Ministry of Finance
The Central Government hereby directs, in super-session of earlier issued notifications, that the Income-tax authorities under section 116 of the Income-tax Act, 1961, having headquarters at the places specified, to exercise the powers and perform the functions of the ‘Authority’ under the Prohibition of Benami Property Transactions Act,1988 in respect of the territorial areas as specified in the notification and having jurisdiction vested in them. Through this notification, Income Tax Commissioners and Income Tax Officers are being appointed as Approving Authority, Initiating Officer and Administrator under the Benami Property Transactions Act, 1988.
FIPB
The Union Cabinet has given its approval to the phasing out of Foreign Investment Promotion Board (FIPB). The proposal entails abolishing the FIPB and allowing administrative Ministries/Departments to process applications for FDI requiring government approval. Henceforth, the work relating to processing of applications for FDI and approval of the Government thereon under the extant FDI Policy and FEMA, shall now be handled by the concerned Ministries/Departments in consultation with the Department of Industrial Policy & Promotion(DIPP), Ministry of Commerce, which will also issue the Standard Operating Procedure (SOP) for processing of applications and decision of the Government under the extant FDI policy. In addition, Foreign Investors will find India more attractive destination and this will result in more inflow of FDI. The move will provide ease of doing business and will help in promoting the principle of Maximum Governance and Minimum Government.
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