracts (Regulation) Act, 1956 providing for merger of the Forward Market Commission and the Securities Exchange Board of India and are consequential in view of new Chapter VII Public Management Agency . Clause 163 seeks to amend the Second Schedule to the Finance (No. 2) Act, 1998, so as to increase the rates of additional duty of customs and additional duty of excise on motor spirit commonly known as petrol from rupees two per litre to rupees eight per litre. Clause 164 seeks to amend the Second Schedule to the Finance Act, 1999, so as to increase the rates of additional duty of customs and additional duty of excise on high speed diesel oil from rupees two per litre t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es . Clause 172 of the Bill seeks to amend the second proviso to sub-section (1) of section 5 of the 2002 Act so as to substitute the reference of clause (b) with the reference of first proviso and the said amendment is clarificatory in nature. Clause 173 of the Bill seeks to amend section 8 of the 2002 Act relating to Adjudication. Sub-clause (i) seeks to substitute the words Adjudicating Authority occurring in clause (b) of subsection (3) of said section with the words Special Court . Subclause (ii) seeks to amend section 8 of the Act by inserting subsection (8) so as to provide for restoring confiscated property, on the directions of Special Court, to claimants with legitimate legal interest who may have suffered a quantified loss as a r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ch Enforcement Directorate can withhold release of property or record under section 21 shall be counted. Clause 176 of the Bill seeks to amend section 60 of the 2002 Act relating to attachment, seizure and confiscation, etc., of property in a contracting State or India. The power of confiscation vests with Special Court and not the Adjudicating Authority as mentioned in sub-section (2A) of section 60. Thus, this clause seeks to substitute the words Adjudicating Authority with the Special Court . Clause 177 of the Bill seeks to amend the Schedule to the 2002 Act. It seeks to insert section 132 of the Customs Act, 1962 as predicate offence in paragraph 1 to Part B. Clause 178 of the Bill seeks to amend section 4 of the fiscal responsibility a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e rate specified in section 98; and (b) the securities transaction tax collected during any calendar month from every person who enters into a taxable securities transaction referred to in sub-clause (ab) of clause (13) of section 97 at the rate specified in section 98 shall be paid by every recognised stock exchange or the lead merchant banker in the case of an initial offer to the credit of the Central Government by the seventh day of the month immediately following the said calendar month. Clause 183 of the Bill seeks to amend section 101 of the 2004 Act to provide that every stock exchange or the lead merchant banker in the case of an initial offer shall, within the prescribed time after the end of each financial year, prepare and deliv ..... X X X X Extracts X X X X X X X X Extracts X X X X
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