Real Estate- Regulation & Development Act, 2016 initiated
On 1st May 2016, the Real Estate- Regulation & Development Act, 2016 was initiated. This was a widely acclaimed and much awaited act that will be setting up in motion, a significant process of devising important operational rules as well as creation of important institutional infrastructures for the protection of consumer interests. The act will also be promoting the real estate growth in a trustworthy, credible and confident environment of transactions as well as time bound and efficient project executions. On 27th April 2016, Union Ministry HUPA (Housing and Urban Poverty Alleviation) gave notification for bringing 69 sections into force (out of the 92 sections of the act) by 1st May 2016. A fresh proposal for Real Estate law was first discussed at the NCHMSU (National Conference of Housing Ministers of States and Union Territories) during January 2009.
Amendment Bill on Mines and Minerals gets passed in Rajya Sabha
May 2 2016 witnessed a major development in the mining sector of India as Rajya Sabha passed the amendment bill on Mines and Minerals. The new bill has already been passed in both the houses and hence, will now prevail as a law in the country, if the consent of the President is obtained. With this development, the mining industry of India will now need to comply with the amended rules. Some of the key areas under this bill are- mining lease, inclusion of limestone, iron ore, manganese ore and bauxite under notified minerals and power to state Government for approving mining lease.
Lok Sabha passed the ‘Insolvency and Bankruptcy Code Bill’ 2016
On 5th May 2016, Lok Sabha passed the ‘Insolvency and Bankruptcy Code Bill’ 2016. The bill will act as a transformation legislation helping to improve the ranking of India in the ‘Ease of Doing Business’ index of World Bank. This Bill has been prepared based on recommendations by the JPC (Joint Parliamentary Committee). Bhupender Yadav is currently heading this committee. The recommendations report was shared with the government on 28th April 2016. Some of the significant highlights of this bill were insolvency resolution code, insolvency professional’s resolution, information utilities, The NCLT (National Company Law Tribunal), the DRT (Debt Recovery Tribunal) and the IB (Insolvency and Bankruptcy) Board.
Lok Sabha passes Anti-Hijacking Bill (2014)
On May 9 2016, the Lok Sabha passed the Anti-Hijacking Bill (2014). The objective of the Bill intends to repeal The Anti-Hijacking Act, 1982.As per the bill; death penalty will be given even if airport personnel or ground staffs are killed during these acts. As per the last bill, hijackers were given death penalty in case of hostage death only including flight crew, security personnel and passengers. Both Rajya Sabha and Lok Sabha have passed this bill. This bill will now require the President’s assent. The Bill has included several acts that can be termed as hijacking and have several punishments related to them. For instance, any person who agrees to commit the offence will also be recognized as the hijacker with same level of punishments.
IBC (Insolvency and Bankruptcy Code) Bill, 2016 passed through Rajya Sabha
On 11th May 2016, the IBC (Insolvency and Bankruptcy Code) Bill, 2016 was passed through Rajya Sabha. This bill is considered as a significant and transformational legislation which will support in enhancing the overall ranking of India in the EDB (Ease of Doing Business) Index of World Bank. This bill was earlier cleared by Lok Sabha on 5th May 2016. The bill has been recommended by the JPC (Joint Parliamentary Committee) on IBC code and Bhupender Yadav heads this committee. The initial report was submitted to the government on 28th April 2016. Some of the major points of this bill include Informal Utilities, Insolvency Professionals, Insolvency resolution and NCLT (National Company Law Tribunal).
Haryana Backward-Classes Act 2016 enacted
On 13th May 2016, the Government of Haryana notified the enactment of Haryana Backward-Classes (Reservation in Services and Admission in Educational Institutions) Act, 2016. This law was enacted with the objective of providing reservation to the Jats and 4 other castes across the state’s educational institutions. According to the act, Jats will be given reservation of 10 percent in Class-3 and Class-4 service posts and reservation of 6 percent in Class-1 and Class-2 posts.