Key Economic Bills passed in 2015

Four key bills received Parliament’s seal of approval in calendar year 2015, in a breakthrough for Prime Minister Narendra Modi’s agenda of economic reforms. 

The Undisclosed Foreign Income and Assets (Imposition of Tax) Bill, 2015 /Black money Bill

The Bill will apply to Indian residents and seeks to replace the Income Tax (IT) Act, 1961 for the taxation of foreign income. It penalizes the concealment of foreign  income, and provides for criminal liability for  attempting to evade tax in relation to foreign income.

The Bill seeks to unearth unaccounted funds and assets stashed by Indians abroad and provide for 120 percent tax and penalty in addition to 10-year jail term.

Also Read: Black money bill passed; govt warns those having illegal assets

The Insurance Laws (Amendment) Bill, 2015

The Insurance Laws (Amendment) Bill, 2015 was passed by the Lok Sabha on 4th March, 2015 and by the Rajya Sabha yesterday i.e. on 12th March, 2015.The passage of the Bill thus paved the way for major reform related amendments in the Insurance Act, 1938, the General Insurance Business (Nationalization) Act, 1972 and the Insurance Regulatory and Development Authority (IRDA) Act, 1999.

The amendment Act will remove archaic and redundant provisions in the legislations and incorporates certain provisions to provide Insurance Regulatory and Development Authority of India (IRDAI) with the flexibility to discharge its functions more effectively and efficiently.

Also Read: Parliament approves long-pending Insurance Bill

It also provides for enhancement of the foreign investment cap in an Indian Insurance Company from 26% to an explicitly composite limit of 49% with the safeguard of Indian ownership and control.

The Coal Mines (Special Provision) Bill, 2015

With the passing of the Coal Mines( Special Provisions Bill 2015 by the Rajya Sabha , the Bill gets the approval of the Parliament. Earlier the Lok Sabha had passed this Bill on 04th March, 2015.

The Bill has replaced Ordinance issued by the Government, the first as on 21st October, 2014 and then repromulgated on 26 th December ,2014 , after the apex court cancelled the allocation of 204 blocks. Moving the Bill, Coal Minister Sh. Piyush Goyal said that the Bill aims at transparent allocation or auction of coal mines.

Also Read: Parliament passes Coal bill

The objecives and salient features of the Coal Mines( Special Provisions) Bill,2015 are as follows :

Objectives of the Bill :

• To provide for allocation of coal mines and vesting of the right, title and interest in and over the land and mine infrastructure to successful bidders and allottees with a view to ensure continuity in coal mining operations and production of coal.

• To take immediate action to auction or allot coal mines to minimise impact on core sectors such as steel, cement and power, which are vital for the development of the nation.

• To amend the Coal Mines (Nationalization) Act, 1973 and the Mines and Minerals (Development and Regulation) Act, 1957 thereby removing the restriction of end use from the eligibility to undertake coal mining except in the case of certain specified coal blocks.

The Mines and Minerals (Development and Regulation) Amendment Bill, 2015

This Bill amends certain provisions of the MMDR Act, 1957. The Amendment Bill, 2015, became necessary to address the emergent problems in the mining industry.

In the last few years, the number of new Mining Leases granted in the country has fallen substantially.

Also Read: Parliament passes Mines and Minerals, Coal Mines Bill

In addition, second and subsequent renewals have also been affected by certain Supreme Court judgements. As a result, the output in the mining sector has come down drastically, leading to import of minerals by users of those minerals.