gives nod to capital infusion in 3 Insurance cos
AMN / NEW DELHI
Union Cabinet Wednesday approved changes in the Direct Tax Vivad se Vishwas Bill, 2020. It seeks to increase its scope to cover litigations pending in various debt recovery tribunals (DRTs). The Bill was introduced in the Lok Sabha earlier this month.
It was proposed to cover tax disputes pending in Income Tax Appellate Tribunals, High Courts and the Supreme Court. Briefing reporters in New Delhi, Information and Broadcasting Minister Prakash Javadekar said, it has been decided to cover disputes pending in DRTs also.
In another decision, the Cabinet has given its in-principle approval for capital infusion of 2,500 crore rupees in three Public Sector General Insurance Companies. They are Oriental Insurance Company, National Insurance Company and United India Insurance Company. The decision has been taken in the wake of the critical financial position and breach of regulatory solvency requirements of these companies.
Union Cabinet has approved the Pesticide Management Bill 2020. The Bill is aimed at protecting the interest of farmers by ensuring that they get safe and effective pesticides. Information and Broadcasting Minister Prakash Javadekar said, the legislation will promote organic pesticides in the country.
The Union Cabinet also cleared the Major Ports Authority Bill to enhance the overall efficiency of the ports. The legislation will be introduced in the second part of the Budget session of Parliament.
A protocol amending the Agreement between India and Sri Lanka for avoidance of double taxation has also been approved by the Cabinet. The agreement also prevents fiscal evasion with respect to taxes on income has. It also gave its nod to an MoU between India and Iceland in the field of Sustainable Fisheries Development.