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Time of India
an hour ago
- Time of India
Now, pay more for affidavits; stamp duty rates revised
Bhopal: Agreements for leasing out property or affidavits from the notary for renewing firearms licence and other services is going to cost more. The Madhya Pradesh Assembly on Wednesday passed the Indian Stamp (Madhya Pradesh Amendment) Bill, 2025 that proposes a steep hike in stamp duty for all judicial and non-judicial purposes. The passage of the bill is likely to help the state in mopping up an additional Rs 212 crore annually from the people. Opposition Congress MLAs strongly criticised the bill stating it would burden the common man. With the new Bill rates of affidavit, immovable property agreement, development, construction or bond agreements, consent deed, corrections in already registered documents, renewal of revolver and pistol licenses, partnership deed, power of attorney and for property of trusts the increase has been made from 100% to 400%. Allegations and counter allegations were witnessed between the govt and opposition during the debate on the bill with the opposition strongly demanding its withdrawal stating it will hit the ordinary man. The opposition alleged that the govt is taking frequent loans citing need for state's development, while on the other hand it is putting additional financial burden on the common man. Deputy chief minister Jagdish Devda who is also the finance minister stated these amendments are being proposed after approximately 11 years to rationalize the stamp duties. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Why Your Current Make-Up Routine Might Be Aging You Learn More Undo He also maintained that the amendment would affect prices of only about 10% of documents. Stamp duties for the rest remain unchanged, the fiancé minister stated. The govt cleared eight bills by the end of the day. The assembly was adjourned sine die on Wednesday evening, two days earlier from the schedule of the monsoon session that was till August 8. In his closing remark the leader of opposition, Umang Singhar urged the govt to increase the MLA constituency development fund to Rs 5 crore so that MLAs can carry out development works in their constituencies. Currently, the MLA fund in MP is Rs 2.5 cr. The CM assured the LoP that the govt would seriously consider the proposal.
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Business Standard
3 hours ago
- Business Standard
Supreme Court pulls up states, discoms; sets April 2028 dues deadline
The Supreme Court ordered on Tuesday that electricity distribution companies must liquidate all their pending 'regulatory assets' by April 1, 2028. A two-judge apex court Bench comprising Justices P S Narasimha and Sandeep Mehta also held that fresh regulatory assets created by distribution companies (discoms) should be liquidated within three years of their creation. 'Regulatory commissions must provide the trajectory and road map for liquidation of the existing regulatory asset, which will include a provision for dealing with carrying costs. Regulatory commissions must also undertake strict and intensive audits of the circumstances in which the discoms have continued without recovery of the regulatory asset,' the apex court said in its judgment. A regulatory asset is an intangible asset created by electricity discoms to account for the gap between the price at which they purchase power and the price at which they sell it to customers, due to discounts or electricity bill waivers provided by the respective state governments. For accounting purposes, discoms treat regulatory assets as receivables from state governments over a future period. This portion of the revenue requirement is not included while determining the electricity tariff for that particular year. The top court was hearing pleas and appeals filed by BSES Rajdhani Power (BRPL), BSES Yamuna Power (BYPL), and Tata Power Delhi Distribution, which had challenged the Delhi Electricity Regulatory Commission's (DERC's) tariff-setting practices. The regulatory asset burden across the three Delhi discoms stood at a staggering ~27,200 crore, including carrying costs, until 2020–21. Regulatory commissions must undertake joint and collaborative efforts with other authorities to enable access to electricity across urban and rural areas and improve affordability through tariff rationalisation, the court said. 'The statutory authorities must work in cohesion towards a common goal of ensuring supply of electricity across regions and terrains, and cheaper and affordable...,' the court said. Regulatory asset not statutory, but permissible The Bench also clarified that while the creation of regulatory assets is not a statutory mandate under the Electricity Act, 2003, it is a recognised regulatory mechanism designed to prevent sudden tariff shocks to consumers. However, it must be exercised sparingly and in strict compliance with the principles laid down under the Electricity Act, the National Tariff Policy of 2006 and 2016, and Rule 23 of the Electricity (Amendment) Rules, 2024, the court said. 'Electricity is a public good,' the court observed, adding that regulatory commissions must balance consumer interests with the financial viability of power discoms. 'A disproportionate increase and long-pending regulatory assets depict a 'regulatory failure'. It has serious consequences for all stakeholders, and the ultimate burden falls on the consumer,' the court observed. Court faults DERC for delay, inaction The court found that DERC failed to comply with multiple statutory guidelines requiring that regulatory assets be created only in exceptional circumstances and recovered within three to seven years. The Commission's road map, submitted in 2014 and promising liquidation of the assets by 2020-21, was never implemented, the court said. Instead, the quantum of regulatory assets kept ballooning, driven by delayed true-ups, unrealistic tariff assumptions, unpaid government subsidies, and rising power purchase costs, the apex court observed. 'This creeping regulatory inaction has undermined investor confidence and the commercial viability of the distribution sector,' the court noted, adding that such prolonged revenue gaps go against the very objective of private sector participation envisioned under the Electricity Act. Other directions issued The Supreme Court also said that DERC should ensure that no further regulatory assets are created, except in extraordinary and clearly defined circumstances. It also asked the electricity regulatory commission to use mechanisms such as the deficit recovery surcharge, fuel adjustment charges, tariff rationalisation, and government subsidies to recover the gap between the amount paid by users and the amount owed to the discoms. Any surplus revenues should first be adjusted against existing regulatory assets, the court said. The court also reminded state governments of their constitutional obligation to ensure equitable electricity access. If states wish to grant subsidies, they must do so upfront and through budgetary allocations — not by forcing distribution companies to bear the burden, the court said. The two-judge Bench further stressed that the Electricity (Amendment) Rules, 2024, particularly Rule 23, must now form the baseline for all regulatory commissions in handling tariff gaps. The court, however, clarified that it was not adjudicating individual liabilities or recoveries in this judgment. Appeals by BRPL and BYPL against earlier orders of the Appellate Tribunal for Electricity (Aptel) remain pending and will be heard separately. However, the court reiterated that orders of the Aptel must be implemented unless stayed.
Indian Express
4 hours ago
- Indian Express
2 years after key law, Centre drafts framework to penalise polluting automakers
The Ministry of Power has released draft rules to enable enforcement of fuel efficiency and carbon trading norms notified under the Energy Conservation Act. Published on August 4, the draft Energy Conservation (Compliance Enforcement) Rules, 2025 empower the Bureau of Energy Efficiency (BEE) to flag non-compliance to state electricity regulators for adjudication and levying of penalties. The proposed rules allow BEE to act against automakers that fail to meet Corporate Average Fuel Efficiency (CAFE) norms — currently in their second phase — as well as other schemes under the Act, including the Carbon Credit Trading Scheme (CCTS). The draft gives BEE powers to 'detect, verify, assess and represent non-compliance cases' before State Electricity Regulatory Commissions (SERCs), which are designated as adjudicating authorities, 'in order to avoid the difficulties of imposing of penalty'. The SERC in question will depend on the state in which the non-compliant automaker's registered head office is located. Of the total penalties payable, 10 per cent will go to the Central Energy Conservation Fund, while 90 per cent will be transferred to state governments, the draft rules said. In cases involving CAFE violations, automakers must pay each state based on its share of the non-compliant model's total sales. The power ministry has invited stakeholder comments within 30 days. The draft rules come over two years after the Parliament passed the Energy Conservation (Amendment) Act, 2022, which introduced revised penalties on non-compliant vehicles, effective from January 1, 2023. The amendment had empowered the Centre to frame rules on how SERCs should adjudicate non-compliance. The compliance enforcement framework, in the form of the draft rules notified on Monday, comes after a delay of over 30 months. The 2022 amendment set penalties at Rs 25,000 per vehicle for non-compliance of up to 0.2 litres per 100 km, and Rs 50,000 per vehicle for violations exceeding that. Earlier, this paper had reported that top automakers face cumulative penalties exceeding Rs 7,000 crore for failing to meet CAFE II norms in 2022-23. Under the draft rules, BEE will be able to verify such cases and refer them to SERCs for adjudication. The CAFE norms were tightened in the beginning of financial year 2022-23. The quantum of penalties has become a point of contention between the Centre and the auto industry. Car makers are learnt to have argued that the new and stricter penalty norms came into effect only from January 1, 2023, and therefore calculating penalties on the basis of cars sold in the entire financial year would not be appropriate. In 2022-23, models and variants from 18 automakers were tested at accredited labs under simulated driving conditions. In December 2022, the Energy Conservation Act was amended to impose stricter penalties on defaulting automakers. While the fuel consumption compliance report for 2021-22 has been published — showing all 19 carmakers were in compliance — the report for 2022-23 has been delayed by over a year. Industry sources say the 2023-24 report is also ready but has not been released since the report for the previous year is hanging fire. Aggam Walia is a Correspondent at The Indian Express, reporting on power, renewables, and mining. His work unpacks intricate ties between corporations, government, and policy, often relying on documents sourced via the RTI Act. Off the beat, he enjoys running through Delhi's parks and forests, walking to places, and cooking pasta. ... Read More Soumyarendra Barik is Special Correspondent with The Indian Express and reports on the intersection of technology, policy and society. With over five years of newsroom experience, he has reported on issues of gig workers' rights, privacy, India's prevalent digital divide and a range of other policy interventions that impact big tech companies. He once also tailed a food delivery worker for over 12 hours to quantify the amount of money they make, and the pain they go through while doing so. In his free time, he likes to nerd about watches, Formula 1 and football. ... Read More
