Finance Bill 2017 Current Affairs
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The Lok Sabha has approved amendments to The Finance Bill, 2017 proposed by the Union Government to wind up eight tribunals
These eight tribunals currently exclusively deal with disputes pertaining to employees’ provident fund (EPF), Competition law, Airports economic regulation, IT law, National highways, railways, copyrights and Forex.
The amendments in the Finance Bill of 2017 also has proposed changes in the norms for tribunals, appellate tribunals and other boards associated with the administration of 17 central laws.
8 major tribunals that will cease to operate are
- Competition Appellate Tribunal: Its work now has will be transferred to the National Company Law Appellate Tribunal.
- Airports Economic Regulatory Authority Appellate Tribunal (AERAAT) and Cyber Appellate Tribunal: Their functions will now be discharged by the Telecom Disputes Settlement and Appellate Tribunal (TDSAT).
- EPF Appellate Tribunal: Its works will be transferred to the Industrial Tribunal that examines matters under the Industrial Disputes Act of 1947.
- Cases under the Foreign Exchange Management Act of 1999: They will be transferred to Appellate Tribunal constituted under Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976.
- National Highways Tribunal: Now Highway disputes will now be adjudicated by the Airport Appellate Tribunal set up under the Airport Authority of India (AAI) Act,1994.
- Railways Rates Tribunal: It was established for hearing matters under the Railways Act, 1989. Its workload will be transferred to the Railway Claims Tribunal.
- Copyright Board: It was responsible for enforcing of the Copyright Act of 1957. Now it will be transferred to the Intellectual Property Appellate Board set up under the Trademarks Act of 1999.