Union Environment English news | Union Environment, Latest News & Live Updates in English | English News (Latest English News) at Lokmattimes.com

The Bill will also put in place mechanism to ensure transparency in chit fund schemes and protect subscribers.Announcing the decision, Union Environment and Forest Minister Prakash Javadekar said the Bill was different from the one on unregulated deposits and banning of Ponzi schemes, cleared by Parliament recently."The Bill deals with regulated deposits taken through various chit fund schemes. The bill will strengthen regulations," the Minister said.On the tabling of the Bill, the Minister said the government would try to clear it in the current session itself.Though the contents of the Bill were not available, sources said it was similar to the one introduced in the Lok Sabha early last year. It said at least two subscribers should be present either in person or through video-conferencing while opening chit bids. It also provided for hike in commission of foremen from 5 per cent to 7 per cent.In another decision, the Cabinet approved signing of the UN Convention on International Settlement Agreements, scheduled on August 7, 2019 at Singapore or UN headquarters.The signing of the convention will boost the investor confidence and shall provide a positive signal to foreign investors about India's commitment to adhere to international practice on the alternative dispute resolution (ADR).To encourage international commercial arbitration in India and to evolve a comprehensive ecosystem of arbitration, the government is establishing the New Delhi International Arbitration Centre (NDIAC) as a statutory body. The Commercial Courts Act, 2015, has been further amended and legislative exercise to further amend the Arbitration and Conciliation Act, 1996, is underway.These initiatives are being taken with a view to encourage the settlement of commercial disputes, domestic and international, in India through ADR mechanism of arbitration, conciliation and mediation.( With inputs from IANS )

Home

City

Latest News

Cricket

LT Premium

National

International

Maharashtra

Opinions

Chhatrapati Sambhajinagar

Nagpur

Entertainment

Photos

Business

Technology

Sports

Lifestyle

Social Viral

Lokmat Games

Health

Ahmedabad Plane Crash

Pune Bridge Collapse

Maharashtra News

Mumbai Local

Weather Update

Mumbai Rains

Union EnvironmentFOLLOW

Union environment, Latest News

National :Clean air days in Delhi on rise: Javadekar to RS

The air quality in Delhi and nearby areas has repeatedly hit dangerous level after winter started setting in post Diwali but official data shows number of relatively clean air days are on the rise. ...

National :Air pollution an issue concerning north India, not limited to Delhi: AAP

AAP leader Raghav Chadha on Sunday said that air pollution is not an issue only concerning Delhi but entire north India. ...

National :Centre merely by providing stubble burning machines won't help farmers: Delhi Dy CM Sisodia

Delhi Deputy Chief Minister Msh Sisodia on Saturday lashed out at the Centre for blaming the Kejriwal government for the rising level of pollution in the national capital and said that 63,000 machines provided by the Centre to curb stubble burning ca ...

National :Cabinet okays tabling of chit funds Bill in Parliament

The Union Cabinet on Wednesday approved introduction of the Chit Funds (Amendment) Bill, 2019 in Parliament to streamline the sector and reduce the regulatory or compliance burden of registered chit funds industry. ...