Cabinet approves introduction of the “Surrogacy (Regulation) Bill, 2016”

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for introduction of the “Surrogacy (Regulation) Bill, 2016”. The Bill will regulate surrogacy in India by establishing National Surrogacy Board at the central level and State Surrogacy Boards and Appropriate Authorities in the State and Union Territories. The legislation will ensure effective regulation of surrogacy, prohibit commercial surrogacy and allow ethical surrogacy to the needy infertile couples.

All infertile Indian married couple who want to avail ethical surrogacy will be benefited. Further the rights of surrogate mother and children born out of surrogacy will be protected. The Bill shall apply to whole of India, except the state of Jammu and Kashmir. The major benefits of the Act would be that it will regulate the surrogacy services in the country. While commercial surrogacy will be prohibited including sale and purchase of human embryo and gametes, ethical surrogacy to the needy infertile couples will be allowed on fulfilment of certain conditions and for specific purposes. As such, it will control the unethical practices in surrogacy, prevent commercialization of surrogacy and will prohibit potential exploitation of surrogate mothers and children born through surrogacy.

No permanent structure is proposed to be created in the Draft Bill. Neither there are proposals for creating new posts. The proposed legislation, while covering an important area is framed in such a manner that it ensures effective regulation but does not add much vertically to the current regulatory structure already in place at the central as well as states. Accordingly, there will not be any financial implications except for the meetings of the National and State surrogacy Boards and Appropriate Authorities which will be met out of the regular budget of Central and State governments.

Background:

India has emerged as a surrogacy hub for couples from different countries and there have been reported incidents concerning unethical practices, exploitation of surrogate mothers, abandonment of children born out of surrogacy and rackets of intermediaries importing human embryos and gametes. Widespread condemnation of commercial surrogacy prevalent in India has also been regularly published in different print-and electronic media since last few years highlighting the need to prohibit commercial surrogacy and allow ethical altruistic surrogacy. The 228th report of the Law Commission of India has also recommended for prohibiting commercial surrogacy and allowing ethical altruistic surrogacy to the needy Indian
citizens by enacting a suitable legislation.

IRDA seeks comments of all stakeholders

The Insurance Regulatory and Development Authority of India propose to issue the regulations on Outsourcing of Activities by Insurers. Accordingly, an exposure draft on IRDAI (Outsourcing of Activities by Indian Insurers) Regulations, 2016 is issued seeking comments of all stakeholders. The Authority has invited comments/ suggestions from stakeholders in the prescribed format before the 2nd September, 2016.

How to deal with genuine errors at commodity exchanges

SEBI vide Circular notified that trading members at commodity exchanges can modify client codes after the execution of the trade to rectify a genuine error that had occurred while entering a client code at the time. SEBI clarified that those errors can be modified, which occurred due to communication, or punching or typing such that the original client code and the modified client code are similar to each other. Further, shifting of trades to the 'error account' of broker would not be treated as modification of client code, provided trades in the account are subsequently liquidated in the market and not shifted to some other code. Also, brokers would have to disclose the codes of accounts, which are classified as 'error accounts' to the exchanges. Besides, each broker should have a well-documented error policy approved by the management of the broker. The commodity exchanges would have to periodically review the trades flowing to the error accounts of the brokers.

IEPF Forms available on IEPF Portal - MCA

MCA has notified the much awaited IEPF forms, that is, Form IEPF - 1  (Statement of amounts credited to Investor Education and Protection Fund), Form IEPF - 2 (Statement of unclaimed or unpaid amounts), Form IEPF - 3 (Statement of shares and unclaimed or unpaid dividend not transferred to the Investor Education and Protection Fund), Form IEPF - 4 (Statement of shares transferred to the Investor Education and Protection Fund),  Form IEPF - 5 (Application to the Authority for an order for payment of dividend etc. out of the Fund), Form IEPF - 6 (Statement of shares and unclaimed or unpaid amounts to be transferred to the Investor Education and Protection Fund); are likely to be available on the IEPF portal w.e.f 25th August, 2016. Stakeholders are requested to plan accordingly.

A glance on the myths and facts about GST

A section of people thinks that GST implies deduction in the amount of tax levied on goods they purchase. But what it is exactly? Is it the same? The answer is a big NO!!!  So, the question which is supposed to arise in everyone’s mind is what exactly GST stands for. This is basically “Fewer taxes, at unified rates”.

GST- No Tax Cuts

GST
is never introduced to get the taxes disappeared in any manner; however, it would make the taxes simple by unification of multiple taxes. Consequently, it would be less tiresome to pay the taxes and of course to collect as well. So, perish the thought that it is expecting to trim the taxes on goods and services.

How GST impacts

The impact of GST can be well explained and clarified on the goods and services in your basket. It would replace multiple indirect taxes with few of the standard rates. This way, it would crunch the timeframe required to ship the goods in and across the country. As this is well known fact that the central as well as state government charges the indirect taxes on different levels e.g. service tax, excise duty, and VAT. And GST will be the blend all of the indirect taxes into a single tax. 

A reform for Indian Economy

This is a game changing reform which would reduce the cascading tax on goods and services. What does this word GOODS stand for?  It is the kind of properties that can be moved sans dismantling. When the goods are being shipped to another state then rather than collecting the inter-state tax, the central Govt. would collect the integrated GST and after retaining its own share the balance of state share will be imparted to the state government. But in the case of intra-state tax Central GST along with state GST would be levied on the goods. Here, SERVICES imply doing something; so, whenever there is transfer of some goods that is known as supply of goods and transferring the ‘Right to use’ means supplying the services.

Exemption from GST

Yes!!!! There are few goods which are completely exempted from this tax. Now you would definitely want to know what all that includes.  Here is the list to end up your curiosity:

ü  Roti: This list includes pulses, milk, rice, cereals, flour, poultry and many more.

ü  Kapda: Textile

ü  Makaan: Rent of accommodation or construction of home

ü  Shiksha: All recognized degrees and diplomas.

ü  Swasthya: It includes getting the diseases diagnosed and cured.

All items of basic needs of a human are GST exempted!!!! 

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