Citizens' Issues
Railways implement 39 budget announcements
During the first 36 days of the current fiscal, the railways ministry has implemented 39 announcements made by Railways Minister Suresh Prabhu in his budget speech, the government said on Wednesday.
 
In a statement, the ministry said the programmes that have been implemented ranges from passenger amenities system improvements to infrastructure development.
 
Under the implementation strategy, comprehensive action plans were formulated on all budget announcements.
 
To ensure effective and efficient online monitoring, the ministry has also developed a special web-based software E-Samiksha to keep an eye on implementation, it said.

User

Cabinet approves REITs under FEMA
The union cabinet on Wednesday approved the Real Estate Investment Trusts (REITs) as an eligible financial instrument/structure under the Foreign Exchange Management Act (FEMA) 1999.
 
The approval is expected to enable foreign investment inflows into the completed rent yielding real estate projects, which is, as of now, prohibited under the FEMA Regulations.
 
The decision was taken at a cabinet meeting chaired by Prime Minister Narendra Modi.
 
As a result of this decision, entities registered and regulated under the SEBI (REITs) Regulations 2014 will be able to access foreign investments which as of now are prohibited under the FEMA Regulations.
 
The intent of introducing the instrumentality of REITs is to reduce pressure on the banking system to which the real estate sector looks for funds, free up existing funds of banks and encourage construction activities. 
 
REITs while attracting long term finance from foreign and domestic sources including NRIs would make available fresh equity to the sector.
 
The finance minister in his budget 2014-15 speech proposed the introduction of REITs. 
 
The REITs have been found to be successful instruments for pooling of investment by several countries for investments in real estate, with a view to earning income and distributing earnings from its investments to investors, who have contributed to the pooled corpus.

User

Cabinet approves amendments to whistleblowers act
The union cabinet on Wednesday approved amendments to the Whistlebowers Protection Act, 2011 aimed at strengthening safeguards against disclosures which may affect the sovereignty and integrity of the country.
 
The decision was taken at a cabinet meeting presided over by Prime Minister Narendra Modi.
 
An official release said the amendments would address concerns relating to national security and the amendment bill will be moved during the budget session of parliament.
 
"This is being done with a view to incorporate necessary provisions aimed at strengthening safeguards against disclosures which may prejudicially affect the sovereignty and integrity of the country, security of the state," it said.
 
The Public Interest Disclosures and Protection to Persons making the Disclosures Bill, 2011 was introduced in the Lok Sabha in August, 2010 in order to give statutory protection to whistleblowers in the country.
 
The bill was passed by the Lok Sabha in December, 2011 and by Rajya Sabha in February last year. The bill has received the assent of the president in May last year.
 
Congress president Sonia Gandhi on Wednesday accused the government of not properly implementing the act.

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)