The Lok Sabha passed the Indian Trusts (Amendment), Bill 2015 by voice vote. It will amend Indian Trusts Act, 1882 to remove the archaic provisions from the 133 year old legislation which have no relevance.
(Indian Trusts Act, 1882 regulates the functioning of private trusts and trustees in India)
Provisions of Indian Trusts (Amendment), Bill 2015:
- The bill would enable the Central Government to notify securities or class of securities for investment by trusts.
- To remove the outdated provisions occurring in section 20 of the Indian Trusts Act, 1882.
- It provides greater flexibility and autonomy for the trustees to take decisions on investment of trust money based on their assessment of the risk return.
No comments:
Post a Comment