Cabinet nod to amend Indian Trusts Act, 1882
The Cabinet has given nod for introduction Indian Trusts (Amendment) Bill, 2014. It amends the section 20 and 20A of the Indian Trusts Act, 1882.
This bill aims to provide greater autonomy and flexibility to trustees in taking investment decisions of trust money. This amendment will enable the Central Government to notify securities or class of securities for investment by trusts and will remove the outdated provisions occurring in section 20 of the Indian Trusts Act, 1882.
Earlier, in 2009 then UPA government had introduced a bill for amendments in 2009, but the legislation lapsed.