On February 12, 2020, the Union Cabinet chaired by the Prime Minister Shri Narendra Modi approved the following approvals:
Cabinet has given it’s in principle approval for capital infusion for three Public Sector General Insurance Companies (PSGICs), namely, Oriental Insurance Company Limited (OICL), National Insurance Company Limited (NICL) and United India Insurance Company Limited (UIICL). In this regard, Rs 2500 crore will be released reflecting critical financial position of these 3 PSGICs.
Cabinet nod to changes in Vivad se Vishwas Bill to reduce tax litigations
The Union Cabinet approved changes in the ‘Direct Tax Vivad se Vishwas Bill, 2020’ with the aim of reducing litigations related to direct taxes pending in various debt recovery tribunals (DRTs) involving over Rs 9.32 lakh crore . The bill introduced by Finance Minister Nirmala Sitharaman in the Union Budget 2020 proposed to cover tax disputes pending at the level of commissioner (appeals), Income Tax Appellate Tribunals (ITAT), high courts and the Supreme Court.
- People are required to settle the tax disputes before March 31, 2020 and get complete waiver of interest and penalty as 10% more will be charged for settlement of disputes after the end of the current financial year (March 31, 2020).
- The new changes seek to increase the scope of scheme will also include the disputes below Rs 5 crore.
- The scheme will remain open till June 30, 2020.
Cabinet gave approval Pesticide Management Bill, 2020 and Major Ports Authority Bill, 2020
The cabinet has approved Pesticide Management Bill, 2020 to benefit farmers and Major Ports Authority Bill, 2020 to resolve disputes related to sea ports. Now, both bills will be introduced in Parliament during the upcoming second phase of the Budget session beginning on March 2.
- Pesticide Management Bill, 2020 which will protect the interests of farmers against spurious pesticides is seeks to replace the Insecticides Act, 1968, for regulating the pesticide sector by fixing prices and setting up an authority. The bill also intends to promote organic pesticides along with a proposal of imprisonment of up to five years, up from two years at present, for Pesticide companies, in case of any violation of rules and regulations.
- Major Ports Authority Bill, 2020 seeks amendment to the Major Port Trust Act, 1963 to resolve disputes between port issues as well as to ensure the export in the international market.
About OICL
Establishment– 1947
Chairman-Cum-Managing Director– A. V. Girija Kumar
Tagline– Prithivi, Agni, Jal, Akash, Sabhi Suraksha Hamare Pass
Head Office– New Delhi
About NICL
Establishment– 1906; In 2002 formed as an independent insurance company.
Chairman-cum-Managing Director– Tajinder Mukherjee
Tagline– Trusted Since 1906
Head Office– Kolkata, West Bengal
About UIICL
Establishment– 1938
Chairman cum Managing Director– Girish Radhakrishnan
Tagline– At United India, it’s always U before I
Head Office– Chennai, Tamil Nadu
