The Mizoram Gazette EXTRA ORDINARY Published by Authority RNI No. 27009/1973Postal Regn. No. NE-313(MZ) 2006-2008NOTIFICATIONNo.H. 12017/55/2014-LJD, the 13th October, 2015.The following Act is hereby re-published for general information. The Public P remises (Eviction of Unauthorised Occupants) Amendment Act, 2015 (Act No. 2 of 2015) Zahmingthanga Ralte, Joint Secretary to the Govt .of Mizoram. VOL - XLIV Aizawl, Friday 16.10.2015 Asvina 24, S.E. 1937, Issue No. 512 THE PUBLIC PREMISES (EVICTION OF UNAUTHORISED OCCUPANTS) AMENDMENT ACT, 2015 AN ACTfurther to amend the Public Premises (Eviction of Unauthorised Occupants) Act, 1971. BE it enacted by Parliament in the Sixty-sixth Year of the Republic of India as follows:— 1. (1)This Act may be called the Public Premises (Eviction of Unauthorised Occupants) Amendment Act, 2015. (2) It shall come into for ce on such date as the Central Government may, by notification in the Officia l Gazette, appoint. 2. In the Public Premises (Eviction of Unauthorised Occupants) Act, 1971 (hereinafter referred to as the principal Act), in section 2, in clause (e), in sub-clause (2),— (A) in item (i), for the words and figur es “the Companies Act, 1956”, the words and figures “the Companies Act, 2013” shall be substituted; (B) in item (ii), for the wor ds and figures “the Companies Act, 1956”, the words and figures “the Companies Act, 2013” shall be substituted; 40 of 1971.Short title and commen- cement. Amendment of s ection 2. 1 of 1956. 18 of 2013. 1 of 1956. 18 of 2013. - 2 - Ex-512/2015 (C) for item(iii), the following items shall be substituted, namely:— ‘(iii) any company as defined in clause (20) of s ection 2 of the Compa nies Act, 2013 in which not less than fifty-one per cent, of the paid up capital is held partly by the Centr al Government a nd partly by one or mor e State Governments and includes a company which is a subsidiary (within t he meaning of t hat Act ) of the first-mentioned company and which car ries on the business of public transport including metro railway. Expla na tion. — For the purposes of this item, “metro railway” shall have the same meaning as assigned to it in clause (i) of sub-section (l) of section 2 of the Metro Railway (Operation and Maint enance) Act, 2002; (iiia) any University established or incorpora ted by any Central Act,’; (D) for item (v), the following item shall be substituted, namely:— “(v) any Board of Trustees or any successor company constituted under or referred to in the Major Port Trusts Act, 1963;”; (E) in sub-clause (3), — (a) in item (i), for the words “Municipal Corpora tion”, the wor ds, brackets and figures “Council as defined in clause (9) of section 2 of the New Delhi Municipal Council Act, 1994 or Corporation or Corporations notified under sub-section (1) of s ection 3 of the Delhi Municipal Corporation Act, 1957,” shall be substituted; (b) after item (iii), the following item shall be inserted, namely:— ‘(iv) any premises belonging to, or ta ken on lease by, or on behalf of any Gov er nment company as def i ned i n cl ause (45) of section 2 of the Companies Act, 2013. Explanation. — F or the purposes of t his clause, the expr ession, “Sta te Government” occurring in clause (45) of the sa id section shall mean the Government of the National Ca pital Territory of Delhi.’ (F) in cla use (fa), — (a) in sub-clause (ii), after the words, br ackets a nd figu res “in item (i) of sub-clause (2)”, the words, brackets a nd figures “and in it em (iv) of sub-clause (3)” shall be inserted; (b) in sub-clause (v), for the word “Corporation”, the words “Council, Corporation or Corporations” shall be substituted. 3. In section 4 of the principal Act,— (a) for sub-section (1), the following sub-sections shall be substituted, namely:— “(1) If the estate officer has information that any person is in unauthor ised occupation of any public pr emises and that he should be evicted, the estate officer shall issue in the manner hereinafter pr ovided a notice in writing within seven working days from the date of receipt of the information regarding the unauthorised occupation calling upon the person concerned to show ca use why an order of eviction should not be made. (1A) If the estate officer knows or has reasons to believe tha t any person is in unauthorised occupation of the public premises, then, without prejudice to the provisions of sub-s ection (1), he shall forthwith issue a notice in writing calling upon the person concerned to show cause why an order of eviction should not be made. (IB) Any delay in issuing a notice referred to in sub-sections (1) a nd (1A) shall not vitiate the proceedings under this Act.”; (b) in sub-section (2), in cla use (b), in sub-clause (i), for the words “ear lier than”, the words “ later than” sha ll be substituted.18 of 2013. Ame ndme nt of s ection 4.60 of 2002. 38 of 1963. 44 of 1994. 66 of 1957. 18 of 2013. 4.In section 5 of the principal Act,— (a) for sub-section (1), the following sub-section shall be substituted, namely:— “(1) If, after considering the cause, if any, shown by any person in pursuance of a notice under section 4 and any evidence produced by him in support of the same and after personal hearing, if any, given under sub-clause (ii) of clause(b) of s u b -s ection (2 ) of s ect ion 4 , t he es t a t e officer is s a t is fied t ha t t he p u blic p r emis es are in unauthorised occupation, the estate officer shall make an order of eviction, for reasons to be recorded therein, directing that the public pr emises shall be vaca ted, on such da te as may be specified in the order but not later than fifteen days from the date of the order, by all persons who ma y be in occupation thereof or a ny part thereof, and cause a copy of the order to be affixed on the outer door or some other conspicuous part of t he public premises: Provided tha t every order under this sub-s ection shall be made by the estate officer as expeditiously as possible and all endeavour shall be made by him to issue the or der wit hin fifteen days of the date specified in the notice under sub- section (1) or sub-section (1A), a s the case may be, of section 4.”; (b) after sub-s ection (2), the following proviso shall be inserted, namely:— “Provided that if the estate officer is satisfied, for reasons to be recorded in writing, that there exists any compelling reason which prevents the person from vacating the premises within fifteen days, the estate officer may grant another fifteen days fr om the date of exp iry of the order under sub-section (1) to the person to vacate the premises.”. 5.In section 7 of the principal Act,— (a) in sub-section (2A), for the words “ simple interest ”, the wor ds “compound interest” shall be substituted; (b) in sub-section (3), for the words “within such time as may be specified in the notice”, the words “within seven days from the da te of issue thereof” s hall be substituted; (c) after sub-section (3), the following sub-section shall be inserted, namely:— “(4) Every order under this section shall be made by the estate officer as expeditiously as possible a nd all endeavour shall be made by him to issue the order within fifteen days of the date specified in the notice.”. 6.In section 9 of the principal Act,— (a) in s ub-section (2), for the proviso, the following proviso sha ll be substituted, namely:— “Provided that the appellate officer may entertain the appeal in exceptional cases after the expiry of the said period, if he is satisfied for reasons to be recorded in writing t hat there was compelling reasons which prevented the person from filing the appeal in time.”; (b) for sub-section (4), the following sub-section shall be substituted, namely:— “(4) Every appeal under this section sha ll be disposed of by the appellate officer as expeditiously a s possible and every endeavour shall be made to dispose of t he appeal fina lly within one month from the date of filing the appeal, a fter providing the parties an op portunit y of being hear d.”.Amendment of s ection 5. Amendment of s ection 7. - 3 -Ex-512/2015Published and Issued by Controller, Printing & Stationery Department, Government of Mizoram Printed at the Mizoram Government Press, Aizawl. C/50Amendment of s ection 9.

The Mizoram Gazette EXTRA ORDINARY Published by Authority RNI No. 27009/1973Postal Regn. No. NE-313(MZ) 2006-2008NOTIFICATIONNo.H. 12017/55/2014-LJD, the 13th October, 2015.The following Act is hereby re-published for general information. The Motor Vehicles (Amendment) Act, 2015 (Act No. 3 of 2015) Zahmingthanga Ralte, Joint Secretary to the Govt. of Mizoram. VOL - XLIV Aizawl, Friday 16.10.2015 Asvina 24, S.E. 1937, Issue No. 513 THE MOTOR VEHICLES (AMENDMENT) ACT, 2015 AN ACTfurther to amend the Motor Vehicles Act, 1988. BE it enacted by Parliament in the Sixty-sixth Year of the Republic of India as follows:— 1. (1) T his Act ma y be ca lled the Motor Vehicles (Amendment) Act, 2015. (2) It shall be deemed to have come into force on the 7th day of January, 2015. 2. In the Motor Vehicles Act, 1988 (her eina fter referred to as the principal Act), after section 2, the following section shall be inserted, namely:— ‘2A. (1) Sa ve as otherwise provided in t he proviso to sub-section (1) of section 7 and sub-section (10) of section 9, the provisions of this Act shall apply to e-cart and e-rickshaw. (2) For the purposes of this section, “e-cart or e-rickshaw” means a special purpose battery powered vehicle of power not exceeding 4000 watts, ha ving three wheels for carrying goods or passengers, as the case may be, for hir e or 59 of 1988.Short title and commen- cement. Insertion of new section 2A. E -cart and E-rickshaw - 2 - Ex-513/2015 reward, manufactured, constructed or adapted, equipped and maintained in accordance with such specifications, as may be pr escribed in this behalf.’. 3. In the principa l Act, in sect ion 7, in sub-s ection (1), the following pr oviso shall be inserted, namely:— “Provided that nothing contained in this sub-section sha ll apply to an e-cart or e- rickshaw.”. 4. In the principal Act, in section 9, after sub-section (9), the following sub-s ection shall be inserted, namely:—“(10) Notwithstanding anything contained in this section, the driving licence to drive e-cart or e-rickshaw shall be issued in such manner and subject to such conditions, as may be pr escribed.”. 5. In the pr incipal Act, in section 27,— (i) clause (a) shall be renumbered as clause (aa) thereof and b efore clause (aa) as so renumbered, the following clause shall be inserted, namely:— “(a) specifications relating to e-cart and e-rickshaw under sub-section (2) of section 2A;”; (ii) after clause (f), the following clause shall be inserted, namely:— “(ff) the manner and the conditions subject to which the driving licence may be issued under sub-section (10) of section 9;”. 6. (1)T he Motor Vehicles (Amendment) Ordinance, 2015, is hereby repea led. (2) Notwithstanding such repeal, a nything done or any act ion taken under the principal Act, as amended by the said Ordinance, shall be deemed to have been done or taken under the principal Act, as a mended by this Act.Amendment of s ection 7.Published and Issued by Controller, Printing & Stationery Department, Government of Mizoram Printed at the Mizoram Government Press, Aizawl. C/50Amendment of s ection 9. Amendment of section 27. Repeal and saving. Ord. 2 of 2015.

The Mizoram Gazette EXTRA ORDINARY Published by Authority RNI No. 27009/1973Postal Regn. No. NE-313(MZ) 2006-2008NOTIFICATIONNo.H. 12017/55/2014-LJD, the 13th October, 2015.The following Act is hereby re-published for general information. The Constit ution (Scheduled Castes) Orders (Amendment) Act, 2015 (Act No. 4 of 2015) Zahmingthanga Ralte, Joint Secretary to the Govt .of Mizoram. VOL - XLIV Aizawl, Friday 16.10.2015 Asvina 24, S.E. 1937, Issue No. 514 THE CONSTITUTION (SCHEDULED CASTES) ORDERS (AMENDMENT) ACT, 2015 AN ACTfurther to amend the Constitution (Scheduled Ca stes) Order, 1950 to modify the lis t of Scheduled Castes in the States of Harya na, Kar nataka and Odisha and the Constitution (Dadra and Na gar Haveli) Scheduled Castes O rder, 1962. BE it enacted by Parliament in the Sixty-sixth Year of the Republic of India as follows:— 1. This Act may be called the Constitution (Scheduled Castes) Orders (Amendment) Act, 2015. 2. It the Schedule to the Constitution (Scheduled Castes) Orders, 1950,— (a) in PART V. - Haryana, for entry 19, substitute,- “19. Kabirpanthi, Julaha, Kabirpanthi Julaha”; (b) in PART VII.- Karnataka, for entry 23, substitute,- “23. Bhovi, Od, Odde, Va ddar, Waddar, Voddar, Woddar, Bovi (Non- Besta), Kalluvaddar, Mannuvaddar”; C.O. 19.Short title. Amendment of t he Const i- tution (Sche- duled Castes) Order, 1950. - 2 - Ex-514/2015Published and Issued by Controller, Printing & Stationery Department, Government of Mizoram Printed at the Mizoram Government Press, Aizawl. C/50C.O. 64. Amendme nt of the Constitu- tion (Dadra and N agar Haveli) Sche- duled Castes Order, 1962.(c) in PART XIII.- Odisha,- (i) for entries 26 and 27, substitute,- “26. Dhoba, Dhobi, Rajak, Rajaka 27. Dom, Dombo, Duria Dom, Adhuria Dom, Adhuria Domb”; (ii) for entries 44, 45 and 46, substitute,- “44. Katia, Khatia 45. Kela, Sapua Kela, Nalua Kela, Sabakhia Kela, Matia Kela, Gaudia Kela 46. Khadala , Khada l, Khodal”; (iii) for entry 91, substitute,- “91. Turi, Betra”; (d) in PA RT XXIV.- Uttaranchal, for “Uttaranchal”, substitute, “Uttarakhand”. 3. In the S chedule to the Constit ution (Dadra a nd Nagar Haveli) Scheduled Castes Order, 1962, for entry 2, substitute,- “2. Chamar, Rohit.”.

The Mizoram Gazette EXTRA ORDINARY Published by Authority RNI No. 27009/1973Postal Regn. No. NE-313(MZ) 2006-2008NOTIFICATIONNo.H. 12017/55/2014-LJD, the 13th October, 2015.The following Act is hereby re-published for general information. The Insurance Laws (Amendment) Act, 2015 (Act No. 5 of 2015) Zahmingthanga Ralte, Joint Secretary to the Govt. of Mizoram. VOL - XLIV Aizawl, Friday 16.10.2015 Asvina 24, S.E. 1937, Issue No. 515 THE INSURANCE LAWS (AMENDMENT) ACT, 2015 AN ACTfurther to amend the Insur ance Act, 1938 and the General Insurance Business (Nationalisation) Act, 1972 and to amend the Insurance Regulatory and Development Authority Act, 1999. BE it ena cted by Parlia ment in the S ixty-sixth Year of t he Rep ublic of India as follows:- CHAPTER I PRE LI M I N ARY 1. (1)This Act may be called the Insurance Laws (Amendment) Act, 2015. (2) It shall be deemed to have come into force on the 26th day of December, 2014. CHAPTER II AMENDMENTSTOTHE INSURANCE ACT, 1938 2 . In t h e Ins u r a nce Ac t , 1 9 3 8 (her ea ft er in t his C ha p t er r efer r ed t o a s t he In s u r a nce Act), throughout the Act,- 4 of 1938.Short title and commen- cement. Substitution of references to certain ex- pressions by certain other expressions. - 2 - Ex-515/2015 (a) for the words and figures “the Indian Companies Act,l913”, wherever they, occur, the words and figures “the Companies Act , 2013” sha ll be substituted; (b) for the wor ds and figures “the Companies Act,1956”, wherever they occur, the words and figures “the Companies Act, 2013” shall be substituted. 3. In section 2 of the Ins urance Act,- (i) for clauses(1) and (1A), the following clauses shall be substituted, namely:- ‘(1) “actuary” means an actuary as defined in clause (a) of sub- section (1) of section 2 of the Actuaries Act, 2006; (1A) “Authority” means the Insurance Regulatory and Development Authority of India establis hed under sub-section (1)of section 3 of the Insurance Regulator y and D evelopment Authority Act, 1999;’; (ii) clause (5A) shall be omit ted; (iii) after clause (6B), the following clause shall be inserted, namely:- ‘(6C) “health insurance busines” means the effecting of contracts which provide for sickness benefits or medical, surgical or hospital expense benefits, whether in-patient or out-patient travel cover and personal accident cover;’, (iv) for clause (7 A), the following clause shall be substituted, namely:- ‘(7 A) “Indian insurance company” means any insurer, being a company which is limited by s hares, a nd,- ( a) which is for med and registered under the Companies Act, 2013 “as a P ublic company or is converted into such a company within one year of the commencement of the Insurance Laws (Amendment) Act, 2015; (b) in which the aggregate holdings of equit y shares by for eign investors, including portfolio investors, do not exceed for ty-nine per cent. of the paid u p equity capital of such Indian insura nce company, which is Indian owned and controlled, in such manner as ma y be pr escr ibed. Explanation.- For the purposes of this sub-clause, the expr ession “ control” shall include the right to appoint a majority of the directors or to control the management or policy decisions including by virtue of their shar eholding or ma nagement rights or shar eholders agreements or voting agreements; (c) whose sole purpose is to carry on life insurance business or gener al insura nce business or r e-insur ance business or health insurance business;’; (v) clause (8) shall be omit ted; (vi) in clause (8A),- (I) for sub-clause (b), the following sub-clause shall be substituted, namely:- “(b) having a minimum pa id-up ca pital of rupees one hundred cror e in case of life insur ance business, general insura nce business and health insurance business;”; (II) in sub-clause (d), after the words “general insurance business”, the words “or healt h insurance business” shall be inser ted; (vii) for cla use (9), the following clause shall be substituted, namely:-7 of 1913. 18 of 2013. Amendment of s ection 2. 35 of 2006. 41 of 1999. 18 of 2013. - 3 -Ex-515/2015 ‘(9) “insurer” means-(a) an Indian Insurance Company, or (b) a statutory body established by an Act of P arliament to carr y on ins urance business, or (c) an insurance co-operative society, or (d) a foreign company engaged in re-insurance business through a br anch established in India. Explana tion.-F or the purposes of this sub-clause, the expression “for eign company” shall mean a company or body established or incorporated under a law of any country outside India a nd includes Lloyd’s est ablished under the Lloyd’s Act, 1871 (United Kingdom) or a ny of it s Members;’; (viii) in cla use (10), the words and figures “licensed under section 42” shall be omitted; (ix) in clause(11), in sub-clause (c), for the words “annuit ies payable out of any fund”, the words “benefit paya ble out of any fund” shall be substituted; (x) cla us es (12), (13) and (15) shall be omitted: (xi) in cla use (16), for the words, brackets, figures and letter “clauses (13) and (134) of section 2of t he India n Companies Act, 1913”, the wor ds, brackets and figures “clause (68) and clause (72) of section 2 of the Companies Act, 2013” shall be substituted; (xii) after clause (16), the following clauses sha ll be inserted, namely:- ‘(16A) “r egu lations” means the r egu la tions fr a med by t he Insur a nce Regulatory and Development Authority of lndia established under the Insurance R egulatory and Development Authority Act, 1999; (16B) “re-insurance” means the insurance of pa rt of one insur er ’s risk by another insurer who accepts the risk for a mutually a cceptable premium; (16C) “Securities Appellate Tribunal” means the Securities Appellate Tribunal established under section 15K of the Securities and Excha nge Board of lndiaAct, 1992;’; (xiii) clause (17) shall be omit ted. 4. After section 2CA of the Insura nce Act, the following section shall be inserted, namely:- “2CB. (1) N o person shall take out or renew any policy of insurance in resp ect of a ny property in India or any ship or other vessel or aircraft registered in India with an insurer whose pr incipal place ofbusiness is outside India save with the pr ior permission of the Author ity. (2) If any person contravenes the provision of sub-section(1), he shall be liable to a penalty which may extend to five crore rupees.”. 5. S ection 2E of the Insur ance Act shall be omit ted. 6. In section 3 of the Ins urance Act,- (i) for sub-section (2), the following sub-section shall be substituted, namely:- “(2) Every a pplication for registr ation shall be made in such ma nner and shall be accompanied by such documents a s may be specified by the regulations.”; (ii) in sub-section (2A), in clause (d), for the figures, letter a nd word “5, 31A and 32", the figures, word and letter “5 and 3IA” shall be substituted: 7 of 1913. 18 of 2013. 41 of 1999. 15 of 1992. Insertion of new section 2CB. Properties in India not to be insured with foreign insu- rers except with the per- mission of Authority. Omission of section 21. Amendment of s ection 3. - 4 - Ex-515/2015 (iii) for s u b - s ect ion (2 C ), t he following s u b -s ect i on s ha ll b e s u b s t i t u t ed, namely:- “(2C) Any person aggrieved by the decision of the Authority refusing registration may, within thirty days from the date on which a copy of the decision is received by him, appeal to the Secur ities Appellate Tribunal”;(iv) sub-section (2D) shall be omitted; . (v) for sub-sections (3), (4), (5) and (5A), the following sub-sections shall be substituted, namely:- “(3) In the-case of any insurer having joint venture with a person having its principal place of business domiciled outside India or any insurer as defined in sub-clause (d) of clause (9) of section 2, the Authority may withhold registration already made if it is satisfied tha t in the countr y in which such person has been debarr ed by law or practice of that countr y to carry on insurance business. (4) The Authority may suspend or cancel the registration of an insurer either wholly or in so far as it relates to a particular class of insurance business, as the case may be,- (a) if the insurer fails, at any time, to comply with the provisions of section 64VA as to the excess of the value of his assets over the amount of his liabilities, or (b) if the insurer is in liquidation or is adjudged as an insolvent, or (c) if the business or a class of the business of the insurer has been transferred to any person or has been transferred to or ama lga ma ted with the business of any other insurer without the appr oval of the Authority, or (d) if the insurer makes default in complying with, or acts in cont ravention of, a ny requirement of this Act or of any rule or any regulation or order made or, any direction issued thereunder, or (e) if the Authority has reason to believe that any claim upon the insurer arising in India under any policy of insura nce remains unpaid for three months a fter fina l judgment- in regular cour t of law, or (f) if the insurer carries on any business other than insura nce- business or any prescribed business, or (g) if the insurer makes a default in complying with any direction is sued or order made, as the ca se may be, by the Authority under the Insurance Regulatory and Development Authority Act, 1999, or (h) if t he insur er makes a default in complying with, or acts in contravention of, any r equirement of the Companies Act, 2013 or the General Insura nce Business (N ationalisation) Act, 1972 or the Foreign Exchange Management Act, 1999 or the Prevention of Money Laundering Act, 2002, or (i) if the insurer fails to pay the annual fee required under section 3A,or (j) if t he insur er is convicted for an offence under any law for the time being in force, or (k) if the insur er being a co-operative society set up under the relevant State laws or, as the case may be, the Multi-State Co- operative Societies Act, 2002, contravenes the provisions of la w as may b e applicable to the insu rer.41 of 1999. 18 of 2013. 57 of 1972. 42 of 1999. 15 of 2002. 39 of 2002. (5) When the Authority suspends or cancels any registration u nder clause (a), clause (d), clause (e), clause (f), clause (g) or clause (i) of sub- section ( 4), it shall give notice in writing to the insurer of its decision, and the decision shall take effect on such date as it may specify in tha t behalf in the notice, such da te not being less tha n one month not more than two months from the date of the receipt of the notice in the ordina ry course of transmission. (5A) When the Authority suspends or cancels any registration under clause (b), (c), (j) or (k) of sub-section ( 4), the suspension or cancellation, as the case may be, shall take effect on the da te on which notice of the order of suspension or ca ncellation is served on the insurer.”; (vi) for sub-section (5C), the following sub-section shall be substituted, namely:- “(5C) Wher e a registration is su spended or cancelled u nder clause (a), clause (d), clause (e), clause (j), clause (g) or clause (i) of s ub-section ( 4), the Authority may a t its discretion revive the registration, if the insurer within six months from the date on which the suspension or cancella tion took effect complies with the provisions of section 64VA as to the excess of the value of his assets over the amount of his liabilities or has had an application u nder sub- section ( 4) of s ection 3A accept ed, or satisfies the Author ity that no claim upon him su ch a s is referr ed to in clause (e) of sub- section ( 4) rema ins unpa id or that he has complied with any requirement of this Act or the Insur ance Regulatory and Development Authorit y Act, 1999, or of any rule or any regulation, or a ny order ma de thereunder or a ny direction issued u nder those Act s, or that he has ceased to carry on any business other than insura nce business or any prescribed business, as the case may be, and complies with a ny directions which may be given to him by the Authority.”. 7. For section 3A of the Insurance Act, the following section shall be substituted, namely:- “3A. (1) An insurer who has been granted a certificate of registration under section 3 shall pay such annual fee to the Authority in such ma nner as may be specified by the regulations. (2) Any failu re to deposit the a nnual fee sha ll render the certifica te of registration liable to be cancelled.”. 8. F or section 4 of the Insurance Act, the following section shall be substituted, namely:- “4. The insurer shall pay or undertake to pay on a ny policy of life insur ance or a group policy issued, a minimum annuity and other benefits as may be determined by regulations excluding any profit or bonus provided that this s hall not prevent an insurer fr om converting any policy into a paid-up policy of any value or pa yment of surrender value of any amount.”. 9. In section 5 of the Insurance Act,_ (i) in sub-section (1), both the provisos shall be omit ted; (ii) sub-section (3) shall be omit ted. 41 of 1999. Substitution of new sec- tion for sec- tion 3A. Payme nt of annual fee by insure r. Substitution of new sec- tion for sec- tion 4. Minimum limits for annuities and othe r bene fits secured by policies of life insurance. Amendment of s ection 5. - 5 -Ex-515/2015 10. For section 6 of the Insurance Act, the following section shall be substituted, namely:- “6. (1) N o insurer not being a n insurer a s defined in sub-clause(d) of clause (9) of section 2, carrying on the business of life insurance, general insur ance,health insurance or re-ins urance in India or aft er the commencement of the Insurance Regulatory and Development Authority Act, 1999, shall be regis tered unless he ha s,— (i) a paid-up equity capital of rupees one hundred crore, in case of a person carr ying on the business of life insurance or general insurance; or (ii) a paid-up equity capital of rupees one hundred crore, in case of a person carrying on exclusively the business of health insurance; or (iii) a pa id-up equity capital of rupees two hundred crore, in case of a person car rying on exclusively the business as a re-insurer: Provided tha t the insurer, may enhance the paid-up equity capital, as provided in this section in accordance with the p rovisions of the Compa nies Act, 2013, the Securities and Exchange Board of India Act, 1992 and the rules, regulations or directions issued thereunder or any other law for the time being in force: Provided fur ther that in determining the paid-up equity capital, any preliminary expenses incurred in the formation and registration of any insurer a s ma y b e s pecified b y t he r egu la t ions ma de u nder t his Ac t , s ha ll b e ex clu ded. (2) No insurer, as defined in s ub-clause (d) of clause (9) of section 2, shall be r egistered unless he ha s net owned funds of not less than r upees five thousand crore.”. 11. In section 6A of the Insurance Act,— (i) for sub-section (1), the following sub-section shall be substituted, namely:— “(1) No public company limited by shares having its registered office in India, shall carry on life insurance business or general insurance business or health insurance business or re-insurance business, unless it sa tisfies the following conditions, namely:— (i) that the capital of the company sha ll consist of equity shares each having a single face value and such other form of capital, as may be specified by the regulations; (ii) that the voting rights of shareholders are restricted to equity shares; (iii) that, except during any period not exceeding one year allowed by t he company for payment of ca lls on shares, the paid-up amount is the same for all shares, whether existing or new: Provided tha t the conditions specified in this sub-section shall not apply to a public company which has, before the commencement of the Insurance (Amendment) Act , 1950, issued any shares other than ordinary shar es each of which has a single face value or any shares, the paid-up amount whereof is not the same for all of them for a period of three years from such commencement.”; (ii) in sub-section (2), a fter the words “paid-up amount of the”, the word “equity”shall be inserted; (iii) for sub-section (4), the following sub-section shall be substituted, namely:— “(4) A public company as aforesa id which carries on life insur ance business, general and health insurance business and re-insurance business— (a) shall, in a ddition to the register of members mainta ined Substitution of new sec- tion for sec- tion 6. Re quireme nt as to capital. Amendment of se ction 6A.41 of 1999. 18 of 2013. 15 of 1992. 47 of 1950. 18 of 2013. - 6 - Ex-515/2015 under the Companies Act, 2013, maintain a register of shares in which the name, occupation and address of the beneficial owner of each share shall be entered including any change of beneficial owner declared to it within fourteen days from the receipt of such declaration;(b) shall not register any transfer of its sha res— (i) unless, in addition to compliance being made with the provisions of section 56 of the Companies Act, 2013, the transferee furnishes a declaration in the prescribed form as to whether he proposes to hold the shar es for his own benefit or as a nominee, whether jointly or severa lly, on behalf of others and in the latter case giving the name, occupation and address of the beneficial owner or owners, and the extent of the beneficial interest of each; (ii) where, after the tra nsfer, the tot al paid-up holding of the transferee in the s ha res of the company is likely to exceed five per cent. of its paid-up capital unless the previous approval of the Authority has been obtained to the transfer; (iii) where, the nomina l value of the shar es intended to be transferr ed by any individu al, firm, group, constituents of a group, or body corporate under the same management, jointly or severally exceeds one per cent. of the paid-up equity capital of t he insurer, unless the p revious approval of the Authority ha s been obtained for the transfer. Expla na tion. —For the purposes of this sub-clause, the expressions “group” and “same management” shall have the meanings respectively assigned to them in the Competition Act, 2002.”; (iv) sub-sections (5), (6), (7), (8), (9) and (10) shall be omit ted; (v) in sub- section (11),— (a) in the opening portion, the words, br ackets and figures “except those of sub-sections (7 ), (8) and (9)” shall be omitted; (b) in clause (i), the word “and” shall be omitted; (c) clause (ii) shall be omitted; (d) in t he Explanation 1, in clause (ii), in sub-clause (c), the words “managing agent” shall be omit ted. 12. Section 6AA of the Insurance Act shall be omit ted. 13. In section 6B of the Insurance Act,— (i) in sub-section (1),— (a) for the words “life insura nce business”, the wor ds “life or general or health insurance or re-insura nce business” shall be substituted; and (b) for the words “Centr al Government”, the word “Authority” shall be substituted; (ii) in sub-sections (2) a nd (3), for the wor ds “High Cour t”, the words “the Securities Appellate Tribunal” shall be substituted;”. (iii) sub-section (4) shall be omit ted. 14. Sections 6C, 7, 8 and 9 of the Insurance Act shall be omitted. 15. In section 10 of the Ins urance Act,— (i) in sub-s ection (1), for the words “pr escribed in this behalf, the words 18 of 2013. 12 of 2003. Omission of section 6AA. Amendment of section 6B. Omission of sections 6C, 7, 8 and 9. Amendment of s ection 10. - 7 -Ex-515/2015 “specified by the r egulations” shall be substituted; (ii) in sub-section (2),-(a) the words, brackets and figures, “after the expiry of six months from the commencement of the Insur ance (Amendment) Act, 1946", shall be omitted; (b) the words “ under t he law of the insurer ’s country” occurring at the end, shall be omitted. (iii) aft er sub-section (2A), the following sub-section shall be inserted, namely:- “(2AA) Wher e the insurer carries on the business of insurance, all receipts due in respect of each sub-class of such insur ance business shall be carried to and shall form a separate fund, the assets of which shall be kept separate and distinct from other assets of the insurer and every insurer shall submit to the Author ity the necessa ry details of such funds as ma y be required by the Authority from time to time and such funds shall not be applied directly or indirectly, save as expressly permitted under this Act or regulations made thereunder.”. 16. For section II of the Insurance Act, the following section sha ll be substituted, namely:- “11. (1) Every insurer, on or aft er the date of the commencement of the Insurance Laws (Amendment) Act, 2015, in resp ect of insurance business trimsacted by him and in respect of his shareholders’ funds, sha ll, at the expir ation of each financial year, prepare with reference to that year, balance sheet, a profit and loss account, a separa te account of receipts and payments, a revenue account in a ccordance with the regulations as may be specified.. (2 ) Every insur er shall keep separ ate accou nts relating to funds of shar eholders and policyholders. (3) Unless the insurer is a company as defined in clause (20) of section 2 of the Companies Act, 2013, the accounts and statements referred to in sub- section (1) shall be signed by the insurer, or in the case of a company by the chairman, if any, a nd two director s and the principal officer of the company, or in case of an insurance cooperative society by the person in char ge of the society and shall be accompanied by a statement containing the names, descriptions and occupations of, and the directorships held by, the persons in charge of the mana gement of the business during the per iod to which such accounts and statements refer a nd by a report on the affair s of the business dur ing tha t period.”. 17. For section 12 of the Insurance Act, the following section shall be substituted, namely:- “12. The balance sheet, pr ofit and loss a ccount, revenue account and pr ofit a nd los s ap p r op r ia t ion a ccou nt of ever y insu r er, in r es p ect of a ll ins u ra nce b us ines s transacted by him, shall, unless they are subject to audit under the Compa nies Act, 2013, be audited annually by an auditor, and the auditor shall in the audit of all such accounts have the powers of, exercise the functions vested in, and discharge the duties and be subject to the liabilit ies and penalties imposed on, auditor s of companies by section 147 of the Companies Act, 2013.”. 18. In section 13 of the Ins urance Act,- (i) for sub section (1),the following sub-section shall be substituted, namely:-6 of 1946. Substitution of new sec- tion for sec- tion 11. Accounts and balance sheet. Substitution of new sec- tion for sec- tion 12. Amendment of s ection 13.18 of 2013. 18 of 2013. - 8 - Ex-515/2015 “(1) Every insurer carrying on life insura nce business shall, once at least every year ca use an investigation to be made by a n actua ry into the financial condition of the life insurance business carried on by him, including a va luation of his liabilities in respect thereto and shall ca use an abstract of the report of such actuary to be made in accordance wit h the regulations: Provided that the Authority may, having regard to the circumstances of a ny particular insurer, allow him to have the investigation made as at a date not later than two years from the date as at which the previous investigation was made: Provided fu rther that every insur er, on or after the commencement of the Insurance Regulatory and Development Authorit y Act. 1999, shall cause an abstract of the r eport of the a ctuary to be ma de in such manner as may be specified by the regulations.”; (ii) for sub-section(4), the following sub-section shall be substituted, namely:- “(4) There shall be appended to every such abstract a statement prepared in such form and in such manner as may be specified by the regu la tions: Provided that, if the investigation referred to in sub-sections(1) and (2) is made annually by any insurer, the statement need not be appended ever y year but sha ll be a ppended at least once in every thr ee yea r s.”; (iii) for sub-section (6), the following sub-section shall be substituted, namely:— ‘(6 ) T he pr ovisions of this section rela ting t o the life insura nce business shall apply also to any such sub-class of insurance business included in the class “Miscella neous Insurance” and the Authority may authorise such modifications and variations of regulations as may be necessary to facilit ate their application to any such sub-class of insur ance business: Provided that, if the Authority is satisfied that the number and amount of the tra nsa ctions carr ied out by an insur er in any such sub-class of insurance business is so small as to render periodic investigation and valuation unnecessary, it may exempt that insurer from the operation of this sub-section in resp ect of that sub-class of ins urance business.’. 19. For section 14 ofthe Insura nce Act , the following section shall be substituted, namely:- “14. (1) Every insurer, in respect of all business transacted by him, shall maintain— ( a) a record of policies, in which sha ll be entered, in resp ect ofevery policy issued by the insur er, the name and address of the policyholder, the date when t he policy was effected and a r ecord of any t ransfer, assignment or nomination of which the insurer has notice; (b) a record of claims, every claim made together with the date of the claim, the name and address of the claimant and the date on which the claim was discharged, or, in the case of a claim which is rejected, the date of r ejection and the grounds thereof; and (c) a record of policies and claims in accordance with clauses (a) and (b) may be maintained in any such form, including electronic mode, as may be specified by the r egulations ma de under this Act. 41 of 1999. Substitution of new sec- tion for sec- tion 14. Record of policies and claims. - 9 -Ex-515/2015 (2) Every insurer shall, in respect of all business transacted by him, endeavour to issue policies a bove a specified threshold in terms of sum assured and premium in electronic for m, in t he manner and form to be specified by the regulations made under this Act.”. 20. For section 15 of the Insurance Act, the following section shall be substituted, namely:— “15. (1) The audited accounts and statements referred to in section 11 or sub-section (5) of section 13 and t he abstract and statement referred to in section 13 shall be printed, and four cop ies thereof sha ll be furnished as returns to the Authority within six months from the end of the period t o which they refer. (2) Of the four cop ies so furnished, one shall be signed in the case of a company by the chair man and two directors and by the principal officer of the company and, if the company has a managing director by tha t managing director and one shall be signed by the auditor who made the audit or the actuary who made the va luation, as t he case may b e.”. 21. Section 16 of t he Insur ance Act shall be omit ted. 22. Sections 17 and 17A of the Insurance Act shall be omit ted. 23. In section 20 of the Ins urance Act,— (i) for sub-section (1), the following sub-section shall be substituted, namely:— “(l) Every r eturn furnished to the Authority or certified copy t hereof s hall be kept by the Authority and shall be open to inspection; and any person may procure a copy of a ny such return, or of any par t thereof, on payment of such fee as may be specified by the regulations.”; (ii) in sub-section (2), the words and figures “or section 16” shall be omitted; (iii) in sub-section (3), for the words “ one rupee”, the words “such fee as may be specified by the r egulations” sha ll be substituted. 24. In section 21 of the Ins urance Act,— (i) in sub-s ection (1), in clause (d), the words and figures “or section 16” shall be omit ted; (ii) for sub-section (2), the following sub-section shall be substituted, namely:— “(2) The Securities Appellate Tribunal may, on the application of an insur er a nd a ft er hear ing the Authority, ca ncel a ny or der ma de by the Authority under clause (d) of sub-section (1) or may direct the acceptance of s uch a return which the Authority has declined to accept, if the insurer satisfies the Tribunal tha t the a ction of the Authority was in the circumstances unreasonable: Provided that no application under this sub-section shall be entertained unless it is made before the expiration of four months from the date when the Authority made the or der or declined to accept the retur n.”. 25. In section 22 of the Ins urance Act,— (i) in sub-section (1), the words, brackets, letter and figures” or an abstract of a valuation report furnished under clause (c) of sub-section (2) of section 16" shall be omit ted; Substitution of new sec- tion for sec- tion 15. Substitution of returns. Omission of section 16. Omission of sections 17 and 17A. Amendment of s ection 20. Amendment of s ection 21. Amendment of s ection 22.- 10 - Ex-515/2015 (ii) in sub-section (2), the words, brackets and figures “ or, as the case may be, of sub-s ection (2) of section 16” shall be omit ted. 26. For sections 27, 27A, 27B, 27C and 27D of the Insurance Act, the following sections shall be substituted, namely:— ‘27. (1) Every insurer shall invest and at all times keep invested assets equiva lent to not less than the sum of—(a) the amount of his liabilities to holders of life insurance policies in India on account of matured claims, and (b) the amount required to meet the liability on policies of life insur ance maturing for payment in India, less— (i) the amount of p remiums which have fa llen due to the insurer on such policies but have not been p aid and the da ys of gr ace for payment of which have not expired, and (ii) any amount due to the insur er for loans granted on and within the surr ender va lues of policies of life insur ance ma turing for payment in India issued by him or by an insurer whose business he has acquired and in respect of which he has assumed liability in the following manner, namely:— (a) twenty-five per cent. of the said sum in Government securities, a further sum equal to not less than twenty-five per cent. of the said sum in Government securities or other approved securities; and (b) the bala nce in any of the appr oved investments, as may be specified by the regulations subject to the limitations, conditions and rest rictions specified ther ein. (2) In the case of an insur er carr ying on general insurance business, twenty per cent. of the as sets in Government Securities , a fur ther su m equal to not less tha n ten per cent. of the a ssets in Government S ecurities or other a pproved securities and the balance in any other investment in accordance with the regulations of t he Authority and subject to such limitations, conditions and restrictions as may be s pecified by the Author ity in this regard. Explanation. —In this section, the term “assets” means all the assets of insurer at their ca rrying value but does not include any assets specifically held against any fund or portion thereof in respect of which the Authority is satisfied that such fund or p ortion thereof, as the case may be, is regulated by the la w of any country outside India or miscellaneous expenditure or in r espect of which the Authority is satisfied tha t it would not be in the int erest of the insurer to apply the provisions of this section. (3) For the purposes of sub-sections (1) and (2), any specified assets shall, subject to such conditions, if any, as may be specified, be deemed to be assets invested or kept invested in approved investments specified by regulations. (4) In computing t he assets referred to in sub-sections (1) and (2), any investment ma de wit h reference to a ny cur rency ot her than t he India n rupee which is in excess of the a mount r equired to meet the lia bilities of the insurers in India with reference to that curr ency, to the extent of such excess, shall not be taken into account: Provided that nothing contained in this sub-section shall affect the operation of sub-section (2):Substitution of new sec- tions for se c- tions 27, 27A, 27B, 27C and 27D. Investment of asset s. - 11 -Ex-515/2015 Provided further tha t the Authority may, either generally or in any particular case, direct that any investment shall, subject to such conditions as may be imposed, be ta ken int o a ccount, in such manner a s may be specified in computing the assets referred to insub-sections (1) a nd (2) and where any direction has been issued under this proviso, copies thereof shall be laid before each house of Parliament a s soon as may be after it is issued. (5) Where an insurer has a ccepted re-ins urance in respect of a ny policies of life insurance issued by another insurer and maturing for payment in India or has ceded r e-insur ance to another insurer in respect of any such policies issued by himself, the sum referred to in sub-section (1) shall be incr eased by the amount of the liability involved in such accept ance and decreased by the amount of the liability involved in such cession.(6) The Government secur ities and other approved securit ies in which assets are under sub-section (1) or sub-section (2) to be invested and kept invested shall be held by the insurer free of any encumbrance, charge, hypothecation or lien. (7) The assets required by this section to be held invested by an insurer incorporated or domiciled outside India shall, except to the extent of any part thereof which consists of foreign assets held outside India, be held in India and all such a ss ets sha ll be held in t rust for the discha rge of the liabilities of the na ture referred to in sub - section (1) and sha ll be vested in tru stees resident in I ndia and approved by the Authority, and the instrument of trust under this sub- section shall be executed by the insurer with t he appr oval of the Authority and shall define the manner in which alone the subject-ma tter of the trust shall be dealt with. Explanation.- This sub-section shall a pply to an insur er incorporated in India whose share capital to the extent of one-third is owned by, or the members of whose governing body to the extent of one-third consists of members domiciled elsewhere than in India. 27 A. (1) No insurer car rying on life insur ance b usiness shall invest or keep invested any part of his controlled fund a nd no insurer carrying on general business sha ll invest or keep invested any part of his a ssets otherwise than in any of the approved investments as may be specified by the regulations subject to such limitations, conditions and r estrictions therein. (2) Notwithstanding anything contained in sub-section (1) or sub-section (2) of section 27, an insur er may, subject to the provisions contained in the next succeeding sub-sections, invest or keep invested any part of his cont rolled fund or a ssets otherwise than in an approved investment, if— (i) after such investment, the total a mounts of all such investments of t he insur er do not exceed fifteen per cent. of the sum referred to in sub- section (1) of section 27 or fifteen per cent. of the assets referred to in sub-section (2) as the case may be; (ii) the investment is made, or, in the case of any investment alr eady made, the continuance of such investment is with the consent of all the directors present at a meeting a nd eligible t o vote, specia l notice of which has been given to all the director s then in India , and all such investments, including investments in which any director-is-int erested, ar e r eported without delay to the Authority with full details of the investments and the extent of the director ’s interest in any such investment. (3) An insurer shall not out of his controlled fund or assets as referred to in section 27,— Further provisions regarding investments.- 12 - Ex-515/2015 (a) invest in the shares of any one ba nking company; or(b) invest in the shares or debentures of any one company, more than the percentage specified by the regulations. (4) An insurer shall not out of his controlled fund or assets as referred to in sub-s ection (2) of section 27 invest or keep invested in the shares or debentures of any private limited company. (5) All assets forming the controlled fund or assets as r eferred to in sub- section (2) of section 27, not being Gover nment securities or other appr oved securities in which assets are to be invested or held invested in accordance with this section, shall (except for a part thereof not exceeding one-tenth of the controlled fu nd or assets a s r eferr ed to in sub-s ection (2) thereof in value which may, subject to such conditions and r estrictions as may be prescribed, be offered as security for any loan taken for purposes of any investment), be held free of any encumbrance, charge, hypothecation or lien. (6) If at any time the Authority considers any one or more of the investments of a n insurer to be unsuit able or undesir able, the Authority may, after giving the insurer a n opportunity of being hear d, dir ect him to realise the investment or investments , and the insur er shall comply with the dir ection within such time as may be specified in this behalf by the Author ity. (7) Nothing contained in t his section sha ll be deemed to affect in any way the manner in which any moneys relating to the provident fund of any employee or to any security taken from any employee or other moneys of a like nature are required to be held by or under any Central Act , or Act of a State legislature. Explanation.- Inthis section “contr olled fund” means- (a) in the case of any insurer carrying on life insurance business- (i) all his funds, if he carries on no other class of insurance business; (ii) all the funds in India appertaining to his life insurance business if he carries on some other class of insur ance business a lso. Explanation.- For the purposes of sub-clauses (i) and (ii), the fu nd does not include any fund or portion thereof in respect of which the Aut hority is satisfied that such fund or portion, as the case may be, is regulated by the law in force of any country outside India or it would not be in the interest of the insur er to a pply the provisions of this section; (b) in the case of any other insurer ca rrying on life insurance business- (i) all his funds in India, if he carries on no other class of insur ance business; (ii) all the funds in India appertaining to his life insurance business if he carries on some other class of insur ance business also; but does not include any fund or portion thereof in r espect of which the Authorit y is satisfied that such fund or portion thereof, as the case may be, is regulated by the law of any country outside India or in resp ect of which the Authority is satisfied that it would not be in the interest of the insurer to apply the provisions of this section. 27B. (1)All assets of an insurer carrying on general insurance business shall, subject to such conditions, if any, as may be prescribed, be deemed to be assets invested or kept invested in approved investments specified in section 27. (2) All assets shall (except for a part thereof not exceeding one-tenth of the total assets in value which may subject to such conditions and restrictions as may be prescribed, be offered as securit y for a ny loan taken for purposes of any investment or for pa yment of claims, or which may be kept as security depositProvi sions regarding investments of assets of insure r car- rying ge ne ral insurance business. - 13 -Ex-515/2015 with the banks for accepta nce of policies) be held free of any encumbra nce, char ge hypothecation or lien.(3) Without prejudice to the powers conferred on the Author ity by sub- section (5) of section 27 A nothing contained in this section shall be deemed to require any insurer to realise any investment made in conformity with the provisions of sub- section (1) of section 27 after the commencement of the lnsurance (Amendment) Act, 1968, which, after the making thereof, has cea sed to be an appr oved investment within the meaning of t his section. 27C. An insurer may invest not mor e than five per cent. in aggr egate of his cont rolled fund or assets as referred to in sub-section (2) of section 27 in the companies belonging to the promoters, subject to such conditions as ma y be specified by the r egulations. 27D. (1)Without prejudice to anything contained in this section, the Authority may, in the interests of the policyholders, specify by the regulations, the time, manner and other conditions of investment of assets to be held by an insurer for the purposes of this Act. (2) T he Authority may give specific dir ections for the time, manner and other conditions subject to which the funds of policyholders shall be invested in the infrastructure and social sector as may be specified by the regulations and such regulations shall apply uniformly to all the insurers carrying on the business of life insurance, general insurance, or health insurance or re-insura nce in India on or a fter the commencement of the Insurance Regula tory and Development Authority Act, 1999. (3) The Authority may, aft er taking into account the nature of business and to protect the interests of the policyholders, issue to a n insurer the directions relating to the time, manner and other conditions of investment of a ssets to be held by him: Provided tha t no direction under this sub-section shall be issued unless the insurer concerned has been given a reasonable opportunity of being heard. 27E. No insurer shall dir ectly or indir ectly invest outside India the funds of the policyholders.’. 27. For section 28, section 28A and section 28B of the Insurance Act, the following section shall be substituted, namely:- “28. Every insurer shall submit to the Authority returns giving details of investments made, in such form, time and manner including its authentication as may be specified by the regulations.”. 28. For section 29 of the Insurance Act, the following section shall be substituted, namely:- “29. (1 ) No insurer shall gr ant loans or tempora ry adva nces either on hypothecation of p roperty or on personal security or otherwise, except loans on life insurance policies issued by him within their surrender value, to a ny director, mana ger, actuary, a uditor or officer of the insurer, if a company or to any other company or firm in which a ny such director, mana ger, actuary or officer holds the position of a director, manager, a ctuary, officer or partner:62 of 1968. Investment by insurer in ce rt ain case s. Manner and condition of investment. 41 of 1999. Prohibition for inve st- ment of funds outside India. Substitution of new sec- tion for sec- tion 28, sec- tion 28A and section 28B. Statement and return of investment of asset s. Substitution of new sec- tion for sec- tion 29. Prohibition of loans.- 14 - Ex-515/2015 Provided that nothing contained in this sub-section shall apply to such loans, made by an insurer to a ba nking company, as may be specified by the Authorit y: Provided fur ther that nothing in this section sha ll prohibit a company from granting such loans or advances to a subsidiary company or to any ot her company of which the company granting t he loan or adva nce is a subsidiary company if the previous approval of the Authority is obtained for such loan or adva nce. (2) T he provisions of section 185 of the Companies Act, 2013 shall not apply to a loan gra nted to a director of an insur er being a company, if the loan is one granted on the security of a policy on which the insurer bears the risk and the policy was issued to the director on his own life, and the loan is within the surrender value of the policy. (3) Subject to the provisions of sub-section (1), no insurer shall gr ant-(a) any loans or temporary advances either on hypothecation of property or on personal security or otherwise, except such loans as ma y be specified by the regulations inclu ding the loans sanctioned as part of t heir sala ry packa ge to the full-time employees of the insurer as per the scheme duly approved by its Board of Directors; (b) temporary advances to any insurance agent to facilitate the carr ying out of his functions as such except in cases where such adva nces do not exceed in the aggregate the renewal commission earned by him during the immediately preceding year. (4) Where a ny event occurs giving rise to circu mstances, the existence of which at the time of grant of any subsisting loan or adva nce would have made such grant a contravention of this section, such loan or advance shall, notwithstanding anything in any contract to the contra ry, be repaid within three months from the occurrence of s uch event. (5) In case of defa ult in complying with the pr ovisions of sub-section ( 4), the director, manager, auditor, actuary, officer or insur ance agent concerned shall, without prejudice to any other penalty which he may incur, cease to hold office under, or to act for, the insurer granting the loa n on the expiry of thr ee months.”. 29. For section 30 of the Insur ance Act, the following section sha ll be substituted, namely:- “30. If by reason of a cont ravention of any of the provisions of section 27, 27A, 27B, 27C, 27D or section 29,any loss is sustained by the insurer or by the policyholders, every director, manager or officer who is knowingly a party to such contra vention shall, without prejudice to any other penalty to which he may be liable under this Act, be jointly and severally liable to make good the amount of such loss.”. 30. In section 31 of the Insurance Act, for sub-section(1), the following sub- section shall be substituted, namely:- “(1)None of the assets in India of any insurer shall, except in so fa r as assets are required to be vested in trustees under sub-section (7) of section 27, be kept otherwise than in the name of a public officer approved by the Authority, or in the corporate name of the undertaking, if a company or an insurance co-operative society, as the cas e may b e.”. 18 of 2013. Substitution of new sec- tion for sec- tion 30. Liability of directors, etc., for loss due to con- travention of section 27, 27A, 27B, 27C, 27D or section 29. Amendment of s ection 31. - 15 -Ex-515/2015 31. In section 31 A of the Insurance Act,-(a) in sub-section(1), in clause (c)- (I) for sub-clauses (i) and (ii) to the proviso, the following sub- clause shall be substituted, namely:- “(i) the payment of commission to an insurance agent, in respect of insurance business procured by or thr ough him;”; (II) clause (iii) to the proviso shall be omitted; (b) in sub-section (3), for the words, figur es and letter “ or in section 86 B of the Indian Companies Act, 1913”, the words “or in any other law for the time being in force” shall be substituted. 32. For section 31B of the Insurance Act, the following section shall be substituted, namely:- “31 B. No insurer s hall in respect of insurance business transa cted by him, shall pay to any person by way of remunera tion, whether by way of commission or otherwise in excess of such sum as may be specified by the regulations.” . 33. Section 32 of t he Insur ance Act shall be omit ted. 34. In section 32A of the Insur ance Act,- (i) in sub-s ection (1), the words, brackets, letter and figures “ specified in sub-clause (b) of clause (9) of section 2 and,” shall be omit ted; (ii) sub-sections (2) a nd (3) shall be omit ted. 35. In section 32B of the Insurance Act, for the words “rural or social sector”, the words “ rural a nd social sectors” sha ll be substituted. 36. After section 3 2C of the Insur ance Act , the following section shall be inserted, namely:- “32D. Every insurer carrying on genera l insur ance business shall, a fter the commencement of the Insurance Laws (Amendment) Act , 2015, underwrite such minimum percentage of insurance business in third party risks of motor vehicles as may be specified by the regulations: Provided that the Authorit y may, by regulations, exempt any ins urer who is primarily engaged in the business of health, re-insurance, a griculture, export credit guar antee, from the application of this section.”. 37. For section 33 of the Insurance Act, the following section shall be substituted, namely:- ‘33. (1)T he Authorit y may, at any t ime, if it cons iders expedient to do s o by order in wr iting, direct any person (herein r eferred to as “Investigating Officer”) specified in the order to investigate the affairs of any insurer or int ermediar y or insurance intermediary, as the ca se may b e, and to report to t he Authority on any investigation made by such Investigating Officer: Provided that the Investigating Officer may, wherever necessary, employ any auditor or actuary or both for the pur pose of assisting him in any investiga tion under this section. Amendment of se ction 31A. Substitution of new sec- tion for sec- tion 31B. Omission of section 32. Amendment of se ction 32A. Amendment of se ction 32B. Insertion of new section 32D. Substitution of new sec- tion for sec- tion 33. Power of in- vestigation and inspec- tion by Authority.7 of 1913. Power to restrict pay- ment of ex- cessive remu- neration. Obligation of insurer in respe ct of insurance business in third party risks of motor vehicles.- 16 - Ex-515/2015 (2) Notwithstanding anything to the contra ry contained in sect ion 210 of the Companies Act, 2013, the Investigating Officer may, at any time, a nd shall, on being directed so to do by the Authorit y, cause an inspection to be made by one or more of his officers of the books of a ccount of any insurer or intermediar y or insurance intermediary, a s the case may be, and the Investiga ting Officer shall supply to the insurer or intermediary or insura nce int ermediar y, as the case may be, a copy of the report on such inspection. (3) It shall be the duty of every manager, managing director or other officer of the insurer including a service provider, contractor of an insurer where services are outsour ced by the insurer, or intermediary or insurance intermediary, as the case may be, to produce before the Investigating Officer directed to make the investigation under sub-section (1), or inspection under sub-section (2), all such books of account, registers, other documents and the database in his custody or power and to furnish him with a ny statement and information relating to the affairs of t he insurer or intermediary or insura nce int ermediary, as the case may be, as the Invest igating Officer may require of him within such time a s the said Investigating Officer ma y specify. (4) Any Investigating Officer, directed to make an investiga tion under sub-section (1),or inspection under sub-section (2), may examine on oath, any mana ger, ma naging director or other officer of the insurer including a service provider or contractor where the services are outsourced by the insurer or intermediar y or insura nce intermediary, as the case may be, in r elation to his business. 5) T he Investigating Officer shall, if he has been directed by t he Authority t o cau s e a n insp ect ion t o b e made, ma ke a r ep ort t o t he Au t hor it y on su ch ins p ect ion. (6) On receipt of a ny report under sub-section (1) or sub-section (5), the Authority may, aft er giving such opportunity to the insurer or intermediar y or insur ance int ermediar y, as the case may be, to make a representation in connection with the report as, in the opinion of the Author ity, seems reasonable, by order in writing,— (a) require the insurer, to take such action in respect of any matter arising out of the report as the Authorit y may think fit ; or (b) cancel the registration of the insurer or intermediary or insurance intermediar y, as the case may be; or (c) direct a ny person to apply to t he cour t for the winding up of the insurer or intermediary or insurance intermediary, as the case may be, if it is a company, whether the registration of the insurer or intermediar y or insu rance intermediary, as the cas e may b e, ha s b een cancelled under clause (b) or not. (7) The Authority may by the regulations made by it specify the minimum information to be maintained by insurers or intermediary or insurance intermediary, as t he case may be, in their books, the manner in which such information shall be maintained, the checks and other verifications to be adopted by insurers or intermediar y or insurance intermediary, as the case may be, in that connection and all other matters incidental thereto a s are, in its opinion, necessa ry to enable the Investigating Officer to discharge satisfactorily his functions under this section. Explana tion.- Forthe purposes of this section, the expression “insurer” shall include in the case of an insur er incorporated in India— ( a) all its subsidiaries formed for the purpose of carrying on the business of insurance exclusively outside India; and (b) all its branches whether situated in India or outside India. 18 of 2013.- 17 -Ex-515/2015 (8) Any insurer or int ermediary or insurance intermediary a ggrieved by any order ma de under this section may prefer an appeal to the S ecurities Appellate Tribunal. (9) All expenses of, and incidental to, any investigation made under this section shall be defrayed by the insurer or intermediary or insurance intermediary, as the case may be, shall have priority over the debts due fr om the insurer and sha ll be recoverable a s an arrear of la nd revenu e.’. 38. In section 34B of the Insurance Act, for sub-section (4), the following sub- section shall be substituted, namely:- “(4) If any person in respect of whom an order is made by the Authority under sub-s ection (1) or under the proviso to sub-section (2), cont ravenes the provisions of this section, he sha ll be liable to a penalty of one lakh rupees for each day during which such contravention continues or one crore rupees, whichever is less.’’. 39. In section 34C of the Insurance Act, for sub-section (1), the following sub- section shall be substituted, namely:- “(1) If the Author ity is of opinion that in the public interest or in the interest of a n insurer or his policyholders it is necessa ry so to do, it may, from time to time, by or der in writing, appoint, in consulta tion with the Central Government with effect from such date as may be specified in the order, one or more persons to hold office as a dditiona l directors of the insu rer: Provided tha t the number of additional directors so appointed shall not, at any time, exceed five or one-third of the maximum str ength tixed for the Board by the articles of associa tion of the insurer, whichever is less.”. 40. Section 34G of the Insurance Act shall be omit ted. 41. In section 34H of the Insur ance Act,- (i) in sub-section (1), for the words “a n officer authorised by the Authority”, the words “a Deputy Director or an equivalent officer” shall be substituted; (ii) in sub-sections (7) a nd (8), for the words “Centr al Government”, the words “Securities Appellate Tribunal” shall be substituted. 42. In section 3 5 of the Insur ance Act,- (i) for sub-section (1), the following sub-section shall be substituted, namely:- (1) Notwithstanding anything contained in any other law for the time being in force, no insurance business of an insurer shall be transferred to or amalga mated with the insurance business of any other insurer except in a ccordance with a scheme pr epared under this section a nd appr oved by the Authority.”; (ii) in sub-section (3), for clauses (b) and (c), the following cla uses shall be substituted, namely:- “(b) balance sheets in respect of the insurance business of each of the insurers concerned in such a malgamation or transfer, prepa red in such forms as may be specified by the r egulations; (c) actuarial r eports and abstracts in resp ect of the life insur ance business of each of the insurers so concerned, prepared in conformity with the regulations specified in this regar d.”. Amendment of se ction 34B. Amendment of se ction 34C. Omission of section 34G. Amendment of se ction 34H. Amendment of s ection 35.- 18 - Ex-515/2015 43. For section 36 of the Insurance Act, the following section shall be substituted, namely:- “36. When any application under sub-section(3) of s ection 35 is made to the Authority, the Authority shall cause, a notice of the application to be given to the holders of a ny kind of policy of insurer concerned alongwith statement of the nature and terms of the amalgamation or transfer, as the case may be, to be published in such manner a nd for such period as it may direct, and, a fter hearing the director s and considering the object ions of the policyholders a nd any other persons whom it considers entitled to be heard, may approve the arrangement, and shall make such consequentia l orders as are necessary to give effect to the arrangement.”. 44. In section 37A of the Insurance Act, for sub-section ( 4), the following sub- sections shall be substituted, namely:- “( 4) The scheme s ha ll thereafter be pla ced befor e the Central Government for its sanction and the Central Government may sanction the scheme without any modification or with such modifications as it may consider necessa ry, and the scheme as sa nctioned by the Centra l Government shall come into force on such date as the Central Government may notify in this behalf in the Official Gazette: Provided tha t different da tes may be specified for different provisions of the scheme. ( 4A) Every policyholder or shareholder or member of each of the insur ers, before amalgamation, shall have the same interest in, or rights against the insurer resu lting from ama lgamation as he had in the company of which he was originally a policyholder or shareholder or member: Provided that wher e the interest s or rights of any sha reholder or member are less than his interest in, or rights against, the original insurer, he shall be entitled to compensation, which s hall be assessed by the Authority in such manner as ma y be specified by the regulations. ( 4B) The compensation so assessed sha ll be paid to the shareholder or member by t he insurance company r esulting from such amalgamation. ( 4C) Any member or shareholder aggrieved by the assessment of compensation made by the Authority under sub-section (4A) may within thirty days from the publication of such assessment prefer an appeal to the Securities Appellate Tribunal.”. 45. For sections 38, 39 and 40 of the Ins urance Act, the following sections shall be su bstituted, namely:- “38. (1) A transfer or assignment of a policy of insura nce, wholly or in part, whether with or without consideration, ma y be ma de only by an endorsement upon the policy itself or by a separate instrument, signed in either case by the transferor or by the assignor or his duly authorised agent and a ttested by at least one witness, specifically setting forth the fact of transfer or assignment and the reasons thereof, the antecedents of the assignee and the terms on which the assignment is made. (2) An insurer may, accept the transfer or assignment, or decline to act upon any endorsement made under sub-section (1), where it has sufficient reasonSubstitution of new sec- tion for sec- tion 36. Sanction of amalgamation and transfer by Authority. Ame dment of section 37A. Substitution of new sec- tions for se c- tions 38, 39 and 40. Assi gnme nt and transfer of insurance policies. - 19 -Ex-515/2015 to believe that such transfer or assignment is notbona fide or is not in the interest of the policyholder or in public interest or is for the purpose of trading of insurance policy. (3) The insurer shall, befor e refusing to act upon the endorsement, record in writing the reasons for such refusal and communicate the same to the policyholder not later tha n thirty days from the date of the policyholder giving notice of such transfer or assignment. (4 )Any person a ggrieved by the decision of a n insurer to decline to act upon such transfer or assignment may within a period of thirty days fr om the date of r eceipt of the communication from the insur er cont aining reasons for such refusal, prefer a claim to the Authority. (5) Subject to the provisions in s ub-section (2), the tra nsfer or assignment shall be complete and effectual upon the execution of such endorsement or instrument duly attested but except, where the transfer or assignment is in favour of the insurer, sha ll not be opera tive as against an insurer, a nd shall not confer upon the tra nsferee or assignee, or his legal represent ative, a ny right to sue for the amount of such policy or the moneys secured thereby until a notice in writing of the transfer or assignment and either the said endorsement or instr ument itself or a copy thereof certified to be correct by both tra nsferor and tr ansferee or their duly authorised agents have been deliver ed to t he insurer: Provided that wher e the insurer maintains one or more places of business in India, such notice shall be delivered only at the place where the policy is being serviced. (6) The date on which the notice r eferred to in sub-section (5) is delivered to the insurer shall regulate the priority of all claims under a transfer or assignment as between persons interested in the policy; and where there is more than one instrument of transfer or assignment the priority of the claims under such instruments shall b e governed by the order in which the notices referred to in sub- section (5) a re delivered: Provided that if a ny dispute as to prior ity of payment arises as between assignees, the dispute shall be r eferred to the Author ity. (7) Upon the receipt of the notice referred to in sub-section (5), the insurer shall record the fa ct of such transfer or assignment together with the date thereof and the name of the transferee or the assignee and sha ll, on the request of the person by whom the notice was given, or of the transferee or assignee, on payment of such fee as may be specified by the regulations, grant a written acknowledgement of the receipt of such notice; a nd any such acknowledgement sha ll be conclusive evidence against the insurer that he has duly received the notice to which such acknowledgement relates. (8) Subject to the terms a nd conditions of the transfer or assignment, the insurer shall, from the date of the receipt of the notice referred to in sub-section (5), recognise the transferee or assignee named in the notice as the absolute transferee or assignee entitled to benefit under the policy, and such person shall be subject to all liabilit ies and equities to which the transferor or assignor was subject at t he date of the transfer or assignment and may instit ute any proceedings in r elation to the policy, obtain a loan under the policy or surrender the policy without obtaining the cons ent of the transferor or assignor or making him a party to such pr oceedings. Explanation .—Except where the endor sement refer red to in sub-sect ion (1) expressly indicates that the assignment or transfer is conditional in terms of- 20 - Ex-515/2015 sub-section (10) hereunder, every assignment or transfer shall be deemed to be an a bsolute assignment or transfer and the assignee or transferee, as the case may be, sha ll be deemed t o be the absolu te assignee or transferee respectively. (9) Any rights and remedies of an assignee or tra nsferee of a policy of life insurance under an assignment or transfer effected prior to the commencement of the Insurance Laws (Amendment) Act, 2015 shall not be affected by the provisions of this section. (10) Notwithstanding any la w or custom having the force of law to the cont rary, an assignment in favour of a person made upon the condition t hat— (a) the proceeds under the policy shall become payable to the policyholder or the nominee or nominees in the event of either the assignee or t ransfer ee predeceasing the insured; or (b) the insured surviving the term of the policy, shall be va lid: Provided that a conditional assignee shall not be entitled to obta in a loan on the policy or surrender a policy. (11) In the case of the partial assignment or transfer of a policy of insur ance under sub-section (1), the liability of t he insurer shall be limited to the amount secured by partial assignment or transfer and such policyholder shall not be entitled to further assign or transfer the residual amount paya ble under the same policy. 39. (1) The holder of a policy of life insurance on his own life may, when effecting the policy or at any time before the policy matures for payment, nominate the person or persons to whom the money secured by the policy shall be paid in the event of his death: Provided that, where any nominee is a minor, it shall be lawful for the policyholder to appoint any person in the manner laid down by the insurer, to receive the money secured by the policy in the event of his death during the minority of the nominee. (2) Any such nomination in order to be effectual shall, unless it is incorporated in the text of t he policy itself, be made by an endorsement on the policy communicated to the insurer and r egistered by him in t he recor ds relating to the policy and a ny such nomination may at any time before the policy matures for payment be cancelled or cha nged by an endorsement or a fur ther endorsement or a will, as the case may be, but unless notice in writing of any s uch cancellation or change has been delivered to the insurer, the insurer s hall not be lia ble for any payment under the policy madebona fide by him to a nominee mentioned in the text of the policy or registered in records of the insurer. (3) The insurer sha ll furnish to the policyholder a written acknowledgement of having r egistered a nomination or a cancellation or change thereof, and may charge such fee as may be specified by regulations for registering such cancellation or change. (4) A transfer or assignment of a policy made in accor dance with section 38 shall automatically ca ncel a nomination: Provided that the a ssignment of a policy to the insurer who bears the risk on the policy at the time of the a ssignment, in consider ation of a loa n granted by that insurer on the security of the policy within its surrender value, or its reassignment on repayment of the loan shall not cancel a nomination, but shall affect the r ight s of the nominee only t o the ext ent of the insurer ’s interest in the policy: Provided fur ther that the transfer or assignment of a policy, whether wholly or in part, in cons ideration of a loan advanced by the tr ansferee or assignee to the policyholder, shall not ca ncel the nomination b ut shall affect the rights of theNomination by po licy- holder. - 21 -Ex-515/2015 nominee only to the extent of the interest of the transferee or assignee, as the case may be, in the policy: Provided also that the nomination, which has been automatically cancelled consequent upon the tra nsfer or assignment, the same nomina tion shall sta nd automatically revived when the policy is reassigned by the assignee or retransferred by the transferee in favour of the policy holder on repayment of loan other than on a securit y of policy to the insurer. (5) Where the policy matur es for payment during the lifetime of the person whose life is insured or where the nominee or, if there are more nominees than one, all the nominees die befor e the policy matures for payment, the amount secured by the policy shall be pa yable to the policyholder or his heirs or legal repr esentat ives or the holder of a succession certificate, a s the c ase may be. (6) Where the nominee or if there are more nominees than one, a nominee or nominees sur vive the person whose life is insured, the amount secured by the policy shall be payable to such sur vivor or survivors. (7) Subject to the other provisions of this section, where the holder of a policy of insurance on his own life nominates his parents, or his spouse, or his children, or his spouse and children, or a ny of them, the nominee or nominees shall be beneficially entitled to the amount payable by the insurer to him or them under sub-section (6) u nless it is proved that the holder of t he policy, ha ving regard to the natur e of his title to the policy, could not have confer red any such beneficial t itle on the nominee. (8) Subject as afor esaid, wher e t he nominee, or if ther e are more nominees than one, a nominee or nominees, to whom sub-section (7) applies, die after the person whose life is insur ed but before the amount secured by the policy is paid, the amount secured by the policy, or so much of the amount secured by the policy as r epresent s the share of the nominee or nominees so dying (as the case may be), shall be payable to the heirs or legal representatives of the nominee or nominees or the holder of a success ion certificate, as t he case may be, and they shall be beneficially entitled to such amount. (9) Nothing in sub-sections (7) a nd (8) s hall operate to destroy or impede the right of any creditor to be paid out of the proceeds of any policy of life insurance. (10) The pr ovisions of sub-sections (7) and (8 ) shall apply to all policies of life insurance maturing for payment after the commencement of t he Insur ance Laws (Amendment) Act, 2015. (11) Where a policyholder dies after the matur ity of the policy but the proceeds and benefit of his policy has not been made to him because of his death, in such a case, his nominee shall be entitled to the proceeds and benefit of his policy. (12)The provisions of this section shall not apply to any policy of life insurance to which section 6 of the Marr ied Women’s Pr operty Act, 1874, applies or has at any time applied : Provided that where a nomina tion made whether before or a fter the commencement of the Insura nce Laws (Amendment) Act, 2015, in fa vour of the wife of the person who has insured his life or of his wife and children or any of them is exp ressed, whether or not on the face of the policy, a s being made under this section, the said section 6 shall be deemed not to a pply or not to have applied to the policy.3 of 1874. - 22 - Ex-515/2015 40. (1) No person s hall, pay or contract to pay a ny remuneration or reward, whether by way of commission or otherwise for soliciting or procuring insur ance business in India to any person except a n insur ance agent or an intermediar y or insurance intermediary in such manner as may be specified by the regulations.(2) No insurance agent or intermediary or insur ance int ermediar y shall receive or contract to receive commission or remuneration in a ny form in respect of policies issued in India, by an insur er in a ny form in respect of policies issued in India, by an insurer except in accor dance with the regulations specified in this r egar d: Provided that the Authority, while making regulations under sub-sections (1) and (2), shall take into considera tion the nature and tenure of the policy and in particular the interest of the agents and other intermediaries concerned. (3) Without prejudice to the provisions of section 1 0 2 in r es p ec t of a contravention of any of the provisions of the preceding sub-sections or the regulations framed in this regard, by an insurer, any insurance agent or intermediary or insurance intermediary who contravenes the sa id provisions shall be liable to a penalty which may extend to one lakh rupees .”. 46. Section 40A of the Insurance Act shall be omit ted. 47. For sections 40B and 40C of the Insurance Act, the following sections shall be substituted, namely:- “40B. No insurer shall, in respect of insurance business transacted by him in India, spend as expenses of ma nagement in any financial year any amount exceeding the amount as may be specified by the regulations made under this Act; 40C. Every insurer transacting insurance business in India shall furnish to the Authority, the details of expenses of management in such manner and for m as may be specified by the r egulations made under this Act.”. 48. In section 41 of the Insurance Act, for sub-section (2), the following sub- section shall be substituted, namely:- “(2) Any person ma king default in complying with the provisions of this section shall be liable for a penalty which may extend to ten lakh rupees.”. 49. For section 42 of the Insurance Act, the following section shall be substituted, namely:- “42. (1)An insurer may appoint a ny person to a ct as insurance agent for the purpose of soliciting and procuring insurance business: Provided tha t such person does not suffer from any of the disqualifications mentioned in sub-s ection (3). (2) No person shall act as an insur ance agent for more tha n one life insu rer, one general insurer, one health insurer and one of ea ch of t he other mono-line insurers: Provided tha t the Authority shall, while f raming regulations, ensure tha t no conflict of interest is allowed to arise for any agent in representing two or more insurers for whom he may be an agent.Prohibition of payment by way of commission or otherwise for procuring business. Omission of section 40A. Substitution of new sec- tion for sec- tions 40B and 40C. Limitation of expenses of manage me nt in life insu- rance busi- ness. Limit- ation of expenses of manage me nt in general, health insu- rance and reinsurance business. Amendment of s ection 41. Substitution of new sec- tion for sec- tion 42. Appointment of insurance agents. - 23 -Ex-515/2015 (3) The disqualifica tions r eferred to in t he proviso to sub-section (1) shall be the following:- (a) that the person is a minor; (b) that he is found t o be of unsound mind by a court of competent jurisdiction; (c) that he has been found guilty of criminal misappropriation or criminal breach of trust or cheating or forgery or an abetment of or attempt to commit a ny such offence by a court of competent jurisdiction: Provided that where at least five years have elapsed since the completion of the sentence impos ed on any person in respect of any such offence, the Author ity sha ll ordinarily declare in resp ect of such person that his conviction shall cease to operate as a disqualification under this claus e; (d) that in the course of any ju dicial proceeding relating to any policy of insurance or the winding up of an insurer or in the course of an investigation of the affa irs of an insurer it has been found that he has been guilty of or has knowingly participated in or connived at any fr aud, dishonesty or misr epresentation against an insurer or insur ed;· (e) that in the case of an individual, who does not possess the requisite qualifications or practica l training or passed the examination, as may be specified by the r egulations; (f) that in the case of a compa ny or firm making, a director or a partner or one or more of its officers or other employees so designated by it a nd in the case of any other person the chief executive, by whatever name called, or one or more of his employees designa ted by him, do not possess the requisite qualifications or practical training and have not passed such an exa mination as required under clauses (e) and (g); (g) that he has not passed such examination as may be specified by the regulations; (h) that he has violated the code of conduct as may be specified by the regulations. ( 4) Any person who acts a s an insurance agent in contr avention of the provision of this Act, shall be liable to a penalt y which may extend to ten thousand rupees and any insurer or any per son acting on behalf of an insurer, who appoints any person as an insurance agent not permitted to act as such or tr ansacts any insurance business in India through any such p erson shall be liable to penalty which may extend to one cr ore rupees. (5) The insurer sha ll be r esponsible for all the acts a nd omissions of its agents including violation of code of conduct specified under clause (h) of sub- section (3) and lia ble to a penalt y which may ext end to one crore rupees.”. 50. For sections 42A, 428 and 42C of the Insur ance Act, the following sections shall be substituted, namely:- ‘42A. (1)No insurer shall, on or after the commencement of the Insur ance Laws (Amendment) Act, 2015, appoint any principal agent, chief agent, and special agent and transact any insurance business in India through them. (2) No person shall allow or offer to a llow, either directly or indirectly, as an inducement to a ny person to ta ke out or renew or continue an insur ance policy through multilevel marketing scheme. Substitution of new sec- tion for sec- tions 42A, 42B and 42C. Prohibition of insurance business through principal agent, special agent and multilevel marketing.- 24 - Ex-515/2015 (3) The Authority may, through a n officer authorised in this behalf, make a complaint to the appropr iate police a uthorities aga inst the entity or persons involved in the multilevel marketing scheme.Expla nation.-For the pu rpose of this section “ multilevel marketing scheme” means any scheme or progra mme or arrangement or plan (b y whatever name called) for the purpose of soliciting a nd procuring insurance business thr ough persons not authorised for the said purpose with or without cons ideration of whole or par t of commission or remuneration earned through such solicita tion and procurement and includes enrolment of persons into a multilevel chain for the said purpose either directly or indirectly.’. 51. In section 42D of the lnsur ance Act,- (i) for the words “ licence” and “ licence issued”, wherever they occur, the words “registration” and “ registr ation made”, shall respectively be substituted; (ii) in sub-section(1), in clause (a) of t he proviso, for the word, brackets and figure “sub-section (4)”, the word, brackets and figure “sub-section (3)” shall be substituted; (iii) in sub-section (3),- (a) after the words “directors or partners”, the words “ or one or more of its officers or other employees so designated by it and in the case of a ny other person, the chief executive by whatever name called, or one or more of his employees designated by him” shall be inserted; (b) for the wor ds, bra ckets, letters and figures “in clauses (b), (c), (d), (e) and (f) of su b-section ( 4) of s ection 42”, the words, brackets, letters and figures “ in clauses (b), (c), (d), (e) and (g) of s ub-section (3) of section 42” shall be substituted; (iv) for sub-sections (8) and (9), the following sub-sections, shall be substituted, namely:- “(8) Any person who acts as an intermediary or an insurance intermediary without being registered under this section to act as such, shall be liable to a penalty which may extend to ten lakh rupees and any person who appoints a s an intermediar y or an insurance intermediar y or any person not registered to act as such or transacts a ny insur ance business in India through any such person, shall be liable to a penalty which may extend to one crore rupees. (9) Wher e the person contravening sub-section (8) is a company or a firm, then, without prejudice to any other proceedings which may be taken against the company or firm, every director, manager, secretary or other officer of the company, and every partner of the firm who is knowingly a party to such cont ravention shall be lia ble to a penalt y which may extend to ten lakh rupees.”. 52. For section 42E of the Insurance Act, the following section shall be substituted, namely:- “42E. Without prejudice to the provisions contained in this Act, the Authority may, by regulations made in this behalf, specify the requirements of capital, form of business and other conditions, to act as an intermediary or an insurance intermediary.”. 53. For section 43 of the Insurance Act, the following section shall be substituted, namely:-Amendment of se ction 42D. Substitution of new sec- tion for sec- tion 42E. Condition for interme- diary or insu- rance inter- mediary. Substitution of new sec- tion for sec- tion 43. - 25 -Ex-515/2015 “43. (1) Every insurer and every person who, acting on behalf of an ins urer employs insurance agents shall maintain a record s howing the name and address of every insurance agent appoint ed by him and the date on which his appoint ment began and the date, if any, on which his appoint ment cea sed.(2) The record prepared by the insurer under sub-section(1), shall be maintained as long as the insurance agent is in service and for a period of five year s after the cessation of appointment.”. 54. Section 44 of the Insurance Act shall be omit ted. 55. For sections 44A and 45 of the Insura nce Act , the following sections shall be substituted, namely:- ‘44A. For the pur poses of ensur ing compliance with the provisions of sections 40,408 and 4 0C, the Authorit y may, by notice-,- ( a) require from an insurer such information, certified if so required by a n auditor or act uary, as it may consider necessary; (b) require an insurer to submit for its exa mination at the principal place of business of the insurer in India, any books of a ccount, register or other document, or to supply any statement which may be specified in the notic e; (c) examine any officer of an insurer on oath, in relation to any such information, book, register, document or statement and the insurer, shall comply with any such requirement within such time as may be s pecified in the notice. 45. (1) No policy of life insura nce sha ll be called in question on any ground whatsoever after the expir y of three years from the date of the policy, i.e., from the da te of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later. (2) A policy of life insurance may be called in question at any time within three years from the date of issuance of the policy or the da te of commencement of r isk or the date of revival of the policy or the date of the r ider to the policy, whichever is later, on the ground of fr aud: Provided that the insurer shall have to communicate in writing to the insured or the legal representatives or nominees or assignees of the insured the grounds and materia ls on which such decision is ba sed. Explanation I.-For the purposes of this sub-section, the express ion “fraud” means any of the following acts committed by the insur ed or by his a gent, with int ent t o deceive the insurer or to induce the insur er to issue a life insura nce policy:- ( a) the suggest ion, as a fact of that which is not true and which the insured does not believe to be true; (b) the active concealment of a fact by the insured having knowledge or belief of the fact; (c) any other act fitted to deceive; and (d) a ny s u ch a ct or omis s ion a s t he l a w s p ecially decla res t o b e f r a udu lent . Explanation 11.-Mere silence as to facts likely to affect the assessment of the risk by the insur er is not fr aud, unless the circumstances of the case are such that regard being had to t hem, it is the duty of the insured or his agent keeping silence, to speak, or unless his silence is, in itself, equivalent to speak. Records of insurance agents. Omission of section 44. Substitution of new sec- tion for sec- tions 44A and 45. Power to call for information. Policy not be called in question on ground of misstatement after three years.- 26 - Ex-515/2015 (3) Notwithstanding anything contained in sub-section (2), no insurer shall repu diate a life insurance policy on the ground of fraud if the insured can prove that the misstatement of or suppression of a material fact was true to the best of his knowledge and belief or that there was no deliberate intention to suppress the fact or that such misstatement of or suppression of a ma terial fact ar e within the knowledge of the insurer: Provided that in case of fraud, the onus of disproving lies upon the beneficiaries, in case the policyholder is not alive. Explanation-A person who solicits and negotiates a cont ract of insurance shall be deemed for the pur pose of the formation of the contract, to be the a gent of the insurer. ( 4) A policy of life insurance may be called in question at any time within three years from the date of issuance of the policy or the da te of commencement of r isk or the date of revival of the policy or the date of the rider to the policy, whichever is later, on the ground that a ny statement of or suppression of a fact material to the expectancy of the life of the insured was incorrectly made in the proposal or other document on the basis of which the policy wa s issued or revived or r ider issued: Provided that the insurer shall have to communicate in writing to the insured or the legal representatives or nominees or assignees of the insured the grounds and materia ls on which such decision to repudiate the policy of life insurance is based: Provided fur ther that in ca se of r epudiation of the policy on the ground of misstatement or suppression of a materia l fact, and not on the ground of fr aud, the premiums collected on the policy till the date of repudia tion shall be paid to the insured or the legal representatives or nominees or assignees of the insured within a period of ninety days fr om the date of such r epudiation. Expla nation-F or the purposes of this sub-section, the misstatement of or suppression of fact shall not be considered material unless it has a direct bearing on the risk underta ken by the insurer, the onus is on the insur er to show that had the insurer been a ware of the said fact no life insura nce policy would have been issued to the insured. · (5) Nothing in this section shall prevent the insurer from ca lling for proof of age at any time if he is entitled to do so, and no policy sha ll be deemed to be ca lled in question mer ely b ecause the terms of the policy a re adjusted on subsequent proof that he age of the lite insured was incor rectly stated in the proposa l.’. 56. Sections 47A and 48 of the Insurance Act shall be omit ted. 57. For section 48A of the Insurance Act, the following section shall be substituted, namely:- “48A. No insurance agent or intermediary or insurance intermediary shall be eligible to be or remain a dir ector in insura nce company: Provided that any director holding office at the commencement of the Insurance La ws (Amendment) Act, 2015 shall not become ineligible to rema in a director by reason of this section until the exp iry of six months from the date of commencement of the said Act: Provided further that the Authority may permit a n agent or intermediar y or insurance intermediary to be on the Board of an insurance company subject toOmission of sections 47A and 48. Substitution of new sec- tion for sec- tion 48A. Insurance agent or int ermedi ary or insurance int ermedi ary not to be director in insurance company. - 27 -Ex-515/2015 such conditions or restrictions as it ma y impose to pr otect the interest of policyholders or to avoid conflict of interest.”. 58. ln section 49 of the Insura nce Act , in sub-section(1),- (i) the words, brackets, letters and figures “being an insurer s pecified in sub-clause (a) (ii) or sub-clause (b) of clause (9) of s ection 2" shall be omit ted; (ii) the words and figur es “or to the Central Government under section 11 of the India n Life Insurance Compa nies Act, 1912" shall be omit ted. 59. For sections 52 and 52A of the Insura nce Act , the following sections shall be substituted, namely:- “52. No insurer sha ll commence any business upon the dividing principle, that is to say, on the pr inciple that t he benefit secured by a policy is not fixed but depends eit her wholly or partly on the r esult of a distribution of certain sums amongst policies becoming claims within certain time-limits, or on the principle that the premiums payable by a policyholder depend wholly or partly on the number of policies becoming claims within certain time-limits: Provided tha t nothing in this section sha ll be deemed to prevent an insurer from alloca ting bonuses to holders of policies of life insurance as a result of a periodical a ctuaria l valuation either as r eversionary additions to the sums insured or a s immediate ca sh bonuses or otherwise. 52 A.(1) If at any time the Author ity has reason to believe tha t an insurer carr ying on life insurance business is acting in a ma nner likely to be prejudicia l to the interests of holders of life insurance policies, it may, after giving such opportunity to the insurer tobe heard appoint an Adminis trator to manage the affairs of the insurer under the direction and control of the Author ity. (2) The Administrator shall receive such remuneration as the Authority may direct and the Authority may at any t ime cancel the appointment and appoint some other person a s Administrator.”. 60. In section 52BB of the Insurance Act,- ( a) in sub-section (2), for the words “the Central Government and the Central Government”, the words “the Securities Appellate Tribunal and the Securities Appellate Tribunal” shall be substituted; (b) in sub-section (3), for the words “Central Government”, the wor ds “Securities Appellate Tribunal” shall be substituted; (c) in sub-section (10), in clause (a), the words’’or the Central Government” shall be omit ted. 61. For section 52D of the Insurance Act, the following section shall be substituted, namely:- “52D. If at any time, it a ppears to the Authority that the pur pose of the order appointing the Administrator has been fulfilled or that, for any r eason, it is undesirable that the order of appointment should remain in force, the Authority may cancel the order and thereup on the Adminis trator shall be divested of the mana gement of the insurance business which sha ll, unless otherwise directed by the Authority, again vest in the person in whom it was vested immediately prior to the appointment of the Administr ator or any other person appointed by the insurer in this behalf.”. Amendment of s ection 49. Substitution of new sec- tion for sec- tions 52 and 52A. Prohibition of business on dividing principle. When Admi- nistrator for manage me nt of insurance business may be appointe d. Amendment of se ction 52BB. Substitution of new sec- tion for sec- tion 52D. Termination of appointment of Administrator.- 28 - Ex-515/2015 62. In section 52E of the Insurance Act, forthe words “Central Government”, the word “Authorit y” shall be substituted. 63. In section 52F of the Insurance Act, for the words “punishable with impr isonment which may extend to six months, or with fine which may extend to one thousand rupees, or with both”, the .words “liable to penalty of rupees ten thousand each day dur ing which such failure continues or rupees ten lakh, whichever is less” s hall be substituted. 64. In section 52G of the Insura nce Act , in sub-section (2), the wor ds “Central Government or” shall be omit ted. 65. Sections 52H, 52-1, 52J, 52K, 52L, 52M and 52N of the Insurance Act shall be omitted. 66. In section 53 of the Insur ance Act,—(a) in sub-section (1), the following Explanation shall be ins erted at the end, namely:— ‘Explanation. —For the purpose of sections 53 to 61 A, “Tribunal” means the Nationa l Compa ny Law Tribuna l constituted under sub-section (1) of section 408 of the Companies Act, 2013.’; (b) in sub-section (2), in clause (b), sub-clause (1), shall be omitted. 67. In section 58 of the Insurance Act, for sub-section (4), the following sub- section shall be substituted, namely:— “(4) An order of the Tribunal confirming a scheme under this section whereby the memorandum of a compa ny is altered with respect to its objects shall as respects t he alteration have effect as if it were an or der confirmed under section 4 of the Companies Act, 2 or 3, a nd the provisions of sections 7 and 17 of that Act shall apply accordingly.”. 68. Section 59 of the Insurance Act shall be omit ted. 69. In PART IIA of the Insurance Act, for the heading “Insura nce Association of India, Councils of T he Association and Committees T hereof” the following heading shall be substituted, namely:— “Life Insurance Council and General Insurance Council and Committees Thereof.”. 70. Sections 64A and 64B of the Insura nce Act shall be omit ted. 71. For sections 64C and 64D of the Insurance Act the following sections shall be substituted, namely:— “64C. On and from the date of commencement of this Act,— (a) the existing Life Insurance Council, a r epresentative body of the insurers, who carr y on the life insurance business in India; and (b) the existing General Insurance Council, a representa tive body of insurers, who carry on general, health insurance business and r e-insur ance in India, shall be deemed to have been constituted as the respective Councils under this Act.Amendment of se ction 52E. Amendment of se ction 52F Amendment of se ction 5 2 G. Omission of sections 52H,52-I, 52J, 52K, 52L, 52M and 52N . Amendment of s ection 53. Amendment of s ection 58. 18 of 2013. Omission of section 59. 18 of 2013. Amendment of heading. Omission of sections 64A and 64B. Substitution of new sec- tions for se c- tions 64C and 64D. Councils of Life Ins urance and General Insurance. - 29 -Ex-515/2015 64D. It sha ll be lawful for any member of the Life Insurance Council or the General Insurance Council to authorise any of its officer to act as the repr esentative of such member at any meeting of the Council concerned.”. 72. For section 64F of the Insurance Act, the following section shall be substituted, namely :— “64F. (1) The Executive Committee of the Life Insurance C ouncil shall cons ist of the following persons, namely:— (a) four r epresent atives of members of the Life Insura nce Council elected in their individua l capacity by the members in such ma nner as may be laid down in the bye-la ws of the Council; (b) an eminent person not connected with insurance business, nominated by the Author ity; (c) three persons to represent insurance agents, intermediaries and policyholders resp ectively as ma y be nominated by the Author ity; (d) one representative ea ch from self-help groups and Insura nce Co-operative Societ ies: Provided that one of the representatives as mentioned in clause(a) sha ll be elected a s the C hair pers on of the Execu tive Committee of the Life Insur ance Council. (2) The Executive Committee of the General Insurance Council shall consist of the following persons, namely:— (a) four representatives of members of the General Insurance Council elected in their individua l capacity by the members in such ma nner as may be laid down in the bye-la ws of the Council; (b) an eminent person not connected with insurance business, nominated by the Authority; and (c) four persons to represent insurance a gents, third party administrators, sur veyors and loss assess ors and policyholders respectively as may be nominated by the Author ity: Provided that one of the representatives as mentioned in clause (a) shall be elected as the Cha irperson of the Executive Committee of the Genera l Insur ance Council. (3) If anybody of persons specified in sub-sections (1 ) and (2) fails to elect any of the member s of the Ex ecu tive Committees of the Life Ins urance Council or the General Insur ance Council, the Authority may nominate any person to fill the vacancy, and any person so nominated shall be deemed to be a member of the Executive Committee of the Life Insurance Council or the General Insurance Council, as the case may be, as if he had been duly elected thereto. (4) Each of the sa id Executive Committees may ma ke bye-laws for the transaction of any business at any meeting of t he said Commit tee. (5) The Life Insur ance Council or the General Insurance Council may form such other commit tees consisting of such persons as it ma y think fit to discharge su ch functions as may be delega ted thereto. (6) T he Secretary of the Executive Committee of the Life Insurance Council and of the Executive Commit tee of t he General Insurance Council shall in each case be appointed by the Executive Committee concerned: Provided that each Secretary appointed by the Executive Committee concerned shall exercise a ll such powers and do all such acts a s may be author ised in this behalf by the Executive Committee concerned.”. Authorisation to represent in Councils. Substitution of new sec- tion for sec- tion 64F. Exe cuti ve Committees of the Life Insurance Council and the General Insurance Council.- 30 - Ex-515/2015 73. In section 64G of the Insurance Act, in sub-section (2), for the words “by nomination b y the Authorit y”, the words “ in such manner as may be laid down in the bye-laws of the Council concerned” sha ll be substituted. 74. Section 64-1 of the Insura nce Act shall be omit ted. 75. In section 64J of the Insura nce Act, for sub-section (2), the following sub- section shall be substituted, namely:— “(2) For the pur pose of enabling it to effectively dischar ge it s f unctions, the Ex ecut ive Commit tee of the Lif e Insur anc e Counc il ma y collect such fees as may be laid down in the bye-laws made by the Council from the insurers carr ying on life insurance business.”. 76. In section 64L of the Insura nce Act, for sub-section (2), the following sub- section shall be substituted, namely:— “(2) For the purpose of enabling it to effectively discharge its functions, the Executive Committee of the Gener al Insurance Counc il may collect such fees as may be laid down in the b ye-laws made by the Council from the insurers carr ying on general insurance business.”. 77. In section 64N of the Insur ance Act , for the words “the Central Government may prescribe”, the words “the Authority may specify” shall be substituted. 78. In section 64R of the Insurance Act, in sub-s ection (1),—(a) for clause (c), the following clause shall be substituted, namely:— “(c) keep and maint ain up-t o-date, a copy of list of all insurers who are members of the either Council;”; (b) in cla use (d), for the words “with the previous approva l of the Authority make regula tions for”, the words “make bye-laws for” shall be substituted. 79. Sections 64S and 64T of the Insura nce Act shall be omit ted. 80. Sections 64U, 64UA, 64UB, 64UC, 64UD, 64UE, 64UF, 64UG, 64UH, 64U-I, 64UJ, 64UK and 64ULofthe Insura nce Act shall be omit ted. 81. After section 64UL of the Insurance Act, the following section shall be inserted, namely:— “64ULA. (1) Notwithstanding anything contained in this Part, until the rates, adva ntage and terms and conditions laid down by t he Advisory Committee under section 64UC are de-notified by the Authority with effect from such date as the Authority may by notifica tion in the Official Gazette determine, and the ra tes, adva ntages a nd terms and conditions are decided by the insurer concerned, the rates, advantages and terms and conditions notified by the Advisory Committee shall continue to be in force and shall always be deemed to have been in force and any such rates, advantages a nd terms and conditions shall be binding on all the insurers.Amendment of section 64 G Omission of section 64-I Amendment of se ction 64J. Amendment of se ction 64L. Amendment of se ction 64N. Amendment of se ction 64R. Omission of sections 64S and 64T. Omission of se ctions 64u, 64UA, 64UB, 64UC, 64UD, 64UE , 64U F, 64UG, 64UH, 64U-I , 64U J, 64UK and 64U L. Insertion of new section 64ULA. Transitional provisions. - 31 -Ex-515/2015 (2) The Authority shall, in consultation with the Central Government, prepare a scheme for the existing employees of the Ta riff Advisor y Commit tee on its dissolution, keeping in view the interests of such employees on such terms and conditions as it may, by order, determine.”. 82. For section 64UM of the Insurance Act, the following section shall be substituted, namely:— ‘64UM. (1) Save as otherwise provided in this section, no person shall act as a surveyor or loss assessor in respect of general insurance business after the expiry of a period of one year fr om the commencement of the Insurance Laws (Amendment) Act, 2015, unless he— (a) possesses such academic qualifications as may be specified by the regulations made under this Act; and (b) is a member of a professional body of surveyors and loss assessors, namely, the Indian Institute of Insurance Surveyors and Loss Assessors: Provided tha t in the case of a fir m or company, all the partners or directors or other persons, who may be called upon to make a survey or assess a loss repor ted, as the case may be, shall fulfil the requirements of cla us es(a) and (b). (2) Every surveyor and loss a ssessor shall comply with the code of conduct in respect of his duties, responsibilities and other professional requirements , as may be specified by the regulations made under the Act. (3) Notwithstanding anything conta ined in the for egoing provisions, a class or class of persons acting as a licensed surveyor or loss assessor pr ior to -the commencement of the Insura nce Laws (Amendment) Act, 2015 shall continue to act as such for such period as may be specified by the regulations made under this Act: Provided tha t the surveyor or loss assess or shall, within the period as may be notified by the Authority, satisfy the requirements of clause (a) and clause (b) of sub-section (1), failing which, the surveyor or loss assessor shall be automatically disqualified to act as a surveyor or loss assessor. (4) No claim in respect of a loss which has occurr ed in India and requiring to be paid or sett led in India equal to or exceeding a n amount specified in the regulations by the Authority in value on any policy of insurance, arising or intimated to an insurer at any time after the expiry of a period of one year from the commencement of the Insur ance Laws (Amendment) Act, 2015, shall, unless otherwise directed by t he Authority, be admit ted for payment or settled by the insurer unless he has obta ined a r eport, on the loss tha t has occurred, from a person who holds a licence issued under this section to act a s a surveyor or loss a ssessor (hereafter referred to as “approved surveyor or loss assessor”): Provided that nothing in t his sub-section shall be deemed to t ake away or abridge the right of the insurer to pay or settle any claim at a ny amount different from the amount assessed by the approved surveyor or loss assessor. (5) The Authority may, at any time, in r espect of any claim of the na ture referred to in sub-section (4), call for an independent report from any other approved surveyor or loss assessor specified by him and such surveyor or loss assessor shall furnish such report to the Authorit y within such time as may be specified by the Authority or if no time limit has been specified by him within a reasonable time and the cost of, or incidenta l to, such report shall be borne by the insurer. Substitution of new sec- tion for sec- tion 64U M .- 32 - Ex-515/2015 Surveyors or loss assessors (6) The Authority ma y, on r eceipt of a report referred to in sub-section (5), issue such directions as it may consider necessary wit h regard to the settlement of t he claim including any direction to settle a claim at a figure less than, or more than, that at which it is proposed to settle it or it was settled and the insurer shall be bound to comply with such directions: Provided tha t where the Aut hority issues a direction for settling a claim at a figure lower than that at which it has a lready been settled, the insurer shall be deemed to comply with such direction if he satisfies the Authority that all reasonable steps, with due regard to the question whether the expenditure involved is not disproportionate to the amount required to be recovered, have been taken with due desp atch by him: Provided fur ther that no direction for the payment of a lesser sum shall be made where the amount of the claim has alr eady been paid a nd the Authorit y is of opinion that the recovery of the amount paid in excess would cause undue hardship to the insured: Provided also that nothing in this section sha ll relieve the insur er from any liability, civil or criminal, to which he would have been subject but for the provisions of t his sub-section. (7) No insurer shall, after the expiry of a period of one year from the commencement of the Insura nce Laws (Amendment) Act, 2015 pay to any person any fee or remuneration for surveying, verifying or reporting on a claim of loss under a policy of insurance unless the person ma king such survey, verification or report is an approved surveyor or loss assessor. (8) Wher e, in t he case of a claim of less than the amount specified in sub- section ( 4) in value on any policy of insura nce it is not practica ble for an insurer to employ an approved surveyor or loss assessor without incurr ing expenses disproportionate to the amount of the claim, the insurer may employ any other person (not being a person disqualified for the time being for being employed as a surveyor or loss a ssessor ) for surveying such loss and may pay such reasonable fee or remuneration to the person so employed a s he may think fit. (9) The Authorit y may in respect of any claim of value of less than the amount specified in sub-section ( 4) on a n insur ance policy, if the claim has not been or is not proposed to be reported upon by a surveyor or loss assessor, direct that such claim sha ll be r eported upon by an a pproved surveyor or loss assessor and where the Authority makes such direction, the provisions of sub-sections (5) and (6) shall apply in respect of such claim. (10) Wher e, in r elation to any class of claims, the Authority is satisfied that it is customary to entrust the work of survey or loss assess ment to any person other than a licensed sur veyor or loss assessor, or it is not pract icable to make.any survey or loss assessment, it may, by an order, exempt such class of claims from the operation of this section.’. 83. For sections 64V and 64VA of the Insurance Act the following sections shall be substituted, namely: “64V. (1) F or the purpose of ascertaining compliance with the provisions of s ection 64VA, a ssets shall be valued at value not exceeding their market or realisable value and certa in assets may be excluded by t he Authority in the ma nner as may be specified by the regula tions made in this behalfSubstitution of new sec- tions for se c- tions 64V and 64VA. Assets and laibilities how to be valued. - 33 -Ex-515/2015 (2) A proper va lue sha ll be placed on every item of liability of the insurer in the manner as may be specified by the regulations ma de in t his behalf.(3) Every insurer shall furnish to the Authority along with the returns required to be filed under this Act , a sta tement, certified by a n Audit or, appr oved by the Authority in respect of general insurance business or a n actua ry approved by the Authority in respect of life insurance business, as the case may be, of his assets and liabilities assessed in the manner required by this section as on the 31st da y of March of each year within such time as may be specified by the regulations. 64VA. (1) Every ins urer and re-ins urer sha ll at a ll times mainta in an ex cess of value of assets over the amount of liabilities of, not less than fifty p er cent. of the amount of minimum capital as stated under section 6 and arrived at in the manner specified by the regulations. (2) An insurer or r e-insur er, as the case may be, who does not comply with sub- section (1),shall be deemed to be insolvent and may be wound-up by the cour t on an applica tion made by the Author ity. (3) The Authority shall by wa y of regulation made for the purpose, specify a level of solvency margin known as control level of solvency on the breach of which the Authority shall act in accordance with the pr ovisions of sub-section ( 4) without prejudice to taking of any other remedial measures as deemed fit: Provided that if in respect of any insurer the Authorit y is satisfied that either by reason of an unfavourable claim experience or because of a sharp incr ease in the volume of new business, or for any other reason, compliance with the provisions of t his sub-section shall cause undue hardship to the insurer, it may direct that for such period and subject to such conditions as it may specify, the provisions of this sub-section shall apply to that insurer with such modifications provided tha t such modifications s hall not result in the control level of solvency being less than what is stipulated under sub-section(1). ( 4) If, at any time, a n insur er or r e-insurer does not maintain the required control level of solvency margin, he shall, in accordance with the directions issued by t he Authority, submit a financial pla n to the Authority, indicating a plan of act ion to correct the deficiency within a specified period not exceeding six mont hs. (5) An insurer who has submitted a plan, as required u nder sub-section (4), the Authority shall propose modifications to the plan, if the Authorit y considers the same inadequate, and in such an eventuality, the Authority shall give directions, as may be deemed necessa ry, including direction in regard to transacting any new business, or, appoint ment of an administrator or both. (6) An insurer or r e-insur er, as the case may be, who does not comply with the provisions of sub-section ( 4) shall be deemed to have made default in complying with the requirements of t his section. ( 7) The Authority shall be entitled a t any time to take such steps as it may consider necessary for the inspection or verification of the assets and liabilities of a ny insur er or r e-insurer, or for secur ing the particulars necessary to establish that the requirements of this section have been complied with as on any date, and the insurer or re-insurer, as the case may be, shall comply with any requisition made in this behalf by the Authority, a nd in the event of any failu re to do so within two months from the receipt of the requisition, the insurer or re-ins urer, as the case may be, shall be deemed to have made default in complying with the requirements of this section. (8) In applying the provisions of sub-section (1) to any insurer or re-insurer, as the case may be, who is a member of a group, t he relevant amount for that Sufficiency of asset s.- 34 - Ex-515/2015 insurer sha ll be a n amount equal to that propor tion of the relevant a mount which that group, if considered as a single insurer, would have been required to maintain as the proportion of his share of the risk on each policy issued by the group bears to the total risk on that policy: Provided that when a group of insurers ceases tobe a group, every ins urer in that group who continues to ca rry on any cla ss of insurance business in India shall comply with the requirements of sub-section (1) as if he had not been an insurer in a group at any time: Provided fur ther that it shall be sufficient compliance of the provisions of the foregoing proviso if the insur er brings up the excess of the value of his assets over the amount of his lia bilities to the required amount within a period of six months from the date of cessation of the gr oup: Provided also that the Authority may, on sufficient cause being shown, extend the said period of six months by such further periods as it may think fit, so, however tha t the total period may not in any ca se exceed one year. (9 ) E very insurer shall furnish to the Author ity retur n giving details of solvency margin in such for m, time, ma nner including its authentication a s may be specified by the regulations.”. 84. For section 64VC of the Insurance Act, the following section shall be substituted, namely:— “64VC. No insurer shall, after the commencement of the Insurance (Amendment) Act, 1968, open a new pla ce of business or close a place in India or outside India or change otherwise than within the same city, town or village, the loca tion of an existing place of business situated in India or outside India, except in t he manner as ma y be specified by the regulations.”. 85. PART III and PART IIIA of the Insur ance Act shall be omitted. 86. PART IV of the Insura nce Act shall be omit ted. 87. In section 102 of the Insura nce Act , for the words “not exceeding five lakh rupees for each such failure and punishable with fine”, the words “ of one lakh rupees for each day during which such failure continues or one crore rupees, whichever is less” shall be substituted. 88. For sections 1 03 and 104 of the Insur ance Act, the following sections shall be substituted, namely:— “103. If a person carries on the business of insurance without obtaining a certificate of registration under section 3, he shall be liable to a penalty not exceeding rupees twenty-five crores and with impr isonment which may extend to ten years. 104. If a person fa ils to comply with the provisions of section 27, section 27A, section 27B, section 27D and section 27E, he shall be liable to a penalty not ex ceeding t wenty- five cror e r upees. ”. 62 of 1968.Substitution of new sec- tion for sec- tion 64V C. Restrictions on opening of ne w pl ace of business. Omission of Part III and Part IIIA. Omission of P a r t I V. Amendment of se ction 102. Substitution of new sec- tions for se c- tions 103 and 104. Penalty for carrying on insurance business in contravention of s ection 3. Penalty for contravention of secti ons 27, 27A, 27B, 27D and 27E. - 35 -Ex-515/2015 89. In section 105 of the Insur ance Act , for the words “not exceeding two lakh rupees for each such failure”, the words “not exceeding one crore rupees” shall be substituted. 90. For sections 105B and 105C of the Insurance Act, the following sections shall be substituted, namely:— “ 105B. If an insur er fails to comply with the provisions of section 32B, section 32C and section 32D, he shall be liable to a penalty not exceeding twenty- five cror e ru pees. 105C.(1) For the purpose of adjudication under sub-section (2) of section 2CB, sub-section(4) of section 34B, sub-section (3) of section 40, sub-section (2) of section 41, sub-sections (4) and (5) of section 42, sub-sections (8) and (9) of s ection 42D, section 52F and section 105B, the Authority, shall appoint any officer not below the rank of a Joint Director or an equivalent officer to be an adjudicating officer for holding an inquiry in the prescribed manner a fter giving any person concerned a reasonable opportunity of being heard. (2) Upon r eceipt of the inquiry report from the officer so appointed, the Authority, after giving a n oppor tunity of being heard to the person concerned, may impose any pena lty provided in sections aforesaid. (3) While holding an inquiry, the adjudicating officer shall have power to summon and enforce the attendance of any person acquainted with the facts and circumstances of the case to give evidence or to produce any document which in the opinion of the adjudicating officer, may be useful for or relevant to the subject matter of the inquiry and if on such inquiry, is satisfied that the person has fa iled to comply with the provisions of a ny of t he sections specified in sub-section (1), he may recommend such penalty as he thinks fit in accordance with the provisions of any of those sections. 105D. While recommending t he quantum of penalty under section 1 05C, the adjudica ting officer a nd while imposing such penalty, the Authority shall have due regard to the following factor s, namely:— (a) the amount of disproportionate gain or unfair advantage, wherever quantifiable, made as a result of the defa ult; (b) the amount of loss caused to the policyholders as a result of the default; and (c) the repetitive nature of default.”. 91. In section 106A of the Insur ance Act, in sub-section (12), — (i) clauses (a), (b) and (f) shall be omit ted; (ii) in clause (d), the words “ or a provident society” shall be omit ted. 92. Sections 107 and 107 A of the Insurance Act shall be omitted. 93. For section 109 of the Insurance Act, the following section shall be substituted, namely:— “ 109. No court sha ll take cognizance of any offence punishable under this Act or any r ules or any regulations made thereunder, save on a complaint made by a n officer of the Authority or by any person authorised by it”. Amendment of se ction 105. Substitution of new sec- tions for se c- tions 105B and 105C. Penalty for failure to comply with sections 32B, 32C and 32D. Power to adjudicate. Factors to be taken into account by the adjudica- ti ng officer. Amendment of se ction 106A. Omission of section 107 and 107A. Substitution of new sec- tion for sec- tion 109. Cogniz ance of offence.- 36 - Ex-515/2015 94. For section 110 of the Insurance Act, the following section shall be substituted, namely:- “110. (1)Any person aggrieved- (a) by an order of the Authority made on and after the commencement of the Ins ur ance Laws (Amendment) Act, 2015, or under this Act, the rules or regulations made thereunder ; or (b) by a n order made by the Authority by way of adjudication under this Act, may prefer an appeal to the Securities Appellate Tribunal having jurisdiction in t he mat ter. (2) Every appeal ma de under sub-s ection (1) shall be filed within a period of forty-five days from the date on which a copy of the order made by the Authority is r eceived by him and it shall be in such a for m and be accompanied by such fees as ma y be p rescribed: Provided that the Securit ies Appellate Tribuna l may entertain an appeal after the expiry of the sa id period of forty-five days if it is satisfied tha t there was sufficient cause for not filing it within that period. (3) On receipt of an appeal under sub-section (1), the Securities Appellate Tribunal ma y, after giving parties to the appeal an op portunity of being heard, pass such orders thereon as it thinks fit, conforming, modifying or setting a side the order appealed against. ( 4) The Securities Appellate Tribunal shall make available copy of order made by it to the Authority and parties. (5) The appeal filed before the Securities Appellate Tribunal under sub- section(1) shall b e dealt with by it as expeditiously as possible and endea vour shall be made by it to dispose of the appeal finally within six months from the date of r eceipt of app eal. ( 6) The procedur e for filing and disposing of an appeal shall be such as may be prescribed. · (7) The provision contained in section 15U, section 15V, section 15W, section 15Y and section 15Z of the Securities and Exchange Board of India Act, 1992 shall apply to the appeals arising out of the provisions of this Act, as they apply to the appeals under the Securities and Exchange Board of india Act, 1992.”. 95. Section 110E oft he Insurance Act shall be omit ted. 96. Sections 110G and 110H of the Insura nce Act shall be omit ted. 97. After section 110H of the Insurance Act, the following section shall be inserted, namely:- “110HA. Any penalt y imposed by the Authority under this Act shall be recover able as an arrear of la nd revenu e.”. 98. In section 111 of the Insur ance Act,- (a) in sub-section (1),the words “or provident society” occurr ing at both the places shall be omitted; · (b) in sub-section (2), in the proviso, the words “ or to a provident society” shall be omit ted.Substitution of new sec- tion for sec- tion 110. Appeal to Securities Appellate Tribunal. Omission of section 110E. Omission of se cti ons 110G and 110H. Insertion of new section 110HA. Pe nalty to be re cove rabl e as arr ear of land re venue. Amendment of se ction 111. - 37 -Ex-515/2015 15 of 1992. 99. For section 113 of the Insurance Act, the following section shall be substituted, namely:- “113. (1)A policy of life insurance shall acquire surrender value as per the norms specified by the regulations. (2)Every policy of life insurance shall contain the formula as approved by the Authority for calculation of guaranteed surr ender value of the policy.(3) Notwithstanding any contra ct to the contrary, a policy of life insur ance under a non-linked plan which has acquired a sur render value shall not lapse by reason of non-payment of fu rther premiums but shall be kept in force to the extent of p aid-up sum insured, calculated by means of a formula as approved by the Authority and contained in the policy and the reversionary bonuses that have already been attached to the policy: Provided tha t a policy of life insurance under a linked plan shall be kept in force in the manner as may be specified by the regulations. ( 4) The provisions of s ub-section (3) shall not apply- (i) where the paid-up sum insured by a policy, inclusive of attached bonuses, is less than the amount specified by the Authority or takes the form of annuity of amount less than the amount specified by the Authority; or (ii) when the parties, after the default has occu rred in payment of the premium, agree in writ ing to other a rrangement. 100. ln section 114 of the InsuranceAct,- (a) in sub-section (2),- (i) clause (aa) shall be omit ted; (ii) after clause (aa) as so omitted, the following clause shall be inserted, namely:- “(aaa) the manner of ownership and control of Indian insurance company under sub-clause (b) of clause (7A) of section 2;”; (iii) clause (c) and clause (f) shall be omit ted; (iv) after clause (l), the following clauses s hall be inserted, namely:- “(la) the manner of inquiry under sub-section (l) of section 105C; (lb) the form in which an appeal may be preferred under sub- section (2) and the fee payable in resp ect of such appeal and the procedure for filing and disposing of an appeal under sub-section (6) of section 110;”; (b) in s ub-section (3), the words, brackets, figur es and letters “or under sub-section (1) of section 64UB and every regulation made under sub-section (3) of s ection 64UB” shall be oinitted. 101. In section 114A of the insur ance Act, in sub-section (2),- (i) for clauses (a) a nd (aa), the following clause shall be substituted, namely:- “(a) manner of making application forregistration and documents to be a ccompa nied under sub-section (2) of section 3;”; (ii) for clause (d), the following clause shall be substituted, namely:- “( d) such annual fee to the Authority and manner of payment under sub-section (1) of s ection 3A;”; (iii) after clause (d), the following clauses sha ll be inserted, namely:- Substitution of new sec- tion for sec- tion 113. Acquisition of surrender value by policy. Amendment of se ction 114. Amendment of se ction 114A.- 38 - Ex-515/2015 “(da) such minimum annuity and other benefits to be secured by the insurer under section 4; (daa) determination of preliminary expenses that may be excluded for calculation of the stipulated paid-up equity capital for the. insurers under sub-section (1) of section 6; (db) such equity capital and such forms of capital including hybrid capital required under sub-section(1) of s ection 6A;”; (iv) cla u se (e) sha ll be omit ted; (v) after clause (e), as so omitted, the following clause shall be inserted, namely:- “(ea ) separa tion of account of all receipts and payments in respect of each classes and sub-classes of insurance business as required under sub-s ection (1) and sub-section (2AA). of section 10; and its waiver under the said section;”; (vi) in clause (f), for the words, brackets, figures and letter “under sub- section (1A) of section 11”, the words, brackets and figures “under sub-section (1) of section 11” shall be substituted; (vii) for clause (g), the following clause shall be substituted, namely:- “(g) the manner in which an abstract of the report of the actuary to be specified and the form and manner in which the statement referred to in section 13 shall be appended;”; (viii) after clause (g), the following clauses s hall be inserted, namely:- “(ga ) maintenance of records of policies and claims under clause (c) of sub-section(1) of section 14; (gb) manner and form of issua nce of policies in electronic form under sub-section (2) of section 14;”; (ix) for clause (h), the following clause shall be substituted, namely:- “(h) the fee for procuring a copy of return or any part thereof under sub-section (1) of section 20;”; (x) for cla use (i), the following clause shall be substituted, namely:- “(i) investment of assets and further provisions regarding investments by a n insur er and investment by insurers in cer tain ca ses under sections 27, 27A, 27B, 27C and time, manner and other conditions of investment of assets under section 27D;’’; (xi) for clauses (ia), (ib), (ic), (id) and (ie) , the following clauses shall be substituted, namely:- “(ia) the form in which a return giving details of investments made, time and manner including its authentication under section 28; (ib) the loans including the loans sanctioned to the full-time employees of the insurer under clause (a) of sub-section (3) of section 29; (ic) the sum to be paid by the insurer to any person under section 31 B; (id) the obligation of insurer in respect of rural or social or unorganised sector and backward classes under sections 32B and 32C; (ie) the minimum percentage of insurance business in third party risks of motor vehicles under section 32D;’’; (xii) for cla use (j), the following clause shall be substituted, namely:- “(j) the minimum information to be maintained by insurers or intermediary or insurance intermediary, a s the ca se may be, in their books, the manner in which such informa tion sha ll be maintained, the checks and- 39 -Ex-515/2015 other verifica tions in that connection a nd all other matters incidental thereto under sub-section (7) of section 3 3;”;(xiii) after clause (j), the following clauses sha ll be inserted, namely:- “(ja) the form in which balance-sheets in respect of the insur ance business of each of the insurers concerned and the manner in which actuarial reports and abstracts in respect of the life insurance business are to be prepared under clauses (b) and (c) of sub-section (3) of s ection 35; (jb) the manner of assessment of compensation under the proviso to sub-section (4A) of s ection 37A; (jc) the fee to be charged by the insur er under sub-section (3 ) of section 39; (jd) the manner a nd amount of remuneration or r eward to be paid or received by way of commission or otherwise to an ins urance agent or an intermediar y or insurance intermediary under section 40; (je) the manner a nd form of expenses of management under sections 40B and40C;”; (xiv) cla us es (k) and (l) shall be omitted; (xv) for clause (m), the following clause shall be substituted, namely:- “(m) the requisite qualifications or practica l training or examina tion to be passed for a ppoinnnent as an ins urance agent under clause (e) of sub-section (3) of section 42;”; (xvi) clause (n) shall be omit ted; (xvii) for clause (o), the following clause shall be substituted, namely:- “(o) the code of condu ct under clause (h) of sub-section (3) of section 42;”; (xviii) clause (p) shall be omit ted; (xix) clause (va) shall be omit ted; (xx) in cla use (vb), the words, brackets and figure “sub-section (2) of” shall be omit ted; (xxi) clause (w) shall be omitted; (xxii) for clause (x), the following clauses shall be substituted, namely:- “(x) academic qu alifications and code of conduct for surveyors and loss assessors under sub-sections (1) and (2) of section 64UM; (xa) the period for which a person may act as a surveyor or loss assessor under sub-section (3) of section 64UM;”; (xxiii) for clause (y), the following clause shall be su bstituted, namely:- “(y) the manner of exclusion of cer tain assets under sub-section (1), the manner of valuation of liabilities under sub-section (2) and time for furnishing s tatement under sub-section (3) of section 64V;”; (xxiv) for clause (za), the following clause shall be substituted, namely:- “(za) the matters specified under sub-section(1) of section 64VA relating to sufficiency of assets;”; (xxv) after clause (zaa), the following clauses sha ll be inserted, namely:- “(zab) the form, time, manner including a uthentication of the return giving details of solvency margin under s ub-section (9) of s ection 64VA; (zac) the manner of opening and closing places of business u nder section 64VC;”; (xxvi) after clause (zb), the following clause shall be inserted, namely:- “(zba) the norms for surrender va lue of life insurance policy under sub-section (1) of section 113;”.- 40 - Ex-515/2015 102. In the Insura nce Act, the Fifth Schedule, the Sixth Schedule and the Eighth Schedule shall be omitted. CHAPTER III AMENDMENTSTOTHE GENERAL INSURANCE BUSINESS (NATIONALISATION) ACT, 1972 103. In the General Insur ance Business (Nationa lisation) Act, 1972, a fter section 10A, the following section shall be inserted, namely:- “10B. The General Insurance Corpor ation a nd the insurance compa nies specified in section 10A may, r aise their capital-for increasing their business in rura l and s ocial sectors, to meet solvency margin and s uch other purposes, as the Central Government may empower in this behalf: Provided that the shareholding of the Central Government s hall not be less than fifty one per cent. at any time.”. 104. Section 25 of the General Insurance Business (Nationalisation) Act, 1972 shall be omit ted. CHAPTER IV AMENDMENTSTOTHE INSURANCE REGULATORYAND DEVELOPMENT AUTHORITY ACT, 1999 105. In section 2 of the Insurance Regulatory and Development Authority Act, 1999, in sub-section (1),-(i) in clause (b), afterthe words “DevelopmentAuthor ity”, the words” of India”, shall be inserted; (ii) for clause (f), the following clause shall be substituted, namely:- ‘(f) “Int ermediar y” or “ Insurance intermediary” includes insur ance brokers, re-insurance brokers, insurance consultants, corporate agents, third party administrator, surveyors and loss a ssessors and such other entit ies, as may be notified by the Authority fr om time to time.’. 106. In section 3 of the Insurance Regulatory and Development Authority Act, 1999, in sub-section (1), after the words “Development Authority” the words “of India” shall be inserted. 107. In section 16 of Insurance Regulatory a nd Development Author ity Act, 1999, in sub-section (1), clause (c) shall be omitted. 108. (1) The Insurance Laws (Amendment) Ordinance, 2014, is hereby repealed. (2) Notwithstanding such repeal, anything done or any action taken under the Insur ance Act, 1938, the General Insurance Business (Nationalisation) Act, 1972 and the Insurance Regulatory and Development Author ity Act , 1999 as amended by the said Ordina nce, shall be deemed to have been done or taken under the corr esponding provisions of the said Acts, as amended by this Act.Published and Issued by Controller, Printing & Stationery Department, Government of Mizoram Printed at the Mizoram Government Press, Aizawl. C/50Omission of Fifth, Sixth and Eight Schedules. Inse rti on of a new section 10B. Enhancement of equity capital of Ge neral Ins urance companies Omission of section 25. Amendment of s ection 2. Amendment of s ection 3. Amendment of s ection 16. Repeal and savings. 57 of 1972. 57 of 1972. 41 of 1999. 41 of 1999. 41 of 1999. Ord. 8 of 2014. 4 of 1938. 57 of 1972. 41 of 1999.- 41 -Ex-515/2015

The Mizoram Gazette EXTRA ORDINARY Published by Authority RNI No. 27009/1973Postal Regn. No. NE-313(MZ) 2006-2008NOTIFICATIONNo.H. 12017/55/2014-LJD, the 13th October, 2015.The following Act is hereby re-published for general information. The Appropriation (Railways) Vote on Account Act, 2015 (Act No. 6 of 2015) Zahmingthanga Ralte, Joint Secretary to the Govt .of Mizoram. VOL - XLIV Aizawl, Friday 16.10.2015 Asvina 24, S.E. 1937, Issue No. 516 THE APPROPRIATION (RAILWAYS) VOTE ON ACCOUNT ACT, 2015 AN ACTto provide for the withdr awal of certain sums from and out of the Consolida ted Fund of India for the services of a part of the financial year 2015-16 for the purposes of Railways. BE it enacted by Parliament in the Sixty-sixth Year of the Republic of India as follows:— 1. This Act may be called the Appropriation (Railways) Vote on Account Act, 2015. 2. F rom and out of the Consolida ted Fund of India there may be withdrawn sums not exceeding those specified in column 3 of the Schedule amounting in the aggregate to the sum of sixty-seven thousand nine hundred fifty-four crore, seventy-six lakh, twenty- seven thousa nd one hundred sixty-s even rupees towards defraying the several cha rges which will come in course of payment during the financial year 2015-16, in respect of the services relating to Railways specified in column 2 of the Schedule. 3. T he sums authorised to be withdrawn from and out of the Consolidated Fund of India by this Act shall be appropria ted for the services a nd purposes stated in the Schedule in relation to the said year.Short title. Withd rawal of Rs. 67954, 76,27,167 from and out of the Consolidated Fund of India for the finan- cial year 2015- 16 . Appropriation. - 2 - Ex-516/2015Published and Issued by Controller, Printing & Stationery Department, Government of Mizoram Printed at the Mizoram Government Press, Aizawl. C/50 Rs. Rs. Rs. 1Railway Board50,47,33,00050,47,33,000 2Miscellaneous Expenditure (General)150,88,55,00035,17,000151,23,72,000 3General Superintendence and Services on Railways1165,46.58,00019,38,0001165,65,96,000 4Repairs and Maintenance of Permanent Way and Works1942,92,48,0006,44,0001942,98,92,000 5Repairs and Maintenance of Motive Power910,76,03,000.. 910,76,03,000 6Repairs and Maintenance of Carriages and Wagons2090,85,28,000.. 2090,85,28,000 7Repairs and Maintenance of Plant and Equipment1206,36,41,00053,0001206,36,94,000 8Operating Expenses - Rolling Stock and Equipment1897,98,85,000.. 1897,98,85,000 9Operating Hxpenses - Traffic6559.24,69,00022,00,0006559,46,69,000 10Operating Epenses - Fuel5049,30.62,000.. 5049,30,62,000 11Staff Welfare and Amenities976,90,81,000.. 976,90,81,000 12Miscellaneous Working Expenses1036,67,87,000I8,51,27,0001055,19,14,000 13Provident Fund, Pension and Other Retirement Benefits5762,39,69,0008,60,0005762,48,29,000 14Appropriation to Tunds9520,95,17,000.. 9520,95,17,000 15Dividend to General Revenues. Repayment of Loans taken from General Revenues and Amortization of Over-Capitalization1801,79,00,000.. 1801,79,00,000 16Assets — Acquisition, Construction and Replacement— Other Expenditure Capital22039,17,69,16717,88,51,00022057,06,20,167 Railway Funds5480,13,44,00082,07,0005480,95,51,000 Railway Safety Funds274,29,64,0002,17,000274,31,81,000 TOTAL:67916,60,13,16738,16,14,00067954,76,27,167THE SCHEDULE (See sections 2 and 3) No. of Vote123 Services and purposesVoted by ParliamentCharged on the Consoli- dated FundTotal Sums not exceeding - 3 -Ex-512/2015

The Mizoram Gazette EXTRA ORDINARY Published by Authority RNI No. 27009/1973Postal Regn. No. NE-313(MZ) 2006-2008NOTIFICATIONNo.H. 12017/55/2014-LJD, the 13th October, 2015.The following Act is hereby re-published for general information. The Appropriation (Railways) Act, 2015 (Act No. 7 of 2015) Zahmingthanga Ralte, Joint Secretary to the Govt .of Mizoram. VOL - XLIV Aizawl, Friday 16.10.2015 Asvina 24, S.E. 1937, Issue No. 517 THE APPROPRIATION (RAILWAYS) ACT, 2015 AN ACTto a uthorise payment and a ppropria tion of certain further sums from and out of the Consolidated Fund of India for the services of the financial year 2014-15 for the purposes of Railways. BE it enacted by Parliament in the Sixty-sixth Year of the Republic of India as follows:— 1. This Act may be called the Appropriation (Railways) Act, 2015. 2. From and out of the Consolidated Fund of India there may be paid and applied sums not exceeding those specified in column 3 of the Schedule amounting in the aggregate to t he sum of five thousa nd eight hundred seventy-one crore, forty-eight lakh and forty-thr ee thousand rupees towards defraying the several charges which will come in cou rse of payment during the financial year 2014-15 in respect of the services relating to Railways specified in column 2 of the Schedule. 3. The sums authorised to be pa id and a pplied from and out of the Consolidated Fund of India by this Act shall be appropriated for the services and purposes expressed in t he Schedule in relation to the said year.Short title. Issue of Rs. 5 8 71 , 48,43,000 from and out of t he Conso- lidate d Fund of India for the finan-cial year 2015- 16 . Appropriation. - 2 - Ex-517/2015Published and Issued by Controller, Printing & Stationery Department, Government of Mizoram Printed at the Mizoram Government Press, Aizawl. C/50 Rs. Rs. Rs. 3General Superintendence and Services on Railways1,37,33,0001,37,33,000 4Repairs and Maintenance of Permanent Way and Works136,05,62,000 1,23,65,000 137,29,27,000 5Repairs and Maintenance of Motive Power255,06,59,00014,51,000255,21,10,000 6Repairs and Maintenance of Carriages and Wagons413,49,50,000.. 413,49,50,000 7Repairs and Maintenance of Plant and Equipment112,77,11,0003,15,000112,80,26,000 8Operating Expenses - Rolling Stock and Equipment839,37,77,00014,30,000839,52,07,000 9Operating Expenses - Traffic..1,32,72,0001,32,72,000 11Staff Welfare and Amenities65,83,80,0007,14,00065,90,94,000 12Miscellaneous Working Expenses315,82,25,000.. 315,82,25,000 13Provident Fund, Pension and Other Retirement Benefits350,00,00,00010,13,000350,10,13,000 14Appropriation to Funds2814,72,00,000.. 2814,72,00,000 15Dividend to General Revenues, Repayment of loans taken from General Revenues and Amortisation of Over-Capitalisation39,13,00,000..39,13,00,000 16 Assets-Acquisition. Construction and Replacement— Other Expenditure Capital..57,23,05,00057,23,05,000 Railway Funds465,65,16,000.. 465,65,16,000 Railway Safety Fund1,89,65,000..1,89,65,000 TOTAL:5809,82,45,00061,65,98,0005871,48,43,000THE SCHEDULE (See sections 2 and 3) No. of Vote123 Services and purposesVoted by ParliamentCharged on the Consoli- dated FundTotal Sums not exceeding - 3 -Ex-512/2015

The Mizoram Gazette EXTRA ORDINARY Published by Authority RNI No. 27009/1973Postal Regn. No. NE-313(MZ) 2006-2008NOTIFICATIONNo.H. 12017/55/2014-LJD, the 13th October, 2015.The following Act is hereby re-published for general information. The Appropriation (Vote on Account) Act, 2015 (Act No. 8 of 2015) Zahmingthanga Ralte, Joint Secretary to the Govt .of Mizoram. VOL - XLIV Aizawl, Friday 16.10.2015 Asvina 24, S.E. 1937, Issue No. 518 THE APPROPRIATION (VOTE ON ACCOUNT) ACT, 2015 AN ACTto provide for the withdr awal of certain sums from and out of the Consolidated Fund of India for the services of a par t of the financial year 2015-16. BE it enacted by Parliament in the Sixty-s ixth Year of the Republic of India a s follows:— 1. This Act may be called the Appropria tion (Vote on Account) Act, 2015. 2. From and out of the Consolidated Fund of India there may be withdr awn sums not exceeding those specified in column 3 of the Schedule amounting in the a ggregate to the sum of ten lakh eighty nine thousand eight hundred seventeen crore and forty eight lakh rupees towards defraying the several charges which will come in course of payment during the financial year 2015-16. 3. The sums authorised to be withdrawn from and out of the Consolida ted Fund by this Act sha ll be a ppropriated for the services and purposes expressed in the Schedule in relation to the said year. 4. Reference to t he Ministries or Depa rtments in the Schedu le a re to such Minist ries or Departments as existing immediately before the 23rd December, 2014 and shall on or a fter that date be constr ued as r eferences to the appropriate Ministries or Departments as constituted from time to time.Short title. Wi thdrawal of Rs.1089817, 48,0 0 ,000 fro m and out of the Consolidated Fund of India for the financial year 2015-16. Appropriati on. Construction of references to Ministries or De part- me nts in the Schedule. - 2 - Ex-518/2015 Rs. Rs. Rs. 1Department of Agriculture and Cooperation Revenue2826,56,00,000..2826,56,00,000 Capital7,50,00,000..7,50,00,000 2Department of Agricultural Research and Education Revenue1053,33,00,000..1053,33,00,000 3Department of Animal Husbandry, DairyingRevenue353,37,00,000..353,37,00,000 and FisheriesCapital2,66,00,000..2,66,00,000 4Atomic EnergyRevenue1263,25,00,00017,00,0001263,42,00,000 Capital748,4,00,0008,00,000748,82,00,000 5Nuclear Power SchemesRevenue694,78,00,000..694,78,00,000 Capital115,17,00,000..115,17,00,000 6Ministry of Ayurveda, Yoga and Naturopathy,Revenue199,50,00,000..199,50,00,000 Unani, Siddha and Homoeopathy (AYUSH)Capital2,83,00,000..2,83,00,000 7Department of Chemicals and PetrochemicalsRevenue37,19,00,000..37,19,00,000 Capital5,34,00,000..5,34,00,000 8Department of FertilisersRevenue25000,00,00,000..25000,00,00,000 Capital8,34,00,000..8,34,00,000 9Department of PharmaceuticalsRevenue43,16,00,000..43,16,00,000 Capital1,00,000..1,00,000 10Ministry of Civil AviationRevenue135,56,00,000..135,56,00,000 Capital421,37,00,000..421,37,00,000 11Ministry of CoalRevenue101,00,00,000..101,00,00,000 Capital183,33,00,000..183,33,00,000 12Department of CommerceRevenue838,34,00,000..838,34,00,000 Capital16,77,00,000..16,77,00,000 13Department of Industrial Policy and PromotionRevenue435,60,00,000..435,60,00,000 Capital44,00,000..44,00,000 14Department of PostsRevenue3249,01,00,0003,00,0003249,04,00,000 Capital56,11,00,000..56,11,00,000 15Department of TelecommunicationsRevenue2207,85,00,000...2207,85,00,000 Capital427,58,00,000..427,58,00,000 16Department of Electronics and InformationRevenue413,81,00,000..413,81,00,000 TechnologyCapital24,53,00,000..24,53,00,000 17Departmen t of Consumer AffairsRevenue42,68,00,000..42,68,00,000 Capital3,45,00,000..3,45,00,000 18Department of Food and Public DistributionRevenue29075,18,00,000..29075,18,00,000 Capital10097,87,00,000..10097,87,00,000 19Ministry of Corporate AffairsRevenue40,46,00,000..40,46,00,000 Capital4,85,00,000..4,85,00,000 20Ministry of CultureRevenue348,58,00,000..348,58,00,000 Capital12,92,00,000..12,92,00,000 21Ministry of DefenceRevenue3577,96,00,00010,00,0003578,06,00,000 Capital1058,84,00,000583,00,0001064,67,00,000 22Defence PensionsRevenue9083,21,00,00012,00,0009083,33,00,000 23Defence Services—ArmyRevenue17832,38,00,000776,00,00017840,14,00,000 24Defence Services—NavyRevenue2685,10,00,000250,00,0002687,60,00,000 25Defence Services—Air ForceRevenue4049,30,00,00072,00,0004050,02,00,000 26Defence Ordnance FactoriesRevenue2546,74,00,000133,00,0002548,07,00,000 THE SCHEDULE (See sections 2, 3 and 4)No. of Vote123 Services and purposesVoted by ParliamentCharged on the Consoli- dated FundTotal Sums not exceeding 27Defence Services - Research and DevelopmentRevenue1105,74,00,00011,00,0001105,85,00,000 28Capital Outlay on Defence ServicesCapital14784,66,00,0002275,00,00014807,41,00,000 29Ministry of Development of North Eastern Region Revenue367,62,00,000..367,62,00,000 Capital54,50,00,000..54,50,00,000 30Ministry of Drinking Water and SanitationRevenue1041,10,00,000..1041,10,00,000 31Ministry of Earth SciencesRevenue249,59,00,0002,00,000249,61,00,000 Capital20,84,00,000..20,84,00,000 32Ministry of Environment Forests and Climate Change Revenue314,80,00,000..314,80,00,000 Capital8,13,00,000..8,13,00,000 33Ministry of External AffairsRevenue3000,82,00,0001,00,0003000,83,00,000 Capital753,14,00,000..753,14,00,000 34Department of Econ omic AffairsRevenue2962,48,00,000..2962,48,00,000 Capital933,61,00,000..933,61,00,000 35Department of Financial ServicesRevenue2551,97,00,000..2551,97,00,000 Capital2915,83,00,000..2915,83,00,000 CHARGED.—Interest PaymentsRevenue79348,20,00,00079348,20,00,000 37Transfers to State and Union territory Governments Revenue5867,50,00,00014810,75,00,00020678,25,00,000 Capital2100,00,00,0002100,00,00,000 38Loans to Government Servants, etc.Capital33,33,00,000..33,33,00,000 CHARGED. -Repayment of DebtCapital705537,96,00,000705537,96,00,000 40Department of ExpenditureRevenue26,14,00,000..26,14,00,000 41PensionsRevenue4524,17,00,00023,33,00,0004547,50,00,000 42Indian Audit and Accounts DepartmentRevenue590,89,00,00019,51,00,000610,40,00,000 Capital2,50,00,000..2,50,00,000 43Department of RevenueRevenue2680,28,00,000..2680,28,00,000 Capital17,67,00,000..17,67,00,000 44Direct TaxesRevenue805,39,00,000..805,39,00,000 Capital96,03,00,000..96,03,00,000 45Indirect TaxesRevenue833,50,00,0008,00,000833,58,00,000 Capital110,60,00,000..110,60,00,000 46Department of DisinvestmentRevenue7,33,00,000..7,33,00,000 47Ministry of Food Processing IndustriesRevenue84,25,00,000..84,25,00,000 48Department of Health and Family WelfareRevenue5233,55,00,000..5233,55,00,000 Capital144,56,00,000..144,56,00,000 49Department of Health ResearchRevenue169,70,00,000..169,70,00,000 50Department of AIDS ControlRevenue474,50,00,000..474,50,00,000 Capital8,33,00,000..8,33,00,000 51Department of Heavy IndustryRevenue45,96,00,000..45,96,00,000 Capital224,83,00,000..224,83,00,000 52Department of Public EnterprisesRevenue3,17,00,000..3,17,00,000 53Ministry of Home AffairsRevenue253,68,00,000..253,68,00,000 Capital26,40,00,000..26,40,00,000 54CabinetRevenue69,50,00,000..69,50,00,000 55PoliceRevenue9179,75,00,0002,05,00,0009181,80,00,000 Capital2297,59,00,0001,32,00,0002298,91,00,000 56Other Expenditure of the Ministry of Home Affairs Revenue480,17,00,0001,00,000480,18,00,000 Capital |66,43,00,000..66,43,00,000 57Transfers to Union territory GovernmentsRevenue282,67,00,000..282,67,00,000 Capital12,00,00,000..12,00,00,000 58Ministry of Housing and Urban Poverty Alleviation Revenue939,08,00,000..939,08,00,000 59Department of School Education and LiteracyRevenue19889,42,00,000..19889,42,00,000 60Department of Higher EducationRevenue4475,88,00,000..4475,88,00,000 61Ministry of Information and BroadcastingRevenue615,78,00,000..615,78,00,000 Capital4,17,00,000..4,17,00,000 62Ministry of Labour and EmploymentRevenue920,40,00,000..920,40,00,000 Capital7,72,00,000..7,72,00,000 63Election CommissionRevenue12,67,00,000..12,67,00,000 Capital1,50,00,000..1,50,00,000 - 3 -Ex-518/2015 - 4 - Ex-518/201564Law and JusticeRevenue570,15,00,000..570,15,00,000 Capital17,13,00,000..17,13,00,000 CHARGED.—Supreme Court of IndiaRevenue..25,83,00,00025,83,00,000 66Ministry of Micro, Small and Medium Enterprises Revenue499,52,00,000..499,52,00,000 Capital1,72,00,000..1,72,00,000 67Ministry of MinesRevenue260,03,00,0001,00,000260,04,00,000 Capital9,13,00,000..9,13,00,000 68Ministry of Minority AffairsRevenue603,02,00,000..603,02,00,000 Capital20,00,00,000..20,00,00,000 69Ministry of New and Renewable EnergyRevenue451,37,00,000..451,37,00,000 Capital15,83,00,000..15,83,00,000 70Ministry of Overseas Indian AffairsRevenue17,70,00,000..17,70,00,000 Capital2,00,00,000..2,00,00,000 71Ministry of Panchayati RajRevenue15,79,00,000..15,79,00,000 72Ministry of Parliamentary AffairsRevenue2,60,00,000..2,60,00,000 73Ministrs of Personnel, Public GrievancesRevenue169,19,00,0001,27,00,000170,46,00,000 and PensionsCapital18,46,00,00025,00,00018,71,00,000 CHARGED.—Central Vigilance CommissionRevenue..4,61,00,0004,61,00,000 75Ministry of Petroleum and Natural GasRevenue4483,09,00,000..4483,09,00,000 Capital17,00,000..17,00,000 76Ministry of PlanningRevenue412,31,00,000..412,31,00,000 Capital114,50,00,000..114,50,00,000 77Ministry of PowerRevenue1053,26,00,000..1053,26,00,000 Capital325,38,00,000..325,38,00,000 CHARGED.—Staff, Household and Allowances of the PresidentRevenue..7,67,00,0007,67,00,000 79Lok SabhaRevenue98,62,00,00015,00,00098,77,00,000 80Rajya SabhaRevenue55,89,00,00018,00,00056,07,00,000 CHARGED.—Union Public Service CommissionRevenue..33,33,00,00033,33,00,000 82Secretariat of the Vice-PrcsidentRevenue68,00,000..68,00,000 83Ministry of Road Transport and HighwaysRevenue2760,00,00,000..2760,00,00,000 Capital10418,04,00,0001,75,00,00010419,79,00,000 84Department of Rural DevelopmentRevenue36089,09,00,000..36089,09,00,000 85Department of Land ResourcesRevenue272,92,00,000..272,92,00,000 86Department of Science and TechnologyRevenue640,66,00,000..640,66,00,000 Capital2,97,00,000..2,97,00,000 87Department of Scientific and Industrial Research Revenue670,67,00,000..670,67,00,000 Capital1,17,00,000..1,17,00,000 88Department of BiotechnologyRevenue270,86,00,000..270,86,00,000 89Ministry of ShippingRevenue232,29,00,000..232,29,00,000 Capital64,35,00,000..64,35,00,000 90Ministry of Skill Development and EntrepreneurshipRevenue257,24,00,000..257,24,00,000 91Department of Social Justice and Empowerment Revenue1010,43,00,000..1010,43,00,000 Capital77,04,00,000..77,04,00,000 92Department of Disability AffairsRevenue100,32,00,000..100,32,00,000 Capital5,83,00,000..5,83,00,000 93Department of SpaceRevenue653,78,00,00010,00,000653,88,00,000 Capital577,42,00,0007,00,000577,49,00,000 94Ministry of Statistics and ProgrammeRevenue802,79,00,000..802,79,00,000 Imp leme ntationCapital1,69,00,000..1,69,00,000 95Ministry of SteelRevenue14,69,00,000..14,69,00,000 96Ministry of TextilesRevenue689,35,00,000..689,35,00,000 Capital23,12,00,000..23,12,00,000 97Ministry of TourismRevenue261,34,00,000..261,34,00,000 Capital84,00,000..84,00,000 98Ministry of Tribal AffairsRevenue255,05,00,0001323,52,00,0001578,57,00,000 Capital23,34,00,000..23,34,00,000 99Andaman and Nicobar IslandsRevenue547,79,00,000..547,79,00,000 Capital95,61,00,000..95,61,00,000 100ChandigarhRevenue538,88,00,0004,55,00,000543,43,00,000 Capital95,16,00,000..95,16,00,000 101Dadra and Nagar HaveliRevenue99,75,00,0001,00,00099,76,00,000 Capital51,49,00,000..51,49,00,000 102Da man and DiuRevenue229,59,00,000..229,59,00,000 Capital67,32,00,000..67,32,00,000 103LakshadweepRevenue162,47,00,000..162,47,00,000 Capital30,00,00,000..30,00,00,000 104Department of Urban DevelopmentRevenue251,57,00,00011,13,00,000262,70,00,000 Capital1533,68,00,00019,17,00,0001552,85,00,000 105Public WorksRevenue265,21,00,00013,00,000265,34,00,000 Capital124,96,00,00017,00,000125,13,00,000 106Stationery and PrintingRevenue42,78,00,000..42,78,00,000 Capital17,00,000..17,00,000 107Ministry of Water Resources, RiverRevenue1039,20,00,000..1039,20,00,000 Development and Ganga RejuvenationCapital24,12,00,00018,00,00024,30,00,000 108Ministry of Women and Child DevelopmentRevenue1730,85,00,000..1730,85,00,000 109Ministry of Youth Affairs and SportsRevenue256,71,00,000..256,71,00,000 Capital15,00,000..15,00,000 TOT AL286498,66,00,000803318,82,00,0001089817,48,00,000Published and Issued by Controller, Printing & Stationery Department, Government of Mizoram Printed at the Mizoram Government Press, Aizawl. C/50- 5 -Ex-518/2015

The Mizoram Gazette EXTRA ORDINARY Published by Authority RNI No. 27009/1973Postal Regn. No. NE-313(MZ) 2006-2008NOTIFICATIONNo.H. 12017/55/2014-LJD, the 13th October, 2015.The following Act is hereby re-published for general information. The Appropriation Act, 2015 (Act No. 9 of 2015) Zahmingthanga Ralte, Joint Secretary to the Govt .of Mizoram. VOL - XLIV Aizawl, Friday 16.10.2015 Asvina 24, S.E. 1937, Issue No. 519 THE APPROPRIATION ACT, 2015 AN ACTto a uthorise payment and a ppropria tion of certain further sums from and out of the Consolidated Fund of India for the services of the financial year 2014-15. BE it enacted by Parliament in the Sixty-sixth Year of the Republic of India as follows:— 1. This Act may be called the Appropriation Act, 2015. 2. From and out of the Consolidated Fund of India there may be paid and applied sums not exceeding those specified in column 3 of the Schedule amounting in the aggregate to t he sum of thirty six thousand nine hundred fifty two crore and eighty six lakh rupees only towards defraying the several charges which will come in course of payment during the financial yea r 2014-15 in r espect of the services specified in column 2 of the Schedule. 3. The sums authorised to be paid and applied from and out of the Consolidated Fund of India by this Act shall be appropriated for the services and purposes expressed in t he Schedule in relation to the said year.Short title. Wi thdrawal of Rs.36952, 86, 00,000 from and out of the Consolidated Fund of India for the financi al year 2015-16. Appropriati on. - 2 - Ex-519/2015 Rs. Rs. Rs. 1Department of Agriculture and CooperationRevenue4,00,000..4,00,000 Capital1,00,000..1,00,000 2Department of Agricultural Research and Education Revenue3,00,000..3,00,000 3Department of Animal Husbandry,Revenue2,00,000..2,00,000 Dairying and FisheriesCapital1,00,000..1,00,000 4Atomic EnergyRevenue3,00,000..3,00,000 Capital3,00,000..3,00,000 9Ministry of Civil AviationRevenue54,26,00,000..54,26,00,000 10Ministry of CoalRevenue1,00,000..1,00,000 11Department of CommerceRevenue2,00,000..2,00,000 12Department of Industrial Policy and PromotionRevenue12,61,00,000..12,61,00,000 13Department of PostsRevenue344,66,00,00021,00,000344,87,00,000 14Department of TelecommunicationsRevenue2,00,000..2,00,000 Capital1,00,000..1,00,000 15Department of Electronics and Information Technology Revenue1,00,000..1,00,000 17Department of Food and Public DistributionRevenue8386,10,00,000..8386,10,00,000 19Ministry of CultureRevenue2,00,000..2,00,000 20Ministry of DefenceRevenue314,03,00,00058,00,000314,61,00,000 Capital..6,73,00,0006,73,00,000 21Defence PensionsRevenue..9,30,00,0009,30,00,000 22Defence Services - ArmyRevenue5340,47,00,000336,00,00,0005676,47,00,000 23Defence Services - NavyRevenue350,37,00,0009,63,00,000360,00,00,000 24Defence Services - Air ForceRevenue1925,43,00,00053,59,00,0001979,02,00,000 25Defence Ordnance FactoriesRevenue1,00,000..1,00,000 26Defence Services - Research and DevelopmentRevenue320,03,00,000..320,03,00,000 27Capital Outlay on Defence ServicesCapital1,00,0001,00,0002,00,000 31Ministry of Environment and ForestsRevenue1,00,000..1,00,000 32Ministry of External AffairsRevenue1,00,000..1,00,000 33Department of Economic AffairsRevenue433,33,00,000..433,33,00,000 34Department of Financial ServicesRevenue3559,15,00,000..3559,15,00,000 Capital1,00,000..1,00,000 37Loans to Government Servants, etcCapital1,00,000..1,00,000 40PensionsRevenue687,00,00,00035,00,00,000722,00,00,000 41Indian Audit and Accounts DepartmentRevenue..5,83,00,0005,83,00,000 42Department of RevenueRevenue11033,03,00,000..11033,03,00,000 43Direct TaxesCapital1,00,000..1,00,000 44Indirect TaxesCapital1,00,000..1,00,000 46Ministry of Food Processing IndustriesRevenue2,00,000..2,00,000 47Department of Health and Family WelfareRevenue4,00,000..4,00,000 Capital1,00,000..1,00,000 48Department of Ayurveda, Yoga and Naturopathy, Unani, Siddha and Homoeopathy (AYUSH)Revenue4,00,000..4,00,000 51Department of Heavy IndustryRevenue57,30,00,000..57,30,00,000 Capital1,00,000..1,00,000 53Ministry of Home AffairsRevenue1,00,000..1,00,000 54CabinetRevenue25,01,00,000..25,01,00,000 55PoliceRevenue1011,87,00,000..1011,87,00,000 Capital1,00,000..1,00,000 56Other Expenditure of the Ministry of Home Affairs Revenue1,00,000..1,00,000 58Ministry of Housing and Urban Poverty AlleviationRevenue3,00,000..3,00,000 59Department of School Education and LiteracyRevenue2,00,000..2,00,000 THE SCHEDULE (See sections 2 and 3)No. of Vote123 Services and purposesVoted by ParliamentCharged on the Consoli- dated FundTotal Sums not exceeding - 3 -Ex-519/201560Department of Higher EducationRevenue5,00,000..5,00,000 61Ministry of Information and BroadcastingRevenue3,00,000..3,00,000 Capital3,21,00,000..3,21,00,000 62Ministry of Labour and EmploymentRevenue1,00,000..1,00,000 63Election CommissionRevenue1,00,00,000..1,00,00,000 CHARG ED.—Supreme Court of IndiaRevenue15,64,00,00015,64,00,000 66Ministry of Micro, Small and Medium Enterprises Revenue2,00,000..2,00,000 67Ministry of MinesRevenue2,00,0008,00,00010,00,000 68Ministry of Minority AffairsRevenue1,00,000..1,00,000 73Ministry of Personnel , Public Grievances and Pensions Revenue4,74,00,000..4,74,00,000 CHARG ED.—Central Vigilance CommissionRevenue..1,00,00,0001,00,00,000 75Ministry of Petroleum and Natural GasRevenue1,00,000..1,00,000 Ca pital 2399,00,00,000..2399,00,00,000 76Ministry of PlanningRevenue2,00,000..2,00,000 77Ministry of PowerRevenue91,85,00,000..91,85,00,000 Capital1,00,000..1,00,000 CHARGED.—Staff, Household and Allowances of the PresidentRevenue..3,75,00,0003,75,00,000 80Rajya SabhaRevenue1,60,00,000..1,60,00,000 CHARG ED.—Union Public Service CommissionRevenue18,00,00,00018,00,00,000 83Ministry of Road Transport and HighwaysRevenue1,00,000..1,00,000 86Department of Science and TechnologyRevenue1,00,000..1,00,000 87Department of Scientific and Industrial Research Revenue2,00,000...2,00,000 88Department of BiotechnologyRevenue2,00,000..2,00,000 89Ministry of ShippingRevenue3,00,000..3,00,000 90Ministry of Social Justice and EmpowermentRevenue3,00,000..3,00,000 91Department of Disability AffairsRevenue2,00,000..2,00,000 92Department of SpaceCapital3,00,00,000..3,00,00,000 93Ministry of Statistics and Programme Implementation Revenue1,00,000..1,00,000 94Ministry of SteelRevenue1,00,000..1,00,000 95Ministry of TextilesRevenue1,00,000..1,00,000 96Ministry of TourismRevenue1,00,000..1,00,000 Capital10,80,00,000..10,80,00,000 97Ministry of Tribal AffairsRevenue3,07,00,000..3,07,00,000 98Andaman and Nicobar IslandsRevenue3,00,000..3,00,000 Capital4,00,000..4,00,000 99ChandigarhRevenue..3,51,00,0003,51,00,000 Capital1,00,000..1,00,000 101Da man and DiuCapital4,00,000..4,00,000 102l.akshadweepRevenue2,00,000..2,00,000 103Department of Urban DevelopmentRevenue80,01,00,000..80,01,00,000 106Ministry of Water ResourcesRevenue3,00,000..3,00,000 TOT AL36454,00,00,000498,86,00,00036952,86,00,000Published and Issued by Controller, Printing & Stationery Department, Government of Mizoram Printed at the Mizoram Government Press, Aizawl. C/50

The Mizoram Gazette EXTRA ORDINARY Published by Authority RNI No. 27009/1973Postal Regn. No. NE-313(MZ) 2006-2008NOTIFICATIONNo.H. 12017/55/2014-LJD, the 13th October, 2015.The following Act is hereby re-published for general information. The Mines a nd Minerals (D evelopment and Regula tion) Amendment Act, 2015 (Act No. 10 of 2015) Zahmingthanga Ralte, Joint Secretary to the Govt .of Mizoram. VOL - XLIV Aizawl, Friday 16.10.2015 Asvina 24, S.E. 1937, Issue No. 520 THE MINES AND MINERALS (DEVELOPMENT AND REGULATION) AMENDMENT ACT, 2015 AN ACTfurther to amend the Mines and Minerals (Development a nd Regulation) Act, 1957. BE it enacted by Parliament in the Sixty-sixth Year of the Republic of India as follows:— 1. (1 ) This Act may be called the Mines and Minerals (D evelopment a nd Regulation) Amendment Act, 2015. (2) It shall be deemed to have come into force on the 12th day of January, 2015. 2. In the Mines and Minerals (Development and Regulation) Act, 1957 (her einafter referred to as the principal Act), in section 3,— (i) after clause (e), the following clause shall be inserted, namely:— ‘(ea) “notified minerals” means any mineral specified in the Fourth Schedule;’; (ii) after clause (g), the following clause shall be inserted, namely:— ‘(ga ) “prospecting licence-cum-mining lease” means a two stage concession granted for the purpose of undertaking prospecting operations followed by mining operations;’;Short title and commencement. Amendment of s ection 2. 67 of 1957. - 2 - Ex-520/2015 (iii) in clause (hb), the word “and”, occurring a t the end, shall be omitted; (iv) after clause (hb), the following clause shall be inserted, namely:— ‘(hc) “Special Cour t” means a Court of Session designated as Special C ourt under sub-s ection (1) of section 30B; a nd’. 3. In section 4 of the principal Act, in the second proviso to sub-section (1), for the words and figur es “section 617 of the Companies Act, 1956”, the wor ds, brackets and figures “clause (45) of section 2 of the Companies Act, 2013, a nd any such entity that may be notified for this purpose by the Central Government” sha ll be substituted. 4. In section 4A of the pr incipal Act, in sub-s ection (4), for the pr ovisos, the following provisos shall be substituted, namely:— “Provided that the State Government may, on an application made by the holder of such lease before it lapses and on being sa tisfied that it will not be possible for the holder of the lease to u ndertake mining operations or to continue such operations for reasons beyond his control, make an order, within a period of t hree months fr om the date of receiving of s uch application, subject to such conditions as may be prescribed, to the effect that such lease shall not la pse: Provided further that such lease shall lapse on failure to undertake mining operations or inability to continue the same before the end of a period of six months from the da te of t he order of the State Government: Provided also that the Sta te Government may, on an application made by the holder of a lease submitted within a period of six months fr om the date of its lapse and on being satisfied that such non-commencement or discontinua nce was due to r easons beyond the control of the holder of t he lease, revive the lease within a period of three months from the date of receiving the applica tion fr om such prospective or retrospective date as it thinks fit but not earlier than the date of lapse of the lease: Provided also that no lea se shall be revived under the third proviso for more than twice during the entire period of t he lease.”. 5. In section 5 of the principal Act,— (A) in sub-section (1),— (i) in clause (a), for the words, brackets and figures “ sub-section (1) of section 3 of the Companies Act, 1956”, the words, brackets and figures “clause (20) of section 2 of t he Companies Act, 2013” shall be substituted; (ii) for the pr oviso, the following proviso shall be substituted, namely:— “Provided that in respect of any minera l specified in Part A and Pa rt B of the F irst Schedule, no reconnaissa nce permit, prospecting licence or mining lease shall be granted except with the previous approval of t he Central Government.”; (B) in sub-section (2),— (i) for clause (a), the following clause shall be substituted, namely:— “(a) there is evidence to show the existence of mineral cont ents in the ar ea for which the application for a mining lease has been ma de in a ccordance with such pa rameters as may be prescribed for this purpose by the Central Government;”; Amendment of s ection 4. Amendment of se ction 4A. Amendment of s ection 5.1 of 1956. 18 of 2013. 1 of 1956. 18 of 2013. - 3 -Ex-520/2015 (ii) after clause (b), the following proviso shall be inserted, namely:— “Provided that a mining lease may be gra nted upon the filing of a mining plan in accordance with a system established by the State Government for preparation, certification, and monitoring of such plan, with the approval of the Central Government.”. 6. In section 6 of the principal Act, in sub-section (1), in clause (b ), for the proviso, the following proviso sha ll be substituted, namely:— “Provided that if the Central Government is of the opinion that in the interest of the development of any minera l or industry, it is necessar y so to do, it may, for reasons to be recorded in writing, increase the aforesaid area limits in respect of prospecting licence or mining lease, in so far as it pertains to any particular mineral, or to any specified category of deposits of such mineral, or to any particular mineral located in any particular area.”. 7. For section 8 of the pr incipal Act, the following section shall be substituted, namely:— “8. (1) The provisions of this section shall apply to minerals specified in Part A of t he Fir s t Schedule. (2) The maximum period for which a mining lease may be granted shall not exceed t hirty years: Provided tha t the minimum period for which any such mining lease may be granted shall not be less than twenty years. (3) A mining lease may be renewed for a period not exceeding twenty year s with the previous approval of the Central Government.”. 8. After section 8 of the princip al Act, the following section shall be inser ted, namely:— “8A. (1) T he provisions of this section shall apply to minerals other than those specified in Part A and Par t B of the First Schedule. (2) On and from the date of the commencement of the Mines and Minerals (Development and Regulation) Amendment Act, 2015, all mining leases shall be gra nted for the period of fifty years. (3) All mining lea s es gr anted befor e the commencement of the M ines and Minerals (Development and Regulation) Amendment Act, 2015 shall be deemed to have been granted for a period of fifty years. (4) On the expiry of the lease period, the lease shall be put up for auction as per the procedure specified in this Act. (5) Notwithstanding anything contained in sub-s ections (2), (3) and sub- section (4), the period of lease granted before the date of commencement of the Mines a nd Minerals (D evelopment and Regulation) Amendment Act, 2015, where minera l is used for captive purpose, shall be extended and be deemed to have been extended up to a period ending on the 31st March, 2030 with effect from the date of expiry of the period of renewal last made or till the completion of r enewal period, if any, or a period of fifty years from the date of grant of such lease, whichever is later, subject to the condition that all the terms and conditions of the lease have been complied with. (6) Notwithstanding anything contained in sub-s ections (2), (3) and sub- section (4). the period of lease granted before the date of commencement ofAmendment of s ection 6. Substitution of new section for section 8. Insertion of new section 8A. Period of grant of a mining lease for minerals other than coal, lignite and atomic minerals. Periods for which mining leases may be granted or renewed - 4 - Ex-520/2015 the Mines a nd Minerals (D evelopment and Regulation) Amendment Act, 2015, where miner al is u sed for other than ca ptive purpose, shall be extended and be deemed to have been extended up to a period ending on the 31 st March, 2020 with effect from the date of expiry of the period of renewal last made or till the completion of renewal period, if any, or a period of fifty yea rs from the date of grant of such lease, whichever is later, subject to the condition t hat all the terms and conditions of t he lease have been complied with. (7) Any holder of a lease granted, where mineral is used for captive purpose, sha ll have the right of first refusal at the time of auction held for such lea s e a fter the ex pir y of the lease per iod. (8) Notwithstanding anything contained in this section, the period of mining leases, including existing mining leases, of Government companies or corporations shall be such as may be prescribed by the Central Government. (9) The provisions of this section, notwithstanding anything conta ined therein, sha ll not apply to a mining lease granted before the date of commencement of the Mines a nd M inera ls (Development a nd Regu la tion) Amendment Act , 2015, for which renewal has been rejected, or which has been determined, or la psed. “. 9. After section 9A of the principal Act, the following sections shall be inserted, namely :— “9B, (1) In any dis trict a ffected by mining related operations, the State Government shall, by notification, establish a trust, a s a non-profit body, to be called the District Mineral Foundation. (2) The object of t he District Mineral Foundation shall be to work for the interest and benefit of persons, and areas affected by mining related operations in such manner as may be prescribed by the State Government. (3) The composition and functions of the District Minera l Foundation shall be su ch as ma y be pr escribed by the State Government. (4) The Sta te Government while ma king rules under sub-s ections (2) and (3) shall be guided by the provisions contained in article 244 r ead with Filth and Sixth Schedules to the Constitution relating to administration of the Scheduled Areas and Tr ibal Areas and the Provisions of the Panchayats (Extension to the Scheduled Areas) Act, 1996 and the Scheduled Tr ibes and Other Traditional Forest Dwellers (R ecognit ion of Forest Rights) Act, 2006. (5) The holder of a mining lease or a prospecting licence-cum-mining lease granted on or after the date of commencement of the Mines and Minerals (Development and Regulation) Amendment Act, 2015, shall, in addition to the royalty, pay to the District Mineral Foundation of the district in which the mining operations are car ried on, an amount which is equivalent to such percentage of the royalty paid in terms of the S econd Schedule, not exceeding one-thir d of such royalty, as ma y be prescribed by the Central Government. (6) The holder of a mining lease granted before the date of commencement of t he Mines and Minerals (Development and Regulation) Amendment Act, 2015, shall, in addition to the royalty, pay to the District Mineral Foundation of the district in which the mining operations are carried on, an amount not exceeding the royalty paid in terms of the Second Schedule in such manner and subject to the categorisation of the mining leases and the amounts payable by the various categories of lease holders, as may be prescribed by the Central Government. Insertion of new se ctions 9B and 9C. District Mine ral Foundation 40 of 1996. 2 of 2007. - 5 -Ex-520/2015 9C. (1) The Central Government shall, by notification, establish a Tr ust, as a non-pr ofit body, to be called the Na tional Mineral Explora tion Tr ust. (2) T he object of t he Trust shall be to u se the funds a ccrued to the Trust for the pur poses of regional and detailed exploration in such manner as ma y be prescribed by the Central Government. (3) The composition and functions of t he Trust shall be such as ma y be prescribed by the Central Government. (4) The holder of a mining lease or a prospecting licence-cum-mining lease shall pay to the Tr ust, a sum equivalent to two per cent, of the royalty paid in terms of the Second Schedule, in such manner as may be prescribed by the Central Government.”. 10. After section 10 of the principal Act, the following sections shall be inserted, namely: - “10A. (1) All applications received prior to the date of commencement of the Mines and Minerals (Development and Regulation) Amendment Act, 2015, shall become ineligible. (2) Without prejudice to sub-section (1), the following shall remain eligible on a nd from the date of commencement of the Mines and Minera ls (Development and Regulation) Amendment Act, 2015:— (a) applications received under section 11A of this Act; (b) where before the commencement of the Mines and Minerals (Development and Regulation) Amendment Act, 2015 a reconnaissance permit or prospecting licence has been granted in respect of a ny land for any mineral, the permit holder or the licensee shall have a right for obta ining a prospecting licence followed by a mining lease, or a mining lease, as the case may be, in respect of that mineral in that land, if the Stat e Gover nment is satis fied that the p ermit holder or the licensee, as the case may be,— (i) has undertaken reconnaissance operations or prospecting operations, as the case may be, to establish the existence of mineral cont ents in such land in accorda nce with such parameters as may be prescribed by the Central Government; (ii) has not committed any breach of the terms and conditions of t he reconnaissa nce permit or the pr ospecting licence; (iii) has not become ineligible under the provisions of this Act; a nd (iv) has not failed to apply for grant of prospecting licence or mining lease, as the case may be, within a period of three months after the expiry of reconnaissa nce permit or prospecting licence, a s the ca se may be, or within su ch further period not exceeding six months as may be extended by the State Government; (c) where the Central Government ha s communicated previous appr oval as requir ed under sub-s ection (1) of section 5 for grant of a mining lease, or if a letter of intent (by whatever name called) has been issued by the State Government to grant a mining lease, before the commencement of the Mines and Minerals (Development and Regulation) Amendment Act, 2015, the mining lease shall be gra nted subject to fulfilment of the conditions of the previous approva l or of the letter of intent within a period of two years from the date of commencement of the said Act:National Mine ral Exploration Trust. Insertion of ne w se ctions 10A, 10B, and 10C. Rights of existing concession holders and applicants. Provided that in respect of any mineral specified in the First Schedule, no prospecting licence or mining lease shall be granted under clause (b) of this sub-section except with the previous appr oval of the Centr al Government. 10B. (1) The provisions of this section shall not be a pplicable to cases covered by section 1OA or section 17A or to miner als specified in Part A or Part B of the First Schedule or to land in resp ect of which t he minerals do not vest in the Government. (2) Where there is inadequate evidence to show the existence of mineral cont ents of any not ified mineral in respect of any area, a State Government may, after obtaining the pr evious a pproval of the Central Government, gra nt a prospecting licence-cum-mining lease for the sa id notified mineral in such area in accordance with the pr ocedure laid down in section 11. (3) In areas where the existence of mineral contents of a ny notified mineral is established in the ma nner pr escribed by the Centr al Government, the State Government shall notify such areas for grant of mining leases for such notified mineral, the terms and conditions subject to which such mining leases shall be gra nted, and any other relevant conditions, in such manner as ma y be prescribed by the Central Government. (4) For the purpose of gra nting a mining lease in respect of a ny notified mineral in such notified area, the State Government shall select, through auction by a method of competitive bidding, including e-auction, an applicant who fulfils the eligibility conditions as specified in this Act. (5) The Cent ral Government shall prescribe the terms and conditions, and procedur e, subject to which the auction shall be condu cted, including the bidding parameters for the selection, which may include a share in the production of the mineral, or a ny payment linked to the royalty payable, or any other relevant pa rameter, or any combination or modification of them. (6) Without prejudice to the generality of sub-section (5), the Central Government shall, if it is of the opinion that it is necessary and exp edient t o do so, prescribe terms and conditions, procedure and bidding parameters in respect of categories of minerals, size and area of mineral deposits and a State or States, subject to which the auction shall be conducted: Provided tha t the terms and conditions may include the reservation of any particular mine or mines for a particular end-use and subject to such condition which allow only such eligible end users to pa rticipa te in the auct ion. (7) The State Gover nment shall gra nt a mining lease to a n applicant selected in accordance with the procedure laid down in this section in respect of s uch notified mineral in any notified area. 10C. (1) Non-exclusive reconnaissance permits may be granted in respect of a ny notified mineral or non-notified mineral or a gr oup of specified minerals, other than minerals specified in Part A or Part B of the First Schedule, subject to such terms and conditions as ma y be prescribed by the Central Government. (2) The holder of such non-exclusive reconnaissance permit shall not be entitled to make any claim for the grant of any prospecting licence-cum-mining lease or a mining lease.”. 11. For section 11 of the principal Act, the following section sha ll be substituted, namely:— Grant of mining lease in respect of notified minerals through auction. Grant of non- exclusive re conn ai ss ance permits. Substitution of new section for section 11.- 6 - Ex-520/2015 “11. (1) The provisions of this section shall not be a pplicable to cases covered by s ection 10A or section 17A or to miner als specified in Part A or Part B of t he First Schedule or to land in resp ect of which minerals do not vest in the Government. (2) In a reas wher e ther e is evidence to show the existenc e of mineral cont ents as required by cla use (a) of sub-section (2) of s ection 5, the S tate Government shall grant a mining lease for minerals other than notified minerals following the procedure laid down in section 10B. (3) In areas where there is inadequate evidence to show the existence of mineral contents as required under cla use (a) of sub-section (2) of section 5, the State Government shall grant a prospecting licence-cum-mining lease for minerals other than notified minerals in accordance with the pr ocedure laid down in this section. (4) The State Gover nment shall not ify the areas in which prospecting licence-cum-mining leases shall be granted for any minerals other than notified minerals, the terms and conditions subject to which such prospecting licence- cum-mining leases shall b e granted, and any other relevant conditions, in such manner as ma y be pr escribed by the Central Government. (5) For the purpose of gr anting prospecting licence-cum-mining lea ses, the State Government shall select, through auction by method of competitive bidding, including e-auction, an applicant who fulfils the eligibility conditions as specified in this Act. (6) The Cent ral Government shall prescribe the terms and conditions, and procedur e, subject to which the auction shall be condu cted, including the bidding parameters for the selection, which may include a share in the production of the mineral, or a ny payment linked to the royalty payable, or any other relevant pa rameter, or any combination or modification of them. (7) Without prejudice to the generality of sub-section (6), the Central Government shall, if it is of the opinion that it is necessary and exp edient t o do so, prescribe terms and conditions, procedure and bidding parameters in respect of categories of minerals, size and area of mineral deposits and a State or States, subject to which the auction shall be conducted. (8) The State Gover nment shall grant a prospecting licence-cum-mining lease to an applica nt selected in accordance with the procedure laid down in this section. (9) The holder of a prospecting licence-cum-mining lease shall be required to complete, within the period laid down in section 7, the prospecting operations satisfactor ily as specified in the notice inviting applications. (10) A holder of a prospecting licence-cum-mining lease, who completes the prospecting operation a s laid down in sub-section (9) and est ablishes the existence of minera l contents in the area in conformity with such parameters as may be prescribed for this purpose by the Central Government, shall be required to apply for a mining lea se for such ar ea and shall ha ve the right to get the mining lease and thereaft er undertake mining operations in accor dance with the provisions of this Act.”. 12. After section 11A of the pr incipal Act, the following sections shall be inser ted, namely:—Grant of pros- pecting licence -cum-mining lease through auction in res- pect of minerals other than noti- fied minerals. Insertion of new se ctions 11B and 11C. - 7 -Ex-520/2015 “11B. The Central Government may, by notification in t he Official Gazette, make rules for regulating the grant of mining leases or other mineral concessions in r espect of miner als specified in Part B of the First Schedule and for purposes connected therewith, and the State Government shall gra nt a reconnaissance permit, prospecting licence or mining lease in respect of any such minera l in accordance with such rules. 11C. The Central Government may, by notification in the Official Gazette, amend the First Schedule a nd the F ourth Schedule so as to add or delete any mineral as may be specified in the notification.”. 13. After section 12 of the principal Act, the following section shall be inserted, namely: — “12A. (1) The provisions of this section shall not apply to minerals specified in Part A or Par t B of the First Schedule. (2) A holder of a mining lease or a prospecting licence-cum-mining lease granted in accordance with the procedure laid down in section 10B or section 11 ma y with the previous approval of the Sta te Government, transfer his mining lea s e or pr ospecting licence-cum-mining lease, a s the c ase may be, in such manner as ma y be prescribed by the Central Government, to any person eligible to hold such mining lease or prospecting licence-cum- mining lease in accordance with the provisions of this Act and the rules made thereunder. (3) If the S tate Government does not convey its pr evious approval for transfer of such mining lea se or pr ospecting licence-cum-mining lease, as the case may be, within a period of ninety da ys from the date of receiving such notice, it shall be constr ued tha t the S tate Government has no object ion to such transfer: Provided that the holder of the original mining lease or prospecting licence- cu m-mining lease shall int imate to the State Government the consideration payable by the successor-in-interest for the transfer, including t he consideration in r espect of the prospecting operations already underta ken and the reports and data generated during the operations. (4) No such transfer of a mining lease or prospecting licence-cum-mining lease, referred to in sub-section (2), shall ta ke place if the State Government, within the notice period and for reasons to be communicated in writing, disa pproves the tra nsfer on the ground that the transferee is not eligible as per the provisions of this Act: Provided tha t no such transfer of a mining lease or of a prospecting licence-cum-mining lease, shall be made in contravention of any condition subject to which the mining lease or the prospecting licence-cum-mining lease was gr anted. (5) All transfers effected under this section shall be subject to the condition that the transfer ee has accepted all the conditions and liabilities under any law for the time being in force which the transferor was subject to in resp ect of such a mining lease or prospecting licence-cum-mining lease, as the cas e may be. (6) T he transfer of mineral concessions shall be allowed only for concessions which ar e granted through auction.”. 14. In section 13 of the principal Act, in sub-section (2),— (i) after clause (j), the following clause shall be inserted, namely:— Powe r of Central Go- vernment to make rules for regulating atomic minerals specified unde r Part B of First Schedule. Power of Cen- tral Govern- me nt to ame nd First Schedule and Fourth Schedule. Insertion of new section 12A. Transfer of mineral concession. Amendment of s ection 13.- 8 - Ex-520/2015 “(jj) parameters of existence of mineral contents under clause (a) of s ub-section (2) of section 5;”; (ii) in cla use (qq), the word “and” occur ring at the end shall be omit ted; (iii) after clause (qq), the following clauses shall be inserted, namely:— “(qqa) the amount of payment to be made to the Distr ict Mineral Foundation under sub-sections (5) and (6) of section 9B; (qqb) the manner of usage of funds accrued to the National Mineral Exploration Trust under sub-section (2) of section 9C; (qqc) the composition and functions of the National Mineral Exploration Trust under sub-section (3) of section 9C; (qqd) the ma nner of payment of amount to the National Mineral Exploration Trust under sub-section (4) of section 9C; (qqe) the terms and conditions subject to which mining leases shall be gra nted under sub-section (3) of section 10B; (qqf) the terms and conditions, and pr ocedure, subject to which the auction shall be conducted including the bidding parameters for the selection under sub-section (5) of section 10B; (qqg) the time limits for various stages in processing applications for grant of mining lease or prospecting licence-cum-mining lease under sections 10B, 11, 11A, 11B, and section 17A, and their renewals; (qqh) the terms and conditions for grant of non-exclusive reconnaissance permits under sub-section (1) of section 10C; (qqi) the terms and conditions for grant of pr ospecting licence- cum-mining leases under sub-section (4) of section 11; (qqj) the terms and conditions, and procedure, including the bidding para meters for the selection under sub-s ection (6) of section 11; (qqk) the amount to be pa yable by a Government company or corporation, or a joint venture for gr ant of mining lease under sub-section (2C) of section 17A; and”. 15. In section 15 of the principal Act, after sub-section (3), the following sub- section sha ll be inserted, namely:— “(4) Without prejudice to sub-sections (1), (2) and sub-section (3), the State Government may, by notification, make rules for regulating the provisions of this Act for the following, namely:— (a) the manner in which the District Mineral Foundation shall work for the interest and benefit of persons and areas affected by mining under sub-section (2) of section 9B; (b) the composition and functions of the District Mineral Foundation under sub-section (3) of section 9B; and (c) the amount of payment to be made to the District Mineral Foundation by concession holders of minor minerals under section 15 A.”. 16. After section 15 of the principal Act, the following section shall be inserted, namely: “15A. The State Government may prescribe the payment by all holders of concessions related to minor minerals of amounts to the District Mineral Foundation of the district in which the mining operations are carried on”.Ame ndme nt of s ection 15. Insertion of ne w section 15A. Power of State Government to collect funds for District Mi- neral Founda- tion in case of minor minerals. - 9 -Ex-520/2015 17. In section 17A of the principal Act, after sub-section (2), the following sub- sections shall be inserted, namely:— “(2A) Where in exercise of the powers conferred by sub-s ection (1A) or sub-section (2), the Central Government or the State Government, as the case may be, reserves any area for undertaking prospecting or mining operations, the State Government shall grant p rospecting licence or mining lease, as the case may be, in respect of such area to such Government company or corporation: Provided that in respect of any mineral specified in Pa rt A and Part B of the First S chedule, the State Government shall grant the prospecting licence or mining lease, as the case may be, only a fter obtaining the pr evious approva l of the Central Government. (2B) Where the Government company or corporation is desirous of carr ying out the prospecting operations or mining operations in a joint venture with other persons, the joint venture partner shall be selected through a competitive process, and such Government company or cor poration shall hold more than seventy-four per cent. of the paid up share capital in such joint venture. (2C) A mining lease granted to a Government company or corporation, or a joint venture, refer red to in sub-s ections (2A) a nd (2B), shall be gra nted on payment of such amount as may b e prescribed by the Central Government.”. 18. After section 20 of the principal Act, the following section shall be inserted, namely:— “20A. (1) Notwithstanding a nything contained in this Act, the Central Government may issue such directions to the Sta te Governments, as ma y be required for the conserva tion of minera l resou rces, or on any policy matter in the national interest, and for the scientific and sustaina ble development and exploitation of mineral resour ces. (2) In particular, and wit hout prejudice to the generality of t he foregoing powers, the Central Government ma y also issue directions in respect of the following matters, namely:— (i) impr ovement in procedure for grant of minera l concessions and to ensur e co-or dination among agencies entrusted with accor ding statutory clearances; (ii) maintenance of internet-based databases including development and operation of a mining tenement system; (iii) implementation and evalua tion of sustainable development fra mewor ks; (iv) reduction in waste generation and related waste management practices a nd promotion of recycling of materials; (v) minimising and mitigating adverse environmental impacts particularly in respect of ground water, a ir, ambient noise and land; (vi) ensuring minimal ecological disturbance, in terms of bio- diversity, flora, fauna a nd habitat; (vii) promoting restoration and reclamation activities so as to make optimal use of mined out land for the benefit of the local communities; and (viii) such other matters as may be necessary for the purposes of implementation of this Act.”. 19. In section 21 of the principal Act, for sub-sections (1) and (2), the following sub-sections shall be substituted, namely:— Amendme nt of section 17A. Insertion of new section 20A. Power of Cen- tral Govern- me nt to issue directions. Amendme nt of section 21.- 10 - Ex-520/2015 “(1) Whoever contravenes the provisions of sub-section (1) or sub-section (1A) of section 4 shall be punisha ble with imprisonment for a term which may extend to five year s and with fine which may extend to five lakh rupees per hect are of the a rea. (2) Any rule made under a ny provision of this Act ma y provide that any cont ravention thereof shall be punishable with imprisonment for a term which may extend to two years or with fine which may ext end to five lakh rupees, or with both, and in the case of a continuing contravention, with additional fine which may extend to fifty thousand rupees for every day during which such cont ravention continues aft er conviction for the first such cont ravention.”. 20. For section 30 of the principal Act, the following section sha ll be substituted, namely:— “30. The Central Government may, of its own motion or on an application made within the pr escribed time by an aggrieved party, — (a) revise any order made by a State Government or other authority in exercise of the powers conferred on it by or under this Act with resp ect to a ny mineral other than a minor mineral; or (b) where no such order has been made by the State Government or other authority in exercise of the powers conferred on it by or under this Act with respect to any mineral other than a minor mineral within the time pr escr ibed therefor, pa ss such order as it ma y think fit and appropriate in the circumstances: Provided that in cases covered by clause (b) the Central Government s hall, before pa ssing any order under this cla use, give an opportunity of being heard or to represent in the matter.”. 21. After section 30A of the principal Act, the following sections shall be inserted, namely:— “30B. (1) The State Government may, for the purposes of providing speedy tria l of offences for contravention of t he provisions of sub-section (1) or sub-section (1A) of section 4, constitute, by notification, as many Special C ou r t s a s ma y b e neces s a r y for s u ch a r ea o r a r ea s , a s ma y b e s p ecified in t he not if i c a t i o n . (2) A Special Cour t shall consist of a Judge who sha ll be a ppointed by the State Government with the concurrence of the High Court. (3) A person shall not be qualified for appointment as a judge of a Special Cour t unless he is or has b een a District and Sessions Judge. (4) Any person aggr ieved by the order of t he Special Cour t may pr efer an appeal to the High Court within a period of sixty days from the date of such order. 30C. Sa ve as otherwise pr ovided in this Act, the Code of Crimina l Procedure, 1973, shall apply to the proceedings before the Special Court and for the pur pose of the provisions of this Act, the Special Court shall be deemed to be a Cour t of Session and shall have all powers of a Court of Session and the person conducting a prosecution before the Special Court sha ll be deemed to be a public prosecutor.”. 22. In the principal Act, in the First Schedule, for the figures and brackets “8(2)”,the figures, brackets, letters and word “8(1), 8A(1), 10A, 10B(1), 10C(1), 11(1), 11B, 1IC, 12A(1), and 17A(2,4)” shall be substituted.Substitution of new section for section 30. Power of revi- si on by Ce nt ra l Government. Insertion of new se ctions 30B and 30C. constitution of Speci al Courts. 2 of 1974.Speci al Courts to have powers of C ourt of Se ssion. Amendme nt of First Schedule. - 11 -Ex-520/2015 23. In t he principal Act, aft er the Third Schedule, the following Schedule shall be inserted, namely:— “THE FOURTH SCHEDULE [See clause (ea) of section 3] Notified Minerals 1.Bauxite. 2.Iron ore. 3.Limest one. 4.Manganese ore.”. 24. (1) If a ny difficulty arises in giving effect to the provisions of t he Mines and Minerals (Development and Regulation) Amendment Act, 2015, the Central Government may, by order, published in the Official Gazette, make such provisions not inconsistent with the provisions of the said Act, a s appear to it to be necessar y or expedient for removing the difficu lty: Provided that no such order shall be made under this section after the expiry of a period of two years from the commencement of the said Act. (2) Every order ma de under this section shall be laid, as soon as ma y be after it is made, befor e each House of Parliament. 25. (1) The Mines a nd Miner als (Development and Regulation) Amendment Ordinance, 2015, is hereby repea led. (2) Notwithstanding such repeal, anything done or any action taken under the principa l Act, as amended by the said Ordinance, shall be deemed to have been done or taken under the cor responding provisions of the principal Act , as amended by this Act.Published and Issued by Controller, Printing & Stationery Department, Government of Mizoram Printed at the Mizoram Government Press, Aizawl. C/50 Inse rti on of a new Schedule. Power to remove difficulties. Re pe al and savings.Ord. 3 of 2015. - 12 - Ex-520/2015

The Mizoram Gazette EXTRA ORDINARY Published by Authority RNI No. 27009/1973Postal Regn. No. NE-313(MZ) 2006-2008NOTIFICATIONNo.H. 12017/55/2014-LJD, the 13th October, 2015.The following Act is hereby re-published for general information. The Companies (Amendment) Act, 2015 (Act No. 21 of 2015) Zahmingthanga Ralte, Joint Secretary to the Govt .of Mizoram. VOL - XLIV Aizawl, Friday 16.10.2015 Asvina 24, S.E. 1937, Issue No. 531 THE COMPANIES (AMENDMENT) ACT, 2015 AN ACTto amend the Companies Act, 2013. BE it enacted by Parliament in the Sixty-sixth Year of the Republic of India as follows:— 1.( 1) This Act may be called the Companies (Amendment) Act, 2015. ( 2) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, a ppoint a nd different dates ma y be appointed for different provisions of this Act and any reference in any provision to the commencement of t his Act shall be construed as a refer ence to the coming int o force of that provision. 2.In s ection 2 of the Compa nies Act, 2013 (hereinafter referred to as the principal Act),— ( i) in clause ( 68 ), the words “of one lakh r upees or such higher paid- up share ca pital” shall be omitted; ( ii) in clause ( 71 ), in sub-clause ( b), the words “of five lakh rupees or such higher paid-up capital,” shall be omit ted.Short title and commen- cement. Amendme nt of s ection 2. 18 of 2013. - 2 - Ex-531/2015 3.In section 9 of the principal Act, the words “and a common seal” shall be omitted. 4.Section 11 of the princip al Act, shall be omitted. 5.In section 12 of the principal Act , in sub-section (3), for clause ( b), the following clause sha ll be substituted, namely:— “( b) ha ve its name engraved in legible characters on its seal, if any;”. 6.In section 22 of the principal Act,— ( i) in sub-section ( 2),— ( a) for the words “under its common seal”, the words “under its common seal, if any,” shall be s ubstituted; ( b) the following pr oviso shall be inserted, namely:— “Provided that in case a company does not have a common seal, the authorisation under this sub-section shall be made by two directors or by a director and the Company S ecretar y, wherever the company has appointed a Company Secretar y.”; ( ii) in sub-section ( 3), the words ‘‘and have the effect as if it were made under its common seal” shall be omit ted. 7.In section 46 of the principal Act, in sub-section ( 1), for the words “issued under the common seal of the company”, the words “issued under the common seal, if a ny, of t he company or signed by two director s or by a director and the Company Secretary, wherever the company has appointed a Company Secretary” shall be substituted. 8.After section 76 of the principa l Act, the following section shall b e inserted, namely:— “76A. Where a company accepts or invites or allows or causes any other person to accept or invite on its behalf a ny deposit in contravention of the manner or the conditions prescribed under section 73 or section 76 or r ules made thereunder or if a company fails to r epay the deposit or par t thereof or any interest due thereon within the time specified under section 73 or section 76 or rules made thereunder or such further time as may be allowed by the Tribunal under section 73,— ( a) the compa ny shall, in a ddition to the payment of the amount of deposit or part thereof and the interest due, be punisha ble with fine which shall not be less than one crore rupees but which ma y extend to ten crore rupees; and ( b) every officer of the company who is in default shall be punishable with imprisonment which may extend to seven years or with fine which shall not be less tha n twenty-five lakh rupees but which may extend to two crore rupees, or with both: Provided that if it is pr oved that the officer of the company who is in default, has contravened such provisions knowingly or wilfully with the intention to deceive the company or its shar eholders or depositors or creditors or tax authorities, he shall be liable for action under section 447.”. 9.In section 117 of the principal Act , in sub-section ( 3),— ( i) in clause ( g), the word ‘‘and’’ occur ing at the end shall be omit ted; Amendme nt of s ection 9. Omission of section 11. Amendme nt of se ction 12. Amendme nt of section 22. Insertion of new section 76A. Amendment of section 46. Punishme nt for contra- vention of se ction 73 or section 76. Amendment of section 117. - 3 -Ex-531/2015 (ii) after clause ( g), the following pr oviso shall be inserted, namely:— “Provided that no person shall be entit led under section 399 to inspect or obtain copies of such resolutions; a nd”. 10.In s ect ion 1 2 3 of t he p r incip a l Act , in s u b -sect ion ( 1), after the third proviso, the following proviso sha ll be inserted, namely:— “Provided also tha t no company sha ll declare dividend unless car ried over previous losses and depreciation not provided in previous year or years are set off against profit of the company for the curr ent yea r.”. 11.In section 124 of the principal Act, in sub-section ( 6),— ( i) for the words, brackets and figure “ unpaid or unclaimed dividend has been transferred under sub-section ( 5) shall also be”, the words “dividend has not been paid or claimed for seven consecutive years or more sha ll be” shall be substituted; ( ii) after the proviso, the following Explanation shall be inserted, namely:— Explanation.— For the removal of doubts, it is hereby clarified that in case any dividend is paid or cla imed for any year during the said period of seven cons ecutive years, the share sha ll not be transferred to Investor Education and Protection Fund.’’. 12.In section 134 of the principal Act , in sub-section ( 3), after clause ( c), the following clause shall be inserted, namely:— “( ca) details in respect of frauds reported by auditors under sub-section ( 12 ) of section 143 other than those which are reportable to the Central Government;”. 13.In section 143 of the principal Act, for sub-section ( 12 ), the following sub-section shall be substituted, namely:— “( 12 ) Notwithstanding anything conta ined in this section, if an auditor of a company in t he course of the performa nce of his duties as a uditor, has reason to believe that an offence of fraud involving such amount or amounts as may be prescribed, is being or has been committed in the company by its officers or employees, the auditor shall repor t the matter to the Central Government within such time and in such manner as may be prescribed: Provided that in case of a fraud involving lesser than the specified amount, the auditor shall r eport the matter to the audit committee constituted under section 177 or to the Boa rd in other ca ses wit hin such time and in such manner as ma y be p rescribed: Provided further that the companies, whose auditors have reported frauds under this sub-section to the audit committee or the Board but not reported to the Centra l Government, shall disclose the deta ils about such fra uds in the Boar d’s report in such manner as may be prescribed.”. 14.In section 177 of the principal Act , in sub-section ( 4), in clause ( iv), the following pr oviso shall be inserted, namely:— “Provided t hat the Audit Committee may make omnibus a pproval for related party transa ctions proposed to be entered into by the company subject to such conditions as ma y be pr escribed;”.Ame ndment of section 123. Ame ndment of section 124. Ame ndment of section 134. Ame ndment of section 143. Ame ndment of section 177. - 4 - Ex-531/2015 15.In section 185 of the principal Act , in sub-section (1), in the pr oviso, a fter clause ( b), the following clauses and proviso shall be inserted, namely:— “( c) any loan made by a holding compa ny to its wholly owned subsidiary company or a ny guar antee given or securit y provided by a holding company in resp ect of a ny loan made to its wholly owned subsidiary company; or ( d) any guara ntee given or security provided by a holding company in respect of loan made by any bank or financial institution to its subsidiary company: Provided tha t the loans ma de under clauses ( c) and ( d) are utilised by the subsidiary company for its princip al business activities.”. 16.In section 188 of the principal Act,— ( a) in sub-section ( 1),— ( i) for the words “special resolution”, at both the places where they occur, the word “resolution” shall be substituted; ( ii) after the third proviso, the following proviso shall be inser ted, namely:— “Provided also that the requirement of passing the resolution under first proviso shall not be applica ble for transactions entered into between a holding company a nd its wholly owned su bsidiary whose accounts are consolidated with such holding company and placed before the shar eholders at the genera l meeting for approva l.”; ( b) in sub-section ( 3), for the words “special resolution”, the word “resolution” shall be substituted. 17.In section 212 of the principal Act, in sub-section ( 6), for the words, brackets and figures “the offences covered under sub-sections ( 5) and ( 6) of section 7, section 34, section 36, sub-section ( 1) of s ect ion 3 8 , s u b -s ect io n ( 5) of section 46, sub-section ( 7) of section 56, sub-section ( 10 ) of section 66, sub-section ( 5) of section 140, sub- section ( 4) of section 206, section 213, section 229, sub-section ( 1) of section 251, sub-section ( 3) of section 339 a nd section 448 which attract the punishment for fraud provided in section 447", the words and figures “ offence covered under section 447” shall be substituted. 18.In section 223 of the principal Act, in sub-section ( 4), in clause ( a), for the words “by the seal”, the words “by the seal, if any,” shall be substituted. 19.In section 248 of the pr incipal Act , in sub-section ( 1),— ( i) in cl a u s e ( a), after the word ‘incorporation’, the word ‘or ’ shall be inserted; ( ii) clause ( b) sha ll be omitted. 20.In section 419 of the principal Act, in sub-section ( 4), the words “or winding up” shall be omitted. 21. In section 435 of the principal Act, in sub-section ( 1),— ( i) for the words “trial of offences under this Act”, the words “tria l of offences punishable under this Act with imprisonment of two yea rs or more” shall be substituted; ( ii) the following pr oviso shall be inserted, namely:— Ame ndment of section 185. Ame ndment of section 188. Ame ndment of section 212. Ame ndment of section 223. Ame ndment of section 248. Ame ndment of section 419. Ame ndment of section 435. “Provided that all other offences shall be tried, as the case may be, by a Metropolitan Magistrate or a Judicial Magistrate of the First Class having jur isdiction to try a ny offence under this Act or under any previous company law.”. 22.In section 436 of the principal Act, in sub-section (1), in clause ( a), for the words “all offences under this Act ”, the words, brackets and figures “ all offences specified under sub-section ( 1) of section 435” shall be substituted. 23.In section 462 of the principal Act, for sub-section ( 2), the following sub- sections shall be substituted, namely:— ‘‘( 2) A cop y of every not ification proposed to be issued under sub-section ( 1), shall be laid in draft before each House of Parliament, while it is in sess ion, for a total period of thir ty days, and if, both Houses agree in disapproving the issue of not ification or both Houses agree in making any modification in the notification, the notification sha ll not be issued or, a s the ca se may be, shall be issued only in such modified form as may be agreed upon by both the Houses. ( 3) In reckoning any such period of thirty days as is r eferred to in sub- section ( 2), no account shall be ta ken of a ny period during which the House referred to in sub- section ( 2) is prorogued or a djourned for more than four consecutive days. ( 4) The copies of every notification issued under this section shall, as soon as may be aft er it has been issued, be laid befor e each House of Parliament.”.Ame ndment of section 436. Ame ndment of section 462.Published and Issued by Controller, Printing & Stationery Department, Government of Mizoram Printed at the Mizoram Government Press, Aizawl. C/50- 5 -Ex-531/2015

The Mizoram Gazette EXTRA ORDINARY Published by Authority RNI No. 27009/1973Postal Regn. No. NE-313(MZ) 2006-2008NOTIFICATIONNo.H. 12017/55/2014-LJD, the 13th October, 2015.The following Act is hereby re-published for general information. The Black M oney (Undisclosed Foregin Income and Assets) and Imposition of Ta x Act, 2015 (Act No. 22 of 2015) Zahmingthanga Ralte, Joint Secretary to the Govt .of Mizoram. VOL - XLIV Aizawl, Friday 16.10.2015 Asvina 24, S.E. 1937, Issue No. 532 THE BLACK MONEY (UNDISCLOSED FOREIGN INCOME AND ASSETS) AND IMPOSITION OF TAX ACT, 2015 AN ACTto make provisions to deal with the problem of the Black money that is undisclosed foreign income and assets, the pr ocedure for dealing with such income and assets and to provide for imposition of ta x on any undisclosed foreign income and asset held out side India and for ma tters connected therewith or incidental thereto. BE it enacted by Parliament in the Sixty-sixth Year of the Republic of India as follows:— CHAPTER I PRELIMINARY 1.( 1) This Act may be called the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. ( 2) It extends to the whole of India. ( 3) Sa ve as ot herwise provided in this Act, it shall come into force on the 1st day of April, 2016.Short title, exte nt and commencement. - 2 - Ex-532/2015 2.In this Act , unless the context otherwise requir es,— (1) “Appellate Tribunal” means the Appellate Tribunal constituted under section 252 of the Income-tax Act; ( 2) “a ssessee” means a person, being a resident other than not ordina rily resident in India within the meaning of clause ( 6) of section 6 of the Income- tax Act, by whom ta x in respect of undisclosed foreign income and assets, or any other sum of money, is payable under this Act and includes every person who is deemed to b e an assessee in default under this Act; ( 3) “assessment” includes reassessment; ( 4) “a ssessment year ” means the period of twelve months commencing on the 1st day of April every year; ( 5) “Board” means the Centra l Board of Direct Taxes constituted under the Central Boards of Revenue Act, 1963; ( 6) “Income-tax Act” means the Income-tax Act, 1961; ( 7) “participant” means— ( a) a partner in relation to a firm; or ( b) a member in relation to a n association of persons or body of individuals; ( 8) “prescribed” means prescribed by rules made under this Act; ( 9) “previous year” means— ( a) the period beginning with the date of setting up of a business and ending with the date of the closure of the business or the 31st da y of March following the date of setting up of such business, whichever is earlier; ( b) the period beginning with the date on which a new source of income comes into existence and ending with t he date of closure of the business or the 31st day of March following the date on which such new sour ce comes into existence, whichever is earlier ; ( c) the period beginning with the 1st day of the financial year and ending with the date of discontinuance of the business other than business referred to in clause ( b) or dissolution of an unincorporated body or liqu idation of a company, as the case may be; or ( d) the period of twelve months commencing on the 1st da y of April of the relevant year in any other case, and which immediat ely precedes the asses sment year. ( 10 ) “resident” means a person who is resident in India within the meaning of section 6 of the Income-tax Act; ( 11 ) “undisclos ed asset located outside India ” means an asset (inclu ding fina ncial interest in any entity) located outside India, held by the assessee in his name or in respect of which he is a beneficial owner, and he has no explana tion about the source of investment in such asset or the explanation given by him is in t he opinion of the Assess ing Officer unsatisfact ory; ( 12 ) “undisclosed foreign income and asset” means the tota l amount of undisclosed income of an assessee from a source located outside India and the value of an undisclosed asset loca ted out side India, referred to in section 4, and computed in the manner laid down in section 5; ( 13 ) “unincorporated body” means— ( a) a firm; ( b) an associa tion of persons; or ( c) a body of individuals; Definition. 54 of 1963. 43 of 1961. - 3 -Ex-532/2015 (14 ) “value of an undisclosed asset” shall have the meaning assigned to it in sub-section ( 2) of section 3; ( 15 ) all other words and expressions used herein but not defined and defined in the Income-tax Act shall have the meanings respectively assigned to them in that Act. CHAPTER II BASIS OF CHARGE 3.( 1) T her e sha ll b e charged on ever y as sess ee for every assessment year commencing on or after the 1st day of April, 2016, subject to the provisions of this Act, a tax in resp ect of his tota l undisclosed foreign income and asset of the previous year at the rate of thirty per cent. of such undisclosed income and asset: Provided that an undisclosed asset located outside India shall be cha rged to tax on its value in the pr evious year in which such asset comes to the notice of t he Ass es sing Offic er. ( 2) For the purposes of this section, “value of an undisclosed asset” means the fair market value of an asset (including financial interest in any entity) determined in such manner a s may be prescribed. 4.( 1) Subject to the provisions of this Act, the total undisclosed foreign income and asset of any previous year of an assessee shall be,— ( a) the income from a source located outside India, which has not been disclosed in t he r etur n of income fur nished wit hin t he time specified in Explanation 2 to sub-section ( 1) or under sub-section ( 4) or sub-section ( 5) of section 139 of the Income-tax Act; ( b) the income, from a sour ce loca ted outside India, in respect of which a return is required to be furnished under section 139 of the Income-tax Act but no retur n of income has been fur nished within the time specified in Explanation 2 to sub-section ( 1) or under sub-section ( 4) or sub-section ( 5) of section 139 of the said Act; and ( c) the value of an undisclosed asset loca ted out side India. ( 2) Notwithsta nding a nything contained in sub-section ( 1), a ny variation made in t he income from a source outside India in the assessment or reassessment of the total income of any previous year, of the assessee under the Income-tax Act in accordance with the provisions of section 29 to section 43C or section 57 to section 59 or section 92C of the said Act, shall not be included in the total undisclosed for eign income. ( 3) The income included in the total undisclosed for eign income and asset under this Act shall not form pa rt of t he total income under the Income-tax Act. 5.( 1) In computing the total undisclosed foreign income and asset of any previous year of an assess ee,— ( i) no deduction in respect of any expenditure or allowance or set off of any loss shall be allowed to the assessee, whether or not it is allowable in accordance with the provisions of the Income-tax Act; ( ii) any income,— ( a) which has been assessed to tax for any a ssessment year under the Income-tax Act prior to the assessment year to which this Act applies; orCharge of tax. Scope of total undisclosed foreign income and asset. Computati on of total undis- close d foreign income and asset. - 4 - Ex-532/2015 (b) which is assessable or has been assessed to tax for any assessment year under this Act, shall be reduced from the value of the undisclosed asset located outside India, if, the a ssessee furnishes evidence to the satisfaction of the Assessing Officer that the asset has been acqu ired from the income which has been assessed or is assessable, as the case may be, to tax. ( 2) The amount of deduction referred to in clause ( ii) of sub-section ( 1) in case of a n immovable pr operty shall be the a mount which bears to the value of t he asset as on t he first day of the financial year in which it comes to t he notice of the Assessing Officer, the same proportion as the assessable or assess ed foreign income bear s to the total cost of the asset. Illustration A house pr operty located outside India was acquired by a n assessee in the previous year 2009-10 for fifty lakh rupees. Out of the investment of fifty lakh rupees, twenty lakh rupees was assessed to tax in the total income of the previous year 2009- 10 a nd earlier year s. Such undisclosed asset comes to the notice of the Assessing Officer in the year 2017-1 8. If the value of the asset in the year 2017-18 is one crore rupees, the amount chargea ble to tax sha ll be A-B=C wher e, A=Rs.1 crore, B=Rs. (100 x 20/50) lakh= Rs.40 lakh, C=Rs. (100-40) lakh=Rs.60 lakh. CHAPTER III TAX MANAGEMENT 6.( 1) The income-tax authorities specified in section 116 of the Income-ta x Act shall be the tax authorit ies for the pu rposes of this Act. ( 2) Every such author ity sha ll exercise the powers and perform the funct ions of a tax authority under this Act in respect of a ny person within his jurisdiction. ( 3) Subject to the provisions of sub-section ( 4), the jurisdiction of a tax authority under this Act sha ll be the same as he has under the Income-ta x Act by virtue of orders or directions issued under section 120 of that Act (including orders or directions assigning t he concurrent jurisdiction) or under any other provision of that Act. ( 4) The tax authority having jurisdiction in relation to an assessee who ha s no income assessable t o income-tax under the Income-tax Act shall be the tax authority having jurisdiction in respect of the area in which the assessee resides or carries on its business or has its principal place of business. ( 5) Section 118 of the Income-tax Act and a ny notification issued thereunder shall apply in relation to the control of tax authorities as they apply in relation to the cont rol of the cor responding income-tax authorities, except to the extent t o which the Boar d may, by notification in the Official Gazette, otherwise direct in respect of any tax authority. 7.( 1) T he tax a uthorit y who succeeds another author ity as a result of change in jurisdiction or for any other r eason, shall continue the proceedings from the stage at which it was left by his predecessor. ( 2) The assess ee in such a ca se may be given an opportunity of being heard, if he so requests in writing, befor e passing any order in his case. Tax authorities. Charge of incumbent. 8.(1) The prescribed ta x authorities shall, for the purposes of this Act, have the same powers as are vested in a court under t he Code of Civil Procedure, 1 908, while trying a suit in respect of the following matters, namely:— ( a) discover y and inspection; ( b) enforcing the attendance of any person, including any officer of a banking company and examining him on oath; ( c) compelling the production of books of a ccount and other documents; and ( d) is suing commissions. ( 2) For the pu rposes of making any inquiry or investigation, the pr escribed tax authority shall be vested with the powers referred to in sub-section ( 1), whether or not any proceedings are pending before it. ( 3) Any tax authority prescribed for the purposes of sub-section ( 1) or sub- section ( 2) may, subject to the rules made in this behalf, impound a ny books of account or other documents produced before it and retain them in its custody for such period as it thinks fit. ( 4) Any tax authority below the rank of Commissioner shall not— ( a) impound any books of account or other documents without recor ding his reasons for doing so; or ( b) reta in in his cu stody a ny s uch books or docu ment s for a period exceeding thirty da ys without obta ining the approval of the Principal Chief Commissioner or the Chief Commissioner or the Princip al Commissioner or the Commissioner. 9.( 1) Any proceeding under this Act before a tax authority shall be deemed to be a judicial proceeding within the meaning of section 193 and section 228 and for the purposes of section 196 of the Indian Penal Code. ( 2) Every tax authorit y shall be deemed to be a civil court for the purposes of section 195, but not for the purposes of Chapter XXVI of the Code of Criminal Procedure, 1973. 10.( 1) For the purposes of making an assessment or reassessment under this Act, the Assessing Officer may, on receipt of a n infor mation from an income-tax authority under the Income-tax Act or any other authority under a ny law for the time being in for ce or on coming of any informa tion to his notice, serve on a ny person, a notice requiring him on a date to be specified to produce or cause to be produced such accounts or documents or evidence a s the Assessing Officer may require for the purposes of this Act and may, from time to time, serve further notices requiring the product ion of s uch other accounts or documents or evidence as he may require. ( 2) The Assessing Officer ma y make such inquiry, as he considers necessary, for the pur pose of obtaining full infor mation in respect of undisclosed for eign income and asset of any person for the relevant financial year or years. ( 3) The Assessing Officer, after considering such accounts, documents or evidence, a s he has obtained under sub-section ( 1), a nd after taking into account any relevant material which he has gathered under sub-section ( 2) and any ot her evidence produced by the assessee, shall by an order in writing, assess the undisclosed for eign income and asset a nd determine the sum paya ble by the a sses see. ( 4) If any person fails to comply with all the terms of the notice under sub- section ( 1), the Assess ing Officer shall, after ta king into a ccount all the relevant material which he has gathered and after giving the assessee an opportunity of b eing hear d, make the assessment of undisclosed foreign income and a sset to the best of his judgment and determine the sum payable by the assessee.Powers regar- ding disco- very and pro- ducti on of evidence. Procee dings be fore tax authorities to be judicial procee dings. - 5 -Ex-532/2015 5 of 1908. 45 of 1860. 2 of 1974. Assessment. 11.(1) No order of assessment or reassessment shall be made under section 10 a fter the expir y of two years from the end of the financia l year in which the notice under sub-section ( 1) of section 10 was issued by the Assessing Officer. ( 2) Notwithsta nding anything contained in sub-section ( 1), an order of fresh assessment in pursuance of an order passed under section 18 setting aside or cancelling an assessment, may be made at any time before the expiry of the period of two years from the end of the financial year in which the order under section 18 is received by the Principa l Commissioner or the Commissioner. ( 3) The provisions of sub-section ( 1) shall not apply to the assessment or reassessment made in consequence of, or to give effect to, any finding or direction cont ained in an order under section 15 or section 18 or section 19 or section 22 of this Act or in a n order of any court in a proceeding otherwise tha n by way of appeal under this Act and such assessment or reassessment may, subject to the p rovisions of sub-section ( 2), be completed at any time, befor e the expiry of the period of two years from the end of the financial year in which such order is received by the Principal C ommissioner or the Commissioner. Explanation 1.— In computing the period of limitation for the purpose of this section– ( i) the time taken in reopening the whole or any part of the proceeding; or ( ii) the period during which the assessment proceeding is stayed by an order or injunction of any court; or ( iii) the period commencing fr om the date on which a reference or first of the references for exchange of information is made by an authority competent under an agr eement r eferred to in section 90 or section 90A of the Income-tax Act or under section 73 of this Act and ending with the date on which the Principal Commissioner or the Commissioner last r eceives, the information so requested or a period of one year, whichever is less, shall be excluded: Provided that where immediately after the exclusion of the aforesaid time or period, the period of limitation refer red to in sub-sections ( 1), ( 2) a nd ( 3) available to the Assessing Officer for making an order of assessment or reassessment, as the case may be, is less than sixty days, such remaining period shall be extended to sixty days and the aforesaid period of limita tion shall be deemed to be ext ended a ccordingly. Explanation 2.—Where, by an or der referred to in sub-section ( 3), any undisclosed foreign income and asset is excluded from the total undisclosed for eign income and asset for an assessment year in resp ect of an assess ee, then, an assessment of such undisclosed foreign income and asset for another assessment year shall, for the purposes of section 10 and this section, be deemed to be one made in consequence of, or to give effect to, any finding or direction cont ained in the said or der. 12.( 1) A tax authority may amend any order passed by it under this Act so as to r ectify a ny mista ke appar ent from the record. ( 2) No amendment under this section shall be made after a period of four years from the end of the financial year in which the order sought to be amended was passed. ( 3) T he tax a uthority shall not make any a mendment, which has the effect of enhancing the undisclosed foreign income a nd asset or reducing a refund or otherwise incr easing the liability of the assessee, unless the authority concerned has given to the assessee an opportunity of being heard. Time limit for completion of assessment and reassessment. Rectification of mistake.- 6 - Ex-532/2015 (4) T he tax authority concerned may make an amendment under this section— ( a) on its own motion; or ( b) on an application made to it by the assessee or, as the case may be, by the Assess ing Officer. ( 5) Any application r eceived by the tax authority for amendment of an order shall be decided within a period of six months from the end of the month in which such application is received by it. ( 6) In a ca se where the order ha s been made in an appeal or revision, the power of the tax a uthority to amend the order shall be restricted to matters other than those decided in a ppeal or revision. 13.Any sum paya ble in consequence of a ny order made under this Act shall be demanded by a ta x authority by serving upon the assessee a notice of demand in such form and manner as may be prescribed. 14.Nothing in this Cha pter shall prevent either the direct assess ment of the person on whose behalf or for whose benefit the undisclosed income fr om a source loca ted outside India is r eceivable or undisclosed asset loca ted outside India is held, or the recovery fr om such person of the tax or any other sum of money payable in respect of such income and asset. 15.( 1) Any person, – ( a) objecting to the a mount of tax on undisclosed for eign income and asset for which he is assessed by the Assessing Officer; or ( b) denying his liability to be assessed under this Act; or ( c) ob jecting to any penalty imposed by the Assessing Officer; or ( d) objecting to an order of rectification having the effect of enhancing the assessment or reducing the r efund; or ( e) objecting to an or der refusing to allow the claim made by the assessee for a rectification under section 12, may appeal to the Commissioner (Appeals). ( 2) Every appeal shall be filed in such form and ver ified in such manner and be accompanied by a fee as may be prescribed. ( 3) An appeal shall be presented within a period of thirty days fr om — ( a) the date of service of the notice of demand relating to the assess ment or penalty, or ( b) the date on which the intimation of the order sought to be appealed against is served in any other case. ( 4) The Commissioner (Appeals) may admit a n appeal after the expiration of the period r eferred to in sub-section ( 3)— (a) if he is satisfied that the appellant had sufficient cause for not presenting it within that period; and ( b) the delay in preferring the appeal does not exceed a period of one year. ( 5) The Commissioner (Appeals) shall hear and determine the appeal and, subject to the provisions of this Act, pass such orders as he thinks fit and such or ders may include an order enhancing t he assessment or penalty: Provided tha t an or der enhancing the assessment or penalt y shall not be made unless the a ssessee has been given a reasonable opportunity of being heard. 16.( 1) T he Commissioner (Appeals) sha ll fix a date and pla ce for the hea ring of the appeal, and shall give notice of the same to the appellant and the Assessing Officer aga inst whose order the appeal is prefer red.Notice of demand. Di re ct assessment or recovery not barred. Appeals to the Com- missioner (Appeals). Procedure to be followe d in appeal. - 7 -Ex-532/2015 (2) The following shall have the r ight to be heard at the hear ing of the appeal, namely:— ( a) the appellant, either in person or by an authorised representative; ( b) the Asses sing Officer, either in person or by a repr esentat ive. ( 3) The Commissioner (Appeals) may adjourn the hearing of the appeal whenever he considers it necessa ry or expedient to do so. ( 4) The Commissioner (Appeals) may, before disposing of any a ppeal, make such further inquir y as he thinks fit. ( 5) The Commissioner (Appeals) may, during the proceedings before him, direct the Assessing Officer to make an inquiry and report to him on the points arising ou t of any question of law or fact. ( 6) The Commissioner (Appeals) may, at the hearing of an appeal, allow the appellant to go into any ground of appeal not specified in the grounds of appeal, if the Commissioner (Appeals) is satisfied tha t the omission was not wilful or unreasonable. ( 7) T he order of the Commissioner (Appeals) disposing of the appeal shall be in writing and sha ll state the points for determination, the decision thereon and the reasons therefor. ( 8) Every appeal preferred under section 15 shall be heard and disposed of by the Commissioner (Appeals) as expeditiously as possible and endeavour shall be made to dispose of such appeal within a period of one year fr om the end of t he financial year in which the a ppeal is prefer red. ( 9) On the disposal of the appeal, the Commissioner (Appeals) shall communicate the order passed by him to the assessee and to the Principal Chief Commis sioner or the Chief Commis sioner or the P rincipal Commissioner or the Commissioner. 17.( 1) In disposing of an appeal, the Commissioner (Appeals) sha ll have the following powers, namely:— ( a) in an appeal aga inst an order of assessment, he ma y confirm, reduce, enhance or a nnul the assessment; ( b) in an appeal against an order imposing a penalty, he ma y confir m or cancel such order; ( c) in any other case, he may determine the issues arising in the appeal and pass such orders thereon, as he thinks fit. ( 2) The Commissioner (Appeals) may consider and decide any matter which was not considered by the Assessing Officer. ( 3) The Commissioner (Appeals) shall not enhance an assessment or a penalty unless the appellant has b een given an opportunity of being heard. ( 4) In disposing of an appeal, the Commissioner (Appeals) may consider and decide any matter a rising out of the proceedings in which the order appealed aga inst was passed, notwithstanding that such matter was not raised before him by the appellant. 18.( 1) Any assessee aggrieved by an order passed by the Commissioner (Appeals) under section 15, or an order pa ssed by the Pr incipal Commissioner or the Commissioner under any provision of this Act, ma y appeal to the Appellate Tribunal against such order. ( 2) The Principal Commissioner or the Commissioner may, if he objects to any order passed by the Commissioner (Appeals) under any provision of this Act, direct the Assessing Officer to appeal to the Appellate Tribunal against the order. Powers of Commissioner (Appeals). Appeals to Appellate Tribunal.- 8 - Ex-532/2015 (3) Every appeal under sub-section ( 1) or sub-section ( 2) shall be filed within a period of s ixty days from the da te on which the order sought to be a ppealed against is communicated to the assess ee or to the Pr incipal Commissioner or the Commissioner, as the case ma y be. ( 4) T he Asses sing Officer or the a s sessee, as the case ma y be, on receip t of notice tha t an appeal against t he or der of the Commissioner (Ap peals) has been preferred under sub-section ( 1) or sub-section ( 2) by the other party may, notwithstanding that he may not have appealed against such order or any pa rt thereof, within thir ty days of the receipt of the notice, file a memor andum of cross-objections, verified in the prescribed manner, against any par t of the order of the Commissioner (Appeals), a nd such memorandum sha ll be disposed of by t he Appellate Tr ibunal a s if it were an appeal present ed within the time sp ecified in sub -section ( 3). ( 5) The Appellate Tribunal may admit an appeal or permit the filing of a memorandum of cross-object ions after the expiry of the period referred to in sub- section ( 3) or sub-section ( 4), if — ( a) it is satisfied that there was sufficient cause for not presenting it within that period; and ( b) the delay in filing the appeal does not exceed a period of one year. ( 6) An appeal to the Appellate Tribunal shall be filed in such form, a nd verified in such manner, and shall, except in the case of an appeal r eferred to in sub-section ( 2) or a memorandum of cross-objections referred to in sub-section ( 4), be accompanied by a fee as may be prescribed. ( 7) Subject to the provisions of this Act , in hearing a nd making an order on any appeal under this section, the App ellate Tribunal shall exercise the same powers and follow the procedur e as it exercises and follows in hear ing and making an order on any appeal under the Income-tax Act. 19.( 1) An appeal shall lie to the High Court from every order passed in appeal by the Appellate Tr ibunal, if t he High Cour t is satisfied that the case involves a substantial quest ion of law. ( 2) The Principal Chief Commissioner or the Chief Commissioner or the Principal Commissioner or the Commissioner or a n assessee, may file a n appeal to the High Court on being aggrieved by any order pa ssed by the Appellate Tribunal and such appeal shall be — ( a) filed within a period of one hundred and twenty days from the date on which t he order a ppealed aga inst is received by the Pr incipal Chief Commissioner or the Chief Commissioner or the Princip al Commissioner or the C ommissioner or t he asses see; ( b) in the for m of a memorandum of appeal pr ecisely stating therein the substantial question of la w involved. ( 3) The High Court may admit an appeal after the expiry of the period of one hundred and twenty days referred t o in su b-section ( 2), if it is satisfied that there was sufficient cause for not filing the appeal within that period. ( 4) If the High Court is satisfied that a substantial question of law is involved in any case, it shall formulate tha t quest ion. ( 5) The appeal sha ll be hear d only on the question so formula ted, and the respondent s shall, at the hearing of the appeal, be allowed to argue that t he case does not involve such question. ( 6) Notwithsta nding a nything in sub-sections ( 4) and ( 5), the High Court may exer cise its power to hear the appeal on any other substantial question of law not formulated by it, if it is satisfied that the ca se involves such quest ion of law.Appeal to High Court. - 9 -Ex-532/2015 (7) The High Court shall decide the question of law so for mulated and deliver such judgment thereon containing t he grounds on which such decision is founded and may award s uch cos t as it deems fit. ( 8) The High Court may determine any issue which — ( a) ha s not been determined by the Appellate Tribunal; or ( b) ha s been wrongly determined by the Appellate Tribunal, by reason of a decision on the question of la w referred to in sub-section ( 1). ( 9) The provisions of the Code of Civil Procedure, 1908, relating to appeals to the High Court sha ll, so f ar as may be, apply in the ca se of a ppeals under this sect ion. ( 10 ) When the High Court delivers a judgment in an a ppeal filed before it under sub-section ( 7), effect shall be given to the order passed on the appeal by the Assessing Officer on the basis of a certified cop y of the judgment. 20.( 1) An appeal filed before the High Court shall be heard by a Bench of not less than two Judges of the High C ourt and shall be decided in accorda nce with the opinion of such Judges or if the Bench is of more tha n two J udges, by the majorit y of such Judges. ( 2) Where there is no such majority, the Judges shall state the point of law upon which they differ and the case sha ll then be hear d upon that point only by one or more of the other J udges of the High Court and such point shall b e decided accor ding to t he opinion of the major ity of the Judges who have heard the case including t hose who first hear d it. 21.An a ppeal s hall lie to the Supreme Court from any judgment of the High Cour t delivered under section 19 which the High Court cer tifies t o be a fit case for appeal to the Supreme Court. 22.( 1) T he provisions of the Code of C ivil Procedure, 1908, relating to appeals to the Supreme Court shall, so far as may be, apply in the case of appeals under section 21 a s they a pply in the case of appeals fr om decrees of a High Court. ( 2) The costs of the appeal shall be in the discretion of the Supreme Court. ( 3) Where the judgment of the High Court is varied or reversed in the appeal, effect shall be given to the order of t he Supreme Cour t in the manner provided in sub- section ( 10 ) of section 19. 23.( 1) The Principal Commissioner or the Commissioner may, for the purposes of r evising any or der passed in any proceeding under this Act before any ta x authority subordinate to him, call for and examine all available records relating thereto. ( 2) The Principal Commissioner or the Commissioner may, after giving the assessee an opportunity of being heard, pass a n order (hereinafter referred to as the revision order) as the circumstances of the case justify, if he is satisfied that the order sought to be revised is er roneous in so far as it is pr ejudicial to t he interests of the revenue. ( 3) The Principal Commissioner or the Commissioner may make, or cause to be made, such inquiry as he considers necessary for the purposes of passing an order under sub-section ( 2). ( 4) T he revision order passed by the Principal Commissioner or the Commissioner under sub-section ( 2) ma y have the effect of enhancing or modifying the assessment but shall not be an order cancelling the assessment and directing a fresh assessment.5 of 1908. Case before High Court to be heard by not less than two Judges. Appeal to Supre me Court. Hearing before Supre me Court.5 of 1908. Revision of orders preju- dicial to reve nue- 10 - Ex-532/2015 (5) The power of the Principal Commissioner or the Commissioner under sub- section ( 2) for revising an order shall extend to such matters as have not been cons idered and decided in any appeal. ( 6) No order u nder sub-section ( 2) shall be made after the expiry of a period of two years fr om the end of the fina ncial year in which the order sought t o be revised was passed. ( 7) Notwithstanding anything in sub-section ( 6), a n order in revision under this section may be passed at a ny time in resp ect of an order which has been passed in cons equence of, or to give effect to, any finding or direction contained in an order of the Appellate Tribunal, the High Court or the Supreme Court. ( 8) In computing the period of limitation under sub-section ( 6), the following shall not be included, namely:— ( a) the time taken in giving an op portunity to the assessee to be reheard under section 7; or ( b) any period during which a ny proceeding u nder this section is stayed by a n order or injunction of any court. ( 9) Without pr ejudice to the generality of the foregoing provisions, an order passed by a tax authority shall be deemed to be erroneous in so far a s it is prejudicial to the interests of the revenue, if in the opinion of the Principal Commissioner or the Commissioner— ( a) the order is passed without making inquiries or verification which, should have been made; or ( b) the order has not been made in accordance with a ny order, direction or instruction issued by t he Board; or ( c) the order has not been passed in accordance with any decision, prejudicial to the assessee, render ed by t he jurisdictiona l High Court or the Supr eme Cour t in the case of the a ssessee or any other person under this Act or the Income-tax Act. ( 10 ) In this section, “record” shall include all r ecords relating to any proceeding under this Act available at the time of examination by the Principal Commissioner or the Commissioner. 24.( 1) The Principal Commissioner or the Commissioner may, either suo motu or on an application made by the assessee, for the purposes of revising any order passed by an author ity subordinate to him, other than an order to which section 23 applies, call for a nd examine all a vailable records relating thereto. ( 2) The Principal Commissioner or the Commissioner may pa ss an order, a s he cons iders necessary, which is not prejudicial to the assessee. ( 3) The power of the Principal Commissioner or the Commissioner under sub- section ( 2) to revise an order shall not extend to such or der— ( a) against which an appeal has not been filed but the time for filing an appeal before the Commissioner (Appeals) has not expired; ( b) against which an appeal is pending before the Commissioner (Appeals); or ( c) which has been considered and decided in any appeal. ( 4) The assess ee shall make the application for revision of any or der referred to in sub- section ( 1), within a period of one year from the date on which the order sought to be revised was communicated to him, or the date on which he otherwise came to know of it, whichever is earlier.Revision of other orders. - 11 -Ex-532/2015 (5) The Principal Commissioner or the Commissioner may, if he is satisfied that the assessee was prevented by sufficient cause from making the application within the period of one year, a dmit an application made aft er the expiry of one year but before expiry of two years from the date referred to in sub-section ( 4). ( 6) Every application by an assessee for revision under this section shall be accompanied by such fees as may be prescribed. ( 7) No order under sub-section ( 2) shall be made after the expiry of— ( a) a period of one year from the end of the financial year in which an application is made by the assessee under sub-section ( 4); or ( b) a period of one year fr om the date of the or der sought to be revised, if the or der is revis ed suo motu by the Commissioner. ( 8) In computing the period of limitation under sub-section ( 7), the following shall not be included, namely:— ( a) the time taken in giving an op portunity to the assessee to be reheard under section 7; or ( b) any period during which a ny proceeding u nder this section is stayed by a n order or injunction of any court. ( 9) An order by the Principa l Commissioner or the Commissioner declining to interfere shall, for the purposes of this section, be deemed not to be an order prejudicial to t he a ss es see. 25.Notwithstanding any appeal preferred to the High C ourt or the Supreme Cour t, the tax shall be paid in accordance with the assessment made under this Act. 26.The High Court may, on petition made for the execution of the order in resp ect of t he costs awarded by the Supreme Court, transmit such order for execution to any court subordinate to it. 27.Where as a result of an appeal under section 15 or section 18, any change is made in the assessment of a body of individuals or an association of persons or an order for new assessment of a body of individuals or an association of persons is made, the Commissioner (Appeals) or the Appellate Tribunal, as the case may be, shall pass a n order authorising the Assess ing Officer either to a mend the assess ment made or make a fresh assessment on any member of the body or a ssociation. 28.In computing the period of limita tion pr escribed for an appeal under this Act, the day on which the notice of the order was served upon the assessee without serving a copy of t he order, the time ta ken for obtaining a copy of s uch order, shall be excluded. 29.( 1) The Board may, from time to time, issue orders, instructions or directions to other tax author ities, fixing such monetary limits as it may deem fit, for the pur pose of r egulating the filing of appeal by any tax authority under this Chapter. ( 2) Where, in pursuance of the orders, instr uctions or directions issued under sub- section ( 1), a tax authority has not filed any appeal on any issue in the case of an assessee for any financial year, it shall not preclude such authority fr om filing an appeal on the same issue in the case of— ( a) the same assessee for any other financial year ; or ( b) any other assessee for the same or any other financial year. Tax to be paid pending appeal. Execution of order for costs awarded by Supreme Court. Ame ndment of assessment on appeal. Exclusion of time taken for obtaining copy. Filling of appe al by t ax authority.- 12 - Ex-532/2015 (3) Notwithstanding that no appeal has been filed by a tax authority pursuant to the orders or instr uctions or directions issued under sub-section ( 1), it shall not be lawful for an assessee, being a party in any appeal, to contend that the ta x authority has acquiesced in the decision on the disputed issue by not filing an appeal in any case. ( 4) The Appellate Tribunal, hear ing such appeal, shall have regard to t he orders, instructions or dir ections issued under sub-section ( 1) and the circumstances under which such appeal was filed or not filed in respect of any case. ( 5) Every order, instruction or dir ection which ha s been issued by the Board fixing monetary limits for filing an appeal shall be deemed to have been issued under sub-section ( 1) and the provisions of sub-sections ( 2), ( 3) a nd ( 4) shall apply accordingly. 30.( 1) Any amount specified as payable in a notice of demand u nder section 13 s hall be paid within a period of thirty days of the service of the notice, t o the cr edit of t he Centr al Government in such manner a s may be prescribed. ( 2) Where the Assessing Officer has any reason to believe that it will be detr imental to the interests of revenue, if the period of thirty days referred to in sub- section ( 1) is allowed, he ma y, with the previous a pproval of the Joint Commissioner, redu ce such period as he deems fit. ( 3) The Assess ing Officer ma y, on an application made by the assessee, before the expiry of a period of thirty days or the period reduced under sub-section ( 2) or during the pendency of appeal with the Commissioner (Appeals), extend the time for payment, or allow payment by insta lments, subject to such conditions as he may think fit to impose in the circumstances of the case. ( 4) An assessee sha ll be deemed to be a n ass essee in default , if the tax ar rear is not paid within the time allowed under sub-section ( 1) or the period reduced u nder sub-section ( 2) or extended under sub-section ( 3), a s the case may be. ( 5) Where an a ssessee default s in pa ying any one of the instalments within the time fixed under sub-section ( 3), he sha ll be deemed to be an ass essee in default in resp ect of the whole of the then outstanding amount. ( 6) The Asses sing Officer ma y, in a case where no certificate has been drawn up under section 31 by the Tax Recovery Officer, recover the a mount in respect of which the a ssessee is in default , or is deemed to be in default, by any one or mor e of the modes provided in section 32. ( 7) The Tax R ecovery Officer shall be vest ed with the powers to recover the tax arrear on drawing up of a statement of tax arrear under section 31. 31.( 1) The Tax R ecovery Officer may draw up under his signature a statement of t ax arr ea rs of an as ses see r eferr ed to in su b-section ( 4) or sub-section ( 5) of section 30, in such form, as may be prescribed (such statement hereafter in this Chapter referred to as “certificate”). ( 2) The certificate under sub-section ( 1) shall stand amended fr om time to time consequent to any proceeding under this Act and the Tax Recovery Officer shall recover the amount so modified. ( 3) The Tax Recovery Officer may rectify any mistake apparent from the record. ( 4) The Tax Recovery Officer shall ha ve the power to extend the time for payment, or allow payment by insta lments, subject to such conditions as he may think fit to impose in the circumstances of the case. ( 5) T he Tax R ecovery Officer sha ll proceed to r ecover from the a ssessee the amount specified in the certificate by one or more of the modes referred to in section 32 or in the Second Schedule to t he Income-tax Act.Re covery of tax due s by Assessing Officer. Re covery of tax due s by Tax Recove ry Officer. - 13 -Ex-532/2015 (6) It shall not be open to the assessee to dispute the correctness of any certificate drawn up by the Tax Recovery Officer on any ground whatsoever, but it shall be lawful for the Tax Recovery Officer to cancel the certificate if, for any reason, he thinks it necessa ry so to do. 32.( 1) The Assess ing Officer or the Tax Recovery Officer may require the employer of the assessee to deduct from any payment to the assessee such amount as is sufficient t o meet the tax arrear from the asses see. ( 2) Upon requisition under sub-section ( 1), the employer sha ll comply with the requisition and shall pay the sum so deducted to the credit of the Central Government in such manner as may be prescribed. ( 3) Any part of the salary, exempt from attachment in execution of a decree of a civil cour t under section 60 of the Code of Civil Procedure, 1908, sha ll be exempt from any requisition made under sub-section ( 1). ( 4) The Assessing Officer or the Tax Recovery Officer may, by notice in writ ing, require any debtor of the assess ee to pay such amount, not exceeding the amou nt of debt, as is sufficient to meet the ta x arrea r of the asses see. ( 5) Upon receipt of the notice under sub-section ( 4), the debtor shall comply with the requisition and shall pay the sum to the credit of the Central Government in such manner as may be prescribed within the time (not being before the debt becomes due to the a ssessee) specified in the not ice. ( 6) A copy of the notice issued under sub-section ( 4) shall be forwar ded to the assessee at his last address known to the Assess ing Officer or the Tax Recovery Officer and in the case of a joint account, to all the joint holder s at their las t addresses known to the Assess ing Officer or the Ta x Recovery Officer. ( 7) It shall not be necessary for any pass book, deposit receipt, policy or any other document to be produced for the purpose of any entry, endorsement or the like being made before payment is made, notwithstanding a ny rule, practice or requirement to the contrary if the notice under sub-section ( 4) is issued to a post office, banking company, insurer or any other person. ( 8) Any claim in resp ect of any property, in relation to which a notice under sub- section ( 4) ha s been issued, arising after the date of the notice, shall be void as against any demand contained in the notice. ( 9) A person t o whom a notice under sub-section ( 4) has been issued, shall not be required to pay the amount of tax arrear specified therein, or part thereof, if he objects to it by a statement on oath tha t the sum dema nded, or any pa rt thereof, is not due to the assessee or tha t he does not hold any money for, or on account of, the assessee. ( 10 ) The person referred to in sub-section ( 9) shall be personally liable to the Assessing Officer or the Tax Recovery Officer, as the case may be, to the extent of his own lia bility to the assessee on the date of the notice, or to the extent of the liability of the assessee for any sum due under this Act, whichever is less, if it is discovered that the statement made by him was fa lse in a ny resp ect. ( 11 ) The Assessing Officer or the Tax Recovery Officer may amend or revoke any notice issued under sub-section ( 4) or extend the time for ma king any payment in pursuance of such not ice. ( 12 ) The Asses sing Officer or the Ta x Recovery Officer sha ll gr ant a receipt for any amount paid in compliance with a notice issued under sub-section ( 4), and the person so pa ying shall be fully discharged from his liability to the assessee to the extent of t he amount so paid. Mode s of recovery of tax due s. 5 of 1908. - 14 - Ex-532/2015 (13 ) Any person discharging any liabilit y to the assess ee after receipt of a notice under sub-section ( 4) shall be personally liable to the Assessing Officer or the Tax Recover y Officer to the extent of his own liability to the assessee so discha rged or to the extent of the liability of the assessee for any sum due under this Act, whichever is less. ( 14 ) The debtor to whom a notice under sub-section ( 4) is sent sha ll be deemed to be an assessee in defa ult, if he fails to ma ke such payment and further proceedings may be initiated a gainst him for the realisation of the amount in the manner provided in this section and the Second Schedule to the Income-tax Act. ( 15 ) The Assessing Officer or the Tax Recovery Officer may apply to the cour t, in whose custody there is money belonging to the assessee, for pa yment to him of t he entir e amount of such money or if it is more than the ta x arrear, an amount sufficient to meet the t ax arr ear. ( 16 ) T he As sessing Officer or the Tax Recover y Officer shall effect the recovery of a ny tax arrear in the same ma nner as attachment, distraint and sale of any movable property under the Second S chedule to the Income-tax Act , if he is so a uthorised by the Principal Chief Commissioner or the Chief Commissioner, or the Principal Commissioner or the Commissioner, by gener al or special or der. ( 17 ) In this section,— ( a) ‘‘debtor’’, in relation to an assessee, means,— ( i) any person from whom any money is due, or may become due, to the assessee; or ( ii) any person who holds, or may subsequently hold, any money for, or on account of, the assessee; or ( iii) any person who holds, or may subsequently hold, any money for, or on account of, the assess ee jointly with any other person; ( b) shares of the joint holders in the account shall be presumed, until the contrary is proved, to be equal. 33.( 1) The Tax Recovery Officer competent to t ake action under section 31 shall be the Tax Recovery Officer — ( a) within whose jur isdiction — ( i) the assessee carries on his business; ( ii) the principal place of business of the assessee is situate; ( iii) the assessee resides; or ( iv) a ny movable or immovable property of the assess ee is situate; or ( b) who has been assigned jur isdiction under section 6. ( 2) The Tax Recovery Officer, referred to in sub-section ( 1), may send a certificate, in such manner as may be prescribed, specifying the tax arrear to be recovered, to another Tax Recover y Officer within whose jurisdiction the assessee resides or has property, if the first- mentioned Tax Recover y Officer — ( a) is not able to recover the entire amount by sale of the property, movable or immovable, within his jurisdiction; or ( b) is of the opinion that, for the purpose of expediting, or securing, the recovery of the whole, or any part, of the amount under this Chapter, it is necessary to send such certificate. ( 3) The second-mentioned Tax Recover y Officer shall, on receipt of the certificate, assume jurisdiction for recovery of the amount of tax arrear specified therein and proceed to recover the amount in accordance with the provisions of this Chapter.Tax Recovery Officer by whom recov e r y of tax dues is to be effected. - 15 -Ex-532/2015 34.(1) The liquidator shall inform the Assess ing Officer, who has jurisdiction to a ssess the undisclosed foreign income and a sset of the company, of his appoint ment within a period of thirty days of his becoming the liquida tor. ( 2) The Assess ing Officer sha ll, within a period of three months from the date on which he receives the informa tion, intimate to the liquidator the amount which, in his opinion, would be sufficient to provide for any ta x arrears or a ny amount which is likely to become pa yable thereafter, by t he company under this Act. ( 3) T he liquida tor— ( a) shall not part with any of the assets of the company, or the properties, in his custody unt il he has been intimated by the Assessing Officer under sub- section ( 2); and ( b) on being so intimated, shall s et aside an a mount equal to the amount intimated. ( 4) Upon receipt of the intimation fr om the Assessing Officer under sub-section ( 2), the amount so intimated shall, notwithstanding anything in any other law for the time being in force, be the first charge on the assets of the compa ny rema ining a fter payment of the following dues, namely:— ( a) workmen’s dues; and ( b) debts due to secured cr editors to the extent such debts under clause ( iii) of the proviso to sub-section ( 1) of section 325 of the Companies Act, 2013 are pari passu with such dues. ( 5) The liquidator shall be personally liable for the payment of the amount paya ble by the company, if he— ( a) fa ils to inform in accor dance with sub-section ( 1); or ( b) fails to set aside the amount as required by sub-section ( 3). ( 6) The obligations and lia bilities attached to t he liquidator under this section shall attach to all the liquidators jointly and severa lly in a case where there is more than one liquida tor. ( 7) The provisions of this section shall prevail over anything to the cont rary cont ained in any other law for the time being in force. ( 8) In this section,— ( a) “ liquida tor ” in r ela tion to a compa ny which is being wound up, whet her under the orders of a cour t or otherwise, shall include a receiver of the assets of t he company; ( b) “workmen’s dues” shall have the meaning assigned to it in section 325 of the Companies Act, 2013. 35. ( 1) Every person being a mana ger at any time during the financial year shall be jointly a nd severally liable for the payment of any amount due under this Act in respect of the company for the financia l year, if the amount cannot be recovered from the company. ( 2) The provisions of sub-section ( 1) shall not apply, if the manager proves that non- recover y cannot be attributed to any neglect, misfeasance or breach of duty on his part in relation to the affairs of the company. ( 3) The provisions of this section shall prevail over anything to the cont rary cont ained in the Companies Act, 2013. ( 4) In this section, “ manager” shall include a managing director and both s hall have the meaning respectively assigned t o them in clause ( 53 ) and clause ( 54 ) of section 2 of the Companies Act, 2013. Re covery of tax due s in case of a company in liquidation. 18 of 2013. 18 of 2013. Liability of manager of a company. 18 of 2013. 18 of 2013. - 16 - Ex-532/2015 36.(1) Every person, being a pa rticipa nt in a n unincorporated body at any time during the financial year, or the representative assessee of the deceased participant, shall be jointly and severally liable, along with the unincor porated body, for payment of any amount payable by the unincorporated body under this Act and all the provisions of this Act shall apply a ccordingly. ( 2) In case of a limited liability partnership, the provisions of sub-section ( 1) shall not apply, if the par tner pr oves tha t non-recovery cannot be attributed to any neglect, misfeasance or breach of duty on his part in relation to the affairs of the partnership. ( 3) The provisions of this section shall prevail over anything to the cont rary cont ained in the L imited Liability Partnership Act, 2008. 37.If the recovery of tax in any area has been entrusted to a State Government under clause ( 1) of article 258 of the Constitution, the Sta te Government may dir ect, with respect to tha t area or any part thereof, that tax shall be recovered therein with, and as an addition to, any municipal ta x or local rate, by t he same person and in the manner as the municipal tax or loca l rate is recovered. 38.( 1) The Tax Recovery Officer may, in a case where an assessee has property in a country or a specified terr itory outside India, forward a certificate to the Board for recovery of the tax arrears from the assessee, where the Central Government or any specified association in India has entered into an agreement with that country or territory under section 9 0 or section 90A of the Income-tax Act or under sub-sections ( 1), ( 2) or sub-section ( 4) of section 73 of this Act, as the case may be, for the purposes of recovery of tax. ( 2) On receipt of the certificate under sub-section ( 3) fr om the Tax Recover y Officer, the Board may take such action thereon as it may deem appropr iate having regard to the terms of the agreement with such country or a specified territ ory. 39.( 1) The severa l modes of r ecovery specified in t his Chapter shall not affect in any way— ( a) any other law for the time being in force relating to the recover y of debt s due to the Government; or ( b) the right of the Government to institute a suit for the recovery of the tax arrears from the asses see. ( 2) It shall be lawfu l for the Assessing Officer, or the Government, to have recourse to any such law or suit, notwithstanding that the tax arrears are being recovered from the assessee by any mode specified in this Chapter. 40.( 1) Where the assessee has any income from a source outside India which has not been disclosed in the retur n of income fur nished under sub-section ( 1) of section 139 of the Income-tax Act or the return of income has not been furnished under the said sub- section, interest shall be chargeable in accordance with the provisions of section 234A of the Income-tax Act. ( 2) Where the assessee has any undisclosed income from a source outside India and the advance tax on such income has not been pa id in a ccordance with Part C of Chapter XVII of the Income-tax Act, interest shall be chargeable in accordance with the provisions of sections 234B and 234C of the Income-tax Act. 6 of 2009.Joint and se veral liability of participants. Recovery through State Government. Re covery of tax due s in pursuance of agreemtns with foreign countries or specified terri tory. Recovery by suit or unde r other law not affected. Interest for default in furnishing return and payme nt or de ferme nt of advan ce tax. - 17 -Ex-532/2015 CHAPTER IV PENALTIES 41.The Assessing Officer may direct that in a case where tax has been computed under section 10 in resp ect of undisclosed for eign income and asset, the assessee shall pay by way of penalty, in addition to tax, if any, payable by him, a sum equa l to three times the tax computed under that section. 42.If a person, being a resident other than not or dinarily resident in India within the meaning of clause (6) of section 6 of the Income-tax Act, who is required to furnish a retur n of his income for a ny previous year, as r equired under sub-section ( 1) of section 139 of the Income-tax Act or by the provisos to that sub-section, and who at any time during such previous year,— ( i) held any asset (including financial interest in any entity) located outside India as a beneficial owner or otherwise; or ( ii) wa s a beneficiary of any asset (including financial interest in any entit y) located outside India ; or ( iii) ha d any income fr om a source located outside India, and fails to furnish such r eturn before the end of the relevant a ssessment year, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum of ten la kh r up ees: Provided that this section shall not apply in respect of an a sset, being one or mor e ba nk accounts having an aggregate balance which does not exceed a va lue equivalent to five hundred thousa nd rupees at a ny time during the previous year. Explanation.– For determining the value equiva lent in rupees of the balance in an account maintained in foreign currency, the rate of exchange for calcula tion of the value in rupees sha ll be the telegraphic t ransfer buying rate of such cu rrency a s on the date for which the va lue is to be determined as adopted by the State Ba nk of India cons tituted under the State Bank of India Act, 1955. 43.If a ny person, being a resident other tha n not or dinarily resident in India within the meaning of clause ( 6) of section 6 of the Income-tax Act, who has furnished the return of income for any previous year under sub-section ( 1) or sub-section ( 4) or sub-section ( 5) of section 139 of the said Act, fails to furnish any information or furnishes inaccurate particulars in such return relating to any asset (including financial interest in any entity) located outside India, held by him as a beneficial owner or otherwise, or in r espect of which he was a beneficiary, or relating to any income from a source located outside India, at any time during such previous year, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum of ten lakh rupees: Provided that this section shall not apply in respect of an a sset, being one or mor e ba nk accounts having an aggregate balance which does not exceed a va lue equivalent to five hundred thousa nd rupees at a ny time during the previous year. Explanation .—The value equivalent in rupees shall be determined in the manner provided in the Explanation to section 42. 44.( 1) Every person who is an assessee in default, or an assessee deemed to be in default, as the case may b e, in making pa yment of tax, and in case of continuing default by such assessee, he shall be liable to a penalty of an amount, equal to the amount of tax arrear. Penalty in relation to undisclosed forei gn income and asset. Penalty for failure to furnish return in relation to forei gn income and asset. Penalty for failure to fur- nish in return of income, an information or furnish in- accurate parti - culars about an asset ( in- cluding finan- cial interest in any e ntity) lo- cated outside Indi a. Penalty for default in payme nt of tax arrear.23 of 1955. - 18 - Ex-532/2015 (2) An assessee shall not cease to be liable to any penalt y under sub-section ( 1) merely by reason of the fact tha t before the levy of s uch penalty he has paid the tax. 45.( 1) A person shall be liable to a penalty if he has, without reasonable ca use, failed to — ( a) answer any quest ion put to him by a tax authority in the exercise of its powers under this Act; ( b) sign any statement made by him in the course of any proceedings under this Act which a tax authority may legally require him to sign; ( c) attend or produce books of account or documents at t he place or time, if he is required to attend or to give evidence or produce books of account or other documents, at cer tain pla ce and time in response to summons issued under section 8. ( 2) The penalty referred to in sub-section ( 1) shall be a sum which shall not be less than fifty thousand rupees but which may extend to two lakh rupees. 46.( 1) The tax a uthority shall, for the purposes of imposing any penalty under this Chapter, issue a notice to an assess ee requiring him to show cause why the penalty should not be imposed on him. ( 2) T he notic e refer red to in sub -section ( 1) shall be issued— ( a) during the pendency of any proceedings under this Act for the relevant previous year, in respect of penalty referred to in section 41; ( b) within a period of three years from the end of the financial year in which the default is committed, in respect of penalties referred to in section 45. ( 3) No order imposing a penalty under this Chapter shall be made unless the assessee has been given an opportunity of being heard. ( 4) An order imposing a penalty under this Chapter shall be ma de with the appr oval of the Joint Commissioner, if— ( a) the penalty exceeds one lakh r upees a nd the tax authority levying the penalty is in the ra nk of Income-tax Officer; or ( b) the penalty exceeds five lakh rupees a nd the tax authority levying the penalty is in the rank of Assistant Commissioner or Deputy Commissioner. ( 5) Every order of penalty issued under this Chapter shall be accompanied by a notice of demand in resp ect of the amount of penalty imposed and such notice of dema nd shall be deemed to be a notice under section 13. 47.( 1) No order imposing a penalty under this Chapter shall be passed after the expiry of a period of one year from the end of the financia l year in which the notice for imposition of penalty is issued under section 46. ( 2) An order imposing, or dr opping the proceedings for imposition of, penalty under this Chapter may be revised, or revived, a s the ca se may be, on the basis of assessment of the undisclosed foreign income a nd asset as r evised a fter giving effect to the order of the Commissioner (Appeals), the Appellate Tr ibunal, the High Cour t or the Supreme Court or order of revision under section 23 or section 24. ( 3) An order revising or reviving the penalty under sub-section ( 2) shall not be passed after the expiry of a period of six months from the end of the month in which order of the Commissioner (Appeals), the Appella te Tribunal, the High Court or the Supreme Court is received by the Principal Chief Commissioner or the Chief Commissioner or the Principal Commissioner or the Commissioner or the order of revision under section 23 or section 24 is passed.Penalty for other de faults. Procedure. Bar of limita- tion for impo- sing penalty. - 19 -Ex-532/2015 (4) In computing the period of limita tion for the purposes of this section, the following time or period shall not be included— (a) the time taken in giving an opportunity to the assessee to be reheard under section 7; and (b) any period dur ing which a proceeding under t his Cha pter for the levy of penalty is stayed by an order, or injunction of any court. CHAPTER V OFFENCES AND PROSECUTIONS 48.( 1) T he pr ovisions of this Cha pter shall be in a ddition t o, and not in der ogation of, the provisions of any other law providing for prosecution for offences thereunder. ( 2) The provisions of this Chapter shall be independent of a ny order under this Act that may be made, or has not been made, on any person and it shall be no defence tha t the or der has not been made on account of time limitation or for any other reason. 49.If a person, being a resident other than not or dinarily resident in India within the meaning of clause ( 6) of section 6 of t he Income-tax Act, who at any time during the previous year, held a ny asset (including financia l interest in any entity) loca ted out side India as a beneficial owner or otherwise, or was a beneficiary of such asset or had income from a source outside India and wilfu lly fails to furnish in due time the return of income which he is r equired to fur nish under sub-section ( 1) of section 139 of tha t Act, he shall be punishable with rigorous imprisonment for a term which shall not be less than six months but which may extend to seven years and with fine: Provided tha t a person shall not b e proceeded aga inst under this section for failure to furnish in due time the retur n of income under sub-section ( 1) of section 139 of the Income- tax Act if the return is fur nished by him before the expiry of the assessment year. 50.If a ny person, being a resident other tha n not or dinarily resident in India within the meaning of clause ( 6) of section 6 of the Income-tax Act, who has furnished the return of income for any previous year under sub-section ( 1) or sub-section ( 4) or sub-section ( 5) of section 139 of that Act, wilfully fails to furnish in such return any information relating to a n asset (including financial interest in a ny entity) located outside India, held by him, as a beneficia l owner or otherwise or in which he was a beneficiary, at any time during such previous year, or disclose any income fr om a sour ce outside India, he shall be punisha ble with rigorous impr isonment for a term which shall not be less than six months but which may extend to seven years and with fine. 51.( 1) If a person, being a resident other tha n not or dinarily resident in India within the meaning of clause ( 6) of section 6 of the Income-tax Act, wilfully attempts in any manner whatsoever to evade any tax, penalty or interest chargeable or imposable under this Act, he shall b e punishable with rigorous imprisonment for a term which shall not be less than three years but which may extend to ten years and with fine. ( 2) If a person wilfully attempts in any manner whatsoever to evade the payment of a ny tax, penalty or int erest under this Act, he shall, without prejudice to any penalty that may be imposable on him under any other provision of this Act, be punishable with rigorous imprisonment for a term which shall not be less than three months but which may extend to three years and shall, in the discretion of the court, also be liable to fine. Chapter not in de rogation of any other law or any other provis ion of this Act. Punishment for failure to furnish return in relation to foreign income and asset. Punishment for failure to furnish in return of in- come, any information about an asset (including f- inancial inte- rest in any entity) located outside India. Punishment for wilful attempt to evade tax.- 20 - Ex-532/2015 (3) For the purposes of this section, a wilful attempt to evade any tax, penalty or interest chargeable or imposable under this Act or the payment thereof shall include a ca se where any person— ( i) has in his possession or contr ol a ny b ooks of a ccount or other docu ment s (being books of account or other documents relevant to a ny proceeding under this Act) containing a false entr y or statement; or ( ii) ma kes or causes to be made any false entry or statement in such books of account or other documents; or ( iii) wilfully omits or causes t o be omitted any relevant entry or statement in such books of account or other documents; or ( iv) ca uses any other circumstance to exist which will have the effect of enabling such person to evade any tax, penalty or interest chargeable or imposable under this Act or the payment thereof. 52.If a person, makes a statement in any ver ification under this Act or under any rule ma de thereunder, or delivers an account or sta tement which is false, and which he either knows or believes to be false, or does not believe to be true, he s hall be punishable with rigorous imprisonment for a term which shall not be less than six months but which may extend to seven years and with fine. 53.If a person abets or induces in any manner another person to make and deliver an account or a statement or declaration relating to tax paya ble under this Act which is fa lse and which he either knows to be false or does not believe to be true or to commit a n offence under sub-section ( 1) of section 51, he shall be punishable with rigorous imprisonment for a term which shall not be less than six months but which may extend to seven years and with fine. 54.( 1) In any prosecution for any offence under this Act which requir es a culpable mental state on the part of the accused, the court shall presume the existence of such mental state but it shall be a defence for the accused to prove the fact that he had no such mental state with respect to the act charged as an offence in that prosecution. Explanation. —In this sub-section, “cu lpable mental state” includes intention, motive or knowledge of a fact or belief in, or reason t o believe, a fact. ( 2) For the purposes of this section, a fact is said to be p roved only when the cour t believes it to exist beyond reasonable doubt and not merely when its existence is established by a preponderance of probability. 55.( 1) A person shall not be proceeded against for an offence under section 49 to section 53 (both inclusive) except with the sanction of the Principal Commissioner or Commissioner or the Commissioner (Appeals), as the case may be. ( 2) The Principal Chief Commissioner or the Chief Commissioner may issue such instructions, or dir ections, to the tax authorities referred to in sub-section ( 1) as he may think fit for the institution of proceedings under this section. ( 3) T he power of the Board to issue orders, instr uctions or dir ections under this Act shall include the power to is sue orders, instructions or dir ections (including instructions or dir ections to obtain its previous approval) to other tax authorities for the proper initiation of proceedings of offences (inclu ding an author isation to file and pursue complaints by one or more Inspectors of tax) u nder this section.Punishme nt for false statement in verification. Punishment for abetment. Presumption as to culpable mental state. Prosecution to be at instance of Principal Chief Commissioner or Chief Commissioner or Pri ncipal Commissioner or Commissioner. - 21 -Ex-532/2015 56.(1) Where an offence under this Act has been committed by a company, ever y person who, a t the time the offence was committed, was in charge of, and was resp onsible to, the company for the conduct of t he business of the company as well as the compa ny shall be deemed to be guilt y of the offence and shall be liable to be proceeded against and punished accordingly. ( 2) Nothing in sub-section ( 1) shall render any such person liable to any punishment if he proves that the offence was committed without his knowledge or that he had exercised all due diligence t o prevent the commission of such offence. ( 3) Notwithstanding anything in sub-section ( 1), where an offence under this Act has been committed by a company and it is proved that the offence has been committed with the consent or connivance of, or is attributa ble to any neglect on the part of, any director, manager, secretary or other officer of the company, such director, mana ger, secretary or other officer sha ll also be deemed to be guilty of that offence and shall be liable to be proceeded against and punished accordingly. ( 4) Where an offence under this Act has been committed by a person, being a company, and the punishment for such offence is imprisonment and fine, then, without prejudice to sub-section ( 1) or sub-section ( 3), such company sha ll be punished with fine and ever y person, referred to in sub-section ( 1), or the director, manager, secretary or other officer of the company referred to in sub-section ( 3), shall be liable to be proceeded against and punished in a ccordance with the provisions of this Act. ( 5) In this section— ( a) “company” means a body corpora te, and includes — ( i) an unincorporated body; ( ii) a Hindu undivided fa mily; ( b) “director ”, in relation to — ( i) an unincorporated body, means a participant in the body; ( ii) a Hindu undivided family, means an adult member of the family; and ( iii) a company, means a whole-time dir ector, or where there is no such director, any other director or manager or officer, who is in charge of t he affa irs of t he company. 57.( 1) The entries in the records, or other documents, in the custody of a tax authority shall be admitted in evidence in any proceeding for the prosecution of any person for an offence under this Chapter. ( 2) The entries referred to in sub -section ( 1) may be proved by the production of— ( a) the records or other documents (containing such entries) in the custody of the tax a uthority; or ( b) a copy of the entries certified by that authority under its s ignature, as true copy of the original entries contained in the records or other documents in its custody. 58.If a ny person convicted of an offence under section 49 to section 53 (both inclusive) is again convicted of an offence under any of the aforesaid provisions, he shall be punishable for the second and every subsequent offence with rigorous impr isonment for a term which shall not be less than t hree years, but which may extend to ten years and with fine which shall not be less than five lakh rupees, but which may extend to one cr ore rupees. Offences by companies. Proof of entries in records or documents. Punishment for second and subsequent offences.- 22 - Ex-532/2015 CHAPT ER VI TAX COMPLIANCE FOR UNDISCLOSED FOREIGN INCOME AND ASSETS 59.Subject to the provisions of this Chapter, any person ma y make, on or a fter the date of commencement of this Act but on or before a date to be notified by the Central Government in the Official Gazette, a declaration in respect of any undisclosed asset located outside India and a cquired from income chargeable to ta x under the Income-tax Act for any assessment year prior to the assessment year beginning on 1st day of April, 2016— (a) for which he has failed to furnish a return under section 139 of the Income-tax Act; ( b) which he has failed to disclose in a r eturn of income furnished by him under the Income-ta x Act before the date of commencement of this Act; ( c) which has escaped assess ment by reason of the omission or failure on the part of such person to make a return under the Income-tax Act or to disclose fully and truly all material facts necessary for the assessment or otherwise. 60.Notwithstanding anything contained in the Income-tax Act or in any Finance Act, the undisclosed asset located outside India and declared under section 59 within the time specified therein shall be char geable to tax a t the rate of thirty per cent. of value of such undisclosed asset on the date of commencement of this Act. 61.Notwithstanding anything contained in the Income-tax Act or in any Finance Act, the person making a declara tion of undisclosed asset located outside India shall, in a ddition to tax charged under section 60, be liable to penalty at the rate of one hundred per cent. of such tax. 62.( 1) A declaration under section 59 shall be made to the Principal Commissioner or the Commissioner a nd shall be in such form and shall be verified in such manner a s may be prescribed. ( 2) T he decla ration shall be signed,— ( i) where the declar ant is an individual, by the individual himself; where such individual is absent from India, by t he individual concerned or by some person duly authorised by him in this behalf; and where the individual is mentally inca pacitated from attending to his affair s, by his guardian or by any other person competent to act on his behalf; ( ii) where the declara nt is a Hindu undivided family, by the karta , a nd where the karta is a bsent from India or is menta lly incapacita ted from attending to his affa irs, by any other adult member of s uch family; ( iii) where the declara nt is a company, by the managing director thereof, or where for any u navoida ble reason such managing dir ector is not a ble to sign the declara tion or where there is no managing director, by any director thereof; ( iv) where the declara nt is a firm, by the managing partner thereof, or where for a ny unavoidable reason such managing partner is not able to sign the declaration, or where there is no managing partner as such, by any par tner thereof, not being a minor; ( v) where the declara nt is any other association, by any member of the association or the principal officer thereof; andDe claration of undisclosed foreign asset. Charge of tax. P e n a l t y. Manne r of declarati on. - 23 -Ex-532/2015 (vi) where the declara nt is any other person, by tha t person or by some other person competent to act on his behalf. ( 3) Any person, who has made a decla ration under sub-section ( 1) in r esp ect of his asset or as a repr esentative assessee in respect of the asset of any other person, sha ll not be entitled to make any other declar ation, under that sub-section in resp ect of his asset or the asset of such other person, and a ny such other declaration, if made, shall be deemed to be void. 63.( 1) The tax payable under section 60 and penalty payable under section 61 in respect of the undisclosed asset loca ted outside India, shall be paid on or before a date to be notified by the Centr al Government in the Official Gazette. ( 2) The declarant shall file the proof of payment of tax and penalty on or before the date notified u nder sub-section ( 1), with the Principal Commissioner or the Commissioner before whom the decla ration under s ection 5 9 was made. ( 3) If the declarant fails to pay the tax in resp ect of the declaration made under section 59 on or before the date notified under sub-section ( 1), the declaration filed by him shall be deemed never to have been made under this Chapter. 64.The amount of undisclosed invest ment in an asset located outside India declared in accordance wit h section 59 shall not be included in the total income of the declarant for any a ssessment year under t he Income-tax Act, if the declarant makes the payment of tax referr ed to in section 60 and the penalty referred to in section 61 by the date notified under sub-section ( 1) of section 63. 65.The declarant shall not be entitled, in respect of undisclosed asset located outside India decla red or any amount of tax paid thereon, to reopen any assess ment or reassessment made under the Income-tax Act or the Wealth-tax Act, 1957 or claim any set off or relief in any appeal, reference or other proceeding in relation to any such assessment or reassessment. 66.Any amount of tax paid under section 60 or penalty paid under section 61 in pursuance of a declaration made under section 59 shall not be refunda ble. 67.Notwithstanding anything contained in any other law for the time being in force, nothing contained in any declara tion ma de under section 59 shall be admissible in evidence against the declarant for the purpose of any proceeding relating to imposition of penalty, other than the penalty leviable under section 61 , or for the purposes of prosecution under the Income-tax Act or the Wealth-t ax Act, 1957 or the Foreign Exchange Management Act, 1999 or the Companies Act, 2013 or the Customs Act, 1962 . 68.Notwithstanding anything contained in this Cha pter, where a declara tion has been made by misrepresentation or suppression of facts, such decla ration shall be void and shall be deemed never to have been made under this Chapter. 69.( 1) Where the undisclosed asset located outside India is represented by cash (inclu ding bank deposits), bullion or any other assets specified in the declara tion made under section 59— Time for payme nt of tax. Undisclosed foreign asset declared not to be included in total income . Undisclosed foreign asset declared not to affectr finality of completed assessments. Tax in respe ct of voluntarily disclosed asset not refundable. De clarati on not admissible in evidence agai nst declarant. 27 of 1957. 42 of 1999. 18 of 2013. 52 of 1962. Declaration by misrepre- sentation of facts to be void. Exemption from wealth- tax in respect of assets spe- cified in de- cl arat ion- 24 - Ex-532/2015 (a) in respect of which the declar ant has failed to furnish a r eturn under section 14 of the Wealth-t ax Act, 1957 for the assessment year commencing on or befor e the 1st day of April, 2015; or ( b) which have not been shown in the return of net wealth furnished by him for the said assessment year or years; or ( c) which have been understated in value in the return of net wealth furnished by him for the said assessment year or years, then, notwithstanding anything contained in the Wealth-tax Act , 1957 or any r ules ma de ther eunder,— ( I) wealth-tax shall not be payable by the declarant in respect of the assets referred to in cla us e ( a) or clause ( b) and such assets shall not be included in his net wealth for the said assess ment yea r or years; ( II) the amount by which the value of the assets referred to in clause ( c) has been unders tated in the r eturn of net wealth for the s aid a ss essment yea r or yea rs , to the extent such amount does not exceed the volunta rily disclosed income utilised for acqu iring such assets, shall not be taken into account in computing the net wealt h of the declara nt for the said assess ment yea r or years. Explanation. —Where a declaration under section 59 is made by a firm, the assets referred to in clause ( I) or, as the case may be, the a mount r efer red to in clause ( II) shall not be taken into a ccount in computing the net wealth of any par tner of the firm or, as the case may be, in determining the value of the interest of any partner in the firm. ( 2) The provisions of sub-s ection ( 1) sha ll not apply unless the conditions specified in sub-sections ( 1) and ( 2) of section 63 are fulfilled by the declar ant. 70.The provisions of Chapter XV of the Income-tax Act relating to liabilit y in special cases and of section 189 of that Act or of Chapter V of the Wealth-tax Act, 1957 relating to liability to assessment in special cases shall, so far as may be, a pply in r elation to proceedings under this Chapter a s they apply in relation to proceedings under the Income-tax Act or, as the case may be, the Wealth-tax Act. 71.The provisions of this Chapter shall not apply— ( a) to any person in respect of whom an or der of detention has been made under the Conservation of Foreign Exchange and Prevention of Smuggling Activities Act, 1974: Provided that— ( i) such order of detention, being an order to which the provisions of s ection 9 or section 12A of t he said Act do not a pply, has not been revoked on the report of the Advisory Board under section 8 of the said Act or before the receipt of the report of the Advisor y Board; or ( ii) such order of detention, being an order to which the provisions of section 9 of the said Act apply, has not been revoked before the expiry of t he time for, or on the basis of, the review under sub-section ( 3) of section 9, or on t he report of the Advisory Board under section 8, read with sub-section ( 2) of section 9, of the said Act ; or ( iii) such order of detention, being an order to which the provisions of section 1 2A of the said Act apply, has not been revoked before the expiry of the time for, or on the basis of, the first review under sub- 27 of 1957. 27 of 1957. 27 of 1957. 52 of 1974.Applicability of certain provisions of Income-tax Act and of Chapter V of Wealth-tax Act. Chapter not to apply to certain persons - 25 -Ex-532/2015 section (3) of that section, or on the basis of t he report of t he Advisory Boar d under section 8, read with su b-section ( 6) of section 12A, of the said Act; or ( iv) such order of detention has not been set aside by a cour t of competent jurisdiction; ( b) in relation to pr osecution for any offence punishable under Cha pter IX or Chapter XVII of the Indian Penal Code, the Narcotic Drugs and Psychotropic Substa nces Act, 1985, the Unlawful Activities (Prevention) Act, 1967, the Prevention of Corruption Act, 1988; ( c) to any person notified under section 3 of the Special Cour t (Tria l of Offences Relating t o Transactions in Securities) Act, 1992. ( d) in relation to a ny undisclosed asset located outside India which has been acquir ed from income chargeable to tax under the Income-tax Act for any previous year relevant to an assessment year prior to the assessment year beginning on the 1st day of April, 2016— ( i) where a notice under section 142 or sub-section ( 2) of section 143 or section 148 or section 153A or section 153C of t he Income-tax Act has been issued in respect of such assess ment year and the proceeding is pending before the Assessing Officer; or ( ii) where a search ha s been conducted under section 132 or requisition has been ma de under section 132A or a survey has been carried out under section 133A of the Income-tax Act in a pr evious year and a notice under sub- section ( 2) of section 143 for the assessment year relevant to such previous year or a notice under section 153A or under section 153C of the said Act for an assessment year relevant to any previous year prior to such previous year has not been issued and the time for issuance of such notice has not expired; or ( iii) where any informa tion has been r eceived by the competent authority under an agreement entered into by the Central Government under section 90 or section 90A of the Income-tax Act in r espect of such undisclosed asset. Explanation.— For the pur pose of this sub-cla use asset shall inclu de a bank account whether having any balance or not. 72.For the removal of doubts, it is hereby declared that— ( a) sa ve as ot herwise express ly provided in the Explanation to sub-section ( 1) of s ection 69, nothing contained in this Chapter shall be construed as conferring any benefit , concession or immunity on any person other tha n the person making the declaration under this Chapter; ( b) where any declara tion ha s been made under section 59 but no tax a nd penalty has been pa id within the t ime specified under section 60 and section 61, the value of such asset shall be cha rgeable to tax under this Act in the previous year in which such declaration is made; ( c) where any asset has been acquir ed or made prior to commencement of this Act, and no declaration in respect of such asset is made under this Chapter, such asset shall be deemed to have been acquir ed or made in the year in which a notice under section 10 is issued by the Assess ing Officer and the pr ovisions of this Act shall apply accordingly.45 of 1860. 61 of 1985. 37 of 1967. 49 of 1988. 27 of 1992. Re moval of doubts.- 26 - Ex-532/2015 CHAPTER VII GENERAL PROVISIONS 73.(1) T he Centr al Government ma y enter into an agreement with the Government of any ot her country— ( a) for exchange of information for the prevention of evasion or avoidance of t ax on undisclosed foreign income chargeable u nder this Act or under the corr esponding law in force in that country, or investigation of cases of such evasion or avoida nce; ( b) for recovery of t ax under this Act and under the corresponding law in force in that country. ( 2) The Centr al Government may enter into an agreement with the Government of a ny specified territor y outside India for the purposes specified in sub-section ( 1). ( 3) The Centr al Government may, by notification, make such pr ovisions as may be necessary for implementing the agreements refer red to in sub-sections ( 1) and ( 2). ( 4) Any specified association in India may enter into an agreement with any specified association in the specified territor y outside India for the purposes of sub- section ( 1) and the Central Government may by notification make such pr ovisions as may be necessary for adopting and implementing such agreement. ( 5) Any term used but not defined in this Act or in the agreement referred to in sub-sections ( 1), ( 2) or sub-section ( 4) shall, unless the context other wise requires, and is not inconsistent with the provisions of this Act or the agreement, have the meaning assigned to it in the notification issued by the Central Government and such meaning sha ll be deemed to have effect from the date on which the said agreement came into force. 74.( 1) The service of any notice, summons, requisition, order or any other communication under this Act (herein refer red to in this section as “communication”) may be made by delivering or transmitting a copy thereof, to the person named therein,— ( a) by post or by such courier service as ma y be approved by the Board; ( b) in such ma nner as provided under the Code of Civil Procedure, 1908 for the purposes of service of summons; ( c) in the form of any electronic record as provided in Chapter IV of the Information Technology Act, 2000; or ( d) by any other means of tr ansmission of docu ments, including fax mess age or electronic mail messa ge, as may be prescribed. ( 2) T he Board may make rules providing for the addresses including the address for electronic mail or electronic mail message to which the communication referred to in sub-section ( 1) ma y be delivered or transmitted to the person na med therein. ( 3) In this section, the expressions “electronic mail” and “electronic mail mess age” shall have the sa me meanings as assigned to them in the Explanation to section 66A of the Informa tion Technology Act, 2000. 75.( 1) A notice or any other document requir ed to be issued, served or given for the purposes of this Act by any tax authority shall be authenticated by that authority. ( 2) Every notice or other document to be issued, served or given for the purposes of t his Act by any tax authority shall be deemed to b e authenticated, if the name and office of a designated ta x authority is printed, stamped or otherwise written thereon.Agreement with foreign countries or specified territories. Se rvice of notice generally. 5 of 1908. 21 of 2000. 21 of 2000. Authentication of notices and other documents. - 27 -Ex-532/2015 (3) In this section, a designated tax a uthorit y shall mean any tax authority authorised by the Board to issue, serve or give such notice or other document a fter authentication in the manner as provided in sub-section ( 2). 76.( 1) A notice which is required to be served upon a person for the purposes of a ssessment under this Act shall be deemed to have been duly served upon him in accordance with the provisions of this Act, if the person has appeared in any proceeding or co-opera ted in any inquiry r elating to an assessment. ( 2) The person, referred to in sub-section ( 1), shall be precluded from ta king any objection in a ny proceeding or inquiry under this Act that the notice was— ( a) not served upon him; ( b) not served upon him in time; or ( c) served upon him in an impr oper manner. ( 3) The provisions of this section shall not apply, if the per son has raised the objection before the completion of the assessment. 77.( 1) Any assessee who is entitled or required to attend before any tax authority or the Appellate Tribuna l, in connection with any matter relating to the valuation of any asset, may attend through a valuer approved by the Principal Commissioner or the Commissioner in accordance with such rules as ma y be pr escr ibed. ( 2) T he provisions of sub-section ( 1) s ha ll not a p p ly in a ca s e wher e t he a s s es s ee is required to attend personally for examination on oath or affirmation under section 8. 78.( 1) Any assessee who is entitled or required to attend before any tax authority or the Appellate Tribunal, in connect ion wit h any p roceeding under this Act, may attend through an author ised representative. ( 2) T he provisions of sub-section ( 1) s ha ll not a p p ly in a ca s e wher e t he a s s es s ee is required to attend personally for examination on oath or affirmation under section 8. ( 3) In this section, “author ised representa tive” means a person a uthorised by the assessee in writ ing to a ppear on his behalf, being— ( a) a person related to the assess ee in a ny manner, or a person regularly employed by t he asses see; ( b) any officer of a scheduled bank with which the a ssessee maintains a curr ent account or has other regular dealings; ( c) any legal practitioner who is entitled to practice in any civil cour t in India; ( d) an accountant; ( e) any person who ha s passed any a ccounta ncy exa mination recognised in t his behalf by t he Board; or ( f) any person who has acquir ed such educational qualifica tions as may be pres crib ed. ( 4) The following persons sha ll not be qualified to represent an assessee under sub-section ( 1), namely:— ( a) a per son who ha s been dismissed or r emoved from Gover nment service; ( b) a legal practitioner, or an accountant, who is found guilty of misconduct in his professiona l capacity by a ny authority entitled to institute disciplinary proceedings against him; ( c) a person, not being a legal practitioner or an accountant, who is found guilty of misconduct in any tax proceedings by such authority as may be pr escribed. Notice de eme d to be valid in certain ci rcums tance s. App earance by approved valuer in certain matters. Appearance by authoris ed representative.- 28 - Ex-532/2015 (5) The Principal Chief Commissioner or the Chief Commissioner may, by an order in wr iting, specify the period upto which the disqualification under sub-section ( 4) shall continue, having regard to the nature of misconduct and such disqualifica tion shall not exceed— ( i) in case of clauses ( a) and ( c) of sub-section ( 4), a period of ten years; ( ii) in case of clause ( b) of sub-section ( 4), the period for which the legal practitioner or an accountant is not entitled to pract ice. ( 6) A person shall not be allowed to appear as an authorised representative, if he has committed any fraud or misr epresent ed the facts which resu lted in loss to the revenue and that person has been declared as such by an order of the Principal C hief Commissioner or the Chief Commissioner. Explanation .—In this section, “accountant” means a chartered accountant as defined in cla us e ( b) of sub-section ( 1) of section 2 of the Cha rtered Accountants Act, 1949 who holds a valid certificate of practice under sub-section ( 1) of section 6 of that Act. 79.( 1) The amount of undisclosed foreign income and asset computed in accordance with this Act shall be rounded off to t he near est mult iple of one hundred rupees. ( 2) Any amount payable or receivable by the assess ee under this Act shall be rounded off to the nearest multiple of ten rupees. ( 3) The method of rounding off under sub-section ( 1) or sub-section ( 2), shall be such as may be prescribed. 80.No court inferior to that of a metr opolita n magistrate or a magistrate of the First Class shall try any offence under this Act. 81.No assessment, notice, summons or other proceedings, made or issued or taken or pur ported to have been ma de or issued or taken in pursuance of any of the provisions of this Act sha ll be invalid or shall be deemed to be invalid merely by reason of a ny mistake, defect or omission in such assessment, notice, summons or other proceeding if such assessment, notice, summons or other proceeding is in substance and effect in conformity with or according to the intent a nd purpose of this Act . 82.( 1) No suit shall be brought in any civil court to set a side or modify any proceeding taken or order made under this Act. ( 2) No prosecution, suit or other proceeding sha ll lie against the Government or any officer of the Government, for anything in good fa ith done or intended to be done, under this Act. 83.Notwithstanding anything contained in the Income-tax Act, all informa tion cont ained in any statement or return made or furnished under the provisions of that Act or obta ined or collect ed for the purposes of the sa id Act may be used for the purposes of this Act. 84. The provisions of clauses ( c) and ( d) of sub-section ( 1) of s ection 90, cla u s es ( c) a n d ( d) of s u b -s ect ion ( 1) of section 90A, sections 119, 133, 134, 135, 138, Chapter XV and sections 237, 240, 245, 280, 280A, 280B, 280D, 281, 281B and 284 of the Income-tax Act shall apply with necessary modifications as if the said provisions refer to undisclosed foreign income and asset instead of to income-tax.Rounding off of income, value of asset and tax. Congniz ance of offences. Assesment not to be invalid on certain grounds Bar of suits in civil courts. Income-tax papers to be available for purposes of this Act. Application of provisions of Income-tax Act. - 29 -Ex-532/2015 38 of 1949. 85.(1) The Board may, subject to the approval of t he Central Government, by notification in the Official Gazette, make r ules for carr ying out the provisions of this Act. ( 2) In particular, a nd without prejudice to the generality of the foregoing power, such rules may provide for all or any of the following matters, namely:— ( a) the manner of det ermination of the value of an undisclosed for eign asset referred to in sub-section ( 2) of section 3; ( b) the tax a uthority to be prescribed for any of the pur poses of this Act; ( c) t he form a nd ma nner of service of a notice of demand under section 13; ( d) the form in which any appeal, r evision or cross-objection ma y be filed under this Act, the ma nner in which they may be verified and the fee paya ble in respect ther eof; ( e) the form in which the Tax Recovery Officer may draw up the statement of tax arrears under sub-section ( 1) of section 31; ( f) the manner in which the sum is to be paid to the credit of Central Government u nder sub-section ( 2) or sub-section ( 5) of section 32; ( g) the manner in which the Tax Recovery Officer shall send a certificate referred to in sub-section ( 2) of section 33; ( h) the form in which a declaration referred to in sub-section ( 1) of section 62 is to be made and the manner in which it is to be verified; ( i) the means of tra nsmission of documents under cla use ( d) of sub- section ( 1) of section 74; ( j) the procedure for approva l of a va lu er by t he P rincipal C ommissioner or the Commissioner under section 77; ( k) the educationa l qualifications required, to be an authorised repr esentat ive under cla us e ( f) of sub-section ( 3) of section 78; ( l) the tax authority under clause ( c) of sub-section ( 4) of section 78; ( m) the method of rounding off of the amount referred to in sub-section ( 1) or sub-section ( 2) of section 79; ( n) any other matter which by this Act is to be, or may be, prescribed. ( 3) The power to make rules conferred by this section shall include the power to give retrospective effect to the rules or any of them from a date not earlier than the date of commencement of this Act a nd no r etrospective effect shall be given to any rule so as t o preju dicia lly affect the int erest of assess ees. ( 4) The Centr al Government shall ca use every rule made under this Act to be laid as soon as may be after it is made before each House of Parliament while it is in sess ion for a tota l period of thirty da ys which may be compr ised in one session or in two or more success ive sess ions and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modifica tion in the rule or both Houses agree that the rule should not be made, the rule shall thereafter ha ve effect only in such modified form or be of no effect, as the case may be; so, however, that a ny such modification or annulment shall be without prejudice to the validity of a nything previously done under that r ule. 86.( 1) If any difficult y arises in giving effect to the pr ovisions of this Act, the Central Government may, by order, not inconsistent with the provisions of this Act, remove the difficulty : Provided tha t no such order shall be made after the expiry of a period of two year s from the date on which the provisions of this Act come into force. Power to make rules. Power to remove difficulties.- 30 - Ex-532/2015 (2) Every order made under this section shall be laid before each House of Parliament. 87.In section 2 of the Central Boards of Revenue Act, 1963, in sub-clause ( 1) of clause ( c),— ( a) in item ( vii ), the word “and” occurring at the end shall be omitted; and ( b) after item ( ix) as so amended, the following item shall be inserted, namely:— “( x) the Black Money (Undisclosed For eign Income and Assets) and Imposition of Tax Act , 2015; and” 88.In the Prevention of Money-laundering Act , 2002, in the Schedule, in Part C, aft er entr y (3), relating to the offences aga inst pr operty under Chapter XVII of the Indian Penal Code, the following entry shall be inserted, namely:— “( 4) T he offence of wilfu l a t t emp t t o eva de a ny t a x , p ena lt y or int er es t r efer r ed to in section 51 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.”.Published and Issued by Controller, Printing & Stationery Department, Government of Mizoram Printed at the Mizoram Government Press, Aizawl. C/50Ame ndment of section 2 of Act 54 of 1963. Ame ndment of Act of 15 of 2003. 45 of 1860.- 31 -Ex-532/2015

The Mizoram Gazette EXTRA ORDINARY Published by Authority RNI No. 27009/1973Postal Regn. No. NE-313(MZ) 2006-2008NOTIFICATIONNo.H. 12017/55/2014-LJD, the 13th October, 2015.The following Act is hereby re-published for general information. The Delhi High Court (Amendment) Act, 2015 (Act No. 23 of 2015) Zahmingthanga Ralte, Joint Secretary to the Govt .of Mizoram. VOL - XLIV Aizawl, Friday 16.10.2015 Asvina 24, S.E. 1937, Issue No. 533 THE DELHI HIGH COURT (AMENDMENT) ACT, 2015 AN ACTfurther to a mend the Delhi High Cour t Act, 1966. BE it enacted by Parliament in the Sixty-sixth Year of the Republic of India as follows:— 1.( 1) T his Act may be called the Delhi High Court (Amendment) Act, 2015. ( 2) It shall come into force on such date as the Central Government may, by notification in the Officia l Gazette, appoint. 2.In sub-section ( 2) of section 5 of the Delhi High Court Act, 1966, for the words ‘‘rupees twenty lakhs’’, the words ‘‘rupees two cr ore’’ shall be substituted. 3.In t he Punja b Courts Act, 1918, as in force in the Nationa l Capital Territory of D elhi, in section 25, for the words ‘‘rupees twenty lakhs’’, the words ‘‘rupees two cror e’’ sha ll be substituted.Short title and commen- cement. Amendme nt of s ection 5. 26 of 1966. Amendment of Punjab Act VI of 1918, as in force in the National Capi- tal Territory of Delhi. - 2 - Ex-533/2015 Powe r of Chi ef Justice to trans- fer pending suits and pro- ceedings to subordinate courts.4.The Chief Justice of the High Cour t of Delhi may transfer any suit or other proceedings which is or are pending in the High Court immediately before the commencement of this Act to such subordina te court in the Nationa l Capit al Territory of Delhi as would have jur isdiction to entertain such suit or proceedings ha d such suit or proceedings been instituted or filed for the first time after such commencement.Published and Issued by Controller, Printing & Stationery Department, Government of Mizoram Printed at the Mizoram Government Press, Aizawl. C/50

The Mizoram Gazette EXTRA ORDINARY Published by Authority RNI No. 27009/1973Postal Regn. No. NE-313(MZ) 2006-2008NOTIFICATIONNo.H. 12017/55/2014-LJD, the 13th October, 2015.The following Act is hereby re-published for general information. The Appropriation (Railways) No. 3 Act, 2015 (Act No. 24 of 2015) Zahmingthanga Ralte, Joint Secretary to the Govt .of Mizoram. VOL - XLIV Aizawl, Friday 16.10.2015 Asvina 24, S.E. 1937, Issue No. 534 THE APPROPRIATION (RAILWAYS) No. 3 ACT, 2015 AN ACT toprovide for the authorisation of appropr iation of moneys out of the Consolidated Fund of India to meet the amounts spent on certain services for the purposes of R ailways during the fina ncial year ended on the 31st da y of Ma rch, 2013 in excess of the amounts granted for those services and for that year. Be it enact ed by P arliament in t he Sixty-sixth Year of the Republic of India as follows:— 1.This Act may be called the Appropriation (Railways) No. 3 Act, 2015. 2.From and out of the Consolida ted Fund of India the sums specified in column 3 of the Schedule a mounting in the aggregate to t he sum of one thousand six hundred seventy- five crore, ninety-five lakh, sixty-two t housand, three hundred and thirty- seven rupees shall be deemed to have been authorised to be paid and applied to meet the amounts spent for defra ying the charges in respect of the services relating to Railways specified in column 2 of the Schedule during the financial year ended on the 31st day of March, 2013 in excess of the a mounts granted for those services and for that year.Short title. Issue of Rs. 1675,95,62,337/- out of the Consolidated Fund of India to meet certain expe nditure for the finan- cial year ended on the 31st day of March, 2013. - 2 - Ex-534/2015 Appropriation. 3.The sums deemed to have been authorised to be paid and applied from and out of the Consolidated Fund of India by this Act shall be deemed to have been appropriated for the services and purposes expressed in the Schedule in relation to the financial year ended on the 31st day of March, 2013.Published and Issued by Controller, Printing & Stationery Department, Government of Mizoram Printed at the Mizoram Government Press, Aizawl. C/50 Rs. Rs. Rs. 3General Superintendence and Services on Railways. . 41,82,99541,82,995 4Repa irs and Maintenance of Perma nent. . 46,19,93646,19,936 Way and Works 5Repa irs and Maintenance of Motive P ower. . 4,12,7464,12,746 7Repa irs and Maintenance of Plant a nd Equipment. . 2,11,9682,11,968 8Operating Expenses – Rolling Stock a nd Equipment 33,88,59,0574,96,123 33,93,55,180 10 Opera ting Exp enses – Fuel658,82,43,046658,82,43,046 11 Staff Welf are a nd Amenities. . 14,52,24114,52,241 13 Provident F und,981,95,20,896 15,63,329 982,10,84,225 Pension and other Retirement Benefits TOTA L : 1674,66,22,999 1,29,39,338 1675,95,62,337THE SCHEDULE (See sections 2 and 3) No. of Vote123 Services and purposesVoted by ParliamentCharged on the Consoli- dated FundTotal Sums not exceeding

The Mizoram Gazette EXTRA ORDINARY Published by Authority RNI No. 27009/1973Postal Regn. No. NE-313(MZ) 2006-2008NOTIFICATIONNo.H. 12017/55/2014-LJD, the 13th October, 2015.The following Act is hereby re-published for general information. The Appropriation (No. 3) Act, 2015 (Act No. 25 of 2015) Zahmingthanga Ralte, Joint Secretary to the Govt .of Mizoram. VOL - XLIV Aizawl, Friday 16.10.2015 Asvina 24, S.E. 1937, Issue No. 535 THE APPROPRIATION (No. 3) ACT, 2015 AN ACTto a uthorise payment and a ppropria tion of certain further sums from and out of the Consolidated Fund of India for the services of the fina ncial year 2015-16. BE it ena cted by Pa rliament in the Sixty- sixth Year of the Rep ublic of India as follows:— 1.This Act may be called the Appropriation (No. 3) Act, 2015. 2.From and out of the Consolidated Fund of India there may be paid and applied sums not exceeding those specified in column 3 of the Schedule amounting in the aggregate to the sum of forty thousand eight hundred twenty-one crores and sixty-eight lakh rupees towards defra ying the several charges which will come in course of payment during the financial year 2015-16 in respect of the services specified in column 2 of the Schedule. 3.The sums authorised to be paid and applied from a nd out of the Consolidated Fund of India by this Act shall be appropriated for the services and purposes expressed in t he Schedule in relation to the said year.Short title. Issue of Rs. 40821,68,00,000 out of the Consolidated Fund of India for the finan- cial ye ar 2015-16. Appropriation. - 2 - Ex-535/2015 Rs. Rs. Rs. 1Department of Agriculture and CooperationRevenue4,00,000..4,00,000 Capital2,75,00,000..2,75,00,000 2Department of Agricultural Research andRevenue1,00,000.,1,00,000 Education 3Department of Animal Husbandry, DairyingRevenue1,00,000..1,00,000 and FisheriesCapital4,45,00,000..4,45,00,000 4Atomic EnergyCapital2,00,000..2,00,000 5Nuclear Power SchemesRevenue1,00,000..1,00,000 6Ministry of Ayurveda, Yoga and Naturopathy,Revenue1,00,000..1,00,000 Unani, Siddha and Homoeopathy (AYUSH) 7Department of Chemicals and PetrochemicalsRevenue17,00,00,000..17,00,00,000 8Department of FertilisersRevenue2,80,00,000..2,80,00,000 9Department of PharmaceuticalsRevenue1,00,000..1,00,000 Capital11,50,00,000..11,50,00,000 10Ministry of Civil AviationRevenue20,05,00,000..20,05,00,000 Capital800,00,00,000..800,00,00,000 12Department of CommerceRevenue1,00,000..1,00,000 13Department of Industrial Policy and PromotionRevenue 100,00,00,000..100,00,00,000 15Department of TelecommunicationsRevenue9,01,00,000 93,64,00,000102,65,00,000 18Department of Food and Public DistributionRevenue 650,02,00,000..650,02,00,000 20Ministry of CultureRevenue30,02,00,000..30,02,00,000 Capital1,00,000..1,00,000 21Ministry of DefenceRevenue1,00,000..1,00,000 Capital300,00,00,000..300,00,00,000 23Defence Services — ArmyRevenue1,00,000 30,00,00,00030,01,00,000 26Defence Ordnance FactoriesRevenue1,00,000..1,00,000 28Capital Outlay on Defence ServicesCapital.. 11,00,00011,00,000 29Ministry of Development of North Eastern RegionRevenue2,00,000..2,00,000 Capital75,00,00,000..75,00,00,000 30Ministry of Drinking Water and SanitationRevenue 2685,01,00,000.. 2685,01,00,000 33Ministry of External AffairsRevenue10,00,00,000..10,00,00,000 34Department of Economic AffairsRevenue13,34,00,000..13,34,00,000 35Department of Financial ServicesRevenue 500,02,00,000..500,02,00,000 Capital 12221,20,00,000.. 12221,20,00,000 40Department of ExpenditureRevenue37,00,00,000.. - 37,00,00,000 47Ministry of Food Processing IndustriesRevenue1,00,000..1,00,000 48Department of Health and Family WelfareRevenue 650,02,00,000..650,02,00,000 Capital1,00,000..1,00,000 50Department of AIDS ControlRevenue1,00,000..1,00,000 53Ministry of Home AffairsRevenue2,00,000..2,00,000 54CabinetRevenue 100,00,00,000..100,00,00,000 55PoliceRevenue1,00,000...1,00,000 Capital100,01,00,000..100,01,00,000 THE SCHEDULE (See sections 2 and 3) No. of Vote123 Services and purposesVoted by ParliamentCharged on the Consoli- dated FundTotal Sums not exceeding - 3 -Ex-535/2015 56Other Expenditure of the Ministry of Home Affairs Revenue27,92,00,000..27,92,00,000 58Ministry of Housing and Urban Poverty Alleviation Revenue4,00,000..4,00,000 59Department of School Education and Literacy Revenue1,00,000..1,00,000 60Department of Higher EducationRevenue3,00,000..3,00,000 61Ministry of Information and BroadcastingRevenue 11116,78,00,000.. 11116,78,00,000 Capital1,00,000..1,00,000 64Law and JusticeRevenue1,00,000..1,00,000 66Ministry of Micro, Small and Medium Enterprises Revenue2,00,000..2,00,000 67Ministry of MinesRevenue..7,35,00,0007,35,00,000 68Ministry of Minority AffairsRevenue2,00,000..2,00,000 69Ministry of New and Renewable EnergyRevenue500,00,00,000..500,00,00,000 Capital1,00,000..1,00,000 71Ministry of Panchayati RajRevenue300,00,00,000..300,00,00,000 75Ministry of Petroleum and Natural GasRevenue47,00,00,000..47,00,00,000 Capital1153,00,00,000.. 1153,00,00,000 76Ministry of PlanningRevenue1,00,000..100,000 77Ministry of PowerRevenue 2000,00,00,000.. 2000,00,00,000 83Ministry of Road Transport and HighwaysRevenue70,01,00,000..70,01,00,000 Capital1,00,000..100,000 84Department of Rural DevelopmentRevenue 1000,01,00,000.. 1000,01,00,000 89Ministry of ShippingCapital3,01,00,000..3,01,00,000 91Department of Social Justice and Empowerment Revenue2,00,000..2,00,000 96Ministry of TextilesRevenue3,00,000..3,00,000 97Ministry of TourismRevenue20,01,00,000..20,01,00,000 Capital5,62,00,000..5,62,00,000 99Andaman and Nicobar IslandsRevenue1,00,000..1,00,000 Capital1,00,000..1,00,000 101Dadra and Nagar HaveliRevenue29,50,00,000...’29,50,00,000 103LakshadweepRevenue2,00,000..2,00,000 104Department of Urban DevelopmentRevenue 1000,00,00,000.. 1000,00,00,000 Capital1000,00,00,000.. 1000,00,00,000 105Public WorksRevenue17,65,00,000..17,65,00,000 Capital1,00,000..1,00,000 107Ministry of Water Resources, River Development Revenue3,00,000..3,00,000 and Ganga RejuvenationCapital60,25,00,000..60,25,00,000 108Ministry of Women and Child Development Revenue 4000,03,00,000.. 4000,03,00,000 109Ministry of Youth Affairs and SportsRevenue5,00,000..5,00,000 Total:40690,58,00,000 131,10,00,000 40821,68,00,000Published and Issued by Controller, Printing & Stationery Department, Government of Mizoram Printed at the Mizoram Government Press, Aizawl. C/50

The Mizoram Gazette EXTRA ORDINARY Published by Authority RNI No. 27009/1973Postal Regn. No. NE-313(MZ) 2006-2008NOTIFICATIONNo.H. 12017/55/2014-LJD, the 13th October, 2015.The following Act is hereby re-published for general information. The Constit ution (O ne Hundredth Amendment) Act, 2015 Zahmingthanga Ralte, Joint Secretary to the Govt .of Mizoram. VOL - XLIV Aizawl, Friday 16.10.2015 Asvina 24, S.E. 1937, Issue No. 536 THE CONSTITUTION (ONE HUNDREDTH AMENDMENT ) ACT, 2015 AN ACTfurther to amend the Constitution of India to give effect to the acquiring of terrories by India and tranfer of certain territories to Bangladesh in pursuance of the agreement and its protocol entered in to between the Governments of India and Bangladesh. BE it enact by Parliament in the Sixty-sixth Year of the Republic of India as follows:- 1. This Act may be called the Constitution (One Hundredth Amendment) Act. 2015. 2. In this Act,- (a) “acquired territory” means so much of the terrories comprised in the India-Ba ngla des h agr eement a nd it s pr otocol a nd refferr ed to in t he First Schedule as are demarcated for the purpose of being acquired by India from Bangladesh in pursuance of the agreement and its protocol reffered to in clause(c); (b) “appointed day” means such date as the Central Government may, by notification in the Official Gazzete, appoint as the date for acquisition of territories from Bangladesh and transfer of the territories to Bangladesh inShort title. Definition. - 2 - Ex-536/2015 pursuance of the India-bangladesh agreement and its protocol, after causing the territories to be so acquired and transferred as referred to in the First Schedule and Second Schedule and demarcated for the purpose; (c ) “India-Bangladesh agreement” means the agreement between the Government of the Republic of India and the Government of the Peoples’s Republic of Bangladesh concerning the Demarcation of the Land Boundary between India and Bangladesh and Related Matters dated the 16th day of May, 1974, Exchange of Letters dated the 26th day of December, 1974, the 30th day of December, 1974, the 7th day of October, 1982, the 26th day of March, 1992 and protocol to the said agreement dated the 6th day of September, 2011 , entered into between the Governments of India and Bangladesh, the relevant extracts of which are set out in the Third Schedule; (d) “transferred territory”, means so much of the territories comprised in the India-Bangladesh agreement and its protocol and referred to in the Second Schedule as are demarcated for the purpose of being transferred by India to Ba ngladesh in pur sua nce of the agreements a nd it s protocol referred t o in clause(c). 3. As from the appointed day, in the First Schedule to the Constitution,- (a) in the paragraph relating to the territoties of the State of Assam, the words,brackets and figures “and the territories referred to in Part I of the Second Schedule to t he Constitution(O ne Hundredt h Amendment) Act, 2015, notwithstanding anything contained in clause(a) of section 3 of the Constitution (Ninth Amendment) Act, 1960, so far as it relates to the territories referred to in Part I of the Second Schedule to the Constitution (One Hundredth Amendment) Act, 2015”, shall be added at the end; (b) in the paragraph relating to the teritories of the State of west Bengal, the words, brackets and figures “and also the territories referred to in Part III of the First Schedule but excluding the territories referred to in Part III of the Second Schedule to the Constitution (One Hundredth Amendment) Act, 2015, notwithstanding anything contained in clause(c) of section 3 of the Constitution (Ninth Amendment) Act, 1960, so far as it relates to the territories referred to in Part III of the First Scheduled and the territoties referred to in Part III of the First Schedule and the territories referred to in part III of the Second Schedule to the Constitution (One Hundredth Amendment) Act,2015”, shall be added at the end; (c ) in the paragraph relating to the territories of the State of Meghalaya, the words, brackets and figures “and the territories referred to in Part I of the First Schedule but excluding the territories referred to in Part II of the Second Schedule to the Constitution (One Hundredth Amenment) Act, 2015”, shall be added at the end; (d) in the paragraph relating to the territotries of the State of Tripura, the words, brackets and figures “and the territories referred to in Part II of the First Schedule to the Constitution (One Hundredth Amendment)Act, 2015, notwithstanding anything contained in clause (d) of section 3 of the Constitution (Ninth Amendment) Act, 1960, so far as it relates to the territories referred to in Part II of the First Schedule to the Constitution (One Hundredth Amendment) Act, 2015”,shall be added at the end. Amendment of First Schedule to Constitution. - 3 -Ex-536/2015 THE FIRST SCHEDULE [See sections 2(a), 2(b) and 3] PART I The acquired territory in relation to Article 2 of the agreement dated the 16th day of May, 1974 and Article 3(I) (b)(ii)(iii)(iv)(v) of the protocol dated the 6th day of September, 2011. PART II The acquired territory in relation to Article 2 of the agreement dated the 16th day of May,1974 andArticle 3(I)(c)(i) of the protocol dated the 6th day of September, 2011. PART III The acquired territory in relation to Articles 1 (12) and 2 of the agreement dated the16th day of May, 1974 and Articles 2 (II), 3 (I) (a) (iii) (iv) (v) (vi)of the protocol dated the 6th day of September, 2011. THE SECOND SCHEDULE [See sections 2(b), 2(d) and 3] PART I The transferred territory in relation to Article 2 of the agreement dated 16th day of May, 1974 and Article 3(I) (d)(i)(ii) of the protocol dated 6th day of september, 2011. PART II The transferred territory in relation to article 2 of the agreement dated the 16th day of May, 1974 and Article 3(I) (b)(i) of the protocol dated 6th day of September, 2011. PART III The transferred territory in relation to Articles 1(12) and 2 of the agrreement dated the 16th day of May, 1974 and Articles 2(II),3(I) (a)(i)(ii)(vi) of the protocol dated the 6th day of September, 2011. THE THIRD SCHEDULED [See section 2(c) 1.EXTRACTS FROM THE AGREEMENT BETWEEN GOVERNMENT OF THE REPUBLIC OF INDIA AND THE GOVERNMENT OF THE PEOPLE’S REPUBLIC OF BANGLADESH CONCERNING THE DEMARCATION OF THE LAND BOUNDARY BETWEEN INDIA AND BANGLADESH AND RELATED MATTERS DATED THE 16TH DAY OF MAY, 1974 Article 1(12):ENCLAVES The Indian enclaves in Bangladesh and the Bangladesh enclaves in India should be exchanged expeditiously, excepting the enclaves mentioned in paragraph 14 without claim to compensation for the additional area going to Bangladesh. - 4 - Ex-536/2015 Article 2: The Governments of India and Bangladesh agree that territories in adverse possession in areas already demarcated in respect of which boundary strip maps are already prepared, shall be exchanged within six months of the signing of the boundary strip maps by the plenipotentiaries.They may sign the relevant maps as early as possible as and in any case not later than the 31st December, 1974. Early measures may be taken to print maps in respect of other areas where demarcation has already taken place. These should be printed by the 31st May, 1975 and signed by the plenipotentiaries thereafter in order that the exchange of adversely held possessions in these areas may take place by the 31st December, 1975. In sectors still to be demarcated, transfer of territorial jurisdiction may take place within six months of the signature by plenipotentiaries on the concerned boundary strip maps. II. EXTRACTS FROM THE PROTOCOL TO THE AGREEMENT BETWEEN THE GOVERNMENT OF T HE REPUBLIC OF INDIA AND THE GOVERNMENT OF THE PEOPLE’S REPUBLIC OF BANGLADESH CONCERNING THE DEMARCATION OF THE LAND BOUNDARY BETWEEN INDIA AND BANGLADESH AND RELATED MATTERS, DATED THE 6TH DAYOF SEPTEMBER, 2011 Article 2: (II) Article 1 Clause 12 of the 1974 Agreement shall be implemented as follows:- Encla ves 111 Indian Enclaves in Bangladesh and 51 Bangladesh Enclaves in India as per the jointly verify cadastral enclave maps and signed at the level of DGLR&S, Bangladesh and DLR&S, West Bengal (India) in April, 1997, shall be exchanged without claim to compensation for the additional areas going to Bangladesh. Article 3: (I) Article 2 of the 1974 Agr eeement sha ll be implemented as follows:- The Government of India and the Government of Bangladesh agree that the boundary shall be drawn as a fixed boundary for territories held in Adverse Possession as determined through joint survey and fully depicted in the resp ective adversely possess ed land ar ea Index ma p (APL map) finalised by the La nd Records and Survey Departments of both the countries between December, 2010 and August, 2011, which are fully described in clause(a) to (d) below. The relevant strip maps shall be printed and signed by the Plenipotentiaries and transfer of territorial jurisdiction shall be completed simultaneously with the exchange of enclaves. The demarcation of the boundary, as depicted in the above-mentioned Index Maps, shall be as under:- (a)West Bengal S ector (i) Bousmari - Madhugari (Kushtia-Nadia) area The boundary shall be drawn from the existing Boundary Pillar Nos. 154/5-S to 157/1-S to follow the centre of old course of river Mathabanga, as depicted in consolidation map of 1962, as surveyed jointly and agreed in June,2011. (ii) Andharkota (Kushtia-Nadia) area The boundary shall be drawn from existing Boundary Pillar No. 152/5-S to Boundary Pillar No. 153/1-S to follow the edge of existing River Mathabanga as jointly surveyed and agreed in June, 2011. (iii) Pakuria (Kushtia-Nadia) area The boundary shall be drawn from existing Bounday Pillar No. 151/1-S to Boundary Pillar No. 152/2-S to follow the edge of River Mathabanga as jointly surveyed and agreed in June, 2011. (iv) Char Mahishkundi (Kushtia-Nadia) area The Boundary shall be drawn from existing Boundary Pillar No. 153/1-S to Boundary Pillar No. 153/9-S to follow the edge of River Mathabanga as jointly surveyed and agreed in June, 2011. (v) Haripal/Khutadah/Battoli/Sapameri/LNpur (Patari) (Naogaon-Malda) area The boundary shall be drawn as line joining from existing Boundary Pillar No. 242/S/13, to Boundary Pillar No. 243/7-S5 and as jointly surveyed and agreed in June, 2011. (vi) Berubari (Panchagarh-Jalpaiguri area) The Boundary in the area Berubary (Panchagarh-Jalpaiguri) adversely held by Bangladesh, and Berubabi and Singhapara-Khudipara (Panchagarh-Jalpaiguri), adversely held by India shall be drawn as jointly demarcated during 1996-1998. (b)Meghalaya sector (i) Lobachera -Nuncherr a The boundary from existing Boundary Pillar No. 1315/4-S to Boundary Pillar No. 1315/15-S in Lailong - Balichera, Boundari Pillar No. 1316/1-S to Boundary pillar No. 1316/11-S- in Lailong- Noonchera, Boundary Pillar No. 1317 to Boundary Pillar No.1317/13-S in Lailong-Lahiling and Boundary Pillar No. 1318/1-S to Boundary Pillar No. 1318/2-S in Lailong-Lobachera shall be drawn to follow the edge of tea gardens as jointly surveyed and agreed in December, 2010. (ii) Pyrdiwah/ Padua Area The Boundary shall be drawn from existing Boundary Pillar No. 1270/1-S as per jointly surveyed and mutually agreed line till Boundary Pillar No. 1271/1-T. The Parties agree that the Indian Nationals from Pyrdiwah village shall be allowed to draw water from Piyang River near point No. 6 of the agreed Map. (iii) Lyngkhat Area (a a ) Lyngkhat-I / Kulumcherra and Lyngkhat-II/ Kulumcherra The boundary shall be drawn from existing Boundary Pillar No. 1264/4-S to Boundary Pillar No. 1265 and BP No. 1265/6-S to 1265/9-S as per jointly surveyed and mutually agreed line. (a b) Lyngkhat-III/Sonarhat The boundary shall be drawn from existing Boundary Pillar No. 1266/13-S along the nallah southwards till it meets another nallah in the east-west direction, thereafter it shall run along the northern edge of the nallah in east till it meets the existing International Boundary north of Reference Pillar Nos. 1267/4-R-B and 1267/3-R-I. (iv) Dawki/Tamabil area The boundary shall be drawn by a straight line joining existing Boundary Pillar Nos. 1275/1-S to Boundary Pillar Nos. 1275/7-S. The parties agree to fencing on ‘zero line’ in this area. (v) Naljuri/Sreepur Area ( a a ) Naljur i I The boundary shall be a line from the existing Boundary Pillar No. 1277/2-S in southern direction up to three plots as depicted in the strip map No. 166 till it meets the nallah flowing from Boundary Pillar No. 1277/5-T, thereafter it will run along the western edge of the nallah in the southern direction up to 2 plots on the Bangladesh side, thereafter it shall run eastwards till it meets a line drawn in southern direction from Boundary Pillar No. 1277/4-S. (ab) Naljuri III The boundary shall be drawn by a straight line from existing Boundary Pillar no. 1278/2-S to Boundary Pillar No. 1279/3-S.- 5 -Ex-536/2015 (vi) Muktapur/ Dibir Hawor Area The Parties agree that the Indian Nationals shall be allowed to visit kali Mandir and shall also be allowed to draw water and exercise fishing rights in the water body in the Muktapur/ Dibir Hawor area from the bank of Muktapur side. (c)Tripura sector (i) Chandannagar-Champarai Tea Garden area in Tripura/ Moulvi Bazar sector The boundary shall be drawn along Sonaichhera river from existing Boundary Pillar No. 1904 to Boundary Pillar No. 1905 as surveyed jointly and agreed in July, 2011 (d)Assa m Sector (i) Kalabari (Boroibari) area in Assam sector The boundary shall be drawn from existing Boundary Pillar No. 1066/24-T to Boundary Pillar No.1067/16-T as surveyed jointly and agreed in July, 2011. (ii) Pallathal area in Assam sector The boundary shall be drawn from existing Boundary Pillar No. 1370/3-S to 1371/6-S to follow to outer edge of the tea garden and from Boundary PillarNo. 1372 to1373/2-S along outer edge of the pan plantation. III. LIST OF THE EXCHANGE OF ENCLAVES BETWEEN INDIA AND BANGLADESH IN PURSUANT TO ARTICLE 1 (12) OF THE AGREEMENT DATED 16TH MAY 1974 AND THE PROTOCOL TO THE AGREEMENT DATED 6TH SEPTEMBER, 2011 A. EXCHANGEABLE INDIAN ENCLAVES IN BANGLADESH WITH AREA Sl. No. Name of ChhitsChhit No. Lying withinLying withinArea in Police StationPolice stationacres Ba ngla deshW. BengalA. enclaves with independent chhits 1.Garati75PochagarHaldibari58.23 2.Garati76PochagarHaldibari0.79 3.Garati77PochagarHaldibari18 4.Garati78PochagarHaldibari986.66 5.Garati79PochagarHaldibari1.74 6.Garati80PochagarHaldibari73.75 7.Bingimari Part-I73PochagarHaldibari6.07 8.Nazirganja41BodaHaldibari58.32 9.Nazirganja42BodaHaldibari434.29 10.Nazirganja44BodaHaldibari53.47 11.Nazirganja45BodaHaldibari1.07 12.Nazirganja46BodaHaldibari17.95 13.Nazirganja47BodaHaldibari3.89 14.Nazirganja48BodaHaldibari73.27 15.Nazirganja49BodaHaldibari49.05 16.Nazirganja50BodaHaldibari5.05 17.Nazirganja51BodaHaldibari0.77 18.Nazirganja52BodaHaldibari1.04 19.Nazirganja53BodaHaldibari1.02 20.Nazirganja54BodaHaldibari3.87- 6 - Ex-536/2015 21.Nazirganja55BodaHaldibari12.18 22.Nazirganja56BodaHaldibari54.04 23.Nazirganja57BodaHaldibari8.27 24.Nazirganja58BodaHaldibari14.22 25.Nazirganja60BodaHaldibari0.52 26.Putimari59BodaHaldibari122.8 27.Daikhata Chhat38BodaHaldibari499.21 28.Salbari37BodaHaldibari1188.93 29.Kajal Dighi36BodaHaldibari771.44 30.Nataktoka32BodaHaldibari162.26 31.Nataktoka33BodaHaldibari0.26 32.Beuladanga Chhat35BodaHaldibari0.83 33.Balapara Iagrabar3DebiganjHaldibari1752.44 34.Bara Khankikharija Dimla30BodaHaldibari7.71 35.Bara Khankikharija Dimla29BodaHaldibari36.83 36.Barakhangir28DimlaHaldibari30.53 37.Na ga rjikobar i31DimlaHaldibari33.41 38.Kuchlibari26PatgramMekliga nj5.78 39.Kuchlibari27PatgramMekliga nj2.04 40.Bara kuchlibariFra gment of P a t g r a mMekliga nj4.35 J.L. 107 of P.S Mekliganj 41.Jamaldaha-Balapukhari6PatgramMekliga nj5.24 42.Uponchowki kuchlibari115/2PatgramMekliga nj0.32 43.Uponchowki kuchlibari7PatgramMekliga nj44.04 44.Bhothnr i11PatgramMekliga nj36.83 45.Balapukhari5PatgramMekliga nj55.91 46.Bara Khangir4PatgramMekliga nj50.51 47.Bara Khangir9PatgramMekliga nj87.42 48.Chhat Bogdokra10PatgramMekliga nj41.7 49.Ratanpur11PatgramMekliga nj58.91 50.Bogdokra12PatgramMekliga nj25.49 51.Fulker dabriFragment of Pa tgra mMekliga nj0.88 J.L.107 of P.S Meliganj 52Khalkharia15PatgramMekliga nj60.74 53Khalkharia13PatgramMekliga nj51.62 54Lotamari14PatgramMekliga nj110.92 55.Bhotbari16PatgramMekliga nj205.46 56.Komat Changrabandha16APatgramMekliga nj42.8 57.Komat Changrabandha17/APatgramMekliga nj16.01 58.Panisala17PatgramMekliga nj137.66 59.Dwarikamari Khasbash18PatgramMekliga nj36.5 60.Panisala153/PPatgramMekliga nj0.27 61.Panisala153/OPatgramMekliga nj18.01 62Panisala19PatgramMekliga nj64.63 63.Panisala21PatgramMekliga nj51.4 64.Lotamari20PatgramMekliga nj283.53 65Lotamari22PatgramMekliga nj98.85 66.Dwarikamari23PatgramMekliga nj39.52 - 7 -Ex-536/2015 67.Dwarikamari25PatgramMekliga nj45.73 68.Chhat Bhothat24PatgramMekliga nj56. 11 69.Baakata131PatgramHa thabhanga22.35 70.Baakata132PatgramHa thabhanga11.96 71.Baakata130PatgramHathibhanga20.48 72.Bhokramguri133PatgramHathibhanga1.44 73.Chena taka134PatgramMekliga nj7.81 74.Banskata119PatgramMatha banga413.81 75.Banskata120PatgramMatha banga30.75 76.Banskata121PatgramMatha banga12.15 77.Banskata113PatgramMatha banga57.86 78.Banskata112PatgramMatha banga315.04 79.Banskata114PatgramMatha banga0.77 80.Banskata115PatgramMatha banga29.2 81.Banskata122PatgramMatha banga33.22 82.Banskata127PatgramMatha banga12.72 83.Banskata128PatgramMatha banga2.33 84.Banskata117PatgramMatha banga2.55 85.Banskata118PatgramMatha banga30.98 86.Banskata125PatgramMatha banga0.64 87.Banskata126PatgramMatha banga1.39 88.Banskata129PatgramMatha banga1.37 89.Banskata116PatgramMatha banga16.96 90.Banskata123PatgramMatha banga24.37 91.Banskata124PatgramMatha banga0.28 92.Gotamari Chhit135HatibandhaSitalkuchi126.59 93.Gotamari Chhit136HatibandhaSitalkuchi20.02 94.Banapachai151LalmonirhatDinhata217.29 95.Banapachai Bhitarkhuthi152LalmonirhatDinhata81.71 96.Dasiar Chhara150FulbariDinhata1643.44 97.Dakurhat - Dakinirkuthi156KurigramDinhata14.27 98.Kalmati141BhurungamariDinhata21.21 99.Bhahobganj153BhurungamariDinhata31.58 100.Baotikursa142BhurungamariDinhata45.63 101.Bara Coachulka143BhurungamariDinhata39.99 102.Gaochulka II147BhurungamariDinhata0.9 103.Gaochulka I146BhurungamariDinhata8.92 104.Dighaltari II145BhurungamariDinhata8.81 105.Dighaltari I144BhurungamariDinhata12.31 106.Chhoto Garaljhora II149BhurungamariDinhata17.85 107Chhoto Garaljhora I148BhurungamariDinhata35.74 108.1 chhit *without name & JL No. a t thePatnamMatha banga3.5 southern and of JL 38 & southern and of JL No. 39 (locally known as Ashokabari**)Enclaves with Fragmented Chhits 109.(i) Bewladanga34HaldibariBoda826.46 (ii) BewladangaFr agment HaldibariDebiganj 110.(i) Kotbhajni2HaldibariDebiganj2012.27 (ii) KotbhajniFr agment HaldibariDebiganj (iii) KotbhajniFr agment HaldibariDebiganj - 8 - Ex-536/2015 (iv) KotbhajniFr agment HaldibariDebiganj 111.(i) DahalaKhagrabri HaldibariDebiganj2650.35 (ii) DahalaFr agment HaldibariDebiganj (iii) DahalaFr agment HaldibariDebiganj (iv) DahalaFr agment HaldibariDebiganj (v) DahalaFr agment HaldibariDebiganj (vi) DahalaFr agment HaldibariDebiganj 17160.63 The above given details of enclaves have been jointly compared and reconciled wth records held by India and Bangladesh during the Indo-Bangladesh Conference held at Calcutta during 9th-12th Otober,1996 as well as during joint field inspection at Jalpaiguri (West Bengal) Panchagarh(Bangladesh) sector during 21-24 November, 1996. Note: Name of Enclave in Sl.No. 108 above has been identified as Ashokabari by joint ground verification during field season 1996-97. Brig. J.R.PeterMd.Shafi Uddin Director Land Records & SurveyDirector General, Land Records (Ex-Officio) West Bengal, India & and Surveys,Bangladesh. Director, Eastern Circle Survey of India, Calcutta. * Corrected vide 150th (54th) India-bangladesh Boundary Conference held at Kolkata from 29th September to 2nd October, 2002. ** Corrected vide 152nd (56th) India-Bangladesh Boundary Conference held at Kochbihar, India from 18th-20th September. 2003. B.EXCHANGEABLE BANGLADESH ENCLAVES IN INDIA WITH AREA Sl.No. Name of ChhitsLying withinLying withinJ.L.No. Area in Police StationPolice Station acres W.BengalBa ngla desh 1234 5 6 A. Enclaves with independent chhits 1Chhit KuchlibariMekliga njPatgram22370.64 2.Chhit Land of KuchlibariMekliga njPatgram241.83 3.BalapukhariMekliga njPatgram21331.64 4.Chhit Land of Panbari No.2Mekliga njPatgram201.13 5.Chhit PanbariMekliga njPatgram18108.59 6.Dhabalsati MirgipurMekliga njPatgram15173.88 7.BamandalMekliga njPatgram112.24 8.Chhit DhabalsatiMekliga njPatgram1466.58 9.DhabalsatiMekliga njPatgram1360.45 10.SrirampurMekliga njPatgram81.05 11.Jote NijamaMekliga njPatnam387.54 12.Chhit Land of Jagatber No.3MathabhangaPatgram3769.84 13.Chhit Land of Jagatber No.1MathabhangaPatgram3530.66 14.Chhit Land of Jagatber No.2MathabhangaPatgram3627.09 15.Chhit KokoabariMathabhangaPatgram4729.49- 9 -Ex-536/2015 16.Chhit BhandardahaMathabhangaPatgram6739.96 17.DhabalguriMathabhangaPatgram5212.5 18.Chhit DhabalguriMathabhangaPatgram5322.31 19.Chhit Land of Dhabalguri No.3MathabhangaPatgram701.33 20.Chhit Land of Dhabalguri No.4MathabhangaPatgram714.55 21.Chhit Land of Dhabalguri No5MathabhangaPatgram724.12 22.Chhit Land of Dhabalguri No.1MathabhangaPatgram6826.83 23.Chhit Land of Dhabalguri No.2MathabhangaPatgram6913.95 24.MahishmariSitalkuchiPatgram54122.77 25.Bura SaradubiSitalkuchiHatibadha1334.96. 26.FalnapurSitalkuchiPatgram64505.56 27.AmjholSitalkuchiHatibandha571.25 28.Kismat BatrigachhDinhataKa liga nj82209.95 29.DurgapurDinhataKa liga nj8320.96 30.Bansua Khamar GitaldahaDinhataLalmonirhat124.54 31.PoaturkuthiDinhataLalmonirhat37589.94 32.Paschim Bakalir ChharaDinhataBhurungamari38151.98 33.Madhya Bakalir ChharaDinhataBhurungamari3932.72 34.Purba Bakalir ChharaDinhataBhurungamari4012.23 35.Madhya MasaldangaDinhataBhurungamari3136.66 36.Madhya Chhit MasaldangaDinhataBhurungamari811.87 37.Paschim Bakalir ChharaDinhataBhurungamari77.6 38.Uttar MasaldangaDinhataBhurungamari227.29 39.KachuaDinhataBhurungamari5119.74 40.Uttar BansjaniTufanganjBhurungamari147.17 41.Chhat TilaiTufanganjBhurungamari1781.56B. Enclaves with fragmented Chhits 42.(i) NalgramSitalkuchiPatgram651397.34 (ii) Nalgram(Fragment)SitalkuchiPatgram65 (iii) Nalgram(Fragment)SitalkuchiPatgram65 43.(i) Chhit NalgramSitalkuchiPatgram6649.5 (ii) Chhit Nalgram (Fragment) SitalkuchiPatgram66 44.(i) BatrigachhDinhatakaliganj81577.37 (ii) Batrigachh(F ragment)DinhataKa liga nj81 (iii) Batrigachh(F ragment)DinhataPhulbari9 45.(i) Kar alaDinhataPhulbari9269.91 (ii) Karala (fragment)DinhataPhulbari9 (iii) Karala (fragment)DinhataPhulbari8 46.(i) Sipprasad MustatiDinhataPhulbari8373.2 (ii) Sipprasad Mustati(Fragment) DinhataPhulbari6 47.(i) Dakshin MasaldangaDinhataBhurungamari6571.38 (ii) Dakshin MasaldangaDinhataBhurungamari6 (Fragment) (ii) Dakshin MasaldangaDinhataBhurungamari6 (Fragment) (iii) Dakshin MasaldangaDinhataBhurungamari6 (Fragment) (iv) Dakshin MasaldangaDinhataBhurungamari6 (Fragment)- 10 - Ex-536/2015 (v) Dakshin MasaldangaDinhataBhurungamari6 (Fragment) (vi) Dakshin MasaldangaDinhataBhurungamari6 (Fragment) 48.(i) Paschim MasaldangaDinhataBhurungamari429.49 (ii) Paschim MasaldangaDinhataBhurungamari (Fragment) 49.(i) PurbaChhit MasaldangaDinhataBhurungamari1035.01 (ii) PurbaChhit MasaldangaDinhataBhurungamari10 (Fragment) 50.(i) Purba MasaldangaDinhataBhurungamari11153.89 (ii) Purba Masaldanga(Fragment) DinhataBhurungamari11 51.(i) Uttar DhaldangaTufanganjBhurungamari1424.98 (ii) Uttar Dhaldanga(Fragment) TufanganjBhurungamari14 (ii) Uttar Dhaldanga(Fragment) TufanganjBhurungamari14 Total Area7,110.02 The above given details of enclaves have been jointly compared and reconciled with records held by India and Bangladesh during the Indo-Bangladesh Conference held at Calcutta during 9th-12th October, 1996 as well as during joint field inspection at Jalpaiguri (West Bengal) - Panchagarh (Bangladesh) sector during 21-24 November, 1996. Brig. J.R.PeterMd.Shafi Uddin Director Land Records & SurveyDirector General, Land Records (Ex-Officio) West Bengal, India &and Surveys,Bangladesh. Director, Eastern Circle Survey of India, Calcutta.Published and Issued by Controller, Printing & Stationery Department, Government of Mizoram Printed at the Mizoram Government Press, Aizawl. C/50- 11 -Ex-536/2015