Parliament watch: Bihar jobless rate in focus, no plan for OPS, Merchant Shipping Bill sails through RS
The unemployment rate (UR) on usual status for persons of age 15 years and above in Bihar has come down to 3% in 2023-24 from 7.0% in 2017-18. Also, there is no proposal under consideration of the Government of India for restoration of Old Pension Scheme (OPS).
ANI Rajya Sabha proceedings during the Monsoon Session The unemployment rate (UR) on usual status for persons of age 15 years and above in Bihar has come down to 3% in 2023-24 from 7.0% in 2017-18 compared to overall unemployment rate of 3.2% in the country in 2023-24, down from 6% in 2017-18, minister of state for labour and employment Shobha Karandlaje said in response to a question in Lok Sabha on Monday, citing the Periodic Labour Force Survey by the ministry of statistics & programme implementation.
No plan for OPS: There is no proposal under consideration of the Government of India for restoration of Old Pension Scheme (OPS) in respect of Central Government employees covered under National Pension System (NPS). The Government had moved away from OPS due to its unsustainable fiscal liability on the Government exchequer, said finance minister Nirmala Sitharaman in a written reply.
Merchant Shipping Bill sails through Rajya Sabha: The upper house passed The Merchant Shipping Bill, 2024 Monday. This law targets modernising India's maritime framework, aligning domestic laws with international best practices and International Maritime Organisation (IMO) conventions. Union Ports, Shipping, and Waterways Minister Sarbananda Sonowal said the Bill replaces an outdated, bulky framework with a progressive, streamlined law, "that will boost India's bankability as a maritime hub, increase tonnage under our flag, reduce compliance burden and secure our coastline'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New Indian Express
7 minutes ago
- New Indian Express
Definition of computer system to be wider under I-T Bill: FM
With digital data being stored in varieties of devices, the Finance Ministry will be widening the definition of the 'computer system' under the new Income Tax Bill 2025 and the Central Board of Direct Taxation (CBDT) will be soon coming out with a detailed Standard Operating Procedure (SOP) for handling digital data, finance minister Nirmala Sitharaman informed Rajya Sabha on Tuesday. 'The definition of a computer system has to be wide enough. Today, the computer systems are of so many different varieties,' added the Finance Minister. She highlighted that the provisions will be made to deal with those tax evaders who don't let the officials from the Income Tax department access their devices, claiming that the respective device doesn't come under the definition of 'computer system' as stated in the Income Tax Bill 1961. 'They (tax evaders) look at the narrow definition and say you can't touch my computer, as this is not defined by rule. So we have kept that wider. With fast changing technology most of the data is now stored in sophisticated digital devices. Therefore for access to such data, there has been some rationalization of search provision, 'added Sitharaman during her speech at Rajya Sabha. She cited some instances where the tax evaders refused to give access to the system claiming that the 'the password is kept in the country, from where they have come.' While the Opposition has raised concerns about privacy issues due to the changes to be implemented under the new tax law, the Finance Minister has confirmed that no additional power will be assigned to the income tax officials that could be utilized to breach privacy of the taxpayers. She also assured that for better understanding of the concept of 'computer system', 'CBDT will bring out detailed SOP for handling digital data.' CBDT will also come out with a SOP as to how to deal with the personal information seized during searches. The new Income Tax Bill 2025, passed by the Lok Sabha on Monday, aims to streamline the six-decade old Income Tax Law 1961 law by reducing chapters and simplifying the language to ease taxpayer compliance and speed up the tax filing process.
NDTV
an hour ago
- NDTV
Centre Introduces Bill To Amend Insolvency Law In Lok Sabha
New Delhi: Finance Minister Nirmala Sitharaman on Tuesday introduced a bill in the Lok Sabha to amend the insolvency law. After the introduction, the Insolvency and Bankruptcy Code (Amendment) Bill, 2025 was referred to a select committee of the House following a request from the minister. The insolvency law is being implemented by the Corporate Affairs Ministry, which is also helmed by Sitharaman. The Code, introduced in 2016, has undergone six legislative interventions since its enactment and the last amendment was made in 2021.
Hindustan Times
an hour ago
- Hindustan Times
New income tax bill passed in Parliament; to replace 60-year-old law
Parliament on Tuesday passed a new income tax bill to replace the six-decade-old Income Tax Act, 1961, that will come into force from April 1, 2026. Union Ministers Nirmala Sitharaman, Kiren Rijiju and Mansukh Mandaviya during voting in the Lok Sabha on the withdrawal of the Income Tax Bill 2025 at the Monsoon session of Parliament.(Sansad TV) Piloting the Income Tax Bill, 2025, in the Rajya Sabha, Finance Minister Nirmala Sitharaman said it does not impose any new tax rate and only simplifies the language, which is required for understanding the complex income tax laws. The new bill removes redundant provisions and archaic language and reduces the number of Sections from 819 in the Income Act of 1961 to 536 and the number of chapters from 47 to 23. Also Read | Income Tax Bill cleared in Lok Sabha: Here's what it means The number of words has been reduced from 5.12 lakhs to 2.6 lakhs in the new income tax bill, and for the first time, it introduces 39 new tables and 40 new formulas, replacing the dense text of the 1961 law to enhance clarity. "These changes are not merely superficial; they reflect a new, simplified approach to tax administration. This leaner and more focused law is designed to make it easy to read, understand and implement," Sitharaman said while replying to a short debate in the absence of the Opposition in the Rajya Sabha. Along with the Income Tax Bill, 2025, the House also returned the Taxation Laws (Amendment) Bill, 2025, to the Lok Sabha that had passed these money bills on Monday. "To remove confusion, I want to say that the aim of bringing in this new law is to simplify the language and lucidity, which is required for understanding," the minister said. Sitharaman further emphasised that Prime Minister Narendra Modi had given clear instructions - Covid or no Covid - tax burden on people should not be increased. "We have not increased any new tax," she said. She said the taxpayer-friendly Income Tax Act 2025, replacing the 1961 Act, is a milestone for the country's financial system. "I am shocked that the Opposition doesn't want to participate. The Opposition had agreed in the Business Advisory Committee to debate the bill in both the Lok Sabha and the Rajya Sabha," she said. Most often, the Opposition says, she noted, "you don't want to discuss anything, we want to have charcha. We agreed for 16 hours of charcha in the Lok Sabha and 16 hours of charcha here (Rajya Sabha)...where are they today". The Opposition had earlier staged a walkout from the Rajya Sabha, demanding a discussion on special intensive revision of the voters' list in Bihar. The new income tax bill was drafted within a record time of 6 months and introduced in the Budget session in February 2025. The drafting of the new bill involved nearly 75,000 person-hours, with a team of dedicated officers of the Income Tax department working tirelessly. The minister informed the House that soon the finance ministry will be issuing FAQs and an information memorandum for more information on the new legislation. She further said ministry officials are busy formulating rules, which will be simpler like the bill. As the new law will come into force from April 1, 2026, the computer systems of the income tax department are required to be rebooted to operationalise the new legislation. The Taxation Laws (Amendment) Bill, 2025, also passed by voice in the Rajya Sabha, incorporated changes in the scheme of block assessment with regard to Income Tax search cases, and would provide for certain direct tax benefits to public investment funds of Saudi Arabia. It seeks to amend the Income Tax Act, 1961 and also the Finance Act, 2025. The government in July announced that all tax benefits available under the New Pension Scheme (NPS) shall apply to the Unified Pension Scheme (UPS), which was implemented from April 1, 2025.
