Four major decisions taken in cabinet meeting, this effect will be on you
Union Cabinet Decision: Cabinet approved Major Port Authority Bill, Pesticide Management Bill, 2020 while the 'Dispute to Confidence' scheme has also been approved.
12th February, 2020
The cabinet meeting held today under the chairmanship of Prime Minister Narendra Modi has resulted in three major decisions. The cabinet approved Major Port Authority Bill, Pesticide Management Bill, 2020 and Rs 2500 crore given to three insurance companies. At the same time, the 'Dispute to Confidence' scheme has also been approved. After the cabinet meeting, Union Minister Prakash Javadekar gave this information at the press conference. Let's know about the decision taken in the cabinet meeting ...
Pesticide Management Bill
In the cabinet meeting, the Pesticide Management Bill 2020 has been approved. Now this bill will be passed by Parliament. This will provide great relief to the farmers. Now companies will not be able to sell pesticides to farmers at an arbitrary price. In the current law, only the manufacture, sale, import, transport use and distribution of pesticides are covered. In the proposed legislation, exports, packaging, labeling, pricing, storage, advertisements will also be regulated. The government has long been planning to change the Pesticides Act, 1968. The government's aim behind this is to make the prices of agricultural chemicals cheaper and easily available to the farmers.
Major Port Authority Bill
, Major Port Authority Bill, 2020 (Major Port Authority Bill, 2020) has also been approved in the cabinet meeting. With this, 11 ports will be converted into trust authorities. These authorities will be able to fix the tariff on their own. After the Cabinet approves the bill, it will now be introduced in Parliament. Also read: Rules to withdraw money from ATMs of SBI, ICICI, and HDFC Bank will change from March 16, know everything here >> Rs 2,500 crore given to three insurance companies The Union Minister said that three companies of General Insurance like banks ( National Insurance, Oriental Insurance, and United India Insurance) have been decided to capitalize with Rs 2,500 crore. With this, these three government companies, which have 30 percent business, will run the business of those companies with efficiency.
Scope of 'Dispute to Faith' scheme has been extended
to settle the dispute related to Income Tax. The scope of 'Vivid Se Vishwas' scheme has been extended. In the second part of the budget, the Direct Tax Dispute will pass the Trust Bill, 2020 (Direct Tax Vivid see Vishwas Bill, 2020). The second phase of the budget session will begin on March 2. Amendments under the trust scheme have been approved by the dispute. There will be no penalty for resolving the dispute by 31 March. The bill was introduced in the Lok Sabha last week by Finance Minister Nirmala Sitharaman, which has provisions for resolution of tax dispute cases involving Rs 9.32 lakh crore in the country.