Amendments to Finance Bill, 2017

The finance ministry moved on Tuesday as many as 40 amendments to the finance bill, in an unusual step. The amendments, over and above the proposed changes in the Budget 2017, aim to implement far-reaching changes from cash transactions to tribunals.

AMENDMENT: Govt removes cap of 7.5% of average net profit of 3 years for companies making political donations

WHAT IT MEANS: Allows higher corporate donations, curbing black money and unknown source of political donations

AMENDMENT: Railways Act, 1989 and Railways Claims Tribunal Act

WHAT IT MEANS: Railways Rates Tribunal will be merged with Railway Claims Tribunal

AMENDMENT: CompetitionAct 2002 & Companies Act 2013 amended

WHAT IT MEANS: Competition Appellate Tribunal merged with National Company Law Appellate Tribunal. This is part of rationalising tribunals’ number

AMENDMENT: Airports Economic Regulatory Authority of India Act, 2008 and Telecom Regulatory Authority Act

WHAT IT MEANS: Airports Economic Regulatory Authority Appellate Tribunal will be merged with Telecom Disputes Settlement and Appellate Tribunal (under TRAI Act, 1997)

AMENDMENT: Limit on cash transactions at ~2 lakh

WHAT IT MEANS: To ensure lower cash transactions

AMENDMENT: Foreign Exchange Management Act, 1999 and Forfeiture of Property Act

WHAT IT MEANS: Appellate Tribunal for Foreign Exchange to be merged with Appellate Tribunal

AMENDMENT: Employees Provident Funds and Miscellaneous Provisions Act, 1952 and Industrial Disputes Act

WHAT IT MEANS: EPF Appellate Tribunal will be merged with Industrial Tribunal