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The government is expected to propose amendments to the competition law after taking into consideration various suggestions of a Parliamentary panel, in the upcoming <keyword id="105431" type="General" weightage="100" keywordseo="Budget-session" source="Orion">Budget session</keyword> of <keyword id="6354721" type="General" weightage="80" keywordseo="parliament" source="Orion">Parliament</keyword>, according to a senior official. Besides, discussions are going on with respect to amendments to the <keyword id="6354456" type="General" weightage="50" keywordseo="insolvency-and-bankruptcy-code" source="Orion">Insolvency and Bankruptcy Code</keyword> (<keyword id="192838" type="General" weightage="50" keywordseo="ibc" source="Orion">IBC</keyword>) as well as the Companies Act, 2013. The official also said that the corporate affairs ministry is examining a Parliamentary panel's suggestions for having a new digital competition law. The ministry is implementing the Competition Act, IBC and the Companies Act, and amendments to these laws are expected this year. A bill to amend the competition law was introduced in Parliament on August 5 last year and was later referred to the <keyword id="403206" type="General" weightage="50" keywordseo="parliamentary-standing-committee-on-finance" source="Orion">Parliamentary Standing Committee on Finance</keyword>. The panel tabled its report on December 13 last year and the ministry will now be coming up with an amendment bill after taking into consideration various recommendations of the committee. The senior official said the bill to amend the competition law is expected in the <keyword id="6358021" type="General" weightage="70" keywordseo="budget" source="Orion">Budget</keyword> session of Parliament. The introduction of a 'Settlement and Commitment framework to reduce litigations' and incentivising parties in an ongoing cartel investigation in terms of lesser penalty to disclose information regarding other cartels were among the proposals in the bill that was introduced in August last year. In its report, the Parliamentary panel recommended various changes to the bill to amend the competition law, including bringing cartels under the scope of settlements as a "pragmatic recourse". The Budget session of Parliament will commence on January 31 with President <keyword id="2848422" type="General" weightage="50" keywordseo="droupadi-murmu" source="Orion">Droupadi Murmu</keyword>'s address to the joint sitting of <keyword id="6355187" type="General" weightage="50" keywordseo="lok-sabha" source="Orion">Lok Sabha</keyword> and <keyword id="48510" type="General" weightage="50" keywordseo="rajya-sabha" source="Orion">Rajya Sabha</keyword>. The session will have 27 sittings and will continue till April 6 with a month-long recess to examine the budget papers. The first part of the session will conclude on February 14 and after a break, reconvene on March 12. In another report on 'Anti-Competitive Practices by Big Tech Companies', the Parliamentary panel, on December 22, proposed a new digital competition law, ex-ante regulations and the creation of a category of systemically important digital intermediaries to curb anti-competitive practices in the digital market. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/i-belong-to-middle-class-understand-their-pressures-sitharaman-before-budget/articleshow/97031282.cms">I belong to middle class, understand their pressures: Sitharaman before Budget</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/over-5-4-lakh-housing-units-to-be-completed-across-top-7-cities-in-2023-anarock-report/articleshow/97029912.cms">Over 5.4 lakh housing units to be completed across top 7 cities in 2023: Anarock report</a>

Amendments to competition law likely in Budget session

New Delhi, Dec 10 () A parliamentary panel has sought regular recruitment and use of technology to improve efficacy and efficiency of Ministry of Statistics and Programme Implementation (MOSPI).
The panel in its earlier reports has pointed out the issue pertaining to the shortage of manpower in the ministry and its various filed offices. 
"Ministry should carry out regular recruitment of qualified/trained staff for this purpose. It should not compromise in any manner on the quality of statistical staff at the field level, so that the credibility of the whole process is not jeopardized," the Parliamentary Standing Committee on Finance said in its report on MOSPI tabled in the Lok Sabha on Tuesday. 
 The report further said appropriate IT systems may also be considered to improve efficiency and reduce manpower needs. 
The panel was of the view that MOSPI has resorted to a hybrid model where the core statistical activities and supervision thereof are undertaken by available in-house expertise, while the primary level field work will be outsourced for conducting surveys.
The committee thinks that although the proposed method can be a stop-gap arrangement, it cannot be a replacement for the professionalism required for the data collection exercise.
It asked the ministry to provide necessary resources to enable the Indian Statistical Institute (ISI) to fulfil its mandate, particularly completion of its ongoing projects including academic programmes.
It discerns that with its specific mandate, ISI strives to maintain a reliable reputation and commitment towards the field of education, national progress, social development and welfare.
The committee noted that the budget estimate for 2019-20 stands at Rs 276.52 crore, while for 2018-19 it was Rs 275.32 crore which was later revised to Rs 315.39 crore. 
ISI is mainly engaged in conducting comprehensive
programme of research, training and practical application of different statistics spanning various disciplines through a large number of projects/schemes. 
The committee also hoped the enhanced allocations would help the ministry strengthen their data collection machinery and available infrastructure. KKS 
 KKS ANU
ANU

Par panel for regular recruitment, use of technology by MOSPI

<ul><li><keyword id="9875222" type="General" weightage="50" keywordseo="a-parliamentary-standing-committee" source="Orion">A Parliamentary Standing Committee</keyword> has taken note of the high air fares charged by some airline operators in the domestic sector.</li><li>The <keyword id="47865" type="General" weightage="80" keywordseo="committee" source="Orion">Committee</keyword> also pointed out the wrong information published by the private airlines on their websites, regarding the number of seats left in the flight and the prices of the tickets.</li></ul>New Delhi, A Parliamentary Standing Committee has taken note of the high air fares charged by some airline operators in the domestic sector, and held that they are misguiding the public and forcing passengers to pay more. The Committee also pointed out the wrong information published by the private airlines on their websites, regarding the number of seats left in the flight and the prices of the tickets. "The level of misinformation can be gauged from the fact that even after the last tickets have been sold, the same number of seats show on the website, as indicated before the tickets sale. This indicates that airline operators are misguiding the public and forcing passengers to pay more," the panel said in the Demand for Grants (2023-24) report of the <keyword id="58151" type="General" weightage="50" keywordseo="civil-aviation-ministry" source="Orion">Civil Aviation Ministry</keyword>. In view of the above, it recommended that the Ministry should formulate appropriate guidelines regarding rationalisation of fares and publishing the correct information on the website of the airlines. It also pointed out that 'Predatory Pricing' is being restored to by the domestic airlines sector. "A particular airline may sell its air tickets at such a low level, that other competitors cannot compete and are forced to exit the market. A company that does this will see initial losses, but eventually it benefits by driving competition out of the market and raising its prices again," said the report. The Committee desired to know whether aviation regulator, the <keyword id="6354787" type="General" weightage="50" keywordseo="dgca" source="Orion">DGCA</keyword> had at any point of time intervened to check the fares of air tickets. It also expressed concern at the fact that in the domestic sector, private airlines are charging different fares for the same sector, route and same direction of flights. This is specifically so for the northeastern region and hilly areas including Jammu &amp; Kashmir and Ladakh, where the prices of domestic sector tickets are, sometimes, even more than the international airline sector prices. The Committee took note of the fact that after the repeal of the Air Corporations Act, 1953, the airfare is market driven and depends on market fares, and is neither established nor regulated by the government. "It notes the DGCA's comments that the airfares were regulated for a fixed period during the Covid pandemic in compliance with <keyword id="1773277" type="General" weightage="50" keywordseo="aircraft-act" source="Orion">Aircraft Act</keyword>, 1934 and the regulation was withdrawn as the Covid pandemic abated and that airlines are free to fix reasonable tariffs under the Aircraft Rules, 1937, with regard to cost of operation, services, reasonable profit and generally prevailing tariff," said the report. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/how-is-gpt-4-different-from-chatgpt-and-what-makes-it-unique/articleshow/98688465.cms">How is GPT-4 different from ChatGPT, and what makes it unique?</a> <a href="https://www.businessinsider.in/tech/news/googles-new-ai-features-for-docs-gmail-and-more-to-rival-microsofts-workspace-toolsheres-what-it-means/articleshow/98657324.cms">Google’s new AI features for Docs, Gmail, and more to rival Microsoft’s workspace tools—here’s what it means</a>

Airlines misguiding people, forcing passengers to pay more, says Parl Panel

New Delhi, Feb 10 () Homebuyers' body FPCE has written to a Parliamentary panel on finance, opposing an amendment in the insolvency law that seeks to insert a minimum threshold for flat owners to approach the National Company Law Tribunal (NCLT) against builders who have defaulted. Forum for People's Collective Efforts (FPCE) has written a letter to Jayant Sinha, who is the chairperson of Standing Committee on Finance. The Insolvency and Bankruptcy Code (Second Amendment) Bill, 2019, which proposes to amend IBC, 2016, was introduced in the last session of Parliament. The bill has now been referred to the Standing Committee on Finance. An ordinance in this regard was promulgated in December as bill could not be passed in the last session. The ordinance had introduced a minimum threshold of at least 100 allottees of the same real estate project or 10 per cent of total allottees under that project, whichever is less, for moving a joint plea seeking initiation of insolvency process against the realtor. "We vehemently oppose the proposed amendments/insertions specified in clause 3 of the proposed Bill which seeks to amend section 7 of IBC, 2016," FPCE President Abhay Upadhyay said. "The said amendment/insertions require a minimum threshold for homebuyers to come together in order to initiate proceedings under the code against any real estate developer/companies. This is against the interest of homebuyers as it puts unreasonable conditions on them, destroys level playing field which currently exists and makes the law lop-sided in favour of real estate developers," he added. The association termed the amendment as "illogical, illegal and regressive". FPCE said the amendment to insert a minimum threshold for homebuyers to approach the NCLT is ridden with practical difficulties and listed out various problems. "Sale is a continuous process. How will a homebuyer know how many units have been sold to determine the 10 per cent of total number of units sold in real estate project specially in a situation when 10 per cent is less than 100?" it asked. The association said it would be difficult for a buyer to find the contact details of the requisite number of buyers in the projects to start bankruptcy proceedings against the builder. "Like the political parties do, it will neither be practical nor possible for homebuyers to stay in a hotel or a resort in order to keep their flock together," Upadhyay argued. The association urged the parliamentary panel to suggest removal of such amendments/insertions against homebuyers from the Bill. "We, also would like to request you to kindly give us an appointment for our delegation from pan India to depose before the Committee and present our case," said Upadhyay, who is also member of Central Advisory Council, RERA, Ministry of Housing. MJH DRR

Homebuyers' body writes to Par panel opposing amendment in insolvency law

New Delhi, Mar 13 () A parliamentary panel has pulled up the Finance Ministry for not allocating sufficient funds to the Department of Animal Husbandry and Dairying, and the Department of Fisheries in recent years. The Standing Committee on Agriculture, headed by P C Gaddigoudar, in a report noted that fisheries sector contributes 1 per cent to the GDP of the country and 5 per cent to the agriculture GDP. The committee noted that the allocation proposed by the Department of Animal Husbandry and Dairying for the financial year 2020-21 was Rs 8,396 crore. "However, the funds allocated by the Ministry of Finance are Rs 3,704.13 crore," it added. The report pointed out that during 2017-18 and 2018-19, the budgetary allocation was Rs 2,367.77 crore against the proposed amount of Rs 4,676.19 crore, and Rs 2,832.55 crore against a proposed amount of Rs 4,930.57 crore. Similarly, during 2019-20, against a proposed amount of Rs 3,532.47 crore, the allocation at the BE (budget estimate) stage was reduced to Rs 3,342.65 crore, the report said. The Committee in a separate report also observed that there was huge reduction in the funds allocated to the Department of Fisheries at BE stage during 2017-18 to 2020-21 as against the funds proposed by the Department and this has adversely effected the various activities and target of the sector. BKS MRMR

Par panel pulls up finmin for lower budget allocation for fisheries, animal husbandry

With less than a month left for the rollout of the <keyword id="6354679" type="ORGANIZATION" weightage="20" keywordseo="GST">GST</keyword>, the Indian Banks' Association (<keyword id="50362" type="ORGANIZATION" weightage="20" keywordseo="IBA">IBA</keyword>) has informed a Parliamentary panel that lenders are not yet geared up for implementation of the new indirect tax regime, according to a PTI news report. "Since the GST will be operational from July 1, 2017, banks have to make lot of changes in their systems and other procedures. The preparedness of all banks for implementation of GST on July 1, 2017, is a question mark," the IBA has conveyed to the Parliamentary Standing Committee on <keyword id="25455" type="ORGANIZATION" weightage="20" keywordseo="finance">Finance</keyword>. The IBA further said that several services by banks to customers are centralised while several others are localised. Banks will have to make changes in the existing infrastructure which would be a huge challenge for the banks. The IBA had taken up the case for central registration, the association added. Touted as the biggest taxation reform since independence, the GST will subsume central excise, service tax, VAT and other local levies to create a uniform market. The new indirect sales tax is expected to boost the GDP growth by about 2 percentage points and check tax evasion. The powerful GST Council, comprising representative of Centre and states, has recommended a four-tier tax structure -- 5, 12, 18 and 28 per cent for goods and services. On top of the highest slab, a cess will be imposed on luxury and demerit goods to compensate the states for revenue loss in the first five years of GST implementation. All the states have agreed for the roll out of the new indirect tax regime from July 1.

Banks not yet prepared for GST roll-out: Indian Banks' Association

New Delhi, Dec 10 () A Parliamentary panel on finance on Tuesday observed that the Goods and Services Tax (GST) collection has slowed down in recent months and asked the government to prevent misuse of input tax credit.
 Two years after its launch, the government has begun the review of GST, including a possible resetting of rates along with the slabs, the Standing Committee on Finance headed by Jayant Sinha said in its report tabled in Parliament.
 "In this connection, the committee are constrained to observe that GST collections have somewhat slowed down in recent months as compared to the target. The committee would therefore expect the government to resolve all the troubling issues related to GST at the earliest to achieve the desired revenue buoyancy," the panel said.
 GST revenue collection crossed the Rs 1 lakh crore mark after a gap of three months in November, with the revenue growing by 6 per cent to Rs 1.03 lakh crore in the month. The collection stood at Rs 95,380 crore in October.
 "The committee would also urge the Department of Revenue to remain vigilant so as to prevent misuse of provisions as input tax credit and enhance monitoring of overall compliance," the committee said.
 It further asked the revenue department to have systematic reports and conduct feedback surveys from taxpayers to evaluate whether GST is operating smoothly.
 On large amount of tax refunds and the accruing interests on it, the committee said the processes should be revisited to dispense with the "need for raising realistic demands as also payments of disproportionately large advance tax by assesses".
 In 2017-18, the direct tax refunds stood at Rs 1.52 lakh crore and Rs 17,603 crore as interest, which rose to Rs 1.61 lakh crore and Rs 20,566 crore respectively in 2018-19.
 It also suggested that the interest component in tax refunds should be reflected in the Union Budget itself so that it passes through parliamentary scrutiny and also has a deterrent effect.
 Further, in order to broaden the tax base, it asked the government to bring the new Direct Tax Code in line with the global best practices, keeping in view the country's economic needs.
 For assessment year 2018-19, the committee noted that the number of taxpayers were 8.45 crore, out of which 8.04 crore were individual taxpayers.
 "Assuming the total population of the country to be 130 crore, the percentage of taxpayers in India works out to be a mere 6.2 per cent. The committee would, therefore, urge the department to reformulate their policies/strategies so as to have wider tax base, which would help the country move towards a truly comprehensive direct tax regime," the committee said.
 In a separate report, the committee asked the Department of Economic Affairs, Expenditure and Financial Services to expedite the payments to vendors and contractors so that the private sector participants doing business with the government are not placed under financial stress.
 "In addition, timely payments are necessary to maintain transaction velocity in the economy," it added. KPM ABM

Par panel asks govt to prevent misuse of input tax credit under GST as collection slows

Amid a tussle between the <keyword id="6362177" type="UNKNOWN" weightage="20" keywordseo="Union-government">Union government</keyword> and <keyword id="6354616" type="UNKNOWN" weightage="20" keywordseo="Twitter">Twitter</keyword> over the new IT rules, members of a <keyword id="85516" type="PERSON" weightage="20" keywordseo="Parliamentary-panel">parliamentary panel</keyword> on Friday strongly objected to Twitter India officials' observations that they abide by their policy and categorically told them that the rule of land is supreme. According to sources, members of the Parliamentary Panel on <keyword id="6363148" type="UNKNOWN" weightage="20" keywordseo="information-technology">Information Technology</keyword> also asked Twitter why it should not be fined as it has been found "violating" rules of the country. Earlier this month, the Centre issued a notice to Twitter giving it one last chance to "immediately" comply with the new IT rules and warned that failure to adhere to the norms will lead to the platform losing exemption from liability under the IT Act. The Parliamentary <keyword id="6355940" type="UNKNOWN" weightage="20" keywordseo="standing-committee">Standing Committee</keyword> on Information and Technology, chaired by Congress leader <keyword id="42749" type="PERSON" weightage="20" keywordseo="Shashi-Tharoor">Shashi Tharoor</keyword>, had last week summoned Twitter over issues related to misuse of the platform and protection of citizens' rights. Twitter India's public policy manager Shagufta Kamran and legal counsel Ayushi Kapoor deposed before the panel on Friday. Members of the panel asked some tough and searching questions to Twitter India officials but there answers lacked clarity and were ambiguous, sources said. They strongly objected to the observation of Twitter India officials that its policy is on par with the rule of land and categorically told them "rule of land is supreme, not your policy", sources said. Twitter and the Centre have been at loggerheads over several issues for the last few months. The microblogging site had faced backlash when it briefly removed the 'blue tick' verification badge from the personal account of Vice-President M Venkaiah Naidu and of several senior RSS functionaries, including its chief Mohan Bhagwat. Earlier, Delhi Police had sent a notice to Twitter, seeking an explanation of how it described an alleged "Congress toolkit" against the Central government as manipulated media. The police reportedly had also questioned Twitter India MD Manish Maheshwari on May 31 and visited the Twitter India offices in Delhi and Gurgaon on May 24 over the toolkit issue. SEE ALSO: <a href="https://www.businessinsider.in/careers/news/low-skilled-it-jobs-in-india-are-definitely-at-risk-as-per-different-reports/articleshow/83633565.cms">Whether it's half a million or three million — 'low skilled' IT jobs in India are definitely at ris</a> <a href="https://www.businessinsider.in/cryptocurrency/news/el-salvadors-bitcoin-experiment-is-gaining-momentum-even-if-the-world-bank-doesnt-want-to-lend-its-support/slidelist/83634654.cms">Here’s how El Salvador’s Bitcoin experiment is playing out so far — the good, the bad and the ugly</a>

Rule of land supreme, not your policy: Parliamentary panel on information technology to Twitter

The Budget Session of <keyword id="6354721" type="General" weightage="100" keywordseo="parliament" source="Orion">Parliament</keyword> will commence on January 31 and end on April 6, according to an official statement. It will be the 259th session of the Rajya Sabha and the 11th session of the 17th <keyword id="6355187" type="General" weightage="80" keywordseo="lok-sabha" source="Orion">Lok Sabha</keyword>. "The Eleventh Session of Seventeenth Lok Sabha will commence on Tuesday, the 31st January 2023. Subject to exigencies of Government Business, the Session is likely to conclude on Thursday, the 6th April 2023," a Lok Sabha secretariat notification said. A similar statement from the Rajya Sabha secretariat said the President has summoned the Rajya Sabha to meet on Tuesday, the 31st January 2023 at New Delhi and is scheduled to conclude on Thursday, the 6th April 2023. Parliament's Budget Session will begin from 11 am on January 31 with President Droupadi Murmu'<keyword id="16089537" type="General" weightage="80" keywordseo="s-address" source="Orion">s address</keyword> to the joint sitting of Lok Sabha and Rajya Sabha. Finance Minister Nirmala Sitharaman will present the Union Budget for 2023-24 at 11 am on Wednesday, the 1st February 2023. The session will have 27 sittings and will continue till April 6 with a month-long recess to examine the budget papers. "In order to enable the <keyword id="4555511" type="General" weightage="80" keywordseo="standing-committees" source="Orion">Standing Committees</keyword> to consider the Demands for Grants of Ministries/Departments and prepare their <keyword id="34464" type="General" weightage="80" keywordseo="reports" source="Orion">Reports</keyword>, the House will adjourn on 13th February 2023 to meet again on 13th March 2023," the Lok Sabha statement said. "Budget Session, 2023 of Parliament will commence from 31 January and continue till 6 April with 27 sittings spread over 66 days with usual recess. Amid Amrit Kaal looking forward to discussions on the Motion of Thanks on the President's Address, Union Budget and other items. "During the Budget Session, 2023 the recess will be from 14 February till 12 March to enable the department-related Parliamentary Standing Committees to examine the Demands for Grants and make reports relating to their Ministries/Departments," Parliamentary Affairs Minister Pralhad Joshi had tweeted. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/ongc-reliance-industries-paytm-siemens-among-stocks-in-focus/articleshow/97045293.cms">Sensex, Nifty50 end higher powered by L&amp;T, HDFC twins</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/gold-prices-hit-life-time-high-amid-looming-recession-hope-that-fed-will-slow-its-rate-hikes/articleshow/97061060.cms">Gold prices hit life-time high amid looming recession &amp; hope that Fed will slow its rate hikes</a>

You Searched For "parliamentary standing committee on finance" and got 9 results

Amendments to competition law likely in Budget session

PTI

Par panel for regular recruitment, use of technology by MOSPI

PTI

Airlines misguiding people, forcing passengers to pay more, says Parl Panel

IANS

Homebuyers' body writes to Par panel opposing amendment in insolvency law

PTI

Par panel pulls up finmin for lower budget allocation for fisheries, animal husbandry

PTI

Banks not yet prepared for GST roll-out: Indian Banks' Association

BI India Bureau

Par panel asks govt to prevent misuse of input tax credit under GST as collection slows

PTI

Rule of land supreme, not your policy: Parliamentary panel on information technology to Twitter

PTI

Budget Session of Parliament from January 31 to April 6

PTI

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