Everything you need to know about Three gold monetization Schemes

India is the world's largest buyer of gold with estimated holdings of 20,000 tonnes, worth over Rs 55 lakh crore.

The three schemes launched by PM Narendra Modi on Thursday, and described as "sone pe suhaga", are meant to recycle a part of the huge pile of unused gold and reduce import of coins and bars.

A part of the gold collected through the monetisation scheme will be lent or sold to MMTC and RBI for minting of coins and auction.


Fine Points
Premature withdrawal: Allowed after minimum lock-in period with penalty

Investment limit: Min 30 gram of jewellery, bars, coins. No maximum limit




Where to begin

1. Go to BIS-certified Collection and Purity Testing Centres

2. Comply with KYC (know-your-customer) norms and regulations

3. Bank will issue deposit certificate equivalent to 995 fineness of gold

Features

Tenure: Eight years

Premature exit: Allowed from fifth year

Interest rate: 2.75% a year, payable semiannually on the initial value of investment for the bonds issued in 2015-16

Investment limit: Minimum of 2 units (equal to 2 gram) and max of 500 gram in a financial year.

Where to buy: Banks and designated post offices


How Sovereign Gold Bond Works

1. Price linked to previous week's (Monday-Friday) simple average of closing price of gold of 999 purity published by the India Bullion and Jewellers Association Ltd. Redemption price to be based on same formula

2. Comply with KYC norms — Voter ID, Aadhaar Card, PAN, TAN , Passport

3. Payment through electronic transfer, cash payment, by cheque or demand draft

4. Investors to get stock/holding certificate. Bonds can also be kept in demat form

5. They can be used as collateral for loans

Distributor's Commission

1 per cent of investment amount TAX: Income and capital gains tax payable

India Gold Coins

Weight: Available in 5, 10 and 20 grams

Purity: 24 karat, 999 fineness

Where to buy: Initially available at designated and recognised

MMTC outlets. Will be sold through banks and post offices later


Draft Gold Monetization Scheme Download

NATIONAL PENSION SCHEME NPS

The National Pension System (NPS)[1] is a defined-contribution pension system operated by the Government of India. In 2004, the Government of India decided to move from a defined-benefit pension system to a defined-contribution pension system. Apart from offering a range of investment options to employees, the scheme allows individuals to make decisions about where their pension fund is invested, permits limited withdrawal prior to retirement and reduces the total pension liabilities of the Government of India. The scheme is structured in two tiers. A tier-1 account is a basic retirement pension account available to all citizens from 1 May 2009. It does not permit withdrawal of funds before retirement. A tier-2 account is a Prospective payment system (PPS) account that permits some withdrawal of pension prior to retirement under exceptional circumstances, usually related to the provision of health care.
The pension scheme is administered on behalf of the government by the Pension Fund Regulatory and Development Authority (PFRDA).

Coverage and eligibility
NPS is open to all citizens of India between the ages of 18 and 60 on a voluntary basis.

It is mandatory for central government employees appointed on or after 1 January 2004, except for members of the armed forces, to have a tier-1 NPS pension. The employee contribution is fixed at 10% per month which is matched by an employer contribution of the same amount.

In addition to the above pension account, each individual can have a voluntary tier-II (PPS) account.

Contribution guidelines
PFRDA has set the following guidelines with regard to subscriber contribution:

Minimum amount per contribution: Rs. 500
Minimum number of contributions: 1 per year
Minimum annual contribution: Rs 6,000 in each subscriber account.
Maximum annual contribution: Rs 12,000 in each subscriber account.

Investment options
Under the investment guidelines finalized for the NPS, pension funds are invested in three separate asset classes. The three asset classes are equity, government securities and a range of fixed income instruments. Subscribers are able to decide how their NPS pension fund is allocated across the three asset classes....

In case the subscriber does not exercise any choice with regard to asset allocation, the contribution is invested in accordance with the ‘Auto choice’ option. In this option, the investment is determined by a predefined template that allocates funds according to the average expectation of investors at different stages of their life. The basic assumption, in line with industry guidelines, is that young people can afford to make riskier investments but security of return becomes more important as retirement approaches.

Investment charges[edit]
NPS levies a nominal investment management charge of 0.010% on net assets under management (AUM).[2]

Withdrawal norms
There is a requirement for subscribers who leave the scheme before retirement (or age 60, whichever is the earlier) to invest 80% of their accumulated savings in a life annuity from a life insurance company approved by Insurance Regulatory and Development Authority (IRDA). The remaining 20% is eligible for withdrawal as a lump sum.

On retirement, at age 60, subscribers are required to invest at least 40% of their pension fund in an annuity and the remaining 60% can be redeemed as a lump sum. In the case of government employees, the annuity provides for pension for the lifetime of the employee and his dependent parents and spouse at the time of retirement.

Subscribers may remain in the scheme after their 60th birthday for the purpose of receiving interest on their account, but may not make further contributions after that date. If a subscriber does not exit the system on or before their 70th birthday, the account is closed and the benefits are transferred to the subscriber as a lump sum. If a subscriber dies, the nominee has the option to receive the account total as a lump sum.

Tax treatment
The scheme permits subscribers to benefit, as applicable, under the Income Tax Act (1961). As of 2015, this means that up to a variable limit, contributions to the scheme are tax-exempt, but that withdrawals are counted as taxable income (EET). These tax benefits apply to all contributions, including those made by employers. From tax year 2012-13, employers contributions and employee contributions have been treated separately for tax purposes, an arrangement that permits employer contributions to rise without affecting employee tax liability.

Past investment returns
In 2014–15, the average weighted return on the fund was 12.5%. As of 15 May 2014, return on investment for private sector employees who opted for Equities was 8.38%. During tax year 2013-14, the eight pension funds used for central government employees showed returns of between 8% and 14%.

Coal Block Allocations and the 2015 Bill

Earlier this week, Lok Sabha passed the Bill that provides for the allocation of coal mines that were cancelled by the Supreme Court last year.  In light of this development, this post looks at the issues surrounding coal block allocations and what the 2015 Bill seeks to achieve.

In September 2014, the Supreme Court cancelled the allocations of 204 coal blocks.  Following the Supreme Court judgement, in October 2014, the government promulgated the Coal Mines (Special Provisions) Ordinance, 2014 for the allocation of the cancelled coal mines.  The Ordinance, which was replaced by the Coal Mines (Special Provisions) Bill, 2014, could not be passed by Parliament in the last winter session, and lapsed. The government then promulgated the Coal Mines (Special Provisions) Second Ordinance, 2014 on December 26, 2014.  The Coal Mines (Special Provisions) Bill, 2015 replaces the second Ordinance and was passed by Lok Sabha on March 4, 2015.

Why is coal considered relevant?

Coal mining in India has primarily been driven by the need for energy domestically.  About 55% of the current commercial energy use is met by coal.  The power sector is the major consumer of coal, using about 80% of domestically produced coal.

As of April 1, 2014, India is estimated to have a cumulative total of 301.56 billion tonnes of coal reserves up to a depth of 1200 meters.  Coal deposits are mainly located in Jharkhand, Odisha, Chhattisgarh, West Bengal, Madhya Pradesh, Andhra Pradesh and Maharashtra.

How is coal regulated?

The Ministry of Coal has the overall responsibility of managing coal reserves in the country.  Coal India Limited, established in 1975, is a public sector undertaking, which looks at the production and marketing of coal in India.  Currently, the sector is regulated by the ministry’s Coal Controller’s Organization.

The Coal Mines (Nationalisation) Act, 1973 (CMN Act) is the primary legislation determining the eligibility for coal mining in India.  The CMN Act allows private Indian companies to mine coal only for captive use.  Captive mining is the coal mined for a specific end-use by the mine owner, but not for open sale in the market.  End-uses currently allowed under the CMN Act include iron and steel production, generation of power, cement production and coal washing.  The central government may notify additional end-uses.

How were coal blocks allocated so far?

Till 1993, there were no specific criteria for the allocation of captive coal blocks.  Captive mining for coal was allowed in 1993 by amendments to the CMN Act.  In 1993, a Screening Committee was set up by the Ministry of Coal to provide recommendations on allocations for captive coal mines.  All allocations to private companies were made through the Screening Committee.  For government companies, allocations for captive mining were made directly by the ministry.  Certain coal blocks were allocated by the Ministry of Power for Ultra Mega Power Projects (UMPP) through tariff based competitive bidding (bidding for coal based on the tariff at which power is sold).  Between 1993 and 2011, 218 coal blocks were allocated to both public and private companies under the CMN Act.

What did the 2014 Supreme Court judgement do?

In August 2012, the Comptroller and Auditor General of India released a report on the coal block allocations. CAG recommended that the allocation process should be made more transparent and objective, and done through competitive bidding.

Following this report, in September 2012, a Public Interest Litigation matter was filed in the Supreme Court against the coal block allocations.  The petition sought to cancel the allotment of the coal blocks in public interest on grounds that it was arbitrary, illegal and unconstitutional.

In September 2014, the Supreme Court declared all allocations of coal blocks, made through the Screening Committee and through Government Dispensation route since 1993, as illegal.  It cancelled the allocation of 204 out of 218 coal blocks.  The allocations were deemed illegal on the grounds that: (i) the allocation procedure followed by the Screening Committee was arbitrary, and (ii) no objective criterion was used to determine the selection of companies.  Further, the allocation procedure was held to be impermissible under the CMN Act.

Among the 218 coal blocks, 40 were under production and six were ready to start production.  Of the 40 blocks under production, 37 were cancelled and of the six ready to produce blocks, five were cancelled.  However, the allocation to Ultra Mega Power Projects, which was done via competitive bidding for lowest tariffs, was not declared illegal.

What does the 2015 Bill seek to do?

Following the cancellation of the coal blocks, concerns were raised about further shortage in the supply of coal, resulting in more power supply disruptions.  The 2015 Bill primarily seeks to allocate the coal mines that were declared illegal by the Supreme Court.  It provides details for the auction process, compensation for the prior allottees, the process for transfer of mines and details of authorities that would conduct the auction.  In December 2014, the ministry notified the Coal Mines (Special Provisions) Rules, 2014.  The Rules provide further guidelines in relation to the eligibility and compensation for prior allottees.

How is the allocation of coal blocks to be carried out through the 2015 Bill?

The Bill creates three categories of mines, Schedule I, II and III.  Schedule I consists of all the 204 mines that were cancelled by the Supreme Court.  Of these mines, Schedule II consists of all the 42 mines that are under production and Schedule III consists of 32 mines that have a specified end-use such as power, iron and steel, cement and coal washing.

Schedule I mines can be allocated by way of either public auction or allocation.  For the public auction route any government, private or joint venture company can bid for the coal blocks.  They can use the coal mined from these blocks for their own consumption, sale or for any other purpose as specified in their mining lease.  The government may also choose to allot Schedule I mines to any government company or any company that was awarded a power plant project through competitive bidding.  In such a case, a government company can use the coal mined for own consumption or sale.  However, the Bill does not provide clarity on the purpose for which private companies can use the coal.

Schedule II and III mines are to be allocated by way of public auction, and the auctions have to be completed by March 31, 2015.  Any government company, private company or a joint venture with a specified end-use is eligible to bid for these mines.

In addition, the Bill also provides details on authorities that would conduct the auction and allotment and the compensation for prior allottees.  Prior allottees are not eligible to participate in the auction process if: (i) they have not paid the additional levy imposed by the Supreme Court; or (ii) if they are convicted of an offence related to coal block allocation and sentenced to imprisonment of more than three years.

What are some of the issues to consider in the 2015 Bill?

One of the major policy shifts the 2015 Bill seeks to achieve is to enable private companies to mine coal in the future, in order to improve the supply of coal in the market.  Currently, the coal sector is regulated by the Coal Controller’s Organization, which is under the Ministry of Coal.  The Bill does not establish an independent regulator to ensure a level playing field for both private and government companies bidding for auction of mines to conduct coal mining operations.   In the past, when other sectors have opened up to the private sector, an independent regulatory body has been established beforehand.  For example, the Telecom Regulatory Authority of India, an independent regulatory body, was established when the telecom sector was opened up for private service providers.  The Bill also does not specify any guidelines on the monitoring of mining activities by the new allottees.

While the Bill provides broad details of the process of auction and allotment, the actual results with regards to money coming in to the states, will depend more on specific details, such as the tender documents and floor price.  It is also to be seen whether the new allotment process ensures equitable distribution of coal blocks among the companies and creates a fair, level-playing field for them.  In the past, the functioning of coal mines has been delayed due to delays in land acquisition and environmental clearances.  This Bill does not address these issues.  The auctioning of coal blocks resulting in improving the supply of coal, and in turn addressing the problem of power shortage in the country, will also depend on the efficient functioning of the mines,  in addition to factors such as transparent allocations.

Land Acquisition: An overview of proposed amendments to the law

On March 10, Lok Sabha passed a Bill to amend the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013.  The Bill is now pending in Rajya Sabha.  This blog briefly outlines the context and the major legislative changes to the land acquisition law.

I. Context

Land acquisition, unlike the purchase of land, is the forcible take-over of privately owned land by the government.  Land is acquired for projects which serve a ‘public purpose’.  These include government projects, public-private partnership projects, and private projects.  Currently, what qualifies as ‘public purpose’ has been defined to include defence projects, infrastructure projects, and projects related to housing for the poor, among others.

Till 2014, the Land Acquisition Act, 1894 regulated the process of land acquisition.  While the 1894 Act provided compensation to land owners, it did not provide for rehabilitation and resettlement (R&R) to displaced families.  These were some of the reasons provided by the government to justify the need for a new legislation to regulate the process of land acquisition.  Additionally, the Supreme Court had also pointed out issues with determination of fair compensation, and what constitutespublic purpose, etc., in the 1894 Act.  To this end, the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 was passed by Parliament, in 2013.

II. Current legislative framework for land acquisition

The 2013 Act brought in several changes to the process of land acquisition in the country.   Firstly, it increased the compensation provided to land owners, from 1.3 times the price of land to 2 times the price of land in urban areas, and 2-4 times the price of land in rural areas.  Secondly, unlike the earlier Act which did not provide rehabilitation and resettlement, the 2013 Act provided R&R to land owners as well as those families which did not own land, but were dependent on the land for their livelihood.  The Act permits states to provide higher compensation and R&R.

Thirdly, unlike the previous Act, it mandated that a Social Impact Assessment be conducted for all projects, except those for which land was required urgently.  An SIA assesses certain aspects of the acquisition such as whether the project serves a public purpose, whether the minimum area that is required is being acquired, and the social impact of the acquisition.  Fourthly, it also mandated that the consent of 80% of land owners be obtained for private projects, and the consent of 70% of land owners be obtained for public-private partnership projects.  However, consent of land owners is not required for government projects.   The 2013 Act also made certain other changes to the process of land acquisition, including prohibiting the acquisition of irrigated multi-cropped land, except in certain cases where the limit may be specified by the government.

III. Promulgation of an Ordinance to amend the 2013 Act

In addition to the 2013 Act, there are certain other laws which govern land acquisition in particular sectors, such as the National Highways Act, 1956 and the Railways Act, 1989.  The 2013 Act required that the compensation and R&R provisions of 13 such laws be brought in consonance with it, within a year of its enactment, (that is, by January 1, 2015) through a notification.  Since this was not done by the required date, the government issued an Ordinance (as Parliament was not in session) to extend the compensation and R&R provisions of the 2013 Act to these 13 laws.  However, the Ordinance also made other changes to the 2013 Act.

The Ordinance was promulgated on December 31, 2014 and will lapse on April 5, 2015 if not passed as a law by Parliament.  Thus, the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement (Amendment) Bill, 2015 has been introduced in Parliament to replace the Ordinance.  The Bill has been passed by Lok Sabha, with certain changes, and is pending in Rajya Sabha.  The next section outlines the major changes the Bill (as passed by Lok Sabha) proposes to make to 2013 Act.

IV. Changes proposed by the 2015 Bill to the 2013 Act

Some of the major changes proposed by the 2015 Bill (as passed by Lok Sabha) relate to provisions such as obtaining the consent of land owners; conducting an SIA; return of unutilised land; inclusion of private entities; and commission of offences by the government.

Certain exemptions for five categories of projects: As mentioned above, the 2013 Act requires that the consent of 80% of land owners is obtained when land is acquired for private projects, and the consent of 70% of land owners is obtained when land is acquired for public-private partnership projects.  The Bill exempts five categories of projects from this provision of the 2013 Act.  These five categories are: (i) defence, (ii) rural infrastructure, (iii) affordable housing, (iv) industrial corridors (set up by the government/government undertakings, up to 1 km on either side of the road/railway), and (v) infrastructure projects.

The Bill also allows the government to exempt these five categories of projects from: (i) the requirement of a Social Impact Assessment, and (ii) the limits that apply for acquisition of irrigated multi-cropped land, through issuing a notification.  Before issuing this notification, the government must ensure that the extent of land being acquired is in keeping with the minimum land required for such a project.

The government has stated that these exemptions are being made in order to expedite the process of land acquisition in these specific areas.  However, the opponents of the Bill have pointed out that these five exempted categories could cover a majority of projects for which land can be acquired, and consent and SIA will not apply for these projects.

Return of unutilised land: Secondly, the Bill changes the time period after which unutilised, acquired land must be returned.  The 2013 Act states that if land acquired under it remains unutilised for five years, it must be returned to the original owners or the land bank.  The Bill changes this to state that the period after which unutilised land will need to be returned will be the later of: (i) five years, or (ii) any period specified at the time of setting up the project.

Acquisition of land for private entities: Under the 2013 Act, as mentioned above, land can be acquired for the government, a public-private partnership, or a private company, if the acquisition serves a public purpose.  The third major change the Bill seeks to make is that it changes the term ‘private company’ to ‘private entity’.  This implies that land may now be acquired for a proprietorship, partnership, corporation, non-profit organisation, or other entity, in addition to a private company, if the project serves a public purpose.

Offences by the government: Fourthly, under the 2013 Act, if an offence is committed by a government department, the head of the department will be held guilty unless he can show that he had exercised due diligence to prevent the commission of the offence.  The Bill removes this section.  It adds a provision to state that if an offence is committed by a government employee, he can be prosecuted only with the prior sanction of the government.

Acquisition of land for private hospitals and educational institutions: While the 2013 Act excluded acquisition of land for private hospitals and private educational institutions, the Bill sought to include these two within its scope.  However, the Lok Sabha removed this provision of the Bill.  Thus, in its present form, the Bill does not include the acquisition of land for private hospitals and private educational institutions.

Other changes proposed in Lok Sabha: In addition to removing social infrastructure from one of the five exempted categories of projects, clarifying the definition of industrial corridors, and removing the provision related to acquisition for private hospitals and private educational institutions, the Lok Sabha made a few other changes to the Bill, prior to passing it.  These include: (i) employment must be provided to ‘one member of an affected family of farm labour’ as a part of the R&R award, in addition to the current provision which specifies that one member of an affected family must be provided employment as a part of R&R; (ii) hearings of the Land Acquisition, Rehabilitation and Resettlement Authority to address grievances related to compensation be held in the district where land is being acquired; and (iii) a survey of wasteland must be conducted and records of these land must be maintained.

Rethinking judicial appointments: Collegium vs. Commission

Earlier today, the Supreme Court struck down the two Acts that created an independent body for the appointment of judges to the higher judiciary.

One of the Acts amended the Constitution to replace the method of appointment of judges by a collegium system with that of an independent commission, called the National Judicial Appointments Commission (NJAC).  The composition of the NJAC would include: (i) the Chief Justice of India (Chairperson) (ii) two other senior most judges of the Supreme Court, (iii) the Union Law Minister, and (iv) two eminent persons to be nominated by the Prime Minister, the CJI and the Leader of Opposition of the Lok Sabha.  The other Act laid down the processes in relation to such appointments.

Both Acts were passed by Parliament in August 2014, and received Presidential assent in December 2014.  Following this, a batch of petitions that had been filed in Supreme Court challenging the two Bills on grounds of unconstitutionality, was referred to a five judge bench.  It was contended that the presence of executive members in the NJAC violated the independence of the judiciary.

In its judgement today, the Court held that the executive involvement in appointment of judges impinges upon the independence of the judiciary.  This violates the principle of separation of powers between the executive and judiciary, which is a basic feature of the Constitution.  In this context, we examine the proposals around the appointment of judges to the higher judiciary.

Appointment of judges before the introduction of the NJAC

The method of appointment of the Chief Justice of India, SC and HC judges was laid down in the Constitution.[i]  The Constitution stated that the President shall make these appointments after consulting with the Chief Justice of India and other SC and HC judges as he considers necessary.  Between the years 1982-1999, the issue of method of appointment of judges was examined and reinterpreted by the Supreme Court.  Since then, a collegium, consisting of the Chief Justice of India and 4 other senior most SC judges, made recommendations for persons to be appointed as SC and HC judges, to the President.[ii]

Recommendations of various bodies for setting up an independent appointments commission

Over the decades, several high level Commissions have examined this method of appointment of judges to the higher judiciary.  They have suggested that an independent body be set up to make recommendations for such appointments.  However, they differed in the representation of the judiciary, legislature and executive in making such appointments.  These are summarised below.

Table 1: Comparison of various recommendations on the composition of a proposed appointments body

Recommendatory Body	Suggested composition
2nd Administrative Reforms Commission (2007)	Judiciary : CJI; [For HC judges: Chief Justice of the relevant High Court of that state] Executive : Vice-President (Chairperson), PM, Law Minister, [For HC judges: Includes CM of the state] Legislature: Speaker of Lok Sabha, Leaders of Opposition from both Houses of Parliament. Other: No representative.
National Advisory Council (2005)	Judiciary: CJI; [For HC judges: Chief Justice of the relevant High Court of that state] Executive: Vice-President (Chairman), PM (or nominee), Law Minister, [For HC judges: Includes CM of the state] Legislature: Speaker of Lok Sabha, Leader of Opposition from both Houses of Parliament. Other: No representative.
NCRWC (2002)	Judiciary :CJI (Chairman), two senior most SC judges Executive: Union Law Minister Legislature: No representative Other: one eminent person
Law Commission (1987)	Judiciary : CJI (Chairman), three senior most SC judges, immediate predecessor of the CJI, three senior most CJs of HCs, [For HC judges: Chief Justice of the relevant High Court of that state] Executive: Law Minister, Attorney General of India, [For HC judges: Includes CM of the state] Legislature: No representative Other: One Law academic

Sources: 121^st Report of the Law Commission, 1987; Report of the National Commission to Review the Working of the Constitution (NCRWC), 2002; A Consultation Paper on Superior Judiciary, NCRWC, 2001;  A National Judicial Commission-Report for discussion in the National Advisory Council, 2005; Fourth Report of the 2^nd Administrative Reforms Commission (ARC), ‘Ethics in Governance’, 2007; PRS.

It may be noted that the Law Commission, in its 2008 and 2009 reports, suggested that Government should seek a reconsideration of the judgments in the Three Judges cases.  In the alternative, Parliament should pass a law restoring the primacy of the CJI, while ensuring that the executive played a role in making judicial appointments.

Appointments process in different countries                  

Internationally, there are varied methods for making appointments of judges to the higher judiciary.  The method of appointment of judges to the highest court, in some jurisdictions, is outlined in Table 2.

Table 2: Appointment of judges to the highest court in different jurisdictions

Country	Method of Appointment to the highest court	Who is involved in making the appointments
UK	SC judges are appointed by a five-person selection commission.	It consists of the SC President, his deputy, and one member each appointed by the JACs of England, Scotland and Northern Ireland.[iii]  (The JACs comprise lay persons, members of the judiciary and the Bar and make appointments of judges of lower courts.)
Canada	Appointments are made by the Governor in Council.[iv]	A selection panel comprising five MPs (from the government and the opposition) reviews list of nominees and submits 3 names to the Prime Minister.[v]
USA	Appointments are made by the President.	Supreme Court Justices are nominated by the President and confirmed by the United States Senate.[vi]
Germany	Appointments are made by election.	Half the members of the Federal Constitutional Court are elected by the executive and half by the legislature.[vii]
France	Appointments are made by the President.	President receives proposals for appointments from Conseil Superieur de la Magistrature.[viii]

Sources: Constitutional Reform Act, 2005; Canada Supreme Court Act, 1985; Constitution of the United States of America; Basic Law for the Federal Republic of Germany; Constitution of France; PRS.

In delivering its judgment that strikes down the setting up of an NJAC, the Court has stated that it would schedule hearings from November 3, 2015 regarding ways in which the collegium system can be strengthened.

Black money bill likely to be tabled in Lok Sabha

To check the black money menace, a bill is likely to be tabled in Lok Sabha tomorrow with stringent provisions to prosecute those stashing illicit wealth abroad, with rigorous imprisonment of up to 10 years.

The Undisclosed Foreign Income and Assets (Imposition of New Tax) Bill, 2015, also provides for a short window for those holding overseas assets to declare their wealth, pay taxes and penalties to escape punitive action.

QUALITY STANDARDS

Compulsory Legislation for Quality Standards Standards on Weights and Measures (Packaged Commodities) Rules, 1977

These Rules laid down certain obligatory conditions for all commodities in the packed from with respect to their quantity declaration. These Rules are operated by the Directorate of Weights and Measures under the Ministry of Food and Civil Supplies. Prevention of Food Adulteration Act, 1954