Regulations
Cabinet approves new consumer protection bill

The bill is likely to be introduced by the consumer affairs, food and public distribution in the monsoon session of parliament

 

The union cabinet on Wednesday approved a new Consumer Protection Bill that seeks to make redress of grievances inexpensive and quick and proposes to set up a regulatory authority to curb unfair trade practices, sources said.
 
They said the bill proposes to bring about comprehensive changes in the Consumer Protection Act, 1986, including a product liability provision which will make manufacturers liable for sub-standard goods and services.
 
Sources said the bill is likely to be introduced by the consumer affairs, food and public distribution in the monsoon session of parliament. The bill proposes to create a Central Consumer Protection Authority to investigate unfair trade practices and check misleading advertisements, initiate action and order recall or replacement of defective products.
 

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Cabinet approves Rs.20,000 crore infrastructure fund

Its initial authorised capital would be Rs.20,000 crore, which will be raised from time as decided by the finance ministry

 

The union cabinet on Wednesday gave its approval to create a Rs.20,000 crore National Investment and Infrastructure Fund (NIIF) to give boost to infrastructure projects, including those which are stalled, sources said.
 
The cabinet also gave its approval to foreign investment in the Alternative Investment Funds (AIFs) for facilitating domestic investment, they said.
 
The NIIF is being established to maximise economic impact through infrastructure development in commercially viable projects, both green field and brown field including stalled projects, the sources said.
 
Its initial authorised capital would be Rs.20,000 crore, which will be raised from time as decided by the finance ministry.
 
Finance Minister Arun Jaitley had proposed creation of infrastructure fund in his budget 2015-16.
 
The sources said that the government would contribute 49 percent of the subscribed capital of NIIF, adding the contribution of the government to NIIF would attract investment from overseas sovereign/quasi-sovereign/multilateral/bilateral investors.
 
Approval to foreign investment in the AIFs for facilitating domestic investment was follow up of announcement made in the this year's budget, they said, adding the decision will lead to availability of more funds to start-ups, early stage venture, social venture, small and medium enterprises, infrastructure and sectors considered as socially desirable but regarded as having uncertain returns.
 

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Australia's richest person may give half fortune away

Currently valued at $10.22 bn, Rinehart is back on speaking terms with her son and daughter who she has been battling in court over the family's trust fund for several years, Xinhua news agency reported

 

After a protracted and bitter family financial feud, Australian iron ore magnate Gina Rinehart is preparing to give away half her fortune to charity, media reports said on Thursday.
 
Currently valued at $10.22 bn, Rinehart is back on speaking terms with her son and daughter who she has been battling in court over the family's trust fund for several years, Xinhua news agency reported. 
 
Last month, her daughter Bianca Rinehart and son John Hancock reached a settlement in the case and gained control of the $2.92 bn trust fund.
 
As part of the settlement, News Corp reported on Thursday that Gina Rinehart was considering giving away 50 percent of her fortune, either before or after her death.
 
Hancock wants his mother to follow the example of generous fellow Western Australia iron miner Andrew Forrest as an example.
 
News Corp reported cancer research, olympic sports and Australia's Royal Flying Doctor Service, which treats patients in the vast Australian outback, would be the lucky recipients.
 
"We have had discussions and we are aligned that the charity should only be Australian with a focus on northern Australia," Hancock said, adding, "I have endeavoured for years to come to a global settlement, including succession issues and how things including a charitable foundation will look in the future."
 
Gina Rinehart has been criticized in the past for not being charitable enough. 

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COMMENTS

Jyoti Dua

1 year ago

Our rich industrialists and businessman must learn from it. Why Govt should ask and watch private sector to contribute to Society. It should be spontenous by them. All major business houses must adopt a village.

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