Bills & Acts Current Affairs - 2019
Summary of latest bill and acts passed or pending in 2019 in Parliament of India with their salient features and issues for Current Affairs 2019 preparation for various examinations such as UPSC, SSC, State Civil Services, CLAT, Judicial Services etc.
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President Ram Nath Kovind has given the assent for the amendments to the Indian Stamp Act 1899 introduced as part of the Finance Act 2019.
The amendments proposed are:
- Creation of the legal and institutional mechanism to enable states to collect stamp duty on securities market instruments at one place by one agency (through the Stock Exchanges or Clearing Corporations authorised by the stock exchange or by the Depositories).
- A Mechanism for appropriate sharing the stamp duty with relevant state governments based on the state of domicile of the buying client.
- Creation of a Coordination Council comprising representatives from Union and States under Article 263 of the Indian Constitution tasked with the responsibility of making recommendations regarding review/revision of stamp duty rates.
Stamp Duty Rates
- The duties levied by Maharashtra will be taken as a benchmark as the state of Maharashtra accounts for 70% of the total collection.
- The rates would be chosen in such a manner that it provides a revenue neutral position to the state governments while reducing the overall tax burden for investors.
- The stamp duty will have to be paid by either the buyer or seller of financial security, as against the current practice of levying the duty on both.
Benefits of Proposed Amendments
The amendments will rationalise and harmonise the system of levying stamp duty and help curb tax evasion. The cost of collection would be minimised while revenue productivity is enhanced. Further adoption of the centralised collection mechanism is expected to bring in not only more revenue but greater stability to the revenue collection by the states.
The amendments would further aid in developing equity markets and equity culture across the length and breadth of the country, ushering in balanced regional development.
The Jallianwala Bagh National Memorial (Amendment) Bill, 2018 was passed in Lok Sabha. The features of the bill are:
- Jallianwala Bagh National Memorial Act, 1951 provided for the erection of a National Memorial in memory of those killed or wounded on April 13, 1919, in Jallianwala Bagh, Amritsar.
- The 1951 Act also provided for a Trust to manage the National Memorial.
- The Trust as per the 1951 Act included the Prime Minister, as Chairperson, (ii) the President of the Indian National Congress, (iii) the Minister in-charge of Culture, (iv) the Leader of Opposition in Lok Sabha, (v) the Governor of Punjab, (vi) the Chief Minister of Punjab, and (vii) three eminent persons nominated by the central government.
- The 2018 amendment bill removes the President of the Indian National Congress as a Trustee.
- Further, the bill clarifies that when there is no Leader of Opposition in Lok Sabha, the leader of the single largest opposition party in the Lok Sabha will be the Trustee.
- The 1951 act provided that the three eminent persons nominated by the central government will have a term of five years and will be eligible for re-nomination.
- The 2018 bill added a clause to allow the central government to terminate the term of a nominated trustee before the expiry of his term without assigning any reason.
The government claimed that the bill was brought in to address various deficiencies in the management of the National Memorial and to ensure that the Trust is an apolitical entity.
Tags: Amritsar • Chief Minister of Punjab • Governor of Punjab • Jallianwala Bagh • Jallianwala Bagh National Memorial (Amendment) Bill 2018 • Jallianwala Bagh National Memorial Act 1951 • Jallianwala Bagh Tragedy • leader of opposition in Lok Sabha • Minister in-charge of Culture • President of the Indian National Congress • Prime Minister