The Mizoram Gazette EXTRA ORDINARY Published by Authority RNI No. 27009/1973Postal Regn. No. NE-313(MZ) 2006-2008VOL - XLV Aizawl, Wednesday 19.10.2016 Asvina 27, S.E. 1938, Issue No. 418 AFFIDAVITI, Lallura Pachuau S/o Thangthiauva, R/o Ramhlun North, Aizawl, Mizoram, do her eb y solemnly affirm and state as follows:- 1.That I am a bonafide citizen of India and competent to swear this affida vit. 2.That my son Nathaniel Laldinpuia born on 31.10.2001 is a minor. 3.That in all his documents my name is written as Lallura except in his birth certificate. 4.That from now onwards, my name shall be recorded as ‘Lallura Pachuau’ instead of Lallura in all his documents. 5.That the contents of this affida vit are true a nd correct to the best of my knowledge and belief, and nothing material has been concealed therein. IN WIT NESS WHEREOF I have hereunto subscribed my hand and put my signature on this 18th day of October, 2016. Sd/- DEPONENT Ident ified by me:Signed before me: Sd/-Sd/- Francis Vanlalzuala, B.A., L.L.B. Judicial Magistrate 1st Class-II AdvocateAizawl District Distr ict & Sessions Judge’s CourtAizawl : Mizoram Aizawl District, Aizawl, MizoramPublished and Issued by Controller, Printing & Stationery Department, Government of Mizoram Printed at the Mizoram Government Press, Aizawl. C/50

- 1 -Ex-419/2016 The Mizoram Gazette EXTRA ORDINARY Published by Authority RNI No. 27009/1973Postal Regn. No. NE-313(MZ) 2006-2008VOL - XLV Aizawl, Wednesday 19.10.2016 Asvina 27, S.E. 1938, Issue No. 419 NOTIFICATIONNo. H. 12017/55/2016-LJD, the 13th October, 2016.The following Act is hereby re-published for general informa tion The Insolvency and Bankruptcy Code, 2016 (No. 31 of 2016) Zahmingthanga Ralte, Joint Secretary to the Govt. of Mizoram, Law & Judicia l Department. THE INSOLVENCY AND BANKRUPTCY CODE, 2016 AN ACT to consolidate and amend the laws relating to reorganisation and insolvency resolu tion of corporate persons, partnership firms a nd individuals in a time bound manner for maximisation of value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders including alteration in the order of pr iority of payment of Government dues and to establish an Insolvency and Bankruptcy Boa rd of India, and for matters connected therewith or incidental thereto. BE it enacted by Parliament in the Sixty-seventh Year of the Republic of India as follows:— - 2 - Ex-419/2016 PART I PRELIMINARY 1.(1) T his Code may be called the Insolvency and Bankruptcy Code, 2016. ( 2) It extends to the whole of India: Provided that Part III of this Code sha ll not extend to the State of Jammu and Ka s hmir. ( 3) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint: Provided that different dates ma y be appointed for different provisions of this Code and any reference in a ny such provision to the commencement of this Code shall be construed as a r eference to the commencement of that provision. 2.The provisions of this Code shall apply to— ( a) any company incor porated under the Compa nies Act , 2013 or under any previous company law; ( b) any other company governed by any specia l Act for the time being in force, except in so far as the said provisions ar e incons istent with the provisions of such special Act; ( c) any Limited Liability Par tnership incorporated under the Limited Liability Partnership Act, 2008; ( d) such other body incorpora ted under any law for the time being in force, as the Central Government ma y, by notification, specify in this behalf; and ( e) pa rtnership firms and individuals, in r elation to their insolvency, liquidation, voluntary liquida tion or bankruptcy, as the cas e may be. 3.In t his Code, unless the context otherwise requir es,— ( 1) “Board” means the Insolvency and Bankr uptcy Board of India established under sub-section ( 1) of section 188; ( 2) “bench” means a bench of the Adjudicating Author ity; ( 3) “bye-laws” mean t he bye-laws made by t he insolvency professional agency under section 205; ( 4) “charge” means an interest or lien created on the property or a ssets of any person or a ny of its undertakings or both, as the case may be, as security a nd includes a mortgage; ( 5) “Chairperson” means the Chairperson of the Board; ( 6) “claim” means— ( a) a right t o payment, whether or not such right is reduced t o judgment, fixed, disputed, undisputed, legal, equitable, secured or unsecured; ( b) right to r emedy for breach of contract under a ny law for the time being in force, if such breach gives rise to a right to payment, whether or not such right is reduced to judgment, fixed, matured, unmatured, disputed, undisputed, secured or unsecured; ( 7) “corporate person” means a compa ny as defined in clause ( 20 ) of section 2 of t he C omp a nies Act , 2 0 1 3 , a limit ed lia b ilit y p a r t ner s hip , a s defined in cla u s e ( n) of sub-section ( 1) of section 2 of the Limited Liability Pa rtnership Act, 2008, or any other person incorporated with limited liability under any law for the time being in force but shall not include any financia l service provider; Short title, extent and commence- ment. Application. Definitions.18 of 2013. 6 of 2009. 18 of 2013. 6 of 2009. - 3 -Ex-419/2016 (8) “corporate debtor” means a corporate person who owes a debt to any person; ( 9) “core ser vices” means services rendered by an information utility for— ( a) accepting electronic submission of financial information in such form and manner a s may b e specified; ( b) sa fe and accurate recording of financial information; ( c) authenticating and verifying the fina ncial information submitted by a person; and ( d) pr oviding access to information stored with the information utilit y to persons as may be specified; ( 10 ) “creditor” means any person to whom a debt is owed and includes a fina ncial creditor, an operational creditor, a secured creditor, an unsecur ed creditor and a decree- holder; ( 11 ) “debt” means a liability or obligation in respect of a claim which is due from any person and includes a financial debt and operational debt; ( 12 ) “default” means non-payment of debt when whole or any part or instalment of the amount of debt has become due and payable and is not repa id by t he debtor or the cor por a te deb tor, as the ca se may be; ( 13 ) “financial information”, in relation to a person, means one or more of the following ca tegories of information, namely:— ( a) records of the debt of the person; ( b) records of liabilities when the person is solvent; ( c) r ecords of assets of person over which security interest has been created; ( d) records, if any, of instances of default by the person against any debt; ( e) records of the balance sheet and cash-flow statements of the person; and ( f) such other information a s may be specified. ( 14 ) “financial institution” means— ( a) a scheduled bank; ( b) financial institution as defined in section 45-I of t he Reserve Bank of India Act, 1934; ( c) public financial institution as defined in clause ( 72 ) of s ect io n 2 of t he Companies Act, 2013; and ( d) such other institution as the Centra l Gover nment may by notifica tion specify as a financial institution; ( 15 ) “financial product” means securities, contracts of insurance, deposits, credit arrangements including loans and advances by banks and financial institutions, retirement benefit plans, small savings instruments, foreign currency contracts other than contra cts to exchange one currency (whether Indian or not) for another which are to be settled immediately, or any other instr ument as may be prescribed; ( 16 ) “financia l service” includes a ny of the following services, namely:— ( a) accepting of depos its; ( b) safeguarding and administering assets consisting of financial products, belonging to another person, or agreeing to do so; ( c) effecting contra cts of insura nce; ( d) offering, managing or agreeing to manage assets consisting of financial products belonging to another person; ( e) rendering or a gr eeing, for consideration, to render a dvice on or soliciting for the purposes of— ( i) buying, selling, or subscribing to, a financial product; ( ii) availing a fina ncial service; or 2 of 1934. 18 of 2013. - 4 - Ex-419/2016 (iii) exercising any right associated with a financia l product or financial service; ( f) establishing or operating an investment scheme; ( g) maintaining or transferring records of ownership of a financial product; ( h) underwrit ing the issuance or subscription of a financial product ; or ( i) selling, providing, or issuing stored value or payment instruments or providing payment services; ( 17 ) “financia l service provider” means a p erson engaged in the business of providing financial services in terms of authorisation issued or registration granted by a financial sector regula tor; ( 18 ) “financial sector regula tor” means an authority or body constituted under any law for the time being in force to regulate services or transactions of financial sector and includes the Reserve Ba nk of India, the Secur ities and Excha nge Boar d of India, the Insurance Regulatory and Development Author ity of India, the Pension Fund Regulatory Authority and such other regulatory authorities as may be notified by the Centra l Government; ( 19 ) “insolvency professional” means a person enrolled under section 206 with an insolvency professional agency as its member a nd registered with the Board a s an insolvency professional under section 207; ( 20 ) “insolvency professiona l agency” means any person r egistered with the Boar d under section 201 as an insolvency professional agency; ( 21 ) “information utility” means a person who is registered with t he Boar d as an information utility under section 210; ( 22 ) “notification” means a notification published in the Official Gazette, and the terms “ notified” and “notify” shall be construed a ccordingly; ( 23 ) “person” includes— ( a) an individual; ( b) a Hindu Undivided Family; ( c) a compa ny; ( d) a trust; ( e) a partnership; ( f) a limited liability partnership; and ( g) any other entity establis hed under a statute, and includes a person resident outside India; ( 24 ) “person resident in India” shall have the meaning asassigned to such term in clause ( v) of section 2 of t he Foreign Exchange Ma nagement Act, 1999; ( 25 ) “person resident outside India” means a person other than a person resident in India; ( 26 ) “prescribed” means prescribed by rules made by the C entral Government; ( 27 ) “property” includes money, goods, actionable cla ims, la nd and every description of property sit uated in India or outside India and every description of interest including present or future or vested or contingent interest arising out of, or incidental to, property; ( 28 ) “r egulations” means the regula tions ma de by the Boar d under this Code; ( 29 ) “S chedule” means the Schedule annexed to this Code; ( 30 ) “secured creditor ” means a creditor in favour of whom security interest is created; ( 31 ) “security interest” means right, title or interest or a claim to property, created in favour of, or provided for a secured creditor by a transaction which secures payment or performance of an obligation and includes mortgage, charge, hypothecation,42 of 1999. - 5 -Ex-419/2016 assignment and encumbrance or any other agreement or arrangement securing payment or performance of any obligation of any person: Provided that secur ity int erest shall not include a performance guarantee; (32 ) “specified” means specified by regulations ma de by the Board under this Code and the term “specify” shall be construed a ccordingly; ( 33 ) “transaction” includes a agreement or arrangement in writing for the transfer of assets, or funds, goods or services, from or to the corpor ate debtor; ( 34 ) “transfer” includes sale, purcha se, exchange, mortgage, pledge, gift, loan or a ny other form of transfer of right, title, possession or lien; ( 35 ) “transfer of property” means transfer of any property and includes a transfer of any interest in the property and cr eation of any charge upon such property; ( 36 ) “workman” shall have the same meaning as assigned to it in clause ( s) of section 2 of the Industrial Disputes Act, 1947; ( 37 ) words and express ions used but not defined in this Code but defined in the Indian Contr act Act , 1872, the Indian Partnership Act, 1932, the Securities Contact (Regulation) Act, 1956, the Securities Exchange Board of India Act, 1992, the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, the Limited Liability Partnership Act, 2008 and the Companies Act, 2013, shall have the meanings resp ectively assigned to t hem in those Acts. PART II INSOLVENCY RESOLUTION AND LIQUIDATION FOR CORPORATE PERSONS CHAPTER I PRELIMINARY 4.( 1) This Part shall apply to matters relating to the insolvency and liquidation of corporate debtors where the minimum amount of the default is one lakh rupees: Provided that the Central Government may, by notifica tion, specify the minimum amount of default of higher value which shall not be more tha n one crore rupees. 5.In t his Part , unles s the context other wis e requir es,— ( 1) “Adjudica ting Authority”, for the purposes of this Pa rt, means National Company Law Tribunal constituted under section 408 of the Companies Act, 2013; ( 2) “a uditor” means a chartered accountant certified to practice as such by the Institute of Chartered Accountants of India under section 6 of the Chartered Accountants Act, 1949; ( 3) “Chapter” means a Chapter under this Part; ( 4) “constitutional document”, in relation to a corporate person, includes articles of association, memorandum of association of a company and incor poration document of a Limited Liability Partnership; ( 5) “corporate applicant” means— ( a) corporate debtor ; or ( b) a member or partner of t he corporate debtor who is authorised to make an application for the corpora te insolvency r esolution process under the cons titutional document of the corporate debtor ; or ( c) an individual who is in charge of managing the operations and resources of the corporate debtor; or 14 of 1947. 9 of 1872. 9 of 1932. 42 of 1956. 15 of 1992. 51 of 1993. 6 of 2009. 18 of 2013. 18 of 2013. XXXVIII of 1949.Application of this Part. Definitions. - 6 - Ex-419/2016 (d) a person who has the control and supervision over the financial affairs of the corporate debtor; ( 6) “dispute” includes a suit or arbitration proceedings r elating to— ( a) the existence of the amount of debt; ( b) the quality of goods or service; or ( c) the breach of a representation or warranty; ( 7) “financia l creditor” means any person to whom a fina ncial debt is owed and includes a person to whom such debt ha s been legally assigned or tra nsferred to; ( 8) “financia l debt” means a debt alongwith interest, if any, which is disbursed against the consideration for the time va lue of money and includes— ( a) money bor rowed a gainst the pa yment of interest; ( b) any amount raised by acceptance under any acceptance credit facility or its de-materia lised equivalent; ( c) any amount raised pursuant to any not e purchase facility or the issue of b onds, notes, debentures, loan stock or any similar instrument; ( d) the amount of any liability in respect of a ny lease or hire purchase contract which is deemed as a finance or capital lease under the Indian Accounting Standards or such other accounting standards as may be prescribed; ( e) receivables sold or discounted other than any receivables sold on non- recourse ba sis; ( f) any amount raised under a ny other transaction, including any for ward sale or pur chase a greement, having the commercial effect of a borrowing; ( g) any derivative transact ion entered into in connection with protection against or benefit from fluctuation in a ny rate or price and for calculating the value of any derivative transact ion, only the market value of such transaction shall be ta ken into account; ( h) any counter-indemnity obligation in respect of a guarantee, indemnity, bond, documentary letter of credit or a ny other instr ument issued by a bank or financial institution; ( i) the a mount of any liability in respect of any of the guara ntee or indemnity for any of the items r efer red to in sub-clauses ( a) to ( h) of this claus e; ( 9) “financial position”, in relation to any person, means the financial information of a person a s on a certain date; ( 10 ) “information memora ndum” means a memorandum prepared by resolution professional under sub-section ( 1) of section 29; ( 11 ) “initiation date” means the date on which a financial creditor, corporate applicant or operational creditor, as the case may be, makes an application to the Adjudicating Authority for initiating corporate insolvency r esolution process; ( 12 ) “insolvency commencement date” means the date of admission of an application for initiating corporate insolvency resolu tion pr ocess by the Adjudica ting Authority under sections 7, 9 or section 10, as the case may be; ( 13 ) “insolvency resolution pr ocess costs” means— ( a) the amount of any interim finance and thecosts incurred in raising such finance; ( b) the fees payable to any person acting as a resolution professional; ( c) a ny costs incurr ed by t he resolution professional in running the business of the cor porate debtor as a going concern; - 7 -Ex-419/2016 (d) any costs incurr ed at t he expense of the Government to facilitate the insolvency resolution pr ocess; and ( e) any other costs as may b e specified by the Board; ( 14 ) “insolvency resolution process period” means the period of one hundred and eighty days beginning from the insolvency commencement date a nd ending on one hundred and eightieth day; ( 15 ) “interim finance” means any financial debt raised by the resolution professional during the insolvency resolution process period; ( 16 ) “liquidation cost” means any cost incurred by the liquidator during the period of liquidation subject to such regulations, as may be specified by the Board; ( 17 ) “liquidation commencement date” means the date on which proceedings for liquida tion commence in accor dance with section 33 or section 59, as the case may be; ( 18 ) “liquidator” means an insolvency professional a ppointed as a liquidator in accordance with the provisions of Chapter III or Chapter V of this Part, as the case may be; ( 19 ) “officer” for the purposes of Chapter VII of this Par t, means an officer who is in default, as defined in claus e ( 60 ) of section 2 of the Companies Act, 2013 or a designated partner as defined in clause ( j) of section 2 of the Limited Liability Partnership Act, 2008, as the case may be; ( 20 ) “operational creditor” means a person to whom an operational debt is owed and includes any person to whom such debt has been legally assigned or transferred; ( 21 ) “operational debt ” means a claim in respect of the pr ovision of goods or services including employment or a debt in respect of the repayment of dues arising under any la w for the time being in force and paya ble to the Central Government, any State Government or any loca l author ity; ( 22 ) “personal guarantor” means an individua l who is the surety in a cont ract of guarantee to a corpor ate debtor; ( 23 ) “personnel” includes the directors, ma nagers, key managerial personnel, designated partners and employees, if any, of the corpor ate debtor; ( 24 ) “r elated party”, in relation to a corporate debtor, means— ( a) a director or par tner of the cor porate debtor or a relative of a director or partner of the corpor ate debtor; ( b) a key managerial personnel of the cor porate debtor or a relative of a key managerial personnel of the corpor ate debtor; ( c) a limited liability partnership or a partnership firm in which a director, partner, or manager of the corpor ate debtor or his relative is a partner; ( d) a private company in which a director, partner or manager of the corporate debtor is a director and holds along with his relatives, more than two per cent. of its share capital; ( e) a public company in which a dir ector, partner or manager of the corporate debtor is a director and holds along with relatives, more than two per cent. of its paid-up share capital; ( f) anybody corporate whose board of directors, managing director or mana ger, in the ordinary course of business, a cts on the advice, directions or instructions of a director, partner or manager of the corpor ate debtor; ( g) any limited liability partnership or a partnership firm whose partners or employees in the ordinary course of business, acts on the advice, directions or instruct ions of a director, pa rtner or manager of the corpor ate debtor; 18 of 2013. 6 of 2009. - 8 - Ex-419/2016 (h) any person on whose advice, directions or instructions, a director, partner or manager of the corpor ate debtor is accustomed to act; ( i) a body corporate which is a holding, subsidiary or an associate company of t he corporate debtor, or a subsidiary of a holding company to which the corporate debtor is a subsidiary; ( j) any person who controls more than twenty per cent. of voting rights in t he corporate debtor on account of ownership or a voting agreement; ( k) any person in whom the corporate debtor controls more than twenty per cent. of voting rights on account of ownership or a voting agreement; ( l) any person who can cont rol the composition of the board of directors or corresponding governing body of the corpor ate debtor; ( m) any person who is associated wit h the corporate debtor on account of— ( i) participation in policy making processes of the corporate debtor; or ( ii) having more than two director s in common between the corporate debtor a nd such person; or ( iii) interchange of ma nageria l personnel between the corporate debtor and such person; or ( iv) pr ovision of ess ential technical information to, or from, the corporate debtor; ( 25 ) “r esolution applicant” means any person who su bmits a resolution pla n to the resolution pr ofessional; ( 26 ) “r esolution plan” means a plan proposed by any per son for insolvency resolution of the corporate debtor as a going concern in accor dance with Part II; ( 27 ) “resolution professional”, for the purposes of this Part, means an insolvency professiona l appointed to conduct the cor porate insolvency resolution process and includes an interim resolution professional; and ( 28 ) “voting share” means the share of the voting rights of a single financial creditor in the committee of creditors which is based on the proportion of the financial debt owed to such financia l creditor in relation to the financial debt owed by the corporate debtor. CHAPTER II CORPORATE INSOLVENCY RESOLUTION PROCESS 6.Wher e any corporate debtor commits a defa ult, a financia l creditor, an operational creditor or the cor porate debtor itself ma y initia te corporate insolvency resolution process in respect of such corpor ate debtor in the manner as provided under this Chapter. 7.( 1) A financial creditor either by itself or jointly with other financial cr editors may file an application for initiating corpora te insolvency resolution process against a corporate debtor before the Adjudicating Author ity when a default ha s occur red. Explanation.— For the purposes of this sub-section, a default includes a default in resp ect of a financial debt owed not only to the applicant financial creditor but to any other financial cr editor of the corpor ate debtor. ( 2) The financial cr editor shall make an applica tion under sub-section ( 1) in such form a nd manner and accompa nied with such fee as may be prescribed. Persons who may initia te corporate in- solvency reso- lu tion process. Initiation of corporate in- solvency reso - lution process by fina ncial creditor. - 9 -Ex-419/2016 (3) The financial creditor shall, along with the a pplication furnish— ( a) record of the default recorded with the information utility or such other recor d or evidence of default as may be specified; ( b) the name of the resolution professional proposed to act as an interim resolution professional; and ( c) any other information a s may be specified by the Board. ( 4) The Adjudicating Author ity sha ll, within fourteen days of the receipt of the application under sub-section ( 2), a scertain the existence of a default from the records of a n infor mation utility or on the basis of other evidence furnished by the financial creditor under sub-section ( 3). ( 5) Where the Adjudicating Authority is satisfied that— ( a) a default has occurred and the applica tion under sub-section ( 2) is complete, and there is no disciplina ry proceedings pending against the proposed resolution professional, it may, by order, admit s uch application; or ( b) default has not occurred or the application under sub-section ( 2) is incomplete or any disciplinar y proceeding is pending aga inst the proposed resolution professional, it may, by order, reject such a pplication: Provided that the Adjudica ting Authority shall, before rejecting the applica tion under clause ( b) of sub-section ( 5), give a notice to the applicant t o rectify the defect in his application within seven days of receipt of such notice fr om the Adjudica ting Authority. ( 6) The corporate insolvency resolution process shall commence fr om the date of a dmission of the application under sub-section ( 5). ( 7) The Adjudicating Authority shall communicate— ( a) the order under clause ( a) of sub-section ( 5) to the financia l creditor and t he corporate debtor; ( b) the order under clause ( b) of sub-section ( 5) to the financia l creditor, within seven days of admission or rejection of such application, as the case may be. 8.( 1) An operational creditor may, on the occurrence of a default , deliver a demand notice of unpaid operational debtor copy of an invoice demanding payment of the amount involved in the default to the cor porate debtor in such form and manner as may b e prescr ibed. ( 2) The corporate debtor shall, within a period of ten days of the receipt of the dema nd notice or copy of the invoice mentioned in sub-section ( 1) br ing to the notice of the operationa l creditor— ( a) existence of a dispute, if any, and record of the pendency of the suit or a rbitration proceedings filed before the receipt of such notice or invoice in relation to such dispute; ( b) the repayment of unpaid operational debt— ( i) by sending an attested copy of the record of electronic transfer of the unpa id amount from the ba nk account of the corporate debtor ; or ( ii) by sending an attested copy of record that the operational creditor has encashed a cheque issued by the corporate debtor. Explanation.— For the pur poses of this section, a “demand notice” means a notice served by a n opera tional creditor to the corpor ate debtor dema nding r epayment of the operational debt in respect of which the default ha s occur red.Insolvency resolution by operatio- nal creditor. - 10 - Ex-419/2016 9.(1) After the expiry of the period of ten da ys from the date of delivery of the notice or invoice demanding payment under sub-section ( 1) of section 8, if the operational creditor does not r eceive payment from the corpora te debtor or notice of the dispute under sub-section ( 2) of section 8, the opera tional creditor may file an applica tion before the Adjudicating Authority for initiating a corporate insolvency resolution process. ( 2) T he application under sub-section ( 1) shall be filed in such form and manner and accompa nied with such fee as may be prescribed. ( 3) The operational creditor shall, a long with the a pplication furnish— ( a) a copy of the invoice demanding payment or dema nd notice delivered by the oper ational creditor to the corpor ate debtor; ( b) an affidavit to the effect that there is no notice given by the corporate debt or relating to a dispute of the unpaid opera tional debt; ( c) a copy of the certifica te from thefinancial instit utions maintaining accounts of the operational creditor confirming that there is no pa yment of an unpa id operational debt by the corporate debtor; and ( d) such other information as may be specified. ( 4) An operational creditor initia ting a corpora te insolvency resolution process under this section, may propose a resolution professional to act as an interim resolution professional. ( 5) The Adjudicating Author ity sha ll, within fourteen days of the receipt of the application under sub-section ( 2), by an or der— ( i) admit the application and communicate such decision to the operational creditor and the corporate debtor if,— ( a) the application made under sub-section ( 2) is complete; ( b) there is no repayment of the unpa id opera tional debt; ( c) the invoice or notice for payment to the corporate debtor has been delivered by the operationa l creditor; ( d) no notice of dispute has been received by the operational creditor or there is no record of dispute in the information utility; and ( e) there is no disciplinar y proceeding pending against a ny resolution p rofessional proposed under sub-section ( 4), if any. ( ii) reject the application and communicate such decision to the operational creditor and the corporate debtor, if— ( a) the application made under sub-section ( 2) is incomplete; ( b) there has been repayment of the unpaid operational debt; ( c) the creditor has not delivered the invoice or notice for payment to the corporate debtor; ( d) notice of dispute has been received by the operational creditor or there is a record of dispute in the information utility; or ( e) any discip linary proceeding is pending against any proposed resolution professional: Provided that Adjudicating Authority, shall before rejecting an application under sub- clause ( a) of clause ( ii) give a notice to the applicant to rectify the defect in his application within seven days of the date of receipt of such notice from the adjudicating Authority. ( 6) The corporate insolvency resolution process shall commence fr om the date of a dmission of the application under sub-section ( 5) of this section. Application for initiation of corporate insolvency resolution process by operational creditor. - 11 -Ex-419/2016 10.(1) Where a corporate debtor has committed a default, a corporate applicant thereof may file an application for initiating corpora te insolvency resolution process with the Adjudicating Authority. ( 2) The application under sub-section ( 1) shall be filed in such form, containing such particulars and in such manner and accompanied with such fee as may be pr escr ibed. ( 3) T he corporate applicant shall, along with the application furnish the information relating to— ( a) its books of account and such other documents relating to such period as may be specified; and ( b) the resolution pr ofessional proposed to be appointed a s an interim resolu tion professional. ( 4) The Adjudicating Authority shall, within a period of fourteen days of the receipt of the application, by an order— ( a) admit the applica tion, if it is complete; or ( b) reject the application, if it is incomplete: Provided that Adjudicating Authority shall, before r ejecting an application, give a notice to the applicant to rectify the defects in his application within seven days from the da te of r eceipt of such notice from the Adjudicating Author ity. ( 5) The corporate insolvency resolution process shall commence fr om the date of a dmission of the application under sub-section ( 4) of this section. 11.The following persons sha ll not be entitled to make an application to init iate corporate insolvency resolu tion pr ocess under this Chapter, namely:— ( a) a corpor ate debtor undergoing a cor pora te insolvency resolution process; or ( b) a corporate debtor having completed corporate insolvency resolution process twelve months preceding t he date of making of t he application; or ( c) a corpora te debt or or a financial creditor who has violated any of the terms of resolution plan which was approved twelve months before the date of making of an applica tion under this Chapter; or ( d) a corporate debtor in respect of whom a liquidation order has been made. Explanation.— For the purposes of this section, a corporate debtor includes a corporate a pplicant in respect of such corpor ate debtor. 12.( 1) Subject to sub-section ( 2), the corporate insolvency resolution pr ocess shall be completed within a period of one hundred and eighty days from the date of admission of the application to init iate such process. ( 2) The resolu tion pr ofessional shall file an application to the Adjudica ting Authority to extend the period of the corporate insolvency resolution pr ocess beyond one hundred and eighty days, if instruct ed to do so by a resolution passed at a meeting of t he committee of creditors by a vote of seventy-five per cent. of the voting sha res. ( 3) On receipt of a n applica tion under sub-section ( 2), if the Adjudicating Authority is satisfied that the subject matter of the case is such that corporate insolvency resolution process ca nnot be completed within one hundred and eighty days, it ma y by or der extend the duration of such process beyond one hundred and eighty days by such further period as it thinks fit, but not exceeding ninety days: Provided tha t any extension of the period of corporate insolvency resolu tion process under this section shall not be granted more than once.Initiation of corporate insolvency resolution process by corporate applicant. Persons not entitled to make application. Time-limit for comple- tion of insol- vency resolu - tion process. - 12 - Ex-419/2016 13.(1) The Adjudicating Authority, aft er admission of the a pplication under section 7 or section 9 or section 10, shall, by an or der— ( a) declare a morator ium for the purposes referred to in section 14; ( b) ca use a public a nnouncement of the initiation of corporate insolvency resolution process and ca ll for the submission of cla ims under section 15; and ( c) appoint a n interim resolution professional in the manner a s laid down in section 16. ( 2) The public announcement referr ed to in clause ( b) of sub-section ( 1) shall be made immediately a fter the appointment of the interim resolution pr ofessional. 14.( 1) Subject to provisions of sub-sections ( 2) and ( 3), on the insolvency commencement date, the Adjudicating Authority shall by order declare moratorium for prohibiting all of the following, namely:— ( a) the institution of suits or continuation of pending suits or proceedings against the corpora te debt or including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other author ity; ( b) transferring, encumbering, alienating or disposing of by the corporate debt or any of its a ssets or any legal right or beneficia l inter est therein; ( c) any action to foreclose, recover or enforce any security interest created by the cor porate debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; ( d) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. ( 2) The supply of essential goods or services to the corpora te debt or as may be specified shall not be terminated or suspended or interrupted during moratorium period. ( 3) The provisions of sub-section ( 1) shall not apply to such transactions as may be notified by the Central Government in consultation with a ny fina ncial sector regulator. ( 4) The order of mora torium shall ha ve effect from the date of such order till the completion of the corporate insolvency resolution process: Provided that where at any time during the corporate insolvency resolution process period, if the Adjudicating Authority approves the r esolution plan under sub- section ( 1) of section 31 or passes a n order for liquidation of cor porate debtor under section 33, the mor atorium shall cease to have effect from the da te of such appr oval or liquidation or der, as the ca se may be. 15.( 1) The public announcement of the corpora te insolvency resolution pr ocess under the order referred to in section 13 shall contain the following infor mation, namely:— ( a) name and address of the corporate debtor under the corporate insolvency resolution process; ( b) na me of the authority with which the corpora te debtor is incorpor ated or r egistered; ( c) the last date for submission of cla ims; ( d) details of the interim r esolution professional who shall be vested with the management of the corpor ate debtor and be responsible for receiving claims;’ ( e) penalties for false or misleading claims; and Declaration of mora- toriu m and pu blic an- nou ncement. Moratorium. 54 of 2002. Pu blic an- nouncement of corporate insolvency resolution process. - 13 -Ex-419/2016 (f) the date on which the cor porate insolvency resolution process shall close, which shall be the one hundred and eightieth day from the date of the admission of the application under sections 7, 9 or section 10, as the case may be. ( 2) The public announcement under this section shall be made in such manner as ma y be specif ied. 16.( 1) The Adjudicating Authority shall appoint an interim resolution professional within four teen days from the insolvency commencement date. ( 2) Where the applica tion for corpor ate insolvency resolution process is made by a financial creditor or the cor porate debtor, as the case may be, the resolution professiona l, as pr oposed respectively in the application under section 7 or section 10, shall be appointed as the interim resolution professional, if no disciplinary proceedings are pending against him. ( 3) Where the applica tion for corpor ate insolvency resolution process is made by an operational creditor and— ( a) no p roposal for an interim resolution professional is ma de,the Adjudicating Authority shall make a reference to the Board for the recommendation of a n insolvency professional who ma y act as an interim resolution professional; ( b) a proposa l for a n interim resolution professional is made under sub- section ( 4) of section 9, the resolution professional as proposed, shall be appointed a s the interim r esolution professiona l, if no discip linary proceedings are pending against him. ( 4) T he Board shall, within ten days of the receipt of a reference from the Adjudicating Authority under sub-section ( 3), r ecommend the na me of a n insolvency professional to the Adjudicating Authority against whom no disciplinary proceedings are pending. ( 5) The term of the interim resolu tion pr ofessional sha ll not exceed thirty days from date of his a ppointment. 17.( 1) Fr om the date of appointment of the interim resolution professional,— ( a) the management of the affairs of the cor porate debtor shall vest in the interim resolu tion pr ofessional; ( b) the powers of the board of dir ectors or the partners of the corporate debtor, as the ca se ma y be, shall sta nd suspended a nd be exercised by the interim resolution professional; ( c) the officers and managers of the corporate debtor shall report to the interim resolution professional and provide access to such documents and records of the corporate debtor as may be required by the interim resolution professional; ( d) the financial instit utions maintaining accounts of the corporate debtor shall act on the instructions of the interim resolution professional in relation to such a ccounts a nd furnish all infor ma tion rela ting to the cor por ate debtor available with them to the interim resolution pr ofessional. ( 2) The interim resolution profess iona l vest ed wit h the management of t he corporate debtor shall— ( a) act and execute in the name and on behalf of the corporate debtor all deeds, receipts, and other documents, if any; ( b) ta ke such actions, in t he manner and subject to such restr ictions, as may be specified by the Board;Appointment and tenu re of interim resolution professiona l. Management of a ffa ir s of corporate debtor by interim resolution professional. - 14 - Ex-419/2016 (c) ha ve the authorit y to access the elect ronic r ecords of corporate debtor from information utility having financial information of the corpor ate debtor; ( d) ha ve the authority to a ccess the books of a ccount, records and other relevant documents of corporate debtor ava ilable with government authorit ies, statutory auditors, accountants and such other persons a s may be specified. 18.The interim resolu tion professional shall perform the following duties, namely:— ( a) collect a ll information relating to the assets, fina nces and operations of the cor por a te debtor for det ermining the fina ncial position of the cor por a te debtor, including information relating to— ( i) business operations for the previous two years; ( ii) financial and operational payments for the previous two years; ( iii) list of a ssets a nd liabilities as on the initiation date; and ( iv) such other matters as may be specified; ( b) receive and collate all the claims submitted by creditors to him, pursuant to the public announcement made under sections 13 and 15; ( c) constitute a committee of creditors; ( d) monitor the assets of the corporate debtor a nd mana ge its operations until a resolution professional is appointed by the committee of creditors; ( e) file infor mation collected with the information utility, if necessary; and ( f) ta ke contr ol and custody of any asset over which the corporate debtor has ownership rights as recorded in the balance sheet of the corpor ate debtor, or with information utility or the deposit ory of securities or a ny other registry that records the ownership of assets including— ( i) assets over which the corporate debtor has ownership r ights which may be loca ted in a foreign country; ( ii) assets that may or may not be in possession of the corpor ate debtor; ( iii) ta ngible assets, whether movable or immova ble; ( iv) intangible assets including intellectua l property; ( v) securities including shar es held in any subsidia ry of t he corporate debt or, financial instruments, insurance policies; ( vi) assets subject to the determination of ownership by a court or a uthor it y; ( g) to perform such other duties as may be specified by the Board. Explanation.— For the pur poses of this sub-section, the term “assets” shall not include the following, namely:— ( a) assets owned by a third party in possess ion of t he corporate debtor held under trust or under contra ctual arrangements including bailment; ( b) assets of any Indian or foreign subsidiary of the corporate debtor; and ( c) such other assets as may be notified by the Central Government in cons ultation with any financial sector regula tor. 19.( 1) T he per sonnel of t he cor porate debtor, it s promoters or a ny other person associated with the management of the cor porate debtor shall extend all assistance and cooperation to the interim resolution professional a s may be requir ed by him in mana ging the affair s of the corpor ate debtor. ( 2) Where any personnel of the cor porate debtor, its promoter or any other person required to assist or cooperate wit h the interim r esolution professional does not assist or cooperate, t he interim resolution professional may make an application to the Adjudicating Authority for necessary directions. Du ties of interim resolution professional. Personnel to extend co-ope r a t i o n to interim resolution professional. - 15 -Ex-419/2016 (3) T he Adjudicating Authority, on r eceiving an application under sub-section ( 2), shall by an or der, direct such personnel or other person t o comply with t he instructions of the resolution professional and to cooperate with him in collection of information and ma nagement of the corpor ate debtor. 20.( 1) T he interim resolution professional sha ll make every endeavour to protect and preserve the value of the property of the corporate debtor and manage the operations of the corporate debtor as a going concern. ( 2) F o r t he p u r p os es of s u b -s ect io n ( 1), the interim resolution professional shall have the authority— ( a) to appoint a ccountants, legal or other pr ofessiona ls as may be necessar y; ( b) to enter into contracts on behalf of the cor porate debtor or to a mend or modify t he contr acts or transact ions which were entered into before the commencement of corporate insolvency r esolution process; ( c) to raise interim finance provided that no security interest shall be cr eated over a ny encumbered pr operty of the corpora te debt or without the prior consent of the creditors whose debt is secured over such encumbered property: Provided that no prior consent of the creditor shall be required where the value of such property is not less than the amount equivalent to twice the amount of the debt. ( d) to issue instructions to personnel of the corporate debtor as ma y be necessary for keeping the corpora te debtor as a going concern; and ( e) to take all such actions as are necessary to keep the corporate debtor as a going concern. 21.( 1) The interim resolution professional sha ll after collation of all cla ims received against the corporate debtor and determination of the financial position of the corporate debt or, constitute a committee of creditors. ( 2) T he committee of creditor s sha ll comprise all fina ncia l creditor s of the corporate debtor: Provided tha t a related par tyto whom a cor porate debtor owes a financial debt shall not have any right of representation, par ticipation or voting in a meeting of the committee of creditors. ( 3) Where the corpora te debt or owes financial debts to two or mor e financial creditors a s part of a consortium or agreement, each such financial creditor shall be part of the committee of cr editors and their voting share shall be determined on the basis of the financial debts owed to t hem. ( 4) Where any person is a financial creditor as well as an operational creditor,— ( a) such person shall be a financia l creditor to the extent of the financial debt owed by the corporate debtor,and sha ll be included in the committee of creditors, with voting sha re proportiona te to the extent of financial debts owed to su ch creditor; ( b) such person shall be considered to be an operational creditor to the extent of the operational debt owed by the corpora te debtor to such creditor. ( 5) Where an operational creditor has assigned or legally transferred any operational debt to a fina ncial creditor, the assignee or transferee shall be considered as a n opera tional creditor to the extent of such assignment or legal transfer.Committee of creditors. Management of operations of corporate debtor as going concern. - 16 - Ex-419/2016 (6) Where the terms of the financial debt extended as pa rt of a consor tium arra ngement or syndicated facilit y or issued as securities pr ovide for a single trustee or a gent to act for all financial creditors, each financial cr editor may— ( a) authorise the trustee or agent to act on his behalf in the committee of creditors to the extent of his voting share; ( b) represent himself in the committee of creditors to the extent of his voting sha re; ( c) a ppoint a n insolvency pr ofessiona l (other tha n t he r esolution professiona l) at his own cost to represent himself in the committee of creditors to the extent of his voting share; or ( d) exercise his right to vote to the extent of his voting share with one or more financial creditors jointly or severa lly. ( 7) The Boar d may specify t he manner of determining the voting shar e in respect of financial debts issued as securities under sub-section ( 6). ( 8) All decisions of t he committee of creditors shall be taken by a vote of not less than seventy-five per cent. of voting share of the financia l creditors: Provided tha t where a corporate debtor does not ha ve any financia l creditors, the committee of creditors shall be constituted and comprise of such persons to exercise such functions in such ma nner as may be specified by the Board. ( 9) The commit tee of creditors shall have the right to require the resolution professiona l to fur nish any financial information in relation to the corporate debtor at any time dur ing the corpor ate insolvency resolution process. ( 10 ) The resolu tion pr ofessional shall make a vailable any financial informa tion so required by the committee of creditors under sub-section ( 9) within a period of seven days of such requisit ion. 22.( 1) T he first meeting of the committee of cr editors shall be held within seven days of the constitution of the committee of creditors. ( 2) The committee of creditors, ma y, in the first meeting, by a major ity vot e of not less than seventy-five per cent. of the voting shar e of the fina ncial creditors, either resolve to appoint the interim resolution professional as a resolution professional or to repla ce the interim resolu tion pr ofessional by another resolu tion pr ofessional. ( 3) Where the commit tee of creditors resolves under sub -section ( 2)— ( a) to continue the interim resolution professional as resolution professiona l, it shall communica te its decision to the interim resolution professional, the corporate debtor and the Adjudicating Authority; or ( b) to replace the interim resolution professional, it shall file an application before the Adjudicating Authority for the appointment of the proposed resolution professional. ( 4) The Adjudicating Authority shall forward the name of the resolution professional proposed under clause ( b) of sub-section ( 3) to the Board for its confirmation and sha ll make such appointment after confirmation b y the Board. ( 5) Where the Board does not confirm the name of the proposed resolution professional within ten days of the receipt of t he name of the proposed resolution professiona l, the Adjudica ting Authority shall, by order, dir ect the interim resolu tion professiona l to continue to function as the resolution professional until such time as the Board confirms the appointment of the proposed resolution professional. Appointment of resolution professional. - 17 -Ex-419/2016 23.(1) Subject to section 27, the resolution pr ofessional shall conduct the entire corporate insolvency resolution pr ocess a nd mana ge the operations of the corporate debt or during the corpora te insolvency r esolution process period. ( 2) The resolution professional shall exercise powers and perform duties as are vested or conferred on the int erim resolution professional under t his Chapter. ( 3) In ca se of any appointment of a resolution profes sional under sub- sections ( 4) of section 22, the interim resolution professional shall provide all the information, documents and records pertaining to the corporate debtor in his possession and knowledge to the resolution pr ofessional. 24.( 1) The members of the committee of creditors may meet in person or by such electronic means as may be specified. ( 2) All meetings of the committee of creditors shall be conducted by the resolution professional. ( 3) The resolution professional shall give notice of each meeting of the committee of creditors to— ( a) members of Committee of creditors; ( b) members of the suspended Board of Directors or the par tners of the corporate persons, as the case may be; ( c) op erational creditors or their representatives if t he amount of t heir aggr egate dues is not less than t en per cent. of the debt. ( 4) The directors, par tners a nd one r epresentative of operational creditors, as referred to in sub-section ( 3), may attend the meetings of committee of creditors, but shall not have any right to vote in such meetings: Provided tha t the absence of any such direct or, partner or representative of operational creditor s, a s the case may be, shall not invalidate pr oceedings of s uch meeting. ( 5) Any creditor who is a member of the committee of creditors may appoint an insolvency professional other than the resolution professiona l to represent such creditor in a meeting of the committee of creditors: Provided tha t the fees payable to such insolvency professional representing any individu al creditor will be bor ne by such creditor. ( 6) Ea ch creditor sha ll vote in accordance with the voting share assigned to him based on the financial debts owed to such creditor. ( 7) The resolution professional shall determine the voting s hare to be assigned to each creditor in the manner specified by the Board. ( 8) The meetings of the committee of cr editors sha ll be conducted in such manner as may be specif ied. 25.( 1) It shall be the duty of the resolution professional to preserve and protect the assets of the corpora te debtor, including the continued business operations of the corporate debtor. ( 2) For the purposes of sub-section ( 1), the resolution professional shall undertake the following actions, namely:— ( a) ta ke immediate custody and control of all the assets of the corporate debt or, including the business r ecords of the corpor ate debtor; ( b) represent and act on behalf of the cor porate debtor with third parties, exer cise rights for the benefit of the cor porate debtor in judicial, quasi-judicial or a rbitra tion pr oceedings;Resolution professional to conduct corporate insolvency resolution process. Meeting of committee of creditors. Du ties of resolution professional. - 18 - Ex-419/2016 (c) ra ise interim finances subject to the approval of the committee of creditors under section 28; ( d) appoint accountants, legal or other professiona ls in t he manner as specified by Board; ( e) maintain an updated list of cla ims; ( f) convene and attend all meetings of the committee of creditors; ( g) prepare the information memorandum in accordance with section 29; ( h) invite prospective lenders, investors, a nd any other persons to put forward resolution plans; ( i) present all resolution plans at the meetings of the committee of creditors; ( j) file a pplica tion for avoida nce of tr ansa ct ions in a ccor da nce with Chapter III, if any; and ( k) such other actions as may be specified by the Board. 26.The filing of an avoidance application under clause ( j) of sub-s ection ( 2) of section 25 by the resolution professional shall not affect the proceedings of the corporate insolvency resolution process. 27.( 1) Where, at any time during the corporate insolvency resolution process, the committee of creditors is of the opinion that a resolu tion pr ofessional appointed under section 22 is required to be replaced, it may replace him with another resolution professional in the manner p rovided under t his section. ( 2) The commit tee of creditor s may, a t a meeting, by a vote of seventy five per cent. of voting shares, propose to replace the resolution professional appointed under section 22 with another resolution professional. ( 3) The committee of creditors shall forward the name of the insolvency professional proposed by them to the Adjudicating Author ity. ( 4) The Adjudicating Authority shall forward the name of the proposed resolution professiona l to the Board for it s confirmation and a resolution professional shall be appointed in the same manner as laid down in section 16. ( 5) Where any disciplinary proceedings are pending against the proposed resolution professional under sub-section ( 3), the resolution pr ofessional appointed under section 22 shall continue till the appointment of another resolution professional under this section. 28.( 1) Notwithsta nding a nything contained in any other law for the time being in force, the resolution professiona l, during the corpora te insolvency r esolution process, shall not take any of the following actions without the prior approva l of the committee of creditor s namely:— ( a) ra ise any interim finance in excess of t he amount as ma y be decided by the committee of creditors in their meeting; ( b) cr eate any secur ity interest over the assets of the corpor ate debtor; ( c) change the capita l struct ure of the cor porate debtor, including by way of issua nce of additional securities, creating a new class of securities or buying back or redemption of issued secur ities in case the corporate debtor is a compa ny; ( d) record any change in the ownership interest of the corpor ate debtor; ( e) give instructions to financial institutions maintaining accounts of the corporate debtor for a debit transaction from any such accounts in excess of the amount a s may b e decided by the commit tee of creditor s in their meeting; Application for avoi- dance of tra nsactions not to affect proceedings. Replacement of resolution professional by committee of creditors. Approva l of committee of creditors for certain actions. - 19 -Ex-419/2016 (f) undertake any related party transact ion; ( g) amend any constit utional documents of the corporate debtor; ( h) delegate its authority to any other person; ( i) dispose of or permit the disposal of shares of any shareholder of the corporate debtor or their nominees to third parties; ( j) make any change in the mana gement of the cor por ate debtor or its subsidiar y; ( k) tr ansfer rights or fina ncial debts or operational debts under material cont racts ot herwise than in the or dinary course of business; ( l) make changes in the appointment or terms of contr act of such personnel a s specified by the committee of cr editors; or ( m) ma ke changes in the appointment or terms of contract of statutory auditors or interna l auditors of the corporate debtor. ( 2) T he resolution pr ofessional sha ll convene a meeting of the committee of creditors a nd seek the vote of the creditors prior to taking any of the actions under sub-section ( 1). ( 3) No action under sub-section ( 1) shall be approved by the committee of creditors unless approved by a vote of seventy five per cent. of the voting sha res. ( 4) Where any action under sub-section ( 1) is taken by the resolution professional without seeking the approva l of the commit tee of creditor s in the manner as required in this section, such act ion sha ll be void. ( 5) T he committee of creditors may report the act ions of t he resolution professional under sub-section ( 4) to the Board for taking necessa ry actions aga inst him under this C ode. 29.( 1) T he resolution professional sha ll prepare an information memorandum in such form and manner conta ining s uch relevant information as may be specified by the Board for formulating a resolution plan. ( 2) T he resolution professional shall provide to the resolution applicant access to a ll relevant information in physical and electronic form, provided such resolution applicant underta kes— ( a) to comply with provisions of law for the time being in for ce relating to confidentiality a nd insider trading; ( b) to protect any intellectual property of the corporate debtor it may have access to; and ( c) not to share relevant information with third parties unless clauses ( a) and ( b) of this sub-section are complied with. Explanation.— For the purposes of this section, “ relevant information” means the information requir ed by the resolution applicant to make the resolution plan for the corporate debtor, which shall include the financial position of the corporate debtor, all information related to disputes by or against the corporate debtor and any other ma tter pertaining to the corporate debtor as may be specified. 30.( 1) A resolution applicant may submit a resolution plan to the resolution professional prepared on the basis of t he information memorandum. ( 2) The resolution pr ofessional shall examine each resolution plan received by him to confirm that each resolu tion plan— ( a) pr ovides for the payment of insolvency resolution process costs in a manner specified by the Boa rd in priority to the repayment of ot her debt s of the corpora te debtor;Preparation of information memorandum. Submission of resolution plan. - 20 - Ex-419/2016 (b) pr ovides for the repayment of the debts of opera tional creditor s in such manner as may b e specified by the Boa rd which shall not be less than the amount to be paid to the operational creditors in the event of a liquidation of the corporate debtor under section 53; ( c) pr ovides for the management of t he affa irs of t he Corporate debtor after approval of t he resolution p lan; ( d) the implementation and supervision of the resolution plan; ( e) does not contravene any of the provisions of t he law for the time being in force; ( f) conforms to such other requirements as may be specified by the Boar d. ( 3) The resolution professional shall present to the committee of creditors for its approval such r esolution plans which confirm the conditions referred to in sub- section ( 2). ( 4) T he commit tee of creditors may a pprove a resolution plan by a vote of not less than seventy five per cent. of voting share of the financia l creditors. ( 5) The resolution applicant may attend the meeting of the committee of creditors in which the resolu tion plan of the applicant is considered: Provided that the resolution applicant shall not have a right to vote at the meeting of the committee of creditors unless such resolution applicant is also a financial creditor. ( 6) The resolution professional shall submit the resolution plan as approved by the committee of creditor s to the Adjudicating Author ity. 31.( 1) If the Adjudicating Authority is satisfied tha t the r esolution plan as appr oved by the committee of creditors under sub-section ( 4) of section 30 meets the requ ir ements as referred to in sub -section ( 2) of section 30, it shall by or der approve the resolution pla n which shall be binding on the cor porate debtor and its employees, members, cr editors, guara ntors a nd other stakeholders involved in the resolution plan. ( 2) Where the Adjudica ting Authority is satisfied that the r esolution plan does not confirm to the requirements referred to in su b-section ( 1), it may, by an or der, reject the resolu tion plan. ( 3) After the order of appr oval under sub-section ( 1),— ( a) the moratorium order pa ssed by the Adjudicating Authority u nder section 14 shall cease to have effect; and ( b) the resolution professional shall for ward all recor ds relating to the conduct of the cor porate insolvency resolution process and the resolution plan to the Boar d to be recorded on it s database. 32.Any appeal from an order approving the resolution plan sha ll be in the ma nner and on the grounds laid down in sub-section ( 3) of section 61. CHAPTER III LIQUIDATION PROCESS 33.( 1) Where the Adjudicating Authority, — ( a) before the expir y of the insolvency resolution process period or the maximum period permitted for completion of the corporate insolvency resolution pr ocess under section 1 2 or the fa st tra ck corpor ate insolvency resolution process under section 56, as the case may be, does not r eceive a resolution plan under sub-section ( 6) of section 30; or Approva l of resolution plan. Initiation of liquidation. Appeal. - 21 -Ex-419/2016 (b) rejects the resolution plan under section 31 for the non-compliance of t he r equirements specif ied ther ein, it shall— ( i) pass an order requiring the corporate debtor to be liquidated in the manner as laid down in this Chapter; ( ii) is sue a public announcement stating that the cor porate debtor is in liquidation; and ( iii) require such order to be sent to the authority with which the corporate debt or is r egistered. ( 2) Where the resolution professional, at any time during the corporate insolvency resolution process but before confirmation of resolution plan, intimates the Adjudicating Authorit y of the decision of the committee of creditors to liquidate the corpor ate debt or, the Adjudicating Authority shall pass a liquida tion or der as referred to in sub- clauses ( i), ( ii) and ( iii) of clause ( b) of sub-section ( 1). ( 3) Where the resolution plan approved by the Adjudicating Authority is cont ravened by the concerned corporate debtor, a ny person other than t he corporate debt or, whose interests ar e prejudicially affect ed by such cont ravention, may make an a pplication to the Adjudicating Authority for a liquidation order as referred to in sub-clauses ( i), ( ii) and ( iii) of clause ( b) of sub-section ( 1). ( 4) On receipt of a n applica tion under sub-section ( 3), if the Adjudicating Authority determines that the corporate debtor has contra vened the provisions of the resolution plan, it shall pass a liquidation order as referred to in sub-clauses ( i), ( ii) and ( iii) of clause ( b) of sub-section ( 1). ( 5) Subject to section 52, when a liquidation order has been passed, no suit or other legal proceeding shall be instituted by or against the corpor ate debtor: Provided that a suit or other legal proceeding may be instituted by the liquidator, on behalf of the corporate debtor, with the prior approval of the Adjudicating Authority. ( 6) The provisions of sub-section ( 5) shall not apply to legal proceedings in relation to such transactions as may be notified by the Central Government in cons ultation with any financial sector regula tor. ( 7) T he order for liqu idation under this section sha ll be deemed to be a notice of discharge to the officers, employees and workmen of the corporate debtor, except when the business of the corpora te debt or is continued during the liquidation process by the liquidator. 34.( 1) Where the Adjudicating Authority passes an order for liquidation of the corporate debtor under section 33, the resolution professional appointed for the corporate insolvency resolu tion pr ocess under Chapter II shall act as the liquidator for the purposes of liquida tion unless replaced by the Adjudicating Aut hority under sub-section ( 4). ( 2) On the appointment of a liquida tor under this section, all powers of the boar d of directors, key managerial personnel and the partners of the corpor ate debtor, as the case may be, shall cease to have effect and shall be vested in the liquida tor. ( 3) The personnel of the corporate debtor shall extend all assistance and coop eration to the liquidator as may be required by him in ma naging the affairs of the corporate debtor and provisions of section 19 shall apply in relation to voluntary liquidation process as they apply in relation to liquidation process with the substitution of r eferences to the liquidator for references to the interim resolution pr ofessional.Appointment of liquidator and fee to be paid. - 22 - Ex-419/2016 (4) The Adjudicating Authority shall by order replace the resolution professional, if— ( a) the resolution plan submitted by the resolution professional u nder sect ion 30 was rejected for failure to meet the requirements mentioned in sub- section ( 2) of section 30; or ( b) the Board recommends the replacement of a resolution professional to the Adjudicating Authority for reasons to be r ecorded in writing. ( 5) F o r t he p u r p os es of cla u s e ( a) of sub-section ( 4), the Adjudicating Authority may direct the Boar d to pr opose the name of another insolvency professional t o be appointed as a liquidator. ( 6) T he Board shall propose the name of another insolvency professional within ten days of the dir ection issued by the Adjudicating Aut hority u nder sub-section ( 5). ( 7) The Adjudicating Authority shall, on receipt of the proposal of the Board for the appointment of an insolvency professional as liquidator, by an order a ppoint such insolvency professional as the liquida tor. ( 8) An insolvency professional proposed to be appointed as a liqu idator shall char ge such fee for the conduct of the liquida tion pr oceedings and in such propor tion to the value of the liquidation estate a ssets, as may be specified by the Board. ( 9) The fees for the conduct of the liquida tion proceedings under sub-section ( 8) shall be paid to the liquidator from the proceeds of the liquidation estate under section 53. 35.( 1) Subject to the directions of the Adjudicating Author ity, the liquidator shall have the following p owers a nd duties, namely :— ( a) to verify claims of all the creditors; ( b) to take into his custody or cont rol all the assets, pr operty, effects and actionable claims of the corpor ate debtor; ( c) to evaluate the a ssets and property of the corporate debtor in the manner as ma y be specified by the Board and prepa re a report; ( d) to take such measures to protect and preserve the assets and properties of the corporate debtor as he consider s necessary; ( e) to carry on the b usiness of the corporate debtor for it s beneficial liquidation as he considers necess ary; ( f) subject to section 52, to sell the immovable and movable p roperty and actionable claims of the corporate debtor in liquidation by public auction or private cont ract, with power to tr ansfer such property to any person or body corporate, or to sell the same in parcels in such manner a s may b e specified; ( g) to draw, accept, make and endorse any negotiable instruments including bill of exchange, hundi or pr omissor y note in the name and on behalf of the corporate debtor, with the same effect with resp ect to the liability a s if such instruments were drawn, accepted, made or endorsed by or on behalf of the corporate debtor in the ordina ry cour se of its business; ( h) to take out, in his official name, letter of administration to any deceased cont ributor y and to do in his official na me any other a ct necessary for obtaining payment of a ny money due and payable from a contr ibutory or his estate which cannot be ordinarily done in the name of the corporate debtor, and in all such cases, the money due and payable shall, for the purpose of enabling the liquidator to take out the letter of administration or recover the money, be deemed t o be due to the liquidator himself; Powers a nd duties of liquidator. - 23 -Ex-419/2016 (i) to obtain any pr ofessional assistance from any person or appoint any professional, in discharge of his duties, obligations and responsibilit ies; ( j) to invite and settle claims of creditors and claimants and distribute proceeds in accordance with the provisions of this Code; ( k) to instit ute or defend any suit , prosecution or other legal proceedings, civil or criminal, in the name of on beha lf of the corporate debtor; ( l) to investigate the financial affairs of the cor porate debtor to determine undervalued or pr eferential tra nsactions; ( m) to take all such actions, steps, or to sign, execute and verify any paper, deed, receipt document, application, petition, affidavit, bond or instrument and for such purpose to use the common seal, if a ny, as may be necessary for liquidation, distribution of assets and in discharge of his duties and obligations and functions as liquida tor; ( n) to apply to the Adjudica ting Authority for such orders or directions as may be necessary for the liquida tion of the corporate debtor and to report the progress of the liquidation process in a manner as may be specified by the Board; and ( o) to perform such other fu nctions as may be specified by the Board. ( 2) The liquidator shall have the power to consult any of the stakeholders entitled to a distribution of proceeds under section 53: Provided tha t any such consultation shall not be binding on the liquida tor: Provided further that the records of any such consultation shall be made available to a ll other stakeholders not so consult ed, in a manner specified by the Board. 36.( 1) For the purposes of liquidation, the liquidator shall form an estate of the assets mentioned in sub-section ( 3), which will be ca lled the liquidation estate in relation to the corpora te debtor. ( 2) T he liquidator shall hold the liquidation esta te as a fiduciary for the benefit of a ll the creditors. ( 3) S ub ject t o s u b -s ect ion ( 4), the liquidation estate shall comprise all liquidation esta te assets which shall inclu de the following:— ( a) any assets over which the corporate debtor ha s ownership rights, including all rights and interests therein as evidenced in the balance sheet of the corpora te debtor or an information utility or records in t he registry or any depository r ecording securities of the cor porate debtor or by any other means as may be specified by the Board, including sha res held in any subsidiary of the corporate debtor; ( b) assets tha t may or may not be in possess ion of t he corporate debtor including but not limited to encumbered assets; ( c) ta ngible a ssets, whether movable or immova ble; ( d) intangible assets inclu ding but not limited to intellectua l property, securities (including sha res held in a subsidiary of the cor porate debtor) and fina ncial instruments, insurance policies, contractual rights; ( e) assets subject to t he determina tion of ownership by the cour t or author it y; ( f) any assets or their value recovered through proceedings for avoidance of t ransactions in accordance with this Chapter; ( g) any asset of the corporate debtor in respect of which a secured creditor ha s relinquished securit y interest;Liquidation estate. - 24 - Ex-419/2016 (h) any other property belonging t o or vested in the corporate debtor at the insolvency commencement date; and ( i) all proceeds of liquidation as a nd when they are realised. ( 4) The following shall not be included in the liquidation estate assets and shall not be used for recovery in the liquidation:— ( a) assets owned by a third party which ar e in possession of the corporate debtor, including— ( i) assets held in trust for any third pa rty; ( ii) bailment contracts; ( iii) all sums due to a ny workman or employee from the provident fund, the pension fund and the gra tuity fund; ( iv) other contractual arra ngements which do not stipulate transfer of title but only use of the assets; and ( v) such other assets as may be notified by the Central Government in consulta tion with any financia l sector regula tor; ( b) assets in security collateral held by financial services pr oviders and are subject to netting and set-off in multi-lateral trading or clearing transactions; ( c) personal a ssets of any shareholder or pa rtner of a corporate debtor as the case may be provided such a ssets ar e not held on a ccount of avoidance transactions that may be avoided under this Chapter; ( d) assets of any Indian or foreign subsidiary of the corporate debtor ; or ( e) any other assets as may be specified by the Boar d, including assets which could be subject to set-off on account of mutual dealings between the corporate debtor and any creditor. 37.( 1) Notwithsta nding a nything contained in any other law for the time being in force, the liquidator shall have the power to access any information systems for the purpose of admission and proof of claims and identification of the liquida tion estate assets relating to the corporate debtor fr om the following sources, namely:— ( a) an information utility; ( b) cr edit information systems regulated under a ny law for the time being in force; ( c) any agency of the Central, State or Local Gover nment including any registration authorities; ( d) information systems for financial and non-financial liabilities regulated under any law for the time being in force; ( e) information systems for securities and assets posted as security interest regulated under any law for the time being in force; ( f) any database maintained by the Board; and ( g) any other source as may be specified by the Board. ( 2) The cr editor s may requir e the liquidator to provide them any fina ncial information relating to the corporate debtor in such manner as may be specified. ( 3) The liquidator shall pr ovide information referred to in sub-section ( 2) to such creditors who have requested for such information within a period of seven da ys from the date of such request or provide reasons for not providing such information. 38.( 1) The liquidator shall receive or collect the claims of creditors within a period of thir ty days from the date of the commencement of the liquidation process. Powers of liquidator to access information. Consolidation of claims. - 25 -Ex-419/2016 (2) A financial creditor may submit a claim to the liquidator by providing a record of such cla im with an information utility: Provided that where the information relating to the claim is not recorded in the information utilit y, the financial creditor ma y submit the claim in the sa me manner as provided for the submission of claims for the operational creditor under sub-section ( 3). ( 3) An operational cr editor may submit a claim to the liquidator in such form and in such manner and along with such supporting documents required to prove the claim as may be specified by the Board. ( 4) A creditor who is partly a financial creditor and partly an operational creditor shall submit claims to the liquida tor to the extent of his financial debt in the manner as provided in sub-section ( 2) a nd to the extent of his operational debt under sub-section ( 3). ( 5) A creditor may withdraw or vary his claim under this section within fourteen days of its submission. 39.( 1) T he liquidator s hall verify the claims submitted under section 38 within such time as specified by the Board. ( 2) The liquidator may require any creditor or the corporate debtor or any other person to pr oduce a ny other document or evidence which he thinks necessary for the purpose of verifying the whole or any part of the claim. 40.( 1) The liquidator ma y, after verification of claims under section 39, either a dmit or reject the claim, in whole or in part, as the case may be: Provided tha t where the liquidator rejects a cla im, he shall record in writing the reasons for such rejection. ( 2) The liquidator shall communicate his decision of admission or rejection of claims to the creditor and corpora te debt or within seven days of such admission or rejection of cla ims. 41.The liquida tor sha ll determine the value of cla ims admitted under section 40 in such manner as may be specified by the Board. 42.A creditor may a ppeal to the Adjudicating Authorit y against the decision of the liquidator rejecting the claims within fourteen days of the receipt of such decis ion. 43.( 1) Where the liquidator or the resolution professional, as the case ma y be, is of the opinion that the corporate debtor ha s at a relevant time given a preference in such transactions and in such ma nner as laid down in su b-section ( 2) to any persons as r efer r ed t o in s u b-s ect ion ( 4), he shall apply to the Adjudicating Authority for avoidance of preferential transactions and for, one or more of the orders referred to in section 44. ( 2) A corporate debtor shall be deemed to have given a preference, if— ( a) there is a transfer of property or an interest thereof of the corporate debt or for the benefit of a creditor or a surety or a guarantor for or on account of a n antecedent financial debt or opera tional debt or other liabilit ies owed by the corporate debtor; and ( b) the transfer under clause ( a) ha s the effect of putting such creditor or a surety or a guarantor in a beneficia l posit ion than it would have been in the event of a distribution of assets being made in a ccordance with section 53. ( 3) For the purposes of sub-section ( 2), a preference shall not include the following transfers—Verification of claims. Admission or rejection of claims. Determination of valuation of claims. Appeal against the decision of liquidator. Preferential transactions and relevant time. - 26 - Ex-419/2016 (a) t ransfer made in the ordinary cour se of the business or financial affa irs of the cor porate debtor or the transferee; ( b) any transfer creating a security interest in property acqu ired by the corporate debtor to the extent that— ( i) su ch secu rity interest secures new value and was given at the time of or after the signing of a security agreement that contains a description of such property as security interest and was used by corporate debtor to acquire such property; and ( ii) such transfer was registered with an informa tion utility on or before thir ty days after the corporate debtor r eceives possess ion of such property: Provided that any transfer made in pursuance of the or der of a court shall not, preclude such transfer to be deemed as giving of preference by the corporate debtor. Explanation.— For the purpose of sub-section ( 3) of this section, “new va lue” means money or its worth in goods, services, or new cr edit, or release by the transferee of property previously tr ansferr ed to such transferee in a tr ansaction that is neither void nor voidable b y the liquidator or the resolution pr ofessional under this Code, including proceeds of such property, but does not include a financial debt or operational debt substituted for existing financial debt or operational debt. ( 4) A preference sha ll be deemed to be given at a relevant time, if— ( a) it is given to a related party (other than by reason only of being an employee), during the period of two yea rs pr eceding the insolvency commencement date; or ( b) a preference is given to a person other than a r elated party during the period of one year preceding the insolvency commencement date. 44.The Adjudicating Author ity, may, on an application ma de by the resolution professional or liquidator under sub-section ( 1) of section 43, by an order : ( a) require any property tr ansferr ed in connection with the giving of the preference t o be ves ted in t he cor porate deb tor ; ( b) require a ny property to be so vested if it r epresents the applica tion either of the proceeds of sale of property so transferred or of money so transferred; ( c) release or discha rge (in whole or in par t) of any secur ity interest created by the corporate debtor; ( d) require any person to pay such sums in respect of benefits received by him from the corporate debtor, such sums to the liquidator or the resolution professional, as the Adjudicating Authority may dir ect; ( e) direct any guara ntor, whose financial debts or operational debts owed to a ny person were released or discharged (in whole or in part) by the giving of the preference, to be under such new or revived financial debts or operational debt s to tha t person as the Adjudicating Authority deems appropriate; ( f) direct for providing security or charge on any property for the discharge of any financial debt or operational debt under the order, and such security or charge to have the sa me priority as a security or charge released or discharged wholly or in part by the giving of t he preference; and ( g) direct for providing the extent to which any person whose property is so vested in the corporate debtor, or on whom financial debts or operational debts are imposed by the order, are to be proved in the liquidation or the corporate Orders in case of preferential tr ansactions. - 27 -Ex-419/2016 insolvency r esolution process for financia l debts or operational debts which arose from, or were released or discharged wholly or in pa rt by the giving of the preference: Provided that an order under this section shall not— (a) affect any interest in property which was acquired fr om a person other than the cor porate debtor or any interest derived from such interest and was acquired in good faith and for va lue; ( b) require a person, who received a benefit fr om the preferentia l transaction in good faith a nd for value to pay a sum to the liquidator or the resolu tion professional. Explanation I.— For the purpose of this section, it is cla rified that where a person,who has acqu ired an interest in pr operty from another person other than the corporate debtor, or who ha s received a benefit from the preference or such another person to whom the corpor ate debtor gave the preference,— ( i) had sufficient information of the initiation or commencement of insolvency r esolution process of the corporate debtor; ( ii) is a related party, it sha ll be presumed tha t the interest was acquir ed or the benefit was received other wise than in good faith unless the contra ry is shown. Explanation II.—A person shall b e deemed to have sufficient information or opportunity to avail such information if a public announcement regarding the corporate insolvency r esolution process has been made under section 13. 45.( 1) If the liquidator or the resolution professional, as the case may be, on an examination of the transa ctions of the corpora te debt or referred to in sub-section ( 2) of section 43 determines tha t certain tr ansact ions were made during the relevant period under section 46, which were undervalued, he shall make an application to the Adjudicating Authority to declar e such transactions a s void and reverse the effect of such transa ction in accor dance with this Chapter. ( 2) A transact ion sha ll be considered undervalued where the corporate debtor— ( a) makes a gift to a person; or ( b) enters into a tr ansaction with a person which involves the transfer of one or more assets by the corporate debtor for a consideration the value of which is significa ntly less than the value of the cons ideration provided by the corporate debtor, and such tra nsaction has not taken place in the ordinary course of business of the corporate debtor. 46.( 1) In an application for avoiding a transaction at undervalue, the liquidator or the resolution professional, as the ca se may be, shall demonstrate that— ( i) such transaction was made with a ny person within the period of one year preceding the insolvency commencement date; or ( ii) such transaction was made with a related party within t he period of two years pr eceding the insolvency commencement date. ( 2) The Adjudicating Authority may require an independent expert to assess evidence relating to the value of the transactions mentioned in t his section.Avoidance of undervalued transactions. Releva nt period for avoida ble transactions. - 28 - Ex-419/2016 47.(1) Where an undervalued transaction has taken place and the liquidator or the resolution professional as the case may be, has not reported it to the Adjudica ting Authority, a creditor, member or a partner of a corporate debtor, as the case may be, may make an applica tion to the Adjudicating Authority to declar e such transact ions void and reverse their effect in accordance with this Chapter. ( 2) Where the Adjudicating Authority, after examination of the application made under sub-section ( 1), is satisfied that— ( a) undervalued transactions had occurred; and ( b) liquidator or the resolution professional, as the case ma y be, a fter having sufficient information or opportunity to avail information of such transactions did not repor t such transact ion to the Adjudicating Author ity, it shall pass an or der— ( a) restoring the position as it existed before such transactions and reversing the effects thereof in the manner as laid down in section 45 and section 48; ( b) requiring the Board to initiate disciplinar y proceedings against the liqu idator or the r esolution professional as the case may be. 48.The order of the Adjudicating Authority u nder sub-section ( 1) of section 45 may provide for the following:— ( a) require a ny property tr ansferr ed as part of the tra nsaction, to be vested in the corpora te debtor; ( b) release or dischar ge (in whole or in par t) any security interest granted by the corpora te debtor; ( c) require any person to pa y such sums, in respect of benefits received by such person, to the liquidator or the resolution professional as the case may be, as the Adjudicating Author ity may direct; or ( d) require the payment of s uch consideration for the tra nsaction as ma y be determined by an independent exp ert. 49.Where the corpor ate debtor has entered into a n undervalued tra nsact ion as referred to in sub-section ( 2) of section 45 and the Adjudicating Aut hority is satisfied that such tr ansaction was deliberately entered into by such corporate debtor— ( a) for keeping assets of the corpor ate debtor beyond the reach of any person who is entitled to make a claim against the corporate debtor ; or ( b) in order to adversely affect the interests of such a person in relation to the cla im, the Adjudica ting Aut hority shall ma ke an or der— ( i) restoring the position as it existed before such transaction a s if the transact ion had not been enter ed into; and ( ii) pr otecting the interests of persons who are victims of such transactions: Provided that an order under this section— ( a) shall not affect any interest in property which was acquired fr om a person other than the corporate debtor and was a cquired in good faith, for value and without notice of the relevant circu mstances, or a ffect a ny interest deriving fr om such an interest, and Application by creditor in cases of underva lu ed transactions. Order in cases of undervalued transactions. Transactions defra uding creditors. - 29 -Ex-419/2016 (b) shall not requir e a person who received a benefit fr om the transaction in good faith, for value a nd without notice of the relevant circumsta nces to pay any sum unless he was a party to the transact ion. 50.( 1) Where the corporate debtor has been a party to an extortionate credit transaction involving the receipt of financial or operational debt during the period within two years pr eceding the insolvency commencement date, the liquidator or the resolution professional as the case may be, may ma ke an a pplication for avoidance of such transaction to the Adjudicating Authority if the terms of such transaction required exor bitant payments to be ma de by the corporate debtor. ( 2) The Board may specify the circumstances in which a transactions which shall be covered under sub-section ( 1). Explanation.— For the purpose of this section, it is clarified that any debt extended by a ny person providing financial services which is in compliance with any law for the time being in force in relation to such debt shall in no event b e considered a s an extortionate credit transact ion. 51.Wher e the Adjudicating Aut hority a fter examining the application made under sub-section ( 1) of section 50 is satisfied that the terms of a credit t ransact ion required exor bitant payments to be made by the corporate debtor, it shall, by an order— ( a) restore the position as it existed prior to such transact ion; ( b) set aside the whole or part of the debt created on account of the extortionate credit transact ion; ( c) modify the terms of the transact ion; ( d) require a ny person who is, or was, a party to the tr ansaction to repay any amount r eceived by such person; or ( e) require any security interest that was created as part of the extortionate credit transaction to be relinquished in favour of the liquidator or the resolu tion professional, as the case may be. 52.( 1) A secured creditor in the liquidation proceedings may— ( a) relinquish its security interest to the liquidation estate and receive proceeds from the sa le of a ssets by the liquidator in the manner specified in section 53; or ( b) realise its security interest in the manner specified in this section. ( 2) Where the secured creditor realises security interest under clause ( b) of sub-section ( 1), he shall inform the liquidator of such security interest and identify the asset subject to such security interest to be realised. ( 3) Before any securit y interest is r ealised by the secured creditor under this section, the liquidator shall verify such security interest and permit the secured creditor to r ealise only such security interest, the existence of which may be pr oved eit her— ( a) by the records of such securit y interest maintained by an informa tion utility; or ( b) by such other means as may be specified by the Board. ( 4) A secured creditor may enfor ce, realise, settle, comp romise or dea l with the secured assets in accordance with such law as applicable to the security interest being realised and to the secured creditor and apply the proceeds to recover the debts due to it.Extortionate credit transactions Orders of Adjudicating Authority in respect of extorionate credit transactions. Secured creditor in liquidation proceedings. - 30 - Ex-419/2016 (5) If in the course of realising a secured asset, any secured cr editor faces resistance from the corporate debtor or any person connected therewith in taking possession of, selling or otherwise disposing off the security, t he secured creditor may make an application to the Adjudicating Authority to facilitate the secured creditor to r ealise such security interest in accordance with law for the time being in force. ( 6) T he Adjudicating Authorit y, on the receipt of an applica tion fr om a secured creditor under sub-section ( 5) may pass such order as may be necessary to permit a secured creditor to realis e secur ity int erest in accor dance with law for the time being in force. ( 7) Where the enfor cement of the secu rity interest u nder su b-section ( 4) yields an a mount b y way of proceeds which is in excess of the debts due to the secured creditor, t he secur ed creditor shall— ( a) account t o the liquidator for such surplus; and ( b) tender to the liquidator any surplus funds received from the enfor cement of such s ecur ed a sset s. ( 8) The amount of insolvency resolution process costs, due from secured creditors who realise their security interests in the manner provided in this section, shall be deducted from the proceeds of any realisation by such secured creditors, and they shall transfer such amounts t o the liquidator to be included in the liquida tion esta te. ( 9) Where the proceeds of the realisation of the secured assets are not adequate to r epay debts owed to the secur ed creditor, the unpaid debts of such secur ed creditor shall be paid by the liquidator in the ma nner specified in clause ( e) of sub-section ( 1) of section 53. 53.( 1) Notwithstanding anything to the contr ary contained in any law enacted by the Parliament or any State Legislature for the time being in for ce, the proceeds from the sale of the liquida tion assets sha ll be distributed in the following order of priority and within such period and in such manner as may be specified, namely :— ( a) the insolvency r esolution process costs and the liquidation costs paid in full; ( b) the following debts which shall rank equally between a nd among the following :— ( i) workmen’s dues for the period of twenty-four months preceding the liquidation commencement date; and ( ii) debts owed to a secured creditor in the event such secured creditor ha s relinquished security in the manner set out in section 52; ( c) wages and any unpaid du es owed to employees other t han wor kmen for the period of twelve months pr eceding the liquidation commencement date; ( d) financial debts owed to unsecured creditors; ( e) the following dues shall rank equally between and among the following:— ( i) any amount due to the Central Government and the State Government including the amount to be received on account of the Consolidated Fund of India and the Consolidated Fund of a Sta te, if any, in r espect of the whole or any part of t he period of two year s preceding the liquidation commencement date; ( ii) debts owed to a secured creditor for any amount unpaid following the enforcement of security interest; Distribution of assets. - 31 -Ex-419/2016 (f) any remaining debts and dues; ( g) pr eference shareholders, if any; and ( h) equity sha reholders or pa rtners, as the case may be. ( 2) Any contractual ar rangements between recipients under sub-section ( 1) with equal ranking, if dis rupting the or der of priorit y under that sub-section shall be disr egarded by the liquida tor. ( 3) The fees payable to the liquidator shall be deducted proportionately from the proceeds payable to each class of recipients under sub-section ( 1), and the proceeds to the relevant recipient shall be distributed after such deduction. Explanation.— For the purpose of t his section— ( i) it is hereby clar ified that at each sta ge of the distr ibution of proceeds in r espect of a cla ss of recipients that r ank equa lly, each of the debts will either be paid in full, or will be paid in equal proportion within the same class of recipients, if the proceeds are insufficient to meet the debts in full; and ( ii) the term “ workmen’s dues” shall have the same meaning as assigned to it in section 326 of the Companies Act, 2013. 54.( 1) Where the assets of the corporate debtor have been completely liquida ted, the liquidator shall make an application to the Adjudicating Authority for the dissolution of such corporate debtor. ( 2) The Adjudicating Author ity shall on application filed by the liquidator under sub-section ( 1) or der tha t the corporate debtor shall be dissolved fr om the date of that order and the corpor ate debtor shall be dissolved accordingly. ( 3) A copy of an or der under sub-section ( 2) shall within seven days from the date of such order, be forwarded to the authority with which the corpora te debtor is r egis t er ed. CHAPTER _ IV FAST TRACK CORPORATE INSOLVENCY RESOLUTION PROCESS 55.( 1) A corpora te insolvency resolution process car ried out in accordance with this Chapter sha ll be called as fast track corporate insolvency r esolution process. ( 2) An applica tion for fast track corporate insolvency resolution process may be made in respect of the following corporate debtor s, namely:— ( a) a corporate debtor with assets and income below a level as may be notified by the Central Government; or ( b) a corporate debtor with such cla ss of creditor s or such amount of debt as may be notified by the Central Government; or ( c) such other category of corporate persons as may be notified by the Centr al Government. 56.( 1) Subject to the provisions of sub-section ( 3), the fast track corporate insolvency resolution process shall be completed within a period of ninety days from the insolvency commencement date. ( 2) The resolu tion pr ofessional shall file an application to the Adjudica ting Authority to extend the period of the fast track corporate insolvency resolution process beyond ninety days if instructed to do so by a resolution passed at a meeting of the committee of creditor s and supported by a vote of seventy five percent of the voting share. 18 of 2013. Dissolution of corporate debtor. Fast track corporation insolvency resolution process. Time period for completion of fast track corporate insolvency resolution process. - 32 - Ex-419/2016 (3) On receipt of a n applica tion under sub-section ( 2), if the Adjudicating Authority is satisfied that the subject matter of the case is such that fast track corporate insolvency r esolution process cannot be completed within a period of ninety days, it may, by order, extend the duration of such process beyond the sa id period of ninety days by such further period, as it thinks fit, but not exceeding forty-five days: Provided tha t any extension of the fast tr ack corporate insolvency resolution process under this section shall not be granted more than once. 57.An application for fast tra ck corporate insolvency resolution pr ocess ma y be filed by a creditor or corporate debtor as the case may be, alongwith-— ( a) the proof of the existence of default as evidenced by records available with an information utilit y or such other means as may be specified by the Board; and ( b) such other infor mation as may be specified by the Board to establish that the corporate debtor is eligible for fast track corporate insolvency resolution process. Manner of initiating fast track corporate insolvency resolution process. 58.The process for conducting a corporate insolvency resolution process under Chapter II a nd the provisions relating to offences and penalties under Chapter VII shall apply to this Chapter as the context may require. CHAPTER V VOLUNTARY LIQUIDATION OF CORPORATE PERSONS 59.( 1) A corporate person who intends to liquidate itself voluntarily and has not committed a ny default may initia te voluntary liquidation proceedings under the pr ovisions of t his Chapter. ( 2) T he voluntary liquidation of a corporate person under sub-section ( 1) shall meet such conditions and procedura l requirements as may be specified by the Board. ( 3) Without prejudice to sub-section ( 2), voluntar y liquidation proceedings of a corporate person registered as a company shall meet the following conditions, namely:— ( a) a declara tion fr om majority of the director s of the compa ny verified by a n affidavit stating t hat— ( i) they have made a full inquiry into the affa irs of the company and they ha ve formed an opinion that either t he company has no debt or that it will be able to pay its debts in full from the proceeds of assets to be sold in the voluntary liquidation; and ( ii) the company is not being liquida ted to defraud any person; ( b) the decla ration under sub-clause ( a) shall be accompanied with the following documents, namely:— ( i) audited financia l statements a nd record of business operations of the compa ny for the previous two years or for the period since its incorporation, whichever is la ter; ( ii) a report of the valuation of t he assets of the company, if any prep ared by a regist ered valuer; ( c) within four weeks of a declar ation u nder sub-clause ( a), there shall be— ( i) a special resolution of the members of the company in a general Ma nner of initiating fast track corporate insolvency resolution process. Voluntary liquidation of corporate persons. Applicability of Chapter II to this Chapter. - 33 -Ex-419/2016 meeting requiring the company to be liquidated voluntarily and appointing an insolvency professional t o act a s the liquidator ; or (ii) a resolution of the members of the company in a general meeting requiring the company to be liquidated voluntar ily as a result of expiry of the period of its duration, if any, fixed by its articles or on the occurrence of any event in respect of which the articles provide that the company shall be dissolved, as the case may be and appointing an insolvency professional to act as the liquida tor: Provided tha t the company owes any debt to any per son, creditors representing two- thirds in value of the debt of the company shall approve the resolution pa ssed under sub-clause ( c) within seven days of such resolution. ( 4) The compa ny shall notify the Registrar of Companies a nd the Board about the resolution under sub-section ( 3) to liquida te the company within seven days of such resolution or the subsequent approval by the creditors, a s the case may be. ( 5) Subject to approval of the creditors under sub-section ( 3), the voluntary liqu idation proceedings in respect of a company shall be deemed to have commenced from the date of passing of the resolution under s ub-clause ( c) of sub-section ( 3). ( 6) The provisions of sections 35 to 53 of Chapter III and Chapter VII shall apply to voluntary liquidation proceedings for corporate persons with such modifications as may be necessary. ( 7) Where the affairs of the corpor ate person have been completely wound up, and its assets completely liquidated, t he liquidator shall make an applica tion to the Adjudicating Author ity for the dissolution of such corporate person. ( 8) T he Adjudicating Authority shall on ana pplication filed by the liquidator under sub-section ( 7), pass an order that the corpora te debtor shall be dissolved from the date of that order and the corporate debtor shall be dissolved a ccordingly. ( 9) A copy of an or der under sub-section ( 8) sha ll within fourteen days from the date of such order, be forwarded to the authority with which the corporate person is r egistered. CHAPTER-VI ADJUDICATING AUTHORITY FOR CORPORATE PERSONS 60.( 1) The Adjudicating Authority, in r elation to insolvency resolution and liquidation for corpora te persons including corporate debtor s and personal guarantors thereof shall be the National Compa ny Law Tribunal having territorial jurisdict ion over the pla ce wher e the registered office of the cor por at e personis loca ted. ( 2) Without prejudice to sub-section ( 1) and notwithstanding anything to the cont rary contained in this Code, where a corporate insolvency resolution process or liqu idation proceeding of a corporate debtor is pending before a National Company Law Tribuna l, an application relating to the insolvency resolution or bankruptcy of a personal guarantor of such corporate debtor shall be filed before such National Company Law Tribunal. ( 3) An insolvency resolution process or ba nkruptcy proceeding of a personal guarantor of the corporate debtor pending in any court or tribunal shall stand transferred to the Adjudicating Authority dealing with insolvency resolu tion process or liquidation proceeding of such corpor ate debtor. ( 4) The National Company Law Tribunal shall be vested wit h all the power s of the Debt Recovery Tribunal as contemplated under Part III of this Code for the purpose of sub-section ( 2).Adjudicating Authority for corporate persons. - 34 - Ex-419/2016 (5) Notwithsta nding anything to the contrary contained in any other law for the time being in force, the National Company Law Tr ibunal shall have jurisdiction to entertain or dispose of— ( a) any application or proceeding by or against the corpora te debtor or corporate per son; ( b) any claim made by or against the corporate debtor or corporate person, including claims by or against any of its subsidiaries situated in India; and ( c) any quest ion of priorities or a ny question of law or facts, arising out of or in relation to the insolvency resolution or liquidation proceedings of the corporate debtor or corpora te person under this Code. ( 6) Notwithstanding a nything contained in the Limitation Act, 1963 or in any other law for the time being in force, in computing the period of limitation specified for any suit or application by or against a corporate debtor for which an order of mora torium has been made under this Part, the period during which such moratorium is in place shall be excluded. 61.( 1) Notwithsta nding a nything to the contrary contained under the Companies Act 2013, any person a ggrieved by the order of the Adjudicating Authority under this part may prefer a n appeal to the National Company Law Appellate Tribunal. ( 2) Every appeal under sub-section ( 1) shall be filed within thirty days before the Nationa l Compa ny Law Appellate Tribunal: Provided that the Nationa l Compa ny Law Appellate Tribunal may allow an appeal to be filed after the expiry of the said period of thirty days if it is satisfied that there was sufficient cause for not filing the appeal but such period shall not exceed fifteen days. ( 3) An appeal against an order appr oving a resolution pla n under section 31 may be filed onthe following grounds, namely:— ( i) the approved resolution plan is in contravention of the pr ovisions of any law for the time being in force; ( ii) there has been ma teria l ir regu la rity in exer cise of the powers by the resolution professional during the corpor ate insolvency resolution period; ( iii) the debts owed to opera tional creditors of the cor porate debtor have not been provided for in the resolution p lan in the manner specified by the Boa rd; ( iv) the insolvency resolution process costs have not been provided for repa yment in prior ity to a ll other debts; or ( v) the resolution plan does not comply with any other criteria specified by the Boa rd. ( 4) An appeal against a liquidation order pa ssed under section 33 may be filed on grounds of material irr egularity or fraud committed in relation to such a liquida tion or der. 62.( 1) Any person aggrieved by an order of the National Company La w Appellate Tribunal may file an appeal to the Supreme Court on a question of law ar ising out of such order under this Code within forty-five days from the date of receipt of such or der. ( 2) The Supreme Court may, if it is satisfied that a person was prevented by sufficient cause from filing an appeal within forty-five days, allow the appeal to be filed within a fur ther period not exceeding fifteen days. Appeals and Appellate Authority.36 of 1963. 18 of 2013. Appeal to Supreme Court. - 35 -Ex-419/2016 63.No civil court or authority shall have jurisdiction to entertain any suit or proceedings in r espect of any matter on which National Company Law Tribunal or the National Company Law Appellate Tribunal has jurisdiction under this Code. Civil court not to have jurisdiction. 64.(1) Where an applica tion is not disposed of or a n order is not passed within the period specified in this Code, the National Company La w Tribunal or the National Company Law Appellate Tribunal, a s the case may be, shall record the reasons for not doing so within the period so specified; and the President of the National Company Law Tribuna l or the Chair person of the National Company Law Appellate Tribunal, as t he case may be, may, a fter taking into account the r easons so recorded, extend the period specified in the Act but not exceeding ten days. ( 2) No injunction shall be granted by any court, tribuna l or authority in respect of any action ta ken, or to be taken, in pursua nce of any power conferred on the National Company La w Tribunal or the National Company Law Appellate Tribunal under this Code. 65.( 1) If, any person initiates the insolvency resolution process or liquidation proceedings fraudulently or with malicious intent for any purpose other than for the resolution of insolvency, or liquidation, as the case may be, the Adjudica ting Authority may impose upon such person a penalty which shall not be less than one lakh rupees, but may ext end to one cr ore rupees. ( 2) If, any person initiates voluntary liquidation proceedings with the intent to defraud any person, the Adjudicating Authority may impose upon such person a penalty which shall not be less than one lakh rupees but may extend to one cr ore rupees. 66.( 1) If during the cor porate insolvency resolution process or a liquidation process, it is found that any business of the cor porate debtor has been carried on wit h intent to defraud creditors of the corporate debtor or for any fraudulent purpose, the Adjudicating Authority may on the application of the resolution professional pass an order that any persons who were knowingly parties to the carrying on of the business in such ma nner shall be liable to make such contributions to the assets of the corporate debtor a s it may deem fit. ( 2) On an application made by a resolution professional during the corporate insolvency resolution process, the Adjudicating Authority ma y by an order direct that a director or partner of the cor porate debtor, as the case may be, shall be liable to make such contribution to t he assets of the corpor ate debtor as it may deem fit, if— ( a) before the insolvency commencement date, such director or par tner knew or ought to have known that the there was no reasonable prospect of avoiding the commencement of a corporate insolvency resolution process in resp ect of such cor porate debtor; and ( b) such director or partner did not exercise due diligence in minimising the potentia l loss to the creditor s of the corporate debtor. Explanation .—F or the pur poses of this section a director or partner of the cor p or ate debtor, as the case ma y be, s ha ll be deemed to have exercised du e diligence if such diligence was reasonably expected of a person carrying out the same funct ions as a re carr ied out by such director or partner, as the case may be, in relation to the corporate debtor.Civil court not to have jurisdiction. Expeditious disposal of applications. Fra udulent tr ading or wrongful trading. Fra udulent or malicious intiation of proceedings. - 36 - Ex-419/2016 67.(1) Where the Adjudicating Authority has pa ssed an order under sub-section ( 1) or s u b -s ect io n ( 2) of s ect io n 6 6 , a s t he c a s e ma y b e, it ma y giv e s u ch fu r t her dir ect ions as it may deem appropriate for giving effect to the order, and in particular, the Adjudicating Authority may— ( a) pr ovide for the liability of a ny person under the order to be a charge on a ny debt or obligation due from the corporate debtor to him, or on any mortgage or charge or any interest in a mortgage or char ge on a ssets of the corporate debtor held by or vest ed in him, or any person on his behalf, or any person claiming as assignee from or through the person liable or any person acting on his behalf; and ( b) fr om time to time, make such further dir ections as may be necessary for enforcing any charge imposed under this section. Explanation .—For the purposes of this section, “assignee” includes a person to whom or in whose fa vour, by the directions of the person held lia ble under clause ( a) the debt, obligation, mortgage or charge was created, is sued or transferred or the interest cr eated, but does not include an assignee for valuable cons ideration given in good faith and without notice of any of the gr ounds on which the directions have been made. ( 2) Where the Adjudicating Authority has passed an order under sub-section ( 1) or sub-section ( 2) of section 66, as the case may be, in relation to a person who is a cr editor of the corporate debtor, it ma y, by an order, direct that the whole or any part of a ny debt owed by the corporate debtor to tha t person and any interest thereon shall rank in the order of prior ity of payment under section 53 aft er all other debts owed by the corpora te debtor. CHAPTER VII OFFENCES AND PENALTIES 68.Wher e any officer of the corporate debtor has,— ( i) within the twelve months immediately preceding the insolvency commencement da t e, — ( a) wilfully concealed any property or part of such property of the corporate debtor or concealed any debt due to, or from, the corporate debtor, of the value of ten thousand rupees or more; or ( b) fr audulently removed any part of the property of the corporate debtor of the value of ten thousand rupees or more; or ( c) wilfully concealed, destroyed, mutilated or falsified any book or paper affecting or relating to the property of the corporate debtor or its affairs, or ( d) wilfully made any false entry in any book or paper affecting or relating to the property of the corporate debtor or its affairs; or ( e) fraudulently parted with, altered or made any omission in any document affecting or relating to the property of the corporate debtor or its affairs; or ( f) wilfully created any security interest over, transfer red or disposed of any property of the corpor ate debtor which has been obtained on credit and has not been paid for unless such creation , transfer or disposa l was in the ordinary course of the business of the corporate debtor ; or ( g) wilfully concealed the knowledge of the doing by others of any of the acts mentioned in clauses ( c), ( d) or clause ( e); or Proceedings under section 66. Punishment for concealment of property. - 37 -Ex-419/2016 (ii) at any time after the insolvency commencement date, committed any of the acts mentioned in sub-clause ( a) to ( f) of clause ( i) or has the knowledge of the doing by others of any of the things mentioned in sub-clauses ( c) to ( e) of clause ( i) ; or ( iii) at any time after the insolvency commencement date, taken in pawn or pledge, or otherwise received the property knowing it to be so secur ed, tra nsferred or disposed, such officer shall be punishable with imprisonment for a term which shall not be less than three years b ut which may extend to five years, or with fine, which shall not be less than one lakh rupees, but may extend to one crore rupees, or with both: Provided that nothing in this section shall render a person liable to any punishment under this section if he proves t hat he had no intent to defra ud or to conceal the state of a ffairs of the corpor ate debtor. 69.On or after the ins olvency commencement da te, if an officer of t he corporate debt or or the corporate debtor— ( a) ha s made or caused to be made any gift or transfer of, or charge on, or has caused or connived in the execution of a decree or order against, the property of t he corporate debtor; ( b) ha s concealed or removed any par t of the property of t he corporate debt or within two months before the date of any u nsatisfied judgment, decree or order for payment of money obta ined against the corporate debtor, such officer of the corpor ate debtor or the cor porate debtor, as the case may be, shall be punishable with imprisonment for a term which shall not be less than one year, but which may extend to five years, or with fine, which shall not be less t han one lakh rupees, but may extend to one cr ore rupees, or with both: Provided tha t a person shall not be punishable under this section if the acts mentioned in clause ( a) were committed more than five years before the insolvency commencement da te; or if he proves t ha t, a t the time of commission of t hose acts, he ha d no intent to defraud the cr editors of the corpor ate debtor. 70.( 1) On or after the insolvency commencement date, where an officer of the corporate debtor— ( a) does not disclose to the r esolution professional all the details of property of the corporate debtor, a nd deta ils of t ransactions thereof, or any such other information as the resolution professional may require; or ( b) does not deliver to the resolution professional all or part of the property of t he corporate debtor in his cont rol or custody and which he is required to deliver; or ( c) does not deliver to the resolution professional all books and papers in his control or custody belonging to the corporate debtor and which he is required to deliver; or ( d) fails to inform there solution professional the information in his knowledge that a debt has been falsely proved by any person during the corporate insolvency resolution process; or ( e) pr events the production of any book or paper affecting or relating to the property or affairs of the corporate debtor ; or ( f) accounts f or any par t of t he property of the corpora te debtor by fict itious losses or expenses, or if he has so attempted at any meeting of thePu nishment for transactions defra uding creditors. Pu nishment for misconduct in course of corporate insolvency resolution process. - 38 - Ex-419/2016 creditors of the corporate debtor within the twelve months immediately preceding the insolvency commencement date, he shall be punishable with impr isonment for a term which sha ll not be less than three year s, but which may extend to five yea rs, or with fine, which shall not be less than one lakh rupees, but may extend to one crore rupees, or with both: Provided that nothing in this section shall render a person liable to any punishment under this s ection if he proves that he had no intent to do so in relation to the state of affa irs of the corporate debtor. (2) If an ins olvency professional delibera tely contravenes the provisions of this Part the shall be punishable with imprisonment for a term which may extend to six months, or with fine which shall not be less than one lakh rupees, but may extend to five lakhs r upees, or with both. 71.On a nd after the insolvency commencement date, where any person destr oys, mutilates, alters or falsifies a ny books, papers or securities, or makes or is in the knowledge of making of any false or fra udulent entry in any r egister, books of account or document belonging to the corporate debtor with intent to defraud or deceive any person, he s hall be punisha ble with imprisonment for a term which shall not be less than three years, but which may extend to five years, or with fine which shall not be less than one lakh rupees, but may extend to one crore rupees, or with both. 72.Wher e an officer of the corporate debtor makes any material a nd wilful omission in any statement relating to the affairs of the corpora te debt or, he shall be punishable with imprisonment for a term which shall not be less tha n three years but which may extend to five year s, or with fine which shall not be less tha n one lakh rupees, but may extend to one crore rupees, or with both. 73.Wher e any officer of the corpor ate debtor— ( a) on or after the insolvency commencement date, makes a false repr esentation or commits a ny fraud for the purpose of obtaining the consent of t he creditors of the cor porate debtor or any of them to an agreement with reference to the affairs of the corporate debtor, during the corporate insolvency resolution process, or the liquidation process; ( b) prior to the insolvency commencement date,has made any false repr esentation, or commit ted any fraud, for that purpose, he shall be punishable with impr isonment for a term which sha ll not be less than three year s, but may ext end to five years or with fine which shall not be less than one lakh rupees, but may extend to one cr ore rupees, or with both. 74.( 1) Where the corporate debtor or any of its officer violates the provisions of section 14, any such officer who knowingly or wilfully committed or authorised or permitted such cont ravention shall be punishable with imprisonment for a term which shall not be less than three years, but ma y extend to five years or with fine which shall not be less than one la kh rupees, but may extend to three lakh rupees, or with both. ( 2) Where any creditor viola tes the provisions of section 14, any person who knowingly a nd wilfully authorised or permitted such contravention by a creditor shall be punishable with imprisonment for a term which shall not be less than one year, but may extend to five years, or with fine which sha ll not be less than one lakh rupees, but may extend to one crore rupees, or with both. Pu nishment for falsification of books of corporate debtor. Pu nishment for wilful and materia l omissions from sta te- ments rela- ting to affairs of corporate debtor. Punishment for false representations to creditors. Punishment for contra vention of moratorium or the resolution plan. - 39 -Ex-419/2016 (3) Where the corpora te debtor, any of its officers or creditors or any person on whom the approved resolution plan is binding under section 31, knowingly and wilfully contravenes any of the terms of such resolution plan or abets such cont ravention, such corporate debtor, officer, creditor or person s hall be punishable with imprisonment of not less tha n one year, but may extend to five years, or with fine which shall not be less tha n one lakh rupees, but may ext end to one cror e rupees, or with both. 75.Wher e any person furnishes infor mation in the application made under section 7, which is false in material particulars, knowing it to be false or omits any material fact, knowing it to be material, such person shall be punishable with fine which shall not be less than one lakh rupees, but may extend to one crore rupees. 76.Where— ( a) an operational cr editor has wilfully or knowingly concealed in an application under section 9 the fact tha t the corporate debtor had notified him of a dispute in respect of the unpaid operational debt or the full and final repa yment of the unpaid op erational debt; or ( b) any person who knowingly and wilfully a uthorised or permitted such concealment under cla us e ( a), such operational cr editor or person, as t he case may be, shall be punishable with impr isonment for a term which shall not be less than one year but may extend to five year s or with fine which shall not be less tha n one lakh rupees but may extend to one cror e rupees, or with both. 77.Where— ( a) a corporate debtor provides information in the application under section 10 which is false in material pa rticular s, knowing it to be false and omits any material fact, knowing it to be material; or ( b) any person who knowingly and wilfully a uthorised or permitted the furnishing of such information under sub-clause ( a), such corporate debtor or person, as the case may be, shall be punishable with impr isonment for a term which shall not be less than t hree years, but which may extend to five year s or with fine which shall not be less than one lakh rupees, but which may extend to one cr ore rupees, or with both. Explanation .—F or the purposes of this section a nd sections 75 a nd 76, an application shall be deemed to be false in material particulars in case the facts mentioned or omitted in the application, if true, or not omitted from the application as the case may be, would ha ve been s ufficient to determine the existence of a def ault under this Code. Punishment for false information furnished in application. Punishement for non- disclosure of dispute or repayment of debt by operational creditor. Punishment for providing false information in application made by corporate debtor. - 40 - Ex-419/2016 PART III INSOLVENCY RESOLUTION AND BANKRUPTCY FOR INDIVIDUALS AND PARTNERSHIP FIRMS CHAPTER I PRELIMINARY 78.This Part shall apply to ma tters r elating to fresh start, insolvency and bankruptcy of individu als and partnership firms where the amount of the default is not less than one thousa nd rupees: Provided that the Central Government may, by notification, specify the minimum amount of default of higher value which shall not be more tha n one lakh rupees. 79.In t his Part , unles s the context other wis e requir es,— (1) “Adjudica ting Authority” means the Debt Recovery Tr ibunal constit uted under sub-section ( 1) of section 3 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993; ( 2) “a ssocia te” of the debtor means— ( a) a person who belongs to t he immediate fa mily of the debtor; ( b) a person who is a relative of the debt or or a relative of the spouse of the debtor; ( c) a person who is in partnership with the debtor; ( d) a person who is a spouse or a relative of any person with whom the debtor is in partnership; ( e) a person who is employer of the debtor or employee of the debtor; ( f) a person who is a trustee of a trust in which the beneficia ries of the trust include a debtor, or the terms of the trust confer a power on the trustee which may be exercised for the benefit of the debtor; and ( g) a company, where the debtor or the debtor a long with his associa tes, own more tha n fifty per cent. of t he share capita l of the company or control the appoint ment of the board of directors of the company. Explanation .—For the purposes of this sub-section, “relative”,with refer ence to any person, means anyone who is related to a nother, if— ( i) they are members of a Hindu Undivided Family; ( ii) one person is related to the other in such manner as may be prescribed; ( 3) “ba nkrupt” means— ( a) a debtor who has been adjudged as bankrupt by a bankr uptcy order under section 126; ( b) each of the partners of a firm, where a bankruptcy order under section 126 has been made against a firm; or ( c) any person adjudged as a n undischarged insolvent; ( 4) “bankruptcy” means the state of being bankr upt; ( 5) “bankruptcy debt”, in relation to a bankrupt, means— ( a) any debt owed by him as on the bankruptcy commencement date; ( b) any debt for which he may become liable after bankruptcy commencement da te but before his dischar ge by reason of any tra nsa ction entered int o befor e the bankruptcy commencement date; and ( c) any interest which is a part of the debt under section 171; ( 6) “bankruptcy commencement date” means the date on which a bankruptcy order is passed by the Adjudicating Authority under section 126; Application. Definitions. 51 of 1993. - 41 -Ex-419/2016 (7) “bankruptcy order” means an or der passed by an Adjudicating Authority under section 126; ( 8) “bankruptcy process” mea ns a pr ocess a gainst a debtor under Chapters IV and V of this Part; ( 9) “bankruptcy trustee” means the insolvency professional appointed as a trustee for the estate of the ba nkrupt under section 125; ( 10 ) “Chapter” means a chapter under this Part; ( 11 ) “committee of creditors” means a committee constituted under section 134; ( 12 ) “debtor” includes a judgment-debtor; ( 13 ) “discharge order” means an order passed by t he Adjudicating Authority discharging the debtor under sections 92, 119 and section 138, as the case may be; ( 14 ) “excluded assets” for the purposes of this part includes— ( a) unencumbered t ools, books, vehicles and other equipment a s a re necessary to the debtor or bankr upt for his personal use or for the purpose of his employment, business or vocation, ( b) unencumbered furniture, household equip ment and provisions as are necessary for satisfying the basic domestic needs of the bankrupt and his immediate family; ( c) any unencumbered personal ornaments of such value, as may be prescribed, of the debtor or his immediate family which cannot be parted with, in accordance with religious usage; ( d) any unencumbered life ins urance policy or pension plan taken in the name of debtor or his immediate family; and ( e) an unencumbered single dwelling unit owned by the debtor of such va lu e as ma y be p rescribed; ( 15 ) “excluded debt” means— ( a) liability to pay fine imposed by a court or tribunal; ( b) lia bilit y to pay damages for negligence, nuisance or breach of a statutory, contractual or other legal obligation; ( c) liability to pay maintenance t o any person under any law for the time being in force; ( d) liability in relation to a student loan; and ( e) any other debt as may be prescribed; ( 16 ) “firm” means a body of individuals car rying on business in partnership whether or not registered under section 59 of the Indian Partnership Act, 1932; ( 17 ) “immediate family” of the debt or means his spouse, dependent children and dependent parents; ( 18 ) “partnership debt” means a debt for which all the partners in a firm are jointly liable; ( 19 ) “qualifying debt” means amount due, which includes interest or any other sum due in respect of the amounts owed under a ny cont ract, by the debtor for a liquidated sum either immediately or at certain future time and does not include— ( a) an excluded debt; ( b) a debt to the extent it is secured; and ( c) any debt which has been incurred three months prior to the date of the application for fresh start process; ( 20 ) “r epayment plan” means a plan prepar ed by t he debt or in consulta tion with the resolution professional under section 105 containing a proposal to the committee of creditors for restructuring of his debts or affa irs; 9 to 1932. - 42 - Ex-419/2016 (21 ) “resolution professional” means an insolvency professional appointed under this part as a resolution professional for conducting the fresh start process or insolvency resolution process; ( 22 ) “undischarged bankrupt” means a bankrupt who has not received a discharge order u nder section 138. CHAPTER II FRESH START PROCESS 80.( 1) A debtor, who is unable to pay his debt and fulfils the conditions specified in sub-section ( 2) , shall be entitled to make an a pplication for a fresh start for discharge of his qualifying debt under this Chapter. ( 2) A debtor may apply, either personally or through a resolution professional, for a fresh start under this Chapter in respect of his qualifying debts to the Adjudicating Authority if — ( a) the gross annual income of the debtor does not exceed sixty thousand r upees; ( b) the aggregate value of the assets of the debtor does not exceed twenty thousand rupees; ( c) the aggregate value of the qualifying debts does not exceed thirty- five thousa nd rupees; ( d) he is not an undischarged bankr upt; ( e) he does not own a dwelling unit, irrespective of whether it is encumbered or not; ( f) a fresh start process, insolvency resolution pr ocess or bankruptcy process is not subsisting against him; and ( g) no previous fresh start order under this Chapter has been made in relation to him in the preceding twelve months of the date of the application for fresh start. 81.( 1) When an application is filed under section 80 by a debtor, an interim-moratorium shall commence on the date of filing of said application in relation to all the debts and shall cease to have effect on the date of admission or rejection of s uch application, as the case may be. ( 2) During the interim-morator ium period,— ( i) any legal action or legal proceeding pending in respect of any of his debt s shall be deemed to ha ve been stayed; and ( ii) no creditor shall initia te any legal action or proceedings in respect of such debt. ( 3) The application under section 80 shall be in such form and manner and accompanied by such fee, as may be prescribed. ( 4) T he application under sub-section ( 3) shall contain the following information supported by an affidavit, namely:— ( a) a list of all debts owed by the debtor as on the date of the said application along with details relating to the amount of each debt, interest payable thereon and the na mes of the creditors to whom each debt is owed; ( b) the interest paya ble on the debts and t he rate thereof stipulated in the contract; ( c) a list of security held in respect of any of the debts; ( d) t h e fina n cia l in for ma t i on of t he deb t o r a nd h is immedia t e f a mily u p t o two years pr ior to the date of the application; Eligibility for making an application. Application for fresh start order. - 43 -Ex-419/2016 (e) the particulars of the debtor ’s personal details, as may be prescribed; ( f) the reasons for making the application; ( g) the particulars of any legal proceedings which, to the debtor ’s knowledge has been commenced against him; ( h) the confirmation that no previous fresh start order under t his Cha pter has been ma de in r espect of the qualifying debt s of the debtor in the preceding twelve months of the date of the a pplication. 82.( 1) Where an application under section 80 is filed by the debtor through a resolution professional, the Adjudicating Aut hority shall dir ect the Board within seven days of the date of receipt of the application and shall seek confirmation from the Board that there are no disciplina ry proceedings a gainst the resolution pr ofessional who has submitted such application. ( 2) The Boar d s hall communica te to the Adjudicating Authority in wr iting either — ( a) confirmation of the appointment of the resolution professional who filed an application under sub-section ( 1); or ( b) rejection of the appointment of the resolution professiona l who filed an application under sub-section ( 1) and nomina te a resolution professional suitable for the fresh start process. ( 3) Where an applica tion under section 80 is filed by the debt or himself and not through the resolution pr ofessional, the Adjudicating Authority shall direct the Board within seven days of the date of the receipt of an application to nominate a resolution professiona l for the fresh star t process. ( 4) The Boa rd shall nomina te a resolution pr ofess ional within ten days of receiving t he direction is sued by the Adjudicating Authority under sub-section ( 3). ( 5) The Adjudicating Authority shall by order appoint the resolution professional recommended or nominated by the Board under sub-section ( 2) or sub-section ( 4), as the case may be. ( 6) A resolution professiona l appointed by the Adjudicating Authority under sub-section ( 5) shall be provided a copy of the application for fresh start. 83.( 1) The resolution professional shall exa mine the application made under section 80 within ten days of his appointment, and submit a report to the Adjudicating Authority, either recommending acceptance or rejection of the a pplication. ( 2) The repor t refer red to in sub -section ( 1) shall contain the deta ils of the amounts mentioned in the application which in the opinion of the resolution professional ar e— ( a) qualifying debts; and ( b) liabilities eligible for discharge under sub-section ( 3) of section 92. ( 3) The resolution professional may call for such further information or explanation in connection with the applica tion as may be required from the debtor or any other person who, in the opinion of the resolution professional, may provide such information. ( 4) The debtor or any other person, as the case may be, shall furnish such information or explanation within seven days of receipt of the request under sub- section ( 3). ( 5) The resolution pr ofessional shall presume that the debt or is unable to pay his debts a t the date of the application if—Appointment of resolution professional. Examination of application by resolution professional. - 44 - Ex-419/2016 (a) in his opinion the information supplied in the application indicates that the debtor is unable to pay his debts a nd he has no r eason t o believe that the information supplied is incorrect or incomplete; and ( b) he has reason to believe that there is no change in the financial circumstances of the debtor since the date of the application enabling the debtor to pa y his debts. ( 6) The resolution professional shall reject the application, if in his opinion— ( a) the debtor does not satisfy the conditions specified under section 80; or ( b) the debts disclos ed in the application by the debtor are not qualifying debts; or ( c) the debtor has deliberately made a false representation or omission in the application or with respect to the documents or information submit ted. ( 7) The resolution pr ofessional shall recor d the reasons for recommending the acceptance or rejection of the a pplication in the report to t he Adjudicating Authority under sub-section ( 1) and shall give a copy of the report to the debtor. 84.( 1) The Adjudicating Authority may within fourteen days from the date of submission of the report by the r esolution professiona l, pass an order either admitting or r ejecting the application made under sub-section ( 1) of section 81. ( 2) The order passed under sub-section ( 1) accepting the application shall state the amount which has been accept ed as qualifying debts by the resolution professional and other a mounts eligible for discharge under section 92 for the purposes of the fresh start order. ( 3) A copy of the order passed by the Adjudicating Authorit y under sub-section ( 1) along with a copy of the application shall be provided to t he creditors mentioned in the application within seven days of the passing of the or der. 85.( 1) On the date of admission of the application, the morator ium period shall commence in respect of all the debts. ( 2) During the moratorium period— ( a) any pending lega l action or legal proceeding in respect of any debt shall be deemed to have been stayed; and ( b) subject to the provisions of section 86, the creditors sha ll not initiate any legal action or pr oceedings in respect of any debt. ( 3) During the moratorium period, the debtor shall— ( a) not act a s a dir ector of any company, or directly or indirectly take part in or be concerned in the promotion, formation or management of a company; ( b) not dispose of or alienate any of his assets; ( c) inform his business partners that he is undergoing a fresh start process; ( d) be required to inform prior to entering into any financial or commercial transaction of such value as may be notified by the Central Government, either individually or jointly, that he is undergoing a fresh start process; ( e) disclose the name under which he enters into business transactions, if it is different from the name in the application a dmitted under section 84; ( f) not travel out side India except with the permission of the Adjudicating Authority. ( 4) T he mor a torium ceases to ha ve effect a t the end of the period of one hundred and eighty days beginning with the date of admission unless the order admitting the application is r evoked under sub-section ( 2) of section 91. Admission or rejection of application by Adjudicating Authority. Effect of admission of application. - 45 -Ex-419/2016 86.(1) Any cr editor mentioned in the or der of the Adjudicating Authority under section 84 to whom a qualifying debt is owed may, within a period of t en days from the date of receipt of the order under section 84, object only on the following grounds, namely:— ( a) inclusion of a debt as a qualifying debt; or ( b) incorrectness of the details of the qualifying debt specified in the order under section 84. ( 2) A creditor may file an objection under sub-section ( 1) by way of an application to the resolution professional. ( 3) T he application under sub-section ( 2) shall be supported by such information and documents as may be prescribed. ( 4) The resolution professional shall consider every objection made under this section. ( 5) The resolution pr ofessional shall examine the objections under sub-section ( 2) and either a ccept or reject the object ions, within ten da ys of the date of the application. ( 6) The resolution pr ofessional may examine any matter tha t appears to him to be relevant to the making of a final list of qualifying debts for the purposes of section 92. ( 7) On the basis of t he examination under sub-section ( 5) or sub-section ( 6), the resolu tion pr ofessional shall— ( a) pr epare an amended list of qualifying debts for the purpose of the discharge order; ( b) make an application to the Adjudicating Authority for directions under section 90; or ( c) ta ke such other steps as he considers necessary in relation to the debt or. 87.( 1) T he debtor or the creditor who is aggrieved by the action taken by the resolution professional under section 86 may, within ten days of such decision, make an application to the Adjudica ting Authority challenging s uch action on any of the following grounds, namely:— ( a) that the resolution professional has not given an opportunity to the debt or or t he creditor to make a representation; or ( b) that the resolution professional colluded with the other party in arriving at the decision; or ( c) that the resolution professional has not complied with the requirements of section 86. ( 2) The Adjudicating Authority shall decide the application referred to in sub- section ( 1) within fourteen days of such application, and make an order as it deems fit. ( 3) Where the application under sub-section ( 1) has been allowed by the Adjudicating Authority, it shall forwar d its or der to the Boa rd and the Boa rd may take such action as may be required under Chapter VI of Part IV aga inst the resolution professional. 88.The debtor shall— ( a) ma ke available to the r esolution professional all information relating to his affa irs, attend meetings and comply with the r equests of the resolu tion professiona l in relation t o the fresh sta rt process. ( b) inform the resolu tion pr ofessional as s oon as reasonably possible of—Objections by creditor and their examination by resolution professional. Application against decision of resolution professional. General duties of debtor. - 46 - Ex-419/2016 (i) any material error or omission in relation to the information or document supplied to the resolution professional; or ( ii) any change in financial circumstances after the da te of a pplication, where such change has an impact on the fresh sta rt process. 89.( 1) Where the debtor or the creditor is of the opinion that the resolution professional appointed under section 82 is required to be replaced, he may apply to the Adjudicating Authority for the replacement of such resolution professional. ( 2) The Adjudicating Authority shall within seven days of the receipt of the application under sub-section ( 1) make a reference to the Board for replacement of the resolution pr ofessional. ( 3) T he Board shall, within ten days of the receipt of a reference from the Adjudicating Authority under sub-section ( 2), r ecommend the na me of a n insolvency professional to the Adjudicating Authority against whom no disciplinary proceedings are pending. ( 4) The Adjudicating Authority shall appoint another resolution professional for the pur poses of t he fresh star t process on the ba sis of the recommendation by the Boa r d. ( 5) The Adjudicating Authority may give directions to the resolution professional replaced under sub-section ( 4)— ( a) to share all information with the new resolution professional in respect of the fresh start process; and ( b) to co-operate with the new resolution professional as may be required. 90.( 1) The resolution professional may a pply to the Adjudicating Authority for any of t he following directions, namely:— ( a) compliance of any restrictions referred to in sub-section ( 3) of section 85, in case of non-compliance by the debtor ; or ( b) compliance of the duties of the debtor referred to in section 88, in case of non-complia nce by the debtor. ( 2) The resolution pr ofessional may apply to the Adjudica ting Authority for directions in relation to a ny other matter under this Chapter for which no specific provisions ha ve been made. 91.( 1) The resolu tion pr ofessional may submit an application to the Adjudica ting Authority seeking revocation of its order made under s ection 8 4 on the following grounds, namely :— ( a) if due to any change in the financial circumstances of the debtor, the debt or is ineligible for a fresh start process; or ( b) non-compliance by the debtor of t he rest rictions imposed under sub- section ( 3) of section 85; or ( c) if the debtor has acted in a mala fide manner and has wilfully fa iled to comply with the provisions of this Chapter. ( 2) The Adjudicating Author ity sha ll, within fourteen days of the receipt of the application under sub-section ( 1), may by or der admit or reject the application. ( 3) On passing of the order admitting the application r eferred to in sub-section ( 1) , the mor atorium and the fresh start pr ocess s hall cease to have effect. ( 4) A copy of the order passed by the Adjudicating Authority under this section shall be provided to the Board for the pur pose of recording an entry in the register referred to in section 196. Replacement of resolution professional. Directions for compliances of restrictions, etc. Revocation of order admitting application. - 47 -Ex-419/2016 92.(1) The resolution professional sha ll prepare a final list of qualifying debts and submit such list to the Adjudicating Authority at least seven days before the moratorium period comes to an end. ( 2) T he Adjudicating Authority shall pass a discharge order at the end of the mora torium period for discharge of the debtor from the qualifying debts mentioned in the list under sub-section ( 1). ( 3) Without pr ejudice to the p rovisions of sub-section ( 2), the Adjudicating Authority shall discharge the debtor from the following liabilities, namely:— ( a) penalties in respect of the qualifying debts from the date of application till the da te of the discharge or der; ( b) interest including penal interest in respect of the qualifying debts from the da te of a pplication till the date of the discharge order; and ( c) any other sums owed under any contract in respect of the qualifying debt s from the date of application till the date of the discharge or der. ( 4) The discharge order shall not discharge the debtor from any debt not included in sub-section ( 2) and from any lia bility not included under sub-section ( 3). ( 5) The discharge or der sha ll be forwarded to the Board for the purpose of recording an entry in the register referred to in section 196. ( 6) A discharge order under sub-section ( 2) shall not discharge any other person from any lia bility in respect of the qualifying debts. 93.The resolution professiona l shall perfor m his functions and duties in compliance with the code of conduct provided under section 208. CHAPTER III INSOLVENCY RESOLUTION PROCESS 94.( 1) A debtor who commits a default may apply, either personally or through a resolution professional, to the Adjudicating Authority for initiating the insolvency resolution process, by submitting an a pplication. ( 2) Where the debtor is a partner of a firm, such debtor shall not apply under this Chapter to the Adjudicating Authority in respect of the firm unless all or a majority of the partners of the firm file the application jointly. ( 3) An application under sub-section ( 1) shall be submitted only in respect of debts which are not excluded debts. ( 4) A debtor shall not be entitled t o make a n application u nder sub-section ( 1) if he is— ( a) an undischarged bankrupt; ( b) undergoing a fresh sta rt process; ( c) undergoing an insolvency resolution process; or ( d) undergoing a ba nkruptcy process. ( 5) A debtor shall not be eligible to apply under sub-section ( 1) if an application under this Chapter has been admitted in r espect of the debtor during t he period of twelve months preceding t he date of submission of the application under this section. ( 6) The application referred to in su b-section ( 1) shall be in such form and manner and accompa nied with such fee as may be prescribed. 95.( 1) A creditor may apply either by himself, or jointly with other creditors, or through a resolution profess ional t o t he Adjudicating Authority for initia ting a n insolvency resolution process under this section by submitting an application.Discharge order. Sta ndard of conduct. Application by debtor to initiate insolvency resolution process. Application by creditor to initiate insolvency resolution process. - 48 - Ex-419/2016 (2) A creditor may apply under sub-section ( 1) in relation to any partnership debt owed to him for initiating a n insolvency resolution process against— ( a) any one or more partners of the firm; or ( b) the firm. ( 3) Where an applica tion ha s been made against one partner in a firm, any other application a gainst a nother partner in the same firm shall be presented in or transferred to the Adjudicating Authority in which the first mentioned application is pending for adjudication a nd such Adjudicating Authority may give such directions for cons olidating the proceedings under the applications as it thinks just. ( 4) An application under sub-section ( 1) shall be a ccompanied with details and docu ments r elating to— ( a) the debts owed by the debtor to the creditor or cr editors submit ting the applica tion for insolvency resolution process as on the date of a pplication; ( b) the failu re by t he debt or to pay the debt within a period of four teen days of the service of the notice of demand; and ( c) relevant evidence of such default or non-repayment of debt. ( 5) The creditor shall also provide a copy of the a pplication made under sub- section ( 1) to the debtor. ( 6) The application referred to in su b-section ( 1) shall be in such form and manner and accompa nied by such fee as may be prescribed. ( 7) The details and documents required to be submitted under sub-section ( 4) shall be s uch as may be specified. 96.( 1) When an application is filed under section 94 or section 95— ( a) an interim-moratorium sha ll commence on the date of the applica tion in r elation to all the debt s and s hall cea se to have effect on the date of admission of such application; and ( b) during the interim-moratorium period— ( i) any legal action or proceeding pending in r espect of any debt shall be deemed to have been stayed; and ( ii) the creditors of the debt or shall not initiate any legal action or proceedings in respect of any debt. ( 2) Where the applica tion ha s been made in relation to a firm, the interim- mora torium under sub-section ( 1) shall operate against all the partners of the firm as on the date of the application. ( 3) The provisions of sub-section ( 1) shall not apply to such transactions as may be notified by the Central Government in consultation with a ny fina ncial sector regulator. 97.( 1) If the application under section 94 or 95 is filed through a resolution professional, the Adjudicating Authorit y shall direct the Boa rd within seven days of the date of the application to confirm that there are no disciplinary proceedings pending against resolu tion professional. ( 2) The Board shall within seven days of receipt of dir ections under sub-section ( 1) communicate to the Adjudicating Authority in writing either— ( a) confirming the appointment of the resolution professional; or ( b) rejecting the appointment of the resolution professional and nominating another r esolution professional for the insolvency r esolution process. Interim- moratorium. Appointment of resolution professiona l. - 49 -Ex-419/2016 (3) Where an application under section 94 or 95 is filed by the debtor or the creditor himself, as the case ma y be, a nd not through the resolution professional, the Adjudicating Authority shall dir ect the Board, within seven days of the filing of such application, to nominate a resolution professional for the insolvency resolution process. ( 4) The Boa rd shall nomina te a resolution pr ofess ional within ten days of receiving t he direction is sued by the Adjudicating Authority under sub-section ( 3). ( 5) The Adjudicating Authority shall by order appoint the resolution professional recommended under sub-section ( 2) or as nominated by the Board under sub-section ( 4). ( 6) A resolution professiona l appointed by the Adjudicating Authority under sub-section ( 5) shall be provided a copy of the application for insolvency resolu tion process. 98.( 1) Where the debtor or the creditor is of the opinion that the resolution professional appointed under section 97 is required to be replaced, he may apply to the Adjudicating Authority for the replacement of the such resolution professional. ( 2) The Adjudicating Authority shall within seven days of the receipt of the application under sub-section ( 1) make a reference to the Board for replacement of the resolution pr ofessional. ( 3) T he Board shall, within ten days of the receipt of a reference from the Adjudicating Authority under sub-section ( 2), r ecommend the name of the resolution professional to the Adjudicating Authority against whom no disciplinary proceedings are pending. ( 4) Without prejudice to the provisions contained in sub-section ( 1), the creditors may apply to the Adjudicating Author ity for replacement of the r esolution professional where it has been decided in the meeting of the cr editors, to replace the resolution professional with a new resolution professional for implementa tion of t he repayment plan. ( 5) Where the Adjudicating Authority admit s an application made under sub- section ( 1) or sub-section ( 4) , it shall direct the Board to confirm that there ar e no disciplinar y proceedings pending against the proposed resolu tion pr ofessional. ( 6) The Board shall send a communication within ten days of receipt of the direction under sub-section ( 5) eit her — ( a) confirming appointment of the nominated resolution professional; or ( b) rejecting appoint ment of the nominated resolution professional and recommend a new resolution professional. ( 7) On the basis of t he communication of the Board under sub-section ( 3) or sub-section ( 6) , the Adjudicating Authority sha ll pass an order appointing a new resolu tion professional. ( 8) The Adjudicating Authority may give directions to the resolution professional replaced under sub-section ( 7)— ( a) to share all information with the new resolution professional in respect of t he insolvency resolution pr ocess; and ( b) to co-operate with the new resolution professional in such matters as may be required. 99.( 1) The resolu tion pr ofessional shall examine the application referred to in section 94 or section 95, as the case may be, within ten days of his appointment, and submit a report to the Adjudicating Authority recommending for a pproval or rejection of the application.Replacement of resolution professional. Submission of report by resolution professional. - 50 - Ex-419/2016 (2) Where the application has been filed under section 95, the resolution professional may require the debtor to prove repayment of the debt claimed as unpaid by the creditor by furnishing— ( a) evidence of electronic tr ansfer of the unpaid a mount from the bank account of the debtor; ( b) evidence of encashment of a cheque issued by the debtor ; or ( c) a signed a cknowledgment by the creditor accepting receipt of dues. ( 3) Where the debt for which an application has been filed by a creditor is registered with the information utility, the debtor sha ll not be entitled to dispute the validity of such debt. ( 4) For the purposes of examining an application, the resolution professional may seek such further infor mation or expla nation in connection with the applica tion as may be required from the debtor or the creditor or any other person who, in the opinion of the resolution professional, ma y provide such information. ( 5) The person from whom information or explana tion is sought under sub- section ( 4) shall furnish such information or explanation within seven days of receipt of t he r equ est. ( 6) The resolution professional shall examine the application and ascertain that— ( a) the application satisfies the requirements set out in section 94 or 95; ( b) the applicant has provided information a nd given explanation sought by the resolution professional under sub-section ( 4). ( 7) After examination of the application under sub-s ection ( 6), he may recommend acceptance or rejection of the applica tion in his report. ( 8) Where the resolution professional finds that t he debtor is eligible for a fresh star t under Chapter II, the resolution professional shall submit a report recommending that the application by the debt or under section 94 be treated as an application under section 81 by the Adjudicating Author ity. ( 9) The resolution pr ofessional shall recor d the reasons for recommending the acceptance or rejection of the application in the report u nder sub-section ( 7). ( 10 ) The resolution p rofessional shall give a copy of the report under sub- section ( 7) to the debtor or the creditor, as the case may be. 100.( 1) T he Adjudicating Authority shall, within fourteen days from the date of submission of the report under section 99 pass an order either admitting or rejecting the application referred to in section 94 or 95, as the case may be. ( 2) Where the Adjudicating Authority admits an application under sub-section ( 1) , it may, on the request of the resolution professional, issue instructions for the purpose of conducting negotiations between the debtor and creditors and for arriving at a repayment plan. ( 3) The Adjudicating Authority shall provide a copy of the order passed under sub-section ( 1) along with the report of the resolution professional and the applica tion referred to in section 94 or 95, as the case ma y be, to the creditors within seven days from the date of the said or der. ( 4) If the application referred to in section 94 or 95, as the case may be, is rejected by the Adjudicating Authority on the basis of report submitted by the resolution professiona l that the application was made with the intention to defraud his creditors or the resolution pr ofessional, the order under sub-section ( 1) shall record that the creditor is entitled to file for a bankruptcy order under Chapter IV. Admission or rejection of application. - 51 -Ex-419/2016 101.(1) When the applica tion is admitted under section 100, a moratorium shall commence in relation to all the debts a nd shall cease to have effect at the end of the period of one hundr ed and eighty days beginning with the date of admission of the application or on the date the Adjudicating Authority passes an order on the repayment pla n under s ection 114, whichever is earlier. ( 2) During the moratorium period— ( a) any pending legal action or pr oceeding in respect of any debt shall be deemed to have been sta yed; ( b) the creditors sha ll not initiate any legal action or legal pr oceedings in resp ect of a ny debt; and ( c) the debtor shall not tr ansfer, alienate, encumber or dispose of any of his assets or his legal rights or beneficial inter est therein; ( 3) Where an order admitting the application under section 96 ha s been made in relation to a firm, the moratorium under sub-section ( 1) shall operate aga inst all the partners of the firm. ( 4) The provisions of this section shall not apply to such transactions as ma y be notified by the Central Government in consultation with any financial sector regulator. 102.( 1) The Adjudicating Authority shall issue a public notice within seven days of passing the order under s ection 100 inviting claims from all creditors within twenty- one days of such issue. ( 2) The notice under sub-section ( 1) shall include— ( a) details of the order admitting the a pplication; ( b) pa rticular s of the resolution professional with whom the claims are to be registered; and ( c) the last date for submission of cla ims. ( 3) The notice shall be— ( a) published in at least one English and one vernacular newspa per which is in circu lation in the state where the debt or resides; ( b) affixed in the pr emises of the Adjudica ting Authority; and ( c) placed on the website of the Adjudicating Author ity. 103.( 1) The creditors shall register claims with the resolution professional by sending deta ils of the claims by wa y of electronic communications or thr ough courier, speed post or regis tered letter. ( 2) In addition to t he claims referred to in sub-section ( 1) , the creditor shall provide to the resolution professional, personal information and such pa rticular s as may b e prescr ibed. 104.( 1) The resolution professional sha ll prepare a list of creditor s on the basis of— ( a) the infor mation disclos ed in the application filed by the debtor under section 94 or 95, as the case may be; ( b) claims received by the r esolution professional under section 102. ( 2) T he resolution professional shall prepar e the list mentioned in sub-section ( 1) within thirty da ys from the date of the notice. 105.( 1) T he debtor shall prepar e, in consultation with the r esolution professiona l, a repa yment plan containing a proposal to the creditors for restructuring of his debt s or affairs.Moratorium. Public notice and claims from creditors. Resistering of claims by creditors. Preparation of list of creditors. Repayment plan. - 52 - Ex-419/2016 (2) The repayment pla n may a uthorise or require the resolution p rofessional to— ( a) carry on the debtor ’s business or trade on his behalf or in his name; or ( b) r ealise the asset s of the debtor ; or ( c) administer or dispose of any fu nds of the debtor. ( 3) The repayment plan shall include the following, namely:— ( a) ju stification for prepara tion of such repayment plan and reasons on the basis of which the cr editors may agree upon the plan; ( b) pr ovision for payment of fee to the resolution professional; ( c) such other matters as may be specified. 106.( 1) The resolu tion pr ofessional shall submit the repayment plan under section 105 along with his r eport on such plan to the Adjudicating Authorit y within a period of twenty-one days from the la st date of submission of claims under section 102. ( 2) The report referred in sub-section ( 1) shall include that— ( a) the repayment pla n is in complia nce with the pr ovisions of any law for the time being in force; ( b) the repayment pla n has a reasona ble prospect of being approved and implemented; and ( c) there is a necessity of summoning a meeting of the creditors, if required, to consider the repayment plan: Provided tha t where the resolution professional r ecommends that a meeting of the creditors is not required to be summoned, reasons for the same shall be provided. ( 3) The report referr ed to in su b-s ection ( 2) shall also specify the date on which, and the time and place at which, the meeting should be held if he is of the opinion tha t a meeting of the creditors should be summoned. ( 4) For the purposes of sub-section ( 3)— ( a) the date on which the meeting is to be held sha ll be not less than four teen days and not more than twenty eight days from the date of submission of r eport under sub-section ( 1); ( b) the resolution professional shall consider the convenience of creditors in fixing the date and venue of the meeting of the creditors. 107.( 1) The resolution professional shall issue a notice ca lling t he meeting of the creditors at least fourteen days before the date fixed for such meeting. ( 2) The resolution pr ofessional sha ll send the notice of the meeting to the lis t of creditors prepared under section 104. ( 3) The notice sent under sub-section ( 1) shall st ate the addr ess of the Adjudicating Authority to which the repayment plan and report of the resolution professiona l on the repayment plan has been su bmitted and shall be accompa nied by— ( a) a copy of the repayment plan; ( b) a copy of the statement of affa irs of the debtor; ( c) a copy of the sa id report of t he resolution professional; and ( d) for ms for proxy vot ing. ( 4) T he proxy voting, including electronic proxy voting shall take place in such manner and form as may be specified. Report of resolution professional on repayment plan. Summoning of meeti ng of creditors. - 53 -Ex-419/2016 108.(1) The meeting of the creditors sha ll be conducted in accordance with the provisions of this section and sections 109,110 and 111. ( 2) In the meeting of the creditor s, the creditors may decide to appr ove, modify or r eject the repa yment p lan. ( 3) The resolution professional shall ensure tha t if modifications ar e suggested by the creditors, consent of the debtor shall be obtained for each modification. ( 4) The resolu tion pr ofessional may for a sufficient cause adjourn the meeting of the creditors for a period of not more than seven days at a time. 109.( 1) A creditor shall be entitled to vote at every meeting of the creditors in resp ect of t he repa yment p lan in a ccordance with the voting sha re assigned to him. ( 2) The resolution professional shall determine the voting s hare to be assigned to each creditor in the manner specified by the Board. ( 3) A creditor shall not be entitled to vote in respect of a debt for an unliquidated amount. ( 4) A creditor shall not be entitled to vote in a meeting of the creditors if he— ( a) is not a creditor mentioned in the list of creditors under section 104; or ( b) is an associate of the debtor. 110.( 1) Secured creditor s shall be entitled to participate a nd vote in the meetings of the creditors. ( 2) A secured creditor participating in t he meetings of the cr editors and voting in r elation to the repayment plan shall forfeit his right to enforce the security during the period of the r epayment plan in accordance with the terms of the repayment plan. ( 3) Where a secured cr editor does not forfeit his right to enforce security, he shall submit an affidavit to the resolution professiona l at the meeting of the creditors stating— ( a) that the right to vote exercised by the secured creditor is only in resp ect of the unsecured pa rt of the debt; and ( b) the estimated value of the unsecured part of the debt. ( 4) In case a secured creditor participates in the voting on the repayment plan by submitting an affidavit under sub-section ( 3) , the secured and unsecured parts of the debt shall be treated as sepa rate debts. ( 5) The concurrence of the secured creditor shall be obta ined if he does not participate in the voting on repayment plan but provision of the repayment plan affects his right to enforce secur ity. Explanation .—For the purposes of this section, “period of the repa yment plan” means the period from the date of the order pa ssed under section 114 till the date on which the notice is given by the r esolution professional under section 117 or report submitted by the resolution professional under section 118, a s the case may be. 111 .The repayment plan or any modification to the repayment plan shall be appr oved by a majority of more tha n three-fourth in value of the creditors pr esent in person or by proxy and voting on the resolution in a meeting of the creditors. 112.( 1) The resolution professional sha ll prepa re a report of the meeting of t he creditors on repa yment p lan. ( 2) The report under sub-section ( 1) shall cont ain—Condu ct of meeti ng of creditors. Voting rights in meeting of creditors. Rights of secured creditors in relation to repayment plan. Approval of repayment plan by creditors. Report of meeting of creditors on repayment plan. - 54 - Ex-419/2016 (a) whether the repayment plan was approved or rejected a nd if approved, the list the modifications, if any; ( b) the resolutions which were proposed at the meeting a nd the decision on such resolutions; ( c) list of the creditors who were present or represented at the meeting, and the voting records of each creditor for a ll meetings of the creditors; and ( d) such other informa tion as the resolution professional thinks appropriate to make known to the Adjudicating Author ity. 113.The resolution professiona l shall provide a cop y of the report of the meeting of creditors pr epared under section 99 to— ( a) the debt or; ( b) the creditors, including those who were not present a t the meeting; and ( c) the Adjudicating Authority. 114.( 1) The Adjudicating Author ity sha ll by a n order approve or reject the repayment plan on the basis of the report of the meeting of the creditors submitted by the resolution professional under section 112: Provided tha t where a meeting of creditors is not summoned, the Adjudica ting Authority shall pass an order on the basis of the report prepared by the resolution professional under section 106. ( 2) T he order of the Adjudicating Authority approving the repayment plan may also provide for directions for implementing the repa yment plan. ( 3) Where the Adjudicating Authority is of the opinion that the repayment plan requires modification, it may direct the resolution professional to re-convene a meeting of t he creditors for reconsidering the repayment plan. 115.( 1) Where the Adjudicating Authority has a pproved the repayment plan under section 114, such repayment plan shall— ( a) ta ke effect as if proposed by the debtor in the meeting; and ( b) be binding on cr editor s mentioned in t he rep ayment plan and t he debtor. ( 2) Where the Adjudicating Authority rejects the repayment plan under section 114, the debtor and the cr editors shall be entit led to file an applica tion for bankruptcy under Chapter IV. ( 3) A copy of the order passed by the Adjudicating Authorit y under sub-section ( 2) shall be provided to the Board, for the purpose of r ecording an entry in t he register referred to in section 196. 116.( 1) The resolution pr ofessional appointed under section 97 or under section 98 shall supervise the implementation of t he repa yment plan. ( 2) The resolution pr ofessional may apply to the Adjudica ting Authority for directions, if necessary, in relation to any particular matter arising under the repayment plan. ( 3) The Adjudicating Authority may issue directions to the resolution professional on the basis of an applica tion under sub-section ( 2). 117.( 1) The resolution professional shall within fourteen days of the completion of the repayment plan, forward to the persons who are bound by the repayment plan under section 115 and the Adjudicating Authority, the following documents, namely:— Notice of decisions taken at meeting of creditors. Order of Adjudicating Authority on repayment plan. Effect of order of Adjudicating Authority on repayment plan. Implementa - tion and supervision of repayment plan. Completion of repayment plan. - 55 -Ex-419/2016 (a) a notice that the repayment pla n has b een fully implemented; and ( b) a copy of a repor t by the resolution pr ofessional summarising all receipts and payments made in pursuance of the repayment plan a nd extent of the implementation of such plan as compared with the repayment pla n approved by the meeting of the creditors. ( 2) The resolution professional may apply to the Adjudicating Authority to extend the time mentioned in sub-section ( 1) for such further period not exceeding seven da ys. 118.( 1) A repayment plan shall be deemed to have come to an end prematurely if it has not been fully implemented in respect of all persons bound by it within the period as mentioned in the repa yment plan. ( 2) Where a r epayment plan comes t o an end prematurely u nder this section, the resolution professional shall submit a report to the Adjudicating Authority which shall state— ( a) the receipts and payments made in pursuance of the repayment p lan; ( b) the reasons for premature end of the r epayment plan; and ( c) the details of the creditors whose claims have not been fully satisfied. ( 3) The Adjudicating Authority shall pass a n order on the basis of the report submitted under sub-section ( 2) by the resolution professional that the repayment plan has not been completely implemented. ( 4) The debtor or the creditor, whose claims under repayment plan have not been fully satisfied, shall be entitled to apply for a bankruptcy order under Chapter IV. ( 5) The Adjudica ting Authority shall forwar d t o the persons bound by the repa yment plan under section 115, a copy of the— ( a) report submitted by the r esolution professional to the Adjudica ting Authority under sub-section ( 2); and ( b) or der passed by the Adjudicating Authority under sub-section ( 3). ( 6) The Adjudicating Authority shall forwar d a copy of the order passed under sub-section ( 4) to the Board, for the purpose of recording entries in the register referred to in section 196. 119.( 1) On the ba sis of the repa yment plan, the resolution professional sha ll apply to the Adjudicating Authority for a discha rge order in relation to the debts mentioned in the repayment plan and the Adjudicating Authority may pass such discharge or der. ( 2) The repayment pla n may provide for— ( a) ea rly dis charge; or ( b) discharge on complete implementa tion of the repayment plan. ( 3) The discharge order shall be forwarded to the Board, for the purpose of recording entries in the register referred to in section 196. ( 4) The discharge or der under sub-section ( 3) shall not dischar ge any other person from any liability in respect of his debt. 120.The resolution professiona l shall perfor m his functions and duties in compliance with the code of conduct provided under section 208.Repa yment plan coming to end prematurely. Discharge order. Standard of conduct. - 56 - Ex-419/2016 CHAPTER IV BANKRUPTCY ORDER FOR INDIVIDUALS AND PARTNERSHIP FIRMS 121.(1) An application for bankruptcy of a debt or ma y be made, by a creditor individually or jointly with other creditors or by a debtor, to the Adjudicating Authority in t he following cir cumstances, namely;— ( a) where an order ha s been passed b y an Adjudicating Authority under sub-section 4 of section 100; or ( b) where an order ha s been passed by an Adjudicating Authority under sub-section 2 of section 115; or ( c) where an order ha s been passed by an Adjudicating Authority under sub-section 3 of section 118. ( 2) An applica tion for bankruptcy sha ll be filed wit hin a period of threemonths of the date of the order passed by the Adjudicating Author it y under the sections referred to in sub-section ( 1). ( 3) Where the debtor is a firm, the application u nder sub-section ( 1) may be filed by any of its partners. 122.( 1) The application for bankruptcy by the debtor shall be accompanied by— ( a) the records of insolvency resolution process undertaken under Chapter III of Part III; ( b) the statement of affairs of the debtor in such form and manner as may be prescribed, on the date of t he application for bankruptcy; and ( c) a copy of the order passed by the Adjudicating Authority under Chapter III of Part III permitting the debt or to a pply for bankruptcy. ( 2) The debtor may propose an insolvency professional as the bankruptcy trustee in t he application for bankruptcy. ( 3) The application referred to in su b-section ( 1) shall be in such form and manner and accompa nied by such fee as may be prescribed. ( 4) An applica tion for bankruptcy by the debtor sha ll not be withdrawn wit hout the leave of the Adjudicating Author ity. 123.( 1) The application for bankruptcy by the creditor shall be accompanied by— ( a) the records of insolvency r esolution process undertaken under Cha pter III; ( b) a copy of the order passed by the Adjudicating Authority under Chapter III permitting the creditor to apply for bankruptcy; ( c) details of the debts owed by t he debtor to the creditor as on the date of the application for bankruptcy; and ( d) such other information as may be prescribed. ( 2) An application under sub-section ( 1) made in r espect of a debt which is secured, shall be accompanied with— ( a) a statement by the creditor ha ving the right to enforce the secu rity that he shall, in the event of a bankruptcy order being made, give up his security for the benefit of all the creditors of the bankrupt; or ( b) a statement by the creditor stating— ( i) that the applica tion for bankr uptcy is only in respect of the unsecured pa rt of t he debt; and ( ii) an estimated value of the unsecur ed part of the debt. Application by debtor. Application for bankruptcy. Application by creditor. - 57 -Ex-419/2016 (3) If a secured creditor ma kes an applica tion for bankruptcy and submits a statement under clause ( b) of sub-section ( 2), the secured and unsecured pa rts of the debt shall be treated as separate debts. ( 4) T he creditor may propose an insolvency professional as the bankruptcy trustee in the application for bankruptcy. ( 5) An application for bankruptcy under sub-section ( 1), in case of a deceased debt or, may be filed against his legal repr esentatives. ( 6) The applica tion for bankr uptcy sha ll be in such for m a nd manner a nd accompanied by such fee as may be prescribed. ( 7) An application for bankruptcy by the creditor shall not be withdrawn without the permission of the Adjudicating Author ity. 124.( 1) When an application is filed under sections 122 or 123,— ( a) an interim-moratorium shall commence on the date of the making of the applica tion on all act ions against the properties of the debtor in respect of his debts a nd such morator ium sha ll cease to have effect on the bankruptcy commencement da te; a nd ( b) during the interim-moratorium period— ( i) any pending legal action or legal proceeding against any property of the debt or in respect of any of his debts shall be deemed to have been stayed; ( ii) the creditors of the debtor shall not be entit led to initiate any legal action or legal proceedings against any property of the debtor in resp ect of any of his debts. ( 2) Where the applica tion ha s been made in relation to a firm, the interim- mora torium under sub-section ( 1) shall operate against all the partners of the firm as on the date of the making of the application. ( 3) The provisions of this section shall not apply to such transactions as ma y be notified by the Central Government in consultation with any financial sector regulator. 125.( 1) If an insolvency professional is proposed as the bankruptcy tr ustee in the application for bankruptcy under section 122 or section 123, the Adjudicating Authority shall direct the Board wit hin seven days of receiving the application for ba nkruptcy to confirm tha t there are no discip linary proceedings pending a gainst such pr ofessional. ( 2) The Board shall within ten days of the receipt of the direction under sub- section ( 1) in writing either— ( a) confirm the appointment of the proposed insolvency professiona l as the bankruptcy trustee for the bankruptcy process; or ( b) reject the appointment of the pr oposed insolvency professiona l as the bankruptcy trustee and nominate another bankruptcy tr ustee for the bankruptcy process. ( 3) Where a ba nkruptcy trustee is not proposed by the debtor or cr editor under section 122 or 123, the Adjudicating Authority shall direct the Board within seven days of receiving the application to nominate a bankruptcy trustee for the bankruptcy process. ( 4) The Board shall nominate a bankr uptcy tr ustee within ten days of receiving the direction of the Adjudicating Authority under sub-section ( 3). ( 5) T he bankr uptcy t rustee confirmed or nominated under this section shall be appointed as the ba nkruptcy trustee by the Adjudicating Authorit y in the bankruptcy order under section 126.Effect of application. Appointment of insolvency professional as bankrupt- cy trustee. - 58 - Ex-419/2016 126.(1) The Adjudicating Authority shall pass a bankruptcy or der within four teen days of receiving the confirmation or nomination of the bankruptcy tr ustee under section 125. ( 2) The Adjudica ting Author ity sha ll pr ovide the following docu ments to bankr upt, creditors and the bankruptcy trustee within seven days of the passing of the bankruptcy order, namely:— ( a) a copy of the application for bankruptcy; and ( b) a copy of the bankr uptcy or der. 127.The bankruptcy order passed by the Adjudicating Authorit y under section 126 shall continue to have effect till the debtor is discharged under section 138. 128.( 1) On the passing of the ba nkruptcy order under s ection 1 26,— ( a) the esta te of the ba nkrupt shall vest in the bankr uptcy trustee as provided in section 154; ( b) the estate of the bankrupt shall be divided a mong his creditors; ( c) subject to provisions of sub-section ( 2), a creditor of t he bankrupt indebted in respect of any debt claimed as a bankruptcy debt shall not— ( i) initiate any action against the property of the bankrupt in respect of such debt ; or ( ii) commence a ny suit or other legal proceedings except with the leave of the Adjudicating Authority and on such terms as the Adjudicating Authority may impose. ( 2) Subject to the pr ovisions of section 123, the bankruptcy order shall not affect the right of any secured creditor to realise or otherwise deal with his security interest in the same manner as he would have been entitled if the bankruptcy order had not been passed: Provided that no secured creditor shall b e entitled to any int erest in respect of his debt after the bankruptcy commencement date if he does not take any action to realise his securit y within thirty days from the said date. ( 3) Where a bankruptcy order under section 126 has been passed against a firm, the order shall operate as if it were a bankruptcy order made against each of the individuals who, on the date of the order, is a partner in the firm. ( 4) The provisions of sub-section ( 1) shall not apply to such transactions as may be notified by the Central Government in consultation with a ny fina ncial sector regulator. 129.( 1) Where a bankruptcy order is passed on the application for bankruptcy by a creditor under section 123, the bankrupt shall submit his statement of financial position to the bankr uptcy trustee within seven days from the bankruptcy commencement date. ( 2) The statement of financia l position shall be submitted in the such form and manner as ma y be prescribed. ( 3) Where the bankrupt is a firm, it s partners on the date of the order shall submit a joint statement of financial position of the firm, and each partner of the firm shall submit a sta tement of his financia l position. ( 4) The bankr uptcy trustee may require the bankrupt or a ny other person to submit in writing further information explaining or modifying any matter contained in the statement of financia l position. Ba nk ru ptcy order. Effect of bankruptcy order. Va lidity of bankruptcy order. Statement of financial position. - 59 -Ex-419/2016 130.(1) The Adjudicating Authority shall— ( a) send notices within ten days of the bankruptcy commencement date, to the creditors mentioned in— ( i) the statement of affairs submit ted by the bankrupt under section 129; or ( ii) the application for bankruptcy submitted by the bankrupt under section 122. ( b) is sue a public not ice inviting claims from creditors. ( 2) The public notice under clause ( b) of sub-section ( 1) shall include the last date up to which the claims shall be submitted and such other matters and details as may be prescribed a nd shall be— ( a) published in leading newspapers, one in English and another in vernacular having sufficient circu lation where the bankr upt resides; ( b) affixed on the pr emises of the Adjudica ting Authority; and ( c) placed on the website of the Adjudicating Author ity. ( 3) The notice to the creditors referred to under clause ( a) of sub-section ( 1) shall include such matters and details as may be prescribed. 131.( 1) The creditors shall register claims with the bankruptcy tr ustee within seven days of the publication of the public notice, by sending details of the claims to the bankruptcy trustee in such manner as may be prescribed. ( 2) The creditor, in addition to the details of his claims, shall provide such other information and in such manner as may be prescribed. 132.The bankruptcy trustee shall, within fourteen days from the bankruptcy commencement date, prepar e a lis t of creditors of the bankrupt on the basis of— ( a) the information disclosed by the bankrupt in the application for bankruptcy filed by the bankrupt under section 118 and the st atement of affairs filed under section 125; and ( b) claims received by the bankruptcy trustee under sub-section ( 2) of section 130. 133.( 1) The bankr uptcy tr ustee shall, within twenty-one days from the bankruptcy commencement date, issue a notice for calling a meeting of the creditors, to every creditor of the bankrupt as mentioned in the list prepared under section 132. ( 2) The notices issued under sub-section ( 1) shall— ( a) state the date of the meeting of the cr editors, which shall not be later than twenty-one days from the bankruptcy commencement date; ( b) be accompanied with forms of pr oxy vot ing; ( c) specify the for m and manner in which the pr oxy voting may take pla ce. ( 3) T he proxy voting, including electronic proxy voting shall take place in such manner and form as may be specified. 134.( 1) The bankr uptcy trustee shall be the convener of the meeting of the creditors summoned under section 133. ( 2) The bankruptcy trustee shall decide the quorum for the meeting of t he creditors, and conduct the meeting only if the quorum is present. ( 3) The following business shall b e conducted in the meeting of the creditor s in which regar d a resolution may be passed, namely:—Public notice inviting claims from creditors. Registration of claims. Preparation of list of creditors. Su mmoning of meeti ng of creditors. Conduct of meeti ng of creditors. - 60 - Ex-419/2016 (a) the establishment of a committee of creditors; ( b) any other business that the bankruptcy trustee thinks fit to be transacted. ( 4) T he b a nkru p t cy tr u s t ee sha ll cau s e t he minu t es of t he meet ing of t he cr edit or s to be recor ded, signed and retained as a part of the r ecords of the bankruptcy process. ( 5) T he bankruptcy tr ustee shall not adjour n the meeting of the creditors for any purpose for more than seven days at a time. 135.( 1) Every creditor mentioned in the list under section 132 or his proxy shall be entitled to vote in respect of the resolutions in the meeting of the creditors in accordance with the voting sha re assigned to him. ( 2) The resolution professional shall determine the voting s hare to be assigned to each creditor in the manner specified by the Board. ( 3) A creditor shall not be entitled to vote in respect of a debt for an unliquidated amount. ( 4) T he following creditor s sha ll not be entitled to vote under this section, namely:— ( a) cr editors who ar e not mentioned in the list of creditors under section 132 and those who have not been given a notice by the bankruptcy trustee; ( b) cr editors who are associa tes of the bankr upt. 136.The bankruptcy trustee shall conduct the administration and distribution of the esta te of the bankrupt in accordance with the provisions of Chapter V. 137.( 1) The bankr uptcy trustee shall convene a meeting of t he committee of creditors on completion of t he administration and distribution of the estate of the bankrupt in accordance with the provisions of Chapter V. ( 2) T he ba nkruptcy t rustee sha ll pr ovide the commit tee of creditor s with a r eport of the administration of the estate of the bankrupt in the meeting of the said committ ee. ( 3) The committee of creditors shall approve the report submitted by the bankruptcy trustee under sub-section ( 2) within seven da ys of the r eceipt of the report and determine whether the bankruptcy trustee should be released under section 148. ( 4) The bankruptcy tr ustee shall retain sufficient sums from the estate of the bankrupt to meet the expenses of convening and conducting the meeting required under this section during the administra tion of the est ate. 138.( 1) The bankruptcy trustee shall apply to the Adjudicating Authority for a discharge order— ( a) on the exp iry of one year fr om the ba nkruptcy commencement date; or ( b) within seven days of the approva l of the commit tee of creditor s of the completion of administr ation of the estates of the bankrupt under section 137, where such approval is obtained prior to the period mentioned in clause ( a). ( 2) The Adjudicating Authority shall pass a discharge order on an applica tion by the bankr uptcy trustee under sub-section ( 1). ( 3) A copy of the discharge order shall be provided to the Boa rd for the pur pose of r ecording an entry in the register referred to in s ection 196. 139.The discha rge order under sub-section ( 2) of section 138 shall release the bankrupt from all the bankruptcy debt: Voting rights of creditors. Administration and distribu- tion of estate of bankrupt. Completion of adminis- tration. Discharge order. Effect of discha rge. - 61 -Ex-419/2016 Provided that dis charge shall not— (a) affect the functions of the bankruptcy trustee; or ( b) affect the operation of t he provisions of Chapters IV and V of Part III; or ( c) release the bankr upt from any debt incurred by means of fraud or br each of t rust to which he was a party; or ( d) discharge the bankrupt from any excluded debt. 140.( 1) The bankrupt shall, from the bankruptcy commencement date, be subject to the disqualifications mentioned in this section. ( 2) In addition to a ny disqualification under any other law for the time being in force, a bankrupt shall be disqualified from— ( a) being appointed or acting as a trustee or representa tive in respect of any trust, estate or settlement; ( b) being appointed or acting as a public servant; ( c) being elected to any public office where the appointment to such office is by election; and ( d) being elected or sitting or voting as a member of any local author ity. ( 3) Any disqua lification to which a bankrupt may be subject under this section shall cease to have effect, if— ( a) the bankruptcy order against him is modified or recalled under section 142; or ( b) he is dis charged under s ection 138. Explanation .—For the purposes of this section, the term “public s ervant” shall have the same meaning as assigned to it in section 21 of the Indian Penal Code. 141.( 1) A bankrupt, from the bankruptcy commencement date, shall— ( a) not act a s a dir ector of any company, or directly or indirectly take part in or be concerned in the promotion, formation or management of a company; ( b) without the previous sanction of the bankruptcy trustee, be pr ohibited from creating any charge on his estate or taking any further debt; ( c) be required to inform his business partners that he is undergoing a bankruptcy process; ( d) pr ior to entering into any financial or commercial transact ion of such value as may be prescribed, either individually or jointly, inform all the par ties involved in such transact ion tha t he is undergoing a bankruptcy process; ( e) without the previous sanction of the Adjudicating Authority, be incompetent to maintain any legal action or proceedings in relation to the bankruptcy debts; and ( f) not be permitted to tra vel overseas without the permission of the Adjudicating Authority. ( 2) Any restriction to which a bankrupt may be subject under this section shall cease to have effect, if— ( a) the bankruptcy order against him is modified or recalled under section 142; or ( b) he is dis charged under s ection 138. 142.( 1) The Adjudicating Author ity ma y, on a n application or suo motu, modify or reca ll a ba nkruptcy order, whether or not the bankrupt is discharged, if it appear s to the Adjudica ting Aut hority that—Disqualifi- cation of bankrupt. Restrictions on ban k r u p t . 45 of 1860. Modification or recall of ba nkruptcy order. - 62 - Ex-419/2016 (a) there exists an er ror apparent on the fa ce of such order; or ( b) both the bankruptcy debts and the expenses of the bankruptcy have, a fter the making of the bankruptcy order, either been paid for or secured to the satisfaction of the Adjudicating Author ity. ( 2) Where the Adjudicating Authority modifies or recalls the bankruptcy order under this s ection, any sale or other disposition of property, pa yment made or other things duly done by the bankruptcy trustee sha ll be valid except that the property of the ba nkrupt shall vest in such person as the Adjudicating Authority may appoint or, in default of any such appointment, rever t to the bankrupt on such terms as the Adjudicating Authority may dir ect. ( 3) A copy of the order passed by the Adjudicating Authorit y under sub-section ( 1) shall be provided to the Board, for the purpose of r ecording an entry in t he register referred to in section 191. ( 4) The modification or recall of the order by the Adjudicating Authority u nder sub-section ( 1) shall be binding on all creditor s so far as it relates to any debts due to them which form a part of the bankruptcy. 143.The bankruptcy trustee sha ll perform his functions and duties in compliance with the code of conduct provided under section 208. 144.( 1) A bankruptcy trustee appointed for condu cting the bankr uptcy process shall charge such fees as may be specified in proportion to the value of the estate of the bankrupt. ( 2) The fees for the conduct of the bankruptcy pr ocess shall be paid to the bankruptcy trustee from the distribution of the estate of the bankrupt in the ma nner provided in section 178. 145.( 1) Where Committee of creditors is of the opinion that at any time during the bankruptcy process, a bankruptcy trustee appointed under section 125 is required to be replaced, it may replace him with another bankruptcy trustee in the manner provided under this section. ( 2) The Committee of creditors may, at a meeting, by a vote of seventy-five per cent. of voting share, propose to replace the bankruptcy trustee appointed under section 125 with a nother bankruptcy trustee. ( 3) The Commit tee of creditor s may apply to the Adjudicating Authority for the replacement of the bankrup tcy trus tee. ( 4) The Adjudicating Authority shall within seven days of the receipt of the application under sub-section ( 3) direct the Board to recommend for replacement of bankruptcy trustee. ( 5) The Board shall, within ten days of the direction of the Adjudicating Authority under sub-section ( 4) , recommend a bankruptcy trustee for replacement against whom no disciplinar y proceedings a re pending. ( 6) The Adjudicating Authority shall, by an order, appoint the bankruptcy trustee as r ecommended by the Board under sub-section ( 5) within fourteen days of receiving such r ecommendation. ( 7) The earlier bankruptcy trustee shall deliver possession of the estate of the bankrupt to the bankruptcy trustee appointed under sub-section ( 6) , on the date of his appointment. ( 8) T he Adjudicating Authority may give dir ections to the earlier bankruptcy trustee— Fees of ba nk ru ptcy trustee. Standard of conduct. Repla cement of bankruptcy trustee. - 63 -Ex-419/2016 (a) to s ha r e all infor ma t ion with t he new b a nkr u p tcy t ru s t ee in r es pect of t he b a nkr u pt cy process; and ( b) to co-operate with the new bankr uptcy tr ustee in such matters as may be required. ( 9) T he ea rlier bankruptcy trustee r epla ced under this section sha ll be released in a ccordance with the pr ovisions of section 148. ( 10 ) The bankruptcy tr ustee appointed under t his section sha ll give a notice of his appointment to the bankrupt within seven days of his appointment. 146.( 1) A bankruptcy trustee may resign if— ( a) he intends to cease practising as an insolvency professional; or ( b) there is conflict of interest or change of personal cir cu msta nces which preclude the further dischar ge of his duties as a bankruptcy trustee. ( 2) The Adjudicating Authority shall, within seven days of the acceptance of the resigna tion of the bankruptcy trustee, direct the Board for his r eplacement. ( 3) The Board shall, within ten days of the direction of the Adjudicating Authority under sub-section ( 2) recommend another bankr uptcy trustee as a r eplacement. ( 4) The Adjudicating Authority shall appoint the bankruptcy trustee recommended by the Board under sub-section ( 3) within fourteen days of receiving the recommenda tion. ( 5) T he replaced bankruptcy trustee shall deliver possession of t he estate of the bankrupt to the bankruptcy trustee appointed under sub-section ( 4), on the date of his appointment. ( 6) The Adjudicating Authority may give dir ections to the bankruptcy trustee who has resigned— ( a) to share a ll information with the new ba nkruptcy trustee in respect of the bankruptcy process; and ( b) to co-operate with the new bankruptcy trustee in such matters as may be required. ( 7) The bankruptcy tr ustee appointed under this section sha ll give a notice of his appointment to the committee of creditors and the ba nkrupt within s even days of his appointment. ( 8) T he bankr uptcy tr ustee replaced under this section shall be released in accordance with the provisions of section 148. 147.( 1) If a vacancy occurs in the office of the bankruptcy trustee for any reason other than his replacement or resignation, the vacancy shall be filled in accordance with the pr ovisions of this section. ( 2) In the event of the occurrence of vacancy referred to in sub-section ( 1), the Adjudicating Authority shall dir ect the Board for replacementof a bankruptcy trustee. ( 3) The Board shall, within ten days of the direction of the Adjudicating Authority under sub-section ( 2), recommenda bankruptcy trustee as a replacement. ( 4) The Adjudicating Authority shall appoint the bankruptcy trustee recommended by the Board under sub-section ( 3) within fourteen days of receiving the recommenda tion. ( 5) The earlier bankruptcy trustee shall deliver possession of the estate of the bankrupt to the bankruptcy trustee appointed under sub-section ( 4), on the date of his appointment. ( 6) The Adjudicating Authority may give dir ections to the bankruptcy trustee who has va cated the office—Resignation by bankruptcy trustee. Vacancy in office of ba nk ru ptcy trustee. - 64 - Ex-419/2016 (a) to share a ll information with the new ba nkruptcy trustee in respect of the bankruptcy; ( b) to co-operate with the new bankruptcy trustee in such matters as may be required. ( 7) T he bankruptcy trustee appointed under sub-section ( 4) shall give a notice of his appointment to the committee of creditors and the bankrupt within seven days of his appoint ment. ( 8) T he ea rlier bankruptcy trustee r epla ced under this section sha ll be released in accordance with the pr ovisions of section 148: Provided tha t this section shall not apply if the vacancy has occurred due to temporary illness or temporary leave of the bankruptcy trustee. 148.( 1) A bankruptcy trustee shall be released from his office with effect from the date on which the Adjudicating Authority passes an order appointing a new bankruptcy trustee in the event of replacement, resignation or occurrence of vacancy under sections 145, 146 or section 147, as the case may be. ( 2) Notwithstanding the release under sub-section ( 1) , the bankruptcy trustee who has been so released, shall share a ll information with t he new bankruptcy trustee in r espect of the bankruptcy process and co-opera te with the new bankruptcy trustee in such matters as may be required. ( 3) A bankruptcy trustee who has completed the administration of the bankruptcy p r oces s s ha ll b e r elea s ed of his du t ies wit h effect fr om t he da t e on which t he co mmit t ee of creditors approves the r eport of the ba nkruptcy trustee under section 137. CHAPTER V ADMINISTRATION AND DISTRIBUTION OF THE ESTATE OF THE BANKRUPT 149.The bankruptcy t rustee shall perform the following functions in accordance with the pr ovisions of this Chapter— ( a) investiga te the affair s of the bankr upt; ( b) realise the estate of the bankrupt; and ( c) distribute the estate of the bankrupt. 150.( 1) The bankr upt sha ll assist the bankruptcy trustee in carrying out his funct ions under this Chapter by— ( a) giving to the bankruptcy trustee the information of his affa irs; ( b) attending on the bankruptcy tr ustee a t such times a s may b e required; ( c) giving notice to the ba nkruptcy trustee of any of the following events which have occurred after the bankruptcy commencement da te,— ( i) acquisition of any property by the bankr upt; ( ii) devolution of any property upon the bankr upt; ( iii) increase in the income of the bankr upt; ( d) doing all other t hings as may be prescribed. ( 2) The bankrupt shall give notice of the increase in income or acquisition or devolution of property under clause ( c) of sub-section ( 1) within seven da ys of such incr ease, a cquisition or devolution. ( 3) T he bankr upt shall continue to discharge the duties under sub-section ( 1) other than the duties under clause ( c) evenafter the discharge under section 138. Relea se of bankruptcy trustee. Functions of ba nkruptcy trustee. Du ties of bank rupt towards bankruptcy trustee. - 65 -Ex-419/2016 151.For the pur pose of perfor ming his funct ions under this Chapter, the bankruptcy trustee may, by his official name— (a) hold property of every description; ( b) make contracts; ( c) sue and be sued; ( d) enter into engagements in respect of the esta te of the bankr upt; ( e) employ persons to assist him; ( f) execute any power of attorney, deed or other instrument; and ( g) do any other act which is necessary or expedient for the purposes of or in connection with the exercise of his rights. 152.The bankruptcy trustee may while discharging his functions under this Chapter,— ( a) sell any part of the esta te of the bankr upt; ( b) give receipts for any money received by him; ( c) pr ove, rank, claim and dr aw a dividend in respect of such debt s due to the bankrupt as are comprised in his estate; ( d) where any property compr ised in the estate of the bankrupt is held by any person by way of pledge or hypothecation, exer cise the right of redemption in respect of any such property subject to the relevant contract by giving notice to the said person; ( e) where any part of the estate of the bankrupt consists of securities in a company or any other property which is transfer able in the books of a person, exer cise the r ight to tra nsfer the property to the sa me extent as the bankrupt might ha ve exer cised it if he had not become bankrupt; and ( f) deal with any property comprised in the estate of the ba nkrupt to which the bankrupt is beneficially entitled in the same manner as he might have dealt with it. 153.The bankruptcy trustee for the pur poses of this Chapter may aft er procu ring the approva l of the commit tee of creditors,— ( a) carry on any business of the bankrupt as far as may be necessary for winding it up beneficially; ( b) br ing, institute or defend any legal act ion or proceedings relating to the property comprised in the estate of the bankrupt; ( c) accept as consideration for the sale of any property a sum of money due at a future time subject to certain stipulations such as security; ( d) mortgage or pledge any property for the purpose of ra ising money for the payment of the debt s of the bankr upt; ( e) where any right, option or other power for ms pa rt of the estate of the bankrupt, make payments or incur liabilities with a view to obtaining, for the benefit of the creditors, any property which is the subject of such right , option or power; ( f) refer to arbitra tion or compromise on such terms as may be agreed, any debts subsisting or supposed to subsist between the bankrupt and any person who may have incurred any liability to the bankr upt; ( g) ma ke compromise or other arrangement as may be considered expedient, with the creditors; ( h) ma ke compr omise or other arrangement as he may deem expedient with resp ect to a ny claim arising out of or incidental to the bankrupt’s est ate; ( i) appoint the bankrupt to— ( A) supervise the management of the estate of the bankrupt or any part of it;Rights of ba nk ru ptcy trustee. General powers of bankruptcy trustee. Approval of creditors for certain acts. - 66 - Ex-419/2016 (B) ca rry on his business for the benefit of his creditors; ( C) assist the bankruptcy trustee in administering the estate of the bankrupt. 154.( 1) The estate of the bankrupt shall vest in the bankruptcy trustee immediately from the date of his appointment. ( 2) The vesting under sub-section ( 1) shall take effect without any conveya nce, assignment or transfer. 155.( 1) The estate of the bankrupt shall include,— ( a) all property belonging to or vested in the bankrupt at the bankruptcy commencement date; ( b) the capacity to exercise and to initia te proceedings for exercising all such powers in or over or in respect of pr operty a s might have been exercised by the bankrupt for his own benefit at the bankr uptcy commencement date or before the date of the discharge order pa ssed under section 138; and ( c) all property which by virtue of any of the provisions of this Cha pter is compris ed in t he est ate. ( 2) T he estate of the bankrupt shall not include— ( a) excluded as sets; ( b) pr operty held by t he bankrupt on trust for any other person; ( c) all sums due to a ny workman or employee from the provident fund, the pension fund a nd the gratuit y fund; and ( d) s uch assets as may be notified by the Central Government in cons ultation with any financial sector regula tor. 156.The bankrupt, his banker or agent or any other person having possession of any property, books, papers or other records which bankruptcy tr ustee is required to take possession for the purposes of the bankruptcy process shall deliver the sa id property and documents to the bankruptcy trustee. 157.( 1) The bankruptcy tr ustee shall take possession and contr ol of a ll property, books, papers and other records r elating to the estate of the bankrupt or affairs of the bankrupt which belong to him or ar e in his possession or under his cont rol. ( 2) Where any part of the estate of the ba nkrupt consist s of things in actionable claims, they shall be deemed to ha ve been assigned to the bankruptcy trustee without any notice of the assignment. 158.( 1) Any disposition of property made by the debtor, during the period between the date of filing of the a pplication for bankruptcy and the bankruptcy commencement date shall be void. ( 2) Any disposition of property made under sub-section ( 1) s h a ll not give r is e t o any right a gainst any person, in respect of such property, even if he has received such property before the bankruptcy commencement date in— ( a) good faith; ( b) for value; and ( c) without notice of the filing of the application for bankruptcy. ( 3) For the purposes of this section, the term “ property” means all the property of t he debtor, whether or not it is compr ised in the estate of the bankrupt, but shall not include property held by t he debt or in trust for any ot her person. Estate of bankrupt. Vesting of estate of ba nk ru pt in bankruptcy trustee. Delivery of property a nd documents to bankrupt- cy trustee. Acquisition of control by ba nk ru ptcy trustee. Restrictions on disposition of property. - 67 -Ex-419/2016 159.(1) The bankruptcy trustee shall be entitled to claim for the estate of the bankrupt, any after-a cquired property by giving a notice to the bankr upt. ( 2) A notice u nder sub-section ( 1) shall not be served in respect of— ( a) excluded assets; or ( b) any property which is a cquired by or devolves upon t he bankrupt after a discharge order is passed under section 138. ( 3) T he notice under sub-section ( 2) shall be given within fifteen da ys from the day on which the acquisition or devolution of the after-acquired property comes to the knowledge of the bankruptcy trustee. ( 4) For the purposes of sub-section ( 3)— ( a) anything which comes to the knowledge of the bankruptcy trustee shall be deemed to have come to the knowledge of the successor of the bankruptcy t rustee a t the sa me time; and ( b) anything which comes to the knowledge of a person before he is appointed as a bankruptcy trustee shall be deemed to have come to his knowledge on the date of his appointment as bankruptcy trustee. ( 5) The bankruptcy trustee shall not be entitled, by virtue of this section, to claim from any person who has acquired any right over a fter-acquired property, in good faith, for value and without notice of the bankruptcy. ( 6) A notice may be served after the expiry of the period under sub-section ( 3) only with the approval of the Adjudicating Author ity. Explanation. —For the purposes of this section, the term “after-acquired property” means any property which has been acquired by or has devolved upon the bankrupt after the bankruptcy commencement date. 160.( 1) The bankruptcy trustee may, by giving notice to the bankrupt or any person interested in the onerous property, discla im any onerous property which forms a part of t he esta te of the bankr upt. ( 2) The bankruptcy trustee may give the notice under sub-section ( 1) notwithstanding tha t he has taken possession of the onerous property, endeavoured to sell it or has exercised rights of ownership in relation to it. ( 3) A notice of disclaimer under sub-section ( 1) shall— ( a) determine, as fr om the date of such notice, the rights, interests and liabilities of the bankrupt in respect of the onerous property disclaimed; ( b) discharge the bankruptcy trustee from all personal liability in respect of the onerous property as from the date of appointment of the bankruptcy trustee. ( 4) A notice of disclaimer under sub-section ( 1) shall not be given in respect of the property which has been claimed for the estate of the bankrupt under section 155 without the permission of the committee of creditors. ( 5) A notice of disclaimer under sub-section ( 1) shall not affect the right s or lia bilities of a ny other person, and a ny person who sustains a loss or da mage in cons equence of the operation of a disclaimer under this section sha ll be deemed to be a cr editor of the bankrupt to the extent of the loss or damage. Explanation. —For the pur poses of this section, the term “onerous property” means— ( i) any unprofitable contract; and ( ii) any other property comprised in the esta te of the bankr upt which is unsa leable or not readily saleable, or is such that it may give rise to a claim.Onerous property of bankrupt. After- acquired property of bankrupt. - 68 - Ex-419/2016 161.(1) No notice of disclaimer under section 160 sha ll be necessary if— ( a) a person interested in the onerous pr operty has applied in writing to the bankruptcy trustee or his predecessor requiring him to decide whether the onerous property should be disclaimed or not; and ( b) a decision under clause ( a) ha s not been taken by the bankruptcy trustee within seven days of receipt of the notice. ( 2) Any onerous property which cannot be discla imed under sub-section ( 1) shall be deemed to be part of the estate of the bankrupt. Explanation. —For the purposes of this section, an onerous property is said to be disclaimed where notice in relation to that property has been given by the bankruptcy trustee under section 160. 162.( 1) T he bankr uptcy trustee shall not be entitled to disclaim any leasehold interest, unless a notice of disclaimer has been served on every int erested person and— ( a) no application objecting to the disclaimer by the interested per son, has been filed with respect to the leasehold interest , within fourteen days of the date on which notice was served; and ( b) where the applica tion objecting to the disclaimer has been filed by the interest ed person, the Adjudicating Authority has dir ected under section 163 that the disclaimer shall take effect. ( 2) Where the Adjudicating Authority gives a direction under clause ( b) of sub- section ( 1), it may a lso make order with respect to fixtur es, improvements by tenant and other matters arising out of the lease as it may think fit. 163.( 1) An application challenging the disclaimer may be made by the following persons under this section to the Adjudicating Author ity— ( a) any person who claims an interest in t he disclaimed property; or ( b) any person who is under a ny liability in respect of the discla imed property; or ( c) where the disclaimed property is a dwelling house, any person who on the date of application for bankruptcy was in occupation of or entitled to occupy tha t dwelling house. ( 2) T he Adjudicating Author ity may on an applica tion under sub-section ( 1) make an order for the vesting of the disclaimed property in, or for its delivery to any of the persons mentioned in sub-section ( 1). ( 3) T he Adjudicating Authority shall not ma ke an order in favour of a person who has made an application under clause ( b) of sub-section ( 1) except where it appears to the Adjudicating Authority that it would be just to do so for the purpose of compensating the per son. ( 4) The effect of an order under this section shall be taken into account while assessing loss or damage sustained by any person in consequence of the discla imer under sub-section ( 5) of section 160. ( 5) An order under sub-section ( 2) vesting property in any person need not be completed by any consequence, assignment or transfer. 164.( 1) The bankruptcy trustee ma y apply to the Adjudica ting Authority for an order under this section in resp ect of a n under valued transact ion bet ween a bankrupt and any person. ( 2) The undervalued transact ion referred to in sub-section ( 1) should have— Notice to disclaim onerous property. Disclaimer of leaseholds. Challenge against disclaimed property. Undervalued transactions. - 69 -Ex-419/2016 (a) been entered int o during the period of two years ending on the filing of the application for bankruptcy; and ( b) ca used ba nkruptcy process to be triggered. ( 3) A transact ion between a bankrupt and his associate entered into during the period of two years preceding the date of making of the applica tion for bankruptcy shall be deemed to be an undervalued transaction under t his section. ( 4) On the application of the bankruptcy trustee under sub-section ( 1), the Adjudicating Authority may— ( a) pa ss an order declaring an undervalued transa ction void; ( b) pass an order requiring any property transferred as a part of an undervalued transact ion to be vested with the bankruptcy t rustee as a par t of the estate of the bankrupt; and ( c) pa ss any other or der it thinks fit for restoring the position to wha t it would have been if the bankrupt had not entered into the undervalued transa ction. ( 5) The order under clause ( a) of sub-section ( 4) shall not be passed if it is proved by the bankr upt that the tr ansaction was undertaken in the ordina ry course of business of the bankrupt: Provided that the provisions of this sub-section shall not be applicable to undervalued tr ansaction entered into between a bankrupt and his associate under sub-section ( 3) of this section. ( 6) For the purposes of this section, a ba nkrupt enters into an underva lued transaction with any person if— ( a) he makes a gift to that person; ( b) no consideration has been received by that person from the bankr upt; ( c) it is in considera tion of marriage; or ( d) it is for a consideration, the value of which in money or money’s worth is significantly less than the value in money or money’s worth of the cons ideration provided by t he bankr upt. 165.( 1) The bankruptcy trustee ma y apply to the Adjudica ting Authority for an order under this section if a bankrupt has given a preference to any person. ( 2) T he transaction giving p reference to a n associate of the bankrupt under sub-section ( 1) s hould have been entered into by the bankrupt with the associate during the period of two years ending on t he date of the application for bankruptcy. ( 3) Any transa ction giving pr eference not covered under sub-section ( 2) should have been entered into by t he bankrupt dur ing the period of six months ending on the date of the application for bankruptcy. ( 4) T he transaction giving preference under sub-section ( 2) or under sub-section ( 3) should have caused the b ankruptcy process to be triggered. ( 5) On the application of the bankruptcy trustee under sub-section ( 1), the Adjudicating Authority may— ( a) pa ss an order declaring a transaction giving preference void; ( b) pa ss a n or der r equiring any pr operty tr ansferred in respect of a transaction giving preference to be vested with the bankruptcy tr ustee as a part of the estate of the bankrupt; and ( c) pa ss any other or der it thinks fit for restoring the position to wha t it would have been if the bankrupt ha d not entered into the transa ction giving pr efer enc e.Preference tra nsactions. - 70 - Ex-419/2016 (6) The Adjudicating Authority shall not pass an order under sub-section ( 5) unless the bankrupt was influenced in his decision of giving preference to a person by a desire to produce in relation to that person an effect under clause ( b) of sub-section ( 8). ( 7) For the purpose of sub-section ( 6), if the person is an associate of the bankrupt, (otherwise than by reason only of being his employee), at the time when the preference was given, it shall be presumed that the bankrupt was influenced in his decis ion under that sub- section. ( 8) For the purposes of this section, a bankrupt shall be deemed to have entered into a transaction giving preference to any person if— ( a) the person is the creditor or surety or guar antor for any debt of the bankrupt; and ( b) the bankrupt does anything or suffers anything to be done which has the effect of putting that person into a p osition which, in the event of the debtor becoming a bankrupt, will be better than the position he would have been in, if that thing had not been done. 166.( 1) Subject to the provision of sub-section ( 2), an order passed by the Adjudicating Author ity under section 164 or section 165 shall not,— ( a) give rise to a r ight against a person interested in the property which was acquired in an undervalued transact ion or a transaction giving preference, whether or not he is the person with whom the bankr upt entered into such transaction; and ( b) require a ny person to pay a sum to t he bankruptcy trustee in respect of t he benefit received fr om the underva lued tr ansaction or a transaction giving preference, whether or not he is the person with whom the bankr upt entered into such t ransact ion. ( 2) T he provision of sub-section ( 1) shall apply only if the interest was acqu ired or the benefit was received— ( a) in good fa ith; ( b) for value; ( c) without notice that the bankrupt entered into the transaction at an undervalue or for giving preference; ( d) without notice that the bankrupt has filed an application for bankruptcy or a bankruptcy or der ha s been passed; and ( e) by any person who at the time of acquiring the int erest or receiving the benefit was not an associate of the bankr upt. ( 3) Any sum required to be paid to the bankruptcy trustee under sub-section ( 1) shall be included in the estate of the bankrupt. 167.( 1) Subject to sub-section ( 6), on an application by the bankr uptcy trustee, the Adjudicating Authority may make an order under this section in respect of extortionate credit transactions to which the bankrupt is or has been a party. ( 2) T he transa ctions under sub-section ( 1) should have been entered into by the bankrupt during the period of two years ending on the bankruptcy commencement date. ( 3) An order of the Adjudica ting Aut hority may— ( a) set aside the whole or pa rt of any debt created by the transact ion; ( b) va ry the terms of the tr ansaction or vary the terms on which any security for the purposes of the transact ion is held; Effect of order. Extortionate credit transactions. - 71 -Ex-419/2016 (c) require a ny person who has been paid by the bankrupt under any transaction, to pay a sum to the bankruptcy trustee; ( d) require any person to surrender to the bankruptcy trustee any property of t he bankr upt held as security for the purposes of the transact ion. ( 4) Any sum paid or a ny property surrendered to the bankr uptcy tr ustee shall be included in the estate of the bankrupt. ( 5) For the purposes of this section, an extortionate credit transaction is a transaction for or involving the provision of credit to the bankrupt by any person— ( a) on terms requiring the bankrupt to make exorbitant payments in resp ect of the cr edit pr ovided; or ( b) which is unconscionable under the principles of law relating to contracts. ( 6) Any debt extended by a person regula ted for the pr ovision of financial services in compliance with the law in force in relation to such debt, shall not be cons idered as an extortiona te credit transaction under this section. 168.( 1) This section s ha ll apply where a contr act has been ent ered into by t he bankrupt with a person before the bankruptcy commencement date. ( 2) Any party to a contract , other than the bankrupt under sub-section ( 1), may apply to the Adjudicating Authority for— ( a) an order dischar ging the obligations of the applica nt or the bankrupt under the contract; and ( b) payment of damages by the party or the bankrupt, for non- performance of the contr act or otherwise. ( 3) Any damages payable by the bankrupt by virtue of an order under clause ( b) of sub-section ( 2) shall be provable as bankruptcy debt. ( 4) When a bankrupt is a party to the contra ct under this section jointly with another person, tha t person may s ue or be sued in respect of the contr act without joinder of the bankr upt. 169.If a bankrupt dies, the bankruptcy proceedings shall, continue as if he were alive. 170.( 1) All the provisions of Chapter V relating to the administration and distribution of the estate of the bankrupt shall, so far as the same are applicable, apply to the administration of t he esta te of a deceased bankr upt. ( 2) While administering the estate of a deceased bankrupt, the bankruptcy trus tee sha ll have rega rd to the c la ims by the legal repr esentatives of the deceased bankrupt to payment of the proper funeral and testamentary expenses incurred by them. ( 3) The claims under sub-section ( 2) shall rank equally to the secured creditors in the priority pr ovided under section 178. ( 4) If, on the adminis tration of the estate of a deceased ba nkrupt, any sur plus rema ins in the hands of the bankruptcy trustee after payment in full of all the debts due from the deceased bankrupt, together with the costs of the adminis tration and interest as provided under section 178, such surplus shall be paid to the legal repr esentatives of the esta te of the decea sed bankrupt or dealt with in such ma nner as ma y be p rescribed.Obligations under contracts. Continuance of proceedings on death of bankrupt. Administration of estate of deceased bankrupt. - 72 - Ex-419/2016 171.(1) T he bankruptcy trustee shall give notice to each of the creditors to submit proof of debt within fourteen days of pr eparing the lis t of cr editors under section 132. ( 2) The proof of debt shall— ( a) require the creditor to give full particulars of debt, including the date on which the debt was contracted and the value at which that person assesses it; ( b) require the creditor to give fu ll particulars of the security, inclu ding the date on which t he security was given and the value a t which that person assesses it; ( c) be in such form and manner as may be prescribed. ( 3) In case the creditor is a decree holder against the bankrupt, a copy of the decr ee shall be a valid pr oof of debt. ( 4) Where a debt bears interest, that interest shall be provable as part of the debt except in so far as it is owed in respect of any period aft er the ba nkruptcy commencement date. ( 5) The bankr uptcy trustee shall estimate the value of a ny bankruptcy debt which does not have a specific va lue. ( 6) T he value assigned by the bankruptcy tr ustee under sub-section ( 5) sha ll be the amount provable by the concerned creditor. ( 7) A creditor may prove for a debt where payment would have become due at a da te later than the bankruptcy commencement date as if it were owed presently and may receive dividends in a ma nner as may be prescribed. ( 8) Where the bankrup tcy tru stee ser ves a notice under sub -section ( 1) a nd the person on whom the notice is served does not file a proof of security within thirty days after the date of service of the notice, the bankruptcy trustee may, with leave of the Adjudica ting Authority, sell or dispose of any property that was subject to the security, free of that security. 172.( 1) Where a secured cr editor realises his security, he may produce proof of the balance due to him. ( 2) Where a secured creditor surrenders his securit y to the bankruptcy trustee for the general benefit of the creditors, he may produce proof of his whole claim. 173.( 1) Where befor e the bankru ptcy commencement da t e, ther e have been mutual dealings between the bankrupt and a ny creditor, the bankruptcy tr ustee shall— ( a) ta ke an a ccount of what is due from each party to the other in respect of the mutual dealings and the s ums due from one party shall be set-off aga inst the sums due from the other; and ( b) only the balance shall be provable as a bankruptcy debt or as the amount payable to the bankruptcy trustee as part of the estate of the bankrupt. ( 2) Sums due from the bankrupt to a nother party shall not be included in the account taken by the bankr uptcy tr ustee under sub-section ( 1), if that ot her party had notice at t he time they b ecame due that an application for bankruptcy relating to the bankrupt was pending. 174.( 1) Whenever the bankruptcy trustee has sufficient funds in his hand, he may declare and distribute interim dividend among the creditors in respect of the bankruptcy debt s which they have respectively proved. ( 2) Where the bankruptcy trustee ha s declar ed any interim dividend, he shall give notice of such dividend and the ma nner in which it is pr oposed to be distributed. Proof of debt. Proof of debt by secured creditors. Mutual credit a nd set-off. Distribution of interim dividend. - 73 -Ex-419/2016 (3) In the calculation and distribution of t he interim dividend, the bankruptcy trustee shall make pr ovision for— ( a) any bankruptcy debts which appear to him to be due to persons who, by reason of the distance of their place of residence, may not have had sufficient time to tender and establish their debts; and ( b) any bankr uptcy debts which are subject of cla ims which have not yet been det ermined; ( c) dis puted pr oofs and claims; and ( d) expenses necessary for the administration of the estate of the bankrupt. 175.( 1) The bankr uptcy trustee may, with the approva l of the committee of creditors, divide in its existing for m amongst the creditor s, according to its estimated value, any pr operty in it s existing form which from its p eculiar na ture or other special circumstances cannot be readily or advantageously s old. ( 2) An approval under sub-section ( 1) shall be sought by the bankruptcy trustee for each tra nsaction, and a person dealing with the bankr uptcy tr ustee in good faith and for value shall not be required to enquire whether a ny appr oval required under sub-section ( 1) has been given. ( 3) Where the bankruptcy tr ustee has done anything without the approva l of the committee of cr editors, the committee may, for the purpose of enabling him to meet his expenses out of the estate of the bankrupt, ratify the act of the bankruptcy trust ee. ( 4) The commit tee of the creditors shall not ratify the act of the bankruptcy trustee under sub-section ( 3) unless it is satisfied that the bankruptcy trustee acted in a ca se of urgency and has sought its r atifica tion without undue delay. 176.( 1) Where the bankrupt cy trus tee has realised the entir e est ate of the bankrupt or so much of it as could be realised in the opinion of the ba nkruptcy trustee, he shall give notice— ( a) of his intention to declare a final dividend; or ( b) that no dividend or fur ther dividend shall be decla red. ( 2) The notice under sub-section ( 1) shall contain such particulars as may be prescribed and shall require all claims against the estate of the bankrupt to be esta blished by a final date specified in the notice. ( 3) The Adjudicating Authorit y may, on the a pplication of any person interested in t he administration of the esta te of the bankr upt, postpone the final date referred to in sub-section ( 2). ( 4) After the final da t e referred to in su b-section ( 2) , the bankruptcy trustee shall— ( a) defray any outsta nding expenses of the bankruptcy out of the estate of t he bankrupt; and ( b) if he intends to declar e a final dividend, declare a nd distribute that dividend among the creditors who have proved their debts, without regar d to the claims of any other persons. ( 5) If a surplus rema ins aft er payment in full wit h interest to all the creditor s of the bankrupt and the payment of the expenses of the bankruptcy, the bankrupt shall be entitled to the surplus. ( 6) Where a bankruptcy order has been passed in r espect of one partner in a firm, a creditor to whom the bankrupt is indebted jointly with the other partners in the firm or a ny of t hem shall not receive a ny dividend out of t he sepa rate property of the ba nkr u p t until all the separ ate creditors have received the full amount of their respective debts.Final dividend. Distribution of property. - 74 - Ex-419/2016 177.(1) A creditor who has not proved his debt before the declaration of a ny dividend is not entitled to distur b, by reason t hat he has not participated in it, the distribution of that dividend or any other dividend declar ed befor e his debt was proved, but— ( a) when he has proved the debt, he shall be entitled to be paid any dividend or dividends which he has failed to r eceive, out of any money for the time being available for the payment of any fur ther dividend; and ( b) any dividend or dividends payable to him shall be paid before that money is applied to the payment of any such further dividend. ( 2) No action shall lie aga inst the bankruptcy tr ustee for a dividend, but if the bankruptcy trustee refuses to pay a dividend payable under sub-section ( 1), the Adjudicating Authority may order him to— ( a) pa y the dividend; and ( b) pa y, out of his own money— ( i) interest on the dividend; and ( ii) the costs of the proceedings in which t he order to pay has been made. 178.( 1) Notwithstanding a nything to the contrar y conta ined in any law enacted by the Parliament or the State Legislature for the time being in force, in the distribution of t he fina l dividend, the following debts shall be paid in pr iority to all other debts— ( a) firstly, the cos ts and expenses incurr ed by the bankruptcy trustee for the bankruptcy process in full; ( b) s econdly,— ( i) the workmen’s dues for the period of twenty-four months preceding the bankruptcy commencement date; and ( ii) debts owed to secured creditors; ( c) thirdly, wages and any unpaid dues owed to employees, other than workmen, of the bankrupt for the period of twelve months preceding the bankruptcy commencement date; ( d) fourthly, any amount due to the Centra l Government and the State Government including the amount to be received on account of Consolidated Fund of India and the Consolidated Fund of a State, if any, in respect of the whole or any pa rt of the period of two yea rs preceding the bankruptcy commencement date; ( e) lastly, all other debts and dues owed by the bankrupt including unsecured debts. ( 2) The debts in each class specified in sub-section ( 1) sha ll rank in the order mentioned in that sub-section but debts of the same class shall r ank equally amongst themselves, and sha ll be pa id in full, unless the estate of the bankrupt is insufficient to meet them, in which case they shall abate in equal proportions between themselves. ( 3) Where any creditor has given a ny indemnity or has made any payment of moneys by virtue of which any asset of the bankr upt has been r ecovered, protected or preserved, the Adjudicating Aut hority may make such order as it thinks just with respect to the distribution of such asset with a view to giving that creditor an advantage over other creditor s in consideration of t he risks taken by him in so doing. ( 4) Unsecured creditors shall rank equally amongst themselves unless cont ractually agreed to the contrar y by such creditors. ( 5) Any surplus remaining after the payment of the debts under sub-section ( 1) shall be applied in paying interest on those debt s in respect of the periods du ring which they have been outstanding since the bankruptcy commencement date. Claims of creditors. Priority of payment of debts. - 75 -Ex-419/2016 (6) Interest payments under sub-section ( 5) shall rank equally irrespective of the nature of the debt. ( 7) In the case of partners, the partnership property shall be applicable in the first instance in payment of the partnership debts and the separa te property of each partner shall be applicable in the first instance in payment of his separate debts. ( 8) Where there is a surplus of the separate property of the partners, it shall be dealt with a s part of the partnership property; a nd wher e there is a surplus of the partnership property, it shall be dealt with as part of the respective separate property in proportion to the rights and interests of each partner in the par tnership property. CHAPT ER VI ADJUDICATING AUTHORITY FOR INDIVIDUALS AND PARTNERSHIP FIRMS 179.( 1) Subject to t he provisions of section 60, the Adjudicating Authorit y, in relation to insolvency matters of individua ls and firms s hall be the Debt Recovery Tribunal having terr itorial jurisdiction over the place where the individual debtor a ctually and voluntarily resides or carries on business or personally works for gain and can entertain an application under this Code regarding such person. ( 2) The Debt Recovery Tribunal shall, notwithstanding anything contained in any other law for the time being in force, have jurisdiction to entertain or dispose of— ( a) any suit or proceeding by or aga inst the individual debtor; ( b) any claim made by or against the individual debtor; ( c) any question of p riorities or any other question whether of la w or facts, arising out of or in relation to insolvency and bankruptcy of the individual debt or or firm under this Code. ( 3) Notwithstanding a nything contained in the Limitation Act, 1963 or in any other law for the time being in force, in computing the period of limitation specified for any suit or application in the name and on behalf of a debtor for which an order of mora torium has been made under this Part, the period during which such moratorium is in place shall be excluded. 180.( 1) No civil court or authority shall have jurisdiction to entertain any suit or proceedings in respect of any ma tter on which the Debt Recovery Tribunal or the Debt Recovery Appellate Tr ibunal has jur isdiction under this Code. ( 2) No injunction shall be granted by any court, tribuna l or authority in respect of a ny action taken, or to be taken, in pursuance of any power conferred on the Debt Recovery Tribunal or the Debt Recovery Appellate Tribunal by or under this Code. 181.( 1) An appeal from an order of the Debt Recovery Tribunal under this Code shall be filed within thirty days befor e the Debt Recovery Appellate Tribunal. ( 2) The Debt Recovery Appellate Tribunal may, if it is satisfied that a person was prevented by s ufficient cause from filing an appeal within thir ty days, allow the appeal to be filed within a further period not exceeding fifteen days. 182.( 1) An appeal from an order of the Debt Recovery Appellate Tribunal on a question of law under this Code shall be filed within forty-five days before the Supreme Court.Adjudicating Authority for individuals and partnership firms. Civil court not to have jurisdiction. Appeal to Supreme Court. Appeal to Debt Recovery Appellate Tribunal. 14 of 1963. - 76 - Ex-419/2016 (2) The Supreme Court may, if it is satisfied that a person was prevented by sufficient cause from filing an appeal within forty-five days, allow the appeal to be filed within a fur ther period not exceeding fifteen days. 183.Wher e an application is not disposed of or order is not passed within the period specified in this C ode, the Debt Recovery Tr ibunal or t he Debt Recover y Appella te Tribunal, as the ca se may be, shall recor d the r easons for not doing so within the period so specified; and the Chairperson of the Debt Recovery Appellate Tribunal, after taking into account the reasons s o recorded, extend the period specified in this Code, but not exceeding ten days. CHAPTER VII OFFENCES AND PENALTIES 184.( 1) If a debtor or creditor provides informa tion which is fa lse in any material particulars to the resolution professional, he shall be punishable with imprisonment for a term which may extend to one year, or with fine which may extend to five lakh rupees, or with both. ( 2) If a creditor promises to vote in favour of the repayment plan dishonestly by a ccepting any money, property or security from the debtor, he shall be punishable with imprisonment for a term which may extend to two years, or with fine which may extend to t hree times the amount or its equivalent of such money, pr operty or security accepted by such cr editor, as the case ma y be, or with both: Provided tha t where such amount is not qua ntifiable, the total amount of fine shall not exceed five lakh rupees. 185.If an insolvency professional deliberately contravenes the provisions of this Part, he shall be punishable with imprisonment for a term which may extend to six months, or with fine, which shall not be less than one lakh rupees, but ma y extend to five lakhs r upees, or with both. 186.If the bankrupt— ( a) knowingly makes a false representation or wilfully omits or conceals any material information while making an a pplication for bankruptcy under section 122 or while providing any information during the bankruptcy process, he shall be punishable with imprisonment which ma y extend to six months, or with fine which may extend to five lakh rupees, or with b oth; Explanation.— F or t he p u r p os es of cla u s e ( a), a false representation or omission includes non-disclosure of the details of disposal of any pr operty, which but for the disposal, would be comprised in the estate of the bankrupt, other than dispositions made in the ordinar y course of business carried on by the bankr upt; ( b) fr audulently has failed to provide or deliber ately withheld the production of, destroyed, falsified or altered, his books of account, financial informa tion and other records under his custody or control, he shall be punishable with imprisonment which may extend to one year, or with fine, which may ext end to five lakh rupees, or with both; ( c) has contra vened the restrictions under section 140 or the provisions of section 141, he sha ll be punishable with imprisonment for a term which may extend to six months, or with fine, which may extend to five lakh rupees, or with both; Expeditious disposal of a pplications. Punishment for false information, etc., by creditor in insolvency resolution process. Punishment for contravention of provisions. Punishment for false information, concealment, etc., by bankrupt. - 77 -Ex-419/2016 (d) ha s failed to deliver the possession of any property compr ised in the estate of t he bankrupt under his possession or control, which he is required to deliver under section 156, he sha ll be punishable with imprisonment for a term which may extend to six months, or with fine, which may extend to five lakh rupees, or with both; ( e) has failed to account, without any reasonable cause or satisfactory explanation, for a ny loss incurred of any substantial part of his property comprised in the estate of the bankrupt from the date which is twelve months before the filing of the bankruptcy applica tion, he shall be punishable with imprisonment for a term which may extend to two years, or with fine, which may extend to three times of the value of the loss, or with both: Provided that that where such los s is not quantifiable, the total amount of fine imposed sha ll not exceed five lakh rup ees; ( f) ha s absconded or attempts to absconds after t he bankr uptcy commencement date, he shall be punishable with imprisonment for a term which may extend to one year, or with fine, which may extend to five lakh rupees, or with both; Explanation.— For the purposes of this clause, a bankrupt shall be deemed to have absconded if he leaves, or attempts t o leave the country without delivering the possession of any p roperty which he is required to deliver to the bankruptcy trustee under section 156. 187.If a bankruptcy trustee,— ( a) ha s fraudulently misapplied, reta ined or accounted for any money or property comprised in the estate of the bankrupt; or ( b) ha s wilfully acted in a manner that the estate of the bankrupt has suffered a ny loss in consequence of breach of a ny duty of the ba nkr uptcy trustee in carrying out his functions under section 149, he shall be punisha ble with imprisonment for a term which may extend to three years, or with fine, which shall not be less than three times the amount of the loss caused, or likely to have been caused, to persons concerned on account of such contravention, or with both: Provided tha t where such loss or unlawful gain is not quantifiable, the total amount of fine imposed shall not exceed five lakh rupees: Provided further that the bankruptcy trustee shall not be liable under this section if he seizes or disposes of any pr operty which is not comprised in the estate of the bankrupt and at tha t time had reasonable grounds to believe that he is entitled to seize or dispose that property. PART IV REGULATION OF INSOLVENCY PROFESSIONALS, AGENCIES AND INFORMATION UTILITIES CHAPTER I THE INSOLVENCY AND BANKRUPTCY BOARD OF INDIA 188.( 1) With effect from such date as the Centra l Government ma y, by notification, appoint, there sha ll be established, for the purposes of this Code, a Board by the name of the Insolvency and Bankruptcy Boa rd of India. ( 2) The Board shall be a body corporate by the name aforesaid, having perpetual succession a nd a common seal, with power, subject to the provisions of this Code, toPunishment for certain actions. Establishment and incorporation of Board. - 78 - Ex-419/2016 acqu ire, hold and dispose of property, both movable and immovable, and to contr act, and shall, by the said name, sue or be sued. (3) The head office of the Board shall be at such place in the National Capital Region, as the Central Government may, by notification, specify. Explanation.— For the purposes of this section, the expression “National Capital Region” sha ll have the same meaning as a ssigned to it in clause ( f) of section 2 of the National Ca pital Region P lanning Board Act, 1985. ( 4) The Board may establish offices at other places in India. 189.( 1) The Board shall consist of the following members who shall be appointed by the Central Government, namely:— ( a) a Chairperson; ( b) three members from amongst the officers of the Central Government not below the rank of Joint Secr etary or equivalent, one each to represent the Ministry of Finance, the Ministry of Corporate Affairs and Ministry of La w, ex officio; (c) one member to be nominated by the Reserve Bank of India, ex officio ; ( d) five other members to be nominated by the Central Government, of whom a t lea st thr ee sha ll be the whole-time members. ( 2) The Chair person and the other members shall be persons of ability, integrity and standing, who have shown capacity in dealing with problems relating to insolvency or bankruptcy and have special knowledge and experience in the field of la w, fina nce, economics, accountancy or administration. ( 3) The appointment of the Chairperson and the members of the Board other than the appointment of an ex officio member under this section shall be made after obta ining the recommendation of a selection committee consisting of— ( a) Ca binet Secretary—Chairperson; ( b) Secretary to the Government of India to be nominated by the Central Government— M emb er ; ( c) Chairperson of the Insolvency and Bankruptcy Board of India (in case of selection of members of the Boa rd)—Member; ( d) three experts of repute from the field of financ e, la w, mana gement, insolvency and r elated subjects, to be nominated by the Central Government—Members. ( 4) The term of office of t he Chair person and members (other than ex officio members) shall be five yea rs or till they attain the a ge of sixty-five years, whichever is earlier, and they shall be eligible for reappointment. ( 5) The salaries and allowances paya ble to, and other terms and conditions of service of, the Chairperson and members (other than the ex officio memb ers) s ha ll be such as may be prescribed. 190.The Central Government may remove a member from office if he— ( a) is an undischarged bankrupt a s defined under Part III; ( b) ha s become physically or mentally incapable of acting as a member; ( c) ha s been convict ed of a n offence, which in t he opinion of the Central Government involves moral turpit ude; ( d) ha s, so abused his position as to render his continuation in office detrimental to the public interest: Pr ovided that no member shall be removed under cla use ( d) unless he has been given a reasonable opportunity of being heard in the matter. Constitution of Board.2 of 1985. Removal of member from office. - 79 -Ex-419/2016 191.Save as otherwise determined by regulations, the Chairperson shall have powers of general superint endence and direction of the affairs of the Board a nd may also exer cise such other powers as may be delegated to him by the Boar d. . 192.(1) The Board shall meet at such times and places, and observe such rules of procedure in regar d to the transa ction of business at its meetings (including quorum at such meetings) as may be determined by regulations. ( 2) T he Chairperson, or if, for any r eason, the Chairperson is unable to attend any meeting of the Board, any other member chos en by the members present at the meeting sha ll preside at the meeting. ( 3) All quest ions which come up before any meeting of the Boa rd shall be decided by a majority votes of the members present and voting, a nd, in the event of an equality of votes, the Chairperson, or in his absence, the person presiding, shall have a second or ca sting vote. 193.Any member, who is a director of a company and who as such director has any direct or indirect pecuniar y interest in a ny matter coming up for consideration at a meeting of t he Boar d, shall, as soon as possible after r elevant circumstances have come to his knowledge, disclose the nature of his interest at such meeting and such disclosure shall be recorded in the proceedings of the Board, a nd the member shall not take any part in any deliberation or decision of the Board with respect to that ma tt er. 194.( 1) No act or proceeding of the Boa rd shall be invalid merely by reason of— ( a) any vacancy in, or any defect in the constitution of, the Board; or ( b) any defect in the appointment of a person acting as a member of the Board; or ( c) any irregularity in the procedure of t he Boar d not affecting the merits of the ca se. ( 2) The Board may appoint such other officers and employees as it considers necessary for the efficient discharge of its functions in such manner as may be specified. ( 3) The salaries and allowances paya ble to, and other terms and conditions of service of, officers and employees of the Boar d appointed under sub-section ( 2) shall be such as may be specified by r egulations. 195.Until the Board is established, the Centr al Government may by notification, designate any financial sector regulator to exercise the powers a nd functions of the Boar d under this Code. CHAPTER II POWERS AND FUNCTIONS OF THE BOARD 196.( 1) The Board shall, subject to the general direction of the Central Government, perform all or any of the following functions namely:— ( a) register insolvency professional agencies, insolvency professionals a nd infor ma tion u tilit ies and renew, withdr aw, suspend or ca ncel such registr ations;Powers of Chairperson. Meetings of Board. Member not to partici- pate in meetings in certain cases. Vacancies, etc., not to invalidate proceedings of Board, Officers and employees of Board. Po wer s a nd functions of Board.Power to designate financial sector regulator. - 80 - Ex-419/2016 (b) specify the minimum eligibility requirements for registration of insolvency professional agencies, insolvency professionals a nd information utilities; ( c) levy fee or other charges for the registration of insolvency professional agencies, insolvency professionals and information utilit ies; ( d) specify by regula tions standards for the functioning of insolvency professiona l agencies, insolvency professionals and information utilit ies; ( e) la y down by regulations the minimum cur riculum for the examina tion of the insolvency professionals for their enrolment as members of the insolvency professiona l agencies; ( f) ca rry out inspections and investigations on insolvency professional agencies, insolvency professionals and information utilities and pass such orders as ma y be requir ed for complia nce of the provisions of t his Code and the regu la tions issued her eunder ; ( g) monit or the perfor mance of insolvency pr ofess ional agencies, insolvency professionals and information utilities and pass any directions as may be required for compliance of the provisions of this Code and the regulations issued hereunder; ( h) ca ll for any information and r ecords from the insolvency professional agencies, insolvency professionals and information utilit ies; ( i) publish such information, data, research studies and other information as may be specified by regulations; ( j) specify by regula tions the manner of collecting and storing data by the informa tion utilities and for providing access to such data; ( k) collect and maint ain records relating t o insolvency and bankruptcy cases and disseminate information relating to such ca ses; ( l) constitute such committees as may be required inclu ding in particular the committees laid down in section 197; ( m) pr omote tr ansparency and best pr actices in its governa nce; ( n) maintain websites and such other universally accessible repositories of electronic infor mation a s may be necessary; ( o) enter int o memor andum of understanding with a ny other statutory authorities; ( p) issue necessary guidelines to the insolvency professional agencies, insolvency pr ofessionals and information utilities; ( q) specify mechanism for redressal of grievances a gainst insolvency professionals, insolvency professional agencies and information utilities and pass orders relating to complaint s filed against the aforesaid for compliance of the provisions of this Code and the regulations issued hereunder; ( r) conduct periodic study, resear ch and audit the functioning and performance of to the insolvency professional agencies, insolvency professionals and information utilities a t such intervals as may be specified by the Board; ( s) specify mechanisms for issuing regulations, including the conduct of public consultation processes befor e notification of any regulations; ( t) ma ke regulations and guidelines on ma tters r elating to insolvency and bankruptcy a s may be required under this Code, including mechanism for time bound disposal of t he assets of the corporate debtor or debtor; and ( u) perform such other funct ions as may be prescribed. ( 2) T he Boa rd may make model bye-la ws to be t o adopted by insolvency professiona l agencies which may provide for— - 81 -Ex-419/2016 (a) the minimum standards of professional competence of the members of insolvency professiona l agencies; ( b) the standards for professional and ethical conduct of the members of insolvency pr ofessional agencies; ( c) requirements for enrolment of persons as members of insolvency professiona l agencies which sha ll be non-discriminatory; Explanation.— For the purposes of this clause, the term “non-discriminatory” means lack of discrimination on the grounds of religion, caste, gender or place of birth and such other grounds a s may be specified; ( d) the manner of gr anting membership; ( e) setting up of a governing board for internal governance and management of insolvency professional agency in accordance with the regulations specified by the Board; ( f) the information required to be submitted by members including the form and the time for submitting such information; ( g) the specific classes of persons to whom services shall be provided at concessional rates or for no remuneration by members; ( h) the grounds on which penalties may be levied upon the members of insolvency professional a gencies and the manner thereof; ( i) a fair and transparent mechanism for redressal of grievances aga inst the members of insolvency pr ofessional agencies; ( j) the grounds under which the insolvency professionals may be expelled from the membership of insolvency professiona l agencies; ( k) the quantum of fee and t he manner of collecting fee for inducting persons as its members; ( l) the procedure for enrolment of persons as members of insolvency professional agency; ( m) the manner of conducting examination for enrolment of insolvency professionals; ( n) the manner of monitoring and reviewing the working of insolvency professiona l who a re members; ( o) the duties and other activities to be performed by members; ( p) the manner of conducting disciplinary proceedings against its members and imposing penalties; ( q) the manner of utilising the amount received as penalty imposed against any insolvency pr ofessional. ( 3) Notwithsta nding a nything contained in a ny other law for the time being in force, while exercising the powers under this Code, the Board shall ha ve the same powers as ar e vested in a civil court under the Code of Civil Procedure, 1908, while trying a suit, in r espect of the following matters, namely:— ( i) the discovery and production of books of account and other documents, at such place and such time as may be specified by the Board; ( ii) summoning and enforcing the attendance of persons and examining them on ( iii) inspection of any books, registers and other documents of any person at any place; ( iv) issuing of commissions for the examination of witnesses or documents. 5 of 1908. oath; - 82 - Ex-419/2016 197.The Boa rd may, for the efficient discha rge of its fu nct ions, ma y constitute advisory and executive committees or such other commit tees, a s it ma y deem fit, consisting of a Chairperson and such other members as may be specified by regulations. 198.Notwithstanding anything contained in this Code, where the Boa rd does not perform any act within the period specified under this Code, the relevant Adjudica ting Authority may, for reasons to be recorded in wr iting, condone the delay. CHAPTER III INSOLVENCY PROFESSIONAL AGENCIES 199.Save as otherwise provided in this Code, no person shall carry on its business as insolvency professional agencies under this Code and enrol insolvency professionals as its members except under and in accordance wit h a certifica te of registra tion issued in this behalf by the Board. 200.The Board shall have regard to the following principles while registering the insolvency professional a gencies under t his Code, namely:— (a) to promote the professional development of and regulation of insolvency pr ofessionals; ( b) t o pr omote the services of competent insolvency p rofessionals to cater to the needs of debtors, creditors and such other persons as may be specified; ( c) to promote good professional and ethical conduct amongst insolvency professionals; ( d) to protect the interest s of debtors, creditors and such ot her persons as ma y be specif ied; ( e) to promote the gr owth of insolvency professional agencies for the effective resolution of insolvency and bankruptcy processes under this Code. 201.( 1) Every application for registration shall be made to the Board in such form and manner, containing such particulars, and accompanied by such fee, as ma y be specified by regulations: Provided tha t every application received by the Board shall be acknowledged within seven days of its receipt. ( 2) On receipt of the application under sub-section ( 1), the Board may, on being satisfied tha t the application conforms wit h all r equirements specified under sub-section ( 1), grant a certificate of registra tion to the applicant or else, reject , by order, such application: Provided that no order rejecting the application shall be made without giving an opportunity of being heard to the applicant: Provided further that every order so made shall be communicated to the applicant within a period of fifteen days. ( 3) The Board may issue a cer tificate of registration to the applicant in such form and manner and subject to such terms and conditions a s may be specified. ( 4) The Board may renew the certificate of registration from time to time in such manner and on payment of such fee as may be specified. ( 5) The Board may, by order, suspend or cancel the certificate of registra tion granted to an insolvency professional agency on any of the following grounds, namely:— Constitution of advisory committee, executi ve committee or other committee. Condonation of dela y. No person to function as insolvency professional agency with- out valid cer- tificate of registration. Principles governing registration of insolvency professional agency. Registration of insolvency professional agency. - 83 -Ex-419/2016 (a) that it has obtained registration by making a false statement or misr epresentation or by a ny other unla wful means; ( b) that it has failed to comply with the requir ements of the regulations made by the Board or bye-laws made by the insolvency pr ofessional agency; ( c) that it has cont ravened any of the pr ovisions of the Act or the r ules or the regulations made thereunder; ( d) on any other ground as may be specified by r egulations: Provided that no order shall be made under this sub-section unless the insolvency professional agency concerned has been given a reasonable opportunity of b eing heard: Provided further t hat no such or der shall be pa ssed by any member except whole-time members of the Board. 202.Any insolvency pr ofessional agency which is aggrieved by the order of t he Boar d made under section 201 may pr efer an appeal to the National Company Law Appellate Tr ibunal in such form, within such period, and in such manner, as ma y be specified by regulations. 203.The Board may, for the pu rposes of ensuring that ever y insolvency professional agency takes into account the objectives sought to be achieved under this Code, make regula tions to specify— ( a) the setting up of a governing boar d of a n insolvency professional agency; ( b) the minimum number of independent members to be on the governing boar d of the insolvency professional agency; and ( c) the number of the insolvency pr ofessionals being its members who shall be on the governing board of the insolvency pr ofessional agency. 204.An insolvency professional agency shall perform the following functions, namely:— ( a) gr ant membership to per sons who fulfil all requirements set out in its bye- la ws on payment of membership fee; ( b) la y down standards of professional conduct for its members; ( c) monitor the performance of its members; ( d) safeguard the rights, privileges and interests of insolvency professionals who are it s memb ers; ( e) suspend or cancel the membership of insolvency professionals who are its members on the grounds set out in its bye-laws; ( f) redress the grievances of cons umers against insolvency pr ofessionals who are its members; and ( g) publish information about its functions, list of its members, performance of its members and such other infor mation a s may b e specified by r egulations. 205.Subject to the provisions of this Code and any rules or regulations made thereunder and after obtaining the approval of the Board,every insolvency professional agency shall make bye-laws consistent with the model bye-laws specified b y the Board under sub-section ( 2) of section 196.Appeal to National Company Law Appellate Tribunal. Governing Board of insolvency professional agency. Functions of insolvency professional agencies. Insolvency professional agencies to make bye- laws. - 84 - Ex-419/2016 CHAPTER IV INSOLVENCY PROFESSIONALS 206.No person shall render his services as insolvency professional under this Code without being enrolled as a member of an insolvency professional agency and registered with the Board. 207.(1) Every insolvency professional shall, aft er obta ining the membership of any insolvency professional agency, register himself with the Board within such time, in such manner and on payment of such fee, a s may be specified by regulations. ( 2) T he Board may specify the categories of professiona ls or persons possess ing such qualifications and experience in the field of finance, law, management, insolvency or such other field, as it deems fit. 208.( 1) Where any insolvency resolution, fresh start, liquidation or bankruptcy process has been initiated, it sha ll be the function of an insolvency professional to take such actions as may be necessa ry, in the following matters, namely:— ( a) a fresh start order process under Chapter II of Part III; ( b) individual insolvency resolution process under Chapter III of Part III; ( c) corporate insolvency resolution process under Chapter II of Part II; ( d) individua l bankr uptcy p rocess under Chapter IV of Pa rt III; and ( e) liquidation of a corpor ate debtor firm under Chapter III of Part II. ( 2) Every insolvency professional shall abide by the following code of conduct:— ( a) to take reasonable care a nd diligence while performing his duties; ( b) to comply with all requirements and terms and conditions specified in the bye-laws of the insolvency professional agency of which he is a member; ( c) to allow the insolvency professional agency to inspect his records; ( d) to submit a copy of the records of every proceeding before the Adjudicating Authority to the Board as well as to the insolvency professional agency of which he is a member; and ( e) to perform his functions in such manner and subject to such conditions as ma y be specif ied. CHAPTER V INFORMATION UTILITIES 209.Save as otherwise provided in this Code, no person shall carry on its business as information utility under this Code without a certifica te of r egistra tion iss ued in that behalf by the Board. 210.( 1) Every application for registration shall be made to the Board in such form and manner, containing such particulars, and accompanied by such fee, as ma y be specified by regulations: Provided tha t every application received by the Board shall be acknowledged within seven days of its receipt. ( 2) On receipt of the application under sub-section ( 1), the Board may, on being satisfied that the applica tion conforms to all r equirements specified under sub- section ( 1), grant a certificate of registra tion to the applicant or else, reject, by order, such application. Enrolled and registered persons to a ct as insolvency professionals. Registration of insolvency professionals. Functions an d obligations of insolvency professionals. No person to function as information utility with ou t certificate of registration. Registration of information utility. - 85 -Ex-419/2016 (3) The Board may issue a cer tificate of registration to the applicant in such form and manner and subject to such terms and conditions a s may be specified. ( 4) The Board may renew the certificate of registration from time to time in such manner and on payment of such fee as may be specified by r egulations. ( 5) The Board may, by order, suspend or cancel the certificate of registra tion granted to an infor mation utility on any of the following grounds, namely:— ( a) that it has obtained registration by making a false statement or misr epresent ation or any ot her unlawful means; ( b) that it has failed to comply with the requir ements of the regulations made by the Board; ( c) that it has cont ravened any of the pr ovisions of the Act or the r ules or the regulations made thereunder; ( d) on any other ground as may be specified by r egulations: Pr ovided that no or der sha ll be made under this sub-section unless the information utilit y concerned has been given a reasonable opportunity of b eing heard: Provided further t hat no such or der shall be pa ssed by any member except whole-time members of the Board. 211.Any informa tion utility which is aggrieved by the order of the Board made under section 210 may prefer an appeal to the National Company Law Appellate Tribuna l in such form, within such period, a nd in such manner, as may be specified by r egulations. 212.The Board may, for ensuring that an information utility takes into account the objectives sought to be achieved under this Code, require every information utilit y to set up a governing board, with such number of independent members, as may be specified by regulations. 213.An information utility sha ll provide such services as may be specified including core services to any person if such person complies with the terms and conditions as may be specified by regulations. 214.For the purposes of providing core services to any person, every informa tion utility shall-— ( a) cr eate a nd stor e financial information in a universally a ccessible for ma t; ( b) accept electronic submissions of financial infor mation from persons who are under obligations to submit financial information under sub-section ( 1) of section 215, in such form and manner a s may be specified by regulations; ( c) accept, in specified form and ma nner, electr onic submissions of fina ncial information from persons who intend to submit such information; ( d) meet such minimum service quality standards as may be specified by r egulations; ( e) get the information received from various persons authenticated by all concerned parties befor e storing such information; ( f) pr ovide access to the financia l information stored by it to any person who intends to access such informa tion in such ma nner as may be specified by regulations; ( g) publish such statistical information as may be specified by regulations; ( h) ha ve inter-operatability with other information utilit ies.Appeal to National Company Law Appellate Tribunal. Governing Board of information utility. Core servi ces, etc., of information utilities. Obligations of information utility. - 86 - Ex-419/2016 215.(1) Any person who intends to submit financial information to the informa tion utility or access the information from the information utility shall pay such fee and submit information in such form and manner as may be specified by regulations. ( 2) A financial creditor shall submit financial information and information relating to assets in relation to which any secur ity interest has been created, in such form and manner as may be specified by r egulations. ( 3) An operational creditor may submit financial information to the informa tion utility in such for m and manner a s may be specified. 216.( 1) A person who intends to update or modify or rectify errors in t he financial information submitted under section 215, he may make an application to the information utility for such purpose stating reasons therefor, in such ma nner and within such time, as ma y be specif ied. ( 2) A person who submits fina ncial information to a n information utility shall not provide such information to any other person, except to such extent, under such circumstances, and in such manner, as may be specified. CHAPT ER VI INSPECTION AND INVESTIGATION 217.Any person a ggrieved by the functioning of an insolvency professional agency or insolvency professiona l or an information utility may file a complaint t o the Board in s uch for m, within such time a nd in such ma nner as may be specified. 218.( 1) Where the Board, on receipt of a complaint under section 217 or has reasonable grounds to believe that any ins olvency professional a gency or insolvency professional or an information utility has contra vened a ny of the provisions of the Code or the rules or regulations made or directions issued by the Board thereunder, it may, at any time by an order in wr iting, direct any person or persons to act a s an investigating authority to conduct an inspection or investigation of the insolvency professiona l agency or insolvency professional or an information utility. ( 2) T he inspection or investigation carried out under sub-section ( 1) of this section shall be conducted within such time and in such manner as may be specified by r egulations. ( 3) The Investigating Authority may, in the course of such inspection or investigation, require any other person who is likely to have any releva nt document, record or information to fu rnish the same, and such person shall be bound to fur nish such document, record or information: Provided that the Investigating Authorit y shall provide detailed reasons to such person befor e requiring him to fur nish such document, record or information. ( 4) The Investigating Authority may, in the course of its inspection or investigation, enter any building or place wher e they may have reasons to b elieve that any such document, record or information relating to the subject-matter of the inquiry may be found and may seize any such document, record or information or take extracts or copies therefrom, subject to the provisions of section 100 of the Code of Criminal Procedure, 1973, insofar as they may be applicable. ( 5) The Invest igating Authority shall keep in its cu stody the books, registers, other documents and records seized under this section for such period not later than Procedure for submission, etc., of financial information. Rights and obligations of persons submitting financial information. Complaints against insolvency professional agency or its member or information utility. Investigation of insolvency professional agency or its member or information utility. - 87 -Ex-419/2016 the conclusion of the investigation as it considers necessary and thereafter s hall return the same to the concerned person from whose cu stody or power they were seized: Provided tha t the Investigating Authority may, before returning such books, registers, other docu ments and record as aforesa id, place identification ma rks on them or any part thereof. (6) A detailed report of inspection or investigation shall be submitted to the Boar d by the Investigating Author ity. 219.The Board may, upon completion of an inspection or investiga tion under section 218, issue a show cause notice to such ins olvency professional a gency or insolvency professional or information utility, and carry out inspection of such insolvency professiona l agency or insolvency professional or information utility in such manner, giving such time for giving reply, as may be specified by regulations. 220.( 1) The Board shall constitute a disciplinar y commit tee to consider the reports of the investigating Author ity submitted under sub-section ( 6) of section 218: Provided that the members of the disciplinary committee shall consist of whole- time members of the Board only. ( 2) On t he examination of the r epor t of the Investiga ting Author ity, if the disciplinary committee is satisfied that sufficient cause exists, it may impose penalty as specified in sub-section ( 3) or suspend or ca ncel the registration of the insolvency professiona l or, suspend or cancel the registr ation of insolvency p rofessional agency or information utility as the case may be. ( 3) Where any insolvency professiona l agency or insolvency professional or an information utilit y has contravened any provision of t his Code or rules or regulations made thereunder, the disciplinar y committee ma y impos e penalty which shall be— ( i) t hree times the amount of the loss caused, or likely to have been caused, to persons concerned on a ccount of such contra vention; or ( ii) three times the a mount of the unlawful gain made on account of such contravention, whichever is higher: Provided tha t where such loss or unlawful gain is not quantifiable, the total amount of t he penalty imposed sha ll not exceed more tha n one cr ore rupees. ( 4) Notwithstanding anything contained in sub-section ( 3), the Board may direct any person who has made unlawful gain or averted loss by indulging in any activit y in cont ravention of this Code, or the rules or regula tions made thereunder, to disgorge an a mount equivalent to such unlawful gain or aversion of loss. ( 5) T he Board may take such action as may be required to provide restitution to the person who suffered loss on account of any contra vention from the amount so disgorged, if the person who suffered su ch loss is identifiable and the loss so suffered is directly attributable to such person. ( 6) The Board may make regulations to specify— ( a) the procedure for claiming restitution under sub-section ( 5); ( b) the period within which such rest itution may be claimed; and ( c) the manner in which restitution of a mount may be made.Show cause notice to insolvency professional agency or its member or information utility. Appointment of disciplinary committee. - 88 - Ex-419/2016 CHAPTER VII FINANCE, ACCOUNTS AND AUDIT 221.The Central Government may, after due appropria tion made by Pa rliament by law in this behalf, make to the Board grants of such sums of money as that Government may think fit for being utilised for the purposes of this Code. 222.(1) There shall be constituted a Fund to be called the Fund of the Insolvency and Bankruptcy Boa rd and there shall be credited thereto— ( a) all grants, fees and char ges received by the Boa rd under this Code; ( b) all sums received by the Board from such other sources as ma y be decided upon by the Central Government; ( c) such other funds as may be specified by the Boa rd or prescribed by the Central Government. ( 2) The Fund shall be applied for meeting— ( a) the sa lar ies, a llowances a nd other remuneration of t he members, officers and other employees of the Board; ( b) the expenses of the Boar d in the discha rge of its functions under section 196; ( c) the expenses on objects and for purposes authorised by this Code; ( d) such other purposes as may be prescribed. 223.( 1) The Board shall maintain proper accounts and other relevant records and prepare an annual statement of accounts in such form a s may be prescr ibed by the Central Government in consultation with the Comptroller and Auditor-General of India. ( 2) The accounts of the Board shall be audit ed by the Comptroller and Auditor- General of India at such intervals as may be specified by him and any expenditure incurred in connection with such audit shall be payable by the Board to the Comptroller and Auditor- Genera l of India. ( 3) The Comptroller and Auditor-General of India and any other person appointed by him in connection with the audit of the accounts of the Board shall have the same rights and privileges and author ity in connection wit h such a udit as the Comptroller and Auditor-General generally has in connection with the audit of the Government accounts and, in particular, shall have the right to demand the production of books, accounts, connected vouchers and other document s and papers and to inspect any of the offices of the Board. ( 4) The accounts of the Boa rd as certified by the Comptr oller a nd Auditor- General of India or any other person appointed by him in this behalf together with the audit report thereon shall be forwarded annually to the Central Government and that Government s hall ca use the same to be laid before each House of Parliament. PART V MISCELLENEOUS 224.( 1) There sha ll be formed a Fund to be called the Insolvency and Bankruptcy Fund (hereafter in this section referred to as the “Fund”) for the purposes of insolvency resolution, liquidation a nd bankr uptcy of persons under the Code. ( 2) There shall be cr edited to the Fund the following amounts, namely— ( a) the grants made by the Central Government for the purposes of the Fund; Board’s Fund. Gra nts by Central Government. Insolvency and Bankruptcy Fund. Accounts and audit. - 89 -Ex-419/2016 (b) the amount deposit ed by persons a s contr ibution to the F und; ( c) the amount received in the Fund from any other source; and ( d) t he interest or other income received out of the investment made from the fund ( 3) A person who has contributed any amount to the Fund may, in the event of proceedings initia ted in respect of such person under this Code before an Adjudica ting Authority, make an application to such Adjudicating Authority for withdrawal of funds not exceeding the amount contributed by it, for making payments to workmen, protecting the assets of such persons, meeting the incidental costs during the pr oceedings or such other purposes as may be prescribed. ( 4) The Centra l Government shall, by notification, appoint an administrator to administer the fund in such manner as may be prescribed. 225.( 1) Without prejudice to the foregoing pr ovisions of this Code, the Board shall, in exercise of its powers or the performance of its functions under this Code, be bound by such directions on questions of policy as the Central Government may give in writing to it from time to time: Provided that the Board shall, as far as practicable, be given an opportunit y to expr ess its views before any dir ection is given under this s ub-section. ( 2) The decision of t he Central Government as to whether a question is one of policy or not shall be final. 226.( 1) If at any time the Centra l Government is of opinion— ( a) that on account of grave emergency, the Boa rd is unable t o discharge the functions and duties imposed on it by or under the provisions of this Code; or ( b) that the Board has persistently not complied with any direction issued by the Central Government under this Code or in the discharge of the funct ions and duties imposed on it by or under the provisions of this Code and as a result of such non- compliance the financial position of the Board or the administration of the Board has deteriorated; or ( c) that circumstances exist which render it necessary in the public interest so to do, the Central Government may, by notification, supersede the Boa rd for such period, not exceeding six months, as may be specified in the notification. ( 2) Upon the p ublication of a notification u nder sub-section ( 1) superseding the Board, — ( a) a ll the members sha ll, as from the da te of s uperses sion, vacate their offices as such; ( b) all the powers, functions and duties which may, by or under the provisions of this Code, be exercised or discha rged by or on behalf of the Board, shall until the Board is reconstituted under sub-section ( 3), be exercised and discharged by such person or persons as the Central Government may dir ect; and ( c) all property owned or controlled by the Board shall, until the Board is reconstituted under sub- section ( 3), vest in the Central Government. ( 3) On the expiration of the period of supersession specified in the notifica tion issued under sub-section ( 1), the Centr al Government may reconstitute the Boar d by a fr esh appointment and in such ca se any person or persons who va cated their offices under clause ( a) of sub-section ( 2), shall not be deemed disqualified for a ppointment: Provided tha t the Central Government may, at any time, before the expira tion of t he period of supersess ion, ta ke action under this sub-section.Power of Central Government to i ssue directions. Power of Central Government to supersede Board. - 90 - Ex-419/2016 (4) The Centra l Government shall cause a notification issued under sub-section ( 1) and a full repor t of any action taken under this section and the circumsta nces leading to such act ion to be laid before each House of P arliament at t he earliest. 227.Notwithstanding anything to the contrary examined in this Code or any other law for the time being in force, the Central Government may, if it considers necessary, in consultation with the appropriate financia l sector regulators, notify financial service providers or categories of financial service providers for the purpose of their insolvency and liquidation proceedings, which may be conducted under this Code, in such manner as ma y be p rescribed. 228.The Board s hall pr epare, in such form and at such time in each financial yea r as may be prescribed, its budget for the next financial year, showing the estimated receipts and expenditure of the Boar d and forward the same to the Central Government. 229.( 1) The Board shall prepare, in such form and at such time in each financial year as may be prescribed, its a nnual r eport, giving a full account of its activities during the previous financial year, and submit a copy thereof to the Central Government. ( 2) A copy of the report received under sub-section ( 1) shall be laid, as soon as may be after it is received, befor e each House of Parliament. 230.The Board ma y, by general or special order in writing delegate to any member or officer of the Board subject to such conditions, if any, a s may b e specified in the order, such of its powers and functions under t his Code (except the powers under section 240 as it may deem necessary. 231.No civil court sha ll have jurisdiction in resp ect of a ny matter in which the Adjudicating Author ity is empowered by, or under, this Code to pa ss any order and no inju nction shall be granted by any court or other authority in respect of any action taken or to be taken in pur suance of any order passed by such Adjudicating Authority under this Code. 232.The Chairperson, Members, officers and other employees of the Board shall be deemed, when acting or purporting to act in pur suance of any of the provisions of this Code, to be public servants within the meaning of section 21 of the Indian Penal Code. 233.No suit, pr osecution or other legal proceeding shall lie against the Government or any officer of the Government, or the Chairperson, Member, officer or other employee of the Boa rd or an insolvency professiona l or liquidator for anything which is in done or intended to be done in good faith under this Code or the rules or regulations ma de ther eu nder. 234.( 1) The Centr al Government may enter into an agreement with the Government of a ny country outside India for enforcing the provisions of this Code. ( 2) The Centra l Government ma y, by notification in the Official Gazette, direct that the application of provisions of this Code in relation to assets or property of corporate debtor or debtor, including a personal guarantor of a corporate debtor, as the case ma y be, s ituated at any place in a cou ntry outside India with which recipr ocal arra ngements have been ma de, sha ll be subject to such conditions as may be specified. Power of Central Government to notify financial service providers, etc. Budget. Annual report. Delegation. Bar of jurisdiction. 45 of 1860. Members, officers and employees of Board to the public ser vant s. Protection of action taken in good faith. Agreements with foreign countries. - 91 -Ex-419/2016 235.(1) Notwithstanding a nything contained in this Code or any law for the time being in for ce if, in the course of insolvency resolution process, or liquidation or ba nkr uptcy proceedings, a s the case ma y be, under this Code, the r esolution professiona l, liqu idator or bankruptcy trustee, as the case may be, is of the opinion that assets of the corpora te debtor or debtor, including a personal guarantor of a corporate debtor, are situated in a country outside India with which reciprocal arra ngements have been made under section 234, he may make an applica tion to the Adjudicating Authority that evidence or action relating to such assets is required in connection with such process or proceeding. ( 2) The Adjudicating Authority on receipt of an application under sub-section ( 1) and, on being sa tisfied that evidence or action relating to assets under sub-section ( 1) is r equired in connection with insolvency resolution pr ocess or liquidation or bankruptcy proceeding, may issue a letter of request to a cou rt or an author ity of such country competent to deal with such request. 236.( 1) Notwithsta nding anything in the Code of Crimina l Procedure, 1973, offences under this Code sha ll be tr ied by the Special Cour t established under Chapter XXVIII of the Companies Act, 2013. ( 2) No Court shall ta ke cognizance of any offence punisha ble under this Act, save on a complaint made by the Boa rd or the Centr al Government or any person authorised by the Central Government in t his behalf. ( 3) The provisions of the Code of Cr iminal Procedur e, 1973 shall apply to the proceedings before a Specia l Court and for the purposes of the said provisions, the Special Cour t shall be deemed to be a Court of S ession a nd the person conducting a prosecution before a Specia l Court shall be deemed to be a Public Prosecutor. ( 4) Notwithstanding anything conta ined in the Code of C riminal Procedure, 1973, in case of a complaint under sub-section ( 2), t he p res ence of t he p er s on au t hor ised by the Central Government or the Board before the Court trying the offences s hall not be necessary unless the Court requir es his persona l attendance at the tr ial. 237.The High Court ma y exercise, so far as may be a pplicable, all the powers conferred by Chapters XXIX and XXX of the Code of Criminal Procedure, 1973 on a High C ou r t , a s if a S p ecia l C ou r t wit hin t he loca l limit s of t he ju r is dict ion of t he High Cour t were a Court of Sess ion trying cases within the local limits of the jurisdiction of the High Court. 238.The provisions of t his Code shall ha ve effect, notwithsta nding anything inconsistent therewith contained in any other law for the time being in force or any instrument having effect by virtue of any such law. 239.( 1) The Centr al Gover nment may, by notifica tion, make rules for carrying out the provisions of this Code. ( 2) Without prejudice to the genera lity of the pr ovisions of sub-section ( 1), the Central Government may make rules for any of the following matters, namely:— ( a) any other instrument which sha ll be a financial pr oduct under clause ( 15 ) of section 3; ( b) other a ccounting standa rds which shall be a financial debt under clause ( d) of sub-section ( 8) of section 5; 2 of 1974. 18 of 2013.Letter of request to a country outside India in certain cases. Trial of offences by Special Court. Appeal and revision. Power to mak e rules.Provisions of this Code to override other laws. 2 of 1974. - 92 - Ex-419/2016 (c) the form, the manner and the fee for ma king application before the Adjudicating Authority for initiating corporate insolvency resolution process by fina ncial cr editor under sub-section ( 2) of section 7; ( d) the form and manner in which demand notice may be made and the manner of delivery thereof to the corporate debtor under sub-section ( 1) of section 8; ( e) the form, the manner and the fee for ma king application before the Adjudicating Authority for initiating corporate insolvency resolution process by operational creditor under sub-section ( 2) of section 9; ( f) the form, the manner and the fee for ma king application before the Adjudicating Authority for initiating corporate insolvency resolution process by corporate applicant under sub-section ( 2) of section 10; ( g) the persons who shall be relative under clause ( ii) of the Explanation to sub-section ( 1) of section 79; ( h) the value of unencumbered single dwelling unit owned by the debtor under clause ( e) of sub-section ( 13 ) of section 79; ( i) the value under clause ( c), a nd any other debt under clause ( f), of sub-section ( 14 ) of section 79; ( j) the form, the manner and the fee for ma king application for fresh star t order under sub-section ( 3) of section 81; ( k) the particulars of the debtor ’s personal details under clause ( e) of sub-section ( 3) of section 81; ( l) the information and documents to support application under sub-section ( 3) of section 86; ( m) the form, the ma nner and the fee for making application for initia ting the insolvency r esolution process by t he debtor under sub-section ( 6) of section 94; ( n) the form, the ma nner and the fee for making application for initia ting the insolvency resolution process by the creditor under sub-section ( 6) of section 95; (o) the particulars to be provided by the creditor to the resolution professional under sub-section ( 2) of section 103; ( p) the form and the manner for making application for ba nkruptcy by the debtor under cla u se ( b) of sub-section ( 1) of section 122; ( q) the form a nd the manner of the statement of affairs of the debtor under sub-section ( 3) of section 122; ( r) the other infor mation under clause ( d) of sub-section ( 1) of section 123; ( s) the form, the manner and the fee for making application for bankruptcy under sub-section ( 6) of section 123; ( t) the form and the manner in which statement of financial pos ition s hall be submitted under sub-section ( 2) of section 129; ( u) the matters and the details which shall be included in the public notice under sub-section ( 2) of section 130; ( v) the matters and the deta ils which shall be included in the notice to the creditors under sub-section ( 3) of section 130; ( w) the manner of sending details of the claims to the bankruptcy trustee and other information under sub-sections ( 1) and ( 2) of section 131; ( x) the value of fina ncial or commercial t ransact ion under clause ( d) of sub-section ( 1) of section 141; (y) the other things to be done by a bankrupt to assist bankruptcy trustee in carrying out his functions under clause ( d) of sub-section ( 1) of section 150; - 93 -Ex-419/2016 (z) the manner of dealing with the sur plus u nder sub-s ection ( 4) of section 170; ( za) the form and the manner of proof of debt under clause ( c) of sub- section ( 2) of section 171; ( zb) t he manner of r eceiving dividends under sub-section ( 7) of section 171; ( zc) the particulars which the notice shall contain under sub-section ( 2) of section 176; ( zd ) the sa laries and allowances p aya ble to, a nd other terms a nd conditions of service of, the Cha irperson and members of the Boa rd under sub-section ( 5) of section 189; ( ze) the other functions of the Board under clause (u) of sub-section ( 1) of section 196; ( zf) the other funds under clause ( c) of sub-section ( 1) of section 222; ( zg ) the other purposes for which the fund shall be applied under clause ( d) of sub-section ( 2) of section 222; ( zh ) the form in which annual statement of accounts shall be prepared under sub-section ( 1) of section 223; ( zi) the purpose for which application for withdra wal of funds ma y be made under sub-section ( 3) of section 224; ( zj) the manner of administering the fund under sub-section ( 4) of section 224; ( zk ) the manner of conducting insolvency and liquidation proceedings under section 227; ( zl) the form and the time for preparing budget by the Board under section 228; (zm) the form and the time for preparing annual repor t under sub-section (1) of section 229; ( zn ) the time up to which a person appointed to any office sha ll continue to hold such office under clause ( vi) of sub-section ( 2) of section 243. 240.( 1) The Board may, by notification, make regulations consistent with this Code and the rules made thereunder, to carry out the provisions of this Code. ( 2) In particular, a nd without prejudice to the generality of the foregoing power, such regula tions may provide for all or any of the following matters, namely:— ( a) the form and the manner of accepting electronic submission of financial information under sub-clause ( a) of clause ( 9) of section 3; ( b) the persons to whom access to information stored with the information utility may be provided under sub-clause ( d) of clause ( 9) of section 3; ( c) the other information under sub-clause ( f) of clause ( 13 ) of section 3; ( d) the other costs under clause ( e) of sub-section ( 13 ) of section 5; ( e) the cost incurred by the liquidator during the period of liquida tion which shall be liquidation cost under sub-section ( 16 ) of section 5; ( f) the other record or evidence of default under clause ( a), and any other informa tion under clause ( c), of sub-section ( 3) of section 7; ( g) the other information under clause ( d) of sub-section ( 3) of section 9; ( h) the period under clause ( a) of sub-section ( 3) of section 10; ( i) the supply of ess ential goods or services to the corporate debtor under sub-section ( 2) of section 14; ( j) the manner of making public announcement under sub-section ( 2) of section 15; ( k) the manner of ta king action and the r estrictions thereof u nder clause ( b) of sub-section ( 2) of section 17; ( l) the other persons under clause ( d) of sub-section ( 2) of section 17; Power to make regulations. - 94 - Ex-419/2016 (m) the other matter s under cla us e ( d) of sub-section ( 2) of section 17; ( n) the other matters under s ub-cla us e ( iv) of clause ( a), a nd the other duties to be performed by the interim resolution professional under clause ( g), of section 18; ( o) the persons who shall comprise the committee of creditors, the functions to be exercised such committee and the manner in which funct ions shall be exercised under the proviso to sub-section ( 8) of section 21; ( p) the other electronic mea ns by which the members of the committee of creditor s may meet under sub-section ( 1) of section 24; ( q) the manner of assigning voting share to each creditor under sub- section ( 7) of section 24; ( r) the manner of conducting the meetings of the committee of creditors under sub-section ( 8) of section 24; ( s) the manner of appointing accountants, lawyers and other advisors under clause ( d) of sub-section ( 2) of section 25; ( t) the other actions under clause ( k) of sub-section ( 2) of section 25; ( u) the form and the manner in which an information memor andum shall be prepared by the resolution pr ofessional sub-section ( 1) of section 29; ( v) the other matter perta ining to the corpora te debtor under the Explanation to sub-section ( 2) of section 29; ( w) the manner of making payment of insolvency resolution pr ocess cos t s u nder cla u s e ( a), the manner of repayment of debts of operational creditors under clause ( b), a nd the other requirements to which a r esolution plan shall conform to under clause ( d), of sub-section ( 2) of section 30; ( x) the fee for the conduct of the liquidation proceedings and propor tion to the value of the liquidation estate assets under sub-section ( 8) of section 34; ( y) the manner of evaluating the assets and property of the corporate debt or under clause ( c), the manner of selling property in pa rcels under clause ( f), the manner of reporting progress of the liquidation p rocess under clause ( n), a nd the other functions to be performed under clause ( o), of sub-section ( 1) of section 35; ( z) t he manner of making the records available to other sta keholders under sub-section ( 2) of section 35; ( za) the other means under clause ( a) of sub-section ( 3) of section 36; ( zb ) the other assets under clause ( e) of sub-section ( 4) of section 36; ( zc) the other source under clause ( g) of sub-section ( 1) of section 37; ( zd) the manner of providing financial information relating to the corporate debtor under sub-section ( 2) of section 37; ( ze) the form, the manner and the supporting documents to be submitted by operational creditor to prove the claim under sub-section ( 3) of section 38; ( zf) the time within which the liquidator shall verify the claims u nder sub-section ( 1) of section 39; ( zg ) the manner of determining the value of claims under section 41; ( zh ) the manner of relinquishing security interest to the liquida tion estate and receiving proceeds from the sale of assets by the liquidator under clause ( a), a nd the manner of realising s ecurity interest under clause ( b) of sub-section ( 1) of section 52; ( zi) the other means under clause ( b) of sub-section ( 3) of section 52; ( zj) the manner in which secured cr editor shall be paid by the liquidator under sub-section ( 9) of section 52; - 95 -Ex-419/2016 (zk ) the period and the manner of distribution of proceeds of sale under sub-section ( 1) of section 53; ( zl) the other means under clause ( a) and the other infor mation under clause ( b) of section 57; ( zm ) the conditions a nd procedural r equirements under sub-section ( 2) of section 59; ( zn ) t he deta ils and the documents required to be su bmitted under sub- section ( 7) of section 95; ( zo ) the other matters under clause ( c) of sub-section ( 3) of section 105; ( zp) the manner and form of proxy voting under sub-s ection ( 4) of section 107; ( zq ) the manner of assigning voting share to creditor under sub-section ( 2) of section 109; ( zr) the manner and form of proxy voting under sub-section ( 3) of section 133; ( zs) the fee to be charged under sub-section ( 1) of section 144; ( zt) the appointment of other officers and employees under sub-section ( 2), a nd the salaries and allowances payable to, and other terms and condit ions of s ervice of, such officers and employees of the Board under sub-section ( 3), of section 194; ( zu) t he other infor mation under clause ( i) of sub-section ( 1) of section 196; ( zv ) the intervals in which the periodic study, research and a udit of the functioning and performance of the insolvency professional agencies, insolvency professionals and information utilities under clause ( r), and mechanism for disposal of assets under clause ( t), of sub-section ( 1) of section 196; ( zw ) the place and the time for discovery a nd production of books of account and other documents under clause ( i) of sub-section ( 3) of section 196; ( zx ) the other committees to be constituted by the Board and the other members of such committees under s ection 197; ( zy ) the other persons under clause ( b) and clause ( d) of section 200; ( zz) the form and the manner of application for registration, the particulars to b e contained therein and the fee it shall accompany u nder sub-section ( 1) of section 201; ( zza ) the form and manner of issuing a cer tificate of registration and the terms and conditions thereof, under sub-section ( 3) of section 201; ( zzb ) the manner of renewal of the certificate of registration and the fee therefor, under sub-section ( 4) of section 201; ( zzc ) the other ground under clause ( d) of sub-section ( 5) of section 201; ( zzd ) the form of appeal to the National Company Law Appellate Tribunal, the period within which it shall be filed under section 202; ( zze ) the other information under clause ( g) of section 204; ( zzf ) the other grounds under Explanation to section 196; ( zzg ) the setting up of a governing boa rd for its internal governance and mana gement under cla u se ( e), the curriculum under clause ( l), the manner of conducting examination under clause ( m) , of section 196; ( zzh ) the time within which, the manner in which, and the fee for registration of insolvency professional under sub-section ( 1) of section 207; ( zzi ) the categories of professionals or persons, the qualifications and experience a nd the fields under sub-section ( 2) of section 207; ( zzj ) the manner and the conditions subject to which the insolvency professional shall p erform his function under clause ( f) of sub-section ( 2) of section 208; - 96 - Ex-419/2016 (zzk ) the form and manner in which, and the fee for registration of information utility under sub-section ( 1) of section 210; ( zzl ) the form a nd manner for issuing certificate of r egistra tion and the terms and conditions thereof, under sub-section ( 3) of section 210; ( zzm ) the manner of renewal of the certifica te of r egistration and the fee ther efor, under sub-section ( 4) of section 210; ( zzn ) the other ground under clause ( d) of sub-section ( 5) of section 210; ( zzo ) the form, the period and the manner of filling appeal to the National Company Law Appellate Tribunal under section 211; ( zzp ) the number of independent members under section 212; ( zzq ) the services to be provided by infor mation utility and the terms and conditions under section 213; ( zzr ) the form and manner of accepting electronic submissions of financial information under clause ( b) and clause ( c) of section 214; ( zzs ) t he minimum service qua lity standards under clause ( d) of section 214; ( zzt ) the infor mation to be accessed and the manner of accessing such information under clause ( f) of section 214; ( zzu ) the statistical information to be published under clause ( g) of section 214; ( zzv ) the form, the fee and the manner for submitting or accessing information under sub-section ( 1) of section 215; ( zzw ) the for m a nd manner for submitting financial information and information relating to assets under sub-section ( 2) of section 215; ( zzx ) the manner and the time within which financial informa tion ma y be upda ted or modified or rectified under section 216; ( zzy ) the form, manner and time of filing complaint under s ection 217; ( zzz ) the time and manner of carrying out inspection or investiga tion under sub- section ( 2) of section 218; ( zzza ) the manner of car rying out inspection of insolvency p rofessional agency or insolvency professional or information utility and the time for giving reply under section 219; ( zzzb ) the procedure for claiming restitution under sub-section ( 6), the period within which such r estitution may be claimed and the manner in which rest itution of amount may be made under sub-section ( 7) of section 220; ( zzzc ) the other funds of clause ( c) of sub-section ( 1) of section 222. 241.Every rule and every regulation made under this Code shall b e laid, as soon as may be after it is made, before each House of Parliament, while it is in session, for a tota l period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the rule or regulation or both Houses agree that the rule or regula tion should not be made, the rule or regulation shall thereaft er have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule or regulation. 242.( 1) If any difficult y arises in giving effect to the provisions of this Code, the Central Government may, by order, published in the Official Gazette, make such provisions not inconsistent with the provisions of this Code as may appear to be necessary for removing the difficu lty: Rules and regulations to be laid before Parliament. Power to remove difficulties. - 97 -Ex-419/2016 Provided that no order sha ll be made under this section after the expiry of five year s from the commencement of this Code. (2) Every order made under this section shall be la id, as soon as may be after it is made, before each House of Parliament. 243.( 1) The Presidency Towns Ins olvency Act, 1909 and the Provincial Insolvency Act, 1920 a re her eb y r epea led. ( 2) Notwithstanding the repeal under sub-sections ( 1),— ( i) all proceedings p ending under and relating to the Presidency Towns Insolvency Act 1909, and the Provincial Insolvency Act 1920 immediately before the commencement of this Code shall continue to be governed under the afor ementioned Acts and be heard a nd disp osed of by the concerned courts or tribunals, as if the afor ementionedActs have not been repea led; ( ii) any order, rule, notifica tion, regulation, appointment, conveya nce, mortgage, deed, document or agreement made, fee directed, resolution passed, direction given, p roceeding taken, instr ument executed or issued, or thing done under or in pursuance of any repealed enactment shall, if in force at the commencement of this Code, continue to be in force, and shall have effect as if the afor ementioned Act s have not been repea led; ( iii) anything done or any action taken or pur ported to have been done or taken, including any rule, notification, inspection, order or notice made or issued or a ny appointment or declaration made or any operation undertaken or any direction given or any pr oceeding taken or any penalt y, punishment, forfeiture or fine imposed under the r epealed ena ctments sha ll be deemed va lid; ( iv) a ny p r inc ip le or r u le of la w, or es t a b lis hed j u r is dict ion, for m or cou r s e of pleading, practice or procedure or existing usage, custom, privilege, restriction or exemption shall not be affected, notwithsta nding that the same r espectively may have been in any manner affirmed or recognised or derived by, in, or from, the r epealed ena ctment s; ( v) any prosecution instituted under the repealed enactments and pending immediately before the commencement of this Code before any cour t or tribunal shall, subject to the provisions of this Code, continue to be heard and disposed of b y the concerned court or tribunal; ( vi) any person appointed to any office under or by virtue of a ny repealed enactment shall continue to hold such office unt il such time as ma y be prescribed; and ( vii ) any jurisdiction, custom, liability, right, title, privilege, restrict ion, exemption, usage, practice, procedure or other matter or thing not in existence or in force shall not be r evised or restored. ( 3) The mention of particular matters in sub-section ( 2) shall not be held to prejudice the general application of section 6 of the General Clauses Act, 1897 with regard to the effect of repeal of the repealed enactments or provisions of the enactments mentioned in the Schedule. 244.( 1) Until the Board is cons tituted or a financia l sector regulator is designated under section 195, as the case may be, the powers and functions of the Board or such designated financia l sector regulator, including its power to make regulations, shall be exer cised by the Central Government. 3 of 1909. 5 of 1920. 10 of 1897.Repeal of certain enactments and savings. Transitional provisions. - 98 - Ex-419/2016 (2) Without prejudice to the generality of the power under sub-section ( 1), the Central Government may by regulations pr ovide for the following matters:— ( a) recognition of persons, categories of professionals and persons having such qualifications and experience in the field of finance, law, ma nagement or insolvency a s it deems necessary, as insolvency p rofessionals and insolvency professional agencies under this Code; ( b) recognition of persons with technological, statistical, and data protection capability as it deems necessary, as information utilities under this Code; and ( c) conduct of the corporate insolvency resolution process, insolvency resolution process, liquidation process, fresh start process and bankruptcy process under this Code. 245.The Indian Partnership Act, 1932 shall be amended in the manner specified in the First Schedule. 246.The Central Excise Act, 1944 shall be amended in the manner specified in the Second Schedule. 247.The Income- tax Act , 1961 shall be amended in the manner specified in the Thir d Schedule. 248.The Customs Act, 1962 shall be amended in the manner specified in the Fourth Schedule. 249.The Recovery of Debt s due to Banks and Financial Institutions Act , 1993 shall be a mended in the manner specified in the Fifth Schedule. 250.The Finance Act, 1994 shall be amended in the manner specified in the S ixth Schedule. 251.The Securitisation and Reconstruct ion of F inancia l Assets and Enforcement of Secu rity Int erest Act, 2002 sha ll be amended in t he manner specified in the Seventh Schedule. 252.The Sick Industrial Companies (Special Provisions) Repeal Act, 2003 shall be amended in t he manner specified in the Eighth Schedule. 253.The Payment and Settlement Systems Act, 2007 shall be amended in the ma nner specified in the Ninth Schedule. 254.The Limited Liability Partnership Act, 2008 shall be amended in the ma nner specified in the Tenth S chedule. 255.The Companies Act , 2013 shall be amended in the manner specified in t he Eleventh Schedule. Amendments of Act 9 of 1932. Amendments of Act 1 of 1944. Amendments of Act 43 of 1961. Amendments of Act 52 of 1962. Amendments of Act 51 of 1993. Amendments of Act 32 of 1994. Amendments of Act 54 of 2002. Amendments of Act 1 of 2004. Amendments of Act 51 of 2007. Amendments of Act 6 of 2009. Amendments of Act 18 of 2013. - 99 -Ex-419/2016 THE FIRST SCHEDULE (See section 245) AMENDMENT TO THE INDIAN PARTNERSHIP ACT, 1932 ( 9 OF 1932) 1. In section 41, clause ( a) sha ll be omitted. THE SECOND SCHEDULE ( See section 246) AMENDMENT TO THE CENTRAL EXCISE ACT, 1944 (1 of 1944) 1. In section 11E, for the words, figures and br ackets “ and the Securitisation and Reconstr uction of Financial Assets and the Enforcement of Security Interest Act, 2002 (54 of 2002) “, the words, figures and brackets “the Securitisation and Reconstr uction of Financial Assets and the Enforcement of Security Interest Act, 2002 (54 of 2002) and the Insolvency and Bankruptcy Code, 2016” shall be substituted. THE THIRD SCHEDULE ( See section 247) AMENDMENT TO THE INCOME-TAX ACT, 1961 (43 OF 1961) In sub-section ( 6) of section 178, after the words “for the time being in force”, the words and figures “except the pr ovisions of the Insolvency and Bankr uptcy C ode, 2016” shall be inserted. THE FOURTH SCHEDULE ( See section 248) AMENDMENT TO THE CUSTOMS ACT, 1962 (52 OF 1962) In section 142A, for the words a nd figures “and the S ecuritisation and Reconstruction of F inancia l Assets and the Enforcement of Security Interest Act, 2002 (54 of 2002)”, the words a nd figures “ the Securitisation and Reconstruction of Financial Assets and the Enforcement of Securit y Interest Act , 2002 and the Insolvency and Bankruptcy Code, 2016” shall be substituted. THE FIFTH SCHEDULE ( See section 249) AMENDMENT TO THE RECOVERY OF DEBTS DUE TO BANKS AND FINANCIAL INSTITUTIONS ACT, 1993 (51 OF 1993) 1. In the long title, after the words “financial institutions”, the words “, insolvency resolution a nd bankruptcy of individuals and par tnership firms” shall be inserted, namely:—. - 100 - Ex-419/2016 2. In section 1,— (a) in sub-section ( 1), for the words “Due to Banks and Financial Institutions” the words “and Bankruptcy” shall be substituted; ( b) in sub-section ( 4), for the words “ The provision of this Code”, the wor ds “ Save as otherwise provided, the provisions of this Code”, shall be substituted. 3 . I n s ect i on 3 , a f t er s u b -s ect io n ( 1), the following sub-section shall be inserted, namely:— “ ( 1A ) The Cent ra l Government sha ll by notifica tion establish s uch nu mber of Debts Recovery Tribunals and it s benches as it may consider necessary, to exer cise the jurisdiction, powers a nd authority of the Adjudicating Authority conferred on such Tribunal by or under the Insolvency a nd Bankr uptcy Code, 2016.”. 4. In section 8, after sub-section ( 1), the following section shall be inserted, namely:— “ ( 1A ) The Centr al Government shall, by notification, establish such number of Debt Recover y App ellate Tribuna ls to ex ercise jurisdiction, powers and authorit y to entertain appeal against the order made by the Adjudica ting Authority under Pa rt III of the Insolvency and Bankruptcy Code, 2016.”. 5. In section 17,— ( i) after sub-section ( 1), the following sub-section sha ll be inserted, namely:— “ ( 1A ) Without prejudice to sub-section ( 1),— ( a) the Tribunal sha ll exer cise, on and from the date to be appointed by the Central Government, the jurisdiction, powers and authority t o entertain and decide applications under Part III of Insolvency and Bankruptcy Code, 2 016. (b) the Tribunal shall have circuit sittings in all district headquarters.” ( ii) after sub-section ( 2), the following sub-section shall be inserted, namely:— “ ( 2A ) Without prejudice to sub-section ( 2), the Appellate Tribunal shall exercise, on and from the date to be appointed by the Central Government, the jurisdiction, powers and authority to entertain appeals against the order made by the Adjudica ting Authority under Part III of the Insolvency and Bankruptcy Code, 2016.”. 6. After section 19, the following section shall be inserted, namely:— “19A. The application made to Tribunal for exercising the powers of the Adjudicating Authority under the Insolvency and Bankr uptcy Code, 2016 shall be dealt with in the manner as provided under that Code.”. 7. In section 20, in sub-section ( 4) , after the word, brackets and figure “sub- section ( 1) “, the wor ds, bra ckets and figur es “or under sub-section ( 1) of section 181 of t he Insolvency and Bankruptcy Code, 2016” shall be inserted. - 101 -Ex-419/2016 THE SIXTH SCHEDULE (See section 250 ) AMENDMENT TO THE FINANCE ACT, 1994 (32 OF 1994) In section 88, for the words and figures “and the Securitisation and Reconstr uction of Financial Assets and the Enforcement of Security Interest Act, 2002 (54 of 2002)”, the words and figures “the Securitisation and Reconstruction of Financial Assets and the Enforcement of Security Interest Act, 2002 and the Insolvency and Bankruptcy Code, 2016” shall be substituted. THE SEVENTH SCHEDULE ( See section 251) AMENDMENT TO THE SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002 (54 OF 2002) In section 13, in sub-section ( 9), for the words “In the case of”, the words and figures “Subject to the pr ovisions of the Insolvency and Bankruptcy Code, 2016, in the case of” shall be substituted. THE EIGHTH SCHEDULE ( See section 252) AMENDMENT TO THE SICK INDUSTRIAL COMPANIES (SPECIAL PROVISIONS) REPEAL ACT, 2003 (1 OF 2004) In section 4, for sub-clause ( b), the following sub-clause sha ll be substituted, na mely— “ ( b) On such da te as may be notified by the Central Government in this behalf, any appeal preferred to the Appellate Authority or any reference made or inquiry pending to or befor e the Board or any proceeding of whatever na ture pending before the Appella te Authority or the Board under the S ick Industrial Companies (Special Provisions) Act,1985 (1 of 1986) shall stand abated: Provided that a company in respect of which such appeal or reference or inquiry stands abated under this clause may make reference to the National Company Law Tribuna l under the Insolvency and Bankruptcy Code, 2016 within one hundred and eighty days from the commencement of the Insolvency a nd Bankruptcy C ode, 2016 in accordance with the provisions of the Insolvency and Bankruptcy Code, 2016: Provided further that no fees shall be payable for ma king such reference under Insolvency and Bankruptcy Code, 2016 by a company whose appeal or r eference or inquiry sta nds aba ted under this clause.”. - 102 - Ex-419/2016 THE NINTH SCHEDULE (See section 253) AMENDMENT TO THE PAYMENT AND SETTLEMENT SYSTEMS ACT, 2007 (51 OF 2007) 1. In section 23, in sub-sections ( 4), ( 5) and ( 6), a fter the words and figures “the Banking Regulation Act, 1949 (10 of 1949)” “the Companies Act, 2013 (18 of 2013)”, the words a nd figures “or the Insolvency and Ba nkruptcy Code, 2016” s hall be insert ed. 2 . In s ect ion 2 3 A, in s u b -sect ion ( 3), after the words and figures “the Companies Act, 2013", the words and figures “or the Insolvency a nd Bankruptcy Code, 2016” shall be inserted. THE TENTH SCHEDULE ( See section 254) AMENDMENT TO THE LIMITED LIABILITY PARTNERSHIP ACT, 2008 (6 OF 2009) In section 64, Clause ( c) sha ll be omitted. THE ELEVENTH SCHEDULE ( See section 255) AMENDMENTS TO THE COMPANIES ACT, 2013 (18 OF 2013) 1. In section 2,— ( a) for clause ( 23 ), the following clause shall be substituted, namely:— “( 23 ) “Company Liquida tor” means a person appoint ed by the Tribunal as the Company Liquidator in accordance with the provisions of section 275 for the winding up of a company under this Act;”; ( b) after clause ( 94 ) , the following clause shall be inserted, namely:— “( 94A ) “winding up” means winding up under this Act or liquida tion under the Insolvency and Bankruptcy Code, 2016, as applicable.”. 2. In section 8, in sub-section ( 9), for the words “the Rehabilitation and Insolvency Fund formed under section 269”, the words “ Insolvency and Bankruptcy Fund formed under section 224 of the Insolvency and Ba nkruptcy Code, 2016” s hall be substituted. 3. In section 66, in sub-section ( 8), for the words, brackets and figures “ is unable, within the meaning of sub-section ( 2) of section 271, to pay the amount of his debt or cla im,”, the words and figures “ commits a defa ult, within the meaning of section 6 of the Insolvency and Ba nkruptcy Code, 2016, in respect of the amount of his debt or claim,” shall be substituted. - 103 -Ex-419/2016 4. In sections 77, in sub-section (3), a fter the words “the liquidator ”, the words and figures “appointed under this Act or the Ins olvency and Bankruptcy Code, 2016, as t he ca se may be,” sha ll be inser ted. 5. In section 117 in sub-section (3), in clause (f), for the word and figures “section 304”, the words a nd figures “section 59 of the Insolvency and Bankruptcy Code, 2016” shall be substituted. 6. In section 224, in sub-section ( 2), a fter the words “ wound up under this Act”, the words and figur es “or under the Insolvency a nd Bankruptcy Code, 2016” shall be inserted. 6A. In section 230,— ( a) in sub-section ( 1), a fter the word “ liquida tor”, the words “appointed under this Act or under t he Insolvency a nd Bankruptcy Code, 2016, as the case may be,” shall be inserted; ( b) in sub-section ( 6), a fter the word “on the liquida tor ”, the wor ds “appointed under this Act or under the Insolvency and Bankruptcy Code, 2016, as t he case may be,” sha ll be inser ted; 7. In section 249, in sub-section ( 1), f or cla u s e ( e), the following cla use shall be substituted, namely:— “ ( e) is being wound up under Chapter XX of t his Act or under the Insolvency a nd Bankr uptcy C ode, 2016.”. 8. Sections 253 to 269 shall be omitted. 9. For section 270, the following section shall be substituted, namely:— “270. The provisions of Pa rt I shall apply to t he winding up of a company by the Tribunal under this Act.”. 10. For section 271, the following section shall be substituted, namely:— “271. A company may, on a petition under section 272, be wound up by the Tribunal, — ( a) if the company has, by special resolution, resolved that the company be wound up by the Tribunal; ( b) if the company has acted against the interests of the sovereignty and integrity of India, the security of the Sta te, friendly relations with foreign States, public order, decency or morality; ( c) if on an application made by the Registrar or any other person authorised by the Central Government by notification under this Act, the Tribunal is of the opinion that the affair s of the company have been conducted in a fraudulent manner or the company was formed for fraudulent a nd unla wful purpose or the persons concerned in the formation or management of its affairs have been guilty of fraud, misfeasance or misconduct in connection therewith and that it is proper that the company be wound up; ( d) if the company ha s made a default in filing with the Registrar its financial statements or annual returns for immediately preceding five consecutive financial year s; orCir cumstances in which com - pany may be wound u p by Tribunal.Winding up by Tribunal. - 104 - Ex-419/2016 (e) if the Tr ibunal is of the opinion that it is just and equitable that the company should be wound up.”. 12. For section 272, the following section shall be substituted, namely:— “272. ( 1) Subject to the provisions of this section, a petition to the Tribunal for the winding up of a company sha ll be p resented by— ( a) the company; ( b) any contr ibutory or cont ributor ies; ( c) a ll or any of the persons specified in cla uses ( a) and ( b); ( d) t he Registr ar; ( e) any person author ised by the Central Government in tha t behalf; or ( f) in a case falling under clause ( b) of section 271, by the Central Government or a State Government. ( 2) A contributory shall be entitled to pr esent a petition for the winding up of a company, notwithsta nding that he may be the holder of fully paid-up sha res, or that the company may have no assets at all or may have no surplus assets left for distribution among the shareholders aft er the satisfaction of its lia bilities, and shares in respect of which he is a contr ibutory or some of them were either or iginally allotted to him or have been held by him, and registered in his name, for at least six months during the eighteen months immediately before the commencement of the winding up or have devolved on him thr ough the death of a former holder. ( 3) The Regist rar sha ll be entitled to present a petition for winding up under section 271, except on the grounds specified in clause ( a) or clause ( e) of that sub- section: Provided tha t the Registrar shall obtain the previous sanction of the Central Government to the presenta tion of a petit ion: Provided fu rther tha t the Central Government shall not accord its sanct ion unless the company has been given a reasonable opportunity of making representations. ( 4) A petition presented by the company for winding up before the Tribunal shall be admitted only if a ccompanied by a statement of affairs in such form and in such manner a s may be prescribed. ( 5) A copy of the petition made under this section shall also be filed with the Registra r and the Registrar shall, without prejudice to any other provisions, submit his views to the Tribunal wit hin sixty days of receipt of such petition.”. 13. In section 275,— ( a) for sub-section ( 2), the following sub-section sha ll be substituted, namely:— “( 2) The pr ovisional liquidator or the Company Liquidator, as the case may, shall be appointed by the Tribunal from amongst the insolvency professiona ls registered under the Insolvency and Bankr uptcy Code, 2016;”; ( b) sub-section ( 4) sha ll be omitted. 14. For section 280, the following section shall be substituted, namely:— “280. T he Tribunal shall, notwithstanding anything contained in any other law for the time being in force, have jurisdiction to enterta in, or dispose of,— ( a) any suit or proceeding by or against t he company; ( b) any claim made by or aga inst the compa ny, including claims by or against any of its branches in India; Petition for winding up. Ju risdiction of Tribunal. - 105 -Ex-419/2016 (c) any application made under section 233; ( d) any quest ion of priorit ies or any other question whatsoever, whether of law or facts, including those relating to assets, business, actions, rights, entitlements , privileges, b enefits, duties, responsibilities, obligations or in any matter arising out of, or in relation to winding up of the company, whether such suit or proceeding has been instituted, or is instituted, or such claim or question has arisen or arises or such application has been made or is made or such scheme has been submitted, or is submitted, before or after the order for the winding up of the company is made.”. 15. S ection 289 shall be omit ted. 15A. The heading “Part II. —Voluntary winding up” shall be omitted. 16. Sections 304 to 323 shall be omitted. 17. S ection 325 shall be omit ted. 18. For section 326, the following section shall be substituted, namely:— “326. ( 1) In the winding up of a company under this Act, the following debts shall be paid in priority to all other debts:— ( a) workmen’s dues; and ( b) where a secured creditor has realised a secured asset, so much of the debts du e to such secur ed creditor as could not be realised by him or the amount of the workmen’s portion in his security (if paya ble under the law), whichever is les s, pari passu with the wor kmen’s dues: Provided tha t in case of the winding up of a compa ny, the sums referred to in sub-clauses ( i) and ( ii) of clause ( b) of the Explanation, which are payable for a period of t wo years preceding the winding up order or such other period as ma y be prescribed, shall be paid in priority to all other debts (including debts due to secured creditors), within a period of thirty days of sa le of assets and shall be subject to such char ge over the security of secured creditors as may be prescribed. ( 2) The debts payable under the pr oviso to sub-section ( 1) shall be paid in full before any payment is made to secured creditors and thereafter debts payable under that sub- section shall be paid in full, unless the assets are insufficient to meet t hem, in which ca se they shall a bate in equal proportions. Explanation .—For the purposes of this section, and s ection 327— ( a) “workmen’’, in relation to a company, means the employees of the company, being workmen within the meaning of clause ( s) of section 2 of the Industrial Disputes Act, 1947 (14 of 1947); ( b) “workmen’s dues’’, in relation to a company, means the aggregate of the following sums due fr om the company to its workmen, namely:— ( i) all wages or salary including wages payable for time or piece work and salary ear ned wholly or in part by way of commission of any workman in respect of services rendered to the company and any compensation payable to any workman under any of the pr ovisions of the Industrial Disputes Act, 1947 (14 of 1947);Overriding preferential payments. - 106 - Ex-419/2016 (ii) a ll accrued holida y remuneration becoming payable to any workman or, in the case of his death, to any other person in his right on the termina tion of his employment before or by the effect of the winding up order or resolution; ( iii) unless the company is being wound up voluntarily merely for the purposes of reconstruction or amalgamation with another company or unless the company has, at the commencement of the winding up, under such a contr act with insur ers as is mentioned in section 14 of the Workmen’s Compensation Act, 1923 (19 of 1923), rights capable of being transferred to and vested in the workmen, all amount due in respect of any compensa tion or liability for compensation under the said Act in resp ect of the death or disablement of a ny workman of the company; ( iv) all sums due to any workman from the provident fund, the pension fund, the gratuit y fund or any other fu nd for the welfare of the workmen, ma intained by t he company; ( c) “workmen’s portion’’, in relation to the security of any secured creditor of a company, means the amount which bear s to the value of the security the same propor tion as the amount of the workmen’s dues bears to the aggregate of the amount of workmen’s dues and the amount of the debts due to the secured creditors. Illustration The value of the security of a secured creditor of a company is Rs. 1,00,000. The total amount of the wor kmen’s dues is Rs. 1,00,000. The amount of t he debts due from the company to its secured creditors is Rs.3,00, 000. The aggregate of the amount of workmen’s dues and the amount of debts due to secured creditors is Rs. 4,00,000. The workmen’s portion of the secur ity is, therefore, one-fourth of the value of the security, that is Rs. 25,000.”. 19. In section 327,— ( a) after sub-section ( 6), the following sub-section shall be inserted, namely:— “ ( 7) Sections 326 and 327 shall not be applicable in the event of liqu idation under t he Insolvency a nd Bankr uptcy Code, 2016.”; ( b) in the Expla na tion , for clause ( c), the following clause shall be substituted, namely:— “( c) the expr ess ion “r eleva nt date” means in the case of a compa ny being wound up by the Tribunal, the date of appointment or first appoint ment of a pr ovisiona l liquidator, or if no such appointment was ma de, the date of the winding up order, unless, in either case, the company had commenced to be wound up voluntarily befor e that date under the Insolvency and Bankruptcy Code, 2016;”. 20. For section 329, the following section shall be substituted, namely:— “329. Any transfer of property, movable or immovable, or any delivery of goods, made by a company, not being a tra nsfer or delivery made in the ordina ry course of its business or in favour of a purchaser or encumbrancer in good faith and for va luable cons ideration, if made within a period of one year before the present ation of a petition Transfers not in good faith to be void. - 107 -Ex-419/2016 for winding up by the Tribunal u nder this Act shall be void against the Company Liquidator.”. 21. For section 334, the following section shall be substituted, namely:— “334. In the case of a winding up by the Tribuna l, any disposit ion of the property including actionable cla ims, of t he company and any transfer of shares in the company or alteration in the status of its members, made after the commencement of the winding up shall, unless the Tribunal otherwise orders, be void.”. 22. In section 336, in sub-section (1) , in the opening paragr aph, for the words “whether by the Tr ibunal or voluntarily, or which is subsequently ordered to be wound up by the Tr ibunal or which subsequently passes a resolution for voluntary winding up”, the words “by the Tr ibunal under this Act or which is subsequently or dered t o be wound up by the Tribunal under this Act” shall be substituted. 23. In section 337, for the words “or which subsequently passes a resolution for voluntar y winding up,”, the wor ds “under this Act”, shall be substituted. 24. In section 342, sub-sections ( 2), ( 3) and ( 4) sha ll be omitted. 25. In section 343, for sub-section ( 1) , the following sub-section shall be substituted, namely— (1) The Company liquidator may, with the sanction of the Tribunal, when company is being wound up by the Tribunal,— ( i) pa y any class of creditors in full; ( ii) make any compromise or arrangement with creditors or persons claiming to be creditors, or having or alleging themselves to have any claim, present or future, certain or contingent, against the company, or whereby the company ma y be rendered liable; or ( iii) compromise any ca ll or liabilit y to call, debt, and liability capable of resu lting in a debt, and any claim, present or future, certain or contingent, ascertained or sounding only in damages, subsisting or alleged to subsist between the company and a contributory or alleged contributory or other debtor or person appr ehending liability to the company, a nd all questions in a ny way relating to or a ffecting the a ssets or liabilities or the winding up of the compa ny, on such terms as may be agr eed, and take any security for the discharge of any such call, debt, liability or claim, and give a complete discharge in respect thereof.”. 26.In section 347, for sub-section ( 1), the following sub-section shall be substituted, namely— “( 1) When the affairs of a company have been completely wound up and it is about to be dissolved, the books a nd papers of such compa ny and those of the Company Liquida tor ma y b e disposed of in s uch ma nner as the Tr ibuna l directs.”. 27. In section 348, for sub-section ( 1), the following sub-section shall be substituted, namely—Transfer, etc., after commence- ment of winding up to be void. - 108 - Ex-419/2016 “(1) If the winding up of a company is not concluded within one year after its commencement, the Company Liquidator shall, unless he is exempted from so doing, either wholly or in part by the Central Government, within two months of the expiry of such year and thereafter until the winding up is concluded, at intervals of not more than one year or at such shor ter int ervals, if any, as may be prescribed, file a statement in such for m conta ining such par ticular s as may be prescribed, duly a udited, by a person qualified to act as auditor of the company, with resp ect to the proceedings in, a nd position of, the liquidation, with the Tribunal: Provided that no su ch audit as is referred to in this sub-section shall be necessary where the provisions of section 294 apply;”. 28. For section 357, the following section shall be substituted, namely:— “357. T he winding up of a company by the Tribunal under this Act shall be deemed to commence at the time of the presentation of the petit ion for the winding u p.”. 29. In section 370, in the proviso, after the words “obtained for the winding up the company”, the words “in accor dance with the provisions of this Act or of the Insolvency and Bankruptcy Code, 2016” shall be inserted. 30. In section 372, after the words “The provisions of this Act”, the words “or of the Insolvency a nd Bankr uptcy Code, 2016, as the case may be,” shall be inserted. 31. In section 419, for sub-section ( 4), the following sub-section shall be substituted, namely:— “( 4) The Central Government shall, by notification, establish such number of benches of the Tribunal, as it may consider necessary, to exercise the jurisdiction, powers and authority of the Adjudica ting Aut hority conferred on such Tribunal by or under Part II of the Insolvency and Bankr uptcy Code, 2016.”. 32. In section 424,— ( i) in sub-section ( 1), a fter the words, “other provisions of this Act”, the words “or of the Insolvency and Bankruptcy Code, 2016” shall b e inserted; ( ii) in sub-section ( 2), a fter the words, “under this Act”, the words “or under the Insolvency and Bankruptcy Code, 2016" shall be inserted. 33. In section 429, for sub-section ( 1), the following sub-section shall be substituted, namely:— “( 1) The Tribunal may, in any proceedings for winding up of a company under this Act or in any proceedings under the Insolvency and Bankruptcy Code, 2016, in order to ta ke into cu stody or under its control all property, books of account or other documents, request, in writ ing, the Chief Metropolitan Magistrate, Chief Judicial Magistr ate or the District Collector within whose jurisdiction any such property, books of account or other documents of such company under this Act or of corporate persons under the said Code, are situated or found, to take possession thereof, and the Chief Metropolitan Magistrate, Chief Judicial Magistrate or the District Collector, as the case may be, shall, on such request being made to him,— Commence- ment of winding up by Tribunal. - 109 -Ex-419/2016 (a) take possession of such property, books of account or other documents; and ( b) ca use the same to be entrusted to the Tribuna l or other persons authorised by it.”. 34. For section 434, the following section shall be substituted, namely:— “434. ( 1) On such da te as may be notified by the Central Government in this behalf,— ( a) all matters, proceedings or ca ses pending befor e the Boa rd of Company Law Administration (herein in this section referred to as the Company Law Board) constit uted under sub-section ( 1) of section 10E of t he Compa nies Act, 1956 (1 of 1956), immediately before such date shall stand transferred to the Tribunal and the Tribunal shall dispose of such matters, pr oceedings or cases in accordance with t he provisions of this Act; ( b) any person aggrieved by any decision or order of the Company Law Boar d made before such date may file an appeal to the High Court within s ixty days from the date of communication of the decision or order of the Company Law Board t o him on any question of law arising out of such or der: Provided that the High Court may if it is satisfied that the appellant was prevented by sufficient cause from filing an appeal within the said period, allow it to be filed within a fur ther period not exceeding sixty days; and ( c) all proceedings under the Companies Act, 1956 (1 of 1956), including proceedings relating to arbitration, compromise, arrangements and reconstruction and winding up of companies, pending immediately befor e such date before any District Court or High Court, shall stand transferred to the Tribunal and the Tribunal may proceed to deal with such proceedings from the st age before their transfer: Provided tha t only such pr oceedings relating to the winding up of compa nies shall be transferred to the Tribunal that are at a stage as may be prescribed by the Centr al Government. ( 2) T he Centr al Government may make rules consistent with the pr ovisions of this Act to ensure timely transfer of a ll matters, proceedings or ca ses pending before the Company Law Boa rd or the cour ts, to t he Tribunal under this section.”. 35. In section 468, for sub-section (2), the following sub-section shall be substituted, namely :— “ ( 2) In particular, and without prejudice to the generalit y of the foregoing power, such rules may provide for all or any of the following matters, namely:— ( i) as to the mode of proceedings to be held for winding up of a company by t he Tribunal under this Act; ( ii) for the holding of meetings of creditor s and members in connection with proceedings under s ection 230; ( iii) for giving effect to the provisions of this Act as to the reduction of the capital; ( iv) generally for all applica tions to be made to the Tribunal under the provisions of this Act; ( v) the holding and conducting of meetings to ascertain the wishes of creditors a nd contributor ies; Transfer of certain pending proceedings. - 110 - Ex-419/2016 (vi) the settling of lists of contributories and the rectifying of the register of members where required, and collecting and a pplying the assets; ( vii ) the payment, delivery, conveyance, surr ender or transfer of money, property, books or papers to the liquida tor; ( viii ) the making of calls ; and ( ix) the fixing of a time within which debts and claims shall b e proved.”. 36. In Schedule V, in Part II, in section III, for clause ( b), the following clause shall be substituted, namely:— “( b) where the company— ( i) is a newly incorporated company, for a period of seven years from the date of its incor poration, or ( ii) is a sick company, for whom a scheme of revival or rehabilitation has been ordered by the Board for Indu strial and Fina ncial R econstr uction for a period of five years from the da te of sanction of scheme of revival, or ( iii) is a company in relation to which a resolution plan has been approved by the National Company L aw Tribunal under the Insolvency and Bankruptcy Code, 2016 for a period of five years from the date of such approval, it may pay r emunera tion up to two times the amount permissible under section II.”. The above Bill has been pa ssed by the Houses of Parliament.Published and Issued by Controller, Printing & Stationery Department, Government of Mizoram Printed at the Mizoram Government Press, Aizawl. C/60

The Mizoram Gazette EXTRA ORDINARY Published by Authority RNI No. 27009/1973Postal Regn. No. NE-313(MZ) 2006-2008VOL - XLV Aizawl, Wednesday 19.10.2016 Asvina 27, S.E. 1938, Issue No. 420 NOTIFICATIONNo. H. 12017/55/2016-LJD, the 13th October, 2016.The following Act is hereby re-published for general information. The Dr. Rajendra P rasad C entral Agriculture Universit y Act, 2016 (No. 32 of 2016) Zahmingthanga Ralte, Joint Secretary to the Govt. of Mizoram, Law & Judicia l Department. THE DR. RAJENDRA PRASAD CENTRAL AGRICULTURAL UNIVER SITY ACT, 2016 AN ACTAn Act to provide for the establishment and incorporation of a University by conversion of the existing Rajendra Agricultural University, Pusa, Bihar to Dr. Rajendra Prasad Central Agricultural University for the development of agriculture and for the furtherance of the advancement of learning and pursuit of research in agriculture and allied sciences and to declare it to be an institution of na tional importa nce. It is enact ed by P arliament in t he Sixty-seventh Year of the Republic of India as follows:— 1.( 1) This Act may be called the Dr. Rajendra Prasad Central Agricultural University Act, 2016. ( 2) It shall come int o force on such date as the Central Government may, by notification in the Officia l Gazette, appoint.Short title and com- mencement. - 2 - Ex-420/2016 2.Whereas the objects of t he institution known as the Dr. Rajendra Pr asad Central Agr icultur al University a re such as to make the institution one of t he national importance, it is hereby declared that the institution known as the Dr. Rajendra Pr asad Central Agricultura l University is an institution of na tional importa nce. 3.In this Act, and in all Sta tutes ma de hereunder, unless the context otherwise requir es,— (a) “Academic Council” means the Academic Council of the University; ( b) “academic staff” means such categories of staff as are designated as academic staff by the Ordinances; ( c) “a griculture” mea ns the basic and applied sciences of the soil and water management, crop production including production of all garden cr ops, cont rol of plants, pests a nd diseases, horticulture including floriculture, animal husbandry including veterinary and dairy science, fisheries, forestr y including farm forestry, home- science, agricultural engineering and technology, marketing and processing of a gricult ural and animal husbandry products, land use and mana gement ; ( d) “Board” means the Board of Mana gement of the University; ( e) “Board of Studies” means the Board of Studies of the University; ( f) “Chancellor” means the Chancellor of the University; ( g) “college” means a constituent college of the University whether loca ted a t the hea dquarters, ca mpus or elsewhere; ( h) “Department” means a Department of Studies of the University; ( i) “employee” means any person appointed by the University and includes teachers a nd other staff of the University; ( j) “extension education” means the educational activities concerned with the tr aining of orchardists, farmers and other gr oups serving agricult ure, horticultur e, fisheries a nd impr oved pr actices related thereto and the var ious phases of scientific technology related to agriculture and agricultural production including post-harvest technology and marketing; ( k) “F aculty” means Faculty of the University; ( l) “Ordinances” means the Or dinances of the University; ( m) “Regulations” means the Regulations made by any prescribed authority of the University; ( n) “Research Advisory Committee” means the Research Advisory Committee of the University; ( o) “Statutes” means the Statutes of the University; ( p) “student” means a person enrolled in the Universit y for undergoing a cour se of study for obtaining a degree, diploma or other a cademic distinction duly instituted; ( q) “teachers” means Professors, Associate Professors, Assistant Professors, Teaching Faculty Members and their equivalent appointed for imparting instruction or conducting research or extension education programmes or combination of t hese in the University, college or a ny institute ma intained by the University and designa ted as t eachers by the Ordinances; ( r) “ University” means the Dr. Rajendra Prasad Central Agricultural University established under this Act; ( s) “Vice-Chancellor” means the Vice-Chancellor of the University; and ( t) “Visitor” means the Visitor of the University. Declaration of Dr. Rajendra Prasad Cent ra l Agricultural University as an institution of national importance. Definitions. - 3 -Ex-420/2016 4.(1) The University established and incorporated under the Bihar Agricultural University Act, 1987, in so far as it r elates to the Rajendra Agricultural Univer sity shall be established as a body corporate under this Act by the name of the ‘‘Dr. Rajendra Pr asad Central Agricultural University’’. ( 2) The headquarters of the University shall be at Pusa in the State of Bihar and it may also establish campuses at such other places within its jurisdiction a s it may deem fit: Provided that the University shall integrate the existing campus and other associated facilities of the Rajendra Agricultural University, Pusa and the effective date of take-over shall be as specified in the notification published in the Official Gazette. ( 3) The first Chancellor, the first Vice-Chancellor and the first members of the Board, the academic Council and all persons who may hereafter become such officers or members, so long as they continue to hold such office or membership are hereby constituted a body corporate by the name of the Dr. Rajendra Pr asad Central Agricultural University. ( 4) The University shall ha ve perpetual success ion and a common seal and shall sue and be sued by the said name. 5.The objects of the University shall be— ( a) to impart education in different branches of agr icultur e and allied sciences as it may deem fit; ( b) to further the advancement of learning and conduct ing of research in agricultural and allied sciences; ( c) to underta ke programmes of extension education in the country with particular attention to the State of Bihar; ( d) to promote partnership and linkages with nationa l and international educational institutions; and ( e) to undertake such other activities as it may, from time to time, determine. 6.The University sha ll have the following power s, namely:— ( i) to make provisions for instruct ions in agricu lture and allied sciences; ( ii) to make provisions for conduct of research in agriculture and allied branches of learning; ( iii) to make provisions for dissemination of the findings of r esearch and technical information through extension programmes; ( iv) to grant, subject to such conditions as it may determine, diplomas or certificates to, a nd confer degrees or other academic distinctions on the basis of examination, evaluation or any other method of testing, on per sons, and to withdraw any such diplomas, certificates, degrees or other academic distinction for good and sufficient ca use; ( v) to confer honorary degrees or other distinctions in the manner prescribed by the Statutes; ( vi) to provide lectur es and instructions for field workers, village lea ders and other persons not enrolled as regular students of the University and to grant certificates to them as may be prescribed by the Statutes; ( vii ) to co-operate or collabor ate or a ssociate with any other University or authority or institution of higher learning in such manner and for such purpose as t he University ma y determine;Esta blishment and incorporation of Dr. Rajendra Prasad Central Agricultural University. Bihar Act 8 of 1988. Objects of the University. Powers of the University. (viii ) to establish and maintain colleges relating to agriculture, horticulture, fisheries, forestr y, veterinary and animal science, dairying, home-science and allied sciences, as necessary; ( ix) to establish and mainta in such campuses, Krishi Vigyan Kendras, special centres, specialised laboratories, libr aries, museums or other units for research and instit ution a s are, in its opinion, necessary for the fur therance of its objects; ( x) to create teaching, research and extension education p osts and to make appointments thereto; ( xi) to create adminis trative, ministerial and other posts and to make appointments thereto; ( xii ) to institute and award fellowships, scholarships, studentships, medals and pr izes; ( xiii ) to determine sta ndards of admission to the Universit y which may include exa mination, evaluation or any other method of test ing; ( xiv ) to provide and maintain residential a ccommodation for students and employees; ( xv ) to supervise the residences of the students of the University and to make arrangements for promoting their health and gener al welfare; ( xvi ) to lay down conditions of service of all categories of employees, including their code of conduct; ( xvii ) to r egula te and enfor ce discipline among the student s a nd t he employees and to take such discip lina ry measures in this regard as it may deem necessary; ( xviii ) to fix, demand and receive such fees a nd other charges as may be prescribed by the Statutes; ( xix ) to borrow, with the approval of the Central Government on the security of its property, money for the purpose of the University; ( xx ) to receive benefa ctions, donations and gifts and to acquire, hold, mana ge and dispose of any property, movable or immovable including trust and endowment properties, for its purposes; and ( xxi ) to do all such other acts and things as may be necessary, incidental or conducive to the attainment of all or any of its objects. 7.( 1) The jurisdiction and responsibilit y of the Univer sity with respect to teaching, research and programmes of extension education at the University level, in the field of agricu lture and allied subjects shall extend to the whole country with specia l reference to the Sta te of Biha r. ( 2) All colleges, directora tes, research stations, experiment stations and Kr ishi Vigyan Kendras of the existing Rajendra Agricultur al University and other institutions coming under the jurisdiction and author ity of the University shall be constituent unit and no other units shall be recognised a s affiliated units. ( 3) The University may assume resp onsibility for the tr aining of field extension workers and others and ma y develop such training centres as may be required in various regions under its jurisdict ion. 8.The University shall be open to persons of every sex, ca ste, cr eed, ra ce or class, and it shall not be lawful for the University to adopt or impose on a ny person, any test whatsoever of religious belief or profession in order to entitle him to be appointed as University open to all cl asses, castes and creed. Jurisdiction.- 4 - Ex-420/2016 a teacher of the University or to hold any other office therein or be admitted as a student in the University or to enjoy or exercise any privilege ther eof: Provided that nothing in this section shall be deemed to prevent the Univer sity from making specia l provisions for the employment or a dmission of women, persons with disability or of persons belonging to the weaker sections of the society and, in particular, of the Scheduled Castes, the Scheduled Tribes and Other Backward Classes. 9.(1) The President of India shall be the Visitor of the University. ( 2) Subject to the provisions of sub-sections ( 3) and ( 4), the Visitor shall have the right to cause an inspection to be made, by such p erson or persons as he may direct, of the University, its buildings, laboratories, libraries, museums, workshops and equipments, and of any institution or college a nd also of the examination, instruction and other work conducted or done by the University, and to cause an inquiry to be made in like manner in respect of any matter connected with the administration and fina nces of the University. ( 3) The Visitor shall, in every case, give notice to the University of his intention to cause, a n inspection or inquiry to be made and the Univer sity shall, on receipt of such notice, have the right to ma ke, within thirty days from the date of receipt of the notice or such other period as t he Visitor may determine, such repr esentations to him as it may consider necessary. ( 4) After cons idering the representa tions, if any, made by the University, the Visitor may cause to be made such inspection or inquiry as is referred to in sub- section (2) . ( 5) Where an inspection or inquiry has been caused to be made by the Visitor, the University shall be entitled to appoint a represent ative who shall have the right to appear in person and to b e heard on su ch inspection or inquiry. ( 6) The Visitor may a ddress the Vice-Chancellor with refer ence to the results of such inspection or inquiry together wit h such views and advice with r egard to the action to be taken thereon as the Visitor may b e pleased to offer and on receipt of the addr ess made by the Visitor, the Vice-Chancellor shall communica te forthwith to the Boar d, the r esults of the inspection or inquiry and the views of the Visitor and the advice tendered by him upon the a ction to be taken ther eon. ( 7) The Board shall communicate through the Vice-Chancellor to the Visitor such action, if any, as it proposes to take or has been taken by it upon the results of such inspection or inquiry. ( 8) Where the Board does not, within reasonable time, take action to the satisfaction of the Visitor, the Visitor may, after considering any explanation furnished or r epresentation made by the Board, issue such directions as he may think fit and the Boar d shall be bound to comply with such directions. ( 9) Without pr ejudice to the foregoing provisions of this section, the Visitor may, by an order in writing, annul any proceeding of the University which is not in conformity with this Act, the Statutes or the Ordinances: Provided tha t before making any such order, he sha ll call upon the Univer sity to show cause why such an order should not be made and, if any ca use is shown within a reasonable time, he shall consider the same. ( 10 ) The Visit or shall have such ot her powers as may be prescr ibed by the Statutes.T he Visitor. - 5 -Ex-420/2016 10.The following shall be the officers of the University, namely:— (1) the Chancellor; ( 2) the Vice-Chancellor; ( 3) t he Deans; ( 4) the Directors; ( 5) the Registrar; ( 6) the Comptroller; ( 7) the University Librarian; and ( 8) such other officers as may be prescribed by the Statutes. 11.( 1) The Chancellor shall be a ppointed by the Visitor in such manner as may be prescribed by the Statutes. ( 2) The Chancellor shall, by virtue of his office, be the Head of the University. ( 3) The Chancellor shall, if present, preside at the convocations of the University held for conferring degrees. 12.( 1) The Vice-Chancellor shall be appointed by the Visitor in such manner as may be p rescrib ed by the Statu tes. ( 2) The Vice-C hancellor shall be the principal executive a nd academic officer of t he University and sha ll exer cise general supervision and control over the affairs of t he University a nd give effect to the decisions of all the authorities of the University. ( 3) The Vice-C hancellor may, if he is of the opinion that immediate action is necessary on any matter, exercise any power conferred on any authority of the University by or under this Act and sha ll repor t to su ch authority t he action taken by him on such ma tter: Provided that if the authority concerned is of opinion that such action ought not to have been taken,it may refer the matter to the Visitor whose decision thereon shall be final: Provided further that any person in the service of the University who is aggr ieved by the action ta ken by the Vice-Chancellor under this sub-section shall have the right to appeal against such a ction to the Board within thr ee months from the date on which decision on such a ction is communicated to him and thereupon the Boar d may confirm, modify or reverse the action ta ken by the Vice-Chancellor. ( 4) The Vice-Chancellor, if he is of the opinion that any decision of any authority of t he University is beyond the powers of the authorit y conferred by the pr ovisions of this Act, the Statutes of the Ordinances or that any decision ta ken is not in the interest of the University, may ask the authority concerned to review its decision within sixty days of such decision and if the a uthority refuses to review the decision either in whole or in part or no decision is taken by it within t he said period of sixty days, the matter shall be referred to the Visitor whose decision thereon shall be final. ( 5) The Vice-Chancellor sha ll exer cise such other powers and perform such other duties as may be prescribed by the Statutes or the Ordinances. 13.Every Dean a nd ever y Director shall be appointed in such manner and shall exercise such powers and perform such duties as may be prescribed by the Statutes. 14.( 1) The Registrar shall be appointed in such manner as may be prescribed by the Statutes. Officers of the University. The Chancellor. The Vice- Chancellor. Deans and Director. The Registrar.- 6 - Ex-420/2016 (2) T he Registrar shall ha ve the power to enter into agreements, sign documents and authenticate records on behalf of the University and shall exercise such powers and perform such duties as may be prescribed by the Statutes. 15.The Comptroller sha ll be a ppointed in such manner and shall exercise such powers and perform such duties as may be prescribed by the Statutes. 16.The manner of appointment and powers and duties of the other officers of the University sha ll be pr escribed by the Statutes. 17.The following shall be the author ities of the University, namely:— ( 1) t he Boa rd; ( 2) the Academic Council; ( 3) the Research Council; ( 4) the Extension Education Council; ( 5) the Financ e Commit tee; ( 6) the Faculties a nd Boar d of Studies; and ( 7) such other authorities as may be prescribed by the Statutes. 18.( 1) The Board shall be the pr incipal executive body of the University. ( 2) The constitution of the Board, the term of office of its members and its powers and functions shall be prescribed by the Statutes. 19.( 1) The Academic Council shall be the principal academic body of the Univer sity and shall, subject to the provisions of this Act and the Statutes and Ordinances, have the contr ol and genera l r egula tion of, a nd be responsible for the ma int enance of standards of learning, education, instruct ion, evaluation and exa mination within the University a nd shall exercise such other powers a nd perform such other functions as may be conferred or imposed upon it by the Statutes. ( 2) T he constitution of the Aca demic C ouncil and the term of office of its memb ers sha ll be p rescribed by the Statu tes. 20.The constit ution, powers and functions of the Research Council shall be prescribed by the Statutes. 21.The constitution, powers a nd functions of the Extension Education Council shall be prescribed by the Statutes. 22.The constitution, powers and functions of the Fina nce Committee shall be p rescrib ed by the Statu tes. 23.The University shall have such Faculties as may be prescribed by the Statutes. 24.The constit ution, powers and functions of the Board of Studies shall be prescribed by the Statutes. 25.The constitution, powers and functions of other authorities of the University referred to in clause ( 7) of section 17 shall be such as may be prescribed by the Statutes.The Comptroller. Other officer s. Authorities of the University. Board of Management. The Academic Cou ncil. The Research Cou ncil. The Extension Education Cou ncil. The Fi nance Committee. Faculties. The Board of Studies. Other authorities. - 7 -Ex-420/2016 26.Subject to the provisions of this Act, the Sta tutes may provide for all or any of the following matters, namely:— (a) the constitution, powers and functions of the authorities of the University, as may be constituted from time to time; ( b) the appointment and continuance in office of the members of the authorities, the filling up of vacancies, and a ll other matters relating to the authorities for which it may be necessar y or desirable to provide; ( c) the appointment, powers and duties of the officers of the University and their emoluments; ( d) the appointment of teachers, aca demic s taff and other employees of the University and their emoluments; ( e) the appointment of teachers and academic staff working in any other University or organisation for a specific period for undertaking a joint project; ( f) the conditions of service of employees including provision for pension, insura nce and provident fund, the manner of termination of service and disciplinary action; ( g) the principles governing the seniorit y of service of employees of the University; ( h) the procedure for arbitration in cases of dispute between employees or students and the University; ( i) the procedure for appeal to the Board by any employee or student against the action of any officer or authority of the University; ( j) the establishment and a bolition of departments, centres, colleges and institutions; ( k) the conferment of honora ry degr ees; ( l) the withdrawal of degrees, diplomas, certificates and other academic distinctions; ( m) the institution of fellowships, scholarships, studentships, medals and prizes; ( n) the delegation of powers vested in the author ities or officers of the Universit y; ( o) the maintenance of discipline among the employees and students; and ( p) all ot her ma tt er s which ar e to b e, or ma y b e, p r escr ibed by t he S ta t u tes . 27.( 1) The fir st Statutes are those set out in t he Schedule. ( 2) The Board may from time to time make Statutes or may amend or repeal the Statutes referred to in sub-section (1) : Provided tha t the Board sha ll not make, amend or r epeal any Statute affecting the status, powers or constitution of any authority of the University until such authority has been given an opportunity of expressing an opinion in writ ing on the proposed changes, and any opinion so expr essed shall be considered by the Board. ( 3) Every Sta tute or any amendment or repeal of a Statute shall require the assent of the Visitor who may assent thereto or withhold assent therefrom or remit it to the Board for consideration. ( 4) A Statute or a Sta tute amending or repea ling an existing Statute shall have no validity unless it has been assented to by t he Visitor. ( 5) Notwithstanding anything contained in the foregoing sub-sections, the Visitor may amend or repeal the Sta tutes r eferred to in sub-section (1) during the period of three years immediately after the commencement of this Act. ( 6) Notwithstanding anything contained in the foregoing sub-sections, the Visitor may direct the University to make provisions in the S tatutes in respect of any ma tter specified by him and if the Board is unable to implement such dir ection within sixty Power to make Statutes. Statutes how to be made.- 8 - Ex-420/2016 days of its receipt, the Visitor may, after considering the reasons, if any, communicated by the Board for its inability to comply with such direction, make or amend the Statutes suitably. 28.(1) Subject to the provisions of t his Act and Sta tutes, the Ordinances may provide for all or any of the following matters, namely:— ( a) the admission of students to the University and their enrolment a s such; ( b) the courses of study to be laid down for all degrees, diplomas and certificates of the University; ( c) the medium of instruction and examination; ( d) the award of degrees, diplomas, certifica tes and other academic distinctions, the qualifications for the same a nd the means to be taken relating to t he granting and obta ining of the same; ( e) the fees to be charged for cou rses of study in the University and for admission to the examinations, degrees, diplomas and certificates of the University; ( f) the conditions for awar d of fellowships, scholarships, studentships, medals and pr izes; ( g) the conduct of examinations, including the term of office and ma nner of a ppointment and duties of exa mining b odies, examiners and moderators; ( h) the condit ions of residence of the students; ( i) the sp ecial arrangements, if any, which may be made for the residence, discipline and teaching of women students and the prescribing of special courses of s tudies for them; ( j) the appointment a nd emoluments of employees other tha n those for whom provision has been made in the Statutes; ( k) the establishment of special centres, specialised laboratories and other committees; ( l) the manner of co-operation and colla boration with other Universities and authorities including learned bodies or associations; ( m) the creation, composition and fu nctions of any other body which is cons idered necessa ry for improving the academic life of the University; ( n) such other terms and conditions of service of teachers and other academic sta ff as a re not p rescrib ed by t he Statu tes; ( o) the management of colleges and institutions established by the University; ( p) the setting up of a mechanism for redressal of grievances of employees ; a nd ( q) all other matters which by this Act or the Statutes may be provided for by the Ordinances. ( 2) The first Ordinances shall be made by the Vice-Chancellor with the pr evious appr oval of the Central Government and the Ordina nces so made ma y be amended or r epealed at any time by the Board in the ma nner pr escribed by the Statutes. 29.The authorities of the Universit y may make Regulations, consistent with this Act, the Statutes and the Ordinances for the conduct of their own business and that of the Committees appointed by them and not provided for by this Act, the Statutes or the Ordinances in the manner prescribed by the Statutes.Power to make Ordinances. Regulations. - 9 -Ex-420/2016 30.(1) The annual report of the University shall be prepared under the direction of the Board, which shall include, among other matters, the steps taken by the University towards the fulfilment of its objects a nd shall be submitted to the Board on or a fter such date as may be prescr ibed by the Statutes a nd the Boar d shall consider the report in its annual meeting. ( 2) The Board shall submit the annual report to the Visitor along with its comments, if ( 3) A copy of the annual report as p repared under sub-section (1) shall also be submitted to the Central Government, which shall, as soon as may be, ca use the same to be laid before both the Houses of Parliament. 31.( 1) The annual accounts of the University shall be prepared under the directions of the Board and shall, once at least every year and at intervals of not more than fifteen months, be a udited by the Comptroller and Audit or-General of India or by such persons as he may authorise in this behalf. ( 2) A copy of the annual accounts together with the audit r eport thereon shall be submitted to the Board and the Visitor along with the observa tions of the Board. ( 3) Any observations made by the Visitor on the annual accounts shall be brought to the notice of t he Board and observations of the Board, if any, sha ll be submitted to the Visitor. ( 4) A copy of the annual accounts together with the audit report as submitted to the Visitor, shall also be submit ted to the Central Government, which shall, as soon as may be, cause the same to be laid befor e both the Houses of Parliament. ( 5) The audited annua l accounts after having been laid before both the Houses of P arliament shall be published in the Official Gazette. 32.( 1) Every employee of the University shall be appointed under a written contract which sha ll be lodged with the University a nd a copy of which shall be furnished to the employee concer ned. ( 2) Any dispute arising out of the contract between the University and any employee shall, at the request of the employee, be referred to a Tr ib una l of Ar bitra tion cons isting of one member appointed by the Board, one member nominated by the employee concerned and an umpire appoint ed by t he Visitor. ( 3) The decis ion of the Tribunal shall be final, a nd no suit shall lie in any civil cour t in respect of the matters decided by the Tribunal. ( 4) Every r equest ma de by t he emp loyee under su b-section (2) sha ll be deemed to be a submission to arbitration upon the terms of this section within the meaning of the Arbitra tion and Conciliation Act, 1996. ( 5) The procedure for regula ting the work of the Tr ibunal shall be prescr ibed by the Statutes. 33.( 1) Any student or candidate for an examination whose name has been removed from the rolls of the University by the orders or resolution of t he Vice- Chancellor, Discipline Committee or Examination Committee, as the case may be, and who has been debarred from appearing at the examinations of the University for more than one year, may, within ten days of the date of receipt of s uch orders or copy of such resolution by him, appeal to the Board and the Board may confir m, modify or reverse the decision of the Vice-Cha ncellor or t he Committee, as the case may be. Annual report. a n y. Annual accou nts. Conditions of service of employees. Procedure of appeal and arbitration in disciplinary cases against students.26 of 1996. - 10 - Ex-420/2016 (2) Any dispute arising out of any disciplinary act ion taken by the Univer sity against a student shall, at the request of such student, be referred to a Tribuna l of Arbitration and the provisions of sub-sections (2) ,(3) , (4) and ( 5) of section 32 shall, as far as may be, apply to a reference made under this sub-section. 34.Every employee or student of the University or of a college or institution maintained by the University shall, notwithstanding anything contained in this Act, have a right to appeal, within such time as ma y be pr escribed by the Statutes, to the Boar d against the decision of any officer or authority of the University or any college or a n institution, as the case may be, and thereupon the Boa rd may confirm, modify or reverse the decision appealed against. 35.( 1) T he University shall constitute for the benefit of its employees such provident or pension fund or provide such insura nce schemes as it may deem fit in such manner and subject to such conditions as may be prescribed by the Statutes. ( 2) Where such provident fu nd or pension fund has been so constituted, the Central Government may, if deem fit, declare tha t the provisions of the Provident Funds Act, 1925, shall apply to such fund, as if it were a Government provident fund. 36.If a ny question ar ises as to whether any person has been duly appointed as, or is entitled to be, a member of any authority of t he University, the matter shall be referred to the Visitor whose decision thereon sha ll be final. 37.Wher e any a uthorit y of the University is given power by this Act or the Statutes to appoint Commit tees, such Committees shall, save as otherwise provided, cons ist of the members of the authority concerned and of such persons, if any, as the authority in each case may think fit. 38.All casual vacancies among the members (other than ex officio memb ers) of a ny authority or other body of the Universit y shall be filled, as soon as may be, by the person or body who appoints or co-opts the member whose place has become vaca nt and t he person or body appointed or co-opted to a casual vacancy shall be a member of such authority or body for the residue of the term, for which the person whose place he fills would have been a member. 39.No act or proceedings of a ny authority of the University shall be invalid merely by r eason of the existence of a vacancy or vacancies among its members. 40.No suit, prosecution or other legal proceedings shall lie against the Board, Vice-Chancellor, any authorit y or officer or other employee of the University for anything which is in good faith done or intended to be done in pursuance of any of the provisions of this Act, the Statutes or the Ordinances. 41.A copy of any receipt, application, notice, order, proceeding, r esolution of any authority or Committee of the University, or other documents in possession of the University, or any entry in any register duly maintained by the University, if verified by t he Regis trar, shall be r eceived as prima facie evidence of such receipt , applica tion, notice, order, proceeding, resolution or documents or the existence of entry in theRight to appeal. Provident and pension funds. Disputes as to constitution of University authorities. Constitution of committees. Filling of casual vacancies. 19 of 1925. Proceedings of University authorities no t invalidated by vacancy. Protection of action taken in good faith. Mode of proof of University records. - 11 -Ex-420/2016 register and shall be admitted as evidence of the matters and transact ions therein where the origina l thereof would, if p roduced, ha ve been admissible in evidence, notwithstanding anything contained in the Indian Evidence Act,1872 or in any other law for the time being in force. 42.(1) On and fr om the date of commencement of this Act,— ( a) any refer ence to the Ra jendra Agricultural University in a ny cont ract or other instrument shall be deemed as a r eference to the University; ( b) all property, movable and immovable, of or belonging to the Ra jendra Agricultural Univer sity sha ll vest in the University; ( c) all rights and liabilities of the Rajendra Agricultur al University shall be transfer red to, and be the rights and liabilities of, the University. ( 2) Every person permanently employed in the Rajendra Agricultural University immediately before the commencement of the Act who meets the requisite qualification and criteria of recruitment in the University shall be pr ovided an oppor tunity to be employed as such: Provided that every member of the academic staff and member of Faculty who does not meet the requisite qualification and criteria sha ll be given an opportunity for two year s to upgrade the qualification and to meet the criteria: Provided fur ther that every other person p ermanently employed shall be given an opportunity to upgrade the qualification and to meet the crit eria, in the ma nner provided by the Regulations: Provided also that the tenure, remuneration, terms and conditions, rights and privileges as to pension, leave, gratuit y, provident fu nd and all other matters of every other person permanently employed by the Rajendra Agricu ltural University shall be determined by the State Government of Bihar. ( 3) All effor ts shall be made by the State Government of Bihar to engage any surplus or temporar y academic sta ff, teacher, member of Facult y or other employee of the Rajendra Agricultura l University, by or against whom any dispute is pending. ( 4) Any dispute or litigation, the cause of act ion for which has arisen between any member of academic staff, teacher, member of Facu lty or other employee and the Rajendr a Agricultural University before the commencement of this Act shall be instituted, prosecuted or continued between the academic staff, teacher, member of Facu lty or other employee and the Rajendra Agricultura l University, as if this Act had not been enacted, and all such cases shall be managed by a special cell to be constituted by the State Government of Bihar and all expenses relating to the management of such cases including any compensation payable to any per son thereof shall be borne by t he State Government. ( 5) Any academic course, programme or scheme as on the date of commencement of the Act shall be continued, till the completion of the course, programme or scheme with such modifications as the University may deem fit. ( 6) The State Government of Bihar and the University shall bear the proportiona te cost of pension and other liabilities of every academic staff, teacher, member of Fa culty or other employee, proportiona te to the extent of the respective period of service of the person and the State Government shall provide its contribution to the University which may discharge a ny liability on account of t his. ( 7) Any matter relating to permanent recor d of students, teacher s, academic staff, Facu lty and every other employee shall b e provided by R egulations.1 of 1872. Effect of establishment of University.- 12 - Ex-420/2016 (8) Pension and all other post-retirement benefits including medical benefits of ever y academic sta ff, teacher, faculty member and every other employee who has superannuated before the commencement of this Act shall be borne by the State Government of Bihar, the payment of which shall be made through the University and sha ll be gover ned by the r ules relating thereof made by the State Government of Bihar in this behalf. ( 9) T he retirement age of every teacher, academic staff, Faculty a nd every other employee of the University s hall be governed by any law for the time being in for ce. ( 10 ) Any matter governing the conditions of service relating to the teacher, academic staff, Fa culty and every other employee for which no provision has been made in this Act, shall be determined by the cor responding provisions made by the Centr al Government. 43.( 1) If any difficulty arises in giving effect to the provision of this Act, the Central Government may, by order published in the Official Gazette, make such provisions, not inconsistent with the provisions of this Act, as appear to it to be necessary or expedient for r emoving the difficult ies: Provided that no such order shall be made under this section after the expir y of three years from the commencement of this Act. ( 2) Every order made under this section shall be la id, as soon as may be after it is made, before each House of Parliament. 44.Notwithstanding anything contained in this Act, and the Statutes,— ( a) the first Chancellor and the first Vice-Chancellor shall be appointed by t he Visit or and s hall hold office for a term of five years; ( b) the first Registr ar and the fir st Comptroller shall be appointed by the Visitor and each of the sa id officers sha ll hold office for a term of three years; ( c) t he first members of the Boar d shall be nominated by the Visitor and shall hold office for a term of three years; ( d) the first members of the Academic Council shall be nominated by the Visitor and sha ll hold office for a term of three years: Provided tha t if any vacancy occur s in the above offices or authorities, the same shall be filled by a ppointment or nomination, as the case may be, by the Visitor, and the person so a ppointed or nominated shall hold office for so long as the officer or member in whose pla ce he is appointed or nominated would have held office, if such vacancy had not occur red. 45.( 1) T he Biha r Agr icultural Univer sit y Act, 1 987 in so far a s it relates to the Rajendra Agricultural University, Pusa, Bihar is hereby repealed. (2) Notwithstanding the repeal,— ( a) all appointments made, orders issued, degrees and other academic distinctions conferr ed, dip lomas and certificates awarded, privileges gra nted or other things done under the Bihar Agr icultur al University Act, 1987 in so far as it relates to the Rajendra Agricultural University, Pusa, Bihar, shall be deemed to have been respectively made, issued, conferred, awarded, gra nted or done under the corresponding provisions of this Act, and, except as otherwise provided by or under this Act or the Sta tues, continue in force unless and u ntil they are superseded by any order made under this Act or the Statues; andPower to remove difficulties. Transitional provisions. Repeal of Bihar Agricultural University Act. Bihar Act 8 of 1988. Bihar Act 8 of 1988.- 13 -Ex-420/2016 (b) all proceedings of Selection Committees for the appointment or promotions of teachers tha t took place before the commencement of this Act and all act ions of the Governing Body in respect of the recommendations of such Selection Committees where no orders of appointment on the basis thereof were passed before the commencement of this Act, in so far as it relates to Rajendra Agricultural University, shall, notwithstanding that the pr ocedure for selection has been modified by this Act, be deemed to have been valid but further proceeding in connection with such pending selections shall be taken in accordance with the provisions of this Act and be continued from the s tage where they stood immediately before such commencement, except if the concerned a uthorit ies take, with the approval of the Visitor, a decision to the c o n t r a r y. 46.( 1) Every Statute, Or dinance or Regulation made under this Act shall be published in the Official Gazette. ( 2) Every Statute, Or dinance or Regulation made under this Act shall 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 successive sessions, and if, befor e the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the S tatutes, Ordina nce or Regulation or both Houses agr ee that the Statute, Or dinance or Regulation should not be made, the Statute, Ordinance or Regulation s hall thereafter have effect only in such modified form or be of no effect, as t he case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that Statute, Ordinance or Regulation. ( 3) The power to make Statutes, Ordinances or Regulations shall include the power to give retrospective effect from a date not earlier than the date of commencement of t his Act , to the St atutes, Ordinances or Regulations or any of them but no retrospective effect shall be given to any Statute, Ordina nce or Regulation so as to prejudicially affect the interests of any person to whom such Statutes, Ordinances or Regulations may be applica ble.Statutes, Ordinances and Regu lations to be publi shed in the Official Ga zette and to be laid before Parliament. - 14 - Ex-420/2016 THE SCHEDULE (See section 27) THE STATUTES OF THE UNIVERSITY The Chancellor: 1.( 1) The Chancellor shall be appointed by the Visitor from a panel of not less than three persons recommended by the Board from amongst persons of eminence in education in genera l and agricultural sciences in particu lar: Provided that if the Visitor does not approve any of the persons so recommended, he may call for fresh recommendations from the Board. ( 2) The Chancellor shall hold office for a term of five years and shall not be eligible for reappointment: Provided that notwithstanding the expir y of his term of office, the Chancellor shall continue to hold office until his success or enter s upon his office. The Vice-C hancellor: 2.( 1) The Vice-Chancellor sha ll be a ppointed by the Visitor from a panel of not less tha n three persons who shall be recommended by a Committee as constit uted under clause (2) . ( 2) The Commit tee r eferred to in cla u se (1) shall consist of the following:— ( i) Secretary, Department of Agricultural Research and Education, Government of India who sha ll be the Chair man; ( ii) one nominee of the Visitor as Member, who shall also be the convener; ( iii) one nominee of the Central Government. ( 3) The Vice-C hancellor shall be a whole-time salaried officer of the University. ( 4) The Vice-Chancellor sha ll hold office for a term of five years fr om the date on which he enters upon his office, or until he attains the a ge of seventy year s, whichever is earlier, and he sha ll be eligible for reappointment for a further term of five years, or until he attains the age of seventy years whichever is earlier: Provided tha t notwithstanding the expiry of the sa id period of five years, he shall continue in office for a period not exceeding one year or until his successor is appointed a nd enters upon his office. ( 5) T he emoluments and other conditions of service of the Vice-C hancellor shall be as follows:— ( i) the Vice-Chancellor shall be paid a monthly sa lary and allowa nces other than the house rent allowance, at the rate fixed by the Central Government from time to time and he shall be entitled, without payment of rent, to use a furnished residence throughout his term of office and no charge shall fall on the Vice-Cha ncellor in resp ect of the maintenance of such residence; ( ii) the Vice-C hancellor shall be entitled to such terminal benefits and allowances a s may be fixed by the Board with the a pproval of the Visitor from time to time: Provided that where an employee of the University or a college or an institution maintained by it, or any other University or any institution maintained by or affiliated to such other University, is appointed as the Vice-Chancellor, he may be allowed to continue to contribute to any provident fund of which he is a member and the University shall contr ibute to the account of such person in that provident fund at the same rate at which the person had been contr ibuting immediately before his appointment as the Vice Chancellor :- 15 -Ex-420/2016 Provided fu rther that wher e such employee had been a member of any pension scheme, the University shall make the necessary contribution to such scheme; (iii) the Vice-Chancellor shall be entitled to travelling and other allowances as per rate fixed from time to time by the Government of India for the officers equivalent to the rank of Secretary to the Government of India; ( iv) the Vice-Chancellor shall be entitled to transfer travelling allowances and other a llowances as a dmissible to officers of the rank of Secretary to the Government of India for joining a nd after relinquishing the post; ( v) the Vice-Chancellor sha ll be entitled to leave on full pay at the rate of t hirty days in a calendar year and the leave shall be credited to his account in a dvance in two half-yearly instalments of fifteen days each on the first day of J anuary a nd July every year: Pr ovided that if the Vice-Chancellor assumes or relinquishes charge of t he office of the Vice-Chancellor during the currency of a ha lf year, the leave shall be credited pr oportionately at the rate of two and- a-ha lf days for each completed month of ser vice; ( vi) in addition to the leave referred to in sub-clause ( iv), the Vice- Chancellor shall also be entitled to half-pay leave at t he rate of twenty days for each completed year of service. This half-pay leave may also be availed of as commuted leave on full pa y on medical certificate: Provided tha t when commuted leave is available, twice the amount of half- pay lea ve sha ll be deb ited against half-pay lea ve due; ( vii ) the Vice-Chancellor shall be entitled to Leave Travel Concession and Home Tr avel Concession as per rules of Government of India; ( viii ) the Vice-Chancellor shall be entitled to the benefit of leave enca shment a t the time of laying down the office as per rules of Government of India. ( 6) If the office of the Vice-Chancellor becomes vaca nt due to death, resignation or otherwise, or if he is unable to per form his duties due to ill health or any other cause, the senior-most Dean or Director, as the case may be, shall perform the duties of the Vice- Chancellor until a new Vice-Chancellor a ssumes office or until the Vice- Chancellor a ttends to the duties of his office, as the case may be. Powers and duties of the Vice-C hancellor: 3.( 1) T he Vice-C hancellor shall be ex officio Cha irma n of the Boa rd, the Academic Council, the Finance Committee, the Research Council and the Extension Education Council and shall, in the absence of the Chancellor, preside over the Convocations held for conferring degrees. ( 2) The Vice-Chancellor shall be entitled to be pr esent a t, and a ddress, any meeting of any authority of the University, but shall not be entitled to vote thereat unless he is a member of such author ity. ( 3) It shall be the duty of the Vice-Chancellor to see that this Act, the Statutes, the Ordinances and the Regula tions are duly observed, and he shall have all the powers necessary to ensur e such observa nce. ( 4) The Vice-Chancellor sha ll exer cise control over the affairs of the Univer sity and shall give effect to the decisions of all the authorities of the University. ( 5) The Vice-Chancellor sha ll have all the powers necessary for the pr oper maintenance of discipline in the Universit y and he may delegate any such powers to such person or persons a s he ma y deem fit.- 16 - Ex-420/2016 (6) The Vice-Chancellor shall have the power to convene or cause to be convened the meetings of the Boa rd, the Academic Council, the Resear ch Council, the Extension Education Council a nd the Finance Commit tee. The Dean of colleges and Facult ies: 4.( 1) Ea ch Facu lty shall have a Dean who shall also be the head of the college concerned. ( 2) If any Faculty ha s more than one college, the Vice-Chancellor may nominate one of the Deans a s the Dean of t he Facu lty. ( 3) T he Dean of the college shall be appointed by the Board on the recommendations of the Selection Committee constituted for the purpose as per statute 18 a nd he shall be a whole-time sa laried officer of the University. ( 4) The Dean shall be entitled to rent free and unfurnished residential accommodation. ( 5) T he Dean shall hold the office for a term of five years and shall be eligible for r eappoint ment: Provided tha t a Dean on attaining the age of sixty-five years shall cease to hold office as such. ( 6) When the office of the Dean is vacant or when the Dea n is, by reason of illness, absence or any other cause, una ble to perform duties of his office, the duties of t he office shall be performed by such p ersons as the Vice-Cha ncellor may appoint for the purpose. ( 7) The Dean shall be responsible to the Vice-Chancellor for the conduct and maintenance of the standa rds of teaching in the college and Faculty and shall per form such other functions as may be prescribed by the Ordinances. ( 8) The Dean shall be the ex officio Chairman of the Boar d of Studies of the Facu lty, a member of the Academic Council, the Research Council and the Extension Education Council of the University. The Director of Educa tion: 5.( 1) The Director of Education shall be appointed by the Board on the recommendations of the Selection Committee constituted for the purpose and he shall be a whole-t ime salaried officer of the University. ( 2) The Director of Education shall be entitled to rent free and unfurnished residential a ccommodation. ( 3) The Director of Education shall hold office for a term of five years and shall be eligible for reappointment: Provided tha t Director of E ducation on attaining the age of sixty-five years shall cease to hold office as such. ( 4) The Director of Education shall be responsible for planning, co-ordina tion and supervision for all educational programmes in the various Faculties of the University. The Director of Resea rch: 6.( 1) The Director of Research shall be appointed by the Board on the recommendations of the Selection Committee constituted for the purpose and he shall be a whole-t ime salaried officer of the University. ( 2) T he Director of Research s hall be entitled to rent free and unfurnished accommodation. ( 3) The Director of R esearch shall hold office for a term of five years and shall be eligible for reappointment:- 17 -Ex-420/2016 Provided that the Director of Research on attaining the age of sixty-five years shall cease to hold office as such. (4) The Director of Research shall be responsible for supervision and coor dination of all resea rch programmes of the University and shall be responsible to the Vice-Chancellor for performa nce of his duties. ( 5) The Director of Research shall be ex officio Member-Secretary of the Research Council of the University. The Director of Extension Education: 7.( 1) The Director of Extension Education shall be appoint ed by t he Boar d on the recommendations of the Selection Committee constituted for the pur pose and he shall be a whole-t ime salaried officer of the University. ( 2) The Director of Extension Education shall be entitled to rent free and unfur nished accommoda tion. ( 3) T he Director of E xtension Educa tion sha ll hold office for a term of five year s and shall be eligible for reappointment: Provided that the Director of Extension Education on attaining the age of sixty- five years shall cease to hold office as such. ( 4) The Director of Extension Educa tion sha ll be r esponsible for supervision and coordina tion of all Extension Education Programmes in the University and shall be responsible to the Vice-Chancellor for performance of his duties. ( 5) The Director of Extension Education shall be ex officio Member-Secretary of t he Extension Education Council of the University. The Registrar: 8.( 1) The Registrar shall be appointed by the Boa rd on the recommendations of a duly constituted Selection Committee under S tatute 18 and he shall be a whole- time salaried officer of the University. ( 2) T he Registrar shall be r esponsible to the Vice-Chancellor for performance of his duties. ( 3) The Registrar shall be appointed for a term of five years and shall be eligible for reappointment. ( 4) He may also be appointed on deputation for a specified period not exceeding five years. ( 5) The emoluments and other terms a nd conditions of service of t he Registrar shall be such as may be prescribed by the Ordinances: Provided tha t the Registrar shall r etire on attaining the age of sixty years. ( 6) In case of a person appointed on deputation, his tenure, emoluments and other terms of service shall be according to the terms of deputation. ( 7) When the office of the Registrar is vacant or when the Registrar is, by reason of illness, absence, or any other cause, unable to perfor m the duties of his office, the duties of the office shall be performed by such person as the Vice-Chancellor may appoint for the purpose. ( 8) ( a) T he Registrar shall have the power to take disciplinary act ion aga inst such of the employees excluding t eachers, as may be specified in the order of the Boar d and to suspend them pending inquir y, to administer warnings to them or to impose on them the penalt y of censure or the withholding of increment: Provided that no such penalty sha ll be imposed unless the person concerned has been given a reasonable opportunity of showing cause against the act ion proposed to be taken in regard to him.- 18 - Ex-420/2016 (b) An appeal shall lie to the Vice-C hancellor against any order of the Registrar imposing any of the penalties specified in su b-clause ( a). ( c) In a case where the inquiry discloses t hat a punishment beyond the power of the Registr ar is called for, the Registra r shall, upon conclusion of inquiry, make a report to the Vice-Chancellor along with his recommendations: Provided tha t an appeal sha ll lie to the Board against an order of the Vice- Chancellor imposing any penalty. ( 9) The Registrar shall be the ex officio Secretary of the Board and the Academic Council, but sha ll not be deemed to be a member of any of these a uthorit ies. ( 10 ) It shall be the duty of the Registrar— ( a) to be the custodian of the recor ds, the common seal and such other property of the University as the Board shall commit to his cha rge; ( b) to issue all notice convening meeting of the Board, the Academic Council and of any Committee appointed by those authorit ies; ( c) to keep the minutes of all the meetings of the Board, the Academic Council and of any committees appointed by those authorit ies; ( d) to conduct the official correspondence of the Boar d and t he Academic Council; ( e) to arrange for the examinations of the University in accordance with the manner prescribed by the Ordinances or notifications; ( f) to supply to the Visitor, copies of t he agenda of the meetings of the authorities of the University as soon as they are issued and the minutes of such meetings; ( g) to represent the University in suits or proceedings by or against the University, sign powers of attorney and verify pleadings or depute his repr esentat ives for the purpose; and ( h) to perform such other duties as may be specified in the Statutes, the Ordinances or the Regulations or as may be required, from time to t ime, by the Boar d or the Vice-Chancellor. The Comptroller: 9.( 1) T he Comptroller shall be appointed by the Board on the recommendations of a duly constituted Selection Committee under S tatute 18 and he shall be a whole- time salaried officer of the University. ( 2) The Comptroller shall be appointed for a term of five years a nd shall be eligible for reappointment. ( 3) The Comptr oller may also be appointed on deputa tion for a specified period not exceeding five years. ( 4) The emoluments and other terms and conditions of service of the Comptroller shall be such as may be prescribed by the Ordinances. ( 5) In case of a person being appointed a s Comptroller on depu tation, his tenure, emoluments and other terms of service sha ll be according to the standar d of deputation: Provided that the Comptroller shall retire on a ttaining the a ge of sixty years. ( 6) When the office of the Comptroller is va cant or when the Comptr oller is, by reason of illness, absence or any other cause, u nable to perfor m the duties of his office, the duties of the office shall be performed by such person as the Vice-Chancellor may appoint for the purpose.- 19 -Ex-420/2016 (7) T h e C omp t r oller s h a ll b e t he ex officio Secr etary of the F inance Commit tee, but sha ll not be deemed to be a member of such Commit tee. ( 8) The Comptr oller shall— ( a) exercise general supervision over the funds of the University and shall advise it as regards its financial policy; and ( b) perform such other duties as may be specified in the Statutes, the Ordinances or as may be r equired, from time to time, by the Board or the Vice- Chancellor. ( 9) Subject to the control of the Board, the Comptroller shall— ( a) hold and ma nage the property and investments of t he University including trust and endowed property; ( b) ensure that the limits fixed by the Board for recurring and non- recurring expenditure for a year are not exceeded and that all moneys are expended on the pu rpose for which they are granted or allot ted; ( c) be responsible for the prepara tion of annua l accounts and the bu dget of t he University and for their presenta tion to the Board; ( d) keep a constant watch on the state of the cash and ba nk bala nces and on the state of investments; ( e) wa tch the progress of the collection of revenue and advise on the methods of collection employed; ( f) ensure that the registers of buildings, land, furniture and equipment are maintained up-t o-date a nd that stock-checking is conducted, of equipment and other consumable materials in all offices, specialised laboratories, colleges and institutions maintained by the University; ( g) bring to the notice of the Vice-Cha ncellor unauthorised expenditure and other financial irregularities and suggest disciplinary a ction against persons at fault; and ( h) ca ll for from any office, labor atory, college or institution mainta ined by the University a nd information or returns that he may consider necessary for performance of his duties. ( 10 ) Any receipt given by the Comptroller or the person or persons duly authorised in this behalf by the Board for any money payable to the University shall be sufficient discharge for payment of such money. Heads of Departments: 10.( 1) Ea ch Depar tment s hall have a Head appointed by the Vice-Chancellor who shall be not below the rank of an Associate Professor and whose duties and functions and terms and conditions of appointment sha ll be prescribed by the Or dina nces. ( 2) The Head of Depar tment shall be responsible to the Dean for teaching, to Director of Research for research, to Director of Extension Education for extension education work. ( 3) The Dean shall be the administr ative controlling officer of t he Heads of Depar tments in college concerned: Provided tha t if there is more than one Pr ofessor in any Department, the Head of the Department shall be appointed by the Vice-Chancellor from amongst the Professors: Provided further that in the case of Department where there is only one Professor, the Vice-Chancellor shall have the option, to appoint either the Professor or a n Associate Pr ofessor as the Head of the Department.- 20 - Ex-420/2016 (4) It shall be open to a Pr ofessor or an Associate Professor to decline the offer of appointment as the Head of the Department. ( 5) A Professor or an Associate Professor a ppointed as Head of the Department shall hold office as such for a period of three year s and shall be eligible for reappointment. ( 6) A Head of the Department may r esign his office at a ny time during his tenur e of office. ( 7) A Hea d of t he Dep a r t ment s ha ll p er for m s u ch fu nct ions a s ma y b e p r es cr ib ed by the Ordina nces. ( 8) The Head of the Department shall retir e at the age of sixty-five years. Librarians: 11.( 1) Every Librarian shall be appointed by the Board on the recommendations of t he Selection Committee constit uted for the pur pose under Statute 18 and he shall be a whole- time sa laried officer of the University. ( 2) Every Lib rarian shall exercise such powers a nd perform such duties as may be assigned to him by t he Vice-Chancellor. Constitution, powers and fu nctions of the Board of Management: 12.( 1) The Board shall consist of the following members, namely:— ( i) the Vice-Chancellor, ex officio Chair man; ( ii) three Secretaries, from amongst the Secretaries-in-charge of the Depa rtments of Agriculture or Animal Husbandry, Fishery and Hor ticultur e of the State of Bihar to be nominated by the Visitor by rotation; ( iii) three eminent scientists to be nominated by t he Visitor; ( iv ) one distinguished person representing Agro-ba sed industries or a manufacturer having a special knowledge in agricultural development to be nominated by the Visitor; ( v) the Depu ty Director -G eneral (Education) representing the Indian Council of Agricultur al Research; ( vi) one Dean of college and one Director to be nominated by the Vice- Chancellor on rotational ba sis; ( vii ) two persons representing farmers to be nominated by the Vice- Chancellor; ( viii ) one woman social worker representing woman social organisa tion to b e nomina ted by t he Vice-Chancellor; ( ix) an Advisor (Agriculture), NIT I Aayog; ( x) a distinguished authority on natural resource or environment mana gement to be nominated by t he Visitor; ( xi) two persons not below the rank of Joint Secretary representing respectively the Departments of Government of India dealing with the Agriculture and Animal Husbandry to be nominated by the concerned Secretary to the Government of India; ( xii ) nominee of the Secretary repr esenting the Department of Agr icultur al Research and Educa tion, Government of India; ( xiii ) the Registrar of the University-Secretary. ( 2) The term of office of the members of the Board, other than ex officio memb ers, shall be t hr ee years.- 21 -Ex-420/2016 (3) The Board shall have the power of mana gement and administra tion of the revenue and property of the University a nd the conduct of all adminis trative affair s of the University not otherwise pr ovided for. ( 4) Subject to the provisions of this Act, the Statutes and the Ordinances, the Boar d shall in addition to all other powers vested in it, have the following powers, namely:— ( i) to create teaching and academic posts, to determine the number and emoluments of such posts and to define the duties and conditions of service of University staff, subject to the approva l of the India n Council of Agricult ural Resea rch; ( ii) to appoint such teachers and other academic staff, as may be necessar y, and Deans of colleges, Director and Heads of other institutions maintained by the University on the recommendations of the Selection Committee cons tituted for the purpose and to fill up temporary vacancies therein; ( iii) to create administrative, ministerial and other necessary posts and to make appoint ments thereto in the ma nner pr escribed by the Ordinances; ( iv) to regula te and enforce discipline among employees in accordance with the Statutes and Ordinances; ( v) to manage and regulate the finances, accounts, investments, property, business and all other administra tive a ffair s of the University, and for that purpose to appoint such agents as it may think fit; ( vi) to fix limits on the total recurring and the total non-recurring expenditure for a year on the recommendations of the Finance Commit tee; ( vii ) to invest any money belonging to the University, including a ny unapplied income, in such stocks, funds shares or securities, from time to time, as it may think fit or in the purchase of immovable pr operty in India, with the like powers of var ying such investment from time to t ime; ( viii ) to transfer or accept transfers of any movable or immovable property on behalf of the University; ( ix) to provide buildings, pr emises, furniture and apparatus and other means needed for carrying on the work of the University; ( x) to enter into, vary, carry out and cancel contracts on behalf of the University; ( xi) to entertain, adjudica te upon, and, if thought fit, to r edress a ny grievances of the employees and students of the University; ( xii ) to fix fees, honorarium, emoluments and travelling allowances of examiners or experts or consultants, advisors and officers on special duty; ( xiii ) to select a common seal for the University a nd provide for the custody and use of such seal; ( xiv ) to make such special ar rangements as may be necessary for the residence a nd discipline of women students; ( xv ) to delegate any of its powers to the Vice-Chancellor, Deans, Directors, Registr ar or Comptroller or such ot her employee or authority of the University or to a Commit tee appointed by it a s it ma y deem fit; ( xvi ) to institute fellowships, scholarships, studentships, medals and prizes; ( xvii ) to provide for a ppointment of Visiting Professor, Emeritus Professor, Consultant and Officers on Specia l Duty and scholars and to determine the terms and conditions of such appointment; ( xviii ) to exercise such other powers and perform such other duties as ma y be conferred on it by the Act, or the Statutes.- 22 - Ex-420/2016 Quorum for meetings of the Board: 13.Five members of the Board shall form the quorum for a meeting of the Boar d. Constitution and powers of the Academic Council: 14.( 1) The Academic Council shall consist of the following members, namely:— ( i) the Vice-Chancellor, ex officio Chair man; ( ii) all the Deans of the colleges of the University; ( iii) the Director of Research of the University; ( iv) the Director of Extension Education of the University; ( v) the Director of Education; ( vi) a Librarian to be nominated by the Vice-Chancellor on rotational basis; ( vii ) two eminent scientists to be co-opted from outside the Universit y to be nominated by the Vice-Chancellor; ( viii ) seven Heads of the Departments, at least one from each Faculty to be nomina ted by the Vice-Chancellor; ( ix) the Registrar of the University, ex officio Secretary. ( 2) The term of office of t he members of t he Academic Council other than ex officio memb ers sha ll be t hr ee years. ( 3) Subject to the Act, the Statutes and the Ordina nces, the Academic Council shall, in addition to all other powers vested in it, have the following powers, namely:— ( a) to exercise general supervision over the aca demic policies of t he University and to give dir ections regarding methods of instruction, co-opera tive teaching among colleges and institutions, evaluation and improvements in academic standards; ( b) to bring a bout inter-college coordination and establis h or appoint Committee on a cademic matt ers; ( c) to consider matters of general academic interest either on its own init iative or on a reference by a college or the Boar d and t o take appropr iate action thereon; and ( d) t o frame such r egulations and rules consistent wit h the S tatutes and the Or dinances regarding the academic functioning of the University, discipline, residences, admissions, award of fellowships and studentships, fees, concessions, corporate life and attendance. Quor um for meetings of the Academic Council: 15.One-third members of the Academic Council shall form the quorum for a meeting of the Academic Council. Board of Studies: 16.( 1) Ea ch Faculty shall have a Board of Studies. ( 2) T he Boar d of Studies of each Faculty shall be cons tituted as under:— ( i) Dean of F aculty—Chairperson; ( ii) Director of Resea rch —Member; ( iii) Director of Extension Education—Member; ( iv) All Heads of Departments of the Fa culty not below the ra nk of Associate Professor—Member; ( v) One representative of the Academic Council not belonging to the particular Faculty to be nominated by the Vice-Chancellor;- 23 -Ex-420/2016 (vi) Two eminent scientists from agricultural education system not belonging to the Universit y to be nominated by t he Vice-Chancellor; ( vii ) One final year P ost-Gra duate st udent with highest Overall Grade Point Aver a ge (OGPA) — Member; ( viii ) Assistant Registrar (Academic) of the Faculty — Member; ( ix) Director of Education—Member. ( 3) The functions of the Board of Studies shall be to recommend to the Academic Council, the course curriculum to be prescribed for various degrees to be offered by the concerned faculty and to make suitable recommendations for the teaching of the prescribed approved course, namely:— ( a) courses of studies and appointment of examiners for courses, but excluding r esear ch degr ees; ( b) appointment of supervisors of research; and ( c) measures for the improvement of the standard of teaching and research. Finance Committee: 17.( 1) T he Finance Committee shall consist of the following members, namely:— ( i) the Vice-Chancellor — Chair man; ( ii) Financial Advisor, Department of Agricultural Research and Education or his nominee not below the rank of Deputy Secretary; ( iii) three persons to be nominated by the Board, out of whom at least one shall be a member of the Board; ( iv) three persons to be nominated by the Visitor; and ( v) the Comptr oller of the Universit y—Member-Secret ary. ( 2) Three members of the Finance Committee shall form the quorum for meeting of the F inanc e Commit tee. ( 3) The members of the Finance Committee other than ex officio memb ers, shall hold office for a term of t hree years. ( 4) A member of the Finance Committee shall have the right to record a minute of dissent if he does not agree with any decision of the Finance Commit tee. ( 5) The Finance Committee shall meet at least twice a year to examine the accounts and to scrutinise proposals for expenditure. ( 6) Every proposal relating to creation of p osts and those items which have not been included in the Budget, sha ll be examined by the Finance Committee before they are considered by the Board. ( 7) The annual accounts and the fina ncial estimates of the University prepared by the Comptroller, shall be laid before the Finance Committee for consideration and comments and thereafter submitted to the Board for approval. ( 8) The Finance Committee shall recommend limit s for the total recur ring expenditure and the total non-recurring expenditure for the year, based on the income and resources of the University (which, in case of productive wor ks, may include the proceeds of loans). Selection C ommitt ees: 18.( 1) There sha ll be a selection Committee for making recommendations to the Boar d for appointment to t he post of teachers, Comptroller, Registrar, Librarians, Deans of colleges, Directors and Heads of other institutions maintained by the University.- 24 - Ex-420/2016 (2) The Selection Committee for appointment to the posts specified in column 1 of the Ta ble below shall consist of members a s specified in the corresponding entr ies in column 2 of the said Ta ble: TABLE 1 23 A. Directors /Deans( i) Vice-Chancellor or his nominee—Chairman ( ii) One nominee of t he Vis itor —Member ( iii) T hree eminent scientists not below the rank of Vice-Chancellor or equiva lent (serving or retired) to be nominated by the Vice-Chancellor from a panel of six names approved by the Board-Member. B. Pr ofessor s/Equivalent ( i) Vice Chancellor or his nominee—Chairman ( ii) One nominee of t he Vis itor —Member ( iii) Dean of concerned Facu lty —Member ( iv) Director of Resear ch or Director of Extension Education or Director of Education to be nominated by the Vice-Chancellor—Member ( v) Three eminent subject specialists not below the rank of Head of Departments (serving or retired) to be nominated by the Vice-Chancellor out of a panel of six names approved by the Board—Member. C. Associa te P rofessor / ( i) Vice-Chancellor or his nominee—Chairman Assistant Professor/ ( ii) One nominee of t he Vis itor —Member Equivalent( iii) Dean of concerned Facu lty —Member ( iv) Director of Education or Director of Research or Director of Extension Education to be nominated by the Vice-Chancellor—Member ( v) Two eminent teachers or scientists not below the rank of Professor or equivalent (serving or retired) to be nominated by the Vice-Chancellor out of a panel of six names approved by the Boa rd—Members. D. Registrar/Comptroller/ ( i) Vice-Chancellor or his nominee—Chairman Librarian( ii) One nominee of t he Vis itor —Member ( iii) One Dir ector/Dean to be nominated by the Vice-Chancellor—Member ( iv) Two experts in the concerned subject to be nominated by the Vice-Chancellor, out of a panel of six names appr oved by the Boa rd—Members. ( 3) The Vice-Chancellor, or in his absence, his nominee shall preside at the meeting of t he Selection Commit tee: Pr ovided that the meetings of the Selection Committee shall be fixed aft er prior consultation with the nominees of the Visitor: Provided fur ther tha t the proceedings of t he Selection Committee shall not be valid unless at least two members, not in the service of the University are present in the meeting.- 25 -Ex-420/2016 (4) The meeting of the selection Committee shall be convened b y the Vice- Chancellor or in his absence by his nominee. ( 5) The procedure to be followed by the Selection Committee in making recommendations sha ll be decided by the Committee prior to the interview. ( 6) If the Boa rd is unable to accept the recommendations made by the Selection Committee, it shall record its reasons and submit the case to the Visitor for final orders. ( 7) Appointments to tempora ry posts shall be made in the manner indicated below:— ( i) The Vice-C hancellor shall have the authority to appoint a person on ad hoc basis for a period not exceeding six months extendable by a fur ther period of s ix months with the approval of the Board: Provided that if the Vice-Chancellor is satisfied that in the interest of work it is necessar y to fill the vacancy, the appointment may be made on a purely temporary ba sis by the loca l Selection Committee referred to in sub- clause ( ii) for the period not exceeding six months. ( ii) If the temporary vacancy is for a period less than one year, an appointment to such vaca ncy sha ll be ma de on the r ecommendation of t he loca l Selection Committee consisting of the Dean of the college concerned, the Head of the Department and a nominee of the Vice-Chancellor: Provided that if the same person holds the offices of the Dean and the Head of the Department, the Selection Committee may contain two nominees of t he Vice-Chancellor: Provided further tha t in case of sudden ca sual vacancies of teaching posts caused by death or any other reason, the Dea n may, in consultation with the Head of the Department concerned, make a tempora ry appointment for one month a nd r epor t to the Vice-Cha ncellor and the Registrar about such appointment. ( iii) No teacher appointed temporarily shall, if he is not recommended by the regular S election Committee for appointment under the Statutes, be cont inued in service on such temporary employment, unless he is subsequently selected by the loca l Selec tion Committee or the r egula r S election Commit tee, for a tempor ary or permanent appointment, as the case may be. ( 8) Mode of constitution of t he S election Committee for non-a cademic staff, not prescribed in the Statutes, shall be prescribed by the Ordinances. Special mode of a ppointment: 19.( 1) Notwithstanding anything conta ined in Statute 18, the Board may invite a person of high a cademic distinction a nd professional attainments to accept a post of Professor or Associate Pr ofessor or any other academic post in the University, as the case may be, on such terms and conditions as it deems fit, a nd on the person agreeing to do so, appoint him to the post. ( 2) T he Board may appoint a teacher or any other academic staff working in any other Universit y or or ganisation for underta king a joint pr oject in accordance with the ma nner la id down in the Ordinances. Appointment for a fixed tenure: 20.The Board ma y appoint a person selected in accorda nce with the pr ocedure laid down in Statute 18 for a fixed tenure on such terms and conditions as it deems fit.- 26 - Ex-420/2016 Qualifications of Director, Dean, Professor, etc.: 21.( 1) Qualifica tions of Director, Dean, Pr ofessor, Associate Pr ofessor and Assistant Professor of different Faculties and their equivalents in Research and Extension Education shall be as prescribed by the Ordinances. ( 2) Qualification of non-academic staff shall be pr escribed by the Ordinances. Commit tees: 22.( 1) The authorities of the University specified in section 17 may appoint as many standing or special Committees as it may deem fit, and may appoint to such Committees persons who ar e not members of such author ity. ( 2) Any such Committee appointed under clause (1) may deal with any subject delegated to it subject to confirmation by the author ity appointing it. Terms and conditions of service a nd code of conduct of the teachers, etc.: 23.( 1) All the teachers and other academic sta ff of the University shall, in the absence of any agreement t o the contrary, be governed by the terms and conditions of s ervice and code of conduct as are specified in the Statutes, the Or dinances and the Regulations. ( 2) Every teacher and other staff of the University shall be appointed on a writ ten contract, t he term of which shall be prescribed by the Ordinances. ( 3) A copy of every contract refer red to in clause (2) shall be deposited with the Registrar. Terms and conditions of s ervice and code of conduct of other employees: 24.All the non-academic employees of the Universit y, shall in the absence of any contract to the contrar y, be governed by the terms and conditions of service and code of conduct as are specified in the Statutes, the Ordinances and the Regulations as ma de fr om time to time. Seniority list: 25.( 1) Whenever, in accordance with the Statutes, any person is to hold an office or be a member of an author ity of the University by rotation according to seniority, such seniority shall be determined according to the length of continuous service of such person in his grade and, in accordance with such other principles as the Board may, from time to time, prescribe. ( 2) It shall be the duty of the Registrar to prepare and maint ain, in respect of each class of persons to whom the provisions of these Statutes apply, a complete and up-t o-date seniority list in accordance with the provisions of clause (1) . (3) If two or more persons have equal length of continuous service in a particular grade or the relative seniority of any persons is otherwise in doubt, the Registrar may, on his own motion a nd shall, at the request of any person, submit the matter to the Boar d whose decision thereon shall be final. Removal of employees of the University: 26.( 1) Where there is a n allegation of misconduct against a teacher, a member of t he academic sta ff or other employee of the Universit y, the Vice-Chancellor, in case of the teacher or member of t he academic staff and the authority competent to appoint (hereinafter referred to as the appointing authority) in the case of other employee, may, by order in writing, pla ce such teacher, member of the academic- 27 -Ex-420/2016 staff or other employee, a s the case may be, under suspension and shall forthwith report to the Board, the circumsta nces in which the order was made: Provided that the Board may, if it is of the opinion, that the circu mstances of the case do not war rant the suspension of the teacher or a member of the academic staff, revoke such or der. (2) Notwithstanding anything contained in the terms of the contra ct of appointment or of a ny other terms and conditions of service of the employees, the Boar d in respect of teacher and other a cademic staff and the appointing authority, in resp ect of other employees, shall have the power to remove a teacher or a member of the academic staff, or other employees, as the case may be, on grounds of misconduct. ( 3) Sa ve as aforesaid, the Board or the appointing authority, as the case may be, shall not be entitled to remove any teacher, member of the academic staff or other employees except for a good cause and after giving three months, notice or on payment of t hree months sala ry in lieu thereof. ( 4) No teacher, member of the a cademic st aff or ot her employee sha ll be removed under clause (2) or clause (3) unless he has been given a reasonable opportunity of s howing cause against the action proposed to be taken in regard to him. ( 5) The removal of a teacher, member of the academic staff or other employee shall take effect from the date on which the order of removal is made: Provided that where the teacher, member of the academic staff or other employee is under suspension at the time of his remova l, such removal shall take effect from the date on which he was placed under suspension. ( 6) Notwithstanding anything contained in the foregoing provisions of this Statute, a teacher, member of the academic staff or other employee may resign,— ( a) if he is a perma nent employee, only a fter giving three months’ notice in writing to the Board or the a ppointing authority, as the case ma y be, or by paying three months’ salar y in lieu thereof; ( b) if he is not a permanent employee, only after giving one month’s notice in writing to the Board or, the appointing authority, a s the case may be, or by paying one month’s salary in lieu thereof: Provided tha t such resignation sha ll take effect only on the date from which the resignation is accepted by the Board or the appointing authority, as the case may be. Honor ary degrees: 27.( 1) The Board may, on the recommendation of the Academic Council and by a resolution passed by a majority of not less than two-thirds of the members present and voting, make proposals to the Visit or for the conferment of honorary degrees: Provided that in ca se of emergency, the Board ma y, on its own motion, make such proposals. ( 2) The Board may, by a resolution passed by a majority of not less than two- thir ds of the members present and voting, withdraw, with the previous sanction of the Visitor, any honor ary degree conferred by the University. Withdr awal of degrees, etc.: 28.The Board may, by a specia l resolution pa ssed by a majority of not less than two- thirds of the members present and voting, withdraw any degree or academic distinction conferred on, or any certificate or diploma granted to, a ny person by the University for good and sufficient ca use:- 28 - Ex-420/2016 Provided that no such resolution shall be passed until a notice in writing has been given to that person calling upon him to show cause within such time as ma y be specified in the notice why such a resolution should not be passed and until his objections, if any, and any evidence he may produce in support of them, have been cons idered by the Board.Maintenance of discipline among students of the University: 29.( 1) All power s relating to discipline and disciplinary action in relation to students of the University shall vest in t he Vice-Chancellor. ( 2) The Vice-Chancellor may delega te all or any of his powers as he deems proper to s uch officers a s he ma y specify in this behalf. ( 3) Wit hout prejudice to the generality of his powers relating to the maintenance of discipline and taking such action, as may seem to him appropr iate for the maintenance of discipline, the Vice-Chancellor may, in exercis e of his powers, by order, direct that any st udent or students be expelled, or rusticated, for a specified period, or be not admitted to a course or courses of study in a college, institution or Depa rtment of the University for a stated period, or be punished with fine for an amount to be specified in the order, or be debar red from taking an exa mination or examinations conducted by t he University, college, instit ution or Department for one or more years, or that the results of the student or students concerned in the examination or examinations in which he or they have appeared be cancelled. ( 4) The Dean of colleges, institutions and Heads of the teaching Departments in the University shall ha ve the authority to exercise all such disciplinary powers over the students in their resp ective colleges, institutions and teaching Departments in the University as may b e necessary for the proper conduct of such colleges, institutions and teaching in the Departments. ( 5) Without prejudice to the powers of t he Vice-Chancellor, the Deans and other persons specified in clause ( 4), detailed rules of disciplines and proper conduct shall be made by the University. ( 6) The Deans of the colleges, institutions and Heads of the teaching Depa rtments in the University may also make the supplementary rules a s they deem necessary for the purposes referr ed to in clause ( 5). ( 7) At the time of admission, every student shall be required to sign a declaration to t he effect that he submits himself to the disciplinar y ju risdiction of the Vice- Chancellor and other authorities of the University. Maintenance of discipline among students of colleges, etc.: 30.All powers r elating to discipline and disciplinar y action in relation to the students of the college or an institution mainta ined by the University, shall vest in the Dean of the College or institution, as the case may be, in accordance with the procedure prescribed by the Ordinances. Convocations: 31.Convocations of the University for the conferr ing of the degrees or for other purposes shall be held in such manner as ma y be pr escribed by the Ordinances. Acting Chair man: 32.When no provision is made for a Cha irman t o preside over a meeting of any Committee or when the Chairman so provided for is absent, or the Vice-Chancellor- 29 -Ex-420/2016 has not in writing made a ny arra ngement, the members shall elect one from among themselves to pres ide over meeting.Resignation: 33.Any member, other than an ex officio memb er of t he Boa r d, Academic Council or a ny other author ity of the University or any Committee of such authority may resign by letter addr essed to the R egistra r and the resignation shall take effect as soon as such letter is received by the Registrar. Disqualifica tions: 34.( 1) A person shall be disqualified for being chosen as, and for being , a member of a ny of the authorities of the University,— ( i) if he is of unsound mind; ( ii) if he is an undischarged insolvent; ( iii) if he has been convicted by a court of law of a n offence involving mora l turpit ude and sentenced in respect thereof t o imprisonment for a period of not less than six months. ( 2) If a ny question arises as to whether a person is or has been s ubjected to any of the disqualifications mentioned in clause (1) , the question shall be referred to the Visitor and his decision thereon shall be final and no suit or other proceeding shall lie in any civil court aga inst such decis ion. Residence condition for membership and office: 35.Notwithstanding anything contained in the Statutes, a person who is not ordinarily r esident in India shall not be eligible to be an officer of the University or a member of a ny authority of the University. Membership of authorities by virtue of membership of other bodies: 36.Notwithstanding anything contained in the Sta tutes, a person who holds any post in the University or is a member of any authority of the University in his capacity as a member of a particular authority or as the holder of a particular appointment shall hold such office or membership only for so long as he continues to be a member of tha t particular a uthorit y or the holder of tha t particular a ppointment, as the case ma y be. Alumni Ass ociation: 37.( 1) T here sha ll be a n Alumni Association for the University. ( 2) The subscription for membership of the Alumni Association shall be prescribed by the Ordinances. ( 3) No member of the Alumni Association shall be entitled t o vote or stand for election unless he has been a member of the said associa tion for at least one year prior to the date of the election and is a degree holder of the University of a t least five year s standing: Provided that the condition relating to the completion of one year ’s membership shall not a pply in the ca se of the first elect ion. Students’ Council: 38.( 1) There sha ll be, in each College of the Univer sity, a Students’ Council for each academic sess ion for the pur pose of making recommendations to the- 30 - Ex-420/2016 authorities of the University with regard to various activities relating to students welfare, including games, sports, dramatics, deba tes, cultural a ctivities, etc., and such Council shall consist of:— (i) the Dean of the College—Chairperson; ( ii) all Hostel Wardens; ( iii) Ca mpus Estate Officer; ( iv) five Heads of the Departments to be nominated by the Dean; ( v) Hostel Prefects; ( vi) one student from each class or year who has secured the Highest Overall Grade Point Average (OGPA) in the previous academic sess ion; ( vii ) Student s Welfar e Offic er— Member-S ecr etar y. ( 2) The Students Cou ncil shall meet at lea st once in each semester. Ordinances how made: 39.( 1) The first Ordinances made under sub-section (2) of section 27 may be amended or r epealed at any time by the Board in the manner specified below. ( 2) No Ordina nces in respect of the matters enumerated in section 27, other than those enumerated in clause ( n) of sub-section (1) thereof sha ll be made by the Boar d unless a draft of such Ordinance ha s been proposed by the Academic Council. ( 3) The Boar d shall not have power to amend any draft of any Ordinance proposed by the Academic Council under clause (2) , but may reject the proposa l or return the draft to the Academic Council for reconsider ation either in whole or in p art, together with any amendment which the Board may suggest. ( 4) Where the Board has rejected or retur ned the draft of an Ordinance proposed by t he Academic Council, the Aca demic Council may consider the question afresh and in case the original draft is reaffir med by a majority of not less than two-thirds of the members present and voting and more than half the total member of numbers of the Academic Council, the draft may be sent back to the Board which s hall either adopt it or refer it to the Visit or whose decision shall be final. ( 5) Every Ordinance made by the Board sha ll come into effect immediately. ( 6) Every Ordinance made by t he Boar d shall be submitted to the Visitor within two weeks fr om the date of its adoption. ( 7) The Visitor shall have the power to direct the Universit y within four weeks of the receipt of the Ordinance to suspend the operation of any such Ordinance and he shall, as soon a s possible, inform the Board a bout his object ion to the proposed Or dina nce. ( 8) T he Visit or ma y, a fter receiving the comments of the Univer s ity, eit her withdra w the order suspending the Ordinance, or disallow the Ordinance and his decision sha ll be final. Regulations: 40.( 1) T he authorities of the Universit y may make Regulations consistent with the Act, the Statutes and the Ordina nces for the following matters, namely:— ( i) la ying down the procedure to be observed at meetings and the number of members required to form a quorum; ( ii) providing for all matters which are required by the Act, the Statutes or the Ordinances t o be specified by the Regulations; ( iii) pr oviding for all other matters concerning s uch a uthor it y or Committees a ppointed by them and not provided for by the Act, the Statutes or the Ordina nces.- 31 -Ex-420/2016 (2) Every authority of the Universit y shall make Regulations providing for the giving of notice to the members of such authorities of the da tes of meetings and of the business to be considered at meetings and for the keeping of a record of the proceedings of meetings. ( 3) The Board may direct the amendment in such ma nner as it may specify of any Regulation made under the Statutes or the annulment of any such Regulation. Delegation of Powers: 41.Subject to the provisions of the Act and the Statutes, any officer or authority of t he University may delegate his or its power to any other officer or authorit y or person under his or its respective control and subject to the condition that overall resp onsibility for the exercise of power so delegated shall continue to vest in the officer or authority delegating such power. Collaboration with other Ins titution a nd Organisa tions: 42.The University shall have the authority t o enter into an agreement thr ough a Memorandum of Understanding with any r esearch and /or academic institution of higher learning to conduct collaborative P ost-Gra duate Research Programme to fulfil the partial requir ement for the a ward of Master ’s and Ph. D. degrees of the University. Constitution and Function of Resea rch Council: 43.( 1) There sha ll be a Research C ounc il of t he University t o exercise general supervision over the resear ch policies and progra mmes of the University in the area of Agriculture and allied disciplines. ( 2) The Resea rch Council shall consist of the following members, namely:— ( i) the Vice-C hancellor—Chair man; ( ii) Director of Extension Education—Member; ( iii) Director of Education—Member; ( iv) all Deans of the colleges of the University—Members; ( v) Nominee of the State Governments not below the rank of Director— Members; ( vi) all co-ordinators of the Research Teams of the University—Members; ( vii ) two eminent agricultural scientists to be nominated by the Vice- Cha ncellor for thr ee yea rs—Members; ( viii ) Dir ector of Resear ch—Member-S ecreta ry. ( 3) The Research Council shall meet at least once in a year. ( 4) One-third members of the Research Council shall form a quorum for the meeting of the Resea rch Council. ( 5) If a vaca ncy occurs due to resignation or otherwise the sa me shall be filled up for the remaining period. Constitution and function of the Extension Education Council: 44.( 1) There shall be an Extension Education Council of the Universit y to exer cise general supervision over the extension education policies and progra mmes of t he University in the ar ea of Agriculture and allied disciplines. ( 2) The Extension Education Council shall consist of the following members, namely:— ( i) the Vice-C hancellor—Chair man; ( ii) Director of Resea rch—Member;- 32 - Ex-420/2016 (iii) Director of Education—Member; ( iv) all Deans of the colleges of the University—Members; ( v) Nominee of the State Governments not below the rank of Director— Members; ( vi) two farmers’ representa tives a nd one woman social worker t o be nominated by the Vice-Chancellor for a term of three years—Members; ( vii ) two eminent scientists from outside the University to be nominated by the Vice-Chancellor for two years—Members; ( viii ) Director of Extension Education—Member-Secretary. ( 3) The Extension Education C ouncil s hall meet at least once in a year. ( 4) One-third members of the Extension Education Council shall form a quorum for the meeting of the Extension Education Council. Application of the Central Civil S ervices (Pension) Rules, 1972 , etc.: 45.( 1) All regular employees of the Universit y shall be governed by the pr ovisions of the Central Civil Services (Pension) Rules,1972, and the General Provident Fund (Central Services) Rules,1960, in respect of grant of Pension and Gratuity and General Provident F und. ( 2) Any amendment made by the Government of India in the Central Civil Services (P ension) Rules, 1972, a nd the General Provident Fund (Centra l Services) Rules, 1960, shall also be applicable to employees of the University. ( 3) In respect of commutation of pension, with any amendments there to the provisions of the Central Civil Services (Commutation of Pension) Rules, 1981, shall a p p l y. ( 4) The Vice-Chancellor sha ll be the pension sanctioning authority and the pension authorisation authority. ( 5) Pension payment shall be centralised and controlled by C omptroller ’s office.Published and Issued by Controller, Printing & Stationery Department, Government of Mizoram Printed at the Mizoram Government Press, Aizawl. C/60- 33 -Ex-420/2016

The Mizoram Gazette EXTRA ORDINARY Published by Authority RNI No. 27009/1973Postal Regn. No. NE-313(MZ) 2006-2008VOL - XLV Aizawl, Wednesday 19.10.2016 Asvina 27, S.E. 1938, Issue No. 421 NOTIFICATIONNo. H. 12017/55/2016-LJD, the 13th October, 2016.The following Act is hereby re-published for general information. The Appropriation (No. 2) Act, 2016 (No. 29 of 2016) Zahmingthanga Ralte, Joint Secretary to the Govt. of Mizoram, Law & Judicia l Department. - 2 - Ex-421/2016 THE APPROPRIATION (No. 2) ACT, 2016 AN ACTto authorise payment and appropriation of certain sums from and out of the Consolidated Fund of India for the services of the financial year 2016-17. BE it enacted by P arliament in the Sixty-seventh Year of the Republic of India as follows:— 1. This Act may be called the Appropriation (No. 2) Act, 2016. 2. Fr om 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 [inclusive of the sums specified in column 3 of the Schedule to the Appr opriation (Vote on Account) Act, 2016] to the sum of sixty-six lakh six thousand six hundred twenty-three crore and sixty lakh rupees towards defraying the several char ges which will come in course of payment dur ing the financial year 2016-1 7 in resp ect 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. 4.References to Ministries or Departments in the Schedule a re to such Ministries or Departments as existing immediately before the 27th January, 2016 and shall, on or after that da te, be construed as references to the appropriate Ministries or Departments as reconstituted from time to time. Short title. Issue of Rs. 6606623,60, 00,000 out of the Consolidated Fu nd of India for the financial year 2016-17. Appropriation. Construction of references to Ministries and Departments in the Schedule.19 of 2016. - 3 -Ex-421/2016 THE SCHEDULE (See sections 2 and 3)(^ in lakh) 1Department of Agriculture, CooperationandRevenue Farmers WelfareCapital 2Department of Agricultural Research and Education Revenue 3Department of Animal Husbandry,Revenue Dairyingand FisheriesCapital 4Atomic EnergyRevenue Capital 5Ministry of Ayurveda, Yoga and Naturopathy,Unani, Revenue Siddha and Homoeopathy (AYUSH)Capital 6Department of Chemicals and PetrochemicalsRevenue Capital 7Department of FertilisersRevenue Capital 8Department of PharmaceuticalsRevenue Capital 9Ministry of Civil AviationRevenue Capital 10Ministry of CoalRevenue Capital 11Department of CommerceRevenue Capital 12Department of Industrial Policy and PromotionRevenue Capital 13Department of PostsRevenue Capital 14Department of TelecommunicationsRevenue Capital 15Department of Electronics and InformationTechnology Revenue Capital 16Department of Consumer AffairsRevenue Capital 17Department of Food and Public DistributionRevenue Capital 18Ministry of Corporate AffairsRevenue Capital 19Ministry of CultureRevenue Capital 20Ministry of Defence (Misc)Revenue Capital 21Defence PensionsRevenueNo. of Vote123 SERVICES AND PURPOSESVoted by ParliamentTotal SUMS NOT EXCEEDINGRs.Rs.Rs. Charged on the Consoli- dated Fund35952,83,00,000 30,86,00,000 6620,00,00,000 2395,45,00,000 36,06,00,000 12650,33,00,000 6030,65,00,000 1323,20,00,000 300,00,000 162,01,00,000 40,03,00,000 74138,33,00,000 104,00,000 211,30,00,000 10,00,000 810,52,00,000 1780,20,00,000 361,00,00,000 1100,00,00,000 4262,74,00,000 100,00,00,000 3016,94,00,000 961,00,000 23122,00,00,000 406,26,00,000 18355,96,00,000 2858,70,00,000 3089,71,00,000 239,11,00,000 1239,81,00,000 17,30,00,000 142102,51,00,000 10601,60,00,000 314,43,00,000 30,00,00,000 2430,00,00,000 70,00,00,000 56449,44,00,000 12027,95,00,000 82331,66,00,000.. .. .. .. .. 100,00,000 50,00,000 .. .. .. .. .. .. .. .. .. .. .. .. 6,00,000 .. .. .. 60,00,000 .. .. .. .. .. .. .. .. .. .. .. .. .. 15,24,00,000 45,00,00,000 100,00,00035952,83,00,000 30,86,00,000 6620,00,00,000 2395,45,00,000 36,06,00,000 12651,33,00,000 6031,15,00,000 1323,20,00,000 300,00,000 162,01,00,000 40,03,00,000 74138,33,00,000 104,00,000 211,30,00,000 10,00,000 810,52,00,000 1780,20,00,000 361,00,00,000 1100,00,00,000 4262,80,00,000 100,00,00,000 3016,94,00,000 961,00,000 23122,60,00,000 406,26,00,000 18355,96,00,000 2858,70,00,000 3089,71,00,000 239,11,00,000 1239,81,00,000 17,30,00,000 142102,51,00,000 10601,60,00,000 314,43,00,000 30,00,00,000 2430,00,00,000 70,00,00,000 56464,68,00,000 12072,95,00,000 82332,66,00,000 22Defence Services (Revenue)Revenue 23Capital Outlay on Defence ServicesCapital 24Ministry of Development of North Eastern RegionRevenue Capital 25Ministry of Drinking Water and SanitationRevenue 26Ministry of Earth SciencesRevenue Capital 27Ministry of Environment, Forests and Climate Change Revenue Capital 28Ministry of External AffairsRevenue Capital 29Department of Economic AffairsRevenue Capital 30Department of Financial ServicesRevenue Capital CHARGED.—Interest PaymentsRevenue 32Transfers to StatesRevenue Capital CHARGED.—Repayment of DebtCapital 34Department of ExpenditureRevenue 35PensionsRevenue 36Indian Audit and Accounts DepartmentRevenue Capital 37Department of RevenueRevenue Capital 38Direct TaxesRevenue Capital 39Indirect TaxesRevenue Capital 40Department of DisinvestmentRevenue 41Ministry of Food Processing IndustriesRevenue 42Department of Health and Family WelfareRevenue Capital 43Department of Health ResearchRevenue 44Department of Heavy IndustryRevenue Capital 45Department of Public EnterprisesRevenue 46Ministry of Home AffairsRevenue Capital 47CabinetRevenue 48PoliceRevenue Capital 49CapitalTransfers to Union territories with Legislature Revenue Capital 50Ministry of Housing and Urban Poverty AlleviationRevenue 51Department of School Education andLiteracyRevenue 52Department of Higher EducationRevenue 53Ministry of Information and BroadcastingRevenue Capital 54Ministry of Labour and EmploymentRevenue Capital148407,14,00,000 78499,56,00,000 1951,01,00,000 649,00,00,000 22509,70,00,000 1500,39,00,000 175,00,00,000 3451,09,00,000 55,25,00,000 11679,63,00,000 2983,00,00,000 12335,39,00,000 8470,70,00,000 4135,52,00,000 29620,00,00,000 .. 25250,00,00,000 .. . . 226,65,00,000 31910,00,00,000 3793,14,00,000 11,50,00,000 11868,99,00,000 56,00,00,000 5187,00,00,000 202,00,00,000 5140,00,00,000 200,00,00,000 40,00,00,000 636,02,00,000 38899,71,00,000 1757,86,00,000 1144,80,00,000 392,87,00,000 907,13,00,000 20,42,00,000 4330,51,00,000 300,36,00,000 419,64,00,000 61674,97,00,000 9035,51,00,000 2076,00,00,000 72,00,00,000 5411,00,00,000 63826,65,00,000 28840,00,00,000 4036,06,00,000 47,57,00,000 6432,83,00,000 21,15,00,00091,71,00,000 87,12,00,000 .. .. .. 5,00,000 .. .. .. 3,00,000 .. .. .. .. .. 507669,95,00,000 100646,36,00,000 12600,00,00,000 4406431,08,00,000 .. 160,00,00,000 129,63,00,000 .. 2,00,000 .. .. .. 50,00,000 .. .. .. .. .. .. .. .. .. 3,00,000 .. .. 7,44,00,000 6,66,00,000 .. .. .. .. .. .. .. .. ..148498,85,00,000 78586,68,00,000 1951,01,00,000 649,00,00,000 22509,70,00,000 1500,44,00,000 175,00,00,000 3451,09,00,000 55,25,00,000 11679,66,00,000 2983,00,00,000 12335,39,00,000 8470,70,00,000 4135,52,00,000 29620,00,00,000 507669,95,00,000 125896,36,00,000 12600,00,00,000 4406431,08,00,000 226,65,00,000 32070,00,00,000 3922,77,00,000 11,50,00,000 11869,01,00,000 56,00,00,000 5187,00,00,000 202,00,00,000 5140,50,00,000 200,00,00,000 40,00,00,000 636,02,00,000 38899,71,00,000 1757,86,00,000 1144,80,00,000 392,87,00,000 907,13,00,000 20,42,00,000 4330,54,00,000 300,36,00,000 419,64,00,000 61682,41,00,000 9042,17,00,000 2076,00,00,000 72,00,00,000 5411,00,00,000 63826,65,00,000 28840,00,00,000 4036,06,00,000 47,57,00,000 6432,83,00,000 21,15,00,000 - 4 - Ex-421/2016 55Election CommissionRevenue Capital 56Law and JusticeRevenue Capital CHARGED.—Supreme Court of IndiaRevenue 58Ministry of Micro, Small and Medium EnterprisesRevenue Capital 59Ministry of MinesRevenue Capital 60Ministry of Minority AffairsRevenue Capital 61Ministry of New and Renewable EnergyRevenue Capital 62Ministry of Panchayati RajRevenue 63Ministry of Parliamentary AffairsRevenue 64Ministry of Personnel, Public Grievancesand Pensions Revenue Capital CHARGED.—Central VigilanceCommissionRevenue 66Ministry of Petroleum and Natural GasRevenue Capital 67Ministry of PlanningRevenue Capital 68Ministry of PowerRevenue Capital CHARGED.—Staff, Household and Allowances of the PresidentRevenue 70Lok SabhaRevenue 71Rajya SabhaRevenue CHARGED.—Union Public Service CommissionRevenue 73Secret ariat of the Vice-PresidentRevenue 74Ministry of Road Transport and HighwaysRevenue Capital 75Department of Rural DevelopmentRevenue 76Department of Land ResourcesRevenue 77Department of Science and TechnologyRevenue Capital 78Department of Scientific and Industrial ResearchRevenue Capital 79Department of BiotechnologyRevenue 80Ministry of ShippingRevenue Capital 81Ministry of Skill Development and Entrepreneurship Revenue Capital 82Department of Social Justice and EmpowermentRevenue Capital 83Department of Empowerement of PersonsRevenue with DisabilitiesCapital 84Department of SpaceRevenue Capital 85Ministry of Statistics and ProgrammeI mplementation Revenue Capital81,52,00,000 40,00,00,000 5011,99,00,000 88,01,00,000 .. 3454,22,00,000 10,55,00,000 1055,03,00,000 158,39,00,000 3687,25,00,000 140,00,00,000 9882,79,00,000 100,00,00,000 768,33,00,000 17,30,00,000 1321,90,00,000 117,13,00,000 .. 29158,62,00,000 2,00,00,000 292,64,00,000 50,00,000 10817,17,00,000 3721,82,00,000 .. 623,29,00,000 376,19,00,000 .. 4,61,00,000 52859,00,00,000 54707,00,00,000 138539,80,00,000 1709,36,00,000 4481,83,00,000 14,47,00,000 4056,25,00,000 6,55,00,000 1820,00,00,000 1479,15,00,000 361,35,00,000 1770,55,00,000 33,73,00,000 6226,95,00,000 339,00,00,000 753,56,00,000 30,00,00,000 4155,38,00,000 3352,76,00,000 4724,83,00,000 28,00,00,000.. .. .. .. 189,88,00,000 .. .. 7,00,000 .. .. .. .. .. .. .. 8,47,00,000 2,50,00,000 27,68,00,000 .. .. .. .. .. .. 52,59,00,000 1,00,00,000 1,02,00,000 217,00,00,000 .. .. 10,00,00,000 .. .. 2,00,000 .. .. .. .. .. .. .. .. .. .. .. .. 60,00,000 40,00,000 .. ..81,52,00,000 40,00,00,000 5011,99,00,000 88,01,00,000 189,88,00,000 3454,22,00,000 10,55,00,000 1055,10,00,000 158,39,00,000 3687,25,00,000 140,00,00,000 9882,79,00,000 100,00,00,000 768,33,00,000 17,30,00,000 1330,37,00,000 119,63,00,000 27,68,00,000 29158,62,00,000 2,00,00,000 292,64,00,000 50,00,000 10817,17,00,000 3721,82,00,000 52,59,00,000 624,29,00,000 377,21,00,000 217,00,00,000 4,61,00,000 52859,00,00,000 54717,00,00,000 138539,80,00,000 1709,36,00,000 4481,85,00,000 14,47,00,000 4056,25,00,000 6,55,00,000 1820,00,00,000 1479,15,00,000 361,35,00,000 1770,55,00,000 33,73,00,000 6226,95,00,000 339,00,00,000 753,56,00,000 30,00,00,000 4155,98,00,000 3353,16,00,000 4724,83,00,000 28,00,00,000 - 5 -Ex-421/2016 86Ministry of SteelRevenue 87Ministry of TextilesRevenue Capital 88Ministry of TourismRevenue Capital 89Ministry of Tribal AffairsRevenue Capital 90Andaman and Nicobar IslandsRevenue Capital 91ChandigarhRevenue Capital 92Dadra and Nagar HaveliRevenue Capital 93Daman and DiuRevenue Capital 94LakshadweepRevenue Capital 95Ministry of Urban DevelopmentRevenue Capital 96Ministry of Water Resources,Revenue River Development and Ganga RejuvenationCapital 97Ministry of Women and Child DevelopmentRevenue Capital 98Ministry of Youth Affairs and SportsRevenue Capital TOTAL85,62,00,000 4574,30,00,000 20,52,00,000 1589,27,00,000 1,05,00,000 768,14,00,000 70,00,00,000 3460,43,00,000 683,58,00,000 3459,03,00,000 394,71,00,000 687,26,00,000 384,47,00,000 1387,50,00,000 277,80,00,000 1089,34,00,000 165,50,00,000 15502,67,00,000 11405,42,00,000 8357,60,00,000 402,71,00,000 17878,12,00,000 30,00,00,000 1542,00,00,000 50,00,00,000 1573961,17,00,000.. .. .. .. .. 3988,36,00,000 .. 1,00,000 .. 34,05,00,000 50,00,00,000 1,00,000 .. 2,00,000 .. .. .. 83,77,00,000 97,00,00,000 .. 400,00,000 .. .. .. .. 5032662,43,00,00085,62,00,000 4574,30,00,000 20,52,00,000 1589,27,00,000 1,05,00,000 4756,50,00,000 70,00,00,000 3460,44,00,000 683,58,00,000 3493,08,00,000 444,71,00,000 687,27,00,000 384,47,00,000 1387,52,00,000 277,80,00,000 1089,34,00,000 165,50,00,000 15586,44,00,000 11502,42,00,000 8357,60,00,000 406,71,00,000 17878,12,00,000 30,00,00,000 1542,00,00,000 50,00,00,000 6606623,60,00,000- 6 - Ex-421/2016Published and Issued by Controller, Printing & Stationery Department, Government of Mizoram Printed at the Mizoram Government Press, Aizawl. C/60

The Mizoram Gazette EXTRA ORDINARY Published by Authority RNI No. 27009/1973Postal Regn. No. NE-313(MZ) 2006-2008VOL - XLV Aizawl, Wednesday 19.10.2016 Asvina 27, S.E. 1938, Issue No. 422 NOTIFICATIONNo. H. 12017/55/2016-LJD, the 13th October, 2016.The following Act is hereby re-published for general information. The Industr ies (Development and Regula tion) Amendment Act, 2016 (No. 27 of 2016) Zahmingthanga Ralte, Joint Secretary to the Govt. of Mizoram, Law & Judicia l Department. - 2 - Ex-422/2016 THE INDUST RIES (DEVELOPMENT AND REGULATION) AMENDMENT ACT, 2016 AN ACT further to amend the Industries (Development and Regulation) Act, 1951. BE it enacted by Par liament in the Sixty-seventh Year of the Repu blic of India as follows:— 1.This Act may be called the Industries (Development and Regulation) Amendment Act, 2016. 2.In the Industries (Development and Regulation) Act, 1951 (her einafter referred to as the principal Act), after section 29D, the following section shall be inserted, namely:— “29E. Notwithstanding anything contained in a ny judgment, decree or or der of any cou rt, tribunal or other authority, a ny power exercised, or act ion ta ken or done or purported to have been taken or done, by the Central Government or, as the case may be, the State Government, shall be deemed to be, and shall a lwa ys deemed t o ha ve been, for all purposes, as validly taken or done or omitted to be done, as if the amendment made to the First Schedule by the Industries (Development and Regulation) Amendment Act, 2016 had been in force at all material times and no suit or claim or other proceedings shall be instituted, maintained or continued in any court, tribunal or other authority as such.”. 3.On a nd fr om the da te of commencement of the principal Act, in the First Schedule, for the heading ‘‘26. FERMENTAT ION INDUST RIES :”, the heading “26. FERMENTATION INDUSTRIES ( OTHER THAN POTABLE ALCOHOL):” shall be substituted Short title. Insertion of new section 29E. Va lida tion. Amendment of First Schedule.65 of 1951.Published and Issued by Controller, Printing & Stationery Department, Government of Mizoram Printed at the Mizoram Government Press, Aizawl. C/60

The Mizoram Gazette EXTRA ORDINARY Published by Authority RNI No. 27009/1973Postal Regn. No. NE-313(MZ) 2006-2008VOL - XLV Aizawl, Wednesday 19.10.2016 Asvina 27, S.E. 1938, Issue No. 423 NOTIFICATIONNo. H. 12017/55/2016-LJD, the 13th October, 2016.The following Act is hereby re-published for general information. The Uttarakhand Appropria tion (Vote on Account) Act, 2016 (No. 33 of 2016) Zahmingthanga Ralte, Joint Secretary to the Govt. of Mizoram, Law & Judicia l Department. - 2 - Ex-423/2016 THE UTTARAKHAND APPROPRIATION (VOTE ON ACCOUNT) ACT, 2016 AN ACTto provide for the withdrawal of certain sums from and out of the Consolidated Fund of the State of Uttarakha nd for the services of a par t of the financial year 2016-2017. BE it enacted by Parliament in the S ixty-seventh Year of the Republic of India as follows:— 1.( 1) This Act may be called the Uttarakhand Appropriation (Vote on Account) Act, 2016. ( 2) It shall b e deemed to have come into for ce on t he 1st day of April, 2016 . 2.From and out of the Consolidated Fund of the State of Uttara khand there may be withdrawn su ms not exceeding those specified in column (3) of t he Schedule amounting in the a ggregate to the sum of thirteen thousand six hundred forty-two crore, forty-three lakh, eighty-five thousand rupees towards defr aying the several char ges which will come in course of payment during the financia l year 2016-2017 in resp ect of the ser vices s pecified in column (2 ) of the Schedule. 3.The sums authorised to be withdrawn from and out of the Consolidated Fund of the State of Uttara khand by this Act shall be appropriated for the services and purposes expressed in the Schedule in relation to the said year. 4.( 1) The Uttara khand Appropria tion (Vote on Account) Ordina nce, 2016 is hereby r epealed. ( 2) Notwithstanding such repeal, anything done or any act ion taken under the said Ordinance, sha ll be deemed to have been done or taken under the provisions of this Act. Short title and com- mencement. Withdrawal of Rs.13642, 43,85,000 from and ou t of the Consolidated Fund of State of Uttarakhand. Appropriation. Ord. 2 of 2016. Repea l and saving. - 3 -Ex-423/2016 THE SCHEDULE (See sections 2 and 3)No. of Vote/ Appro- priation123 SERVICES AND PURPOSESVoted by ParliamentTotal SUMS NOT EXCEEDINGRs.Rs.Rs. Charged on the Consoli- dated Fund1LegislatureRevenue Capital 2GovernorRevenue Capital 3Council of MinistersRevenue Capital 4Judicial AdministrationRevenue Capital 5ElectionRevenue Capital 6Revenue and General AdministrationRevenue Capital 7Finance, Tax, Planning, Secretariat andRevenue Miscellaneous ServicesCapital 8ExciseRevenue Capital 9Public Service CommissionRevenue Capital 10Police and JailRevenue Capital 11Education, Sports, Youth Welfare and CultureRevenue Capital 12Medical, Health and Family WelfareRevenue Capital 13Water Supply, Housing and Urban DevelopmentRevenue Capital 14InformationRevenue Capital 15Capital WelfareRevenue Capital 16Labour and EmploymentRevenue Capital 17Agriculture Works and ResearchRevenue Capital 18Co-operativeRevenue Capital 19Rural DevelopmentRevenue Capital 20Irrigation and FloodRevenue Capital 21EnergyRevenue11,55,83,000 5,06,67,000 . . .. 22,22,66,000 25,00,00,000 57,55,19,000 15,66,69,000 50,12,80,000 . . 968,20,14,000 6,56,70,000 1979,77,68,000 42,16,85,000 7,95,40,000 . . 4,09,57,000 . . 556,67,20,000 8,00,05,000 2132,67,08,000 136,85,29,000 576,17,43,000 33,61,77,000 269,38,70,000 119,83,35,000 24,22,50,000 41,67,000 437,56,41,000 6,42,73,000 69,21,98,000 4,41,54,000 322,20,97,000 90,71,04,000 19,24,76,000 2,15,08,000 359,37,51,000 243,03,12,000 152,81,86,000 188,86,01,000 4,55,40,00048,89,000 .. 3,02,59,000 .. .. .. 17,16,49,000 .. .. .. 86,49,000 .. 1582,51,37,000 710,74,34,000 .. .. 10,28,93,000 1,66,67,000 .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. ..12,04,72,000 5,06,67,000 3,02,59,000 .. 22,22,66,000 25,00,00,000 74,71,68,000 15,66,69,000 50,12,80,000 .. 969,06,63,000 6,56,70,000 3562,29,05,000 752,91,19,000 7,95,40,000 .. 14,38,50,000 1,66,67,000 556,67,20,000 8,00,05,000 2132,67,08,000 136,85,29,000 576,17,43,000 33,61,77,000 269,38,70,000 119,83,35,000 24,22,50,000 41,67,000 437,56,41,000 6,42,73,000 69,21,98,000 4,41,54,000 322,20,97,000 90,71,04,000 19,24,76,000 2,15,08,000 359,37,51,000 243,03,12,000 152,81,86,000 188,86,01,000 4,55,40,000 - 4 - Ex-423/2016 Capital 22Public WorkRevenue Capital 23IndustriesRevenue Capital 24TransportRevenue Capital 25FoodRevenue Capital 26TourismRevenue Capital 27ForestRevenue Capital 28Animal HusbandryRevenue Capital 29Horticulture DevelopmentRevenue Capital 30Welfare of Scheduled CastesRevenue Capital 31Welfare of Scheduled TribesRevenue Capital TotalRevenue TotalCapital GRAND TOTAL :143,74,67,000 213,17,63,000 577,44,01,000 65,12,19,000 96,25,01,000 21,32,03,000 21,33,38,000 147,97,91,000 3,70,27,000 19,18,41,000 53,93,34,000 202,33,68,000 57,55,09,000 86,50,76,000 1,20,01,000 71,95,47,000 .. 343,37,48,000 101,67,32,000 99,05,32,000 31,75,14,000 9295,61,95,000 2017,36,80,000 11312,98,75,000.. .. 2,43,33,000 .. .. .. .. .. .. .. .. .. .. .. .. .. 26,00,000 .. .. .. .. .. 1617,04,09,000 712,41,01,000143,74,67,000 215,60,96,000 577,44,01,000 65,12,19,000 96,25,01,000 21,32,03,000 21,33,38,000 147,97,91,000 3,70,27,000 19,18,41,000 53,93,34,000 202,33,68,000 57,55,09,000 86,50,76,000 1,20,01,000 72,21,47,000 .. 343,37,48,000 101,67,32,000 99,05,32,000 31,75,14,000 10912,66,04,000 2729,77,81,000 13642,43,85,000Published and Issued by Controller, Printing & Stationery Department, Government of Mizoram Printed at the Mizoram Government Press, Aizawl. 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The Mizoram Gazette EXTRA ORDINARY Published by Authority RNI No. 27009/1973 Postal Regn. No. NE-313(MZ) 2006-2008VOL - XLV Aizawl, Friday 19.10.2016 Asvina 27, S.E. 1938, Issue No. 424 NOTIFICATIONNo.H.12017/55/2016-LJD, the 13th October, 2016.The following Act is hereby re-published for general info rmat io n. The Finance Act, 2016 (No. 28 of 2016) Zahmingthanga Ralte, Joint Secretary to the Govt. of Mizoram, Law & Judicial Department. THE FINANCE ACT, 2016 AN ACT to give effect to the financial proposals of the Central Government for the financial year 2016-2017. BEit enacted by Parliament in the Sixty-seventh Year of the Republic of India as follows:— CHAPTER I PRELIMINARY 1.(1) This Act may be called the Finance Act, 2016. (2) Sa ve a s ot h er w i s e p r ov i d ed i n t h i s A c t , s ect i on s 2 t o 11 5 s h a l l b e d eem ed to h ave come into force on th e 1st day of April, 2016. CHAPTER II R A TES OFINCOME-TAX 2.(1) Subject to the provisions of sub-sections (2) and (3), for the assessment year commencing on the 1st day of April, 2016, income-tax shall be charged at the rates specified in Part I of the First Schedule and such tax shall be increased by a surch arge, for purposes of the Union, calculated in each case in th e man ner pr ovided therein. (2) In the cases to which Paragraph A of Part 1 of the First Schedule applies, where the assessee has, in the previous year, any net agricultur al income exceeding five thousand rupees, in addition to total income, and the total income exceeds two lakh fifty thousand rupees, then,— (a) t h e n et agricultural income shall be taken into account, in the man ner provided in clause (b) [that is to say, as if the net agricultural income were comprised in the total income after the first two lakh fifty thousand rupees of the total income but without being liable to tax], only for the purpose of charging income-tax in respect of the total income; and (b) the income-tax chargeable shall be calculated as follows:— (i) the total income and the net agricultural income shall be aggregated and the amount of income-tax shall be determined in respect of the aggregate in come at the r ates specified in the said Paragraph A , a s i f s u ch aggregate income were the total income; (ii) the net agricultural income shall be increased by a sum of two lakh fifty thousand rupees, and the amount of income-tax shall be deter mined in respect of the net agricultural income as so increased at the rates specified in the said Paragraph A, as if the net agricultural income as so increased were the total income; ( iii ) th e amoun t of in come-tax determin ed in accordan ce with sub- clause (i) shall be reduced by the amount of income-tax determined in accordance with sub-clause (ii) and the sum so arrived at shall be the income- tax in respect of the total income:Income-tax.Short title and commencement. Ex-424/20162 Provided that in the case of every individual, being a resident in India, who is of the age of sixty years or more but less than eighty years at any time during the previous year, referred to in item (II) of Paragraph A of Part I of th e First Schedule, th e provisions of th is sub-section shall have effect as if for the words “two lakh fifty thousand rupees”, the words “three lakh rupees” had been substituted: Provided further that in the case of every individual, being a resident in India, who is of th e age of eigh ty yea rs or mor e at an y tim e duri ng th e previous year, referred to in item (III) of Paragraph A of Part I of the First Schedule, the provisions of this sub-section shall have effect as if for th e words “two lakh fifty thousand rupees”, the words “five lakh rupees” had been substituted. (3) In cases to which the provisions of Chapter XII or Chapter XII-A or section 115JB or section 115JC or Chapter XII-FA or Chapter XII-FB or sub-section (1A) of section 161 or section 164 or section 164A or section 167B of the Income-tax Act, 1961 (hereinafter referred to as the Income-tax Act) apply, the tax chargeable shall be determined as provided in that Chapter or that section, and with reference to the rates imposed by sub-section (1) or the rates as specified in that Chapter or section, as the case may be: Provided that the amount of income-tax computed in accordance with the pr ovi sions of sect ion 111A or sect ion 112 of th e Incom e-t ax Act sh all be i ncr eased by a surcharge, for the purposes of the Union, as provided in Paragraph A, B, C, D or E, as the case may be, of Part I of the First Schedule: Provided further that in respect of any income chargeable to tax under section 115A,115AB, 115AC, 115ACA, 115AD, 115B, 115BB, 115BBA, 115BBC, 115BBD, 115BBE ,115E, 115JB or 115JC of the Income-tax Act, the amount of in come-tax computed under th is sub-section shall be in creased by a surcharge, for purposes of the Union, calculated,— (a) in the case of every individual or Hindu undivided family or association of persons or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) o f c l a u s e (31) of s ect i on 2 of t h e Income-tax Act, or co - op e r a t i ve s oc i e t y o r fi r m o r l o ca l a u t h o r i t y, a t t h e r a t e o f t we l ve p er c en t . o f s u ch income-tax, where the total income exceeds one crore rupees; (b) in the case of every domestic company,— (i) a t t h e r a t e o f s e ven p er c en t . of s u ch income-tax, where the total in come exceeds one crore rupees but does not exceed t en crore rupees; (ii) at the rate of twelve per cent. of such income-tax, where the total income exceeds ten crore rupees; (c) in the case of every company, other than a domestic company,— (i) a t t h e r a te of t wo p er cen t. of su ch i n come-ta x, wh er e t h e t ot al in come exceeds one crore rupees but does not exceed t en crore rupees; (ii) at the rate of five per cent. of such income-tax, where the total income exceeds ten crore rupees: Provided also that in the case of persons mentioned in (a) a bove, h avi ng total income chargeable to tax under section 115JC of the Income-tax Act, and such income exceeds one crore rupees, the total amount payable as income-tax on such income and surcharge thereon shall not exceed the total amount payable as income-43 of 1961. Ex-424/2016 3 tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees: Provided also that in th e case of every compan y having total in come chargeable to tax under section 115JB of the Income-tax Act, and such income exceeds one crore rupees but does not exceed ten crore rupees, the total amount payable as income-tax on such income and surcharge thereon, shall not exceed the total amount payable as income-tax on a total income of on e crore rupees by more than th e amount of income that exceeds one crore rupees: Provided also that in th e case of every compan y having total in come chargeable to tax under section 115JB of the Income-tax Act, and such income exceeds ten crore rupees, the total amount payable as income-tax on such income and surcharge thereon, shall not exceed the total amount payable as income-tax and surcharge on a total income of ten crore rupees by more than the amount of income that exceeds ten crore rupees. (4) In cases in which tax has to be charged and paid under section 115-O or section115QA or sub-section (2) of section 115R or section 115TA or secti on 115TD of the Income- tax Act, the tax shall be charged and paid at the rates as specified in those sections and shall be increased by a surcharge, for purposes of the Union, calculated at th e rate of twel ve per cen t. of such tax. (5) In cases in which tax has to be deducted under sections 193, 194, 194A, 194B,194BB, 194D, 194LBA, 194LBB, 194LBC and 195 of the Income-tax Act, at the rates in force, the deductions shall be made at the rates specified in Part II of the First Schedule and shall be increased by a surcharge, for purposes of the Union, calculated in cases wh erever prescr ibed, in th e mann er provided th erein. (6) In cases in which tax has to be deducted under sections 192A, 194C, 194DA,194E, 194EE, 194F, 194G, 194H, 194-I, 194-IA, 194J, 194LA, 194LB, 194LBA, 194LBB,194LBC, 194LC, 194LD, 196B, 196C an d 196D of the Income- tax Act, the deductions shall be made at the rates specified in those sections and shall be increased by a surcharge, for purposes of the Union,— (a) in th e case of every individual or Hin du undivided family or associ ation of per sons or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of s ect i on 2 of th e Income-tax Act, being a non-resident, calculated at the rate of fifteen per cent. of such tax, where the income or the aggregate of such incomes paid or likely to be paid and subject to thededuction exceeds one crore rupees; (b) in the case of every co-operative society or firm, being a non-resi den t, calculated at the rate of twelve per cent. of such tax, where th e income or the aggregate of such in comes paid or likely to be paid an d subject to the deduction exceeds one crore rupees; (c) in the case of every company, other than a domestic company, calculated,— (i) at the rate of two per cent. of such tax, where the income or the aggregateof such incomes paid or likely to be paid and subject to the deduction exceedsone crore rupees but does not exceed ten crore rupees; (ii) at the rate of five per cent. of such tax, where the income Ex-424/20164 or the aggregate of such incomes paid or likely to be paid an d subject to the deduction exceeds ten crore rupees. (7) In cases in which tax has to be collected under the proviso to section 194B of the Income-tax Act, the collection shall be made at the rates specified in Part II of the First Schedule, and shall be increased by a surcharge, for purposes of the Union, calculated, in cases wherever prescribed, in the manner provided therein. (8) In cases in which tax has to be collected under section 206C of the Income-tax A c t , t h e c ol l ec t i on s h a l l b e m a d e a t t h e r a t es s p ec i fi ed i n t h a t s ec t i on a n d shall be increased by a surcharge, for purposes of the Union,— (a) in th e case of every in dividual or Hin du undivided family or associ ation of per sons or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clau se (31) of section 2 of the Income-tax Act, being a non-resident, calculated at the r ate of fi fteen per cen t. of such tax, wher e the amount or the aggregate of such amoun ts collected and subject to the collection exceeds one crore rupees; (b) in the case of every co-operative society or firm, being a n on -r esi den t, calculated at the rate of twelve per cent. of such tax, where the amount or the aggregate of such amounts collected and subject to the collection exceeds one crore rupees; (c) in the case of every company, other than a domestic company, calculated,— (i) at the rate of two per cent. of such tax, where the amoun t or th e aggregateof such amounts collected and subject to the collection exceeds one crore rupeesbut does not exceed ten crore rupees; (ii) at the rate of five per cent. of such tax, where the amount or the aggregate of such amounts collected and subject to the collection exceeds ten crore rupees. (9) Subject t o th e pr ovi sions of sub-secti on (10), in cases i n which income- tax has to be charged under sub-section (4) of section 172 or sub-section (2) of section 174 or section174A or section 175 or sub-section (2) of secti on 176 of th e In com e- tax Act or deducted from, or paid on, income chargeable under the head “Salar ies” under section 192 of the said Act or in which the “advance tax” payable under Chapter XVII-C of the said Act has to be computed at the rate or rates in force, such income- tax or, as the case may be, “advance tax” shall be charged, deducted or computed at the rate or rates specified in Part III of the First Schedule and such tax shall be in creased by a surcharge, for purposes of the Union, calculated in such cases and in such manner as provided therein: Provided that in cases to which the provisions of Chapter XII or Chapter XII-A or section 115JB or section 115JC or Chapter XII-FA or Chapter XII-FB or sub-secti on (1A) of secti on 161 or secti on 164 or secti on 164A or secti on 167B of th e Income-tax Act apply, “advan ce tax” shall be computed with reference to th e rates imposed by this sub-section or the rates as specified in that Chapter or section, as the case may be: Provided further that the amount of “advance tax” computed in accordance with th e provisions of secti on 111A or secti on 112 of th e In com e-t ax Act sha ll be increased by a surcharge, for purposes of the Union, as provided in Paragraph A, B, C, D or E, as th e case may be, of Part III of the First Schedule:Ex-424/2016 5 Pr ovided also th at in respect of an y in come chargeable to tax under section 115A,115AB, 115AC, 115ACA, 115AD, 115B, 115BA, 115BB, 115BBA, 115BBC, 115BBD,115BBDA, 115BBE, 115BBF, 115E, 115JB or 115JC of the Income-tax Act, “advance tax” computed under the first proviso shall be increased by a surcharge, for purposes of the Union, calculated,— (a) in th e case of every individual or Hin du undivided family or associ ation of per sons or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of s ecti on 2 of t h e Income-tax Act, calculated at the rate of fifteen per cent. of such “advance tax”, where the total income exceeds one crore rupees; (b) in the case of every co-operative society or firm or local authority, calculated at the rate of twelve per cent. of such “advance tax”, where the total income exceeds one crore rupees; (c) in the case of every domestic company, calculated,— (i) at the rate of seven per cent. of such “advance tax”, where the total income exceeds one crore rupees but does not exceed ten crore rupees; (ii) at th e rate of twelve per cen t. of such “advan ce tax”, where the total income exceeds ten crore rupees; (d) in the case of every company, other than a domestic company, calculated,— (i) a t t h e r a t e of two p er cen t . of su ch “advance tax”, where the total incomeexceeds one crore rupees but does not exceed t en crore rupees; (ii) at the rate of five per cent. of such “advance tax”, where the total income exceeds ten crore rupees: Provided also that in the case of persons mentioned in (a) and (b) a bove, having total income chargeable to tax under section 115JC of the Income-tax Act, and such income exceeds one crore rupees, the total amount payable as “advance tax” on such income and surcharge thereon shall not exceed the total amount payable as “advance tax” on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees: Provided also that in th e case of every compan y having total in come chargeable to tax under section 115JB of the Income-tax Act, and such income exceeds one crore r upees but does n ot exceed ten crore rupees, the total amount payable as “advance tax” on such income and surcharge thereon, shall not exceed the total amount payable as “advance tax” on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees: Provided also that in th e case of every compan y having total in come chargeable to tax under section 115JB of the Income-tax Act, and such income exceeds ten crore rupees, the total amount payable as “advance tax” on such income and surcharge thereon, shall not exceed the total amount payable as “advance tax” and surcharge on a total income of ten crore rupees by more than the amount of income th at exceeds t en crore r upees. (10) I n ca s es t o wh i ch Paragraph A of Pa r t I I I o f t h e Fi r s t Sc h ed u l e a p p l i es , wh er e t h e assessee has, in th e previous year or, if by virtue of any provision of the Income-tax Ex-424/20166 Act, income-tax is to be charged in respect of the income of a period other than the previous year, in such other period, any net agricultural income exceeding five thousand rupees, in addition to total income and the total income exceeds two lakh fifty thousand rupees, then, in chargin income-tax under sub-section (2) of section 174 or section 174A or section 175 or sub-section (2) of section 176 of th e said Act or in computing the “advance tax” payable underChapter XVII-C of the said Act, at the rate or rates in force,— (a) t h e n et agricultural income shall be taken into account, in the man ner provided in clause (b) [ t h a t i s t o sa y, a s i f t h e n et a g r i cu l t u r a l i n com e were comprised in the total income after the first two lakh fifty thousand rupees of the total income but without being liable to tax], only for the purpose of charging or computing such income-tax or, as the case may be, “advance tax” in respect of the total income; and (b) s u ch i n c om e - t a x o r , a s t h e ca s e m a y b e, “ a d v a n ce t a x ” s h a l l b e so charged or computed as follows:— (i) the total income and the net agricultural income shall be aggregated and the amount of income-tax or “advance tax” shall be determined in respect of the aggregate income at the rates specified in the said Paragraph A, as if such aggregate income were the total income; (ii) the net agricultural income shall be increased by a sum of two lakh fifty thousand rupees, and the amount of income- tax or “advance tax” shall be determined in respect of the net agricultural income as so increased at the rates specified in the said Paragraph A, as if the net agricultural income were the total income; (iii) the amount of income-tax or “advance tax” determined in accordance with sub-clause (i) shall be reduced by the amount of income-tax or, as the case may be, “advance tax” determined in accordance with sub-clause (ii) and the sum so arrived at shall be the income-tax or, as the case may be, “advance tax” in respect of the total income: Provided that in the case of every individual, being a resident in India, who is of the age of sixty years or more but less than eighty years at any time during the previous year, referred to in item (II) of Paragraph A of Part III of the Fir st Schedule, th e provisions of this sub-section shall have effect as if for the wor ds “two lakh fifty thousand rupees”, the words “three lakh rupees” had been substituted: Provided further that in the case of every individual, being a resident in India, who is of the age of eighty years or more at any time during the previous year, referred to in item (III) of Paragraph A of Part III of th e Fir st Schedule, the provisions of th is sub-section shall have effect as if for th e words “two lakh fifty thousand rupees”, the words “five lakh rupees” had been substituted: Provided also that the amount of income-tax or “advance tax” so arrived at, shall be in cr eased by a surch arge for purposes of th e Union calculated in each case, in the manner provided therein. (11) The amount of income-tax as specified in sub-sections (1) t o (10) and as increased by the applicable surcharge, for purposes of the Union, calculated in the manner provided therein, shall be furth er increased by an additional surchar ge, for purposes of the Union, to be called the “E ducation Cess on income-tax”, calculated atEx-424/2016 7 the rate of two per cent. of such income-tax and surcharge so as to fulfil the commitment of the Government to provide and finance universalised quality basic education: Provided that nothing contained in this sub-section shall apply to cases in which tax is to be deducted or collected under th e sections of th e In come-tax Act mentioned in sub- sect ions (5), (6) , (7) a n d (8), i f t h e income subjected to deduction of tax at sour ce or col l ect i o n of t a x a t s ou r ce i s p a i d t o a d om e s t i c com p a n y a n d a n y ot h er person who is resident in India. (12) The amount of income-tax as specified in sub-sections (1) t o (10) and as increased by the applicable surcharge, for purposes of the Union, calculated in the manner provided therein, shall also be increased by an additional surchar ge, for purposes of th e Union, to becalled the “Secondary and Higher Education Cess on income-tax”, calculated at the rate of one per cent. of such income-tax and surcharge so as to fulfil the commitment of the Government to provide and finance secondary and higher education: Provided that nothing contained in this sub-section shall apply to cases in which tax is to be deducted or collected under th e sections of th e In come-tax Act mentioned in sub- sect ions (5) , (6) , (7) and (8), if the income subjected to deduction of tax at sour ce or col l ect i o n of t a x a t s ou r ce i s p a i d t o a d om e s t i c com p a n y a n d a n y ot h er person who is resident in India. (13) For the purposes of this section and the First Schedule,— (a) “domestic company” means an Indian company or any other company which, in respect of its income liable to in come-tax under th e In come- taxAct, for the assessment year commencing on the 1st day of April, 2016, has made the prescribed arrangements for the declaration and payment within India of the dividends (including dividends on preference shares) payable out of such in come; (b) “insurance commission” means any remuneration or reward, whet her by way of commi ssion or other wise, for sol icit ing or procu ring insurance business (including business relating to the continuance, renewal or revival of policies of insurance); (c) “net agricultural income”, in relation to a person, means the total amount of agricu ltural income, from whatever source der ived, of that person computed in accordance with the rules contained in Part IV of the First Schedule; (d) all other words and expressions used in this section and the First Schedule but not defined in this sub-section and defined in the Income- tax Act shall have the meanings, respectively, assigned to them in that Act. CHAPTER III DIRECT T AXES Income-tax 3.In section 2 of the Income-tax Act,— (a) in clause (14), in item (vi), a ft er t h e wor ds a n d figures “Gold Deposi t Scheme, 1999", the words and figures “or deposit certificates issued under the Gold Monetisation Scheme, 2015" shall be inserted; b) after clause (23B), the following clause shall be inserted with effect from the1st day of Jun e, 2016, namely:— ‘(23C) “h earing” in cludes com muni cati on of data and documents th rough electronic mode;’;Amendment of section 2. Ex-424/2016 8 (c) in clause (24), in sub-clause (xviii), for the words, figures and br a c ket s “ot h er than the subsidy or grant or reimbursement which is taken in to accoun t for determination of the actual cost of the asset in accordance with the provisions of Explanation 10 to clause (1) of section 43”, the following shall be substituted with effect from the 1st day of April, 2017, namely:— “oth er than,— (a) the subsidy or grant or reimbursement which is taken into account for determination of the actual cost of the asset in accordance with the provisions ofExplanation10 to clause (1) of secti on 43; or (b) t h e s u b s i d y or g r a n t by t h e C en t r a l Government for the pur pose of t h e c or p u s o f a t r u s t or i n s t i t u t i on e s t a bl i s h ed b y t h e C en t r a l Government or a State Government, as the case may be;”; (d) in clause (37A), in sub-clause (iii), after the words, figures and letters “section194LBA or ”, th e wor ds, figures and letters “section 194LBB or secti on 194LBC or ”s h a l l b e i n s er t ed wi t h e ffe ct fr om t h e 1 s t d a y o f J u n e, 2016; (e) in clause (42A), aft er th e second provi so an d before Explanation 1, the following proviso sh a l l b e i n ser t ed wi t h effect fr om t h e 1st day of April, 2017, namely:— ‘Provided also that in the case of a share of a company (not being a share listed in a recognised stock exchange in India), the provisions of this clause shall have effect as if for the wor ds “thirty-six months”, the wor ds “twenty-four month s” had been substituted.’. 4.In section 6 of the Income-tax Act, for clause (3), the following clause shall be substituted with effect from the 1st day of April, 2017, namely:— ‘(3) A com pa n y i s sa id t o be a r esi den t i n I n d ia i n a n y p r evious yea r , i f— (i) it is an Indian company; or (ii) its place of effective management, in that year, is in India. Explanation.—For the purposes of this clause “place of effective management” means a place where key management and commercial decisions that are necessary for the conduct of business of an entity as a whole are, in substance made.’. 5.In section 9 of the Income-tax Act, in sub-section (1), in clause (i), in Explanation 1, after clause (d), the following clause shall be inserted, namely:— “(e) in the case of a foreign company engaged in the business of mining of diamonds, no income shall be deemed to accrue or arise in India to it thr ough or from the activities which are confined to the display of uncut and unassorted diamond in any special zone notified by the Central Government in the Official Gazette in this behalf.”. Amendment of section 6. Amendment of section 9 .Ex-424/2016 9 6.In section 9A of the Income-tax Act, in sub-section (3), with effect fr om the 1st day of April, 2017,— (i) in clause (b), after the words “has been entered into”, the wor d s “ or i s est ablished or incorpora ted or reg istered in a coun try or a specified territory notified by the Central Government in this behalf” shall be inserted; (ii) in clause (k), th e words “or from India” shall be omitted. 7.In section 10 of the Income-tax Act,— (A) with effect from the 1st day of April, 2017,— (i) after clause (12), the following clause shall be inserted, namely:— “(12A) any payment from the National Pension System Trust to an empl oyee on closure of his account or on his opt ing out of the pen sion scheme referred to in section 80CCD, to the extent it does not exceed forty per cent. of the total amount payable t o h i m a t t h e t i m e o f s u ch c l o s u r e or h i s opting out of the scheme;”; (ii) in clause (13),— (I) in sub-clause (iv), for th e word “ther eon ”, th e wor ds “ther eon; or” shall be substituted; (II) after sub-clause(iv), the following sub-clause shall be inserted namely:— “(v) by way of tran sfer to t he account of the em ployee undera pension scheme referred to in section 80CCD and notified by theCentral Government;”; (B) i n cla u s e (15) , i n s ub- cl au s e (vi) , a ft er th e wor d s an d fi gu r es “Gold Deposit Scheme, 1999”, th e words an d figures “or deposit certificates issued under the Gold Monetisation Scheme, 2015” shall be inserted; (C) with effect from the 1st day of April, 2017,— (I) in clause (23DA), in the Explanation,— (1) i n cl a u s e (a) , a ft er s u b- c l a u s e (i), the following sub-clause shall be inserted, namely:— “(ia) in clause (z) of sub-section (1) of section 2 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; or”; (2) in clause (b), for th e word, figures and letters “section 115TC”, the word, figures and letters “section 115TCA” shall be substituted; (II) in clause (23FC), for the words “by way of inter est received or receivable from a special purpose vehicle”, the following shall be substituted, namely:— “by way of— (a) interest received or receivable from a special purpose vehicle; or Amendment of section 9A. Amendment of section 10. 54 of 2002. Ex-424/2016 10 (b) dividend referred to in sub-section (7) of section 115-O”; (III) in clause (23FD), for the words, br ackets, figur es and letters “in clause (23FC)”, the words, brackets, letters and figures “in sub-clause (a) of clause(23FC)” shall be substituted; (IV) in clause (34), the following proviso shall be inserted, namely:— “Provided that nothing in this clause shall apply to any income byway of dividend chargeable to tax in accordance with the provisions ofsection 115BBDA;”; (V) in clause (35A),— (a) before the Explanation, the following proviso shall be inserted, namely:— “Provided that nothing contained in this clause shall apply to any income by way of distributed in come referred to in th e said section, r eceived on or after the 1st day of June, 2016.”; (b) in the Explanation, for the word, figures and letters “section 115TC”, the word, figures and letters “section 115TCA” shall be substituted; (VI) in clause (38),— (i) after the second proviso, the following proviso shall be inserted, namely:— “Provided also that nothing contained in sub-clause (b) shalla p pl y t o a transaction undertaken on a recognised stock exchange located in any International Financial Services Centre and where the consideration for such transaction is paid or payable in foreigncurrency.”; (ii) for the Explanation, the following Explanation shall be substituted, namely:— ‘Explanation.—For the purposes of this clause,— (a) “equity oriented fun d” means a fund— (i) where the investible funds are invested by way of equity shares in domestic companies to th e ext ent of more th an sixty-five per cen t. of the total proceeds of such fund; and (ii) which has been set up under a scheme of a MutualFund specified under clause (23D): Provided that the percentage of equity share holding of the fund shall apply to a transaction undertaken on a recognised stock excharge located in any International Financial Services Centre and where be computed with reference to the annual average of the monthly averages of the opening and closing figures; (b) “International Financial Services Centre” shall have the same meaning as assigned to it in clause (q) of section 2 of the Special Economic Zones Act, 2005; (c) “recognised stock exchange” shall have the meaning assigned to it in clause (ii) of the Explan ation 1 to sub-section (5) of section 43.’; (D) after clause (48), the following clause shall be in serted, namely:—28 of 2005. Ex-424/2016 11 “(48A) any income accruing or arising to a foreign company onaccount of st ora ge of cr ude oi l in a fa ci li ty in India an d sa le of cr ude oi ltherefrom to any person resident in India: Provided that — (i) t h e s tor a ge a n d sa le by t h e for ei gn com pa n y i s p ur s ua n t t oan agreement or an arrangement entered into by the CentralGovernment or approved by the Central Government; and (ii) having regard to the national interest, the foreign company an d the agreement or arrangemen t are notified by th e Central Government in this behalf;”; (E) after clause (49), the following clause shall be inserted with effect from th e 1st day of June, 2016, namely:— ‘(50) any income arising from any specified service provided on or after the date on which the provisions of Chapter VIII of the Finance Act,2016 comes in to force and chargeable to equalisation levy under thatChapter. Explanation.—For the purposes of this clause, “specified service” shall have the meaning assigned to it in clause (i) of section 161 of Chapter VIII of the Finance Act, 2016.’. 8.In s ecti on 10 AA of t h e Income-tax Act, i n s ub- secti on (1), for the words and figu res “April, 2006, a deduction of”, th e words, figures and letters “April, 2006, but before the1st day of April, 2021, th e following deduction shall be allowed” shall be substituted with effect from the 1st day of April, 2017. 9. In section 17 of the Income-tax Act, in sub-section (2), in clause (vii), for t h e wor d s “o n e l a k h r u p e es ” , t h e w or d s “o n e l a k h a n d f i f t y t h ou s a n d r u p ee s ” s h a l l be substituted with effect from the 1st day of April, 2017. 10.In section 24 of th e Income-tax Act, in clause (b), in the second proviso, for the words “thr ee years”, the words “five years” shall be substituted with effect from the 1st day of April, 2017. 11.For sections 25A, 25AA an d 25B of th e In come-t ax Act, th e following section shall be substituted with effect from the 1st day of April, 2017, namely:— ‘25A. (1) The amount of arrears of rent received from a tenant or the unrealised rent realised subsequently from a tenan t, as the case may be, by an assessee shall be deemed to be th e income from house property in respect of the financial year in which such ren t is received or realised, and shall be in cluded i n the total in come of th e assessee under the head “Income fr om house pr operty”, wh eth er th e assessee is th e own er of th e p roper ty or not in that financial year. (2) A sum equal to thirty per cent. of the arrears of rent or the unrealised rent referred to in sub-section (1) shall be allowed as deduction.’. 12.In s ecti on 2 8 of t h e Income-tax Act, in clause (va), with effect from the 1st day ofApril, 2017,— (A) in sub-clause (a) , a ft er t h e wo r d s “a n y bu s i n es s ” , t h e wor d s “or pr ofession ”shall be in serted;Amendment of section 10AA. Amendment of section 1 7 Amendment of section 24. Substitution of new section for sections 25A. 25AA and 25B. Special provision for arrears of rent and unrealised rent received subsequently Amendment of section 2 8 Ex-424/2016 12 (B) in th e pr oviso, in clause (i), after the words “any busin ess”, th e words “or profession” shall be in serted. 13.In section 32 of the Income-tax Act, in sub-section (1), in clause (iia), for the words “or in th e business of gener ation or gen eration an d distribution”, t h e w or d s “ or i n t h e bu s i n e s s o f g en er a t i o n , tr ansmission or distribution” sha ll be substituted with effect from the1st day of April, 2017. 14.In section 32AC of the Income-tax Act, in sub-section (1A),— (i) for the words “acquired and installed during any previous year exceeds twenty-five crore rupees”, the words, figures and letters “acquired during any previous year exceeds twen ty-fi ve cr ore rupees and such assets are installed on or befor e the31st day of March, 2017" shall be substituted; (ii) before t he pr oviso, th e fol lowing provi so sha ll be inser ted, namely:— “Pr ovi d ed t h a t wh er e t h e i n s t a l l a t i on o f t h e n ew a s s et s a r e i n a ye a r ot h er than the year of acquisition, the deduction under this sub-section shall be allowed in the year in which the new assets are installed.”; (iii) in the existing proviso, for the words “Provided that”, the words “Provided further that” shall be substituted. 15.In section 35 of the Income-tax Act, wi th effect fr om t h e 1 st d ay of April, 2018,— (i) in sub-section (1),— (a) in clause (ii),— (I) for th e words “one an d th ree-fourth ”, the words “one an d one- half” shall be substituted; (II) after the proviso, the following proviso shall be i n ser ted, namely:— “Provided further that where any sum is paid to such association, university, college or other institution i n a previous year relevant to the assessment year beginning on or after the 1st day of April, 2021, th e deduction under th is clause shall be equal to th e sum so paid;”; (b) i n cl a u s e (iia), the words “an amount equal to one and one- fourth times of” shall be omitted; (c) in clause (iii) , t h e w or d s “ a n a m ou n t e q u a l t o o n e a n d on e- fourth times of” shall be omitted; (ii) in sub-section (2AA),— (A) in clause (a), for th e words “two times”, the words “one an d one-half times” shall be substituted; (B) after the proviso and beforeExplanation1, the following proviso shall be inserted, namely:— .“Provided further that where any sum is paid to such National La bor atory or un iversi ty or In di an In sti tute of Tech n ology or specifi ed person i n a p r evi o u s ye a r r el e va n t t o t h e a s s es s m en t ye a r be g i n n i n g on or a ft er t h e 1 s t d a y of April, 2021, the deduction under this sub-section shall be equal to the sum so paid.”; (iii) in sub-section (2AB),—Amendment of section 32. Amendment of section 32AC. Amendment of section 35.Ex-424/2016 13 (a) in clause (1), for th e words “two times”, th e words “one and one-half times” shall be substituted; (b) after clause (1) and before the Explanation , the following proviso shall be inserted, namely:— “Provided that where such expenditure on scientific research (not being expenditure in the nature of cost of any land or building) on in-house research and development facility is incurred in a previous year relevant to the assessment year beginning on or after the 1st day of April, 2021, the deduction under this clause shall be equal to the expenditure so incurred.”; (c) clause (5) shall be omitted. 16.After section 35AB of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2017, namely:— ‘35ABA. (1) In respect of any expenditure, being in the nature of capit al expenditure, incurred for acquiring any right to use spectrum for telecommunication services either before the commencement of the business or thereafter at any time during any previous year and for which payment has actually been made to obtain a right to use spectrum, there shall, subject to and in accordance with the provisions of this section, be allowed for each of the relevant previous years, a deduction equal to the appropriate fraction of th e amount of such expenditur e. (2) The provisions contained in sub-sections (2) to (8) of secti on 35ABB, shall apply as if for the word “licence”, the word “spectrum” had been substituted. (3) Where, in a pr evious year, an y deduction has been claimed an d granted to the assessee under sub-section (1), and, subsequently, there is failure to comply with any of th e provisions of th is section, then,— (a) th e deduction shall be deemed to have been wrongly allowed; (b) the Assessing Officer may, notwithstanding anything contained in this Act, re-compute the total income of the assessee for the said previous year and make the necessary rectification; (c) the provisions of section 154 shall, so far as may be, apply and the period of four years specified in sub-section (7) of that section being reckoned from the end of the previous year in which the failure to comply with the provisions of this section takes place. Explanation.—For the purposes of this section,— (i) “relevant previous years” means,— (A) in a case where th e spectrum fee is actually paid before th e commencement of the business to operate telecommunication services, the previous years beginning with the previous year in which such business commenced; (B) in any other case, the previous years beginning with the previous year in which the spectrum fee is actually paid, and the subsequent previous year or years during which the spectrum, for which th e fee is paid, shall be in force; (ii) “appropriate fraction” means the fraction, the numerator of which is one and the denominator of which is the total number of the relevant pr evi ous yea r s; (iii) “payment has actually been made” means the actual payment of expenditure irrespective of the previous year in which the liability for the expenditure was incurred according to the method of accoun tin g r egular ly employed by the assessee or payable in such manner as may be prescribed.’. Expenditure for obtaining right to use spectrum for telecommuni- cation services. Insertion of new section 35ABA.Ex-424/2016 14 17.In section 35AC of the Income-tax Act, after sub-section (6) and before theExplanation, the following sub-section shall be inserted with effect fr om th e 1st da y of Apri l, 2017, na mely:— “(7) No deduction under this section shall be allowed in respect of a ny assessm en t year commen cing on or aft er t he 1st day of Apr il, 2018.”. 18.In section 35AD of the Income-tax Act, with effect from the 1st day ofApril, 2018,— (a) sub-section (1A) shall be omitted; (b) in sub-section (2), after clause (iii), the following clause shall be inserted, namely:— “(iv) where the business is of the nature referred to in sub- clause (xiv) of clause (c) of sub-secti on (8), such busin ess,— (A) is owned by a company registered in India or by a consortium of such companies or by an auth ority or a board or corporation or an y other body established or constituted under any Central or State Act; (B) entity referred to in sub-clause (A) has entered into an agreement with the Central Government or a State Government or a local authori ty or an y oth er st atutory body for devel opi ng or oper a ti ng and maintaining or developing, operating and maintaining, a new infrastructure facility.”; (c) in sub-section (5),— (I) in clause (aj), the word “and” occurring at the end shall be omitted; (II) after clause (aj), the following clause shall be inserted, namely:— “(ak) on or after the 1st day of April, 2017, where the specified business is in the nature of developing or operating and maintaining or developing, operating and maintaining, any infrastructure facility; and”; (d) in sub-section (8),— (I) after clause (b), the following clause shall be inserted, namely:— ‘(ba) “infrastructure facility” means— (i) a road including toll road, a bridge or a rail system; (ii) a highway project including housing or other activities being an integral part of the highway project; (iii) a water supply project, water treatment system, irrigation project, sanitation and sewerage system or solid waste management system; (iv) a port, airport, inland waterway, inland port or navigational channel in the sea;’; (II) in clause (c), after sub-clause (xiii), the following sub-clause shall be inserted, namely:— “(xiv) developing or maintaining and operating or developing, maintaining and operating a new infrastructure facility.”.Amendment of section 35AC. Amendment of section 35AD.Ex-424/2016 15 19.In section 35CCC of the Income-tax Act, in sub-section (1), the following proviso shall be inserted with effect from the 1st day of April, 2017, namely:— ‘Provided that for th e assessment year beginning on or after the 1st day of April, 2021, th e provisions of th is sub-section shall have effect as if for th e words ‘‘a sum equal to one and one-half times of’’, the words ‘‘a sum equal to’’ had been substituted.’. 20.In s ect i on 3 5 C C D of t h e Income-tax Act, in sub-section (1), the following proviso shall be inserted with effect from the 1st day of April, 2017, namely:— ‘Provided that for th e assessment year beginning on or after the 1st day of April, 2021, th e pr ovisions of th is sub-section shall have effect as if for th e words “an amount equaltooneandone-halftimesof”,the words “asumequalto”hadbeen substituted.’. 21.In s ecti on 3 6 of t h e Income-tax Act, i n s ub- secti on (1), in clause (viia), with effect from the 1st day of April, 2017,— (i) after sub-clause (c) and before the Explanation , the following sub-clause shall be inserted, namely:— “(d) a non-banking financial company, an amount not exceeding five per cent. of the total income (computed before making any deduction under this clause an d Chapter VI-A).”; (ii) in theExplanation,after clause (vi), the following clause shall be inserted, namely:— ‘(vii) “non-banking financial company” shall have the meaning assigned to it in clause (f) of section 45-I of the Reserve Bank of India Act, 1934;’. .22.In secti on 40 of the Income-tax Act, i n clause (a), after sub-clause (ia), the following sub-clause shall be inserted with effect from the 1st day of June, 2016, namely:— “(ib) an y con sid er at ion pa id or paya bl e to a n on -r esiden t for a specified service on which equalisation levy is deductible under the provisions of Chapter VIII of the Finance Act, 2016, and such levy has not been deducted or after deduction, has not been paid on or before the due date specified in sub-section (1) of section 139: Provided that where in respect of any such consideration, the equalisation levy has been deducted in any subsequent year or has been deducted during the pr evi ous year but pa id aft er th e due da te speci fi ed i n sub-secti on (1) of section 139, such sum shall be allowed as a deduction in computing the income of the previous year in which such levy has been paid;”. 23.In section 43B of th e In com e-tax Act, with effect fr om th e 1st da y ofApril, 2017,— (i) in clause (f), for the word “employee” occurring at the end, the words“employee, or” shall be substituted; (ii) after clause (f), the following clause shall be inserted, namely:— “(g) any sum payable by the assessee to the Indian Railways for the use of railway assets,”. 24.In section 44AA of the Income-tax Act, in sub-section (2), for clause (iv), the following clause shall be substituted with effect from the 1st day of April, 2017, namely:— “(iv) wher e the provi sions of sub-section (4) of section 44AD are applicable in his case and his income exceeds the maximum amount which is not chargeable to income-tax in any previous year,”. Amendment of section35CCD. Amendment of section35CCC. Amendment of section 36. Amendment of section 40. Amendment of section 43B.Ex-424/2016 16 Amendment of section 44AA. 25.In section 44AB of the Income-tax Act, with effect from the 1st day ofApril, 2017,— (i) in clause (b), for the words “twenty-five lakh rupees”, the words “fifty lakh rupees” shall be substituted; (ii) in clause (d),— (a) for the word “business” wherever it occurs, the word “p rofession ”shall be substituted; (b) for the words, figures and letters “under section 44AD”, the words, figures and letters “under section 44ADA” shall be substituted; (c) for th e words “previous year ”, the words “previous year; or” shall be substituted; (iii) after clause (d) and before the long line, the following clause shall be inserted, namely:— “(e) carrying on the business shall, if the provisions of sub-secti on (4) of section 44AD are applicable in his case an d his income exceeds the maximum amount which is not chargeable to in com e-t ax i n a ny previous year, ”. 26.In section 44AD of the Income-tax Act, with effect from the 1st day ofApril, 2017,— (a) in sub-section (2), th e pr oviso shall be omitted; (b) for sub-sections (4) a n d (5), th e following sub-sections shall be substituted, namely:— “(4) Where an eligible assessee declares profit for any previous year in accordance with the provisions of this section and h e declares profit for any of the five assessmen t years relevant to the previous year succeeding such previous year not in accor dance with the provi sions of sub-section (1), he shall not be eligible to claim the benefit of the provisions of this section for five assessment years subsequent to the assessment year relevant to the pr evious year in which the p r ofi t h a s n ot be en decl a r ed i n a ccor d an ce wit h th e pr ovi s i on s of sub-section (1). (5) Notwithstanding anything contained in the foregoing provisions of this section, an eligible assessee to whom the provisions of sub-secti on ( 4 ) are applicable and whose total income exceeds the maximum amount which is not chargeable to income-tax, shall be requir ed to keep an d maintain such books of account and oth er documen ts as r equir ed under sub-section (2) of section 44AA and get them audited and furnish a report of such audit as required under section 44AB.”; (c) in theExplanation, in clause (b) , i n s ub- cl au s e (ii), for the words “one crore rupees” occurring at the end, the words “two crore rupees” shall be substituted. 27.A ft er s ec t i on 4 4 A D of t h e Income-tax Act, the following section shall be in ser ted wi th effect fr om th e 1 st d ay of Apr i l, 2 01 7, n a mely: —Amendment of section 44AB. Amendment of section 44AD. Insertion of new section 44ADA. Ex-424/2016 17 ‘44ADA.(1) Notwithstanding anything contained in sections 28 to 43C, in th e case of an assessee, being a resident in India, who is engaged in a profession referred to in sub-section (1) of section 44AA and whose total gross receipts do not exceed fifty lakh rupees in a pr evious year, a sum equal to fifty per cent. of the total gross receipts of the assessee in the previous year on account of such profession or, as the case may be, a sum higher than the aforesaid sum claimed to have been earned by the assessee, shall be d eem ed t o b e t h e p r o fi t s a n d g a i n s of s u ch p r ofe s s i on ch a r g ea bl e to tax under the head “Profits and gains of business or profession”. (2) Any deduction allowable under the provisions of sections 30 to 38 shall, for the purposes of sub-section (1), be deemed to have been already given full effect to and no further deduction under those sections shall be allowed. (3) The written down value of any asset used for the purposes of profession shall be deemed to have been calculated as if the assessee had claimed and had been actually allowed the deduction in respect of the depreciation for each of th e relevant assessment years. (4) Notwithstanding anything contained in the foregoing provisions of this section, an assessee who claims that his profits and gains from the profession are lower than the profits and gains specified in sub-section (1) and whose total income exceeds the maximum amount which is not chargeable to income-tax, shall be required to keep and maintain such books of account an d oth er documents as required under sub-section (1) theof section 44AA an d get them audited and furnish a report of such audit as required under section 44AB.’. 28.In s ect i on 4 7 o f t h e Income-tax A ct , wi t h eff ect fr om t h e 1 s t d a y o f A p r i l , 2017,— (A) after clause (viib), the following clause shall be inserted, namely:— “(viic) an y tr ansfer of Sover ei gn Gold Bond issued by th e Reser ve Bank of India under the Sovereign Gold Bond Scheme, 2015, by way of redemption, by an assessee being an individual;”; (B) in clause (xiiib), in th e pr oviso,— (I) in clause (e), the word “and” appearing at the end shall be omitted; (II) after clause (e), the following clause shall be inserted, namely:— “(ea) the total value of the assets as appearing in th e books of account of the company in any of th e three previous years preceding the previous year in which the conversi on takes place does not exceed five crore rupees; and;”; (C) after clause (xviii), the following clause shall be inserted with effect from the 1st day of April, 2017, namely:— ‘(xix) an y tr an sfer by a un it h ol der of a capital asset, bein g a unit or units, held by him in the consolidating plan of a mutual fund scheme, made in consideration of the allotment to him of a capital asset, being a unit or units, in the consolidated plan of that scheme of the mutual fund. Explanation.—For the purposes of this clause,— (a) “consolidating plan” means the plan within a scheme of a mutual fund which merges under the process of consolidation of the plans within a scheme of mutual fund in accordance with the Securities and Exchange Board Spe cia l provision for computing profits and gains of profession on presumptive basis. Amendment of section 47. Ex-424/2016 18 of India (Mutual Funds) Regulations, 1996 made under the Securities an d Exchan ge Board of India Act, 1992; (b) “consolidated plan” means the plan with which the consolidating plan merges or which is formed as a result of such merger; (c) “mutual fund” means a mutual fund specified under clause (23D) of section 10.’. 29.In section 48 of the Income-tax Act, for the third proviso, the following provisos shall be substituted with effect from the 1st day of April, 2017, namely:— “Provided also that nothing contained in the second proviso shall apply to the long-term capital gain arising from the transfer of a long-term capital asset, being a bond or debenture other than— (a) capital indexed bonds issued by the Government; or (b) Sovereign Gold Bond issued by the Reserve Bank of India under theSovereign Gold Bond Scheme, 2015: Pr ov i d ed a l s o t h a t i n ca s e o f a n a s s e s s ee b ei n g a n on - r e s i d en t , a n y gains arising on account of appreciation of rupee against a foreign cur r ency at the time of redemption of rupee denominated bond of an Indian company subscribed by him, shall be ignored for th e purposes of computation of full value of consideration under this section.”. 30.In section 49 of the Income-tax Act, after sub-secti on (4), the following sub-section shall be inserted with effect from the 1st day of April, 2017, namely:— ‘‘(5) Where the capital gain arises from the transfer of an asset declared under the Income Declaration Scheme, 2016, and the tax, surchar ge and penalty have been paid in accordance with the provisions of the Scheme on the fair market value of the asset as on the date of commencement of the Scheme, the cost of acquisition of theasset s h a l l b e d ee m ed t o b e t h e fa i r m a r k et va l u e o f t h e a s s et w h i ch h a s been taken into account for the purposes of the said Scheme.’’. 31.In section 50C of th e In come-t ax Act, in sub-section (1), th e following provisos shall be inserted with effect from the 1st day of April, 2017, namely:— “Provided that where the date of the agreement fixing the amount of consideration and the date of registration for the transfer of the capital asset are not the same, the value adopted or assessed or assessable by the stamp valuation authority on the date of agreement may be taken for the purposes of computing full value of consideration for such transfer: Pr ovided fur th er that the first proviso shall apply only in a case where the amount of consideration, or a part thereof, has been received by way of an account payee cheque or account payee bank draft or by use of electronic clearing system through a bank account, on or before the date of the agreement for transfer.”. 32.After section 54ED of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2017, namely:— ‘54EE. (1) Where the capital gain arises from the transfer of a long-term capital asset (herein in this section referred to as the original asset) and the assessee has, at any time within a period of six months after the date of such transfer, invested the whole or any part of capital gains in the long-term specified asset, the capital gain shall be dealt with in accordance with the following provisions of this section, namely:— Amendment of section 48. Amendment of section 49.15 of 1992. Amendment section 50C. Insertion of new section 54EE. Capital gain not to be charged on investment in units of a specified fund.Ex-424/2016 19 (a) if the cost of the long-term specified asset is not less than the ca p i t a l g a i n a r i s i n g fr om t h e t r a n s fer o f t h e or i g i n a l a s s et , t h e wh ol e of such capital gain shall not be charged under section 45; (b) i f t h e cos t o f t h e l on g - t er m s p eci fi ed a s s et i s l es s th a n t h e ca p i t a l gain arising from the transfer of the original asset, so much of the capital gain as bears to the whole of the capital gain the same proportion as the cost of acquisition of the long-term specified asset bears to the whole of the capital gain, shall not be charged under section 45: Provided that the investment made on or after the 1st day of April, 2016, in the long-term specified asset by an assessee during any financial year does not exceed fifty lakh rupees: Provided further that the investment made by an assessee in the long- term specified asset, from capital gains arising from the transfer of one or more original assets, during the financial year in which the original asset or assets are tr ansferred and in th e subsequent financial year does not exceed fifty lakh rupees. (2) Where the long-term specified asset is transferred by the assessee at any time within a period of three years from the date of its acquisition, the amount of capital gains arising from the transfer of the original asset not charged under section 45 on th e basis of th e cost of such long-term specified asset as provided in clause (a) or, as the case may be, clause (b) of sub-section (1) shall be deemed to be the income chargeable under the head “Capital gains” relating to long-term capital asset of the previous year in which the long-term specified asset is transferred. Explanation 1.—In a case where the original asset is transferred and the assessee invests the whole or any part of the capital gain received or accrued as a result of transfer of the origin al asset in any long-term specified asset and such assessee ta kes a n y l oan or a dvan ce on t h e s ecu r i ty of su ch s pecifi ed a sset, h e s h a ll be d eem ed to have transferred such specified asset on the date on which such loan or advance is taken. Explanation2.—For the purposes of this section,— (a) “cost”, in relation to any long-term specified asset, means the amount in vested in such specified asset out of capital gains received or accruing a s a r es u l t of t h e t r a n s f er o f t h e o r i g i n a l a s s e t ; (b) “long-term specified asset” mean s a unit or units, issued before the 1st day of April, 2019, of such fund as may be notified by the Central Government in this behalf.”. 33.In section 54GB of the Income-tax Act, with effect from the 1st day ofApril, 2017,— (a) aft er sub-secti on (5), th e following proviso shall be inserted, namely: “Provided that in case of an investment in eligible start-up, the provisions of this sub-section shall have the effect as if for the figures, letters and words “31st day of March, 2017”, the figures, letters and words “31st day of March, 2019” had been substituted;”; (b) in sub-section (6),— (i) in clause (b),— (A) in sub-clause (ii), after the words “an article or a thing”, the words “or in an eligible business” shall be inserted; (B) in sub-clause (iv), after the words and figures “Micro, Small an d Medium En terprises A ct , 2 0 0 6 ” , t h e w or d s “ or i s a n el i g i b l e s t a r t - u p ” shall be in serted;27 of 2006. Amendment of section 54GB. Ex-424/2016 20 (ii) after clause (b), the following clause shall be in serted, namely:— ‘(ba) “eligible start-up” and “eligible business” shall have the mean ings respectively assign ed to them in Explanation bel ow sub- secti on (4) of section 80-IAC.’; (iii) after clause (d), the followin g proviso shall be inserted, namely:— “Provided that in the case of an eligible start-up, being a technologydriven start-up so certified by the Inter-Ministerial Board of Certificationnotified by the Central Government in the Official Gazette, the new asset shall include computers or computer software.”. 34.In s ect i on 5 5 o f t h e Income-tax A ct , wi t h eff ect fr om t h e 1 s t d a y o f A p r i l , 2017,— (i) in sub-section (1), in clause (b), in sub-clause (1), after th e words “anybusiness”, the words “or profession” shall be inserted; (ii) in sub-section (2), in clause (a), after the words “any business”, the words“or profession” shall be inserted. 35.I n s ect i on 5 6 o f t h e Income-tax Act, in sub-secti on (2) , i n c l a u s e (vii), in th e second pr oviso occurring after sub-clause (c), with effect from the 1st day of April, 2017,— (a) in clause (g), for the word, figures an d letters “section 12AA”, the words, figures and letters “section 12AA; or” shall be substituted; (b) after clause (g), the following clause shall be inserted, namely:— “(h) by way of transaction not regarded as transfer under clause (vicb) or clause (vid) or clause (vii) of section 47.”. 36.In section 80 of th e In com e-tax Act, aft er th e wor ds, br ackets an d figures “sub-section (2) of section 73”, the words, brackets, figures and letter “or sub-secti on (2) of section 73A” shall be inserted. 37.In s ect i on 8 0 C C D of t h e Income-tax Act, in sub-section (3), the following proviso shall be inserted with effect from the 1st day of April, 2017, namely:— “Provided that the amount received by the nominee, on the death of the assessee, under the circumstances r eferred to in clause (a), shall not be deemed to be the income of the nominee.”. 38.For section 80EE of the Income-tax Act, the following section shall be substituted with effect from the 1st day of April, 2017, namely:— ‘80EE. (1) In computing the total income of an assessee, being an in dividual, there shall be deducted, in accordance with and subject to the provisions of this section, interest payable on loan taken by him from any financial in stitution for the purpose of acquisition of a residential property. (2) The deduction under sub-section (1) shall not exceed fifty thousand rupees and shall be allowed in computing the total income of the individual for the assessment year beginning on the 1st day of April, 2017 and subsequent assessment years. Substitution of new section for section 80EE. Amendment of section 55. Amendment of section 56. Amendment of section 80. Amendment of section80CCD. Deduction in respect of interest on loan taken for residentia l house property. Ex-424/2016 21 (3) The deduction under sub-section (1) shall be subject to th e followin g conditions, namely:— (i) the loan has been sanctioned by the financial institution during the period beginning on the 1st day of April, 2016 and ending on the 31st day of March, 2017; (ii) the amount of loan sanctioned for acquisition of the residential house property does not exceed thirty-five lakh rupees; (iii) th e value of residential house pr operty does not exceed fifty lakh rupees; (iv) th e assessee does not own an y residential h ouse property on the date of sanction of loan. (4) Wh ere a deduction under this section is allowed for any interest referr ed t o in sub-sect ion (1) , d ed u ct i on s h a l l n ot b e a l l o wed i n r es p e ct of such interest under any other provision of this Act for the same or any other assessment year. (5) For the purposes of this section,— (a) “financial institution” m ea n s a banking company to which the Banking Regulation Act, 1949 applies, or any bank or banking institution referred to in section 51 of that Act or a housing finance company; (b) “housing finance company” means a public company formed or registered in India with the main object of carrying on the business of providing long-term finance for construction or purchase of houses in India for residential pur poses.’. 39.In section 80GG of the Income-tax Act, for the words “two thousand rupees”, the words “five thousand r upees” shall be substi tuted with effect from the 1st day of April, 2017. 40.In section 80-IA of the Income-tax Act, in sub-section (4), in clause (i), after th e proviso an d before theExplanation, the following proviso shall be inserted with effect from the 1st day of April, 2017, namely:— “Provided further that nothing contained in this section shall apply to any enterprise which starts the development or operation and maintenance of t h e in frastructure facility on or after the 1st day of April, 2017.”. 41.In s ect i on 8 0- I A B of th e Income-tax Act, in sub-section (1), the following proviso shall be inserted with effect from the 1st day of April, 2017, namely:— “Provided th at the provisions of th is section shall n ot apply to an assessee, being a developer, where the development of Special Economic Zone begins on or after the1st day of April, 2017.”. 42.After section 80-IAB of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2017, namely:— ‘80-IAC. (1) Where the gross total income of an assessee, being an eligible start-up, includes any profits and gains derived from eligible business, there shall, in accordance with and subject to the provisions of10 of 1949. Spe cia l provision in respect of specified business. Amendment of section8 0 G G. Amendment of section80-IA. Amendment of section80-IAB. Insertion of new section 80-IAC.Ex-424/2016 22 this section, be allowed, in computing th e total income of th e assessee, a deduction of an amount equal to one hundred per cent. of the profits and gains derived from such business for three consecutive assessment years. (2) The deduction specified in sub-section (1) m a y, a t t h e op t i on of th e assessee, be claimed by him for any three consecutive assessment years out of five years beginning from the year in which the eligible start-up is incorporated. (3) This section applies to a start-up which fulfils the following conditions, namely:— (i) it is not formed by splitting up, or the reconstruction, of a busi ness alr eady in existen ce: Provided th at th is condition shall not apply in respect of a start-up which is formed as a result of the re-establishment, reconstruction or revival by the assessee of the business of any such undertaking as referred to in section 33B, in the circumstances and within the period specified in that section; (ii) it is not formed by the transfer to a new business of machinery or plan t previously used for an y purpose. Explanation1.—For the purposes of this clause, any machinery or plant which was used outside India by any person other than the assessee shall not be regarded as machinery or plant previously used for any purpose, if all the following conditions are fulfilled, namely:— (a) su ch m a ch i n er y or p l a n t wa s n ot , a t a n y t i m e p r evi ou s to the date of the installation by the assessee, used in India; (b) such machinery or plant is imported into India; (c) no deduction on account of depreciation in respect o f s u c h m a ch i n er y o r p l a n t h a s been a l l ow ed o r i s a l l owa bl e u n d er the provisions of this Act in computing the total income of any person for an y period prior to the date of the installation of the machinery or p l a n t b y t h e a s s es s ee. Explanation2.—Wh er e i n th e ca s e of a s t a r t - u p , an y mach in er y or plant or any part ther eof previ ously used for an y purpose is transferred to a new busin ess and the total value of the machinery or plant or part so tr an sferred does not exceed twenty per cent. of the total value of the machinery or plant used in the business, then, for the purposes of clause (ii) of this sub-section, the condition specified therein shall be deemed to have been complied with. (4) The provi sions of sub-section (5) and sub-sections (7) to (11) of section 80-IA shall apply to the start-ups for the pur pose of allowing deductions under sub-secti on (1). Explanation.—For t he purposes of th is secti on ,— (i) “eligible business” means a business which involves in n ovat ion , development, deployment or commercialisation of new pr oducts, pr ocesses or services driven by techn ology or in tellectual property; (ii) “eligible start-up” means a company or a limited liability partnership engaged in eligible business which fulfils the following conditions, namely:— (a) it is in cor porated on or after the 1st day of April, 2016 but before the 1st day of April, 2019;Ex-424/2016 23 (b) the total turnover of its business does not exceed twenty-five crore rupees in any of the previous years beginning on or after the 1st day of April, 2016 an d ending on th e 31st day of March, 2021; (c) it holds a certificate of eligible business from the Inter-Ministerial Board of Certification as notified in the Official Gazette by the Central Government; and (iii) ‘‘limited liability partnership’ ’ means a par tnership r eferred to in clause (n) of sub-section (1) of section2of the Limited Liability Par t n er sh ip Act, 2008.’. 43.In section 80-IB of the Income-tax Act, in sub-section (9), with effect fr om the 1st day of April, 2017,— (a) i n cl a u s e (ii) , a f t er t h e w or d s , f i g u r es a n d l et t e r s “t h e 1 s t d a y of A p r i l , 1 9 9 7 ” , t h e w or d s , f i g u r es a n d l et t e r s “bu t n ot l a t er t h a n t h e 3 1 s t day of March, 2017” shall be inserted; (b) i n cl a u s e (iv) , a f t er t h e wor d s , f i g u r es a n d l et t er s “t h e 1 s t d a y of A p r i l , 2 0 0 9 ” , t h e w or d s , f i g u r es a n d l et t e r s “bu t n ot l a t er t h a n t h e 3 1 s t day of March, 2017” shall be inserted; (c) in clause (v), after the words, figures and letters “the 1st day of April, 2009”, the words, fi g u r es a n d l et t e r s “b u t n ot l a t er t h a n t h e 3 1 st day of March, 2017” shall be inserted. 44.After section 80-IB of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2017, namely:— ‘80-IBA. (1) Where th e gross total income of an assessee includes an y profits and gains derived from the business of developing and building housing projects, there shall, subject to the provisions of this section, be allowed, a deduction of an amount equal to hun dred per cent. of the profits and gains derived from such business. (2) For th e purposes of sub-section (1), a housing project shall be a pr oject whi ch ful fi ls t he foll owing condit ion s, n amely:— (a) t h e p r o je ct i s a p p r ov ed b y t h e c om p et e n t a u t h or i t y a ft er t h e 1 s t day ofJune, 2016, but on or before the 31st day of March, 2019; (b) t h e p r oje ct i s co m p l e t ed w i t h i n a p er i od o f t h r ee ye a r s fr om t h e date of approval by the competent authority: Provided that,— (i) where the approval in respect of a housing project is ob t a i n ed m o r e t h a n o n c e, t h e p r o je ct s h a l l b e d eem ed t o h a ve be en approved on the date on which the building plan of such housing project was fir st approved by th e competent authority; and (ii) the project shall be deemed to have been completed when a certificate of completion of project as a whole is obtain ed in writing from the competent authority; (c) the built-up area of the shops and other commercial establishments included in the housing project does not exceed three per cent. of the aggregate built-up area; (d) the project is on a plot of land measuring not less than— (i) one thousand square metres, where the project is located within the cities of Chennai, Delhi, Kolkata or Mumbai or within the distance, measured aerially, of twenty-five kilometres from the municipal limits of these cities; or (ii) two thousand square metres, where the project is located in any other place; (e) the project is the only housing project on the plot of land as specified in clause (d); (f) the built-up area of the residential unit comprised in the housing pr oject does not exceed— 6 of 2009. Amendment of section80-IB. Insertion of new section80 -IBA. Deductions in respect of profits and gains from housing projects. Ex-424/2016 24 (i) thirty square metres, where the project is located within the cities of Chennai, Delhi, Kolkata or Mumbai or within the distance, measured aerially, of twenty-five kilometres from the muncipal limits of these cities; or (ii) sixty square metres, where the project is located in any other place; (g) where a residential unit in the housing project is allotted to an individual, no other residential unit in the housing project shall be allotted to the individual or the spouse or the minor children of such individual; (h) th e pr oject utilises— (i) not less than ninety per cent. of the floor area ratio permissible in respect of the plot of land under the rules to be made by the Cen tral Government or the State Government or the local authority, as the case may be, where the project is located within the cities of Chen nai, Delhi, Kolkata or Mumbai or within the distance, measured aerially, of twenty-five kilometres from the municipal limits of these cities, or (ii) not less than eighty per cent. of such floor area ratio where such project is located in any place other than the place referred to in sub- clause (i); and (i) th e assessee maintains separate books of account in respect of the housing project. (3) Nothing contained in this section shall apply to any assessee who executes the housing project as a works-contract awarded by any person (including the Central Government or the State Government). (4) Where the housing project is not compl eted within the period specified under clause (b) of sub-section (2) and in respect of which a deduction has been claimed and allowed under this section, the total amount of deduction so claimed and allowed in one or more previous years, shall be deemed to be the income of the assessee chargeable under the h ead “Pr ofits and gains of busin ess or profession” of the previous year in which the period for completion so expires. (5) Where any amount of profits and gains derived from the business of developing and building housing projects is claimed and allowed under this section for an y assessment year, deduction to the extent of such profit and gains shall not be allowed under any oth er provisions of th is Act. (6) For the purposes of this section,— (a) “built-up area” means the inner measurements of the residential unit at the floor level, including projections and bal conies, as in creased by the thickness of the walls, but does not include the common areas shared with other residential units, including any open terrace so shared; (b) “competent authority” means the authority empowered to approve the building plan by or under any law for the time being in force; (c) “floor area ratio” means the quotient obtained by dividing the total covered area of plin th ar ea on all th e floors by the ar ea of th e plot of land; (d) “housing project” means a project consisting predominantly of residential units with such other facilities and amenities as the competent authority may approve subject to th e provisions of th is sect ion; (e) “residential unit” means an independent housing unit with separate facilities for living, cooking and sanitary requirements, distinctly separated from other residential units within the building, which is directly accessible from an outer door or th rough an in terior door in a shar ed hallway and not by walkin g through th e living space of another household.’.Ex-424/2016 25 45.For section 80JJAA of t he Income-tax Act, the fol lowing section shall be substituted with effect from the 1st day of April, 2017, namely:— ‘80JJAA. (1) Wh er e the gr oss t otal in come of an assessee to wh om section 44AB applies, includes any profits and gains derived from business, there shall, subject to the conditions specified in sub-section (2), be allowed a deduction of an amount equal to th ir ty per cen t. of addition al employee cost in curr ed in th e cour se of such business in the previous year, for three assessment years including the assessment year relevant to the previous year in which such employment is provided. (2) No deduction under sub-section (1) shall be allowed,— (a) if the business is formed by splitting up, or the reconstruction, of an existing business: Provided that nothing contained in this clause shall apply in respect of a business which is formed a s a result of re-establishmen t, r econ st ruction or r evi val by the assessee of the business in the circumstances and within the period specified in secti on 33B; (b) if the business is acquired by the assessee by way of transfer from any other person or as a result of any business reorganisation; (c) unless the assessee furnishes along with the return of income the report of the accountant, as defined in theExplanationto section 288 giving such particulars in the report as may be prescribed. Explanation.—For the purposes of this section,— (i) “additional employee cost” means the total emoluments paid or payable to additional employees employed during the previous year: Provided that in the case of an existing business, the additional employee cost shall benil,if— (a) t h e r e i s n o i n cr ea s e i n t h e n u m ber o f em p l o ye es fr om t h e t o t a l number of employees employed as on th e last day of th e preceding year; (b) emoluments are paid otherwise than by an account payee cheque or account payee bank draft or by use of electronic clearing system through a bank account: Provided further that in the first year of a new business, emoluments paid or payable to employees employed during that previous year shall be deemed to be the additional employee cost; (ii) “additional employee” means an employee who has been employed during the previous year and whose employment has the effect of increasing the total number of employees employed by the employer as on th e last day of th e pr eceding year, but does not include— (a) an employee whose total emoluments are more than twenty- five thousand rupees per month; or (b) an employee for whom the entire contribution is paid by the Government under the Employees’ Pension Scheme noti fied in accordan ce with the provisions of the Employees’ Provident Funds an d Miscellaneous Provisions Act, 1952; or (c) a n em ployee em ployed for a per iod of less th an two hundred and forty days during the previous year; or (d) an employee who does not participate in the recognised provident fund; (iii) “emoluments” means any sum paid or payable to an employee in lieuof his employment by wh atever name called, but does not include— 19 of 1952.Deduction in respect of employ- ment of new employees. Substitution of new section for section 80JJAA. Ex-424/2016 26 (a) any contribution paid or payable by the employer to any pension fund or providen t fund or any other fund for the ben efit of the employee un d er a n y l aw for th e ti me bei n g i n for ce; a n d (b) any lump-sum payment paid or payable to an employee at the time of termin ation of h is service or superan nuation or voluntary retirement, such as gratuity , severance pay , leave encashment, voluntary retrenchment benefits, commutation of pension and the like. (3) The provisions of this section, as they stood immediately prior to th eir amendment by the Finance Act, 2016, shall apply to an assessee eligible to claim any deduction for any assessment year commencing on or before the 1st day of April, 2016.’. 46.In section 87A of th e Income-tax Act, for th e words “two th ousand r u p ees ” , t h e wor d s “f i ve t h ou s a n d r u p e es ” s h a l l b e s u bs t i t u t ed wi t h ef fe ct fr om t h e 1 s t day of April, 2017. 47.In section 92CA of the Income-tax Act, in sub-section (3A), the following pr ovi so sha ll be i nsert ed with effect fr om t he 1st day of Jun e, 2016, na mely:— “Pr ovided th at in the circumstan ces referr ed to in clause (ii) or clause (x) of Explanation(1) to section 153, if the period of limitation available to the Transfer Pricing Officer for making an order is less than sixty days, such remaining period shall be extended to sixty days and the aforesaid period of limitation shall be deemed to have been extended accordingly.”. 48.In section 92D of the Income-tax Act, with effect from the 1st day of April, 2017,— (i) in sub-section (1), the following shall be inserted, namely:— ‘Provided that the person, being a constituent entity of an international group, shall also keep and maintain such information and document in respect of an international group as may be prescribed. Explanation.—For t he purposes of th is secti on ,— (A) “constituent entity” shall have the meaning assigned to i t i n cl a u s e (d) of sub-secti on (9) of section 286; (B) “international group” shall have the meaning assigned to it in clause (g) of sub-secti on (9) of section 286.’; (ii) after sub-section (3), the following sub-section shall be inserted, namely:— “(4) Without prejudice to th e pr ovisions of sub-section (3), the person referred to in the proviso to sub-section (1) shall furnish the information and document referred to in the said proviso to the authority prescribed under sub- section (1) of section 286, in such manner, on or before the date, as may be prescribed.”. 49.In section 111A of the Income-tax Act with effect from the 1st day ofApril, 2017,— (i) in sub-section (1) , a ft er th e pr ovis o, th e fol l owi n g p r ovi s o s h a l l be in s er t ed , namely:— ‘‘Provided further that nothing contained in clause (b) shall apply to a transaction undertaken on a recognised stock exchange located in any International Financial Services Centre and where the consideration for such transaction is paid or payable in foreign currency.’’; (ii) for the Explanation below sub-section (3), the following shall be substituted, namely:— Amendment of section 111A. Amendment of section 87A. Amendment of section 92CA. Amendment of section 92D.Ex-424/2016 27 ‘Explanation.—For the purposes of th is section,— (a) ‘‘equity oriented fund’’ shall have the meaning assigned to it in theExplanationto clause (38) of section 10; (b) ‘‘International Financial Services Centre’’ shall have the same meaning as assi gn ed to it in clause (q) of secti on 2 of the Special Economic Zones Act, 2005; (c) ‘‘recognised stock exchange’’ shall have the meaning assigned to it in clause (ii) ofExplanation1 to sub-section (5) of section 43.’. 50.I n s ec t i on 11 2 o f t h e Income-tax Act, in sub-secti on (1) , i n c l a u s e (c), in sub-clause (iii), for the words “unlisted securities”, the words “unlisted securities or shares of a company not being a company in which the public are substantially in terested” shall be substituted with effect from the 1st day of April, 2017. 51.After section 115B of the Income-tax Act, with effect from the 1st day ofApril, 2017, the following section shall be inserted, namely:— “115BA. (1) Notwithstanding anything contained in this Act but subject to th e provisions of section 111A and section 112, th e in come-tax payable in respect of the total income of a person, being a domestic company, for any previous year relevant to the assessment year beginning on or after th e 1st day of April, 2017, shall, at the opt ion of such person, be computed at the rate of twenty-five per cent., if the conditions contained in sub-section (2) are satisfied. (2) For the purposes of sub-section (1), th e following conditions shall apply, namely:— (a) the company has been set-up and registered on or after the 1st day ofMarch, 2016; (b) the company is not engaged in any business other than the business of manufacture or production of any article or thing and research in relation to, or distribution of, such article or thing manufactur ed or produced by it; an d (c) the total income of the company has been computed,— (i) without any deduction under the provisions of section 10AA or cl au s e (iia) of sub-section (1) of section 32 or section 32AC or section 32AD or section 33AB or section 33ABA or sub-clause (ii) or sub-clause (iia) or sub-clause (iii) of sub-secti on (1) or sub-secti on (2AA) or sub-secti on (2AB) of secti on 35 or section 35AC or section 35AD or section 35CCC or section 35CCD or under an y provisions of Chapter VI-A under th e heading “C.— Deductions in respect of certain incomes” other than the provisions of section 80JJAA; (ii) with out set off of an y loss carr ied forward fr om an y earlier assessment ye a r i f s u ch l o s s i s attributable t o a n y o f t h e deductions referred to in sub-clause (i); and (iii) depreciation under section 32, oth er than clause (iia) of sub-section (1) of the said section, is determined in the manner as may be prescr ibed. (3) The loss referred to in sub-clause (ii) of clause (c) of sub-section (2) shall be d eemed to have been alr eady given full effect to and n o fur th er deduction for such loss shall be allowed for any subsequent year. (4) Nothing contained in this section shall apply unless the option is exercised by the person in the prescribed manner on or before the due date specified under sub-secti on (1) of section 139 for furnishing the first of the returns of income which the person is required to furnish under the provisions of this Act:Insertion of new section 115BA.Amendment of section 112. 28 of 2005. Tax on income of certain domestic companies. Ex-424/2016 28 Provided that once the option has been exercised for any previous year, it cannot be subsequently with drawn for th e same or an y oth er previous year. 52. After section 115BBD of t he Income-tax Act, the fol lowing section shall be inserted with effect from the 1st day of April, 2017, namely:— ‘115BBDA. (1) Notwithstanding anything contained in this Act, where th e total in come of a n assessee, being an individual, a Hindu undivided family or a firm, resident in India, includes any income in aggregate exceeding ten lakh rupees, by way of dividends declared, distributed or paid by a domestic company or companies, the income-tax payable shall be the aggregate of— (a) the amount of income-tax calculated on the income by way of such dividends in aggregate exceeding ten lakh rupees, at t h e r a te of t en p er cen t .; a n d (b) the amount of income-tax with which the assessee would have been chargeable had the total income of the assessee been reduced by the amount of income by way of dividends. (2) No deduction in respect of any expenditure or allowance or set off of loss sha ll be al lowed to th e assessee under an y pr ovi si on of th is Act in computing the income by way of dividends referred to in clause (a) of sub-secti on (1). (3) In this section, “dividends” shall have the same meaning as is given to“dividend” in clause (22) of section 2 but shall not include sub-clause (e) th er eof. ’. 53.In section 115BBE of the Income-tax Act, in sub-section (2), after t h e w o r d “a llowa n ce”, t h e wor ds “or s et off of a n y los s” s h a ll be in ser t ed wi th effect from the 1st day of April, 2017. 54.After section 115BBE of the Income-tax Act, the fol lowing secti on shall be inserted with effect from the 1st day of April, 2017, namely:— ‘115BBF. (1) Where the total income of an eligible assessee in clud es any income by way of royalty in respect of a patent developed and registered in India, the income- tax payable shall be th e aggregate of— (a) the amount of income-tax calculated on the income by way of royalty in respect of the patent at the rate of ten per cent.; and (b) the amount of income-tax with which the assessee would have been chargeable had his total income been reduced by the income referred to in clause (a). (2) Notwithstanding anything contained in this Act, no deduction in respect of an y expenditure or allowan ce shall be allowed to th e eligible assessee under any pr ovi si on of this Act in computing his in come r eferr ed to in clause (a) of sub- secti on (1). (3) The eligible assessee may exercise the option for taxation of income by way of royalty in respect of a patent developed and registered in India in accordance with the provisions of this section, in the prescribed manner, on or before the due date specified under sub-section (1) of section 139 for furnishing the return of income for the relevant previous year. (4) Where an eligible assessee opts for taxation of income by way of royalty in respect of a patent developed and register ed in India for any previous year in accordance with the provisions of th is section and th e assessee offers the income for taxation for a n y o f t h e fi ve a s s es s m e n t yea r s r e l eva n t t o t h e p r evi o u s ye a r s u c cee d i n g t h e p r evi o u s ye a r n ot i n a cc or d a n ce wi t h t h e p r o vi s i o n s o f s u b- s ec t i on (1), then, the assessee shall Tax on certain dividends received from domestic companies. Insertion of new section 115 BBDA. Amendment of section115BBE. Tax on income from patent. Insertion of new section 115BBF.Ex-424/2016 29 n o t b e el i g i b l e t o c l a i m t h e b en ef i t o f t h e p r ovi s i o n s o f t h i s s ect i on f or fi ve a s s es s m e n t years subsequent to the assessment year relevant to the previous year in which such i n com e h a s n ot been offer ed t o ta x i n a ccor d an ce wi t h th e p r ovi s ion s of s ub- s ecti on (1). Explanation.—For t he purposes of th is secti on ,— (a) “developed” means at least seven ty-fi ve per cent. of the expenditure incurred in India by the eligible assessee for any invention in respect of wh i ch a p a t en t is granted under the Patents Act, 1970 (herein referred to as the Patents Act); (b) “eligible assessee” means a person resident in India and who is a patentee; (c) “invention” shall have the meaning assigned to it in clause (j) of sub-secti on (1) of section 2 of the Patents Act; (d) “lump sum” in clud es an advance payment on account of su ch royalties which is not returnable; (e) “patent” shall have the meaning assigned to it in clause (m) of sub-secti on (1) of section 2 of the Patents Act; (f) “patentee” means the person, being the true and first in vent or of the invention, whose name is entered on the patent register as the patentee, in accordance with the Patents Act, and includes every such person, being the true and first inventor of the invention, where more than one person is registered as patentee under that Act in respect of that patent; (g) “patented article” and “patented process” shall have the meanings respectively assigned to them in clause (o) of sub-secti on (1) of section 2 of the Patents Act; (h) “royalty”, in respect of a patent, means consideration (including any lump sum consideration but excluding any consideration which would be the income of the recipient chargeable under the head “Capital gains” or consideration for sale of product manufactured with the use of patented process or the patented article for commercial use) for the— (i) transfer of all or any rights (including the granting of a licence) in respect of a patent; or (ii) imparting of any information concerning the working of, or the use of, a patent; or (iii) use of any patent; or (iv) rendering of any services in connection with the activities referred to in sub-clauses (i) to (iii); (i) “true and first inventor” shall have the meaning assigned to it in clause (y) of sub-secti on (1) of section 2 of the Patents Act.’. 55.In section 115JB of th e Income-tax Act,— (I) aft er sub-secti on (2),— (a) inExplanation1, with effect from the 1st day of April, 2017,— (i) after clause (fc), the following clause shall be inser ted, namely:— “( fd ) the amount or amounts of expenditure relatable to incomeby way of royalty in respect of patent chargeable to tax under section115BBF; or”; (ii) in the long line,— (A) in clause (iif), for the words “may be;” occurring at the end, th e words “may be; or” shall be substituted; (B) after clause (iif), the following clause shall be inserted, namely:— “(iig) the amount of in come by way of royalty in respect of patent chargeable to tax under section 115BBF;”; (b) Explanation 4 shall be renum ber ed as Explanation 5 th er eof and before Explanation5 as so renumbered, the followingExplanationshall be inserted an d shall be deemed to have been inser ted with effect fr om the 1st day of April, 2001, namely:—39 of 1970. Amendment of section 115JB. Ex-424/2016 30 “Explanation4. —For the removal of doubt s, it is her eby cla rifi ed that the provisions of this section shall not be applicable and shall be deemed never to have been applicable to an assessee, being a foreign company, if— (i) the assessee is a resident of a country or a specified territory with which India has an agreement referred to in sub- sect ion (1) of section 90 or the Central Government has adopted any agreement under sub-section (1) of section 90A and the assessee does not have a permanent establishment in India in accordance with the provisions of such agreement; or (ii) the assessee is a resident of a country with which India does not have an agreement of the nature referred to in clause (i) and the assessee is not required to seek registration under any la w for th e ti me bei n g i n for ce r ela ti n g t o compa n i es. ”; (II) after sub-section (6), the following sub-section shall be inserted with effect from the 1st day of April, 2017, namely:— ‘(7) Notwithstanding anything contained in sub-section (1), where the assessee referred to ther ein, is a unit located in an International Finan cial Services Centre and derives its income solely in conver tible foreign exchange, th e provisions of sub-section (1) shall have the effect as if for the words “eighteen and one-half per cent.” wherever occurring in that sub-section, the words “nine per cent.” had been substituted. Explanation.—For t he purposes of th is sub-sect ion ,— (a) “International Financial Services Centre” shall have the same meaning as assi gn ed t o i t i n c l a u s e (q) of secti on 2 of the Special Econ om ic Zones Act, 2005; (b) “unit” means a unit established in an International Financial Services Centre; (c) “convertible foreign exchange” means a foreign exchange which is for the time being treated by the Reserve Bank of India as convertible foreign exchange for the purposes of the Foreign Exchange Management Act, 1999 an d th e rules made thereunder.’. 56. After Chapter XII-BB of the Income-tax Act, the following Chapter shall be inserted with effect from the 1st day of April, 2017, namely:— “CHAPTER XII-BC SPECIAL PROVISIONS RELATING TO FOREIGN COMPANY SAID TO BE RESIDENT IN INDIA 115JH. (1) Where a foreign company is said to be resident in India in any pr evious year an d such foreign compa ny h as not been resident in India in an y of th e previous years preceding the said previous year, then, notwithstanding anything con ta in ed in th is Act an d s ubject t o t h e con dit ion s a s m ay be n ot i fi ed by t h e C en tr al Government in this behalf, the provisions of this Act relating to the computation of total income, treatment of unabsorbed depreciation, set off or carry forward and set off of losses, collection and recovery and special provisions relating to avoidan ce of tax shall apply with such exceptions, modifications and adaptations as may be speci fi ed i n t h a t notification for th e said previous year: Provided that where the determination regarding foreign company to be resident in India has been made in the assessment proceedings relevant to any previous year, then, the provisions of this sub-secti on shall also apply in respect of any oth er previous year, succeeding such previous year, if the foreign company is resident in India in that previous year and the previous year ends on or before the date on which such assessmen t proceeding is completed. Insertion of new Chapter XII-BC. Foreign company said to be resident in India. 28 of 2005. 42 of 1990. Ex-424/2016 31 (2) Wher e, in a previous year, any benefit, exemption or r elief h as been claimed and granted to the foreign company in accordance with the provisions of sub-section (1), and, subsequently, there is failure to comply with any of the conditions specified in the notification issued under sub-section (1), then,— (i) such benefit, exemption or r eli ef s h a ll be d eem ed t o h a ve be en wrongly allowed; (ii) the Assessin g Officer may, notwithstanding anything contained in this Act, r e-compute the total income of the assessee for the said previous year and make the necessary amendment as if the exceptions, modification s an d adaptations referred to in sub-section (1) did not apply; and (iii) the provisions of section 154 shall, so far as may be, apply thereto and the peri od of four years specified in sub-secti on (7) of that section being reckoned from the end of the previous year in which the failure to comply with the conditions referred to in sub-section (1) takes place. (3) Every notification issued under this section shall be laid before each House of Parliament.”. 57.In section 115-O of th e Income-tax Act,— (a) after sub-section (6), the following sub-section shall be inserted, with effect fr om t he 1st day of Jun e, 2016, na mely:— ‘(7) No tax on distributed profits shall be chargeable under this section in respect of any amount declared, distributed or paid by the specified domestic company by way of dividends (whether interim or otherwise) to a business trust out of its current income on or after the specified date: Provided that nothing contained in this sub-section shall apply in respect of any amoun t declared, distr ibuted or paid, at any time, by the specified domestic compan y by way of dividends (whether in terim or oth er wise) out of its accumulated profits and current profits up to the specified date. Explanation.—For t he purposes of th is sub-sect ion ,— (a) “specified domestic company” means a domestic company in which a business trust has become the holder of whole of the nominal value of equity share capital of the company (excluding the equity share capital required to be held mandatorily by any other person in a cco r d a n ce wi t h a n y l a w for t h e t i m e be i n g i n for ce o r a n y d i r ec t i on s of Government or any regulatory authority, or equity share capital held by an y Gover n men t or Gover nment body); (b) “specified date” means the date of acquisition by the business trust of such holding as is referred to in clause (a).’; (b) after sub-secti on (7) as so inserted, the following sub-section shall be inserted with effect from the 1st day of April, 2017, namely:— ‘(8) Notwithstanding anything contained in this section, no ta x on distributed profits shall be chargeable in respect of the total in come of a company, being a unit of an International Financial Services Centre, deriving income solely in con vertible foreign exch ange, for a ny assessment year on any amount declared, distributed or paid by such company, by way of di viden ds ( wheth er i nt er im or oth er wise) on or aft er th e 1st day of April, 2017, out of its curr ent income, either in the hands of the company or the person receiving such dividend. Explanation.—For the purposes of this sub-section,— Amendment of section 115-O. Ex-424/2016 32 (a) “International Financial Services Centre” shall have the same meaning as assi gn ed to it in clause (q) of secti on 2 of the Special Economic Zones Act, 2005; (b) “unit” means a unit established in an International Financial Services Centr e, on or after the 1st day of April, 2016; (c) “convertible for eign exchange” means foreign exchange which is for the time being treated by the Reserve Bank of India as convertible foreign exchange for the purposes of the Foreign Exchange Management Act, 1999 an d th e rules made thereunder.’. 58.In section 115QA of the Income-tax Act, in sub-section (1), in the Explanation, with effect from the 1st day of June, 2016,— (a) in clause (i), for the words, figures and letter “section 77A of the Companies Act, 1956”, the words “any law for the time being in force relating to companies” shall be substituted; (b) i n cl a u s e (ii), f or t h e wo r d s “t h e a m o u n t wh i ch wa s r e cei v ed by the compan y for issue of such shares”, the words “the amount, which was received by the company for issue of such shares, determined in the manner as may be prescribed” shall be substituted. 59.In section 115TA of the Income-tax Act, after sub-section (4), the following sub- section shall be inserted with effect from the 1st day of June, 2016, namely:— “(5) Nothing contained in this section shall apply in respect of any income distributed by a securitisation trust to its investors on or after the 1st day of June, 2016.”. 60.In section 115TC of the Income-tax Act, in theExplanation, with effect fr om th e1st day of June, 2016,— (A) in clause (a), after the wor ds “or securities”, th e wor ds “or security r eceipt”shall be inserted; (B) in clause (d),— (f) in sub-clause (ii), after the words “ Reserve Bank of India,”, the word“;or” shall be inserted; (II) after sub-clause (ii) and before the long line, the following sub-clause shall be inserted, namely:— “(iii) trust set-up by a securitisation company or a reconstruction company formed, for the purposes of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, or in pursuan ce of an y guidelin es or directions issued for the said purposes by the Reserve Bank of India,”; (C) after clause (d), the following clause shall be inserted, namely:— ‘(e) “security receipt” shall have th e same mean ing as assigned to it in clause (zg) of sub-secti on (1) of secti on 2 of the Securitisation and Reconstruction of Financial Assets and En forcement of Security Interest Act, 2002.’. 28 of 2005. 42 of 1999. 1 of 1956.Amendment of section 115QA. Amendment of section 115TA. Amendment of section 115TC. 54 of 2002. 54 of 2002.Ex-424/2016 33 61.After section 115TC of the Income-tax Act and before theExplanation occurring after the said section, the following section shall be inserted with effect from the 1st day of April, 2017, namely:— “115TCA. (1) Notwithstanding anything contained in this Act, any income accruing or arising to, or received by, a person, being an investor of a securitisation trust, out of investments made in the securitisation trust, shall be ch argeable t o i n come- t a x i n t h e sa m e m a n n er a s i f i t wer e th e income accruing or arising to, or received by, such person, had the investments by the securitisation trust been made directly by him. (2) The income paid or credited by the securitisation trust shall be deemed to be of the same nature and in the same proportion in the hands of the person referred to in sub-section (1), as if it had been received by, or had accrued or arisen to, the securitisation trust during the previous year. (3) The income accruing or arising to, or r eceived by, the securitisation trust, during a previous year, if not paid or credited to the person referred to in sub-secti on (1), shall be deemed to have been credited to the account of the said person on the last day of the previous year in the same proportion in which such person would have been entitled to receive the income had it been paid in the previous year. (4) The person responsible for crediting or making payment of th e income on behalf of securitisation trust and the securitisation trust shall furnish, within such period, as may be prescribed, to the person who is liable to tax in respect of such income and to the prescribed income-tax authority, a statement in such form and verified in such manner, giving details of the nature of the income paid or credited during the previous year and such other relevant details, as may be prescribed. (5) Any in come wh ich has been in clud ed in the total income of the person referred to in sub-secti on (1), in a previous year, on account of it having accrued or arisen in the said previous year, shall not be included in the total income of such person in the previous year in which such income i s a ct u a l l y p a i d t o h i m b y t h e securitisation trust.”. 62. After Chapter XII-EA of the Income-tax Act, the following Chapter shall be inserted with effect from the 1st day of June, 2016, namely:— ‘CHAPTER XII-EB SPECIAL PROVISIONS RELATING TO TAX ON ACCRETED INCOME OF CERTAIN TRUSTS AND INSTITUTIONS 115TD. (1) Notwithstanding anything contained in thisAct, where in any previous year, a trust or institution registered under section 12AA has— (a) converted into any form which is not eligible for grant of registration under section 12AA; (b) merged wi t h a n y e n t i t y o t h er t h a n a n e n t i t y w h i ch i s a t r u s t o r institution having objects similar to it and registered under section 12AA; or (c) failed to transfer upon dissolution all its assets to any other trust or institution registered under section 12AA or to any fund or institution or trust or any university or other educational institution or Insertion of ne section115TCA. Tax on income from securitisation trusts. Insertion of new Chapter XII-EB. Tax on accreted income. Ex-424/2016 34 any hospital or other medical institution referred to in sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) of clau se (23C) of section 10, within a period of twelve months from the end of the month in which the dissolution takes place, then, in addition to the income-tax chargeable in respect of the total income of such trust or institution, the accreted income of the trust or the institution as on the specified date shall be ch arged to tax and such trust or institution, as t h e ca se m ay be, s h a ll be liable to pay additional income-tax (herein referred to as tax on accreted income) at the maximum marginal rate on the accreted income. (2) Th e accr eted income for the purposes of sub-section (1) means the amount by which the aggregate fair mar ket value of the total assets of the trust or the institution, as on the specified date, exceeds the total liability of such trust or institution computed in accordance with the meth od of va lua ti on a s ma y be pr escr i bed: Provided that so much of the accreted income as is attributable to the following a s s et a n d l i a bi l i t y, i f a n y, r el a t ed t o s u ch a s s et s h a l l be i g n or ed for t h e p u r p os es o f s u b- s e ct i on (1), namely:— (i) an y asset which is establi sh ed to have been directly acquir ed by the trust or institution out of its income of the nature referred to in clause (1) of section 10; (ii) any asset acquired by t h e t r u st or institution during the peri od beginning from the date of its creation or establishment and ending on the date from which the registration under section 12AA became efective, if the trust or institution had not been allowed any benefit of sections 11 and 12 during the said period: Provided furth er th at where due to the fir st proviso to sub-section (2) of section12A, the benefit of sections 11 and 12 have been allowed to the trust or the institution in respect of any previous year or years beginning prior to the date from which the registration under section 12AA is effective, then, for the purposes of clause (ii) of th efirst proviso, the registration shall be deemed to have become effective from the firstday of th e earliest previous year: Provided also that while computing the accreted income in respect of a case referr ed to in clause (c) of sub-section (1), assets and liabilities, if any, related to such asset, which have been transferred to any other trust or institution registered under secti on 12AA or to any fund or institution or trust or any university or oth er educational institution or any hospital or other medical institution referred to in sub- clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) of clause (23C) of section 10, within the period specified in the said clause, shall be ignored. (3) For the purposes of sub-section (1), a trust or an institution shall be deemed to have been converted into any form not eligible for registration under section 12AA in a previous year, if,— (i) the registration granted to it under section 12AA has been cancelled; or (ii) it has adopted or undertaken modification of its objects which do not conform to th e conditions of registr ation and it,— (a) h a s n ot a p p l i ed for fr es h r eg i s t r a t i on u n d er s ec t i on 1 2 A A i n t h e said previous year; or (b) has filed application for fresh registration under section 12AA but the said application has been rejected. (4) Notwithstanding that no income-tax is payable by a trust or the institution on i t s t ot a l i n c om e c om p u t ed i n a ccor d a n ce wi t h t h e p r o vi s i o n s o f t h i s A c t , t h e t a x on th e accreted income under sub-section (1) shall be payable by such trust or the institution.35Ex-424/2016 (5) The principal officer or the trustee of the trust or the institution, as the case may be, and the trust or the institution shall also be liable to pay the tax on accreted income to the cr edit of th e Central Gover nment within fourteen days from,— (i) the date on which,— (a) the period for filing appeal under section 253 against the order cancelling the registration expires and no appeal has been filed by the trust or the institution; or (b) the order in any appeal, confirming the cancellation of th e registration, is received by the trust or institution, in a case r eferr ed to in clause (i) of sub-secti on (3); (ii) th e end of the previous year in a case referred to in sub-clause (a) of clause (ii) of sub-secti on (3); (iii) the date on which,— (a) th e period for filing appeal under section 253 against the order rejecting the application expires and no appeal has been filed by the trust or the institution; or (b) the order in any appeal, confirming the cancellation of th e application, is received by the trust or institution, in a case r eferr ed to i n sub-cl ause (b) of clause (ii) of sub-section (3); (iv) t h e da te of m er ger i n a ca se r efe r r ed t o i n clau se (b) of sub-section (1); (v) the date on which the period of twelve months referred to in clause (c) of sub-secti on (1) expires. (6) The tax on the accreted income by the trust or the institution shall be treated as the final payment of tax in respect of the said income and no further credit therefor shall be claimed by the trust or the institution or by any other person in respect of the amount of tax so paid. (7) No deduction under any other provision of this Act shall be allowed to the trust or the institution or any other person in respect of the income which has been charged to tax under sub-section (1) or the tax thereon. Explanation.—For t he purposes of th is secti on ,— (i)“date of conversion” means,— (a) the date of the order cancelling the registration under section 12AA, in a case referred to in clause (i) of sub-secti on (3); or (b) the date of adoption or modification of any object, in a case referred to in clause (ii) of sub-secti on (3); (ii) “specified date” means,— (a) t h e d a t e o f c on ver s i on i n a ca s e f a l l i n g u n d er c l a u s e (a) of sub- section (1); (b) the date of merger in a case falling under clause (b) of sub- secti on (1); and (c) the date of dissolution in a case falling under clause (c) of sub- section (1); (iii) registration under section 12AA shall include any registration obtain ed un der section 1 2 A a s i t stood befor e its amendment by the Finance (No. 2) Act, 1996. 115TE. Where the principal officer or the trustee of the trust or the institution and th e trust or the institution fails to pay the whole or any part of the tax on the accreted income referred to in sub-section (1) of section 115TD, within the time allowed under sub-section (5) of th at section, h e or it shall be liable to pay simple interest at t h e r a t e o f o n e p er c en t . f or e ve r y m on t h o r p a r t t h e r e of o n t h e a m ou n t o f s u ch t a x f or the period beginning on the date immediately after the last date on which such tax was payable and ending with the date on which the tax is actually paid. 115TF. (1) If any principal officer or the trustee of the trust or the institution a n d t h e t r u s t or t h e i n s t i t u t i o n d o es n ot p a y t a x o n a ccr et ed i n co m e i n a cc or d a n ce with the provisions of section 115TD, then, he or it shall be deemed to be an assessee in default in respect of the amount of tax payable by him or it and all the provisi ons of this Act for the collection and r ecover y of incom e-tax sh all a p p l y. Interest payable for non-payment of tax by trust or institution. When trust or institution is deemed to be assessee in default.33 of 1996. 36 Ex-424/2016 (2) Notwithstanding anything contained in sub-section (1), in a case wh er e th e tax on accreted income is payable under the cir cumstances referred to in clause (c) of sub-section (1) of section 115TD, th e person to wh om an y asset forming part of the computation of accreted income under sub-section (2) thereof has been transferred, shall be deemed to be an assessee in default in respect of such tax and interest thereon and all the provisions of this Act for the collection and recovery of income-tax shall apply: Provided that the liability of the person referred to in this sub-section shall be limited to the extent to which the asset received by him is capable of meeting the liability.’. 63.In s ect i on 11 5 UA of t h e Income-tax Act, in sub-section (3), for t h e wor d s , brackets, figures and letters “in clause (23FC)”, the words, brackets, letters and figures “i n s ub- cla use (a) of clause (23FC)” shall be substituted with effect from the 1st day of April, 2017. 64.In section 119 of the Income-tax Act, in sub-section (2), in clause (a), after th e figur es an d letter “234E”, th e figur es an d letter “270A,” shall be in serted with effect from the 1st day of April, 2017. 65.In section 124 of the Income-tax Act, in sub-section (3), after clause (b), the following clause shall be inserted with effect from the 1st day of June, 2016, namely:— “(c) where an action h as been taken under section 132 or section 132A, after the expiry of one month from the date on which he was served with a notice under sub- section (1) of section 153A or sub-section (2) of section 153C or after the completion of the assessment, whichever is earlier.”. 66.Section 133C of the Income-tax A c t s h a l l b e renum ber ed as sub-secti on (1) th ereof and after sub-sect ion (1) a s s o r en u m ber e d , t h e fol l o wi n g s u b- s ect i on s h a l l be inserted with effect from the 1st day of June, 2016, namely:— “(2) Where any information or document has been received in response to a notice issued under sub-section (1), the prescribed income- tax authority may process such information or document and make available the outcome of such processing to the Assessing Officer.”. 67.In section 139 of the Income-tax Act,— (i) in sub-section (1), in the sixth proviso, for the words, figures and letter “provisions of section 10A”, the words, brackets, figures and letter “provisions of clause (38) of secti on 10 or secti on 10A” sha ll be substituted with effect from the1st day of April, 2017; (ii) in sub-section (3), after the words, brackets and figures “sub- section (2) of section 73”, the words, brackets, figures and letter “or sub- section (2) of section 73A” shall be in serted; (iii) with effect from the 1st day of April, 2017,— (a) for sub-section (4), th e fol lowing sub-secti on sha ll be substituted, namely:— “(4) Any person who has not furnished a return within the time allowed to him under sub-section (1), may furnish the return for any previous year at any time before the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.”; (b) for sub-section (5), th e fol lowing sub-secti on sha ll be substituted, namely:— “(5) If any person, having furnished a return under sub-section (1) or sub-sect ion (4), discovers any om issi on or any wrong statement therein,Amendment of section 115UA. Amendment of section 119. Amendment of section 124. Amendment of section 133C. Amendment of section 139. 37Ex-424/2016 he may furnish a revised return at any time before the expiry of one year from the end of the relevant assessment year or before the completion of the assessment, whichever is earlier.”; (c) in sub-section (9), in theExplanation, clause (aa) shall be omitted. 68.In section 143 of the Income-tax Act,— (a) with effect from the 1st day of April, 2017,— (I) in sub-section (1), in clause (a),— (A) in sub-clause (i), the word “or” appearing at the end shall be omitted; (B) after sub-clause (ii), the following sub-clauses shall be inserted, namely:— “(iii) disallowance of loss claimed, if return of the previous year for which set off of loss is claimed was furnished beyond the due date specified under sub-section (1) of section 139; (iv) disallowan ce of expenditure indicated in th e audit r eport but not taken into account in computing the total income in the return; (v) disallowan ce of deduction claimed under sections 10AA, 80-IA, 80-IAB, 80-IB, 80-IC, 80-ID or section 80-IE, if the return i s furnished beyond the due date specified under sub-section (1) of secti on 139; or (vi) addition of income appearing in Form 26AS or Form 16A or Form 16 which has not been included in computing the total income in the return: Provided that no such adjustments shall be made unless an intimation is given to the assessee of such adjustments either in writing or in electronic mode: Provided further that the response received from the assessee, if any, shall be considered before making any adjustment, and in a case where no response is received within thirty days of the issue of such intimation, such adjustments shall be made;”; (II) for sub-secti on (1D), the following sub-section shall be substituted, namely:— “(1D) Notwithstanding anything contained in sub-section (1), the pr ocessing of a r et u r n s h a l l n ot b e necessa ry before the expiry of the period specified in the second proviso to sub-section (1), where a notice has been issued tothe assessee undersub-secti on (2 ): Provided that such return shall be processed before the issuance of an order under sub-section (3).’’. (b) for sub-secti on (2), the following sub-section shall be substituted with effect from the 1st day of June, 2016, namely:— “(2) Where a return has been furnished under section 139, or in response to a notice under sub-section (1) of section 142, th e Assessing Officer or the prescribed income-tax authority, as the case may be, if, considers it necessary or expedient to ensure that the assessee has not understated the income or has not computed excessive loss or h as not under-paid the tax in any manner, shall serve on the assessee a notice r equi r i n g h i m, on a da te t o be s pecifi ed t h er ei n , eith er t o a tten d t h e offi ce of the Assessing Officer or to produce, or cause to be produced before th e Assessing Officer an y eviden ce on which the assessee may rely in support of the return: Provided that no notice under this sub-section shall be served on the assessee after the expiry of six months from the end of the financial year in which the return is furnished.”. Amendment of section 143.38 Ex-424/2016 69.In section 147 of the Income-tax Act, in Explanation 2, after clause (c), the following clause shall be inserted with effect from the 1st day of June, 2016, namely:— “(ca) where a return of income has not been furnished by the assessee or a return of in come has been furnished by him an d on the basis of information or document received from th e prescribed in come-tax authority, under sub-section (2) of section133C, it is n oticed by the Assessing Officer that the income of the assessee exceeds the maximum amount not chargeable to tax, or as the case may be, the assessee has understated the income or has claimed excessive loss, deduction, allowance or relief in the return;”. 70.For section 153 of the Income-tax Act, the following section shall be substituted with effect from the 1st day of June, 2016, namely:— “153. (1) No order of assessment shall be made under section 143 or section 144 at any time after the expiry of twenty-one months from the end of the assessment year in which the income was first assessable. (2) No order of assessment, reassessment or recomputation shall be made under section 147 after the expiry of nine months from the end of the financial year in which the notice under section 148 was served. (3) Notwithstanding anything contained in sub-sections (1) a n d (2), an order of fresh assessmen t in pursuance of an order under section 254 or section 263 or section 264, setting aside or cancelling an assessment, may be made at any time before the expiry of nine months from the end of the financial year in which the order under section 254 is received by the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner or, as the case may be, the order under section 263 or section 264 is passed by the Principal Commissioner or Commissioner. (4) Notwithstanding anything contained in sub-sections (1), (2) and (3), wh ere a refer en ce under sub-section (1) of section 92CA is made during the course of the proceeding for the assessment or reassessment, the period available for completion of assessment or reassessment, as the case may be, under the said sub-sections (1), (2) and (3) shall be extended by twelve months. (5) Wh e r e eff ect t o a n or d er u n d er s ect i on 2 5 0 o r s ect i on 2 5 4 or s ec t i on 2 6 0 or section 262 or section 263 or section 264 is to be given by the Assessing Officer, wholly or partly, otherwise than by making a fresh assessment or reassessment, such effect shall be given within a period of three months from the end of the month in which order under section 250 or section 254 or section 260 or section 262 is received by the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner, a s th e case may be, th e order under section 263 or section 264 is passed by the Principal Commissioner or Commissioner: Pr ov i d ed t h a t w h e r e i t i s n ot p os s i b l e for t h e A s s e s s i n g O f fi c er t o g i ve eff ect to such order within the aforesaid period, for reasons beyond his control, the Principal Commissioner or Commissioner on receipt of such r equest in writing from the Assessin g Officer, if satisfied, may allow an additional period of six months to give effect to the order. (6) Nothing contained in sub-sections (1) and (2) shall apply to the following classes of assessm ents, reassessmen ts an d recomputation which may, subject to th e provisions of sub-sections (3) and (5), be completed— (i) where the assessment, reassessment or recomputation is made on th e assessee or an y person in consequen ce of or to give effect to an y finding or direction con tain ed in an order under sect ion 250, sect ion 254, section 260, secti on 262, secti on 263, or secti on 26 4 or i n a n order of any court in a proceeding otherwise than by way of appeal or reference underAmendment of section 147. Substitution of new section for section 153. Time limit for completion of assessment, reassessment and recomputation. 39Ex-424/2016 this Act, on or before the expiry of twelve months from the end of the month in which such order is r eceived or passed by the Prin cipal Comm ission er or C om mis sion er , a s t h e ca se m ay be; o r (ii) w h er e, i n t h e ca s e o f a f i r m , a n a s s es s m e n t i s m a d e o n a p a r t n er o f t h e fi r m i n co n s eq u e n ce o f a n a s s es s m en t m a d e on t h e fi r m u n d er s ect i on 1 4 7 , on or before th e ex pi ry of twel ve mont hs fr om th e en d of th e mon th in which the assessment order in the case of the firm is passed. (7) Where effect to any order, finding or direction referred to in sub-section (5) or sub-sect ion (6) i s t o b e g i ven b y t h e A s s es s i n g O ffi ce r , wi t h i n t h e t i m e s p ec i fi ed in t h e sa id s ub-secti on s, a n d su ch or d er h as be en r eceived or p as sed, a s t h e ca se m ay be, by th e income-tax authority specified th erein before the 1st day of June, 2016, th e Assessing Officer shall give effect to such order, fin ding or direction, or assess, reassess or recompute the income of th e assessee, on or before the 31st day of March, 2017. (8) Notwithstanding anything contained in the foregoing provisions of this section, sub-section (2) of section 153A or sub-section (1) of section 153B, th e or der of assessment or reassessment, relating to any assessment year, which stands revived under sub-section (2) of section 153A, shall be made within a period of one year from the end of the month of such revival or within the period specified in this secti on or sub-secti on (1) of section 153B, whichever is later. (9) Th e pr ovisions of th is section as th ey stood immediately before the commen cement of the Finance A c t , 2 0 1 6 , s h a l l a p p l y t o a n d i n r el a t i on t o a n y or d er of assessment, reassessment or recomputation made before the 1st day of June, 2016. Explanation1.—For the purposes of this section, in computing the period of limitation— (i) the time taken in reopening the whole or any part of the proceeding or in giving an opportunity to the assessee to be re-heard under the proviso to section 129; or (ii) the period during which the assessment proceeding is stayed by an order or in junction of an y court; or (iii) the period commencing from the date on which the Assessing Officer intimates the Central Government or the prescribed authority, the contravention of th e provisions of clause (21) or clause (22B) or clause (23A) o r cl a u s e (23B) or sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) of clause (23C) of section 10, under clause (i) of th e pr ovi so to sub-secti on (3) of section 143 and ending with the date on which the copy of the order withdrawing the approval or rescinding the notification, as the case may be, under those clauses is received by th e Assessing Officer; or (iv) the period commencing from the date on which the Assessing Officer directs the assessee to get his accounts audited under sub-section (2A) of section142 an d— (a) ending with the last date on which the assessee is required to furnish a report of such audit under that sub-section; or (b) where such direction is challenged before a court, ending with the date on which the order setting aside such direction isreceived by the Principal Commissioner or Commissioner; or (v) the period commencing from the date on which the Assessing Officer makes a reference to the Valuation Officer under sub-secti on (1) o f s ec t i on 1 4 2 A a n d en di ng with the da te on which the r eport of the Valua tion Officer is r eceived by th e Assessing Officer; or (vi) the period (not exceeding sixty days) commencing from the date on which th e Assessing Officer received th e declaration under sub-sect ion (1) of section 1 5 8 A an d en d i n g wi t h th e da t e on wh i ch t h e or d er u n d er s u b- sect i on (3) of that section is made by him; or40 Ex-424/2016 (vii) in a case where an application made before the Income-tax Settlement Commission is rejected by it or is not allowed to be pr oceeded with by it, th e period commencing from the date on which an application is made before the Settlement Commission under section 245C and ending with the date on which the order under sub-section (1) of section 245D is received by th e Prin cipal Commissioner or Commissioner under sub-section (2) of th at section; or (viii) the period commencing from the date on which an application is made before the Auth ority for Advan ce Rulin gs under sub-section (1) of secti on 245Q and ending with the date on which the order rejecting the application is r eceived by the Principal Commissioner or Commissioner under sub-section (3) of section 245R; or (ix) the period commencing from th e date on which an application is made before the Auth ority for Advan ce Rulin gs under sub-section (1) of section 245Q and ending wi t h t h e d a t e o n which the advance ruling pronounced by it is received by the Principal Commissioner or Commissioner under sub-section (7) of section 245R; or (x) the period commencing from the date on which a reference or first of the references for exchange of information is made by an authority competent under an agreement referred to in section 90 or section 90A and ending with the date on which the information requested is last received by the Principal Commissioner or Commissioner or a period of one year, whichever is less; or (xi) the period commen cing from the date on which a r eferen ce for declaration of an arrangement to be an impermissible avoidance arrangement is received by the Principal Commissioner or Commissioner under sub-section (1) of section 144BA and ending on the date on which a direction under sub-section (3) or sub-secti on (6) or an order under sub-section (5) of the said section is received by th e Assessing Officer, shall be excluded: Pr ovided that where immediately after the exclusion of the aforesaid period, the period of limitation referred to in sub-sections (1), (2), (3) and sub-section (8) available to the Assessing Officer for making an order of assessment, reassessment or recomputation, as the case may be, is less than sixty days, such remaining period shall be extended to sixty days and the aforesaid period of limitation shall be deemed to be extended accordingly: Provided further that where the period available to the Transfer Pricing Officer is extended to sixty days in accordance with the proviso to sub-section (3A) of section 92CA and the period of limitation available to the Assessing Officer for makin g a n order of assessment, reassessment or recomputation, as the case may be, is less than sixty days, such remaining period shall be extended to sixty days and the aforesaid period of limitation shall be deemed to be extended accordingly: Provided also that where a proceeding before the Settlement Commission abates under section 245HA, the period of limitation available under this section to the Assessing Officer for making an order of assessment, reassessment or recomputation, as the case may be, shall, after the exclusion of the period under sub-section (4) of section 245HA, be not less than one year; and where such period of limitation is less than one year, it shall be deemed to h a v e b e e n e x t e n d e d t o o n e ye a r ; a n d f o r t h e p u r p o s e s o f d e t e r m i n i n g t h e p e r i o d of limitation under sections 149, 153B, 154, 155 and 158BE and for the purposes of payment of interest under section 244A, this proviso shall also apply accordingly.41Ex-424/2016 Explanation2.—For the purposes of this section, where, by an order referred to in clause (i) of sub-secti on (6),— (a) any income is excl uded from the total income of the assessee for an assessment year, then, an assessment of such income for another assessment year shall, for th e purposes of section 150 and th is section, be deemed to be one made in consequence of or to give effect to any fin ding or direction contained in the said order; or (b) any income is excluded from the total income of one person and held to be the income of another person, then, an assessment of su ch income on such other person shall, for the purposes of section 150 and th is section, be deemed to be one made in consequence of or to give effect to any finding or direction contained in the said order, if such oth er person was given an opportunity of being heard before the said order was passed.”. 71.For section 153B of the Income-tax Act, the following section shall be substit ut ed with effect fr om t he 1 st day of Jun e, 2016, na mely:— ‘153B. (1) Notwithstanding anything contained in section 153, the Assessing Officer shall make an order of assessment or reassessment,— (a) in respect of each assessment year falling within six assessment years referr ed to in clause (b) of sub-secti on (1) of section 153A, with in a period of twenty-one months from the end of the financial year in which the last of the authorisations for s ea r ch u n d er s ec t i on 1 3 2 o r for requisition under section 132A was executed; ( b) in respect of the assessment year relevant to the previous year in which search is conducted under section 132 or requisition is made under section 132A, within a period of twenty-one months from the end of the financial year in which the last of the authorisations for search under section 132 or for requisition under section 132A was executed: Provided th at in case of oth er person referred to in section 153C, the period of l i m i t a t i on for m a k i n g t h e a s s es s m en t o r r ea s s e s s m en t s h a l l b e t h e p er i od a s r efer r ed to in clause (a) or clause (b) of this sub-section or nine months from the end of the financial ye a r i n wh i ch book s o f account or documents or assets seized or requisitioned are handed over under section 153C to the Assessing Officer having jurisdiction over such oth er per son, wh ich ever is later: Pr ovid ed fur th er th at i n ca se wh er e t h e la st of t h e authorisations for sear ch under section 132 or for requisition under section 132A was executed and during the course of the proceedings for the assessment or reassessment of total income, a reference under sub-section (1) of section 92CA is made, th e provisions of clause (a) or clause (b) of this sub-secti on sha ll ha ve effect a s i f for t he wor ds “twenty-one months”, the words “thirty-three months” had been substituted: Provided also that in case where during the course of the proceedings for the assessmen t or r eassessmen t of total income in case of other per son referred to in section 153C, a reference under sub-section (1) of section 92CA is made, the period of limitation for making the assessment or reassessment in c a s e o f s u c h o t h e r p e r s o n s h a l l b e t h e p e r i o d o f t h i r t y - t h r e e m o n t h s f r o m t h e e n d of the financial year in which the last of the authorisations for search under section 132 or for requisition under section 132A was executed or twenty-oneSubstitution of new section for section 153B. Time limit for completion of a ssessment under section 153A. 42 Ex-424/2016 m on th s fr om th e en d of th e fina ncia l year i n whi ch books of accou nt or docum en ts or assets seized or r equisi tioned are handed over un der section 153C to the Assessing Officer having jurisdiction over such other person, whichever is later. (2) The authorisation referred to in clause (a) an d clause (b) of sub-secti on (1)shall be deemed t o have been executed,— (a) in th e case of sear ch , on th e con clusion of search as recorded in the lastpanchnamadrawn in relation to any person in whose case the warrant of authorisation has been issued; or (b) in the case of requisition under section 132A, on the actual receipt of th e books of account or oth er documents or assets by the Authorised Officer. (3) The provisions of this section, as they stood immediately before th e commencement of the Fi nan ce Act, 2016, shall apply to and in relation to any order of assessment or reassessment made before the 1st day of June, 2016. Explanation.—In computing the period of limitation under this section— (i) the period during which the assessment proceeding is stayed by an order or in junction of an y court; or (ii) the period commencing from the date on which the Assessing Officer directs the assessee to get h is accounts audited under sub- section (2A) of section 142 and— (a) en di ng with th e last da te on which th e assessee is requir ed to furnish a report of such audit under that sub-section; or (b) where such direction is ch allenged before a court, ending with th e da te on which th e order setting aside such di rection is received by the Principal Commissioner or Commissioner; or (iii) the period commencing from the date on which the Assessing Officer makes a refer en ce to the Valuation Officer under sub-secti on (1) o f s e ct i on 1 4 2 A a n d en di ng with the da te on which the r eport of the Valua tion Officer is r eceived by th e Assessing Officer; or (iv) the time taken in re-opening the whole or any part of the proceeding or in giving an opportunity to the assessee of being re-heard under the proviso to section 129; or (v) in a case where an application made before the Income-tax Settlement Commi ssi on is reject ed by it or is not al lowed to be pr oceed ed with by it , th e per i od commencing from the date on which an application is made before the Settlement Commission under section 245C and ending with the date on which the order under sub-section (1) of section 245D is received by the Principal Commissioner or Commissioner under sub-section (2) of th at section; or (vi) the period commencing from the date on which an application is made before the Authority for Advance Rulings under sub-section (1) of section 245Q and en di ng with the da te on which the order r ejecting the application is r eceived by t h e Principal Commissioner or Commissioner under sub-section (3) of section 245R; or (vii) the period commencing from the date on which an application is made before th e Authority for Advance Rulings under sub-section (1) of section 245Q and ending with the date on which the advance ruling pronounced by it is received by th e Prin cipal Commissioner or Commissioner un der sub-section (7) of section 245R; or43Ex-424/2016 (viii) th e peri od commen cing fr om the date of an nulment of a pr oceeding or order of assessment or reassessment referred to in sub-section (2) of section 153A, till the date of the receipt of the order setting aside the order of such annulment, by the Principal Commissioner or Commissioner; or (ix) the period commencing from the date on which a reference or first of the references for exchange of information is made by an authority competent under an agreement referred to in section 90 or section 90A and ending with the date on which the information requested is last received by the Principal Commissioner or Commissioner or a period of one year, whichever is less; or (x) the period commen cing fr om the date on which a r eferen ce for declaration of an arrangement to be an impermissible avoidance arrangement is received by the Principal Commissioner or Commissioner under sub-section (1) of section 144BA and ending on the date on which a direction under sub-section (3) or sub-secti on (6) or an order under sub-section (5) of the said section is received by th e Assessing Officer, shall be excluded: Provided that where immediately after the exclusion of the aforesaid period, the per iod of limitation referred to in clause (a) or clause (b) of this sub-section available to the Assessing Officer for making an order of assessment or reassessmen t, as the case may be, is less than sixty days, such remaining period shall be extended to sixty days andtheaforesaid period of limitation shallbedeemed tobe extended accordingly: Provided further that where the period available to the Transfer Pricing Officer is extended to sixty days in accordance with the proviso to sub-section (3A) of section 92CA and the period of limitation 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 limitation shall be deemed to be extended accordingly.’. 72.In section 192A of the Income-tax Act, in the first proviso, for the words “thirty thousand rupees”, the words “fifty thousand rupees” shall be substituted with effect from the 1st day of June, 2016. 73.In section 194BB of the Income-tax Act, for t he wor ds “fi ve t housa nd r u p e es ” , t h e wor d s “t en t h ou s a n d r u p ee s ” s h a l l b e s u bs t i t u t ed wi t h e ffe ct fr om t h e 1 s t day of June, 2016. 74.In section 194C of the Income-tax Act, in sub-section (5), in the proviso, for th e words “seventy-five thousand r upees”, the words “one lakh rupees” shall be substituted with effect from the 1st day of June, 2016. 75.In secti on 194D of the Income-tax Act, in the second proviso, for the words “twenty thousand rupees”, the words “fifteen thousand rupees” shall be substituted with effect from the 1st day of June, 2016. 76.In section 194DA of the Income-tax Act, for the words “two per cent.”, the words“one per cent.” shall be substituted with effect from the 1st day of June, 2016. 77.In section 194EE of th e Income-tax Act, for th e words “twenty per cent.”, the words “ten per cent.” shall be substituted with effect from the 1st day of June, 2016. Amendment of section 192A. Amendment of section 194BB. Amendment of section 194C. Amendment of section 194D. Amendment of section 194DA. Amendment of section 194EE.44 Ex-424/2016 78.In section 194G of the Income-tax Act, in sub-section (1), with effect fr om th e1st day of June, 2016,— (i) for the words “one thousan d rupees”, the words “fifteen thousand rupees”shall be substituted; (ii) for the words “ten per cen t.”, the words “five per cent.” shall be substituted. 79.In secti on 194H of the Income-tax Act, with effect from the 1st day of June, 2016,— (i) for th e wor ds “t en p er cen t. ”, t h e wor ds “fi ve p er cen t .” s h a ll be substituted; (ii) in fir st proviso, for th e words “five thousan d rupees”, the words “fifteen thousand rupees” shall be substituted. 80.Section 194K and section 194L of the Income-tax Act shall be omitted with effect from the 1st day of June, 2016. 81.In section 194LA of the Income-tax Act, in the proviso, for the words “two hundred thousand rupees”, the words “two lakh and fifty thousand rupees” shall be substituted with effect from the 1st day of June, 2016. 82.In section 194LBA of the In come-tax Act, with effect from th e 1st day of June,2016,— (i) in sub-section (1), for the words, brackets, figures and letters “in clause (23FC)”, the words, brackets, figur es and letters “in sub-clause (a) of clause (23FC)” shall be substituted; (ii) in sub-section (2), for th e words, brackets, figur es an d letters “in clause (23FC)”, the words, brackets, figures and letters “in sub-clause (a) of clause (23FC)” shall be substituted. 83.In section 194LBB of the Income-tax Act, for the words “ded uct income- tax thereon at the rate of ten per cent.”, the following shall be substituted with effect fr om t he 1st day of Jun e, 2016, na mely:— “deduct income-tax thereon,— (i) at the rate of ten per cent., where the payee is a resident; (ii) at the rates in force, where the payee is a non-resident (not being a company) or a foreign company: Provided that where the payee is a non-resident (not being a company) or a foreign company, no deduction shall be made in respect of any income that is not chargeable to tax under the provisions of th e Act.’’. 84.After section 194LBB of the Income-tax Act, the fol lowing secti on shall be inserted with effect from the 1st day of June, 2016, namely:— ‘194LBC. (1) Where any income is payable to an investor, being a resident, in respect of an investment in a securitisation trust specified in clause (d) of theExplanationoccurring after section 115TCA, the person responsible for making th e paym en t s h al l, a t t h e ti me of cr ed it of su ch i n come t o t h e a ccou n t of t h e p ayee or at the time of payment thereof in cash or by issue of a cheque or draft or by any oth er mode, whichever is earlier, deduct income-tax thereon, at the rate of— (i) twenty-five per cent., if the payee is an in dividual or a H i n d u undivided family; (ii) th ir ty p er cen t ., i f th e p ayee i s an y oth er p er son . Amendment of section 194G. Amendment of section 194H. Omission of sections 194K and 194L. Amendment of section 194LA. Amendment of section194LBA. Amendment of section194LBB. Insertion of new section194LBC. Income in respect ofinvestment in secu ritisa - tion trust.45Ex-424/2016 (2) Where any income is payable to an investor, being a non-resident (not bei n g a com p a n y) or a for ei g n com p a n y, i n r es p ect of a n i n ves t m en t i n a s ecu r i t i s a t i on trust specified in clause (d) of theExplanationoccurring after section 115TCA, the person responsible for making the payment shall, at the time of credit of such income to the account of the payee or at the time of payment thereof in cash or by issue of a cheque or dr aft or by any other mode, whichever is earlier, deduct income-tax thereon, at the rates in force. Explanation.—For t he purposes of th is secti on ,— (a) “investor” shall have the meaning assigned to it in clause (a) of theExplanationoccurring after section 115TCA; (b) where any income as aforesaid is credited to any account, whether called “suspense account” or by any other name, in the books of account of the person liable to pay such income, such crediting shall be deemed to be the credit of such income to the account of the payee, and th e provisions of this section shall apply accordingly.’. 85.In section 197 of the Income-tax Act, in sub-section (1), after th e figures and letters “194LA”, the figures and letters “, 194LBB, 194LBC” shall be inserted with effect fr om t he 1st day of June, 2016. 86.In section 197A of the Income-tax Act, with effect fr om t he 1st day of June, 2016,— (a) in sub-section (1A), after the word, figures and letters “section 194DA” atboth the places where they occur, the words, figures and letter “or section 194-I” shallbe inserted; (b) in sub-section (1C), after the word, figures and letters “section 194EE” at both the places where they occur, the words, figures and letter “or section 194-I” shall be in serted. 87.In section 206AA of the Income-tax Act, for sub-section (7), the following sub-section shall be substituted with effect from the 1st day of June, 2016, namely:— “(7) The provisions of this section shall not apply to a non-resident, not being a compan y, or to a foreign compan y, in respect of— (i) payment of interest on long-term bon ds a s referred to in section 194LC; and (ii) a n y oth er p aym en t s ubject t o su ch con dit ion s a s m ay be p r escr ibe d. ”. 88.In section 206C of the Income-tax Act, with effect fr om t he 1st day of June, 2016,— (i) in sub-section (1D),— (A) after the words “or jewellery”, the words “or any other goods (other than bullion or jewellery) or providing any service” shall be inserted; (B) in clause (ii), for th e word “rupees.”, the words “rupees; or” shall be substituted; (C) after clause (ii), the following clause shall be inserted, namely:— “(iii) for an y goods, oth er th an those referr ed to in clauses (i) and (ii), or any service, exceeds two hundred thousand rupees: Pr ovided th at no tax shall be collected at sour ce un der th is sub-section on any amount on which tax has been deducted by the payer under Chapter XVII-B.”; Amendment of section 197. Amendment of section 197A. Amendment of section 206AA. Amendment of section 206C.46 Ex-424/2016 (ii) after sub-section (1D), the following sub-sections shall be inser ted, namely:— “(IE) Nothing contained in sub-section (1D) in relation to sale of any goods (oth er th an bulli on or jewel ler y) or pr ovi di ng an y servi ce sha ll apply to such class of buyers who fulfil such conditions, as may be prescribed. ( 1F ) Every person, being a seller, who receives any amount as consideration for sale of a motor vehicle of the value exceeding ten lakh rupees, shall, at the time of receipt of such amount, collect from the buyer, a sum equal to one per cent. of the sale consideration as income-tax.”; (iii) aft er sub-secti on (11), in theExplanation,— (A) in clause (aa), in sub-clause (ii), after the word, brackets, figure and letter “sub-section (1D)”, the words, brackets, figure an d letter “or sub-section (1F)” shall be inserted; (B) in cluase (c), after the word “sold”, the words, brackets, figure and letter “or services referr ed to in sub-secti on (1D) are provided” shall be instered.”. 89.In section 211 of the Income-tax Act, for sub-secti on (1), the following sub-section shall be substituted with effect from the 1st day of June, 2016, namely:— “(1) Advance tax on the current income calculated in the manner laid down in section 209 shall be payable by— (a) all the assessees, other than the assessee referred to in clause (b), who are liable to pay the same, in four instalments during each financial year and the due date of each instalment and the amount of such instalment shall be as specified in th e Table below: TABLE Due date of instalmentAm ount payable On or before the 15th JuneNot less than fifteen per cent. of such advance tax. On or before the 15th SeptemberNot less than forty-five per cent. of such advance tax, as reduced by the amount, if any, paid in the earlier instalment. On or before the 15th DecemberNot less th an s eve n ty-fi ve p er cen t. of such advance tax, as reduced by the amount or amounts, i f a n y, paid in the earlier instalment or instalments. On or before the 15th Mar chThe whole amount of such advance tax, as reduced by the amount or amounts, if any, paid in the earlier instalment or instalments; (b) an eligible assessee in respect of an eligible business referred to in section 44AD, to the extent of the whole amount of such advance tax during each financial year on or before the 15th March: Provided th at any amount paid by way of advan ce tax on or before the 31st day of March shall also be treated as advance tax paid during the financial year ending on that day for all the purposes of this Act.”. Amendment of section 211.47Ex-424/2016 90.In section 220 of the Income-tax Act, in sub-section (2A), after clause (iii), the following provisos shall be inserted with effect from the 1st day of June, 2016, namely:— “Provided that the order accepting or rejecting the application of the assessee, ei t h er i n fu l l or i n p a r t , s h a l l b e p a s s ed wi t h i n a p er i od o f t wel ve m on t h s fr om t h e en d of the month in which the application is received: Provided further that no order rejecting the application, either in full or in part, shall be passed unless th e assessee has been given an opportunity of being heard: Provided also that where any application is pending as on the 1st day of June,2016, th e order shall be passed on or before the 31st day of May, 2017.”. 91.In section 234C of the Income-tax Act, in sub-section (1), with effect from the 1st day of June, 2016,— (i) for clause (a), the following clause shall be substituted, n amely:— “(a) an assessee, other than an eligible assessee in respect of the eligible business referred to in section 44AD, who is liable to pay advance tax under section 208 has failed to pay such tax or— (i) the advance tax paid by such assessee on its current income on or before the 15th day of June is less than fifteen per cent. of the tax due on the returned income or the amount of such advance tax paid on or before the 15th day of September is less than forty-five per cent. of the tax due on the returned income or the amount of such advance tax paid on or before the 15th day of December is less than seventy- five per cent. of the tax due on the returned income, then, the assessee shall be liable to pay simple interest at the rate of one per cent. per month for a period of three months on the amount of the shortfall from fifteen per cen t. or forty-five per cen t. or seven ty-five per cent., as th e case may be, of the tax due on the returned income; (ii) the advance tax paid by the assessee on the current income on or before the 15th day of March is less than the tax due on the returned income, then, the assessee shall be liable to pay simple interest at the rate of one per cent. on the amount of th e shortfall from the tax due on the returned income: Pr ovided that if the advance t a x p a i d b y t h e a s s e s s ee o n t h e current in come, on o r b efo r e t h e 1 5 t h d a y o f J u n e o r t h e 1 5 t h d a y o f S ep t e m be r , i s n ot l e s s t h a n t wel ve per cent. or, as the case may be, thirty-six per cent. of the tax due on the returned income, then, the assessee shall not be liable to pay any interest on the amount of the shortfall on those dates;”; (ii) in clause (b), for th e portion beginning with th e words “the assessee, ot h er th an a com p a n y” an d en di n g wi th t h e wor ds “sh or t fa ll fr om t h e t ax d ue on t h e returned income”, the following shall be substituted, namely:— “an eligible assessee in r espect of th e eligible busin ess r efer red to in section 44AD, who is liable to pay advance tax under section 208 has failed to pay such tax or the advance tax paid by th e assessee on itscu r r en t i n com e on or befor e t h e 1 5 t h d a y of M a r ch i s l es s t h a n the tax due on the returned income, then, the assessee shall be liable to pay simple interest at the rate of one per cent. on the amount of the shortfall from the tax due on the returned income:”;Amendment of section 220. Amendment of section 234C. 48 Ex-424/2016 (iii) in the first proviso, below clause (b)— (I) in clause (b), for the word and figure “section 2”, the words and figure “section 2; or” shall be substituted; (II) after clause (b), the following clause shall be inserted, namely:— ‘(c) income under the head “Profits and gains of business or pr ofession” in cases where th e in come accrues or ar ises under th e sa id head for the first time,’; (III) in th e long lin e, for th e words, brackets an d letter “or clause (b)”, the words, brackets and letters “or clause (b) or clause (c)” shall be substituted. 92.In section 244A of the Income-tax Act, with effect from the 1st day of June, 2016,— (A) i n su b- sect ion (1), for clause (a), the following clauses shall be substituted, namely:— “(a) where the refund is out of any tax collected at source under sect ion2 0 6 C or pa i d by wa y of a d va n ce t a x or t r e a t ed a s p a i d u n d er s ect i on 199, during the financial year immediately preceding the assessment year, such interest shall be calculated at the rate of one-half per cent. for every month or part of a month compr ised in th e period,— (i) from th e 1st da y of Apr il of th e assessment year to th e da te on which the refund is granted, if the return of income has been furnished on or before the due date specified under sub-section (1) of secti on 139; or (ii) from the date of furnishing of return of income to the date on which the r efund is gran ted, in a case n ot cover ed under sub-clause (i); (aa) where the refund is out of any tax paid under section 140A, such interest shall be calculated at the rate of one-half per cent. for every month or part of a month comprised in the period, from the date of furnishing of return of income or payment of tax, whichever is later, to the date on which the refund is gran ted: Provided that no interest under clause (a) or clause (aa) shall be payable, if the amount of refund is less than ten per cent. of the tax as determined under sub- section (1) of section 143 or on regular assessment;”; (B) a ft er s ub- secti on (1), the following sub-section shall be inserted, namely:— “(IA) In a case where a refund arises as a result of giving effect to an order under section 250 or section 254 or section 260 or section 262 or section 263 or section 264, wholly or partly, otherwise than by making a fresh assessment or reassessment, the assessee shall be en titled to r eceive, in addition to th e interest payable under sub-section (1), an additional interest on such amount of refund calculated at the rate of three per cent. per annum, for the period beginning from the date following th e date of expiry of the time allowed under sub-secti on (5) of section 153 to the date on which the refund is granted.”; (C) in sub-section (2), after the words “interest is payable”, th e words, brackets, figures and letter “under sub-sections (1) or (1A)” shall be inserted. 93.In section 249 of the Income-tax Act, in sub-section (2), in clause (b), with effect from the 1st day of April, 2017,— (i) in the proviso, for the words “excluded, or” occurring at the end, the word“excluded:” shall be substituted; (ii) after the proviso, th e following proviso shall be in serted, namely:— Amendment of section 244A. Amendment of section 249.49Ex-424/2016 “Provided further that where an application has been made under sub- section (1) of section 270AA, th e period beginning from the date on which the application is made, to the date on which the order rejecting the application is served on the assessee, shall be excluded, or”. 94.In section 252 of the Income-tax Act, with effect from the 1st day of June, 2016,— (a) in sub-section (3), in clause (b), the words “the Senior Vice-President or”shall be omitted; (b) sub-section (4A) shall be omitted; (c) in sub-section (5), the words “Senior Vice-President or a” shall be omitted. 95.In section 253 of the Income-tax Act,— (A) in sub-section (1), with effect from the 1st day of April, 2017,— (i) in clause (a), after the word and figures “section 250,”, the word, figures and letter “section 270A,” shall be in serted; (ii) in clause (c), after the words and figures “or under section 263”, the words, figures and letter “or under section 270A” shall be inserted; (B) with effect from the 1st day of June, 2016,— (a) sub-section (2A) and sub-section (3A) shall be omitted; (b) for sub-section (4), the following sub-section shall be substituted namely:— “(4) The Assessing Officer or the assessee, as the case may be, on receipt of notice that an appeal against the order of the Commissioner (Appeals), 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 part thereof, within thirty days of the receipt of the notice, file a memoran dum of cr oss-objection s, ver ified in th e prescr ibed manner, against any part of the order of the Commissioner (Appeals), and such memorandum shall be disposed of by the Appellate Tribunal as if it were an appeal presented within the time specified in sub-section (3).”; (C) in sub-section (6), for th e proviso, the following proviso shall be substi tut ed and shall be deemed to have been substi tut ed with effect from the 1st day of July,2012, namely:— “Provided that n o fee shall be payable in the case of an appeal referred to in sub-secti on (2), or , sub-secti on (2A) as it stood before its amendment by the Finance Act, 2016, or, a memorandum of cross-objections referred to in sub- section (4).”. 96.In section 254 of the Income-tax Act, with effect from the 1st day of June, 2016,— (a) in sub-section (2), for the words “four years from the date of the order”, thewor d s “s i x m on t h s fr om t h e en d of t h e m on t h i n wh i ch t h e or d er w a s p a s s ed ” s h a l l besubstituted; (b) i n s u b- s ect i on (2A) , t h e wor d s , br a ck et s , fi g u r e a n d l et t er “or sub-secti on (2A)” shall be omitted.Amendment of section 252. Amendment of section 253. Amendment of section 254. 50 Ex-424/2016 97.In section 255 of the Income-tax Act, in sub-secti on (3), for the words “fifteen lakh rupees”, the words “fifty lakh rupees” shall be substituted with effect from th e 1st day of June, 2016. 98.After section 270 of the Income-tax Act [as it stood immediately before its omission by section 105 of the Direct Tax Laws (Amendment) Act, 1987], the following section shall be inserted with effect from the 1st day of April, 2017, namely:— ‘270A. (1) The Assessing Officer or the Commi ssion er (Appeals) or the Principal Commissioner or Commissioner may, during the course of any proceedings under this Act, direct that any person who has under-reported his income shall be liable to pay a penalty in addition to tax, if an y, on th e under-r eported income. (2) A per son shall be considered to have under-repor ted his income, if— (a) the income assessed is greater than the income deter min ed in the return processed under clause (a) of sub-secti on (1) of section 143; (b) the in come assessed is greater than the maximum amount not chargeable to tax, where no return of in come h as been fur nished; (c) the income reassessed is greater than the income assessed or reassessed immediately before such reassessment; (d) the amount of deemed total income assessed or reassessed as per th e provisions of section 115JB or section 115JC, as the case may be, is greater than the deemed total income determined in the return processed under clause (a) of sub-secti on (1) of section 143; (e) the amount of deemed total income assessed as per the provisions of section 115JB or section 115JC is greater than the maximum amount not chargeable to tax, where no return of income has been filed; (f) the amount of deemed total income reassessed as per the provisions of section 115JB or section 115JC, as the case may be, is greater than the deemed total income assessed or reassessed immediately before such reassessment; (g) the income assessed or reassessed has the effect of reducing the loss or converting such loss into income. (3) Th e amount of under-r eported income shall be,— (i) in a case where income has been assessed for the first time,— (a) if return has been furnished, the difference between the amount of income assessed and the amount of income determined under clause (a) of sub-secti on (1) of section 143; (b) in a case where no return has been furnished,— (A) the amount of income assessed, in the case of a company, firm or local authority; and (B) the difference between the amount of income assessed and the maximum amount not chargeable t o t a x , i n a case not cover ed in it em (A); (ii) in any oth er case, the difference between the amount of income reassessed or recomputed and the amount of income assessed, reassessed or recomputed in a preceding order: Pr ovided that where under-reported income arises out of determination of deemed total income in accordance with the provisions of section 115JB or section 115JC, the amount of total under-reported income shall be determined in accordance with the following formula—Insertion of new section255. Penalty for under- reporting a nd misreporting of income. Insertion of new section270A. 51 Ex-424/2016 (A — B) + (C — D) where, A = the total income assessed as per the provisions other than the pr ovisi ons contained in section 115JB or section 115JC (herein called general provisions); B = the total income that would have been chargeable had the total income assessed as per the general provisions been reduced by the amount of under- reported income; C = the total income assessed as per the provisions contained in section 115JB or secti on 115JC; D = the total income that would have been chargeable had the total income assessed as per the provisions contained in section 115JB or section 115JC been r educed by the amount of un der-r eported income: Provided further that where the amount of under-reported income on any issue is considered both under the provisions contained in section 115JB or section 115JC and under general provisions, such amount shall not be reduced from total income assessed while determining the amount under item D. Explanation.—For t he purposes of th is secti on ,— (a) “preceding order” means an order immediately preceding the order during the course of which the penalty under sub-section (1) has been initiated; (b)in a case where an assessment or reassessment has the effect of reducing the loss declared in the return or converting that loss into income, the amount of under-reported income shall be the difference between the loss claimed and the income or loss, as the case may be, assessed or reassessed. (4) Subject to the provisions of sub-section (6), where the source of any receipt, deposit or investment in any assessment year is claimed to be an amount added to income or deducted while computing loss, as the case may be, in the assessment of such person in any year prior to the assessment year in which such receipt, deposit or investment appears (hereinafter referred to as “preceding year”) an d no penalty was levied for such preceding year, then, th e un der-r eported in come shall include such amount as is sufficient to cover such receipt, deposit or investment. (5) T h e a m o u n t r e fer r ed t o i n s u b- s ect i on (4) shall be deemed to be amount of in come under-r eported for th e preceding year in th e following order— (a) the preceding year immediately before the year in which the receipt, deposit or investment appears, being the first preceding year; and (b) where the amount added or deducted in the first preceding year is not sufficient tocover the receipt, deposit or investment, the year immediately preceding the first preceding year and so on. (6) The under-reported income, for the purposes of this section, shall not include the following, namely:— (a) th e amount of income in respect of which th e assessee offer s an explanation and the Assessing Officer or the Commissioner (Appeals) or the Commissioner or the Principal Commissioner, as the case may be, is satisfied that the explanation isbona fideand the assessee has disclosed all the material facts to substantiate the explanation offered; (b) the amount of under-reported income determined on the basis of an estimate, if the accounts are correct and complete to the satisfaction of the Assessing Officer or the Commissioner (Appeals) or the Commissioner or the Principal Commissioner, as the case may be, but the method employed is such that the income cannot properly be deduced therefrom; (c) the amount of under-reported income determined on the basis of an estimate, if the assessee has, on his own, estimated a lower amount of additi on or disallowance on t h e s a m e i ss u e, h a s i n cl u d ed s u ch a m ou n t i n Insertion of new section 270AA. Immunity from imposition of penalty, etc.52 Ex-424/2016 the computation of his income and has disclosed all the facts material to the addition or disallowance; (d) the amoun t of under-reported income represented by an y addition made in conformity with the arm’s length price determined by the Transfer Pricing Officer, where the assessee had maintained information and docum ents as prescribed un der sect ion 92D, declared th e in ter n at ion al t r an s acti on un d er Chapter X, and, disclosed all the material facts relating to the transaction; and (e) the amount of undisclosed income referred to in section 271AAB. (7) The penalty referred to in sub-section (1) shall be a sum equal to fi ft y per cent. of th e amount of tax payable on under-r eported income. (8) Notwithstanding anything contained in sub-section (6) or sub-secti on (7), where under-reported income is in consequence of any misreporting thereof by any person, the penalty referred to in sub-section (1) shall be equal to two h un dr ed per cent. of th e amount of tax payable on under-r eported income. (9) The cases of misreporting of income referred to in sub-section (8) shall be the following, namely:— (a) misrepresentation or suppression of facts; (b) failure to record investments in the books of account; ( c ) claim of expenditure not substantiated by any evidence; (d) recording of an y false entry in the books of account; (e) failure to record any receipt in books of account having a bearing on total income; and (f) failure to report any international transaction or any transaction deemed to be an international transaction or any specified domestic transaction, to which the provisions of Ch apter X apply. (10) The tax payable in respect of th e under-r eported income shall be— (a) where no return of income has been furnished and the income has been assessed for the first time, the amount of tax calculated on the under-reported income as increased by the maximum amount not chargeable to tax as if it were the total income; (b) where the total income determined under clause (a) of sub- section (1) of section 143 or assessed, reassessed or recomputed in a preceding order is a loss, the amount of tax calculated on the under-reported income as if it were the total income; (c) in an y other case, determined in accordance with the formula— (X—Y) where, X = the amount of tax calculated on the under-r eported income as increased by the total income determined under clause (a) of sub-secti on (1) of section143 or total income assessed, reassessed or recomputed in a preceding order as if it were the total income; and Y = th e amount of tax calculated on the total income determined under clause (a) of s u b- s ect i on (1) of section 143 or total income assessed, reassessed or recomputed in a preceding order. (11) No addition or disallowance of an amount shall form the basis for imposition of penalty, if such addition or disallowance has formed the basis of imposition of penalty in the case of th e person for the same or any other assessment year. (12) The penalty referred to in sub-section (1) shall be imposed, by an order in writing, by th e Assessing Officer, the Commissioner (Appeals), the Commissioner or the Principal Commissioner, as the case may be.’.53Ex-424/2016 99.After section 270A of the Income-tax Act as so inserted, the following section shall be inserted with effect from the 1st day of April, 2017, namely:— “270AA.(1) An assessee may make an application to the Assessing Officer to gran t immunity from imposition of penalty under section 270A and initiation of proceedings under section 276C or section 276CC, if he fulfils the following conditions, namely:— (a) t h e t a x an d i n ter es t pa ya bl e a s per t h e or d er of a s s es s m en t or reassessment under sub-section (3) of section 143 or section 147, as t h e ca s e m a y be, h a s been p a i d wi t h i n t h e p er i od s p ec i fi ed i n s u ch n ot i ce of demand; and (b) no appeal against the order referred to in clause (a) has been filed. (2) An application referred to in sub-section (1) shall be made within one month from the end of the month in which the order referred to in clause (a) of sub- section (1) has been received and shall be made in such form and verified in such manner as may be prescribed. (3) The Assessing Officer shall, subject to fulfilment of the conditions specified in sub-section (1) and after the expiry of the period of filing the appeal as specified in clause (b) of sub-section (2) of section 249, grant immunity from imposition of penalty under section 270A and initiation of proceedings under section 276C or secti on 276CC, where the proceedings for penalty under section 270A has not been initiated under the circumstances referred to in sub-section (9) of the said section 270A. (4) The Assessing Officer shall, within a period of one month from the end of the month in which the application under sub-section (1) is received, pass an order accepting or rejecting such application: Pr ovided that no order r ejecting the application shall be passed unless the assessee has been given an opportunity of being heard. (5) The order made under sub-section (4) shall be final. (6) No appeal under section 246A or an application for revision under section264 shall be admissible against the order of assessment or reassessment, referred to in clause (a) of sub-secti on (1), in a case where an order under sub-section (4) has been made accepting the application.”. 100.In section 271 of the Income-tax Act, after sub-section (6), the following sub- section shall be inserted with effect from the 1st day of April, 2017, namely:— “(7) T h e pr ovi sion s of t h is section sh al l n ot ap pl y to a n d in r elat ion to an y assessment for the assessment year commencing on o r a ft er t h e 1 s t d a y o f April, 2017.”. 101.In section 271A of the Income-tax Act, after the words “Without prejudice to the provisions of”, the words, figures and letter “section 270A or” shall be in serted with effect from the 1st day of April, 2017. 102.In the Income-tax Act, with effect from the 1st day of April, 2017, section 271AAshall be renumbered as sub-section (1) thereof and,— (a) in sub-section (1) as so renumbered, after th e words “Without prejudice to the pr ovisions of”, the word, figures and letter “section 270A or” shall be inserted; (b) aft er sub-secti on (1) as so renumbered, the following sub- section shall be inserted, namely:— “(2) If any person fails to furnish the information and the document as required under sub-section (4) of section 92D, the pr escribed income- tax authority referred to in the said sub-section may direct that such person shall pay, by way of penalty, a sum of five h undred thousand rupees.”. 103.In section 271AAB of the Income-tax Act, with effect from the 1st day of April,2017,— Immunity from imposition of penalty etc. Amendment of section 271 Amendment of section 271A. Amendment of section271AA. Amendment of section271AAB. Insertion of new section 270AA.54 Ex-424/2016 (a) i n s u b- s ect i on (1), in clause (c), for the words “which shall not be less than thirty per cent. but which shall not exceed ninety per cent.”, the words “computed at the rate of sixty per cent.” shall be substituted; (b) in sub-section (2), after the words “No penalty under the provisions of”, the words, figures and letter “section 270A or” shall be inserted. 104.After section 271GA of the Income-tax Act, the fol lowing secti on shall be inserted with effect from the 1st day of April, 2017,— “271GB. (1) If any reporting entity referred to in section 286, which is required to furnish the report referred to in sub-section (2) of the said section, in respect of a reporting accounting year, fails to do so, the authority prescribed under that section (herein referred to as prescribed authority) may direct that such entity shall pay, by way of penalty, a sum of,— (a) five th ousand rupees for every day for which th e failure continues, if the period of failure does not exceed one month; or (b) fi fteen th ousa nd r upees for every da y for whi ch th e fa ilure continues beyond the period of one month. (2) Where any reporting entity referred to in section 286 fails to produce the information and documents within the period allowed under sub-sect ion (6) of the said section, the prescribed authority may di rect th at such entity sh a ll pa y, by way of penalty , asum of five thousand r upees for every day during which the failur e continues, begi nni ng fr om th e da y im media tely following th e da y on whi ch th e peri od for furnishing the information and document expires. (3) If the failure referred to in sub-section (1) or sub-section (2) continues after an order has been served on the entity, directing it to pay the penalty under sub-section (1) or, as the case may be, under sub-section (2), then, notwithstanding anything contained in sub-section (1) or sub-section (2), the prescribed a ut h or i t y ma y d i r ect t h a t su ch en t it y sh al l p ay, by wa y of pen a lt y, a su m of fi ft y th ou s an d rupees for every day for which such failure continues beginning from the date of service of such order. (4) Where a repor ting entity referred to in section 286 pr ovides inaccurate information in the report furnished in accordance with sub-secti on (2) of the said section and where— (a) the entity has knowledge of the inaccuracy at the time of furnishing th e report but fails to in form the prescribed authority; or (b) the entity discovers the inaccuracy after the report is furnished and fails to inform the prescribed authority and furnish correct report within a period of fifteen days of such discovery; or (c) the entity furnishes inaccurate information or document in response to the notice issued under sub-section (6) of section 286, t h en , t h e p r es c r i bed a u t h or i t y m a y d i r ect t h a t s u ch p er s on s h a l l p a y, by wa y of p en a l t y, a sum of five lakh rupees.”. 105.In section 272A of the Income-tax Act, with effect from the 1st day ofApril, 2017,— (i) in sub-section (1),— (a) in clause (c), for t h e wor ds “pla ce or t im e, ”, t h e wor ds “pla ce or t im e; or” shall be substituted;Amendment of section 272A. Insertion of new section 271GB. Penalty for failure to furnish report or for furnishing inaccurate report under section 286. 55Ex-424/2016 (b) after clause (c) and before the long line, the following clause shall be inserted, namely:— “(d) fai ls to comply with a notice under sub-section (1) of secti on 142 or sub-section (2) of section 143 or fails to comply with a direction issued under sub-section (2A) of section 142,”; (ii) in sub-section (3), after clause (a), the following clause shall be inserted, namely:— “(aa) in a case falling under clause (d) of sub-secti on (1), by the income- tax authority who had issued the notice or direction referred to therein;”. 106.In section 273A of th e Income-tax Act,— (i) with effect from the 1st day of April, 2017,— (a) in sub-section (1),— (I) i n cl a u s e (ii), after the words “or imposable on a person under”, th e words, figures and letter “section 270A or” shall be in serted; (II) in the Explanation , after the words “a s n ot to attract the provisions of “, th e words, figures and letter “section 270A or” shall be inserted; (b) in sub-section (2), in clause (b), after the words “if in a case falling under”, the words, figures and letter “section 270A or” shall be inserted; (ii) after sub-section (4), the following sub-section shall be inserted wi th effe ct fr om t h e 1 st d ay of J un e, 2 01 6, n amely: — “(4A) The order under sub-section (4), either accepting or rejecting the application i n fu l l o r i n p a r t , s h a l l be p a s s ed within a per iod of twelve months from the end of the month in which the application under the said sub-section is received by the Principal Commissioner or the Commissioner: Provided that no order rejecting the application, either in full or in part, sh a ll be p ass ed u n less t h e a ssess ee h as be en g iven a n oppor t un i ty of bei n g h ear d: Provided further that where any application is pending as on the 1st day of June, 2016, the order shall be passed on or before the 31st day of May, 2017.”. 107.In section 273AA of the Income-tax Act, after sub-section (3), the following sub- section shall be inserted with effect from the 1st day of June, 2016, namely:— “( 3A ) The order under sub-secti on (3), either accepting or rejecting the application in full or in part, shall be passed within a period of twelve months from the end of the month in which the application under the said sub-section is received by the Principal Commissioner or the Commissioner: Provided that no order rejecting the application, either in full or in part, sh a ll be p ass ed u n less t h e a ssess ee h as be en g iven a n oppor t un i ty of bei n g h ear d: Pr ovid ed fur th er th at wh er e a n y a ppl icati on i s p en di n g a s on t h e 1 st d ay of June,2016, the order shall be passed on or before the 31st day of May, 2017.”. 108.I n s ect i on 27 3 B of th e Income-tax Act, after the word, figures and letters “section271GA,”, the word, figures and letters “section 271GB,” shall be inserted with effect from the1st day of April, 2017. 109.In section 276C of the Income-tax Act, wi th effect fr om t h e 1 st d ay of April, 2017, in sub-section (1),— Amendment of section 273A. Amendment of section 273AA. Amendment of section 273B. Amendment of section 276C.56 Ex-424/2016 (a) in the opening portion, for the words ‘‘ or inposa ble’’, the words ‘‘or imposable, or under reports his income,’’ shall be substituted; (b) in clause (i), after the words ‘‘amount sought to be evaded’’, the words ‘‘or tax on under-reported in come’’ shall be substituted. 110.In section 279 of the Income-tax Act, in sub-section (1A), after the wor ds “or imposable on him under”, th e words, figures an d letter “section 270A or” shall be in serted with effect from the 1st day of April, 2017. 111.In secti on 281B of the Income-tax Act, with effect from the 1st day of June, 2016,— (a) in s ub- secti on (1), theExplanationshall be omitted; (b) after sub-section (2), the following sub-sections shall be inserted, namely:— ‘(3) W h e r e t h e a s s e s s ee f u r n i s h es a g u a r a n t ee fr om a s ch e d u l ed ba n k f or a n amount not less than the fair market value of the property provisionally attached under sub-secti on (1), the Assessing Officer shall, by an order in writing, revoke such attachment: Provided that where the Assessing Officer is satisfied that a guarantee from a scheduled bank for an amount lower than the fair market value of the property is sufficient to protect the interests of the revenue, he may accept such guarantee and revoke the attachment. (4) The Assessing Officer may, for the purposes of determining the value of th e pr oper ty pr ovi sional ly a tta ch ed under sub-secti on (1), make a refer en ce to the Valuation Officer referred to in section 142A, who shall estimate the fair market value of th e property in th e manner provided under th at section an d submit a report of the estimate to the Assessing Officer within a period of thirty days from the date of receipt of such refer ence. (5) An order revoking the provisional attachment under sub-section (3) shall be made— ( i ) within forty-five days from thedate of receipt of theguarantee, where a reference to the Valuation Officer has been made under sub-section (4); or (ii) within fifteen days from the date of receipt of guarantee in any oth er case. (6) Where a notice of demand specifying a sum payable is served upon the assessee and the assessee fails to pay that sum within the time specified in the notice of demand, the Assessing Officer may invoke the guarantee furnished under sub- section (3), wholly or in par t, to recover the amount. (7) The Assessing Officer shall, in the interests of the revenue, invoke the bank guarantee, if the assessee fails to renew the guarantee referred to in sub- section (3), or fails to furnish a new guarantee from a scheduled bank for an equal amount, fifteen days before the expiry of the guar an tee referred to in sub-section (3). (8) The amount realised by invoking the guarantee referred to in sub- section (3) shall be adjusted against the existing demand which is payable by the assessee and the balance amount, if any, shall be deposited in the Personal Deposit Account of the Principal Commissioner or Commissioner in the branch of the Reserve Bank of India or the State Bank of India or of its subsidiaries or any bank as may beAmendment of section 279. Amendment of section 281B. 57 Ex-424/2016 appointed by the Reserve Bank of India as its agent under the provisions of sub- s e c t i o n (1) o f s ect i on 4 5 o f t h e R es er ve Ba n k o f India Act,1934 at the place where the office of the Principal Commissioner or Commissioner is situate. (9) Where the Assessing Officer is satisfied that the guarantee referred to in sub-sect ion (3) is not required any more to protect the interests of the revenue, he shall release that guarantee forthwith. Explanation .—For the purposes of this section, the expression “scheduled bank” shall mean a bank included in the Second Schedule to the Reserve Bank of India Act, 1934.’. 112.In section 282A of the Income-tax A ct , i n s u b- s ect i on (1), for the words “signed in manuscript by that authority”, the words “signed and issued in paper form or communicated in electronic form by that authority in accordance with such procedure as may be prescribed” shall be substituted with effect from the 1st day of June, 2016. 113.Aft er secti on 285BA of t he Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2017, namely:— ‘286.(1) Every constituent entity resident in India, shall, if it is constituent of an international group, the parent entity of which is not resident in India, notify the prescribed income-tax authority (herein referred to as pr escribed authority) in the form and manner, on or before such date, as may be prescribed,— (a) whether it is the alternate reporting entity of the international group; or (b) the details of the parent entity or the alternate reporting entity, if any, of the international group, and the country or territory of which the said entities are resident. (2) Every parent entity or the alternate reporting entity, resident in India, shall, for every reporting accounting year, in respect of the international group of which it is a constituent, furnish a report, to the prescribed authority on or before the due date specified under sub-section (1) of section 139, for furnishing the return of income for the relevant accounting year, in the form and manner as may be prescribed. (3) For the purposes of sub-section (2), the report in respect of an international group shall include,— (a) the aggregate information in respect of the amount of revenue, pr ofi t or loss before in come- ta x, am ount of in com e-t ax pai d, am ount of income-tax accrued, stated capital, accumulated ear nings, number of employees and tangible assets not being cash or cash equivalents, with regard to each country or territory in which the group operates; (b) t h e d et a i l s o f ea ch constituent entity of the group including the country or territory in which such constituent entity is incorporated or organised or established and the country or territory where it is resident; (c) t h e n a t u r e a n d d et a i l s o f t h e m a i n bu s i n e s s a ct i vi t y or a ct i v i t i es of each constituent entity; and (d) an y oth er i nform ati on a s ma y be pr escr i bed. Furnishing of report in respect of international grou p. Amendment of section 282A. Insertion of new section 286.2 of 1934. 2 of 1934. 58 Ex-424/2016 (4) A constituent entity of an international group, resident in India, other t h a n t h e en t i t y r e fe r r ed t o i n s u b- s ect i on (2), shall furnish the report referred to in the said sub-section, in respect of the international group for a reporting accounting year, if the parent entity is resident of a country or territory,— (a) with which India does not have an agreement providing for exchange of the report of the nature referred to in sub-section (2); or (b) there has been a systemic failure of the country or territory and the said failure has been intimated by the prescribed authority to such constituent entity: Pr ovided that where there are more than one such constituent entities of the group, resident in India, the report shall be furnished by any one constituent entity, if,— (a) the international group has designated such entity to furnish the report in accordance with the provisions of sub-secti on (2) on behalf of all the constituent entities resident in India; and (b) the information has been conveyed in writing on behalf of the group to the prescribed authority. (5) Nothing contained in sub-section (4) shall apply, if, an alternate reporting entity of the international group has furnished a report of the nature referred to in sub-section (2), with the tax authority of the country or territory in which such entity is resident, on or before th e date specified in the said sub-section and the following conditions are satisfied, namely:— (a) the report is required to be furnished under the law for the time being in force in the said country or territory; (b) the said country or territory has entered into an agreement with India providing for exchan ge of th e said report; (c) the prescribed authority has not conveyed any systemic failure in respect of the said country or territory to any constituent entity of the group that is resident in India; (d) the said country or territory has been informed in writing by the constituent entity that it is the alternate reporting entity on beh alf of the international group; and (e) th e prescribed authority has been informed by the entities referred to in sub-section (4) in accordance with sub-section (1). ( 6) The prescribed authority may, for the purposes of determining the accuracy of the r eport furnished by any reporting entity, by issue of a notice in writin g, require t h e en t i t y t o p r o d u ce s u ch i n for m a t i on a n d d ocu m en t a s m a y b e s p ec i fi ed i n t h e n ot i ce within thirty days of th e date of receipt of the notice: Provided that the prescribed authority may, on an application made by such entity, extend the period of thirty days by a further period not exceeding thirty days. (7) The provisions of this section shall not apply in respect of an international group for an accounting year, if the total consolidated group revenue, as reflected in the consolidated financial statement for the accounting year preceding such accounting year does not exceed the amount, as may be prescribed.59Ex-424/2016 (8) The provisions of this section shall be applied in accordance with such guidelines and subject to such conditions, as may be prescribed. (9) For the purposes of this section,— (a) “accounting year” means,— (i) a previous year, in a case where the parent entity or alternate reporting entity is resident in India; or (ii) an annual accounting period, with respect to which the parent entity of the international group prepares its financial statements under any law for the time being in force or the applicable accounting standards of the country or territory of which such entity is resident, in any oth er case; (b) “agreemen t” means an agreement refer red to in sub-section (1) of section 90 or sub-section (1) of section 90A or any agreement as ma y be n oti fi ed by th e Cen tr al Gover n ment i n th is beh al f; (c) “alternate reporting entity” means any constituent entity of the international group that has been designated by such group, in the place of th e parent entity, to furnish th e r eport of th e n ature referred to in sub-secti on (2) in the country or territory in which the said constituent entity is resident on behalf of such group; (d) “constituent entity” means,— (i) any separate entity of an international group that is included in the consolidated financial statement of the said group for financial reporting p u r p o s e s , o r m a y b e s o i n cl u d ed f or t h e s a i d p u r p os e, i f t h e e q u i t y s h a r e of a n y en t i t y o f t h e international group were to be listed on a stock exchange; (ii) any such entity that is excluded from the consolidated financial statement of the international group solely on the basis of size or materiality; or (iii) any permanent establishment of any separate business entity of the international group included in clause (i) or cl a us e (ii), if such business unit prepares a separate financial statement for such permanent establishment for financial reporting, regulatory, tax reporting or internal management control purposes; (e) “g r ou p ” i n cl u d es a p a r en t en t i t y a n d a l l t h e en t i t i es i n r es p ect of which, for the reason of ownership or control, a consolidated financial statement for financial reporting purposes,— (i) is required to be prepared under any law for the time being in force or th e accounting standar ds of th e country or territory of which the parent entity is resident; or (ii) would have been required to be prepared had the equity shares of any of the enterprises were listed on a stock exchange in the country or territory of which the parent entity is resident; (f) “consolidated financial statement” means the financial statement of an international group in which the assets, liabilities, income, expenses and cash flows of the parent entity and the constituent entities are presented as those of a single economic entity;60 Ex-424/2016 (g) “in ternational group” means any group th at in cludes,— (i) two or more enterprises which are resident of different countries or territories; or (ii) an enterprise, being a resident of one country or territory, which carries on any business through a permanent establishment in other countries or territories; (h) “parent entity” means a constituent entity, of an international group holding, directly or indirectly, an interest in one or more of the other constituent entities of the international group, such that,— (i) it is required to prepare a consolidated financial statement under an y la w for th e time being in for ce or th e accounting standar ds of th e country or territory of which the entity is resident; or (ii) it would have been required to prepare a consolidated financial statement had the equity shares of any of the enterprises were listed on a stock exchange, and, there is no other constituent entity of such group which, due to ownership of any interest, directly or indirectly, in the first mentioned constituent entity, is required to prepare a consolidated financial statement, under the circumstances referred to in clause (i) or clause (ii), that in clud es the separate financial statement of the first mentioned constituent entity; (i) “permanent establishment” shall have the meaning assigned to it in clause (iiia) of section 92F; (j) “reporting accounting year” means the accounting year in respect of which the financial and operational results are required to be reflected in the report referred to in sub-section (2); (k) “reporting entity” means the constituent entity including the parent entity or the alternate reporting entity, that is required to furnish a report of the nature referred to in sub-section (2); (l) “systemic failure” with respect to a country or territory means that the country or territory has an agreement with India providing for exchange of report of the nature referred to in sub-section (2), but— (i) in violation of the said agreement, it has suspended a u t oma t i c exchange; or (ii) has persistently failed to automatically provide to India th e report in its possession in respect of an y in ternational group having a constituent entityresident in India.’. 114.In section 288 of the Income-tax Act, in sub-section (4), in clause (b), after the word and figures “section 271”, the words, brackets, letters and figures “clause (d) of sub-section (1) of section 272A or” shall be inserted with effect fr om t h e 1 s t d a y of A p r i l ,2017. 115.In the Fourth Schedule to the Income-tax Act, in Part A, with effect fr om the1st day of April, 2017 in rule 8,— (i) in clause (iii), for the words “such other employer” occurring at the end, the words “such other employer; or” shall be substituted; (ii) after clause (iii) and before the Explanation, the following clause shall be inserted, namely:— Amendment of section 288. Amendment of Fourth Schedule.61Ex-424/2016 “(iv) if the entire balance standing to the credit of the employee is transferred to his account under a pension scheme referred to in section80CCD and notified by the Central Government.”. CHAPTER IV INDIRECT TAXES Customs 116. In th e Customs Act, 1962 (h er ein aft er referr ed to as th e Customs Act ), i n section 2,–– (i) for clause (43), the following clause shall be substituted, namely:–– ‘(43) “warehouse” means a public warehouse licensed under section 57 or a private warehouse licensed under section 58 or a special warehouse licensed under section 58A;’; (ii) clause (45) shall be omitted. 117. In the Customs Act, in Chapter III, for the chapter heading, the following chapter heading shall be substituted, namely:–– “APPOINTMENT OF CUSTOMS PORTS, AIRPORTS, ETC. ”. 118. In the Customs Act, section 9 shall be omitted. 119. In the Customs Act, in section 25,–– (i) for sub-section (4), the following sub-section shall be substituted, namely:— “(4) Every notification issued under sub-section (1) or sub-section (2A) shall,unless otherwise provided, come into force on the date of its issue by the CentralGovernment for publication in the Official Gazette.”; (ii) sub-section (5) shall be omitted. 120. In th e Customs Act, in section 28,–– (a) in the marginal heading, for the words “duties not levied or sh or t-levied”, the words “duties not levied or not paid or short-levied or short-paid” shall be substituted; (b) in sub-section (1),–– (i) in the opening paragraph, for the words “duty has not been levied or has been sh or t-l evi ed ”, t he wor ds “duty ha s not been levi ed or not pa id or ha s been sh or t- levied or short-paid” shall be substituted; (ii) in clause (a),–– (A) for th e wor ds “on e yea r ”, t h e wor ds “two yea r s” sh all be substituted; (B) after the words “so levied”, th e wor d s “or p ai d ” s h a l l be in s er t ed ; (c) in sub-section (3), for the words “one year”, the words “two years” shall besubstituted; Amendment of section 2 . Amendment of chapter heading of Chapter III. Amendment of section 25.52 of 1962. Omission of section 9 . Amendment of section 28.62 Ex-424/2016 (d) in sub-section (4),–– (i) in the opening paragraph, for the words “levied or has been short- levied”, the words “levied or not paid or has been short-levied or short-paid” shall be substituted; ( ii) i n t h e l on g l i n e, f or t h e w or d s “ s o l e vi ed ” , t h e wo r d s “ s o l ev i ed or n ot paid” shall be substituted; (e) in sub-section (5), for the words “duty has not been levied or has been short- levied”, the words “duty has not been levied or not paid or has been short-levied or short-paid” shall be substituted; (f) in sub-section (6), in item (ii), for the words “one year”, the words “two years” shall be substituted; (g) in sub-section (7), for the words “one year”, the words “two years” shall be substituted; (h) inExplanation1,in clause (a), for th e wor ds “n ot l evi ed ”, th e wor ds “n ot levi ed or not pa id or sh ort -l evi ed or sh or t-pai d” sha ll be substituted. 121. In th e Customs Act, in section 47,–– (a) in sub-section (1), th e following proviso shall be in serted, namely:–– “Pr ovided that the Central Government may, by notification in the OfficialGazette, permit certain class of importers to make deferred payment of said duty or any charges in such manner as may be provided by rules.”; (b) in sub-section (2), for the portion beginning with the words “Where the importer” and ending with the words “payment of the said duty”, the following shall be substituted, namely:–– “Wh er e t h e i m p or t er fa i l s t o p a y t h e i m p or t d u t y, ei t h er i n fu l l or i n part, with in two days (excluding h olidays)–– (a) from th e date on which th e bill of entry is return ed to him for payment of duty; or (b) i n t h e ca s e o f deferred payment under the proviso to sub-section (1), from such due date as may be specified by rules made in this beh alf, h e s h a ll p ay i n ter est on th e du ty n ot pa id or sh or t -pa id ti ll t h e da te of it s p aym en t, a t s u ch r a t e, n ot be l ow t en p er ce n t . a n d n ot ex ce ed i n g t h i r t y- s i x p er ce n t . p er a n n u m , a s may be fixed by the Central Government, by notification in the Official Gazette.”. 122. In th e Customs Act, section 51 shall be ren umbered as sub-section (1) thereof, and— (a) in sub-section (1) as so renumbered, the following proviso shall be inserted, namely:–– “Provided that the Central Government may, by notification in the Official Gazette, permit certain class of exporters to make deferred payment of said duty or any charges in such manner as may be provided by rules.”; (b) aft er sub-secti on (1) as so renumbered, the following sub- section shall be inserted, namely:—Amendment of section 47. Amendment of section 51. 63Ex-424/2016 “(2) Where the exporter fails to pay the export duty, either in full or in par t, under th e proviso to sub-section (1) by su ch du e da te as m a y be s p eci f i ed by r u l es , h e s h a l l p a y i n t e r e s t o n s a i d d u t y n ot p a i d or short-paid till the date of its payment at such rate, not below five per cent. and not exceeding thirty-six per cent. per annum, as may be fixed by the Central Government, by notification in the Official Gazette.”. 123. In the Customs Act, for section 53, the following section shall be substituted, namely:–– “53. Subject to th e pr ovisions of section 11, where an y goods imported in a conveyance and mentioned in the import manifest or the import report, as the case may be, as for transit in the same conveyan ce to an y place outside India or to any customs station, the proper officer may allow the goods an d th e conveyance to transit without payment of duty, subject to such conditions, as may be pr escribed.”. 124. In the Customs Act, for section 57, the following section shall be substituted, namely:–– “57. The Principal Commissioner of Customs or Commissioner of Customs may, subject to such conditions as may be prescribed, licence a public warehouse wherein dutiable goods may be deposited.”. 125. In th e Customs Act, for section 58, th e following sections shall be substituted, namely:–– “58. The Principal Commissioner of Customs or Commissioner of Customs may, subject to such conditions as may be prescribed, licence a private warehouse wherein dutiable goods imported by or on behalf of the licensee may be deposited. 58A. (1) The Principal Commissioner of Customs or Commissioner of Customs may, subject to such conditions as may be pr escribed, licen ce a special wareh ouse wherein dutiable goods may be deposited and such warehouse shall be caused to be locked by the proper officer and no person shall enter the warehouse or remove any goods th erefrom without the permission of the proper officer. (2) The Board may, by notification in the Official Gazette, specify the class of goods which shall be deposited in the special warehouse licensed under sub-section (1). 58B. (1) Where a licensee contravenes any of the provisions of this Act or the rules or regulations made thereunder or breaches any of the conditions of the licence, the Principal Commissioner of Customs or Commissioner of Customs may cancel the licence granted under section 57 or section 58 or section 58A: Provided that before any licence is cancelled, the licensee sh a l l be gi ven a reasonable opportunity of being heard. (2) The Principal Commissioner of Customs or Commissioner of Customs may, without prejudice to any other action that may be taken against the licensee an d th e goods under this A c t o r a n y o t h er l a w f or t h e t i m e b ei n g i n f or c e, s u s p en d operation of the warehouse during the pendency of an enquiry under sub-section (1). Substitution of new section for section 53. Transit of certain goods with ou t payment of du ty. Substitution of new section for section 57. Licensing of public warehouses. Substitution of new sections 58, 58A and 58B for section 58. Licensing of private ware- houses. Licensing of special ware- houses. Cancellation of licence.64 Ex-424/2016 (3) Where the operation of a warehouse is suspended under sub-section (2), no goods shall be deposited in such warehouse during the period of suspension: Provided that the provisions of this Chapter shall continue to apply to the goods already deposited in th e warehouse. (4) Where th e licen ce issued under section 57 or section 58 or section 58A is cancelled, the goods warehoused shall, within seven days from the date on which order of such cancellation is served on the licensee or within such extended period as t h e p r op er o ffi c er m a y a l l ow, b e r em ov ed fr om s u ch wa r eh o u s e t o a n ot h er wa r eh o u s e or be clear ed for home consumption or export: Provided that the provisions of this Chapter shall continue to apply to the goods already deposited in the warehouse till they are removed to another warehouse or clear ed for home consumption or for export, during such period.”. 126. In the Customs Act, for section 59, the following section shall be substituted, namely:–– “59. (1) The importer of any goods in respect of which a bill of en tr y for warehousing has been presented under section 46 and assessed to duty under section17 or section 18 shall execute a bond in a sum equal to thrice the amount of the duty assessed on such goods, binding himself– (a) to comply with all the provisions of the Act and the rul es and regulations made thereunder in respect of such goods; (b) to pay, on or before the date specified in th e notice of demand, a l l d u t i es a n d i n t er e s t p a ya b l e u n d er s u b- s e ct i on (2) of section 61; and (c) to pay all penalties and fines incurred for the contravention of the provisions of th is Act or th e rules or regulations, in respect of such goods. (2) For the purposes of sub-section (1), the Assistant Commission er of Customs or Deputy Commissioner of Customs may permit an importer to execute a general bond in such amount as the Assistant Commissioner of Customs or Deput y Commissioner of Customs may approve in respect of the warehousing of goods to be imported by him within a specified period. (3) The importer shall, in addition to the execution of a bond under sub- secti on (1)or sub-secti on (2), furnish such security as may be prescribed. (4) Any bond executed under this section by an importer in respect of any goods shall continue to be in force notwithstanding the transfer of the goods to an oth er warehouse. (5) Where the whole of the goods or any part thereof are transferred to another person, the transferee shall execute a bond in the manner specified in sub- section (1) or sub-section (2) and furnish security as specified under sub-section (3).”. 127. In the Customs Act, for section 60, the following section shall be substituted, namely:–– “60. (1) When the provisions of section 59 have been complied with in respect of any goods, the proper officer may make an order permitting removal of the goods from a customs station for th e purpose of deposit in a war ehouse.Substitution of new section for section 59. Warehou sing bond. Substitution of new section for section 60. Permission for removal of goods for deposit in warehouse. 65Ex-424/2016 (2) Where an order is made under sub-section (1), the goods shall be deposited in a warehouse in such manner as may be prescribed.”. 128. In the Customs Act, for section 61, the following section shall be substituted, namely:— ‘61.(1) Any warehoused goods may remain in the warehouse in which they are deposited or in any warehouse to which they may be removed,–– (a) in the case of capital goods intended for use in any hundred per cent. export oriented under taking or electronic hardware tech n ology par k un it or software technology park unit or any warehouse wherein manufacture or other operations have been permitted under section 65, till their clear an ce fr om th e war ehouse; (b) in the case of goods oth er th an capital goods in tended for use in any hundred per cent. export oriented undertaking or electron ic hardware technology park unit or software technology park unit or any war eh ouse wh er ein manufacture or other operations have been permitted under section 65, till their consumption or clearance from the warehouse; and (c) in the case of any oth er goods, till the expiry of one year from the date on which the proper officer has made an order under sub- section (1) of section 60: Provided that in the case of any goods referred to in this clause, the Principal Commissioner of Customs or Commissioner of C u st om s ma y, on sufficient cause being shown, extend the period for which the goods may remain in the warehouse, by not more than one year at a time: Provided further that where such goods are likely to deteriorate, the period referred to in the first proviso may be reduced by the Principal Commissioner of Cu stoms or Commi ss ion er of Cu stoms t o su ch sh or t er p er i od a s h e m ay deem fi t. (2) Where any wareh oused goods specified in clause (c) of sub-secti on (1) remain in a warehouse beyond a period of ninety days from the date on which the p r op e r of fi c er h a s m a d e a n o r d er u n d er s u b- s ect i on (1) o f s ec t i on 6 0 , i n t e r e s t s h a l l be payable at such rate as may be fixed by the Central Government under section 47, on the amount of duty payable at the time of clearance of the goods, for the period from the expiry of the said ninety days till the date of payment of duty on the warehoused goods: Provided that if the Board considers it necessary so to do, in the public interest, it may,–– (a) by order, and under the circumstances of an exceptional natur e, to be specified in such order, waive the whole or any part of the interest payable under this section in respect of any warehoused goods; (b) by notification in the Official Gazette, specify the class of goods in respect of which no interest shall be charged under this section; (c) by notification in the Official Gazette, specify the class of goods in respect of which the interest shall be chargeable from the date on which the proper officer has made an order under sub-section (1) of section 60. Explanation.–– For the purposes of this section,–– Substitution of new section for section 61. Period for which goods may remain warehoused.66 Ex-424/2016 (i) “electronic hardware technology park unit” means a unit established under the Electronic Hardware Technology Park Scheme notified by the Government of India; (ii) ‘‘hundred per cent. export oriented undertaking” has the same meaning as in clause (ii) ofExplanation2 to sub-section (1) of section 3 of the Central Excise Act, 1944; and (iii) “software technology park unit” means a unit established under theSoftware Technology Park Scheme notified by the Government of India.’. 129. In the Customs Act, sections 62 and 63 shall be omitted. 130. In the Customs Act, for section 64, the following section shall be substituted, namely:–– “64. The owner of any warehoused goods may, after warehousing the same,– (a) inspect the goods; (b) deal with their containers in such manner as may be necessary to prevent loss or deterioration or damage to the goods; (c) sort the goods; or (d) show the goods for sale.”. 131. In the Customs Act, in section 65, in sub-section (1), for th e words “With the sanction of the Assistant Commissioner of Customs or Deputy Commissioner of Customs and subject to such conditions an d on payment of such fees”, the wor ds “With the permission of the Principal Commissioner of Customs or Commissioner of Customs and subject to such conditions” shall be substituted. 132. In th e Customs Act, in section 68,–– (i) in the opening paragraph, for the words “The importer of any warehoused goods may clear them”, the words “Any warehoused goods may be cleared from the warehouse” shall be substituted; (ii) for clause (b), the following clause shall be substituted, namely:– “(b) the import duty, interest, fine and penalties payable in respect of such goods have been paid; and”; (iii) in the first proviso, the words “rent, interest, other charges and” shall be omitted. 133. In th e Customs Act, in section 69,–– (i) in the marginal heading, for the word “exportation”, the word “export” shall be substituted; (ii) in sub-section (1),–– (A) for clause (b), the following clause shall be substituted, namely:– “(b) the export duty, fine and penalties payable in respect of suchgoods have been paid; and”; (B) in clause (c), for the word “exportation”, the word “export” shall be substituted. 134. In the Customs Act, in secti on 71, for the word “re-exportation”, the word “export”shall be substituted. 135. In th e Customs Act, in section 72,–– (a) in sub-section (1),— 1 of 1944. Omission of sections 6 2 a nd63. Substitution of new section for section 64. Owner’s right to deal with warehoused goods. Amendment of section 65. Amendment of section 68. Amendment of section 69. Amendment of section 71. Amendment of section 72. 67 Ex-424/2016 (i) clause (c) shall be omitted; (ii) in clause (d), for th e word “exportation”, the words “export or” shall be substituted; (iii) in the long line, for the words “all penalties, rent, interest and other charges”, the words “interest, fine and penalties” shall be substituted; (b) in sub-section (2), for the word “select”, the words “deem fit” shall be substituted. 136. In th e Cust oms Act , in sect ion 73, after th e wor ds “exported or”, th e words“transferred or” shall be inserted. 137. In the Customs Act, after section 73, the following section shall be inserted, namely:–– “73A. (1) All warehoused goods shall remain in the custody of the person who has been granted a licence under section 57 or section 58 or section 58A until they are cleared for home consumption or are tr ansferr ed to another warehouse or are exported or removed as otherwise provided under this Act. (2) The responsibilities of the person referred to in sub-section (1) who has custody of th e warehoused goods shall be such as may be pr escribed. (3) Where any warehoused goods are removed in con travention of section 71, the licensee shall be liable to pay duty, interest, fine and penalties without prejudice to a n y o t h er a ct i on t h a t m a y b e t a k en a g a i n s t h i m u n d er t h i s A ct o r a n y o t h er l a w f or t h e time being in force.”. 138. In the Customs Act, in secti on 156, in sub-secti on (2), after clause (b), the following clause shall be inserted, namely:–– “(c) the due date and the manner of making deferred payment of duties, taxes, cesses or any other charges under sections 47 and 51.”. 139. (1) The notifications of the Government of India in the Ministry of Fin ance (Depar tment of Reve n u e) n u m ber G. S . R. 3 6 7 (E), dated the 27th April, 2000, G.S.R. 292(E), dated the 19th April, 2002, G.S.R. 281(E), dated the 1st April, 2003, G.S.R. 604 (E), dated the 10th September, 2004, G.S.R. 606(E), dated the 10th September, 2004 and G.S.R. 260(E), dated the 1st May, 2006 issued under sub-section (1) of section 25 of the Customs Act, 1962 by the Central Government shall stand amended and shall be deemed to have been amended in the manner as specified against each of them in column (3) of the Second Schedule, on and from the corresponding date mentioned in column (4) of th at Schedule, r etr ospectively, and accordingly, notwithstanding anything contained in any judgment, decree or order of a n y c ou r t , t r i bu n a l o r o t h er a u t h o r i t y, a n y a ct i on t a k en or a n yt h i n g d on e o r p u r p or t ed to have been taken or done under the said notifications, shall be deemed to be, and always to have been, for all purposes, as validly and effectively taken or done as if the notifications as amended by this sub-section had been in force at all material times. (2) For th e purposes of sub-section (1), the Central Government shall have and shall be deemed to have the power to amend the notifications referred to in the sa id sub-section with retrospective effect as if th e Central Gover nment had th e power to amend the said notifications under sub-section (1) of section 25 of the Customs Act, 1962 retrospectively, at all material times. Amendment of section 73. Insertion of new section73A. Custody and removal of warehoused goods. Amendment of section 156. Amendment of notifications issued under section 25 of Act 52 of1962.68 Ex-424/2016 (3) The refund shall be made of all such safeguard duty which has been collected, but would not have been so collected, had the amendmen ts made in sub- secti on (1) been in force at all material times and such refund shall be subject to the provisions of section 27 of th e Customs Act, 1962. (4) Notwithstanding anything contained in section 27 of the Customs Act, 1962, an application for the claim of refund of safeguard duty under sub-section (3) shall be made within a period of one year from the date on which the Finance Bill, 2016 r eceives t he assent of th e Pr esi den t. Customs Tariff 140. In the Customs Tariff Act, 1975 (hereinafter referred to as the Customs Ta riff Act), section 8C shall be omitted. 141. In the Customs Tariff Act, the First Schedule shall,–– (i) be amended in the manner specified in the Third Schedule; (ii) be also amended in the manner specified in the Fourth Schedule with effect from the 1st day of Januar y, 2017. Excise 142. I n t h e C en tr al E xci se Act, 19 44 (h erein after referred to as the Central Excise Act), in section 5A,–– (i) for sub-section (5), the following sub-section shall be substituted namely:- “(5) E very n oti ficati on i ssued un der sub-secti on (1) or sub-section (2A) shall,unless otherwise provided, come into force on the date of its issue by the CentralGovernment for publication in the Official Gazette.”; (ii) sub-section (6) shall be omitted. 143. In the Central Excise Act, in section 11A, for the words “one year”, wh er ever th ey occu r , t h e wor ds “t wo year s” s h a ll be s ubs tit uted. 144. In the Central Excise Act, in section 37B, for the words “such goods”, the words“such goods or for the implementation of any oth er pr ovi si on of this Act” shall be substituted. 145. In the Central Excise Act, the Third Schedule shall be amended–– (i) in the manner specified in the Fifth Schedule; (ii) i n t h e m a n n er s p ec i fi ed i n t h e S i x t h S ch e d u l e, wi t h e f fe ct fr om t h e 1 s t day ofJanuar y, 2017. Excise Tariff 146. In the Central Excise Tariff Act, 1985 (hereinafter referred to as the Central Excise Tariff Act), the First Schedule shall be amended–– (i) in the mann er specified in the Seven th Schedule; (ii) in the manner specified in the Eighth Schedule, with effect from the 1st day of Januar y, 2017. 147. In the Central Excise Tariff Act, the Second Schedule shall be amended in the manner specified in the Ninth Schedule, with effect from the 1st day of January, 2017. 51 of 1975.Omission of section 8C. Amendment of First Schedule. 1 of 1944.Amendment of section 5A. Amendment of section 11A. Amendment of section 37B. Amendment of Third Schedule. 5 of 1986. Amendment of First Schedule. Amendment of Second Schedule. 69Ex-424/2016 CHAPTER V SE RV IC E TAX 148. In the Finance Act, 1994 (hereinafter referred to as the 1994 Act), in section 65B,— (a) clause (11) shall be omitted; (b) i n cl a u s e (44), in Explanation 2,in sub-clause (ii) , f or i t em (a), the following item shall be substituted, namely:–– “(a) by a lottery distributor or selling agent on behalf of the St a t e Government, in relation to promotion, mar ketin g, organising, selling of lottery or facilitating in organising lottery of any kin d, in any other manner, in accordance with the provisions of the Lotteries (Regulation) Act, 1998;”. 149. In the 1994 Act, in section 66D,— (a) clause (l) shall be omitted; (b) with effect from the 1st day of June, 2016— (i) in clause (o), sub-clause (i) shall be omitted; (ii) in clause (p), sub-clause (ii) shall be omitted. 150. In the 1994 Act, in section 66E, after clause (i), the following clause shall be inserted, namely:— “(j) assignment by the Government of the right to use the radio-frequen cy spectrum and subsequent transfers thereof.”. 151.In the 1994 Act, in section 67A, the existing section shall be renumbered as sub-section (1) thereof, and after sub-section (1) a s s o renumbered, the following sub-section shall be inserted, namely:–– “(2) T h e ti me or t h e p oi n t i n ti me wi th r es pect t o t h e r a te of s er vi ce t ax s h a ll be su ch as may be prescribed.”. 152. In th e 1994 Act, in section 73,–– (i) in sub-section s (1), (1A), (2A) and (3), for the words “eighteen months”, wherever they occur, the words “thirty months” shall be substituted; (ii) in sub-secti on (4B), in clause (a), for the words “whose limitation is specified as eighteen months in”, the words “falling under” shall be substituted. 153.In the 1994 Act, in section 75, for the words ‘‘Provided that’’, the following shall be substituted, namely:— ‘‘Provided that in the case of a person who collects any amount as service t a x bu t fa i l s t o p a y t h e a m o u n t s o col l ect ed t o t h e cr ed i t of t h e C en t r a l Govern ment, on or before the date on which such payment is due, the Central Government may, by notification in the Official Gazette, specify such other rate of interest, as it may deem necessary: Provided further that’’. 154. In the 1994 Act, in section 78A, the followingExplanationshall be inserted, namely:–– .“Explanation.––For the removal of doubts, it is hereby clarified that where any service tax has not been levied or paid or has been short- levied or short-paid or erroneously refunded, and the proceedings with respect to a notice issued under sub-section (1) of section 73 or the proviso32 of 1994. 17 of 1998. Amendment of section 65B. Amendment of section 66D. Amendment of section66E. Amendment o section67 A. Amendment of section 73. Amendment of section 75. Amendment of section78A.70 Ex-424/2016 to sub-secti on (1) of section 73 is concluded in accor dan ce with th e provisions of clause (i) of the first proviso to section 76 or clause (i) of the second proviso to section 78, as the case may be, the proceedings p en d i n g a g a i n s t a n y p er s on u n d er t h i s s ec t i on s h a l l a l s o b e d eem ed t o h a ve been concluded.”. 155. In the 1994 Act, in section 89, in sub-secti on (1), for the words “fifty lakh rupees”, at both the places where they occur, the words “two hundred lakh rupees” shall be substituted. 156. In the 1994 Act, in section 90, sub-section (2) shall be omitted. 157. In th e 1994 Act, in section 91,–– (a) in sub-section (1), the words, brackets and letter “clause (i) or” shall be omitted; (b) sub-section (3) shall be omitted. 158. In the 1994 Act, in section 93A, for the word “prescribed”, the words “prescribed or specified by notification in the Official Gazette” shall be substituted. 159. In the 1994 Act, after section 100, the following sections shall be inserted, namely:— “101. (1) Notwithstanding anything contained in section 66B, no service tax shall be levied or collected during the period commencing from the 1st day of Jul y,2012 and ending with the 29th day of January, 2014 (both days inclusive) in respect of taxable services provided to an authority or a board or an y oth er body–– (i) set up by an Act of Parliament or a State Legislature; or (ii) established by the Government, with ninety per cent. or more participation by way of equity or control, to carry out any function entrusted to a municipality under article 243W of the Constitution, by way of construction, erection, commissioning, installation, completion, fitting out, repair, maintenance, renovation or alteration of canal, dam or other irrigation works. (2) Refund shall be made of all such service tax which has been collected but which would not have been so collected had sub-secti on (1) been in force at all material times. (3) Notwithstanding anything contained in this Chapter, an application for the claim of refund of service tax shall be made within a period of six months from the date on which the Finance Bill, 2016 receives the assent of th e President. 102. (1) Notwithstanding anything contained in section 66B, no service tax shall be levied or collected during the period commencing from the 1st day of April, 2015 and ending with the 29th day of February, 2016 (both days inclusive), in respect of taxable services provided to the Government, a local authority or a Governmental authority, by way of construction, erection, commissioning, installation, completion, fitting out, repair, maintenance, r enovation or alteration of–– (a) a civil str ucture or any other original works meant predominantly for use other than for commerce, industr y or any other business or profession; (b) a structure meant predominantly for use as–– (i) an educational establishment; (ii) a clinical establishment; or (iii) an art or cultural establishment;Amendment of section 89. Amendment of section 90. Amendment of section 91. Amendment of section 93A. Insertion of new sections 101, 102 and 103. Special provision for exemption in certain cases relating to construction of canal, dam, etc. Spe cia l provision for exemption in certain cases relating to construction of Government buildings. 71Ex-424/2016 (c) a residential complex predominantly meant for self-use or for th e use of their empl oyees or oth er per sons specified inExplanation1 to clause (44) of section 65B of the said Act, un der a con tr act en ter ed in to befor e th e 1st day of Mar ch , 2015 an d on wh ich appropriate stamp duty, where applicable, had been paid before that date. (2) Refund shall be made of all such service tax which has been collected but which would not have been so collected had sub-section (1) been in force at all material times. (3) Notwithstanding anything contained in this Chapter, an application for t h e cl a i m o f r ef u n d of s er vi ce t a x s h a l l b e m a d e wi t h i n a p er i od o f s i x m o n t h s f r om t h e date on which the Fi nan ce Bill, 2016 receives the assent of t he Presi den t. 103. (1) Notwithstanding anything contained in section 66B, no service tax shall be levied or collected during the period commencing from the 1st day of April, 2015 an d ending with the 29th day of February, 2016 (both days inclusive), in respect of services provided by way of construction, erection, commissioning or installation of original works pertaining to an airport or port, under a contract which had been entered into before the 1st day of March, 2015 and on which appropriate stamp duty, where a p p l i ca b l e, h a d been p a i d befor e t h a t d a t e, s u b ject t o t h e condition that Ministry of Civil Aviation or, as the case may be, the Ministry of Shipping in the Government of India certifies that the contract had been entered into before the 1st day of March, 2015. (2) Refund shall be made of all such service tax which has been collected but which would not have been so collected had sub-secti on (1) been in force at all material times. (3) Notwithstanding anything contained in this Chapter, an application for the claim of refund of service tax shall be made within a period of six months from the date on which the Finance Bill, 2016 receives the assent of the President.”. 160. (1) The notification of the Government of India in the Ministry of Finance (Department of Revenue) number G.S.R. 519(E), dated the 29th June, 2012 issued under section 93A of the Finance Act, 1994 granting rebate of service tax paid on th e taxable services which are r eceived by an exporter of goods and used for export of goods, shall stand amended and shall be deemed to have been amended retrospectively, in the manner specified in column (2) of the Tenth Schedule, on and from and up to the corresponding dates specified in column (3) of the Schedul e, and accordingly, any action taken or anything done or purported to have taken or done under the said notification as so amended, shall be deemed to be, and always to have been, for all purposes, as validly an d effectively taken or done as if the said notification as amended by this sub-section had been in force at all material times. (2) Rebate of all such service tax shall be granted which has been denied, but which would not have been so denied had the amendment made by sub-section (1) been in force at all material times. (3) Notwithstanding anything contained in the Finance Act, 1994, an application for the claim of rebate of service tax under sub-section (2) shall be made within the period of one month from the date of commencement of the Finance Act, 2016. CHAPTER VI KRISHI KALYAN CESS 161. (1) Th is Chapter shall come in to force on th e 1st day of June, 2016. (2) There shall be levied and collected in accordance with the provisions of this Chapter , a ces s t o b e c a l l ed t h eKrishi Kalyan Cess, a s s er vi ce t a x o n a l l o r a n y of Special provision for exemption in certain cases relating to construction of irport or port. Amendment of notification issued under section 93A of Finance Act, 1994. 32 of 1994. Krishi Kalyan Cess.72 Ex-424/2016 32 of 1994. the taxable services at the rate of 0.5 per cent. on the value of such services for the purposes of financing and promoting initiatives to improve agriculture or for any other purpose relating thereto. ( 3) TheKrishi Kalyan Cessleviable under sub-section (2) shall be in addition to any cess or service tax leviable on such taxable services under Chapter V of the Fi nan ce Act, 1994, or under any other law for the time being in force. (4) The proceeds of theKrishi Kalyan Cesslevied under sub-section (2) shall first be credited to the Consolidated Fund of India and the Central Government may, after due appropriation made by Parliament by law in this behalf, utilise such sums of mon ey of the Krishi Kalyan Cessfor such purposes specified in sub-secti on (2) , a s i t may consider necessary. (5) The provi sions of Chapter V o f t h e Finance Act, 1994 and the rules made thereunder, including those relating t o r efu n d s a n d exempti ons fr om tax, interest and imposition of p en a l ty s h a l l , a s fa r a s m a y be , a p p l y i n r el a t i on t o t h e levy a n d col l ect i on of theKrishi Kalyan Cesson t a x a b l e s e r vi c es , a s t h ey a p p l y i n r e l a t i on t o t h e l e vy a n d collection of tax on such taxable services under the said Chapter or the rules made th er eun der, as th e case m ay be. CHAPTER VII INFRASTRUCTURE C ESS 162. (1) In th e case of goods specified in the Eleventh Schedule, being goods manufactured or produced, there shall be levied and collected for the purposes of t h e Un i on , a d u t y of ex c i s e, t o b e ca l l ed t h e Infrastructure Cess, at the rates specified in the said Schedule for the purposes of financing infrastructure projects. (2) The cess leviable under sub-section (1), chargeable on the goods specified in the Eleventh Schedule shall be in addition to any other duties of excise chargeable on such goods under the Centr al Excise Act, 1944 or any oth er law for th e time being in force. (3) The provisions of the Central Excise Act, 1944 and the rules made thereunder, including those relating to assessment, non-levy, short-levy, refunds, interest, appeals, of fen ces a n d p en a l t i es , s h a l l , a s fa r a s m a y be, a p p l y i n r el a t i on t o t h e l evy an d collection of t he cess leviable u nder sub-section (1) in r espect of th e goods specified in the Eleventh Schedule as th ey apply in relation to the levy and collection of the duties of excise on such goods under the said Act or th e rules, as th e case may be. (4) The cess leviable under sub-section (1) shall be for the purposes of the Union and the proceeds thereof shall not be distributed among the States. CHAPTER VIII EQUALI SATI ON L EVY 163. (1) This Chapter extends to the whole of India except the State of Jammu and Kashmir. (2) I t s h a l l com e i n t o f or ce on s u ch d a t e a s t h e Central Government ma y, by notification in the Official Gazette, appoint. (3) It shall apply to consideration received or receivable for specified services provided on or after the commencement of this Chapter. 164. In this Chapter, unless th e context otherwise requires,— (a) “Appellate Tribunal” means the Appellate Tribunal constituted under section 252 of the Income-tax Act;32 of 1994. 32 of 1994. Infrastructure Cess. 1 of 1944.1 of 1944. Extent, commence-ment and application. Definitions.73Ex-424/2016 (b) “Assessing Officer” means the Income-tax Officer or Assistant Commissioner of Income-t ax or Deputy Com missioner of Income- tax or Joi nt Com missioner of In com e-t ax or Ad dit ion al Comm ission er of Income-tax who is authorised by the Boar d to exercise or perform all or any of the powers and functions conferred on, or assigned to, an Assessing Officer under this Chapter; (c) “Board” means the Central Board of Direct Taxes constituted under the CentralBoar ds of Revenue Act, 1963; (d) “equalisation levy” means the tax leviable on consideration received or receivable for any specified service under the provisions of this Chapter; (e) “Income-tax Act” means the Income-tax Act, 1961; (f) “online” means a facility or service or right or benefit or access that is obtained through the internet or any other form of digital or telecommunication network; (g) “permanent establishment” in cludes a fixed place of business through which the business of the enterprise is wholly or partly carried on; (h) “prescribed” means prescribed by rules made under this Chapter; (i) “specified service” means online advertisement, any provision fo r d i g i t a l a d ver t i s i n g s p a ce o r a n y ot h er fa ci l i t y o r s er vi ce f or t h e p u r p o s e of online advertisement and includes any other service as may be n otified by the Central Government in this behalf; (j) words and expressions used but not defined in this Chapter and defined in the Income-tax Act, or the rules made thereunder, shall have the meanings respectively assigned to them in that Act. 165. (1) O n a n d fr om t h e d a t e of commencement of this Chapter, there shall be charged an equalisation l evy a t t h e r a t e of s i x per cen t . of t h e amount of consideration for any specified service received or receivable by a person, being a non-resident from–– (i) a person resident in India and carrying on business or profession; or (ii) a non-resident having a permanent establishment in India. (2) The equalisation levy under sub-section (1) shall not be charged, where– (a) the non-resident providing the specified service h a s a permanent establishment in India and the specified service is effectively connected with such perman ent establishment; (b) the aggregate amount of con si der ation for specified service received or receivable in a previous year by the non-resident from a person resident in India and carrying on business or profession, or from a non-resident having a permanent establishment in India, does not exceed one lakh rupees; or (c) where the payment for the specified service by the person resident in India, or the permanent establishment in India is not for the purposes of carrying out business or profession. 43 of 1961. Charge of equalisation levy. 54 of 1963.74 Ex-424/2016 166. (1) Every person, being a resident and carrying on business or profession or a non-resident having a permanent establishment in India (hereafter in this Chapter referred to as assessee) shall deduct the equalisation levy from the amount paid or payable to a non- resident in respect of the specified service at the rate specified in section 165, if the aggregate amount of consideration for specified service in a previous year exceeds one lakh rupees. (2) The equalisation levy so deducted during any calendar month in accordance with the provisions of sub-section (1) shall be paid by every assessee to the credit of the Central Government by t he seventh day of the month immediately following the said calendar month. (3) Any assessee who fails to deduct the levy in accordance with the pr ovi sions of sub-secti on (1) shall, notwithstanding such failure, be liable to pay the levy to the credit of the Central Government in accordance with the provisions of sub-secti on (2). 167. (1) Every assessee shall, within the pr escribed time after the end of each financial year, prepare and deliver or cause to be delivered to the Assessing Officer or to an y ot her auth ori ty or a gen cy aut hor ised by the Boa rd i n th is beh al f, a statement in such form, verified in such manner and setting forth such particulars as may be prescribed, in respect of all specified services during such financial year. (2) An assessee who has not furnished the statement within the time prescribed under sub-section (1) or having furnished a statement under sub-section (1), notices any omission or wrong particular therein, may furnish a statement or a revised statement, as the case may be, at any time before the expiry of two years from the end of the financial year in which the specified service was provided. (3) Where any assessee fails to furnish the statement under sub-section (1) within the pr escribed time, the Assessin g Officer may serve a notice upon such assessee requiring him to furnish the statement in the prescribed form, verified in the prescribed manner and setting forth such particulars, within such time, as may be prescribed. 168. (1) Where a statement has been made under section 167 by the assessee, such statement shall be processed in the following manner, namely:–– (a) the equalisation levy shall be computed after making the adjustment for any arithmetical error in the statement; (b) the interest, if any, shall be computed on the basis of sum deductible as computed in the statement; (c) the sum payable by, or the amount of refund due to, the assessee shall be determined after adjustment of the amount computed under clause (b) against any amount paid under sub-section (2) o f s ec t i on 1 6 6 or s ect i on 170 and any amount paid otherwise by way of tax or interest; (d) an intimation shall be pr epar ed or gener ated and sent to the assessee specifying the sum determined to be payable by, or the amount of refund due to, him under clause (c); and (e) the amount of refund due to the assessee in pursuance of the determination under clause (c) shall be granted to him: Provided that no intimation under this sub-section shall be sent after the expiry of one year from the end of the financial year in which the statement is furnished. (2) For the purposes of processing of statements under sub-section (1), the Board may make a scheme for centralised processing of such statements to expeditiously Collection and recovery of equalisation levy. Furnishing of statement. Processing of statement.75Ex-424/2016 determine the tax payable by, or the refund due to, the assessee as required under that sub-section. 169. (1) With a view to rectifying any mistake apparent from the record, the Assessing Officer may amend any intimation issued under section 168, within one year from the end of the financial year in which the intimation sought to be amended was issued. (2) The Assessing Officer may make an amendment to any intimation under sub-section (1), eithersuo motuor on any mistake brought to his notice by the assessee. (3) An amendment to any intimation, wh i ch h a s t h e e ffe ct of increasing the liability of the assessee or reducing a refund, shall not be made under this section unless the Assessing Officer has given n otice to the assessee of his intention so to do an d h as given the assessee a reasonable opportunity of being heard. (4) Where any such amendment to any intimation has the effect of enhancing the sum payable or reducing the refund already made, the Assessing Officer shall make an order specifying the sum payable by the assessee and the provisions of this Chapter shall apply accordingly. 170.Every assessee, who fails to credit the equalisation levy or any part thereof as required under section 166 to the account of the Central Government within the period specified in that section, shall pay simple interest at the rate of one per cen t. of su ch levy for every mon th or pa rt of a mon th by whi ch such cr edi ti ng of the tax or any part thereof is delayed. 171.Any assessee who–– (a) fails to deduct the whole or any part of the equalisation levy as required under section 166; or (b) h a vi n g d ed u ct ed t h e e q u a l i s a t i on l ev y, f a i l s t o p a y s u ch l e vy t o the credit of the Central Government in accordance with the provisions of sub-secti on (2) of that section, shall be liable to pay,— (i) in the case referred to in clause (a), in addition to paying the levy in accor dan ce with th e pr ovi sions of sub-secti on (3) of that section, or interest, if any, in accordance with the provisions of section 170, a penalty equal to the amount of equalisation levy that he failed to deduct; and (ii) in the case referred to in clause (b), in addition to paying the levy in accordance with the provisions of sub-section (2) of that section and interest in accordance with the provisions of section 170, a penalty of one thousand rupees for every day during which the failure continues, so, however, that the penalty under this clause shall not exceed the amount of equalisation levy that he failed to pay. 172.Where an assessee fails to furnish the statement within the time prescribed under sub-section (1) or sub-secti on (3) of section 167, he shall be liable to pay a penalty of one hundred rupees for each day during which the failure continues. 173. (1) Notwithstanding anything contained in section 171 or section 172, no penalty shall be imposable for any failure referred to in the said sections, if the assessee proves to the satisfaction of the Assessing Officer that there was reasonable cause for the said failure.Rectification of mistake. Interest on delayed payment of equalisa- tion levy. Penalty for failure to deduct or pa y equalisation levy. Penalty for failure to furnish statement. Penalty not to be imposed in certain ca ses. 76 Ex-424/2016 (2) N o or d er i m p o s i n g a p en a l t y u n d er t h i s C h a p t er s h a l l be m a d e u n l es s t h e assessee has been given a reasonable opportunity of being h ear d. 174. (1) A n a s s e s s ee a g g r i eved by a n or d er i m p o s i n g p en a l t y u n d er t h i s C h a p t er , m a y appeal to the Commissioner of Income-tax (Appeals) within a period of thirty days from the date of receipt of the order of the Assessing Officer. (2) An appeal under sub-section (1) shall be in such form and verified in such manner as may be prescribed and shall be accompanied by a fee of one thousand rupees. (3) Where an appeal has been filed under sub-section (1), th e provisions of sections249 to 251 of the Income-tax Act shall, as far as may be, apply to such appeal. 175. (1) An assessee aggrieved by an order made by the Commissioner of Income-tax (Appeals) under section 174 may appeal to th e Appellate Tribunal against such order. (2) The Commissioner of Income-tax may, if he objects to an y order passed by the Commissioner of Income-tax (Appeals) under section 174, direct the Assessing Officer to appeal to the Appellate Tribunal against such order. (3) An appeal under sub-section (1) or sub-secti on (2) shall be filed within sixty days from the date on which the order sought to be appealed again st is r eceived by the assessee or by the Commissioner of Income-tax, as the case may be. (4) An appeal under sub-section (1) o r s u b- s e ct i on (2) s h a l l b e i n s u ch fo r m an d verified in such manner as may be prescribed an d, in the case of an appeal filed under sub-section (1), it shall be accompanied by a fee of one thousand rupees. (5) Wh ere an appeal h as been filed before the Appellate Tribunal un der sub- s e ct i on (1) or sub-secti on (2), the provisions of sections 253 to 255 of the Income-tax Act shall, as far as may be, apply to such appeal. 176. (1) If a person makes a false statement in any verification under this Chapter or any rule made thereunder, or delivers an account or statement, which is false, and which he either knows or believes to be false, or does not believe to be true, he shall be punishable with imprisonment for a term which may extend to three years and with fine. (2) Notwithstanding anything contained in the Code of Criminal Procedure, 1973, an offence punishable under sub-section (1) shall be deemed to be non- cognizable with in th e meaning of th at Code. 177. No prosecution shall be instituted against any person for any offen ce un der section 176 except with the previous sanction of the Chief Commissioner of Income-tax. 178. Th e provisions of sections 120, 131, 133A, 138, 156, Chapter XV and sections220 to 227, 229, 232, 260A, 261, 262, 265 to 269, 278B, 280A, 280B, 280C, 280D, 282 and288 to 293 of the Income-tax Act shall so far as may be, apply in relation to equalisation levy, as they apply in relation to income-tax. 179. (1) The Central Government may, by notification in the Official Gazette, make rules for carrying out the provisions of this Chapter. (2) In particular, and without prejudice to the generality of the foregoing power, such rules may provide for all or an y of th e following matters, namely:–– Appeal to Commissioner of Income-tax (Appeals). Appeal to Appellate Tribunal. Punishment for false statement. Institution of prosecution. Application of cer ta in provisions of Income-tax Act. Power to make rules.2 of 1974. 77Ex-424/2016 (a) the time within which and the form and the manner in which th e st atemen t shall be deliver ed or caused t o be deliver ed or furnish ed under section 167; (b) the form in which an appeal may be filed and the manner in which it may be verified under sections 174 and 175; (c) an y oth er matter which is to be, or may be, pr escribed. (3) E v er y r u l e m a d e u n d er t h i s C h a p t er s h a l l be l a i d , a s s oon a s m a y be a f t er i t i s m a d e , b efo r e ea ch H ou s e o f P a r l i a m en t , wh i l e i t i s i n s e s s i o n , f or a t ot a l p er i od of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the rule or both Houses agree that the rule should not be made, the rule shall thereafter ha ve effect on ly i n such m odi fi ed form or be of no effect, a s t he ca se m ay be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule. 180. (1) If an y difficulty ar ises in giving effect to the pr ovisions of th is Chapter, the Central Government may, by order published in the Official Gazette, not inconsistent with the provisions of this Chapter, remove the difficulty: Provided that no such order shall be made after the expiry of a period of two years from the date on which the provisions of th is Chapter come into force. (2) Every order made under this section shall be laid, as soon as may be after it is made, before each House of Parliament. CHAPTER IX THEINCOMEDECLARATI ONSCHEME, 2016 181. (1) This Sch eme m ay be called the Income Declaration Scheme, 2016. (2) It shall come into force on th e 1st day of June, 2016. 182. In this Scheme, unless the context otherwise requires,–– (a) “declarant” means a person making the declaration under sub- section (1) of section 183; (b) “Income-tax Act” means the Income-tax Act, 1961; (c) 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. 183. (1) Subject to th e pr ovisions of this Scheme, a ny per son may make, on or after the date of commencement of this Scheme but before a date to be notified by the Central Government in the Official Gazette, a declaration in respect of any income chargeable to tax under the Income-tax Act for any assessment year prior to the assessment year beginning on the 1st day of April, 2017— (a) for which he has failed to furnish a return under section 139 of theIncome-tax Act; (b) w h i ch h e h a s f a i l ed t o d i s c l o s e i n a r et u r n o f i n co m e f u r n i s h ed by him under the Income-tax Act before the date of commencement of this Scheme; (c) which has escaped assessment by reason of the omission or failure on the part of such person to furnish a return under th e Income-tax Act or to disclose fully and truly all material facts necessary for the assessment or oth erwise.Power to remove difficulties. 43 of 1961.Short title and commencement. Definitions. Declaration of undisclosed income. 78 Ex-424/2016 (2) Where the income chargeable to tax is declared in the form of investment in any asset, the fair market value of such asset as on the date of commencement of this Scheme shall be deemed to be the undisclosed income for the purposes of sub- section (1). (3) The fair market value of any asset shall be determined in such manner, as may be prescr ibed. (4) No deduction in respect of an y expenditure or allowance shall be allowed against the income in respect of which declaration under this section is made. 184. (1) Notwithstanding anything contained in the Income-tax Act or in any Finance Act, the undisclosed income declared under section 183 within the time specified therein shall be chargeable to tax at the rate of thirty per cent. of such undisclosed income. (2) The amount of tax ch argea ble un der sub-section (1) shall be increased by a surcharge, for the purposes of the Union, to be called theKrishi Kalyan Cesson tax calculated at th e rate of twenty-five per cent. of such tax so as to fulfil the commitment of the Government for the welfare of the farmers. 185. Notwithstanding anything contained in the Income-tax Act or in any Finance A ct , t h e p er s on m a k i n g a declaration of un disclosed income shall, in addition to tax and surcharge under section 184, be liable to penalty at the rate of twenty-five per cent. of such tax. 186. (1) A declaration under section 183 shall be made to the Principal Commissioner or the Commissioner and shall be in such form and be verified in such manner, as may be prescribed. (2) The declaration shall be signed,— (a) where the declarant is an individual, by the individual himself; where such individual is absent from India, by the individual concerned or by some person duly authorised by him in this behalf; and where the individual is mentally incapacitated from attending to his affair s, by his guardian or by any oth er person competent to act on hi s beh al f; (b) where the declarant is a Hindu undivided family, by theKarta, and where theKartais absent from India or is mentally incapacitated from attending to his affairs, by any oth er adult member of such family; (c) where the declarant is a company, by the managing director thereof, or where for any unavoidable reason such managing director is not able to sign the declaration or where there is no managing director, by any director thereof; (d) where the declarant is a firm, by the managing partner thereof, or where for any unavoidable reason such managing partner is not able to sign the declaration, or where there is no managing partner as such, by any partner thereof, not being a minor; (e) where the declarant is any other association, by a ny member of the association or the principal officer thereof; and (f) where th e declarant is an y other person, by that person or by some other person competent to act on his behalf. (3) Any person, who has made a declaration under sub-section (1) of section 183 in respect of his income or as a representative assessee in respect of the income of any other person, shall not be entitled to make any other declaration, under that sub-section in respect of his income or the income of such other person, and any such oth er declaration, if made, shall be void. 187. (1) The tax and surcharge payable under section 184 and penalty payable under section 185 in respect of th e un di sclosed in come, shall be pa id on or before a da te to be notified by the Central Government in the Official Gazette. Charge of tax and surchage. Penalty. Manner of declaration. Time for payment of tax.79 Ex-424/2016 (2) The declarant shall file the proof of payment of tax, surcharge and penalty on or befor e the date notified under sub-section (1), with the Principal Commi ss ion er or th e Commissioner, as the case may be, before whom the declaration under section 183 was made. (3) If the declarant fails to pay the tax, surcharge and penalty in respect of the declaration made under section 183 on or before the date specified under sub-section (1), the declaration filed by him shall be deemed never to have been made under this Scheme. 188. The amount of undisclosed income declared in accor dance with section 183 shall not be in clud ed in the total in come of the declarant for any assessment year under the Income- tax Act, if the declarant makes the payment of tax and surcharge referred to in section 184 and the penalty referred to in section 185, by the date specified under sub-section (1) of section 187. 189. A declarant under this Scheme shall not be entitled, in respect of undisclosed income declared or any amount of tax and surcharge paid thereon, to re- open any assessment 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 oth er proceeding in relation to any such assessment or reassessment. 190. The provisions of the Benami Transactions (Prohibition) Act, 1988 sha ll not apply in respect of the declar ation of undisclosed income made in the form of investment in any asset, if the asset existing in the name of abenamidaris transferred to th e declarant, being the person who provides the consideration for such asset, or his legal representative, within the period notified by the Central Government. 191. Any amount of tax and surcharge paid under section 184 or penalty paid under section 185 in pursuance of a declaration made under section 183 shall not be refundable. 192. Notwithstanding anything contained in any other law for the time being in force, nothing contained in any declaration made under section 183 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 185, or for the purposes of prosecution under the Income-tax Act or the Wealth-tax Act, 1957. 193. Notwithstanding anything contained in this Scheme, where a declaration has been made by misrepresentation or suppression of facts, such declaration shall be void and shall be deemed n ever to have been made under th is Sch eme. 194. (1) Where the un disclosed income is represented by cash (including bank deposits), bullion, investment in shares or any other assets specified in the declaration made under section 183— (a) i n r es pect of wh i ch t h e d ecl ar a n t h as fail ed t o fur n i sh a r etu r n under section14 of the Wealth-tax Act, 1957, for the assessment year commencing on or before th e1st day of April, 2015; or (b) wh i ch h a ve n ot be en s h own i n t h e r et u r n of n et wea l t h fur n i sh ed by him for the said assessment year or years; or (c) which have been un der stated 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 rules made thereunder,— 27 of 1957.Undisclosed in come declared not to be inclu ded in total income. Undisclosed in come declared not to a ffect finality of completed assessments. 45 of 1988.Undisclosed in come declared not to be treated asbenami transaction in certain cases. 27 of 1957.Tax in respect of voluntarily di sc losed income not refundable. Declaration not admissible in evidence a g a in st declarant. Declaration by misrepresentation of facts to be void. 27 of 1957.Exemption from wealth- tax in respect of assets spefified in declaration. 27 of 1957.80 Ex-424/2016 (i) wea l t h - t a x s h a l l n ot be p a ya bl e by t h e d ecl a r a n t i n r es p ect o f t h e assets referred to in clause (a) or clause (b) and such assets shall not be included in his net wealth for the said assessment year or years; (ii) the amount by which the value of the assets referred to in clause (c) has been understated in the return of net wealth for the said assessment year or years, to the extent such amount does not exceed the voluntarily disclosed income utilised for acquiring such assets, shall not be taken into account in computing the net wealth of the declarant for the said assessment year or years. Explanation.—Where a declaration under section 183 is made by a firm, th e assets r eferr ed to i n sub-cl ause (i) or, as the case may be, the amount referred to in sub-clause (ii) shall not be taken into account in computing the net wealthof any partner of the firm or, as the case may be, in determining the value of the interest of an y partner in the firm. (2) The provisions of sub-section (1) shall not apply unless the conditions specified in sub-sections (1) and (2) of section 187 are fulfilled by the declarant. 195. T h e p r ovi s i on s of C h a p t er X V o f t h e Income-tax Act relating to liability in special cases and of section 119, section 138 and section189 of that Act or the provisions of Chapter V of the Wealth-tax Act, 1957 relating to liability in respect of assessment in special cases shall, so far as may be, apply in relation to proceedin gs under this Scheme as they apply in relation to proceedings under the Income-tax Act or, as the case may be, the Wealth-tax Act, 1957. 196. Th e provisions of th is Scheme shall not apply— (a) to any person in respect of whom an order of detention has been made under the Conservation of Foreign Exchan ge and Prevention of Smuggling Activities Act, 1974: Provided that— (i) su ch or der of deten ti on , be in g an or der to wh ich t h e pr ovi sion s of section 9 or section 12A of the said Act do not apply, has not been revoked on the report of the Advisory Board under section 8 of the said Act or before th e receipt of the report of th e Advisory Boar d; 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 ex pi ry of th e ti me for, or on th e basis of, th e r evi ew under sub-secti on (3) of section 9, or on t h e r ep or t of t h e A d vis or y Boa r d u n d er s ect ion 8 , r ea d wi t h sub-section (2) of section 9 of the said Act; or (iii) such order of deten tion, being an order to which the provisions of secti on 12A of t he said Act apply, h as n ot been r evoked before the expiry of the time for, or on the basis of, the first review under sub- secti on (3) of that section, or on the basis of the report of the Advisory Board under section 8, read with sub-section (6) of secti on 12A, of the said Act; or (iv) such order of detention has not been set aside by a court of competent jurisdiction; (b) in relation to prosecution for an y offence punishable under Chapter IX or Chapter XVII of th e Indian Penal Code, th e Narcotic Drugs an d Psychotr opic Substances Act, 1985, the Unlawful Activities (Prevention) Act, 1967 and the Prevention of Corruption Act, 1988; Applicability of certain provisions of Income-tax Act and of Chapter V of Wealth- tax Act. Scheme not to apply to certain persons.27 of 1957. 52 of 1974. 45 of 1860. 61 of 1985. 37 of 1967. 49 of 1988 81Ex-424/2016 (c) to any person notified under section 3 of the Special Court (Trial of OffencesRelating to Transactions in Securities) Act, 1992; (d) in relation to any undisclosed foreign income and asset which is chargeable to tax under the Bla ck Mon ey (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015; (e) in relation to any undisclosed 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, 2017— (i) where a notice under section 142 or sub-section (2) of secti on 143 or section 148 or section 153A or section 153C of the Income-tax Act has been issued in respect of such assessment year and the proceeding is pending before the Assessing Officer; or (ii) where a search has been conducted under section 132 or requisition has been made under section 132A or a survey has been carried out under section133A of the Income-tax Act in a previous 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 an y 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 information has been received by the competent authority under an agreement entered into by the Central Government under section 90 or section 90A of th e Income-tax Act in respect of such un discl osed asset. 197. For the removal of doubts, it is hereby declared that— (a) sa ve as other wise expr essly provided in sub-secti on (1) of secti on 183, nothing contained in this Scheme shall be construed as conferring any benefit, concessi on or immunity on any person other than the person making the declaration under this Scheme; (b) where any declaration has been made under section 183 but no tax, surcharge and penalty referred to in section 184 and section 185 has been paid within the time specified under section 187, the undisclosed income shall be chargeable to tax under the Income-tax Act in the previous year in which such declaration is made; (c) where any income has accrued, arisen or received or any asset has been acquired out of such income prior to commencement of this Scheme, and no declaration in respect of such income is made under this Scheme,— (i) such income shall be deemed to have accrued, arisen or received, as the case may be; or (ii) th e value of the asset acquir ed out of such income shall be deemed to have been acquired or made, in the year in which a notice under section 142, sub-section (2) of secti on 143 or section 148 or section 153A or section 153C of th e In come-tax Act is issued by th e Assessing Officer, and the provisions of the Income-tax Act shall apply accordingly. 198. (1) If an y difficulty arises in giving effect to the pr ovisions of th is Scheme, the Central Government may, by order, not inconsistent with the provisions of this Scheme, remove the difficulty: Provided that no such order shall be made after the expiry of a period of t w o ye a r s f r om t h e d a t e o n wh i ch t h e p r ovi s i o n s of t h i s Sch em e s h a l l com e i n t o for ce. (2) E ver y or d er m a d e u n d er t h i s s ect i on s h a l l be l a i d befor e ea ch Hou s e o f Pa r l i a m en t . 199. (1) The Board may, subject to the control of the Central Gover n men t, by notification in the Official Gazette, make r ules for carrying out the provisi ons of this Sch eme. 27 of 1992. 22 of 2015. Removal of doubts. Power to remove difficulties. Power to make rules. 82 Ex-424/2016 (2) Without prejudice to the generality of the foregoing power, such rules may provide for the form in which a declaration may be made under section 183 and the manner in which the same may be verified. (3) Every rule made under this Scheme shall be laid, as soon as may be, after it is made, before each House of Parliament, while it is in session, for a total period of thirty days, which may be comprised in one session or in two or more s u c ces s i ve s e s s i o n s , a n d i f, b efo r e t h e ex p i r y o f t h e s es s i on immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the rule or both Houses agree that the rule should not be made, the rule sha ll t herea ft er ha ve effect on ly i n such modified form or be of no effect, as th e case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule. CHAPTER X THEDIRECTTAXDISPUTERESOLUTI ONSCHEME, 2016 200. (1) This Scheme may be called the Direct Tax Dispute Resolution Scheme, 2016 (2) It shall come into force on the 1st day of June, 2016. 201. (1) In this Scheme, unless the context otherwise requires,— (a) “declarant” means a person making a declaration under section 202; (b) “designated authority” means an officer not below the rank of a Commissioner of Income-tax and notified by the Principal Chief Commissioner for th e purposes of th is Sch eme; (c) “d i s p u t ed i n com e” , i n r el a t i on t o a n a s s es s m en t ye a r , m ea n s t h e wh ol e or so much of the total income as is relatable to the disputed tax; (d) “disputed tax” means the tax determined under the Income-tax Act, or the Wealth-tax Act, which is disputed by the assessee or the declarant, as the case may be; (e) “disputed wealth”, in relation to an assessment year, means the whole or so mu ch of th e n et weal th a s is r elat able t o t h e d isp ut ed ta x; (f) “Income-tax Act” means the Income-tax Act, 1961; (g) ‘‘specified tax’’ means a tax- (i) the determination of which is in consequence of or validated by any amendment made to the Income-tax A c t or t h e Wealth-tax Act with retrospective effect and relates to a period prior to the date on which the Act amending the Income-tax Act or the Wealth-tax Act, as the case may be , r eceived th e a ssen t of t h e Pr esi den t; a n d (ii) a dispute in respect of s u ch t a x i s pending a s on t h e 29th da y of February, 2016; (h) “tax arrear” means, the amount of tax, interest or penalty determined under the Income-tax Act or the Wealth-tax Act, in respect of wh ich appeal is pending before the Commissioner of Income-tax (Appeals) or th e Commissioner of Wealth- tax (Appeals) as on the 29th day of Februar y, 2016; (i) “Wealth-tax Act” means the Wealth-tax Act, 1957. (2) All other words and expressions used herein but not defined and defined in the Income-tax Act or theWealth-tax Act, as the case may be, shall have the meanings respectively assigned to them in those Acts. 202. Subject to the provisions of th is Sch eme, where a declarant files, on or after the 1st day of June, 2016 but on or before a date to be notified by t he Central Short title and commencement. Definitions. 43 of 1961. Declaration of tax payable.27 of 1957. 83Ex-424/2016 Government in the Official Ga zette, a declaration to the designated authority in accor dance with the provisions of section 203 in respect of tax arrear, or specified tax, then, notwithstanding anything contained in the Income-tax Act or the Wealth-tax Act or any oth erpr ovi si on of an ylaw for thetime beinginforce,theamount payable under this Scheme by the declarant shall be as under, namely:–– (I) in case of pending appeal related to tax arrear being–– (a) tax and interest,— (i) i n a ca s e wh er e t h e d i s p u t ed t a x d oes n ot ex ceed t en la k h r u p ees , the whole of the disputed tax and the interest on disputed tax till the da te of ass ess men t or r ea ssessm en t, a s t h e ca se m ay be; or (ii) in any oth er case, the whole of disputed tax, twenty-five per cen t . o f t h e m i n i m u m p en a l t y l evi a b l e a n d t h e i n t er e s t o n d i s p u t ed t a x ti ll t h e da te of ass ess men t or r ea ssessm en t, a s t h e ca se m ay be; (b)penalty, twenty-five per cent. of the minimum penalty leviable an d the tax and interest payable on the total income finally determined. (II) in case of specified tax, the amount of such tax so determined. 203. (1) A declaration under section 202 shall be made to the designated authority in such form and verified in such manner as may be prescribed. (2) Where the declaration is in respect of tax arrear, consequent to such declaration, appeal in respect of the disputed income, disputedwealth and tax arrear pending before t he Com missi oner of In come-tax (Appeals) or th e Comm ission er of Wealth-tax (Appeals), as the case may be, shall be deemed to have been withdrawn. (3) Where the declaration is in respect of specified tax and the declarant has,— (a) filed any appeal before the Commissioner of Income-tax (Appeals) or th e Commissioner of Wealth-tax (Appeals) or th e Appellate Tribunal or the High Court or the Supreme Court or any writ petition before the High Court or the Supreme Court against any order in respect of the specified tax, he shall withdraw such appeal or writ petition with the leave of the court wherever required and furnish proof of such withdrawal along with the declaration referred to in sub-section (1); (b) initiated any p roceeding for arbitration, conciliation or mediation or h a s g i ven a n y n ot i ce t h e r eof u n d er a n y l a w for t h e t i m e be i n g i n for ce or under any agreement entered into by India with any other country or territory outside India whether for pr otecti on of investment or other wise, he shall withdraw such notice or the claim, if any, in such proceedings prior to making the declaration and furnish proof thereof along with the declaration referred to in sub-section (1). (4) Where th e declaration is in respect of specified tax, th e declarant shall, without prejudice to the provisi ons of sub-secti on (3), f u r n i s h a n undertaking, in such form and verified in such manner as may be prescribed, waiving his right, whether dir ect or indirect, to seek or pursue any remedy or any claim in relation to the specified t a x wh i ch m a y ot h er wi se be a va i l a bl e t o h i m u n d er a n y l a w for t h e t i m e be i n g i n for ce, i n e q u i t y, b y s t a t u t e o r u n d er a n a g r eem en t r efe r r ed t o i n c l a u s e (b) o f s u b- s e ct i on (3) or other wise. (5) Wher e,— (a) any material particular furnished in the declaration is found to be false at any stage; orParticulars to be funished. 84 Ex-424/2016 (b) the declarant violates any of the conditions referred to in this Scheme; or (c) the declarant acts in a manner which is not in accordance with the undertaking given by him under sub-section (4), it shall be presumed as if the declaration was never made under the Scheme and all the consequences under th e Income-tax Act or the Wealth-tax Act, as the case may be, under which the proceedings against the declarant are or were pending, shall be deemed to have been revived. (6) No appellate authorithy or arbitrator, conciliator or mediator shall proceed to decide any issue relating to the specified tax mentioned in the declaration and in respect of which an order had been made under sub-section (1) of section 204 by the designated authority or the payment of the sum determined under that section. 204. (1) The designated authority shall, within a period of sixty days from the date of receipt of the declaration, determine the amount payable by the declarant in accordance with the provisions of this Scheme and grant a certificate in such form as may be prescr ibed, to t he declarant setting for th therein the particulars of the tax arrear or the specified tax, as the case may be, and the sum payable after such determination. (2) The declarant shall pay the sum determined by the designated authority as per the certificate granted under sub-secti on (1) within thir ty days of the date of receipt of the certificate and intimate the fact of such payment to the designated authority along with proof thereof and the designated authority shall thereupon pass an order stating that the declarant has paid the sum. (3) Every order pa ssed under sub-section (1), determining the sum payable under this Scheme, shall be conclusive as to the matters stated therein and no matter covered by such order shall be re-opened in any other proceeding under the In come- tax A ct or t h e Wea l t h - t a x A ct or u n d er a n y ot h er l a w f or t h e t i m e be i n g i n for ce, or as the case may be, under any agreement, whether for protection of investment or otherwise, entered into by India with any other country or territory outside India. 205. The designated authority shall, subject to the conditions provided in section 204, grant— (a) immunity from instituting any proceedings in respect of an offence under the Income-tax Act or the Wealth-tax Act, as the case may be; or (b) im muni ty fr om im positi on or waiver, as th e ca se ma y be, of penalty under the Income-tax Act or the Wealth-tax Act, as the case may be, in respect of,— (i) specified tax covered in the declaration under section 202; or (ii) tax arrear covered in the declaration to the extent the penalty exceeds the amount of penalty referred to in clause (I) of section 202; (c) waiver of interest under the Income-tax Act or the Wealth-tax Act, as the case may be, in respect of,— (i) specified tax covered in the declaration under the section 202; (ii) tax arrear covered in the declaration to the extent the interest exceeds the amount of interest referred to in sub-clause (a) of clause (I) of section 202. Immunity from initiation of proceedings in respect of offence and imposition of penalty in certain ca ses. Time and manner of pa yment.85Ex-424/2016 206. Any amount paid in pursuance of a declaration made under section 202 shall not be refundable under any circumstances. 207. Save as otherwise expressly provided in sub-section (3) of section 204 an d section205, nothing contained in this Scheme shall be construed as conferring any benefit, concession or immunity on the declarant in any proceedings other than those in relation to which the declaration has been made. 208. The provisions of th is Scheme shall not apply— (a) in respect of tax arrear or specified tax,–– (i) relating to an assessment year in respect of wh i ch a n assessment has been made under section 153A or 153C of the Income-tax Act or as ses smen t or reassessment for any of the assessment years, in consequence of a s ear ch i n i tia ted u n d er s ecti on 3 7A or r equ is iti on ma de un d er s ecti on 37B of the Wealth-tax Act if it relates to any tax arrear; (ii) relating to an assessment or reassessment in respect of which a survey conducted under section 133A of the Income-tax Act or section 38A of the Wealth- tax A c t , h a s a be a r i n g i f i t r el a t es t o a n y t a x a r r ea r ; (iii) r e l a t i n g t o a n a s s es s m e n t ye a r i n r es p e ct o f w h i ch p r os e cu t i on has been instituted on or before the date of filing of declaration under section 202; (iv) relating to any undisclosed in come from a source located outside India or undisclosed asset located outside India; (v) relating to an assessment or reassessment made on the basis of information received under an agreement referred to in section 90 or secti on 90A of the Income-tax Act, if it relates to any tax arrear; (b) to any person in respect of whom an order of detention has been made under the provisions of th e Conservation of Foreign Exchan ge and Prevention of Smuggling Activities Act, 1974: Provided that— (i) such or der of detent ion , bein g an or der to wh i ch th e pr ovi sions of section 9 or section 12A of the said Act do not apply, has not been revoked on the report of the Advisory Board under section 8 of the said Act or before the r eceipt of the r eport of the Advisory Boar d; 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 the time for, or on th e basis of, th e revi ew under sub- section (3) of section 9, or on th e report of th e 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 12A of th e said Act apply, has not been revoked before the expiry of the time for, or on the basis of, the first review under sub- sect ion (3) of that section, or on the basis of the report of the Advisory Board under sect ion 8, read with sub-section (6) o f s ect i on 1 2 A , o f t h e said Act; or (iv) such order of detention has not been set aside by a court of competent jur isdiction; Scheme not to apply in certain cases. No refund of amou nt pa id under scheme. No other benefit, concession or immunity to declarent. 52 of 1974. 86 Ex-424/2016 (c) to any person in respect of wh om pr osecuti on for any offen ce punishable under the provisions of the Indian Penal Code, the Un la wful Activities (Prevention) Act, 1967, the Narcotic Drugs and Psychotropic SubstancesAct, 1985, th e Preven ti on of Corruption Act, 1988 or for the purpose of enforcement of any civil liability has been instituted on or before th e fi li ng of th e decl ara ti on or such person ha s been convi ct ed of an y such offence punishable under any of those Acts; (d) to any person notified under section 3 of the Special Court (Trial of OffencesRelating to Transactions in Securities) Act, 1992. 209. (1) The Central Government may, from time to time, issue such directions or orders to the authorities, as it may deem fit, for the proper administration of this Scheme: Provided that no direction or order shall be i s s u ed s o a s to require any designated authority to dispose of a particular case in a particular manner. (2) Without prejudice to the generality of the foregoing power, the Central Government may, if it considers necessary or expedient so to do, for th e purpose of proper and efficient administration of the Scheme and collection of revenue, issue, from time to time, general or special orders in respect of any class of cases, setting forth dir ections or instructions as to the guidelines, principles or procedur es to be followed by the authorities in the work relating to administration of the Scheme and collection of revenue and any such order may, if the Central Government is of the opinion that it is necessary in the public interest so to do, be published in the Official Gazette in such manner as may be prescribed. 210.(1) If an y difficulty ar ises in giving effect to th e pr ovisions of th is Scheme, the Central Government may, by order, not inconsistent with the provisions of th is Scheme, remove the difficulty: Provided that no such order shall be made after the expiry of a period of two years from the date on which the provisions of this Scheme come into force. (2) Every order made under this section shall, as soon as may be after it is made, be laid before each House of Parliament. 2 11. (1) The Central Government may, by notification in the Official Gazette, make rules for carrying out the provisions of th is Scheme. (2) Without prejudice to the generality of the foregoing power, such rules may provide for all or any of the following matters, namely:–– (a) t h e for m i n wh i ch a d ecl a r a t i on m a y b e ma d e a n d t h e m a n n er i n which such declaration may be verified under sub-section (1) of secti on 203; (b) t h e fo r m of certificate which may be granted under sub-secti on (1) of section 204; (c) the manner in which orders may be published under sub-section (2) of secti on 209; (d) any other matter which by this scheme is to be, or may be, prescribed, or inrespect of which provision is to be made, by rules. (3) Every rule made by the Central Government under this Scheme shall be lai d, as soon a s m ay be a ft er i t i s m ad e, befor e ea ch Hou se of Par l ia men t, wh i le i t is i n session, for a total peri od of th ir ty days, which ma y be com prised in on e session 27 of 1992. 45 of 1860. 37 of 1967. 61 of 1985. 49 of 1988 Power of Central Government to issuedirections, etc. Power to remove difficulties. Power to make rules. 87Ex-424/2016 or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the rule or both Houses agree that the rule should not be made, the rule shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule. CHAPTER XI THE INDIRECT TAX DISPUTE RESOLUTION SCHEME, 2016 212. (1) This Scheme may be called the Indirect Tax Dispute Resolution Scheme, 2016. (2) It shall be applicable to th e declarations made up to the 31st day of December, 2016 (3) It shall come into force on th e 1st day of June, 2016. 213. (1) In this Scheme, unless the context otherwise requires,— (a) “Act” means th e Customs Act, 1962 or th e Central Excise Act, 1944 orChapter V of the Finance Act, 1994, as the case may be; (b) “Assistant Commissioner” means the Assistant Commissioner of Customs or the Assistant Commissioner of Central Excise or the Assistant Commissioner of Service Tax, as the case may be; (c) “Commissioner” means the Commissioner of Customs or the Commissioner of Central Excise or the Commissioner of Service Tax, as the case may be; (d) “declarant” means any person who makes a declaration under sub-secti on (1)of section 214; (e) “design ated auth or it y” mea n s an offi cer n ot bel ow t h e r a n k of Assistant Commissioner who is authorised to act as Assistant Commissioner by the Commissioner for the purposes of this Scheme; (f) “impugned order” means any order which is under challenge before th eCommissioner (Appeals); (g) “i n di r ect t ax d isp ut e” m ea n s a d is pu te i n r es pect of an y of th e provisions of the Act which is pending before the Commissioner (Appeals) as an appeal against the impugned order as on the 1st day of March, 2016; (h) “prescribed” means prescribed by rules made under this Scheme; (i) “tax” includes duty or tax levied under the Act. (2) Words and expressions used herein and not defined but defined in the Act or the rules made thereunder shall have the meanings respectively assigned to them in the Act or the rules made thereunder. 214. (1) Subject to the provisions of this Scheme, a person may make a declaration to the designated authority on or before the 31st day of December, 2016 in such form and manner as may be prescribed. (2) Th e designated authority shall acknowledge the declaration in such form and manner as may be prescribed. Short title, application and commencement. Definitions. 52 of 1962. 1 of 1944. 32 of 1994. Procedure for mak ing decla ration.88 Ex-424/2016 (3) The declarant shall pay tax due alongwith the interest thereon at the rate as provided in the Act and penalty equivalent to twenty-five per cent. of the penalty imposed in the impugned order, within fifteen days of the receipt of acknowledgement under sub-section (2) and intimate the designated authority within seven days of making such payment giving the details of payment made along with the proof thereof. ( 4) O n r ecei p t of t h e p r oof of p a ym e n t of t a x , i n t e r es t a n d p en a l t y u n d er s u b- section (3), the design ated auth ority shall, with in fifteen days of the receipt of such proof, pass an order of discharge of dues referred to in sub-section (3) in such form as may be prescribed. 215. The provisions of th is Scheme shall not apply, if— (a) the impugned order is in respect of search and seizure pr oceedin g; or (b) prosecution for any offence punishable under the Act has been in stituted before the 1st day of June, 2016; or (c) the impugned order is in respect of narcotic drugs or other prohibited goods; or (d) impugned order is in respect of any offence punishable under the Indian Penal Code, the Narcotic Drugs and Psychotropic Subst a n ces Act , 1985 or t h e Prevention of Corruption Act, 1988; or (e) any detention order has been passed under the Conservation of ForeignExchange and Prevention of Smuggling Act, 1974. 216. (1) Notwithstanding anything contained in any provision of the Act, upon the passing of an order under sub-section (4) of section 214, the appeal pending before the Commissioner (Appeals) shall stand disposed of and the declarant shall get i m m u n i t y fr om a l l p r oceed i n g s u n d er t h e A ct , i n r es p e ct of t h e i n d i r e ct t a x d i s p u t e for which the d eclaration h as been made un der th is Scheme. (2) A declaration made under sub-section (1) of section 214 shall become conclusive upon the issuance of an order under sub-section (4) of section 214 and no matter relating to the impugned order shall be reopened thereafter in any proceedings under th e Act befor e a ny a uth ori ty or cour t. 217. (1) Any amount paid in pursuance of a declaration made under sub- section (1) of section 214 shall not be refunded. (2) Any order passed under sub-section (4) of section 214 shall not be deemed to be an order on merits and has no binding effect. Explanation.––Fo r t h e r em ov a l o f d ou bt s , i t i s h er eby d e cl a r ed t h a t n ot h i n g contained in this Scheme shall be construed as conferring any benefit, concession or immunity on the declarant other than the benefit, concession or immunity granted under section 216. 218. (1) The Central Government may, by notification in the Official Gazette, make rules for carrying out the provisions of th is Scheme. (2) Without prejudice to the generality of the foregoing power, such rules may provide for all or any of the following matters, namely:–– (a) the form and the manner in which a declaration may be made under sub-section (1) of section 214;Immunity from other proceedings under Act. Scheme not to apply in certain ca ses. 45 of 1860. 61 of 1985. 49 of 1988. 52 of 1974. Consequences of order made under scheme. Power to make rules. 89Ex-424/2016 (b) the form and the manner of acknowledging the declaration under sub-secti on (2)of section 214; (c) the form and the manner of issuing an order of discharge under sub- section (4 of section 214; (d) any other matter which is to be, or may be, prescribed, or in respect of wh ich pr ovisi on i s to be made, by r ules. (3) E ve r y r u l e m a d e u n d er t h i s Sch em e s h a l l b e l a i d , a s s oon a s m a y b e a f t er i t i s m a d e , b efo r e ea ch H ou s e o f P a r l i a m en t , wh i l e i t i s i n s e s s i o n , f or a t ot a l p er i od of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the rule or both Houses agree that the rule should not be made, the rule shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule. CHAPTER XII MISCELLANEOUS PART I AMENDMENTS TO THERESERVEBANK OFINDIAACT, 1934 219. The provisions of this Part shall come into force on such date as the CentralGovernment may, by notification in the Official Gazette, appoint. 220. I n th e Reser ve Ba n k of India Act,1934 (herein referred to as the principal Act), in the Pr eamble, for paragraphs 2 and 3, the following paragraphs shall be substituted, namely:– “AND WHEREASit is essential to have a modern monetary policy framework to meet the challenge of an increasingly complex economy; AND WHEREASthe primary objecti ve of the monetary policy is to maintain price stability while keeping in mind the objective of growth; AND WHEREASthe monetary policy framework in India shall be operated by the ReserveBank of India;”. 221. In section 2 of the principal Act,–– (i) after clause (b), the following clause shall be inserted, namely:– ‘( bva ) “Con sumer Price Index” means the Consum er Price Index Combined published by th e Government of India from time to time;’; (ii) after clause (c), the following clauses shall be inserted, namely:– ‘(ci) “inflation” means the year wise change in monthly Consumer PriceIndex expressed in terms of percentage; (cii) “inflation target” means the inflation target determined in accordance with sub-section (1) of section 45ZA;’; (iii) after clause (cc), the following clauses shall be inserted, namely:–– ‘(cci) “Monetary Policy Committee” means the Committee constituted under sub-section (1) of section 45ZB;’; Amendment of section 2 . Commencement and Amendment of Act 2 of 1934. Amendment of Preamble.90 Ex-424/2016 (iv) after clause (cccc), the following clause shall be inserted, namely:– ‘(cccci) “Policy Rate” means the rate for repo-transactions under sub-section (12AB) of section 17;’. 222. After Chapter III E of the principal Act, the following Chapter shall be inserted, namely:–– “CHAPTER III F MONETARYPOLICY 45Z. The provisions of this Chapter shall have effect, notwithstanding anything inconsistent therewith contained in any other provisions of this Act. 45ZA. (1) The Central Government shall, in consultation with the Bank, d et er m i n e t h e i n fl a t i on t a r g et i n t er m s o f t h e C on s u m er Pr i ce I n d ex , on ce i n ev er y fi ve years. (2) The Central Government shall, upon such determination, notify the inflation target in the Official Gazette. 45ZB. (1) The Central Government may, by notification in the Official Gazette, constitute a Committee to be called the Monetary Policy Committee of the Bank. (2) The Monetary Policy Committee shall consist of the following Members, namely:— (a) the Governor of the Bank—Chairperson,ex officio; (b) Deputy Governor of the Ban k, in charge of Monetary Pol i cy— Mem ber, ex officio; (c) one officer of the Bank to be nominated by the Centr al Boa rd— Member, ex officio;and (d) thr ee persons to be appointed by the Central Government— Members. (3) The Monetary Policy Committee shall determine the Policy Rate required to achieve the inflation target. (4) The decision of the Monetary Policy Committee shall be binding on the Bank. 45ZC. (1) The Members of the Monetary Policy Committee r eferr ed to in clause (d) of sub-secti on (2) of section 45ZB shall be appointed by th e Centr al Government from amongst persons of ability, integrity and standing, having kn owl edge a n d experience in th e field of economics or banking or finan ce or monetary policy: Pr ovi d ed th a t n o p er s on s h a l l be a pp oi n t ed a s a M ember , i n ca s e su ch per s on – (i) has completed the age of seventy years on the date of appoin tment as Member; (ii) is a Member of an y Board or Committee of th e Ban k; (iii) is an employee of the Bank;Eligibility and selection of Members appointed by Central Government.Insertion of new Chapter III F. Provisions of this Chapter to override other provisions of Act. Inflation target. Constitution of Moneta ry Policy Committee. 91Ex-424/2016 (iv) is a public servant as defined under section 21 of the Indian PenalCode; (v) is a Member of Parliament or any State Legislature; (vi) has been at any time, adjudged as an insolvent; (vii) has been con victed of an offen ce which is punishable with an imprisonment for a term of one hundred and eighty days or more; (viii) is physically or mentally incapable of discharging the duties of aMember of the Monetary Policy Committee; or (ix) h a s a material conflict of interest with the Bank and is unable to resolve such conflict. (2) The Members of the Monetary Policy Committee referred to in clause (d) of sub-secti on (2) of section 45ZB shall be appointed by the Central Government on the recommendations made by Search-cum-Selection Committee consisting of t h e following members, namely:–– (a) Cabinet Secretary—Chairperson; (b) Governor of the Reserve Bank of India or his representative (not below the rank of Deputy Governor)—member; (c) Secretary, Department of Economic Affairs—member; (d) thr ee experts in the field of economics or banking or finan ce or Monetary policy to be nominated by the Central Government—members. ( 3) While selecting the Members of the Monetary Policy Committee, the Search- cum-Selection Committee shall follow such procedure as may be prescribed by the Central Government. 45ZD. (1) The Members of the Monetary Policy Committee appointed under clause (d) of sub-secti on (2) of secti on 45ZB sha ll hold offi ce for a peri od of four years and shall not be eligible for re-appointment. (2) The terms and conditions of appointment of Members of the Monetary Policy Committee shall be such as may be prescribed by the Central Government and the remuneration and other allowances payable to such Members shall be such as may be specified by the regulations made by the Central Board. (3) A Member may resign from the Monetary Policy Committee, at any time before the expiry of his tenure under sub-section (1), by giving to the Cen t r a l Government, a written notice of not less than six weeks, and on the acceptance of the resignation by the Central Government, he shall cease to be a Member of the Monetary Policy Committee. 45ZE. (1) T he C en tr al Gover nm en t m ay rem ove from office any Mem ber of theMonetary Policy Committee appointed under clause (d) of sub-secti on (2) of section 45ZB, wh o— (a) is, or at any time has been, adjudged as an insolvent; or (b) has become physically or mentally incapable of acting as a Member; or (c) has been convicted of an offence which, in the opinion of the CentralGover n men t, involves m or al t urpi tude; or (d) has failed to adequately disclose any material conflict of interest at the time of his appointment; or45 of 1860. Terms and conditions of appointment of Members of Moneta ry Policy Committee. Removal of Members of Monetary Poli cy Committee.92 Ex-424/2016 (e) does not attend three consecutive meetings of the Monetary PolicyCommittee without obtaining prior leave; or (f) has a cquired such fin an cial or oth er in ter est as is l ikely to affect prejudicially his functions as a Member; or (g) has acquired any post referred to in clauses (ii), (iii), (iv) and clause(v) of th e pr ovi so to sub-secti on (1) of section 45ZC; or (h) has, in the opinion of the Central Government, so abused his position as to render his continuance in office detrimental to the public interest. (2) No Member appointed under clause (d) of sub-secti on (2) of secti on 45ZB shall be removed under clause (d) or clause (e) or clause (f) or clause (g) or clause (h) of sub-secti on (1) unless he has been given a reasonable opportunity of being heard in the matter. 45ZF. No act or proceeding of the Monetary Policy Committee shall be invalid merely by reason of— (a) any vaca ncy i n , o r a n y d efect i n t h e constitution of the Monetary PolicyCommittee; or (b) any defect in the appointment of a person acting as a Member of theMonetary Policy Committee; or (c) any irregularity in the procedure of the Monetary Policy Committee not affecting the merits of the case. 45ZG. (1) The Bank shall appoint a Secretary to the Monetary Policy Committee to provide secretariat support to the said Committee. (2) The Secretary shall perform such functions and in such manner as may be specified by the regulations made by the Central Board. 45ZH. (1) The Bank shall provide all information to the Members of the MonetaryPolicy Committee that may be relevant to achieve the inflation target. (2) In addition to information provided by the Bank under sub-section (1), any Member of the Monetary Policy Committee may, at any time, request the Bank for additional information, including any data, models or analysis. (3) The Bank shall provide the information, as referred to in sub-section (2), to the Member of the Monetary Policy Committee, within reasonable time, unless— (a) the information pertains to an entity or person and is not publicly available; or (b) the information allows an entity or person to be identified and the information is not publicly available. (4) Any information provided by the Bank to a Member of the Monetary PolicyCommittee shall be provided to all the Members of the Monetary Policy Committee. 45ZI. (1) The Bank shall organise at least four meetings of the Monetary PolicyCommittee in a year.Vacancies, etc., not to invalidate proceedings of Moneta ry Policy Committee. Secretary to Moneta ry Policy Committee Information for Moneta ry Policy Committee Members. Meetings of Moneta ry Policy Committee. 93Ex-424/2016 (2) The meeting schedule of the Monetary Policy Committee for a year shall be published by the Bank at least one week before the first meeting in that year. (3) The meeting schedule may be changed only–– (a) by way of a decision taken at a prior meeting of the Monetary PolicyCommittee; or (b) if, in the opinion of the Governor, an additional meeting is required or a meeting is required to be rescheduled due to administrative exigen cies. (4) Any change in meeting schedule shall be published by the Bank as soon as practicable. (5) The quorum for a meeting of the Monetary Policy Committee shall be four Members, at least one of whom shall be the Governor and in his absence, the Deputy Governor who is the Member of the Monetary Policy Committee. (6) The meetings of the Monetary Policy Committee shall be presided over by the Governor, and in his absence by the Deputy Governor who is a Member of the Monetary Policy Committee. (7) Each Member of the Monetary Policy Committee shall have one vote. (8) All questions which come up before any meeting of the Monetary Po l i cy C om m i t t ee s h a l l b e d eci d ed by a m a jor i t y of vo t es b y t h e M em be r s p r es e n t a n d voti ng, a nd in th e event of an eq ua li ty of votes, th e Govern or sha ll ha ve a second or casting vote. (9) The Cen tral Gover nment may, if it consi ders necessa ry, con vey its views in writing to the Monetary Policy Committee from time to time. (10) The vote of each Member of the Monetary Policy Committee for a proposed resolution shall be recorded against such Member. (11) Each Member of the Monetary Policy Committee shall write a statement specifying the reasons for voting in favour of, or against the proposed resolution. (12) The procedure, conduct, code of confidentiality and any other incidental m a t t er f or t h e f u n c t i on i n g of t h e M o n e t a r y P ol i cy C o m m i t t ee s h a l l b e s u ch a s m a y be specified by the regulations made by the Central Board. (13) The proceeding of the Monetary Policy Committee shall be confidential. 45ZJ. (1) The Bank shall publish a document explaining the steps to be taken by it to implement the decisions of the Monetary Policy Committee, including any changes thereto. (2) The particulars to be included in such document and the frequency of publications of such document shall be such as may be specified by the regulations made by the Central Board. 45ZK. The Bank shall publish, after the conclusion of every meeting of the Monetary Policy Committee, the resolution adopted by the said Committee; 45ZL. The Bank shall publish, on the fourteenth day after every meeting of the Monetary Policy Committee, the minutes of the proceedings of the meeting which shall include the following, namely:— (a) the resolution adopted at the meeting of the Monetary Policy Committee; (b) the vote of each member of the Monetary Policy Committee, ascribedto such member, on resolutions adopted in the said meeting; and Steps to be taken to implement decision of Monetary Poli cy Committee. Publication of decisions. Publication of proceedings of meeting of Moneta ry Policy Committee.94 Ex-424/2016 (c) the statement of each member of the Monetary Policy Committee under sub-section (11) of section 45ZL on the resolutions adopted in the said meeting. 45ZM. (1) T h e Ba n k s h a l l , on ce i n ev er y s i x m on t h s , p u bl i s h a d o cu m e n t t o be called the Monetary Policy Report, explaining— (a) the sources of inflation; and (b) t h e f or e ca s t s o f i n fl a t i on f or t h e p er i od b et we en s i x t o e i g h t e en months from the date of publication of th e document. (2) The form and contents of the Monetary Policy Report shall be such as may be specified by the regulations made by the Central Board. 45ZN. Where the Bank fails to meet the inflation target, it shall set out in a report to th e Centr al Government–– (a) the reasons for failure to achieve the inflation target; (b) remedial actions proposed to be taken by the Bank; and (c) an estimate of the time-period within which the inflation target shall be achieved pursuant to timely implementation of proposed remedial actions. Explanation.—For the purposes of this section, the factors that constitute failure shall be such as may be notified by t he Central Government in the Official Gazette, within three months from the date of the commencement of Part I of Chapter XII of the Finan ce Act, 2016. 45ZO. (1) The Central Government may, by notification in the Official Gazette, make rules for th e purpose of carrying out the provisions of th is Chapter. (2) In particular and without prejudice to the generality of the foregoing power, such rules may provide for–– (a) the procedure of functioning of the Search-cum-Selection Committee under sub-section (3) of section 45ZC; (b) the terms and conditions of appointment, (other than the remuneration and other allowances), of Members of the Monetary Policy Committee under sub-section (2) of section 45ZD; and (c) any other matter which is to be, or may be, prescribed by the CentralGovernment by rules.”. 223. In section 58 of the principal Act, in sub-section (2) , a ft er cl a u s e (q), the following clauses shall be inserted, namely:–– “(qa) the remuneration and other allowances payable to Members of the MonetaryPolicy Committee under sub-section (2) of section 45ZD; (qb) th e functions of th e Secretary under sub-section (2) of sect ion 45ZG; (qc) the procedur e, manner of conducting of meetings and related matters of theMonetary Policy Committee under sub-section (12) of section 45ZI; (qd) the particulars and the frequency of publication of document under sub-section (2) of section 45ZJ; (qe) the form and contents of the Monetary Policy Report to be published under sub-section (2) of section 45ZM;”.Monetary Policy Report. Failure to maintain inflation target. Power to make rules. Amendment of section 58. 95Ex-424/2016 PART II AMENDMENT TO THECENTRALSALESTAXACT, 1956 224. I n t h e C en t r a l Sales Tax Act, 1956, in section 3, after Explanation 2,the following Explanationshall be inserted, namely:— “Explanation3.—Where the gas sold or purchased and transported through a common car rier pipelin e or any ot her comm on t ra nsport or distribution system becomes co-mingled and fungible with other gas in the pipeline or system and such gas is introduced into the pipeline or system in one State and is taken out from the pipeline in another State, such sale or purchase of gas shall be deemed to be a movement of goods fr om one Sta te to an oth er. ”. PART III AMENDMENT TO THEOILINDUSTRY(DEVELOPMENT) ACT, 1974 225. In th e Oil Industry (Development) Act, 1974, in the Schedule, against Sl.No.1 relating to crude oil, for the entry in column 3, the entry “twenty per cent.ad valorem” shall be substituted. PART IV AMENDMENT TO THESMUGGLERS ANDFOREI GNEXCHANGEMANIPULA T ORS (FORFE ITURE OFPROPERTY) ACT, 1976 226. In the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976 with effect from the 1st day of June, 2016,–– (a) section 2A shall be omitted; (b) in secti on 3, in sub-secti on (1), in clause (a), the words “for Forfeited Pr operty”shall be omitted; (c) in section 12,–– (i) in sub-section (1),–– (A) the words “to be called the Appellate Tribunal for Forfeited Property” shall be omitted; (B) for th e words “hearing appeals against the orders made under section 7, sub-section (1) of section 9 or section 10”, the following shall be substituted, namely:–– “hearing appeals against the orders made–– (a) under section 7, sub-section (1) of section 9 or section 10; (b) under section 68F, section 68-I, sub-section (1) of section 68K or section 68L of the Narcotic Drugs an d Psychotropic Substances Act, 1985; (c) by the Adjudicating Authority or any other authority under the Prevention of Money-laundering Act, 2002.”; (ii) in sub-section (2), th e words “or is qualified to be” shall be omitted; (iii) in sub-secti on (6A), for the words “Ben ch of t wo members”, th e words “Bench with one or two members” shall be substituted; (iv) after sub-section (6A), the following sub-sections shall be inserted, namely:––Amendment of Act 74 of 1956. Amendment of Schedule of Act 47 of1974. Amendment of Act 13 of1976. 61 of 1985 15 of 200396 Ex-424/2016 “(6B) In the event of the occurrence of any vacancy in the office of the C h a i r m a n b y r ea s on o f h i s d ea t h , r es i g n a t i on o r o t h er wi s e, t h e s en i or - m os t m em b er , shall act as the Chairman until the date on which a new Chairman, appointed in accordance with th e provisions of th is Act to fill su ch vacancy, enters upon his office. (6C) When the Chairman is unable to discharge his functions owing to absence, illness or any other cause, the senior-most member shall discharge the function s of the Chairman until th e date on which the Chairman resumes his duties.”. PA R T V AMENDMENT TO THENARCOTICDRUGS ANDPSYCHOTROPIC SUBSTANCESACT, 1985 227. In the Narcotic Drugs and Psychotropic Substances Act, 1985 with effect from the 1st day of Jun e, 2016,–– (a) in section 68B, in clause (a), for th e words “for Forfeited Property constituted under”, the words “referred to in” shall be substituted; (b) for section 68N, the following section shall be substituted, namely:–– “68N. The Appellate Tribunal constituted under sub-section (1) of section 12 of th e Smugglers and Foreign Exchan ge Manipulators (Forfeiture of Pr operty) Act, 1976 shall be the Appellate Tribunal for hearing appeals against the orders made under section 68F, section 68-I, sub-section (1) of section 68K or section68L.”; (c) in section 76, in sub-section (2), clause (db) shall be omitted. PART VI AMENDMENTS TO THEFOREI GNEXCHANGEMANAGEMENTACT, 1999 228. The provisions of this Part shall come into force on such date as the CentralGovernment may, by notification in the Official Gazette, appoint. 229.In the Foreign Exchange Management Act, 1999, after section 14, the following section shall be inserted, namely:–– “14A. (1) Save as otherwise provided in this Act, the Adjudicating Authority may, by order in writing, authorise an officer of Enforcement not below the rank of A s s i s t a n t D i r e ct or t o r ecover a n y a r r ea r s o f p en a l t y fr om a n y p er s on wh o fa i l s t o ma k e full payment of penalty imposed on him under section 13 within the period of ninety d a ys fr om t h e d a t e o n w h i ch t h e n ot i ce f or p a ym e n t o f s u ch p en a l t y i s s er v ed o n h i m . (2) The officer referred to in sub-section (1) shall exercise all the like powers which are conferred on the income-tax authority in relation to recovery of tax under the Income-tax Act, 1961 and the procedure laid down under the Second Schedule to the said Act shallmutatis mutandisapply in relation to recovery of ar rears of penalty under this Act.”. PART VII AMENDMENT TO THECENTRALROADFUNDACT, 2000 230. In section 10 of the Central Road Fund Act, 2000, with effect from the 1st day ofJune, 2016,— (A) in sub-section (1), for clause (viii), th e followin g clause shall be substituted, namely:––Amendment of Act 61 of 1985. 43 of 1961. Amendment of Act 54 of 2000. 13 of 1976. Commencement of this Part. Amendment of Act 42 of1999. Power to recover arrears of penalty. 97 Ex-424/2016 “(viii) al locati on of–– (a) thirty-three and one-h alf per cent. of th e cess on high speed diesel and petrol for the development of rural roads; (b) forty-one and one-half per cent. of the cess on high speed diesel and petrol for the development and maintenan ce of national highways; (c) fou r t een p er ce n t . o f t h e ces s on h i g h s p eed d i e s el a n d p et r ol for railways safety works, including the construction of road either under or over the railways by means of a bridge and erection of safety works at unmanned rail-road crossings, new lines, conversion of existing standard lines into gauge lines and electrification of rail lines: Provided that no repair, maintenance or renovation work shall be carried out from the allocation of cess under this sub-clause; (d) ten per cen t. of th e cess on high speed diesel an d petr ol on development and maintenance of State roads of inter-State and economic importance to be so approved by the Central Government; and (f) on e per cen t. of th e cess on high speed diesel an d petr ol on development and maintenance of road in border areas.”; (B) sub-section (2) shall be omitted. PART VIII AMENDMENT TO THEFINANCEACT, 2001 231. In the Finance Act, 2001, the Seventh Schedule shall be amended,–– (i) in the manner specified in the Twelfth Schedule; (ii) in the manner specified in the Thirteenth Schedule, with effect fr om th e1st day of Januar y, 2017. PART IX AMENDMENT TO THEPREVENTION OFMONEY-LAUNDERINGACT, 2002 232. I n t h e P r e ven t i on o f Money-laundering A c t , 2 0 0 2 wi t h e ffe ct fr om t h e 1st day ofJune, 2016,–– (a) in section 2, in sub-section (1), in clause (b), for th e words “established un der”, the words “referred to in” shall be substituted; (b) for section 25, the following section shall be substituted, namely:–– “25. The Appellate Tribunal constituted under sub-section (1) of section 12 of the Smugglers and Foreign Exchange Manipulators (Forfeiture of Pr ope r t y) Act, 1976 shall be the Appellate Tribunal for hearing appeals against the orders of the Adjudicating Authority and the other authorities under this Act.”; (c) sections 27, 28, 30, 31, 32, 33 and 34 shall be omitted; (d) in sections 36, 37, 38 and 40, for the word “Chairperson” wherever it occurs, the word “Chairman” shall be substituted; (e) in section 73, in sub-section (2), clauses (s) and (t) shall be omitted. Amendment of Act 14 of2001. Amendment of Act 15 of2003. Appellate Tribunal. 13 of 1976. 98 Ex-424/2016 PA RT X A MENDMENT TO THEFINANCE(NO. 2 ) ACT, 2004 233. In th e Finan ce (No.2) Act, 2004 with effect from the 1st day of June, 2016,–– (a) in sect ion 98, in the Table, against serial number 4, in item (a), under column (3),for the entry “0.017 per cent.”, the entry “0.05 per ce n t . ” s h a l l be substituted; (b) for section 113A, the following section shall be substituted, namely:— ‘113A. Notwithstanding anything contained in this Chapter, the provisions of this Chapter shall not apply to taxable securities tran sactions entered in to by,–– (a) any per son for, or on beh alf of, th e New Pen sion Syst em Tr ust referred to in clause (44) of section 10 of the Income-tax Act, 1961; or (b) any person on a recognised stock exchange located in an International Financial Services Centre where the consideration for such transaction is paid or payable in foreign currency. Explanation.––For the purposes of this section, “International Financial Ser vi ces Centre” shall have the same meaning as assigned to it in clause (q) of section 2 of the Special Economic Zones Act, 2005.’. PART XI AMENDMENT TO THEFINANCEACT, 2005 234. In the Fin ance Act, 2005, the Seventh Schedule shall be amended in the manner specified in the Fourteenth Schedule. PART XII AMENDMENT TO THEFINANCEACT, 2010 235. In the Finance Act, 2010,— (i) in Chapter VII or in any other law for the time being in force, for the words “Clean Energy Cess”, wherever they occur, the words “Clean Environment Cess” shall be substituted; (ii) in the Tenth Schedule, for the entry in column (4) occurring against all the headings, the entry “Rs.400 per tonne” sh all be substituted. PART XIII AMENDMENT TO THEFOREI GNCONTRIBUTI ON(REGULATION) ACT, 2010 236.In the Foreign Contribution (Regulation) A ct , 2 0 1 0 , i n s ect i on 2 , i n sub- sect ion (1) , i n cl a u s e (j) , i n s u b- cl a u s e (vi), the following proviso shall be inserted and shall be deemed to have been inserted with effect from the 26th September, 2010, namely:— “Provided that where the nominal value of share capital is within the limits specified for for eign investment under the For eign Exch ange Management Act, 1999, or the rules or regulations made thereunder, then, notwithstanding the nominal value of share capital of a company being more than one-half of such value at the time of making the contribution, such company shall not be a foreign source;”. Amendment of Act 23 of2004. Chapter VII not to apply in certain cases. Amendment of Act 18 of2005.28 of 2005. 43 of 1961. Amendment of Act 14 of2010. 42 of 1999. Amendment of section 2 of Act 42 of2010.99Ex-424/2016 PART XIV AMENDMENT TO THEFINANCEACT, 2013 237. In the Fi nan ce A c t , 2 0 1 3 , a ft er sect ion 132, th e following section shall be inserted, with effect from the 1st day of June, 2016, namely:— ‘132A. Notwithstanding anything contained in this Chapter, the provisions of this Chapter shall not apply to taxable commodities transactions entered into by any person on a recognised association located in an International Financial Services Centre, where th e consideration for such transaction is paid or payable in foreign currency. Explanation .––For the purposes of this section, “International Financial Ser vi ces C en t r e” s h a l l h a ve t h e s a m e m ea n i n g a s a s s i g n ed t o i t i n cl a u s e (q) of section 2 of the Special Economic Zones, Act, 2005.’. PART XV AMENDMENT TO THEFINANCEACT, 2015 238. In th e Finan ce Act, 2015,–– (a) in sect ion 4, clause (ii) shall be omitted with effect from the 1st da y ofApril, 2016; (b) with effect from the 1st day of June, 2016,–– (i) in section 122, in sub-section (2), for the words “Any credit balance”, the words “Notwithstanding anything contrary contained in any other law for the time being in force, any credit balance” shall be substituted; (ii) in section 124, sub-section (5) shall be omitted; (iii) in section 128, in sub-section (2), clause (c) shall be omitted. PART XVI REPEAL ANDAMENDMENT OFCERTAIN E NACTMENTS 239. Th e enactments specified in the Fifteenth Schedule are her eby repealed or amended to the extent mentioned in the fourth column thereof. 240. (1) The repeal by this Act of the enactments specified in the Fifteenth Schedule or amendments therein shall not–– (a) affect any other enactment in which the repealed enactment has been applied, in corporated or referred to; (b) affect the validity, invalidity, effect or consequences of anything already done or suffered, or any righ t, title, obligation or liability alr eady acquir ed, accrued or incurred or any remedy or proceeding in respect thereof, or any release or discharge of or from any debt, penalty, obligation, liability, claim or deman d, or an y in demnity already gran ted, or th e proof of an y past act or th in g; (c) affect any principle or rule of law, or established jurisdiction, form or course of pleading, practice or procedure, or existing usage, custom, privilege, restriction, exemption, office or appointment, notwithstanding that the same respectively may have been in any manner affirmed or recognised or derived by, i n o r from an y en actment hereby repealed;Amendment of Act 17 of 2013. 28 of 2005.Chapter VII not to apply in certain cases. Amendment of Act 20 of2015. Repeal and amendment of certain enactments. Savings. 100 Ex-424/2016 (d) revi ve or restore any jurisdiction, office, custom, liability, right, title, privilege, restriction, exemption, usage, practice, procedure or other matter or thing not now existing or in force. (2) The mention of particular matters in sub-section (1) shall not be held to prejudice or affect the general application of section 6 of the General Clauses Act, 1897, with regard to th e effect of repeals. 241. Notwithstanding the repeal or amendment of the enactments specified in th e Fifteen th Schedule, th e pr oceeds of duties levied under th e sa id enactments immediately preceding the date on which the Finance Bill, 2016 receives the assent of the President,— (i) if collected by the collecting agencies but not paid into the Reser ve Ba nk ofIndia; or (ii) if not collected by the collecting agencies, shall be paid or as the case may be, collected and paid into the Reserve Bank of India for being credited to the Consolidated Fund of India.10 of 1897. Collection and payment of arrears of duties.101 Ex-424/2016 THE FI RS T SC HE DU LE (Seesection 2) PART I I NC OME -TAX Paragraph A (I) In the case of every individual other than the individual referred to in items (II) and (III) of this Paragraph or Hindu undivided family or association of persons or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub- clause (vii) of clause (31) of section 2 of the Income-tax Act, not being a case to which any other Paragraph of this Part applies,— Rates of income-tax (1)where the total income does not exceed Rs. 2,50,000Nil; (2)where the total income exceeds Rs. 2,50,000 but does not10 per cent. of the amount by which the total income exceeds exceed income exceeds Rs. 5,00,000;Rs. 2,50,000; (3)where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 25,000plus20 per cent. of the amount by which the total Rs. 10,00,000income exceeds Rs. 5, 00,000; (4) where the total income exceeds Rs. 10,00,000Rs. 1,25,000plus30 per cent. of the amount by which the total income exceeds Rs. 10,00,000. (II)In the case of every individual, being a resident in India, who is of the age of sixty years or more but less than eighty years at any time during the previous year,— Rates of income-tax (1)where the total income does not exceed Rs. 3,00,000Nil; (2)where the total income exceeds Rs. 3,00,000 but10 per cent. of the amount by which the total income exceeds d oes not exceed Rs. 5,00,000Rs. 3,00,000; (3)where the total income exceeds Rs. 5,00,000 butRs. 20,000plus20 per cent. of the amount by which the \does not exceed Rs. 10,00,000total income exceeds Rs. 5,00,000; (4)where the total income exceeds Rs. 10,00,000Rs. 1,20,000plus30 per cent. of the amount by which the total income exceeds Rs. 10,00,000. (III)In the case of every individual, being a resident in India, who is of the age of eighty years or more at any time during the previous year,— Rates of income-tax (1)where the total income does not exceed Rs. 5,00,000Nil; (2)where the total income exceeds Rs. 5,00,000 but does20 per cent. of the amount by which the total income exceeds not exceed Rs. 10,00,000Rs. 5,00,000; (3)where the total income exceeds Rs. 10,00,000Rs. 1,00,000plus30 per cent. of the amount by which the total income exceeds Rs. 10,00,000. Surcharge on income-tax The amount of income-tax computed in accordance with the preceding provisions of this Paragraph, or the provisions of section 111A or section 112 of the Income-tax Act, shall, in the case of every individual or Hindu undivided family or association of persons or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act, having a total income exceeding one crore rupees, be increased by a surcharge for the purposes of the Union calculated at the102 Ex-424/2016 rate of twelve per cent. of such income-tax: Provided that in the case of persons mentioned above having total income exceeding one crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees. Paragraph B In the case of every co-operative society,— Rates of income-tax (1)where the total income does not exceed Rs.10,00010 per cent. of the total income; (2)where the total income exceeds Rs.10,000 but does not exceedRs.1,000plus20 per cent. of the amount by which the Rs. 20,000total income exceeds Rs.10,000; (3)where the total income exceeds Rs. 20,000Rs. 3,000plus30 per cent. of the amount by which the total income exceeds Rs. 20,000. Surcharge on income-tax The amount of income-tax computed in accordance with the preceding provisions of this Paragraph, or the provisions of section 111A or section 112 of the Income-tax Act, shall, in the case of every co-operative society, having a total income exceeding one crore rupees, be increased by a surcharge for the purposes of the Union calculated at the rate of twelve per cent. of such income-tax: Provided that in the case of co-operative society mentioned above having total income exceeding one crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees. Paragraph C In the case of every firm,— Rate of income-tax On the whole of the total income30 per cent. Surcharge on income-tax The amount of income-tax computed in accordance with the preceding provisions of this Paragraph, or the provisions of section 111A or section 112 of the Income-tax Act, shall, in the case of every firm, having a total income exceeding one crore rupees, be increased by a surcharge for the purposes of the Union calculated at the rate of twelve per cent. of such income-tax: Provided that in the case of firm mentioned above having total income exceeding one crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees. Paragraph D In the case of every local authority,— Rate of income-tax On the whole of the total income30 per cent. Surcharge on income-tax The amount of income-tax computed in accordance with the preceding provisions of this Paragraph, or the provisions of section 111A or section 112 of the Income-tax Act, shall, in the case of every local authority, having a total income exceeding one crore rupees, be increased by a surcharge for the purposes of the Union calculated at the rate of twelve per cent. of such income-tax: Provided that in the case of local authority mentioned above having total income exceeding one crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of one crore103Ex-424/2016 104 Ex-424/2016 rupees by more than the amount of income that exceeds one crore rupees. Paragraph E In the case of a company,— Rates of income-tax I. In the case of a domestic company30 per cent. of the total income. II. In the case of a company other than a domestic company,— (i) on so much of the total income as consists of,— (a) royalties received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 31st day of March, 1961 but before the 1st day of April, 1976; or (b) fees for rendering technical services received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 29th day of February, 1964 but before the 1st day of April, 1976, and where such agreement has, in either case, been approved by the Central Government50 per cent.; (ii) on the balance, if any, of the total income40 per cent. Surcharge on income-tax The amount of income-tax computed in accordance with the preceding provisions of this Paragraph, or the provisions of section 111A or section 112 of the Income-tax Act, shall, be increased by a surcharge for the purposes of the Union calculated,— (i) in the case of every domestic company,–– (a) having a total income exceeding one crore rupees, but not exceeding ten crore rupees, at the rate of seven per cent. of such income- tax; and (b) having a total income exceeding ten crore rupees, at the rate of twelve per cent. of such income-tax; (ii) in the case of every company other than a domestic company,–– (a) having a total income exceeding one crore rupees but not exceeding ten crore rupees, at the rate of two per cen t . of s u ch income-tax; and (b) having a total income exceeding ten crore rupees, at the rate of five per cent. of such income-tax: Provided that in the case of every company having a total income exceeding one crore rupees but not exceeding ten crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees: Provided further that in the case of every company having a total income exceeding ten crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax and surcharge on a total income of ten crore rupees by more than the amount of income that exceeds ten crore rupees. PART II RATES FOR DEDUCTION OF TAX AT SOURCE IN CERTAIN CASES In every case in which under the provisions of sections 193, 194, 194A, 194B, 194BB, 194D , 194LBA, 194LBB, 194LBC and 195 of the Income-tax Act, tax is to be deducted at the rates in force, deduction shall be made from the income subject to the deduction at the following rates:— 1. In the case of a person other than a company— Rate of income-tax (a) where the person is resident in India— (i) on income by way of interest other than “Interest on securities”10 per cent.; (ii) on income by way of winnings from lotteries, crossword puzzles,30 per cent.; card games and other games of any sort (iii) on income by way of winnings from horse races30 per cent.; (iv) on income by way of insurance commission5 per cent.; (v) on income by way of interest payable on—10 per cent.; (A) any debentures or securities for money issued by or on behalf of any local authority or a corporation established by a Central, State or Provincial Act; (B) any debentures issued by a company where such debentures are listed on a recognised stock exchange in India in accordance with the Securities Contracts (Regulation) Act, 1956 (42 of 1956) and any rules made thereunder; Rate of income-tax (C) any security of the Central or State Government; (vi) on any other income10 per cent.; (b) where the person is not resident in India— (i) in the case of a non-resident Indian— (A) on any investment income20 per cent.; (B) on income by way of long-term capital gains referred to in section 115E or sub- clause10 per cent.; (iii) of clause (c) of sub-section (1) of section 112 (C) on income by way of short-term capital gains referred to in section 111A15 per cent.; (D) on other income by way of long-term capital gains [not being long-term capital gains referred20 per cent.; to in clauses (33), (36) and (38) of section 10] (E) on income by way of interest payable by Government or an Indian concern on moneys20 per cent.; borrowed or debt incurred by Government or the Indian concern in foreign currency (not being income by way of interest referred to in section 194LB or section 194LC) (F) on income by way of royalty payable by Government or an Indian concern in pursuance of10 per cent.; an agreement made by it with the Government or the Indian concern where such royalty is in consideration for the transfer of all or any rights (including the granting of a licence) in respect of copyright in any book on a subject referred to in the first proviso to sub-section (1A) of section 115A of the Income-tax Act, to the Indian concern, or in respect of any computer software referred to in the second proviso to sub-section (1A) of section 115A of the Income-tax Act, to a person resident in India (G) on income by way of royalty [not being royalty of the nature referred to in sub-item (b)(i)(F)]10 per cent.; payable by Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern and where such agreement is with an Indian concern, the agreement is approved by the Central Government or where it relates to a matter included in the industrial policy, for the time being in force, of the Government of India, the agreement is in accordance with that policy (H) on income by way of fees for technical services payable by Government or an Indian concern10 per cent.; in pursuance of an agreement made by it with the Government or the Indian concern and where such agreement is with an Indian concern, the agreement is approved by the Central Government or where it relates to a matter included in the industrial policy, for the time being in force, of the Government of India, the agreement is in accordance with that policy (I) on income by way of winnings from lotteries, crossword puzzles, card games and other games of any sort30 per cent.; (J) on income by way of winnings from horse races30 per cent.; (K) on the whole of the other income30 per cent.; (ii) in the case of any other person— (A) on income by way of interest payable by Government or an Indian concern on moneys20 per cent.; borrowed or debt incurred by Government or the Indian concern in foreign currency (not being income by way of interest referred to in section 194LB or section 194LC) (B) on income by way of royalty payable by Government or an Indian concern in pursuance of an10 per cent.; agreement made by it with the Government or the Indian concern where such royalty is in consideration for the transfer of all or any rights (including the granting of a licence) in respect of copyright in any book on a subject referred to in the first proviso to sub-section (1A) of section 115A of the Income-tax Act, to the Indian concern, or in respect of any computer software referred to in the second proviso to sub-section (1A) of section 115A of the Income-tax Act, to a person resident in India105Ex-424/2016 (C) on income by way of royalty [not being royalty of the nature referred to in sub-10 per cent.; item (b)(ii)(B)] payable by Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern and where such agreement is with an Indian concern, the agreement is approved by the Central Government or where it relates to a matterincluded in the industrial policy, for the time being in force, of the Government of India, the agreement is in accordance with that policy (D) on income by way of fees for technical services payable by Government or an Indian10 per cent.; concern in pursuance of an agreement made by it with the Government or the Indian concern and where such agreement is with an Indian concern, the agreement is approved by the Central Government or where it relates to a matter included in the industrial policy, for the time being in force, of the Government of India, the agreement is in accordance with that policy (E) on income by way of winnings from lotteries, crossword puzzles, card games and30 per cent.; other games of any sort (F) on income by way of winnings from horse races30 per cent.; (G) on income by way of short-term capital gains referred to in section 111A15 per cent.; (H) on income by way of long-term capital gains referred to in sub-clause (iii) of clause (c) of sub-10 per cent.; section (1) of section 112 (I) on income by way of other long-term capital gains [not being long-term capital gains20 per cent.; referred to in clauses (33), (36) and (38) of section 10] (J) on the whole of the other income30 per cent.; 2. In the case of a company— (a) where the company is a domestic company— (i) on income by way of interest other than “Interest on securities”10 per cent.; (ii) on income by way of winnings from lotteries, crossword puzzles, card games and other30 per cent.; games of any sort (iii) on income by way of winnings from horse races30 per cent.; (iv) on any other income10 per cent.; (b) where the company is not a domestic company— (i) on income by way of winnings from lotteries, crossword puzzles, card games and other30 per cent.; games of any sort (ii) on income by way of winnings from horse races30 per cent.; (iii) on income by way of interest payable by Government or an Indian concern on moneys20 per cent.; borrowed or debt incurred by Government or the Indian concern in foreign currency (not being income by way of interest referred to in section 194LB or section 194LC) (iv) on income by way of royalty payable by Government or an Indian concern in pursuance10 per cent.; \of an agreement made by it with the Government or the Indian concern after the 31st day of March, 1976 where such royalty is in consideration for the transfer of all or any rights (including the granting of a licence) in respect of copyright in any book on a subject referred to in the first proviso to sub-section (1A) of section 115A of the Income- tax Act, to the Indian concern, or in respect of any computer software referred to in the second proviso to sub-section (1A) of section 115A of the Income-tax Act, to a person resident in India (v) on income by way of royalty [not being royalty of the nature referred to in sub- item (b)(iv)] payable by Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern and where such agreement is with an Indian concern, the agreement is approved by the Central Government or where it relates to a matter included in the industrial policy, for the time being in force, of the Government of India, the agreement is in accordance with that policy— (A) where the agreement is made after the 31st day of March, 1961 but before the50 per cent.; 106 Ex-424/2016 1st day of April, 1976 (B) where the agreement is made after the 31st day of March, 197610 per cent.; (vi) on income by way of fees for technical services payable by Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern and where such agreement is with an Indian concern, the agreement is approved by the Central Govern- ment or where it relates to a matter included in the industrial policy, for the time being in force, of the Government of India, the agreement is in accordance with that policy— (A) where the agreement is made after the 29th day of February, 1964 but before the50 per cent.; 1st day of April, 1976 (B) where the agreement is made after the 31st day of March, 197610 per cent.; (vii) on income by way of short-term capital gains referred to in section 111A15 per cent.; (viii) on income by way of long-term capital gains referred to in sub-clause (iii) of clause (c)10 per cent.; of sub-section (1) of section 112 (ix) on income by way of other long-term capital gains [not being long-term capital gains referred20 per cent.; to in clauses (33), (36) and (38) of section 10] (x) on any other income40 per cent.; Explanation.— For the purpose of item 1(b)(i) of this Part, “investment income” and “non-resident Indian” shall have the meanings assigned to them in Chapter XII-A of the Income-tax Act. Surcharge on income-tax The amount of income-tax deducted in accordance with the provisions of–– (i) item 1 of this Part, shall be increased by a surcharge, for purposes of the Union,–– (a) in the case of every individual or Hindu undivided family or association of persons or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act, being a non-resident, calculated at the rate of fifteen per cent. of such tax; and (b) in the case of every co-operative society or firm, being a non-resident, calculated at the rate of twelve per cent., where the income or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds one crore rupees; (ii) item 2 of this Part shall be increased by a surcharge, for purposes of the Union, in the case of every company other than a domestic company, calculated,–– (a) at the rate of two per cent. of such income-tax where the income or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds one crore rupees but does not exceed ten crore rupees; and (b) at the rate of five per cent. of such income-tax where the income or the aggregate of such incomes paid or likely to be paid and subject to the deduction exceeds ten crore rupees. PART III RATES FOR CHARGING INCOME-TAX IN CERTAIN CASES, DEDUCTING INCOME-TAX FROM INCOME CHARGEABLE UNDER THE HEAD “SALARIES” AND COMPUTING “ADVANCE TAX” In cases in which income-tax has to be charged under sub-section (4) of section 172 of the Income-tax Act or sub-section (2) of section 174 or section 174A or section 175 or sub-section (2) of section 176 of the said Act or deducted from, or paid on, from income chargeable under the head “Salaries” under section 192 of the said Act or in which the “advance tax” payable under Chapter XVII-C of the said Act has to be computed at the rate or rates in force, such income-tax or, as the case may be, “advance tax” [not being “advance tax” in respect of any income chargeable to tax under Chapter XII or Chapter XII-A or income chargeable to tax under section 115JB or section 115JC or Chapter XII-FA or Chapter XII-FB or sub-section (1A) of section 161 or section 164 or section 164A or section 167B of 107Ex-424/2016 the Income-tax Act at the rates as specified in that Chapter or section or surcharge, wherever applicable, on such “advance tax” in respect of any income chargeable to tax under section 115A or section 115AB or section 115AC or section 115ACA or section 115AD or section 115B or section 115BA or section 115BB or section 115BBA or section 115BBC or section 115BBD or section 115BBDA or section 115BBE or section 115BBF or section 115E or section 115JB or section 115JC] shall be charged, deducted or computed at the following rate or rates:— Paragraph A (I) In the case of every individual other than the individual referred to in items (II) and (III) of this Paragraph or Hindu undivided family or association of persons or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub- clause (vii) of clause (31) of section 2 of the Income-tax Act, not being a case to which any other Paragraph of this Part applies,— Rates of income-tax (1)where the total income does not exceed Rs. 2,50,000Nil; (2)where the total income exceeds Rs. 2,50,000 but does not exceed10 per cent. of the amount by which the total Rs. 5,00,000 income exceeds Rs. 2,50,000; (3)where the total income exceeds Rs. 5,00,000 but does not exceedRs. 25,000plus20 per cent. of the amount by which Rs. 10,00,000the total income exceeds Rs. 5,00,000; (4)where the total income exceeds Rs. 10,00,000Rs. 1,25,000plus30 per cent. of the amount by which the total income exceeds Rs. 10,00,000. (II) In the case of every individual, being a resident in India, who is of the age of sixty years or more but less than eighty years at any time during the previous year,— Rates of income-tax (1)where the total income does not exceed Rs. 3,00,000Nil; (2)where the total income exceeds Rs. 3,00,000 but does not exceed10 per cent. of the amount by which the Rs. 5,00,000total income exceeds Rs. 3,00,000; (3)where the total income exceeds Rs. 5,00,000 but does not exceedRs. 20,000plus20 per cent. of the amount Rs. 10,00,000by which the total income exceeds Rs. 5,00,000; (4)where the total income exceeds Rs. 10,00,000Rs. 1,20,000plus30 per cent. of the amount by which the total income exceeds Rs. 10,00,000. (III) In the case of every individual, being a resident in India, who is of the age of eighty years or more at any time during the previous year,— Rates of income-tax (1)where the total income does not exceed Rs. 5,00,000Nil; (2)where the total income exceeds Rs. 5,00,000 but does not exceed20 per cent. of the amount by which the total income Rs. 10,00,000exceeds Rs. 5,00,000; (3)where the total income exceeds Rs. 10,00,000Rs. 1,00,000plus30 per cent. of the amount by which the total income exceeds Rs. 10,00,000. Surcharge on income-tax The amount of income-tax computed in accordance with the preceding provisions of this Paragraph, or the provisions of section 111A or section 112 of the Income-tax Act, shall, in the case of every individual or Hindu undivided family or association of persons or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Income-tax Act, having a total income exceeding one crore rupees, be increased by a surcharge for the purposes of the Union calculated at the rate of fifteen per cent. of such income-tax: Provided that in the case of persons mentioned above having total income exceeding one crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of one crore rupees by108 Ex-424/2016 more than the amount of income that exceeds one crore rupees. Paragraph B In the case of every co-operative society,— Rates of income-tax (1)where the total income does not exceed Rs. 10,00010 per cent. of the total income; (2)where the total income exceeds Rs. 10,000 but does not exceedRs. 1,000plus20 per cent. of the amount by Rs. 20,000which the total income exceeds Rs. 10,000; (3)where the total income exceeds Rs. 20,000Rs. 3,000plus30 per cent. of the amount by which the total income exceeds Rs. 20,000. Surcharge on income-tax The amount of income-tax computed in accordance with the preceding provisions of this Paragraph, or the provisions of section 111A or section 112 of the Income-tax Act, shall, in the case of every co-operative society, having a total income exceeding one crore rupees, be increased by a surcharge for the purposes of the Union calculated at the rate of twelve per cent. of such income-tax: Provided that in the case of every co-operative society mentioned above having total income exceeding one crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees. Paragraph C In the case of every firm,— Rate of income-tax On the whole of the total income30 per cent. Surcharge on income-tax The amount of income-tax computed in accordance with the preceding provisions of this Paragraph, or the provisions of section 111A or section 112 of the Income-tax Act, shall, in the case of every firm, having a total income exceeding one crore rupees, be increased by a surcharge for the purposes of the Union calculated at the rate of twelve per cent. of such income-tax: Provided that in the case of every firm mentioned above having total income exceeding one crore rupees, the total amount payable as income- tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees. Paragraph D In the case of every local authority,— Rate of income-tax On the whole of the total income30 per cent. Surcharge on income-tax The amount of income-tax computed in accordance with the preceding provisions of this Paragraph, or the provisions of section 111A or section 112 of the Income-tax Act, shall, in the case of every local authority, having a total income exceeding one crore rupees, be increased by a surcharge for the purposes of the Union calculated at the rate of twelve per cent.of such income-tax: Provided that in the case of every local authority mentioned above having total income exceeding one crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees. Paragraph E In the case of a company,— Rates of income-tax I. In the case of a domestic company,— (i) where its total turnover or the gross receipt in the previous year29 per cent. of the total income; 109Ex-424/2016 2014-15 does not exceed five crore rupees; (ii) other than that referred to in item (i)30 per cent. of the total income; II. In the case of a company other than a domestic company— (i) on so much of the total income as consists of,— (a) royalties received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 31st day of March, 1961 but before the 1st day of April, 1976; or (b) fees for rendering technical services received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 29th day of February, 1964 but before the 1st day of April, 1976, and where such agreement has, in either case, been approved by the Central50 per cent; Government (ii) on the balance, if any, of the total income40 per cent; Surcharge on income-tax The amount of income-tax computed in accordance with the preceding provisions of this Paragraph, or the provisions of section 111A or section 112 of the Income-tax Act, shall, be increased by a surcharge for the purposes of the Union calculated,–– (i) in the case of every domestic company,–– (a) having a total income exceeding one crore rupees but not exceeding ten crore rupees, at the rate of seven per cent. of such income-tax; and (b) having a total income exceeding ten crore rupees, at the rate of twelve per cent. of such income-tax; (ii) in the case of every company other than a domestic company,–– (a) having a total income exceeding one crore rupees but not exceeding ten crore rupees, at the rate of two per cent. of such income- tax; and (b) having a total income exceeding ten crore rupees, at the rate of five per cent. of such income-tax: Provided that in the case of every company having a total income exceeding one crore rupees but not exceeding ten crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees: Provided further that in the case of every company having a total income exceeding ten crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax and surcharge on a total income of ten crore rupees by more than the amount of income that exceeds ten crore rupees. PART IV [Seesection 2(13)(c)] RULES FOR COMPUTATION OF NET AGRICULTURAL INCOME Rule 1.—Agricultural income of t he nature referred to in sub-clause (a) of clause (1A) of section 2 of the Income-tax Act shall be computed as if it were income chargeable to income-tax under that Act under the head “Income from other sources” and the provisions of sections 57 to 59 of that Act shall, so far as may be, apply accordingly: Provided that sub-section (2) of section 58 shall apply subject to the modification that the reference to section 40A therein shall be construed as not including a reference to sub-sections (3) and (4) of section 40A. Rule 2.—Agricultural income of the nature referred to in sub-clause (b) or sub-clause (c) of clause (1A) of section 2 of the Income- tax Act [other than income derived from any building required as a dwelling-house by the receiver of the rent or revenue of the cultivator or the receiver of rent- in-kind referred to in the said sub-clause (c)] shall be computed as if it were income chargeable to income-tax under that Act under the head “Profits and gains of business or profession” and the provisions of sections 30, 31, 32, 36, 37, 38, 40, 40A [other than sub- sections (3) and (4) thereof], 41, 43, 43A, 43B and 43C of the Income-tax Act shall, so far as may be, apply accordingly. Rule 3.—Agricultural income of the nature referred to in sub-clause (c) of clause (1A) of section 2 of the Income-tax Act, being 110 Ex-424/2016 income derived from any building required as a dwelling-house by the receiver of the rent or revenue or the cultivator or the receiver of rent- in-kind referred to in the said sub-clause (c) shall be computed as if it were income chargeable to income-tax under that Act under the head “Income from house property” and the provisions of sections 23 to 27 of that Act shall, so far as may be, apply accordingly. Rule 4.—Notwithstanding anything contained in any other provisions of these rules, in a case— (a) where the assessee derives income from sale of tea grown and manufactured by him in India, such income shall be computed in accordance with rule 8 of the Income-tax Rules, 1962, and sixty per cent. of such income shall be regarded as the agricultural income of the as ses see; (b) where the assessee derives income from sale of centrifuged latex or cenex or latex based crepes (such as pale latex crepe) or brown crepes (such as estate brown crepe, re-milled crepe, smoked blanket crepe or flat bark crepe) or technically specified block rubbers manufactured or processed by him from rubber plants grown by him in India, such income shall be computed in accordance with rule 7A of the Income-tax Rules, 1962, and sixty-five per cent. of such income shall be regarded as the agricultural income of the assessee; (c) where the assessee derives income from sale of coffee grown and manufactured by him in India, such income shall be computed in accordance with rule 7B of the Income-tax Rules, 1962, and sixty per cent. or seventy-five per cent., as the case may be, of such income shall be regarded as the agricultural income of the assessee. Rule 5.—Where the assessee is a member of an association of persons or a body of individuals (other than a Hindu undivided family, a company or a firm) which in the previous year has either no income chargeable to tax under the Income-tax Act or has total income not exceeding the maximum amount not chargeable to tax in the case of an association of persons or a body of individuals (other than a Hindu undivided family, a company or a firm) but has any agricultural income then, the agricultural income or loss of the association or body shall be computed in accordance with these rules and the share of the assessee in the agricultural income or loss so computed shall be regarded as the agricultural income or loss of the assessee. Rule 6.—Where the result of the computation for the previous year in respect of any source of agricultural income is a loss, such loss shall be set off against the income of the assessee, if any, for that previous year from any other source of agricultural income: Provided that where the assessee is a member of an association of persons or a body of individuals and the share of the assessee in theagricultural income of the association or body, as the case may be, is a loss, such loss shall not be set off against any income of the assessee from any other source of agricultural income. Rule 7.—Any sum payable by the assessee on account of any tax levied by the State Government on the agricultural income shall be deducted in computing the agricultural income. Rule 8.—(1) Where the assessee has, in the previous year relevant to the assessment year commencing on the 1st day of April, 2016, any agricultural income and the net result of the computation of the agricultural income of the assessee for any one or more of the previous years relevant to the assessment years commencing on the 1st day of April, 2008 or the 1st day of April, 2009 or the 1st day of April, 2010 or the 1st day of April, 2011 or the 1st day of April, 2012 or the 1st day of April, 2013 or the 1st day of April, 2014 or the 1st day of April, 2015, is a loss, then, for the purposes of sub-section (2) of section 2 of this Act,— (i) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2008, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 2009 or the 1st day of April, 2010 or the 1st day of April, 2011 or the 1st day of April, 2012 or the 1st day of April, 2013 or the 1st day of April, 2014 or the 1st day of April, 2015, (ii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2009, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 2010 or the 1st day of April, 2011 or the 1st day of April, 2012 or the 1st day of April, 2013 or the 1st day of April, 2014 or the 1st day of April, 2015, (iii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2010, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 2011 or the 1st day of April, 2012 or the 1st day of April, 2013 or the 1st day of April, 2014 or the 1st day of April, 2015, (iv) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2011, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 2012 or the 1st day of April, 2013 or the 1st day of April, 2014 or the 1st day of April, 2015, (v) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2012, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 2013 or the 1st day of April, 2014 or the 1st day of April, 2015,111 Ex-424/2016 (vi) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2013, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 2014 or the 1st day of April, 2015, (vii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2014, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 2015, (viii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2015, shall be set off against the agricultural income of the assessee for the previous year relevant to the assessment year commencing on the 1st day of April, 2016. (2) Where the assessee has, in the previous year relevant to the assessment year commencing on the 1st day of April, 2017, or, if by virtue of any provision of the Income-tax Act, income-tax is to be charged in respect of the income of a period other than the previous year, in such other period, any agricultural income and the net result of the computation of the agricultural income of the assessee for any one or more of the previous years relevant to the assessment years commencing on the 1st day of April, 2009 or the 1st day of April, 2010 or the 1st day of April, 2011 or the 1st day of April, 2012 or the 1st day of April, 2013 or the 1st day of April, 2014 or the 1st day of April, 2015 or the 1st day of April, 2016, is a loss, then, for the purposes of sub-section (10) of section 2 of this Act,— (i) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2009, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 2010 or the 1st day of April, 2011 or the 1st day of April, 2012 or the 1st day of April, 2013 or the 1st day of April, 2014 or the 1st day of April, 2015 or the 1st day of April, 2016, (ii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2010, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 2011 or the 1st day of April, 2012 or the 1st day of April, 2013 or the 1st day of April, 2014 or the 1st day of April, 2015 or the 1st day of April, 2016, (iii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2011, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 2012 or the 1st day of April, 2013 or the 1st day of April, 2014 or the 1st day of April, 2015 or the 1st day of April, 2016, (iv) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2012, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 2013 or the 1st day of April, 2014 or the 1st day of April, 2015 or the 1st day of April, 2016, (v) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2013, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 2014 or the 1st day of April, 2015 or the 1st day of April, 2016, (vi) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2014, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 2015 or the 1st day of April, 2016, (vii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2015, to the extent, if any, such loss has not been set off against the agricultural income for the previous year relevant to the assessment year commencing on the 1st day of April, 2016, (viii) the loss so computed for the previous year relevant to the assessment year commencing on the 1st day of April, 2016, shall be set off against the agricultural income of the assessee for the previous year relevant to the assessment year commencing on the 1st day of April, 2017. (3) Where any person deriving any agricultural income from any source has been succeeded in such capacity by another person, otherwise than by inheritance, nothing in sub-rule (1) or sub-rule (2) shall entitle any person, other than the person incurring the loss, to have it set off under sub-rule (1) or, as the case may be, sub-rule (2). (4) Notwithstanding anything contained in this rule, no loss which has not been determined by the Assessing Officer under the provisions of these rules or the rules contained in the First Schedule to the Finance Act, 2008 (18 of 2008) or of the First Schedule to the Finance (No. 2) Act, 2009 (33 of 2009) or of the First Schedule to the Finance Act, 2010 (14 of 2010) or of the First Schedule to the Finance Act, 2011 (8 of 2011) or of the First Schedule to the Finance Act, 2012 (23 of 2012) or of the First Schedule to the Finance Act, 2013 (17 of 2013) or of the First Schedule to the Finance (No. 2) Act, 2014 (25 of 2014) or of the First Schedule to the Finance Act, 2015 (20 of 2015) shall be set off under sub-rule (1) or, as the case may be, sub-rule (2). 112 Ex-424/2016 Rule 9.—Where the net result of the computation made in accordance with these rules is a loss, the loss so computed shall be ignored and the net agricultural income shall be deemed to benil. Rule 10.—The provisions of the Income-tax Act relating to procedure for assessment (including the provisions of section 288A relating to rounding off of income) shall, with the necessary modifications, apply in relation to the computation of the net agricultural income of the assessee as they apply in relation to the assessment of the total income. Rule 11.—For the purposes of computing the net agricultural income of the assessee, the Assessing Officer shall have the same powers as he has under the Income-tax Act for the purposes of assessment of the total income. THE SECOND SCHEDULE (Sees ec tion139) Sl.No.Notificationnumberand dateAmendmentDate ofeffect ofamendment(1)(2)(3)(4)1.G.S.R. 367 (E), dated theIn the said notific ation, in the opening par agr aph, for the27th April, 2000. 27th April, 2000 [51/2000-words, figures and letter “ under s ec tions 3, 8 and 9A”,the Customs, dated the 27 th words, figur es and letter s “under s ec tions 3, 8B and 9A” April, 2000]shall be substituted. 2.G.S.R. 292(E), dated theIn the s aid notific ation, in the opening par agr aph, for the19th April, 2002. 19th April, 2002 [43/2002-words, figures and letter “ under s ec tions 3, 8 and 9A”, the Customs, dated the 19 th words, figur es and letter s “under s ec tions 3, 8B and 9A” April, 2002]shall be substituted. 3.G.S.R. 281 (E), dated the 1 st In the said notification, in the Table, in c olumn (3), agains t 1st April, 2003. April, 2003 [57/2003- Customs,S. No.4, for the words, f igur es and letter “ under s ec tions 3, dated the 1st April, 2003]8 and 9A”, the words, figures and let ter s “ under s ec tions 3, 8B and 9A” shall be substituted. 4.G.S.R. 604 (E), dated theIn the said notific ation, in par agr aph 2, for the words, figures 10th Sep. 2004. 10th September, 2004and letter “under s ec tions 3, 8 and 9A”, the words, figures [91/2004-Customs, dat ed t heand letter s “ under s ec tions 3, 8B and 9A” shall be 10th September, 2004]substituted. 5.G.S.R. 606(E), dated theIn the said notific ation, in the opening par agr aph, for the10th Sept, 2004. 10th September,2004words, figures and letter “ under s ec tions 3, 8 and 9A”, the [93/2004-Customs, dated thewords, figur es and letter s “under s ec tions 3, 8B and 9A” 10th September, 2004]shall be substituted. 6.G.S.R. 260 (E), dated the 1st In the s aid notific ation, in the opening par agr aph, for the1s t M ay, 2006. M ay, 2006 2006.40/2006-words, figures and letter “ under s ec tions 3, 8 and 9A”, the Customs, dated the 1st words, figur es and letter s “under s ec tions 3, 8B and 9A” May, 2006]shall be substituted.113Ex-424/2016 THE THIR D SC HE DU LE [Seesection 141( i )] In the First Schedule to the Customs Tariff Act,–– (1) in Chapter 27, in the Supplementary Note,–– (a) in clause (e), for the figures “1460:2000”, the figures “1460:2005” shall be substituted; (b) in clause (f), for the figures “1460”, the figures “15770:2008” shall be substituted; (2) in Chapter 40,–– (a) for the entry in column (4) occurring against tariff item 4016 95 90, the entry “20%” shall be substituted; (b) for the entry in column (4) occurring against tariff item 4016 99 90, the entry “20%” shall be substituted; (3) in Chapter 58, in heading 5801,— (a) in sub-heading 5801 37, the entry in column (2) “—- Warp pile fabrics, ‘epingle’ (uncut):” shall be omitted; (b) for tariff items 5801 37 11 and 5801 37 19 and the entries relating thereto, the following shall be substituted, namely:— (1)(2)(3)(4)(5) “5801 37 10—- Warp pile fabrics, uncutm²10% or Rs.140 per sq. metre-”; whichever is higher (4) in Chapter 71,— (a) in heading 7104, for the tariff item 7104 90 00 and the entries relating thereto, the following shall be substituted, namely:— (1) (1)(2)(3)(4)(5) “7104 90- Other: 7104 90 10—- Laboratory-created or laboratory grown orc/k10%- manmade or cultured or synthetic diamonds 7104 90 90—- Otherkg.10%-”; (b) for the entry in column (4) occurring against all the tariff items of heading 7117, the entry “15%” shall be substituted; (5) in Chapter 76, for the entry in column (4) occurring against all tariff items of headings 7601, 7603, 7604, 7605, 7606 and 7607, the entry “7.5%” shall be substituted; (6) in Chapter 79, for the entry in column (4) occurring against all tariff items of sub-heading 7901 20, the entry “7.5%” shall be substituted; (7) in Chapter 84,–– (i) for the entry in column (4) occurring against all tariff items of heading 8402, the entry “10%” shall be substituted; (ii) for the entry in column (4) occurring against all tariff items of heading 8404, the entry “10%” shall be substituted; (iii) for the entry in column (4) occurring against all tariff items (except tariff item 8406 10 00) of heading 8406, the entry “10%” shall be substituted; (iv) for the entry in column (4) occurring against all tariff items of heading 8410, the entry “10%” shall be substituted; (v) for the entry in column (4) occurring against all tariff items (except tariff items 8411 11 00, 8411 12 00, 8411 21 00, 8411 22 00 and 8411 91 00) of heading 8411, the entry “10%” shall be substituted; (vi) for the entry in column (4) occurring against tariff items 8412 80 19, 8412 80 20, 8412 80 30 and 8412 80 90 of heading 8412, the entry “10%” shall be substituted; (vii) for the entry in column (4) occurring against tariff item 8419 19 20, the entry “10%” shall be substituted; (8) In Chapter 85,–– (i) for the entry in column (4) occurring against all tariff items of heading 8501, the entry “10%” shall be substituted; (ii) for the entry in column (4) occurring against all tariff items (except tariff items 8502 11 00, 8502 20 10 and 8502 40 00) of heading 8502, the entry “10%” shall be substituted;114 Ex-424/2016 (iii) for the entry in column (4) occurring against all tariff items (except tariff item 8503 00 90) of heading 8503, the entry “10%” shall be substituted; (iv) for the entry in column (4) occurring against all tariff items (except tariff items 8504 31 00, 8504 32 00, 8504 40 10, 8504 40 30, 8504 50 10 and 8504 50 90) of heading 8504, the entry “10%” shall be substituted; (v) in heading 8525, the tariff item 8525 50 50 and the entries relating thereto shall be omitted; (vi) for the entry in column (4) occurring against all tariff items (except tariff items under sub-headings 8535 40 and 8535 90) of heading 8535, the entry “10%” shall be substituted; (vii) for the entry in column (4) occurring against all tariff items (except tariff items 8536 10 10, 8536 41 00, 8536 61 10, 8536 61 90, 8536 69 10, 8536 69 90 and 8536 70 00) of heading 8536, the entry “10%” shall be substituted; (viii) for the entry in column (4) occurring against all tariff items of heading 8537, the entry “10%” shall be substituted; (ix) for the entry in column (4) occurring against all tariff items (except tariff items 8544 42 91, 8544 42 92, 8544 42 93, 8544 42 99, 8544 70 10 and 8544 70 90) of heading 8544, the entry “10%” shall be substituted; (x) for the entry in column (4) occurring against all tariff items of heading 8546, the entry “10%” shall be substituted; and (xi) for the entry in column (4) occurring against all tariff items of heading 8547, the entry “10%” shall be substituted; (9) in Chapter 90, for the entry in column (4) occurring against tariff items 9028 90 10, 9030 31 00, 9030 90 10, 9032 89 10 and 9032 89 90, the entry “10%” shall be substituted; (10) in Chapter 95,— (a) for the entry in column (4) occurring against tariff item 9503 00 90, the entry “20%” shall be substituted; (b) for the entry in column (4) occurring against tariff item 9505 10 00, the entry “20%” shall be substituted; (c) for the entry in column (4) occurring against tariff item 9505 90 90, the entry “20%” shall be substituted.115Ex-424/2016 THE FOURTH SCHEDULE [Seesection 141 (ii)] Tar iffItemDes cr ipt ionofgoods RateofDuty(1)(2)(3) (4)(5)UnitStandardP refer en t ia lIn the First Schedule to the Customs Tariff Act, 1975,— (1) in Chapter 3,— (i) in Note 1, in clause (c), for the words “livers and roes”, the words “livers, roes and milt” shall be substituted; (ii) in heading 0301, for tariff items 0301 93 00 and the entries relating thereto, the following shall be substituted, namely:— “0301 93 00- -Carp (Cyprinus spp., Carassius spp., Ctenopharyngodonkg.30%-“; idellus,Hypophthalmichthys spp., Cirrhinus spp., Mylopharyngod on piceus, Catla catla, Labeo spp., Osteochilus hasselti, Leptobarbus hoeveni, Megalobrama spp.) (iii) for heading 0302, tariff items 0302 11 00 to 0302 85 00, sub-heading 0302 89, tariff items 0302 89 10 to 0302 90 00 and the entries relating thereto, the following shall be substituted, namely:— “0302FISH, FRESH OR CHILLED, EX CLUDING FISH FILLETS AND OTHER FISH MEAT OF HEADING 0304 -Salmonidae, excluding edible fish offal of sub-headings 0302 91 to 0302 99: 0302 11 00- -Trout (Salmo trutta, Oncorhyncus mykiss, Oncorhyncus clarkii, Oncorhyncus aguabonita, Oncorhyncus gilae, Oncorhyncus apache and Oncorhyncus chrysogaster) kg.30%- 0302 13 00- - Pacific salmon (Oncorhynchus nerka, Oncorhynchus gorbuscha, Oncorhynchus keta,kg.30%- Oncorhynchus tschawytscha, Oncorhynchus kisutch, Oncorhynchus masou and Oncorhynchus rhodurus) 0302 14 00- -Atlantic salmon (Salmo salar) and Danube salmon (Hucho hucho)kg.30%- 0302 19 00- -Other -Flat fish (Pleuronectidae, Bothidae, Cynoglossidae, Soleidae,Scophthalmidae andkg.30%- Citharidae), excluding edible fish offal of sub-headings 0302 91 to 0301 99: 0302 21 00- -Halibut (Rheinhardtius hippoglossidae, Hippoglossus hippoglossus, Hippoglossuskg.30%- stenolepis) 0302 22 00- -Plaice(Pleuronectes platessa)kg.30%- 0302 23 00- -Sole(Solea spp.)kg.30%- 0302 24 00- -Turbots (Psetta maxima)kg.30%- 0302 29 00- -Otherkg.30%- -Tunas (of the genus Thunnus), skipjack or stripe-bellied bonito (Euthynnus (Katsuwonus) pelamis), exclud ing ed ible fish offal of sub-head ings 0302 91 to 0301 99: 0302 31 00- -Albacore or long finned tunas(Thunnus alalunga)kg.30%- 0302 32 00- -Yellowfin tunas(Thunnus albacares)kg.30%- 0302 33 00- -Skipjack or stripe-bellied bonitokg.30%- 0302 34 00- -Bigeye tunas(Thunnus obesus)kg.30%- 0302 35 00- -Atlantic and Pacific bluefin tunas(Thunnus thynnus, Thunnus orientalis)kg.30%- 0302 36 00- -Southern bluefin tunas(Thunnus maccoyii)kg.30% - 0302 39 00- --Otherkg.30%- Herrings (Clupea harengus, Clupea pallasii), anchovies (Engraulis spp.), sardines (Sardina pilchardus, Sardinops spp.),sardinella (Sardinella spp.), brisling or sprats (Sprattus sprattus), mackerel (Scomber scombrus, Scomber australasicus, Scomber japonicus), Indian mackerels (Rastrelliger spp.), seerfishes (Scomberomorus spp.), jack and horse mackerel (Trachurus spp.), jacks, crevalles (Caranx spp.), cobia (Rachycentron canadum), silver pomfrets (Pampus spp.), Pacific saury (Cololabis saira), scads (Decapterus spp.), capelin (Mallotus villosus), Sword fish (Xiphias gladius), Kawakawa (Euthynnus affinis), bonitos (Sarda spp.), marlins, sailfishes, spearfish (Istiophorid ae), excluding ed ible fish offal of sub-headings 0302 91 to 0302 99:116 Ex-424/2016 0302 41 00- -Herrings (Clupea harengus, Clupea pallasii)kg.30%- 0302 42 00- -Anchovies(Engraulis spp.)kg.30%- 0302 43 00- -Sardines (Sardina pilchard us, Sardinops spp.), sardinella(Sardinella spp.),kg.30%- brisling or sprats (Sprattus sprattus) 0302 44 00- -Mackerel (Scomber scombrus, Scomber australasicus, Scomber japonicus)kg.30%- 0302 45 00- -Jack and horse mackerel (Trachurus spp.)kg.30%- 0302 46 00- -Cobia (Rachycentron canadum)kg.30%- 0302 47 00- -Sword fish (Xiphias gladius)kg.30%- 0302 49 00- -Otherkg.30%- -Fish of the families Bregmacerotidae, Euclichthyidae, Gadidae,Macrourid ae, Melanonidae, Merlucciidae, Moridae and Muraenolepididae, excluding ed ible fish offal of sub-head ings 0302 91 to 0302 99: 0302 51 00- -Cod(Gadus morhua, Gadus ogac, Gadus macrocephalus)kg.30%- 0302 52 00- -Haddock(Melangrammus aegllefinus)kg.30%- 0302 53 00- -Coa l fish (Pollachinus virens)kg.30%- 0302 54 00- -Hake(Merluccius spp., Urophycis spp.)kg.30%- 0302 55 00- -Alaska Pollack(Theragra chalcogramma)kg.30%- 0302 56 00- -Blue whittings (Micromesistius poutassou, Micromesistius australis)kg.30%- 0302 59 00- -Otherkg.30%- -Tilapias (Oreochromis spp.), catfish (Pangasius spp., Silurusspp., Clarias spp., Ictalurus spp.), carp (Cyprinus spp., Carassius spp., Ctenopharyngodon idellus, Hypophthalmichthys spp., Cirrhinus spp., Mylopharyngodon piceus, Catla catla, Labeo spp., Osteochilus hasselti, Leptobarbus hoeveni, Megalobrama spp.), eels (Anguilla spp.), Nile perch (Lates niloticus) and snakeheads (Channa spp.), excluding edible fish offal of sub-head ings 0302 91 to 0302 99: 0302 71 00- -Tilapias(Oreochromis spp.),kg.30%- 0302 72 00- -Catfish(Pangasius spp., Silurus spp., Clarias spp., Ictalurus spp.)kg.30%- 0302 73 00- -Carp(Cyprinus spp., Carassius spp., Ctenopharyngodon idellus, Hypophthal- michthys spp.,Cirrhinus spp., Mylopharyngodon piceus, Catla catla, Labeo spp., Osteochilus hasselti, Leptobarbus hoeveni, Megalobrama spp.):kg.30%- 0302 74 00- -Eels(Anguilla spp.)kg.30%- 0302 79 00- -Otherkg.30%- -Other fish exculding edible fish offal of sub-headings 0302 91 to 0302 99: 0302 81 00- -Dogfish and other sharkskg.30%- 0302 82 00- -Rays and skates(Rajidae)kg.30%- 0302 83 00- -Tooth fish (Dissostichus spp.)kg.30%- 0302 84 00- -Seabass(Dicentrarchus spp.)kg.30%- 0302 85 00- -Seabream(Sparidae)kg.30%- 0302 89- -Other: 0302 89 10- - -Hilsa (Tenualosa ilisha)kg.30%- 0302 89 20- - -Darakg.30%- 0302 89 30- - -Pomfr etkg.30%- 0302 89 90- - -Otherkg.30%- -Livers, roes, milt, fish fins, heads, tails, maws and other edible fish offal: 0302 91- -Livers, roes and milt: 0302 91 10- - -Livers, roes and miltkg.30%- 0302 92- -Shark fins: 0302 92 10- - -Shark finskg.30%- 0302 99- -Other: 0302 99 10- - -Fish fins other than shark fins; heads, tails and mawskg.30%- 0302 99 90- - -Other edible fish offalkg.30%- “; (iv) for heading 0303, tariff items 0303 11 00 to 0303 69 00, sub-heading 0303 81, tariff items 0303 81 10 to 0303 84 00, sub-heading 0303 89, tariff items 0303 89 10 to 0303 89 99, sub-heading 0303 90, tariff items 0303 90 10 to 0303 90 90 and the entries relating thereto, the following shall be substituted, namely:—117 Ex-424/2016 “0303FISH, FROZEN, EX CLUDING FISH FILLETS AND OTHER FISH MEAT OF HEADING 0304 -Salmonidae, excluding ed ible fish offal of sub-headings0303 91 to 0303 99: 0303 11 00- -Sockeye salmon(red salmon) (Oncorhynchus nerka)kg.30%- 0303 12 00- -Other Pacific salmon (Oncorhynchus gorbuscha, Oncorhynchusk e ta ,kg.30%- Oncorhynchus tschawytscha, Oncorhynchus kisutch, Oncorhynchus masou and Oncorhynchus rhodurus) 0303 13 00- -Atlantic salmon(Salmo salar)and Danube salmon(Hucho hucho)kg.30%- 0303 14 00- -Trout (Salmo trutta, Oncorhynchus mykiss, Oncorhynchusclarkii,kg.30%- Oncorhynchus aguabonita, Oncorhynchus gilae, Oncorhynchus apache and Oncorhynchus chrysogaster) 0303 19 00- -Otherkg.30%- -Tilapias (Oreochromis spp.), catfish (Pangasius spp., Silurus spp., Clarias spp., Ictalurus spp.), carp (Cyprinus carpio, Carassius carassius, Ctenopharyngodon idellus, Hypophthalmichthys spp., Cirrhinus spp., Mylopharyngodon piceus, Catla catla, Labeo spp.,Osteochilus hasselti, Leptobarbus hoeveni, Megalobroma spp., eels (Anguilla spp.), Nile perch (Lates niloticus) and snakeheads, (Channa spp.), excluding ed ible fish offal of sub-headings 0303 91 to 0303 99: 0303 23 00- -Tilap ia s (Oreochromis spp.)kg.30%- 0303 24 00- -Catfish (Pangasius spp., Silurus spp., Clarias spp., Ictalurus spp.)kg.30%- 0303 25 00- -Carp (Cyprinus carpio, Carassius carassius, Ctenopharyngodonkg.30%- idellus, Hypophthalmichthys spp., Cirrhinus spp., Mylopharyngodon piceus, Catla catla, Labeo spp., Osteochilus hasselti, Leptobarbus hoeveni, Megalobroma spp.) 0303 26 00- -Eels(Anguilla spp.)kg.30%- 0303 29 00- -Otherkg.30%- -Flat fish (Pleuronectidae, Bothidae, Cynoglossidae, Soleidae, Scophthalmidae and Citharidae), excluding edible fish offal of sub-headings 0303 91 to 0303 99: 0303 31 00- -Halibut (Rheinhardtius hippoglossidae, Hippoglossus hippoglossus,kg.30%- Hippoglossus stenolepis) 0303 32 00- -Plaice(Pleuronectes platessa)kg.30%- 0303 33 00- -Sole(Solea spp.)kg.30%- 0303 34 00- -Turbots (Psetta maxima)kg.30%- 0303 39 00- -Otherkg.30%- -Tunas (of the genus Thunnus), skipjack or stripe-bellied bonito (Euthynnus (Katsuwonus) pelamis), excluding edible fish offal of sub-headings \0303 91 to 0303 99: 0303 41 00- -Albacore or long finned tunas(Thunnus alalunga)kg.30%- 0303 42 00- -Yellowfin tunas(Thunnus albacares)kg.30%- 0303 43 00- -Skipjack or stripe-bellied bonitokg.30%- 0303 44 00- -Bigeye tunas(Thunnus obesus)kg.30%- 0303 45 00- -Atlantic and Pacific bluefin tunas (Thunnus thynnus, Thunnus orientalis)kg.30%- 0303 46 00- -Southern bluefin tunas(Thunnus maccoyii)kg.30%- 0303 49 00- -Otherkg.30%- -Herrings (Clupea harengus, Clupea pallasii), anchovies (Engraulis spp.), sardines (Sardina pilchardus, Sardinops spp.), sardinella (Sardinella spp.), brisling or sprats (Sprattus sprattus), mackerel (Scomber scombrus, Scomber australasicus, Scomber japonicus), Indian mackerels (Rastrelliger spp.), seerfishes (Scomberomorus spp.), jack and horse mackerel (Trachurus spp.), jacks, crevalles (Caranx spp.), cobia (Rachycentron canadum), silver pomfrets (Pampus spp.), Pacific saury (Cololabis saira), scads (Decapterusspp.), capelin (Mallotus villosus), Sword fish (Xiphias gladius), Kawakawa (Euthynnus affinis), bonitos (Sarda spp.), marlins, sailfishes, spearfish (Istiophorid ae), excluding ed ible fish offal of sub-headings 0303 91 to 0303 99:118 Ex-424/2016 0303 51 00- -Herrings (Clupea harengus, Clupea pallasii)kg.30%- 0303 53 00- -Sardines (Sardina pilchard us, Sardinops spp.), sardinella(Sardinella spp.), brisling or sprats (Sprattus sprattus)kg.30%- 0303 54 00- -Mackerel (Scomber scombrus, Scomber australasicus, Scomber japonicus)kg.30%- 0303 55 00- -Jack and horse mackerel(Trachurus spp.)kg.30%- 0303 56 00- -Cobia(Rachycentron canadum)kg.30%- 0303 57 00- -Sword fish (Xiphias gladius)kg.30%- 0303 59 00- -Otherkg.30%- -Fish of the families Bregmacerotidae, Euclichthyidae, Gadidae,Macrourid ae, Melanonidae, Merlucciidae, Moridae and Muraenolepididae, excluding ed ible fish offal of sub-head ings 0303 91 to 0303 99: 0303 63 00- -Cod (Gadus morhua, Gadus ogac, Gadus macrocephalus)kg.30%- 0303 64 00- -Haddock(Melanogrammus aeglefinus)kg.30%- 0303 65 00- -Coal fish (Pollachius virens)kg.30%- 0303 66 00- -Hake (Merluccius spp., Urophycis spp.)kg.30%- 0303 67 00- -Alaska Pollack(Theragra chalcogramma)kg.30%- 0303 68 00- -Blue whitings (Micromesistius poutassou, Micromesistiusaustralis)kg.30%- 0303 69 00- -Otherkg.30%- -Other fish, excluding edible fish offal of sub-headings 0303 91 to 0303 99: 0303 81- -Dogfish and other sharks: 0303 81 10- - -Dogfishkg.30%- 0303 81 90- - -Other Sharkskg.30%- 0303 82 00- -Rays and skates(Rajidae)kg.30%- 0303 83 00- -Tooth fish (Dissostichus spp.)kg.30%- 0303 84 00- -Seabass(Dicentrarchus spp.)kg.30%- 0303 89- -Other: 0303 89 10- - -Hilsa (Tenualosa ilisha)kg.30%- 0303 89 20- - -Darakg.30%- 0303 89 30- - -Ribbon fishkg.30%- 0303 89 40- - -Seerkg.30%- 0303 89 50- - -Pomfret (white or silver or black)kg.30%- 0303 89 60- - -Gholkg.30%- 0303 89 70- - -Threadfinkg.30%- 0303 89 80- - -Croakers, groupers and flounderskg.30%- 0303 89 90- - -Otherkg.30%- -Livers, roes, milt, fish fins, heads, tails, maws and other ed ible fish offal: 0303 91- -Livers, roes and milt: 0303 91 10- - -Egg or egg yolk of fishkg.30%- 0303 91 90- - -Otherkg.30%- 0303 92- -Shark fins: 0303 92 10- - -Shark finskg.30%- 0303 99- -Other: 0303 99 10- - -Fish fins other than shark fins, heads, tails and mawskg.30%- 0303 99 90- - -Other edible fish offalkg.30%- “; (v) in heading 0304,— (a) for the entry in column (2) occurring after the entry against heading 0304, the following shall be substituted, namely:— “-Fresh or chilled fillets of tilapias (Oreochromis spp.), catfish (Pangasius spp., Silurus spp., Clarias spp., Ictalurus spp.), carp (Cyprinus spp., Carassius spp., Ctenopharyngodon idellus, Hypophthalmichthys spp., Cirrhinus spp., Mylopharyngodon piceus, Catla catla, Labeo spp., Osteochilus hasselti, Leptobarbus hoeveni, Megalobrama spp.), eels (Anguilla spp.), Nile perch (Lates niloticus) and snakehead s (Channa spp.):”;119Ex-424/2016 (b) for tariff items 0304 46 00 to 0304 99 00 and the entries relating thereto, the following shall be substituted, namely:— “0304 46 00- -Tooth fish (Dissostichus spp.)kg.30%- 0304 47 00- -Dogfish and other sharkskg.30%- 0304 48 00- -Rays and skates (Rajidae)kg.30%- 0304 49- -Other: 0304 49 10- - -Hilsa(Tenualosa ilisha)kg.30%- 0304 49 30- - -Seerkg.30%- 0304 49 40- - -Tunakg.30%- 0304 49 90- - -Otherkg.30%- -Other, fresh or chilled: 0304 51 00- -Tilap ia s (Oreochromis spp.), catfish (Pangasius spp., Siluruskg.30%- spp., Clarias spp., Ictalurus spp.), carp (Cyprinus spp., Carassius spp., Ctenopharyngodon idellus, Hypophthalmichthys spp., Cirrhinus spp., Mylopharyngodon piceus, Catla catla, Labeo spp., Osteochilus hasselti, Leptobarbus hoeveni, Megalobrama spp.), eels (Anguilla spp.), Nile perch (Lates niloticus) and snakeheads (Channa spp.) 0304 52 00- -Salmonidaekg.30%- 0304 53 00- -Fish of the families Bregmacerotidae, Euclichthyidae, Gadidae,Ma cr ou r id a e,kg.30%- Melanonidae, Merlucciidae, Moridae and Muraenolepididae 0304 54 00- -Sword fish (Xiphias gladius)kg.30%- 0304 55 00- -Tooth fish (Dissostichus spp.)kg.30%- 0304 56 00- -Dogfish and other sharkskg.30%- 0304 57 00- -Rays and skates (Rajidae)kg.30%- 0304 59- -Other: 0304 59 10- - -Hilsa(Tenualosa ilisha)kg.30%- 0304 59 30- - -Seerkg.30%- 0304 59 40- - -Tunakg.30%- 0304 59 90- - -Otherkg.30%- -Frozen fillets of tilapias (Oreochromis spp.), catfish (Pangasiusspp., Silurus spp., Clarias spp., Ictalurus spp.), carp (Cyprinus spp., Carassius spp., Ctenopharyngodon idellus, Hypophthalmichthys spp., Cirrhinus spp., Mylophary- ngodon piceus, Catla catla, Labeo spp., Osteochilus hasselti, Leptobarbus hoeveni, Megalobrama spp.), eels (Anguilla spp.), Nile perch (Lates niloticus)and snakeheads (Channa spp.): 0304 61 00- -Tilap ia s (Oreochromis spp.)kg.30%- 0304 62 00- -Catfish (Pangasius spp., Silurus spp., Clarias spp., Ictalurus spp.)kg.30%- 0304 63 00- -Nile Perch(Lates niloticus)kg.30%- 0304 69 00- -Otherkg.30%- -Frozen fillets of fish of Bregmacerotidae, Euclichthyidae,Gadid ae, Macrouridae, Melanonidae, Merlucciidae, Moridae andMuraenolepididae: 0304 71 00- -Cod (Gadus morhua, Gadus ogac, Gadus macrocephalus)kg.30%- 0304 72 00- -Haddock(Melanogrammus aeglefinus)kg.30%- 0304 73 00- -Coal fish (Pollachius virens)kg.30%- 0304 74 00- -Hake (Merluccius spp., Urophycis spp.)kg.30%- 0304 75 00- -Alaska Pollack(Theragra chalcogramma)kg.30%- 0304 79 00- -Otherkg.30%- -Frozen fillets of other fish: 0304 81 00- -Pacific salmon (Oncorhynchus nerka, Oncorhynchus gorbuscha, Oncorhynchus keta,kg.30%- Oncorhynchus tschawytscha, Oncorhynchus kisutch, Oncorhynchus masou and Oncorhynchus rhod urus), Atlantic salmon (Salmo salar) and Danube salmon (Hucho hucho) 0304 82 00- -Trout (Salmo trutta, Oncorhynchus mykiss, Oncorhynchusclarkii, Oncorhynchuskg.30%- aguabonita, Oncorhynchus gilae, Oncorhynchus apache and Oncorhynchus chrysogaster) 0304 83 00- -Fla t fis h(Pleuronectidae, Bothidae, Cynoglossidae, Soleidaekg.30%-, Scophthalmidae and Citharidae)120 Ex-424/2016 0304 84 00- -Sword fish (Xiphias gladius)kg.30%- 0304 85 00- -Tooth fish (Dissostichus spp.)kg.30%- 0304 86 00- -Herrings (Clupea harengus, Clupea pallasii)kg.30%- 0304 87 00- -Tunas (of the genusThunnus), skipjack or stripe-bellied bonitokg.30%- - -(Euthynnus (Katsuwonus) pelamis) 0304 88- -Dogfish, other sharks Rays and skates (Rajidae): 0304 88 10- - -Dogfishkg.30%- 0304 88 20- - -Other sharkskg.30%- 0304 88 30- - -Rays and skates(Rajidae)kg.30%- 0304 89- -Other: 0304 89 10- - -Hilsa(Tenualosa ilisha)kg.30%- 0304 89 30- - -Seerkg.30%- 0304 89 40- - -Tunakg.30%- 0304 89 90- - -Otherkg.30%- -Other, frozen: 0304 91 00- -Sword fish (Xiphias gladius)kg.30%- 0304 92 00- -Tooth fish (Dissostichus spp.)kg.30%- 0304 93 00- -Tilap ia s (Oreochromis spp.), catfish (Pangasius spp., Siluruskg.30%- spp., Clarias spp., Ictalurus spp.), carp (Cyprinus spp., Carassius spp., Ctenopharyngodon idellus, Hypophthalmichthys spp., Cirrhinus spp., Mylopharyngodon piceus, Catla catla, Labeo spp., Osteochilus hasselti, Leptobarbus hoeveni, Megalobrama spp.), eels (Anguilla spp.), Nile perch (Lates niloticus) and snakeheads (Channa spp.) 0304 94 00- -Alaska Pollack (Theragra chalcogramma)kg.30%- 0304 95 00- -Fish of the families Bregmacerotidae, Euclichthyidae, Gadidae,kg.30%- Macrouridae, Melanonidae, Merlucciidae, Moridae and Muraenolepididae, Alaska Pollack (Theragra chalcogramma) 0304 96 00- -Dogfish and other sharkskg.30%- 0304 97 00- -Rays and skates(Rajidae)kg.30%- 0304 99 00- -Otherkg.30%- (vi) in heading 0305,— (a) for tariff item 0305 20 00 and the entries relating thereto, the following shall be substituted, namely:— 0305 20 00-Livers, roes and milt of fish, dried, smoked, salted or in brinekg.30%- (b) for tariff item 0305 31 00 and the entries relating thereto, the following shall be substituted, namely:— “0305 31 00- -Tilap ia s (Oreochromis spp.), catfish (Pangasius spp., Silurusspp., Clarias spp.,kg.30%- Ictalurus spp.), carp (Cyprinus spp., Carassius spp., Ctenopharyngodon idellus, Hypophthalmichthys spp., Cirrhinus spp., Mylopharyngodon piceus, Catla catla, Labeo spp., Osteochilus hasselti, Leptobarbus hoeveni, Megalobrama spp.), eels (Anguilla spp.), Nile perch (Lates niloticus) and snakeheads (Channa spp.) (c) for tariff item 0305 44 00 and the entries relating thereto, the following shall be substituted, namely:— “0305 44 00- -Tilap ia s (Oreochromis spp.), catfish (Pangasius spp., Siluruskg.30%- spp., Clarias spp., Ictalurus spp.), carp (Cyprinus spp., Carassius spp., Ctenopharyngodon idellus, Hypophthalmichthys spp., Cirrhinus spp., Mylopharyngodon piceus, Catla catla, Labeo spp., Osteochilus hasselti, Leptobarbus hoeveni, Megalobrama spp.), eels (Anguilla spp.), Nile per ch (Lates niloticus) and snakeheads (Channa spp.) (d) after tariff item 0305 51 00 and the entries relating thereto, the following shall be inserted, namely:—121Ex-424/2016 “0305 52 00- -Tilap ia s (Oreochromis spp.), catfish (Pangasius spp., Siluruskg.30%- spp., Clarias spp., Ictalurus spp.), carp (Cyprinus spp., Carassius spp., Ctenopharyngodon idellus, Hypophthalmichthys spp., Cirrhinus spp., Mylopharyngodon piceus, Catla catla, Labeo spp., Osteochilus hasselti, Leptobarbus hoeveni, Megalobrama spp.), eels (Anguilla spp.), Nile perch (Lates niloticus) and snakeheads (Channa spp.) 0305 53 00- -Fish of the families Bregmacerotidae, Euclichthyidae, Gadidae,Ma cr ou r id a e,kg.30%- Melanonidae, Merlucciidae, Moridae and Muraenolepididae, other than cod (Gadus morhua, Gadus ogac, Gadus macrocephalus) 0305 54 00- -Herrings (Clupea harengus, Clupea pallasii), anchovies (Engraulis spp.),kg.30%-”. sardines (Sardina pilchardus, Sardinops spp.), sardinella (Sardinella spp.), brisling or sprats (Sprattus sprattus), mackerel (Scomber scombrus, Scomber australasicus, Scomber japonicus), Indian mackerels (Rastrelliger spp.), seerfishes (Scomberomorus spp.), jack and horse mackerel (Trachurus spp.), ja cks , cr eva lles (Caranx spp.), cobia (Rachycentron canad um), silver pomfrets (Pampus spp.), Pacific saury (Cololabis saira), scads (Decapterus spp.), capelin (Mallotus villosus), Sword fish (Xiphias gladius), Kawakawa (Euthynnus affinis), bonitos (Sarda spp.), marlins, sa ilfish es, sp ear fis h (Istiophoridae) (e) for tariff item 0305 64 00 and the entries relating thereto, the following shall be substituted, namely:— “0305 64 00- -Tilap ia s (Oreochromis spp.), catfish (Pangasius spp., Siluruskg.30%-”, spp., Clarias spp., Ictalurus spp.), carp (Cyprinus spp., Carassius spp., Ctenopharyngodon idellus, Hypophthalmichthys spp., Cirrhinus spp., Mylopharyngodon piceus, Catla catla, Labeo spp., Osteochilus hasselti, Leptobarbus hoeveni, Megalobrama spp.), eels (Anguilla spp.), Nile perch (Lates niloticus) and snakeheads (Channa spp.) (vii) in heading 0306, for tariff items 0306 19 00 to 0306 29 00 and the entries relating thereto, the following shall be substituted, namely:— “0306 19 00- -Other, including flours, meals and pellets of crustaceans, fit for human consumptionkg.30%- -Live, fresh or chilled: 0306 31 00- -Rock lobster and other sea crawfish (Palinurus spp., Jasus spp.)kg.30%- 0306 32 00- -Lobsters( Homarus spp.)kg.30%- 0306 33 00- -Crabskg.30%- 0306 34 00- -Norway lobsters(Nephrops norvegicus)kg.30%- 0306 35 00- -Cold water shrimps and prawns (Pandalus spp., Crangon crangon)kg.30%- 0306 36 00- -Other shrimps and prawnskg.30%- 0306 39 00- -Other, including flours, meals and pellets of crustaceans, fit for human consumption kg.30%- -Other: 0306 91 00- -Rock lobster and other sea crawfish (Palinurus spp., Jasus spp.)kg.30%- 0306 92 00- -Lobsters( Homarus spp.)kg.30%- 0306 93 00- -Crabskg.30%- 0306 94 00- -Norway lobsters(Nephrops norvegicus)kg.30%- 0306 95 00- -Shrimps and prawnskg.30%- 0306 99 00- -Other, including flours, meals and pellets of crustaceans, fit for human consumptionkg.30%- (viii) in heading 0307,— (a) after tariff item 0307 11 00 and the entries relating thereto, the following shall be inserted, namely:— “0307 12 00- -Fr ozenkg.30%- (b) after tariff item 0307 21 00 and the entries relating thereto, the following shall be inserted, namely:— “0307 22 00- -Fr ozenkg.30%- (c) after tariff item 0307 31 00 and the entries relating thereto, the following shall be inserted, namely:—122 Ex-424/2016 “0307 32 00- -Fr ozenkg.30%- “; (d) for tariff items 0307 39 90 to 0307 49 90 and the entries relating thereto, the following shall be substituted, namely:— “0307 39 90- - -Otherkg.30%- -Cuttle fish and squid: 0307 42- -Live, fresh or chilled: 0307 42 10- - -Cuttle fishkg.30%- 0307 42 20- - -Squidkg.30%- 0307 43- -Frozen: 0307 43 10- - -Cuttle fishkg.30%- 0307 43 20- - -Whole squidskg.30%- 0307 43 30- - -Squid tubeskg.30%- 0307 49- -Other: 0307 49 10- - -Cuttle fishkg.30%- 0307 49 20- - -Whole squidskg.30%- 0307 49 30- - -Squid tubeskg.30%- 0307 49 40- - -Dried squidskg.30%- 0307 49 90- - -Otherkg.30%- (e ) after tariff item 0307 51 00 and the entries relating thereto, the following shall be inserted, namely:— “0307 52 00- -Fr ozenkg.30%- (f ) after tariff item 0307 71 00 and the entries relating thereto, the following shall be inserted, namely:— “0307 72 00- -Fr ozenkg.30%- (g) for tariff items 0307 79 00 to 0307 89 00 and the entries relating thereto, the following shall be substituted, namely:— “0307 79 00- -Otherkg.30%- -Abalone (Haliotis Spp.) and stromboid conchs (Strombus spp.): 0307 81 00- -Live, fr es h or ch illed ab alon e (Haliotis spp.)kg.30%- 0307 82 00- -Live, fresh or chilled stromboid conchs (Strombus spp.)kg.30%- 0307 83 00- -Frozen abalone(Haliotis spp.)kg.30%- 0307 84 00- -Frozen stromboid conchs(Strombus spp.)kg.30%- 0307 87 00- -Other abalone(Haliotis spp.)kg.30%- 0307 88 00- -Other stromboid conchs(Strombus spp.)kg.30%-”; (h ) after tariff item 0307 91 00 and the entries relating thereto, the following shall be inserted, namely:— “0307 92 00- -Fr ozenkg.30%-”; (ix) in heading 0308,— (a) for the entry in column (2) occurring after the entry against heading 0308, the following shall be substituted, namely:— “-Sea cucumbers (Stichopus japonicus, Holothuroidea):”; (b) after tariff item 0308 11 00 and the entries relating thereto, the following shall be inserted, namely:—123Ex-424/2016 “0308 12 00- -Fr ozenkg.30%-”; (c) for tariff items 0308 19 00 to 0308 21 00 and the entries relating thereto, the following shall be substituted, namely:— “0308 19 00- -Otherkg.30%- -Sea urchins (Strongylocentrotus spp., Paracentrotus lividus, Loxechinus albus, Echinus esculentus): 0308 21 00- -Live, fres h or ch illedkg.30%- 0308 22 00- -Fr ozenkg.30%-”; (2) in Chapter 4, in Note 4,— (A) in clause (a), the word “or”shall be omitted; (B) after clause (a), the following clause shall be inserted, namely:— “(b) products obtained from milk by replacing one or more of its natural constituents (for example, butyric fats) by another substance (for example, oleic fats) (heading 1901 or 2106); or”; (C) the existing clause (b) shall be re-lettered as (c ); (3) in Chapter 5, for Note 4, the following Note shall be substituted, namely:— “4. Throughout the Schedule, the expression “horsehair” means hair of the manes or tails of equine or bovine animals. Heading 0511 covers,inter alia, horsehair and horsehair waste, whether or not put up as a layer with or without supporting material.”; (4) in Chapter 8, in heading 0805, for tariff item 0805 20 00 and the entries relating thereto, the following shall be substituted, namely:— “-Mandarins (including tangerines and satsumas); clementines, wilkings and similar citrus hybrids: 0805 21 00- -Mandarins (including tangerines and satsumas)kg.30%- 0805 22 00- -Clementineskg.30%- 0805 29 00- -Oth erkg.30%-”; (5) in Chapter 12,— (i) for heading 1211 and the entries relating thereto, the following shall be substituted, namely:— “1211PLANTS AND PARTS OF PLANTS (INCLUDING SEEDS AND FRUITS), OF A KIND USED PRIMARILY IN PERFUMERY, IN PHARMACY OR FOR INSECTICIDAL, F UNGICIDAL OR SIMILAR PURPOSE, FRESH, CHILLED, FROZEN OR DRIED, WHETHER OR NOT CUT, CRUSHED OR POWDERED”; (ii) after tariff item 1211 40 00 and the entries relating thereto, the following shall be inserted, namely:— “1211 50 00-Ephedrakg.30%-”; (6) in Chapter 13, in heading 1302, after tariff item 1302 13 00 and the entries relating thereto, the following shall be inserted, namely:— “1302 14 00- -Of ephedrakg.30%-”; (7) in Chapter 16,— (i) in Sub-heading Note 1, for the words “as infant food”, the words “as food suitable for infants or young children” shall be substituted; (ii) in heading 1604, after tariff item 1604 17 00 and the entries relating thereto, the following shall be inserted, namely:— “1604 18 00- -Shark finskg.30%-”; (8) in Chapter 19, for sub-heading 1901 10 and the entries relating thereto, the following shall be substituted, namely:— “1901 10-Preparations suitable for infants or young children, put up for retail sale:”; (9) in Chapter 20,—124 Ex-424/2016 (i) in Sub-heading Note 1, for the words “as infant food”, the words “as food suitable for infants or young children” shall be substituted; (ii) in Sub-heading Note 2, for the words “as infant food”, the words “as food suitable for infants or young children” shall be substituted; (10) in Chapter 21, in Sub-heading Note 3, for the words “as infant food”, the words “as food suitable for infants or young children” shall be substituted ; (11) in Chapter 22,— (i) for sub-heading 2202 90, tariff items 2202 90 10 to 2202 90 90 and the entries relating thereto, the following shall be substituted, namely:— “ -Other: 2202 91 00- -Non alcoh olic beerl30%- 2202 99- -Other: 2202 99 10- - -Soya milk drinks, whether or not sweetened or flavouredl30%- 2202 99 20- - -Fruit pulp or fruit juice based drinkl30%- 2202 99 30- - -Bever a ges cont a in in g milkl30%- 2202 99 90- - -Otherl30%-”; (ii) after tariff item 2204 21 90 and the entries relating thereto, the following shall be inserted, namely:— “2204 22- -In containers holding more than 2 l but not more than 10 l: 2204 22 10- - -Port and other red winesl150%- 2204 22 20- - -Sherry and other white winesl150%- 2204 22 90- - -Otherl150%-”; (iii) for tariff item 2206 00 00 and the entries relating thereto, the following shall be substituted, namely:— “2206 00 00 -OTHER FERMENTED BEVERAGES (FOR EXAMPLE, CIDER,l150%-”; PERRY, MEAD, SAKE); MIXTURES OF FERMENTED BEVERAGES AND NON-ALCOHOLIC BEVERAGES, NOT ELSEWHERE SPECIFIED OR INCLUDED (12) in Chapter 27,— (i) for Sub-heading Note 4, the following shall be substituted, namely:— ‘4. For the purposes of sub-heading 2710 12, “light oils and preparations”are those of which 90 % or more by volume (including losses) distil at 210 °C according to the ISO 3405 method (equivalent to the ASTM D 86 method).’; (ii) for tariff item 2707 50 00 and the entries relating thereto, the following shall be substituted, namely:— “2707 50 00-Other aromatic hydrocarbon mixtures of which 65 % or morekg.10%-”; by volume (including losses) distils at 250 °C by the ISO 3405 method (equivalent to the ASTM D 86 method) (13) in Chapter 28,— (i) for Note 7, the following shall be substituted, namely:— “7. Heading 2853 includes copper phosphide (phosphor copper) containing more than 15 % by weight of phosphorus.”; (ii) after tariff item 2811 11 00 and the entries relating thereto, the following shall be inserted, namely:— “2811 12 00- -Hydrogen cyanide (hydrocyanic acid )kg.10%-”; (iii) tariff item 2811 19 10 and the entries relating thereto shall be omitted;125Ex-424/2016 (iv) for sub-heading 2812 10, tariff items 2812 10 10 to 2812 90 00 and the entries relating thereto, the following shall be substituted, namely:— “-Chlorides and chloride oxides: 2812 11 00- -Carbonyl dichloride (phosgene)kg.10%- 2812 12 00- -Phosphorous oxychloridekg.10%- 2812 13 00- -Phosphorous trichloridekg.10%- 2812 14 00- -Phosphorous pentachloridekg.10%- 2812 15 00- -Sulphur monochloridekg.10%- 2812 16 00- -Sulphur dichloridekg.10%- 2812 17 00- -Thionyl chloridekg.10%- 2812 19- -Other: 2812 19 10- - -Sulpur oxychloridekg.10%- 2812 19 20- - -Silicon tetrachloridekg.10%- 2812 19 30- - -Arsenous trichloridekg.10%- 2812 19 90- - -Otherkg.10%- 2812 90 00-Otherkg.10%-”; (v) the heading 2848, sub-heading 2848 00, tariff items 2848 00 10 to 2848 00 90 and the entries relating thereto shall be omitted; (vi) for heading 2853, sub-heading 2853 00, tariff items 2853 00 10 to 2853 00 99 and the entries relating thereto, the following shall be substituted, namely:— “2853PHOSPHIDES, WHETHER OR NOT CHEMICALLY DEFINED, EXCLUDING FERROPHOSPHORUS; OTHER INORGANIC COMPOUNDS (INCLUDING DISTILLED OR CONDUCTIVITY WATER AND WATER OF SIM ILAR P URITY ); LIQ UID AIR (WHETHER OR NOT RARE GASES HAVE BEEN REMOVED); COMPRESSED AIR; AMALGAMS, OTHER THAN AMALGAMS OF PRECIOUS METALS 2853 10 00-Cyanogen chloride (chlorcyan)kg.10%- 2853 90-Other: 2853 90 10- - -Distilled or conductivity water and water of similar puritykg.10%- 2853 90 20- - -Liquid a ir, wh eth er or n ot rar e ga ses ha ve been removedkg.10%- 2853 90 30- - -Compressed airkg.10%- 2853 90 40- - -Amalgams, other than of precious metalskg.10%- 2853 90 90- - -Otherkg.10%-”; (14) in Chapter 29,— (i) after tariff item 2903 82 00 and the entries relating thereto, the following shall be inserted, namely:— “2903 83 00- -Mirex (ISO)kg.10%-”; (ii) after tariff item 2903 92 29 and the entries relating thereto, the following shall be inserted, namely:— “2903 93 00- -Penta chloroben zen e (ISO)kg.10%- 2903 94 00- -Hexabromobiphenylskg.10%-”; (iii) in heading 2904,—126 Ex-424/2016 (a) after tariff item 2904 20 90 and the entries relating thereto, the following shall be inserted, namely:— “-Perfluorooctane sulphonic acid, its salts and perfluorooctane sulphonyl fluoride: 2904 31 00- -Perfluorooctane sulphonic acidkg.10%- 2904 32 00- -Ammon ium perfluor ooctan e su lph ona tekg.10%- 2904 33 00- -Lithium perfluorooctane sulphonatekg.10%- 2904 34 00- -Potassium perfluorooctane sulphonatekg.10%- 2904 35 00- -Other salts of perfluorooctane sulphonic acidkg.10%- 2904 36 00- -Perfluorooctane sulphonyl fluoridekg.10%-”; (b) for sub-heading 2904 90, tariff items 2904 90 10 to 2904 90 90 and the entries relating thereto, the following shall be substituted, namely:— “-Other: 2904 91 00- -Trichloronitromethane (chloropicrin)kg.10%- 2904 99- -Other: 2904 99 10- - -2, 5 dichloronitrobenzenekg.10%- 2904 99 20- - -Dinitrochlorebenzenekg.10%- 2904 99 30- - -Meta nitrochlorobenzenekg.10%- 2904 99 40- - -Ortho nitrochlorobenzenekg.10%- 2904 99 50- - -Para nitrochlorobenzenekg.10%- 2904 99 60- - -2-nitrochlorotoluenekg.10%- 2904 99 70- - -Sodium meta nitrochlorobenzene sulphonatekg.10%- 2904 99 90- - -Otherkg.10%-”; (iv) after tariff item 2910 40 00 and the entries relating thereto, the following shall be inserted, namely:— “2910 50 00-Endrin (ISO)kg.10%-”; (v) in heading 2914,— (a) after tariff item 2914 61 00 and the entries relating thereto, the following shall be inserted, namely:— “2914 62 00- -Coenzyme Q10 (ubidecarenone (INN))kg.10%-”; (b) for sub-heading 2914 70, tariff items 2914 70 10 to 2914 70 90 and the entries relating thereto, the following shall be substituted, namely:— “-Halogenated, sulphonated, nitrated or nitrosated derivatives: 2914 71 00- -Ch lord econ e (ISO)kg.10%- 2914 79- -Other: 2914 79 10- - -1-chloro anthraquinonekg.10%- 2914 79 20- - -Musk ketonekg.10%- 2914 79 90- - -Otherkg.10%-”; (vi) after tariff item 2918 16 90 and the entries relating thereto, the following shall be inserted, namely:— “2918 17 00- -2, 2-Diphenyl-2-hydroxyacetic acid (benzilic acid)kg.10%-”; (vii) for sub-heading 2920 90, tariff items 2920 90 10 to 2920 90 44 and the entries relating thereto, the following shall be substituted, namely:—127Ex-424/2016 “-Phosphite esters and their salts; their halogenated, sulphonated , nitrated or nitrosated derivatives: 2920 21 00- -Dimethyl phosphitekg.10%- 2920 22 00- -Diethyl phosphitekg.10%- 2920 23 00- -Trimethyl phosphitekg.10%- 2920 24 00- -Triethyl phosphitekg.10%- 2920 29- -Other: 2920 29 10- - -Dimethyl sulphatekg.10%- 2920 29 20- - -Diethyl sulphatekg.10%- 2920 29 30- - -Tris (2, 3 Dibromopropyl) phosphatekg.10%- 2920 29 90- - -Otherkg.10%- 2920 30 00-En dosu lfa n (ISO)kg.10%-”; (viii) for sub-heading 2921 19, tariff items 2921 19 11 to 2921 19 90 and the entries relating thereto, the following shall be substituted, namely:— “2921 12 00- -2-(N, N-Dimethylamino)ethylchloride hydrochloridekg.10%- 2921 13 00- -2-(N, N-Diethylamino)ethylchloride hydrochloridekg.10%- 2921 14 00- -2-(N, N-Diisopropylamino)ethylchloride hydrochloridekg.10%- 2921 19- -Other: 2921 19 10- - -2-Chloro N, N-Diisopropyl ethylaminekg.10%- 2921 19 20- - -2-Chloro N, N-Dimethyl ethanaminekg.10%- 2921 19 90- - -Otherkg.10%-”; (ix) for sub-heading 2922 12, tariff items 2922 12 10 to 2922 12 90 and the entries relating thereto, the following shall be substituted, namely:— “2922 12 00- -Diethanolamine and its saltskg.10%-”; (x) for sub-heading 2922 13, tariff items 2922 13 10 to 2922 13 90, tariff item 2922 14 00, sub-heading 2922 19, tariff items 2922 19 40 to 2922 19 90 and the entries relating thereto, the following shall be substituted, namely:— “2922 14 00- -Dextropropoxyphene (INN) and its saltskg.10%- 2922 15 00- -Triethanolaminekg.10%- 2922 16 00- -Diethanolammonium perfluorooctane sulphonatekg.10%- 2922 17- -Methyldiethanolamine and ethyldiethanolamine: 2922 17 10- - -Methyldiethanolaminekg.10%- 2922 17 20- - -Ethyldiethanolaminekg.10%- 2922 18 00- -2-(N, N-Diisopropylamino) ethanolkg.10%- 2922 19- -Other: 2922 19 10- - -2-Hydroxy N, N-Diisopropyl ethylaminekg.10%- 2922 19 90- - -Otherkg.10%-”; (xi) after tariff item 2923 20 90 and the entries relating thereto, the following shall be inserted, namely:—128 Ex-424/2016 “2923 30 00-Tetraethylammonium perfluorooctane sulphonatekg.10%- 2923 40 00-Didecyldimethylammonium perfluorooctane sulphonatekg.10%-”; (xii) after tariff item 2924 24 00 and the entries relating thereto, the following shall be inserted, namely:— “2924 25 00- -Alachlor (ISO)kg.10%-”; (xiii) after tariff item 2926 30 00 and the entries relating thereto, the following shall be inserted, namely:— “2926 40 00-Alpha-phenylacetoacetonitrilekg.10%- ”; (xiv) for tariff item 2930 50 00 and the entries relating thereto, the following shall be substituted, namely:— “2930 60 00-2-(N, N-Diethylamin o)ethanethiolkg.10%- 2930 70 00-Bis(2-hydroxyethyl)sulfide (thiodiglycol (INN))kg.10%- 2930 80 00-Aldicarb (ISO), captafol (ISO) and methamidophos (ISO)kg.10%-”; (xv) after tariff item 2931 20 00 and the entries relating thereto, the following shall be inserted, namely:— “-Other organo-phosphorous derivatives: 2931 31 00- -Dimethyl methylphosphonatekg.10%- 2931 32 00- -Dimethyl propylphosphonatekg.10%- 2931 33 00- -Diethyl ethylphosphonatekg.10%- 2931 34 00- -Sodium 3-(trihydroxysilyl)propyl methylphosphonatekg.10%- 2931 35 00- -2, 4, 6-Tripropyl-1, 3, 5, 2, 4, 6-trioxatriphosphinane 2, 4, 6-trioxidekg.10%- 2931 36 00- -(5-Ethyl-2-methyl-2-oxido-1, 3, 2-dioxaphosphinan-5-yl)methylkg.10%- methyl methylphosphonate 2931 37 00- -Bis[(5-ethyl-2-methyl-2-oxido-1, 3, 2-dioxaphosphinan-5-yl)kg.10%- methyl] methylphosphonate 2931 38 00- -Salt of methylphosphonic acid and (aminoiminomethyl)urea (1: 1)kg.10%- 2931 39 00- -Otherkg.10%-”; (xvi) after tariff item 2932 13 00 and the entries relating thereto, the following shall be inserted, namely:— “2932 14 00- -Sucralosekg.10%-”; (xvii) after tariff item 2933 91 00 and the entries relating thereto, the following shall be inserted, namely:— “2933 92 00- -Azinphos-methyl (ISO)kg.10%-”; (xviii) for heading 2935, sub-heading 2935 00, tariff items 2935 00 11 to 2935 00 90 and the entries relating thereto, the following shall be substituted, namely:— “2935SULPHONAMIDES 2935 10 00-N-Methylperfluorooctane sulphonamidekg.10%- 2935 20 00-N-Ethylperfluorooctane sulphonamidekg.10%- 2935 30 00-N-Ethyl-N-(2-hydroxyethyl) perfluorooctane sulphonamidekg.10%- 2935 40 00-N-(2-Hydroxyethyl)-N-methylperfluorooctane sulphonamidekg.10%- 2935 50 00-Other perfluorooctane sulphonamideskg.10%- 2935 90-Other:129 Ex-424/2016 - - -Sulphamethoxazole, sulphafurazole, sulphadiazine, sulphad imid ine, sulphacetamid e: 2935 90 11- - - -Sulphamethoxazolekg.10%- 2935 90 12- - - -Sulphafurazolekg.10%- 2935 90 13- - - -Sulphadiazinekg.10%- 2935 90 14- - - -Sulphadimidinekg.10%- 2935 90 15- - - -Sulphacetamidekg.10%- - - -Sulphamethoxypyridarine, sulphamethiazole, sulphamoxole, sulphamid e: 2935 90 21- - - -Sulphamethoxypyridarinekg.10%- 2935 90 22- - - -Sulphamethiazolekg.10%- 2935 90 23- - - -Sulphamoxolekg.10%- 2935 90 24- - - -Sulphamidekg.10%- 2935 90 90- - -Otherkg.10%-”; (xix) for the tariff item 2937 31 00 and the entries relating thereto, the following shall be substituted, namely:— “2937 31 00- -Epinephrinekg.10%10%” (xx) in the entry under column (2) occurring after tariff item 2937 90 90 and the entries relating thereto, the word “VEGETABLE” shall be omitted; (xxi) for heading 2939 and the entries relating thereto, the following shall be substituted, namely:— “2939ALKALOIDS, NATURAL OR REPRODUCED BY SY NTHESIS, AND THEIR SALTS, ETHERS, ESTERS AND OTHER DERIVATIVES”; (xxii) for tariff items 2939 69 00 to 2939 99 00 and the entries relating thereto, the following shall be substituted, namely:— “2939 69 00- -Otherkg.10%- -Other, of vegetal origin: 2939 71 00- - Cocaine, ecgonine, levometamfetamine, metamfetamine (INN), metamfetamine racemate; salts, esters and other derivatives thereofkg.10%- 2939 79 00- -Otherkg.10%- 2939 80 00-Otherkg.10%-”; (15) in Chapter 30,— (i) after Note 4, the following shall be inserted, namely:— “Sub-heading Notes: 1. For the purposes of sub-headings 3002 13 and 3002 14, the following are to be treated: (a) as unmixed products, pure products, whether or not containing impurities; (b) as products which have been mixed: (1) the products mentioned in (a) above dissolved in water or in other solvents; (2) the products mentioned in (a) and (b) (1) above with an added stabiliser necessary for their preservation or transport; and (3) the products mentioned in (a), (b) (1) and (b) (2) above with any other additive. 2. Sub-headings 3003 60 and 3004 60 cover medicaments containing artemisinin (INN) for oral ingestion combined with other pharmaceutical active ingredients, or containing any of the following active principles, whether or not combined with other pharmaceutical active ingredients: amodiaquine (INN); artelinic acid or its salts; artenimol (INN); artemotil (INN); artemether (INN); art esun ate (INN); chloroquine (INN); dihydroartemisinin (INN); lumefantrine (INN); mefloquine (INN); piperaquine (INN); pyrimethamine (INN) or sulfadoxine (INN).”; (ii) for sub-heading 3002 10, tariff items 3002 10 11 to 3002 10 99 and the entries relating thereto, the following shall be substituted, namely:—130 Ex-424/2016 “-Antisera, other blood fractions and immunological products, whether or not modified or obtained by biotechnological processes: 3002 11 00- -Malaria diagnostic test kitskg. 10%10% 3002 12- -Antisera and other blood fractions: 3002 12 10- - -For diphtheriakg. 10%10% 3002 12 20- - -For tetanuskg. 10%10% 3002 12 30- - -For rabieskg. 10% 10% 3002 12 40- - -For snake venomkg. 10% 10% 3002 12 90- - -Otherkg. 10%10% 3002 13- -Immunological products, unmixed, not put up in measured doses or in forms or packings for retail sale: 3002 13 10- - -Immunological products, unmixed, not put up in measured doses or inkg. 10%10% forms or packings for retail sale 3002 14- -Immunological products, mixed, not put up in measured doses or in forms or packings for retail sale: 3002 14 10- - -Immunological products, mixed, not put up in measured doses or in formskg. 10%10% or packings for retail sale 3002 15 00- -Immunological products, put up in measured doses or in forms or packings for retail salekg. 10%10% 3002 19 00- -Otherkg. 10%10%”; (iii) for tariff items 3003 20 00 to 3003 40 00 and the entries relating thereto, the following shall be substituted, namely:— “3003 20 00-Other, containing antibioticskg. 10%10% -Other, containing hormones or other products of heading 2937: 3003 31 00- -Containing insulinkg. 10%10% 3003 39 00- -Otherkg. 10%10% -Other, containing alkaloid s or derivatives thereof: 3003 41 00- -Containing ephedrine or its saltskg. 10%10% 3003 42 00- -Containing pseudoephedrine (INN) or its saltskg. 10%10% 3003 43 00- -Containing norephedrine or its saltskg. 10%10% 3003 49 00- -Otherkg. 10%10% 3003 60 00-Ot her, containin g an timala ria l active pr inciples descr ibed inkg. 10%10%”; Sub-heading Note 2 to this Chapter (iv) in heading 3004,— (a) for sub-heading 3004 20 and the entries relating thereto, the following shall be substituted, namely:— “3004 20- -Other, containing antibiotics:”; (b) for tariff item 3004 20 99, sub-heading 3004 31 and the entries relating thereto, the following shall be substituted, namely:— “3004 20 99 - -Otherkg. 10%10% - -Other, containing hormones and other products of heading 2937: 3004 31- -Containing insulin:”; (c) for sub-heading 3004 40, tariff items 3004 40 10 to 3004 40 90 and the entries relating thereto, the following shall be substituted, namely:— “-Other, containing alkaloid s or derivatives thereof: 3004 41 00- -Containing ephedrine or its saltskg. 10%10% 3004 42 00- -Containing pseudoephedrine (INN) or its saltskg. 10%10% 3004 43 00- -Containing norephedrine or its saltskg. 10%10% 3004 49- -Other: 3004 49 10- - -Atropin and salts thereofkg. 10%10% 3004 49 20- - -Caffein and salts thereofkg. 10%10% 131Ex-424/2016 3004 49 30- - -Codeine and derivatives, with or without ephidrine hydrochloridekg. 10%10% 3004 49 40- - -Ergot pr epar ations, ergota min e an d sa lts th ereofkg. 10%10% 3004 49 50- - -Papavarine hydrochloridekg. 10%10% 3004 49 60- - -Br omoh exin an d solbu tamolkg. 10% 10% 3004 49 70- - -Theophylline and salts thereofkg. 10%10% 3004 49 90- - -Otherkg. 10%10%”; (d) for sub-heading 3004 50 and the entries relating thereto, the following shall be substituted, namely:— “3004 50-Other, containing vitamins or other products of heading 2936:”; (e) after tariff item 3004 50 90 and the entries relating thereto, the following shall be inserted, namely:— “3004 60 00-Ot her, containin g an timala ria l active pr inciples descr ibed inkg. 10% 10% “; Sub-heading Note 2 to this Chapter (16) in Chapter 31, in heading 3103, for tariff item 3103 10 00 and the entries relating thereto, the following shall be substituted, namely:— “-Superphosphates: 3103 11 00- -Containing by weight 35 % or more of diphosphorus pentaoxide (P 2 O 5 )kg. 10%- 3103 19 00- -Otherkg. 10%-”; (17) in Chapter 37, in heading 3705, for tariff item 3705 10 00, sub-heading 3705 90, tariff items 3705 90 10 and 3705 90 90 and the entries relating thereto, the following shall be substituted, namely:— “3705 00 00 -PHOTOGRAPHIC PLATES AND FILM, EXPOSED ANDkg. 10%-”; DEVELOPED, OTHER THAN CINEMATOGRAPHIC FILM (18) in Chapter 38,— (i) for Sub-heading Notes 1 and 2, the following shall be substituted, namely:— ‘ Sub-heading Notes: 1. Sub-headings 3808 52 and 3808 59 cover only goods of heading 3808, containing one or more of the following substances: alachlor (ISO); aldicarb (ISO); aldrin (ISO); azinphos-methyl (ISO); binapacryl (ISO); camphechlor (ISO) (toxaphene); captafol (ISO); chlordane (ISO); chlordimeform (ISO); chlorobenzilate (ISO); DDT (ISO) (clofenotane (INN), 1, 1, 1-trichloro-2, 2-bis(p-chlorophenyl)ethane); dieldrin (ISO, INN); 4, 6- dinitro-o-cresol (DNOC (ISO)) or its salts; dinoseb (ISO), its salts or its esters; endosulfan (ISO); ethylene dibromide (ISO) (1, 2-dibromoethane); ethylene dichloride (ISO) (1, 2-dichloroethane); fluoroacetamide (ISO); heptachlor (ISO); hexachlorobenzene (ISO); 1, 2, 3, 4, 5, 6- hexachlorocyclohexane (HCH (ISO)), including lindane (ISO, INN); mercury compounds; methamidophos (ISO); monocrotophos (ISO); oxirane (ethylene oxide); parathion (ISO); parathion-methyl (ISO) (methylparathion); penta- and octabromodiphenyl ethers; pentachlorophenol (ISO), its salts or its esters; perfluorooctane sulphonic acid and its salts; perfluorooctane sulphonamides; perfluorooctane sulphonyl fluoride; phosphamidon (ISO); 2, 4, 5-T (ISO) (2, 4, 5-trichlorophenoxyacetic acid), its salts or its esters; tributyltin compounds. Sub-heading 3808 59 also covers dustable powder formulations containing a mixture of benomyl (ISO), carbofuran (ISO) and thiram (ISO). 2. Sub-headings 3808 61 to 3808 69 cover only goods of heading 3808, containing alpha-cypermethrin (ISO), bendiocarb (ISO), bifenthrin (ISO), chlorfenapyr (ISO), cyfluthrin (ISO), deltamethrin (INN, ISO), etofenprox (INN), fenitrothion (ISO), lambda- cyhalothrin (ISO), malathion (ISO), pirimiphos-methyl (ISO) or propoxur (ISO). 3. Sub-headings 3824 81 to 3824 88 cover only mixtures and preparations containing one or more of the following substances: oxirane (ethylene oxide), polybrominated biphenyls (PBBs), polychlorinated biphenyls (PCBs), polychlorinated terphenyls (PCTs), tris(2,132 Ex-424/2016 3-dibromopropyl) phosphate, aldrin (ISO), camphechlor (ISO) (toxaphene), chlordane (ISO), chlordecone (ISO), DDT (ISO) (clofenotane (INN), 1, 1, 1-trichloro-2, 2-bis(pchlorophenyl)ethane), dieldrin (ISO, INN), endosulfan (ISO), endrin (ISO), heptachlor (ISO), mirex (ISO), 1, 2, 3, 4, 5, 6-hexachlorocyclohexane (HCH (ISO)), including lindane (ISO, INN), pentachlorobenzene (ISO), hexachlorobenzene (ISO), perfluorooctane sulphonic acid, its salts, perfluorooctane sulphonamides, perfluorooctane sulphonyl fluoride or tetra-, penta-, hexa-, hepta- or octabromodiphenyl ethers. 4. For the purposes of tariff items 3825 41 00 and 3825 49 00, “waste organic solvents”are wastes containing mainly organic solvents, not fit for further use as presented as primary products, whether or not intended for recovery of solvents.”; (ii) for sub-heading 3808 50 and tariff item 3808 50 00 and the entries relating thereto, the following shall be substituted, namely:— “-Good s specified in Sub-heading Note 1 to this Chapter: 3808 52 00- - DDT (ISO) (clofenotane (INN)), in packings of a net weight content notkg. 10%- exceeding 300 g. 3808 59 00- -Otherkg. 10%- -Good s specified in Sub-heading Note 2 to this Chapter: 3808 61 00- -In packings of a net weight content not exceeding 300 gkg. 10%- 3808 62 00- -In packings of a net weight content exceeding 300 g but not exceeding 7.5 kg.kg. 10%- 3808 69 00- - Oth erkg10% -”; (iii) for sub-heading 3812 30 and tariff items 3812 30 10 to 3812 30 90 and the entries relating thereto, the following shall be substituted, namely:— “-Anti-oxid ising preparations and other compound stabilizers for rubber or plastics: 3812 31 00- -Mixtures of oligomers of 2, 2, 4-trimethyl-1, 2-dihydroquinoline (TMQ)kg. 10%- 3812 39- -Other: 3812 39 10- - -Anti-oxidants for rubberkg. 10%- 3812 39 20- - -Softeners for rubberkg. 10%- 3812 39 30- - -Vulcanizing agents for rubberkg. 10%- 3812 39 90- - -Otherkg. 10%-”; (iv) for tariff items 3824 79 00 to 3824 83 00, sub-heading 3824 90, tariff items 3824 90 11 to 3824 90 90 and the entries relating thereto, the following shall be substituted, namely:— “3824 79 00- --Otherkg. 10%- Good s specified in Sub-heading Note 3 to this Chapter: 3824 81 00- -Containing oxirane (ethylene oxide)kg. 10%- 3824 82 00- -Containing polychlorinated biphenyls (PCBs), polychlorinated terphenylskg. 10%- (PCTs) or polybrominated biphenyls (PBBs) 3824 83 00- -Containing tris(2, 3-dibromopropyl) phosphatekg. 10%- 3824 84 00- -Containing aldrin (ISO), camphechlor (ISO) (toxaphene), chlordane (ISO),kg. 10%- chlordecone (ISO), DDT (ISO) (clofenotane (INN),1, 1, 1- trichloro-2, 2-bis (p-chlorophenyl)ethane), dieldrin (ISO, INN), endosulfan (ISO), endrin (ISO), heptachlor (ISO) or mirex (ISO) 3824 85 00- -Containing 1, 2, 3, 4, 5, 6-hexachlorocyclohexane (HCH (ISO)), including lindanekg. 10%- (ISO, INN) 3824 86 00- -Containing pentachlorobenzene (ISO) or hexachlorobenzene (ISO)kg. 10%- 3824 87 00- -Containing perfluorooctane sulphonic acid, its salts, perfluorooctane sulphonamides, kg. 10%- or perfluorooctane sulphonyl fluoride 3824 88 00- -Containing tetra-, penta-, hexa- hepta- or octabromodiphenyl etherskg. 10%- 3824 91 00- -Mixtures and preparations consisting mainly of (5-ethyl-2-methyl-2-oxido-1, 3, 2- dioxaphosphinan-5-yl)methyl methyl methylphosphonate and bis[(5-ethyl-2- methyl-2-oxido-1, 3, 2- dioxaphosphinan-5-yl) methyl] methylphosphonate:133 Ex-424/2016 3824 99- -Other: - -Ammoniacal gas liquors and spent oxide produced in coal gaspurification, case hardening compound , heat transfer salts; mixture of diphenyl and diphenyl oxide as heat transfer medium, mixed polyethylene glycols; salts for curing or salting, surface tension reducing agents: 3824 99 11- - - -Ammoniacal gas liquors and spent oxide produced in coal gas purificationkg. 10%- 3824 99 12- - - -Case hardening compoundkg. 10%- 3824 99 13- - - -Heat transfer saltskg. 10%- 3824 99 14- - - -Mixture of diphenyl and diphenyl oxide as heat transfer mediumkg. 10%- 3824 99 15- - - -Mixed polyethylene glycolskg. 10%- 3824 99 16- - - -Salts for curing or saltingkg. 10%- 3824 99 17- - - -Surface tension reducing agentskg. 10%- - - -Electroplating salts; water treatment chemicals; ion exchanger, correcting fluid; precipitated silica and silica gel; oil well chemical: 3824 99 21- - - -Electroplating saltskg. 10%- 3824 99 22- - - -Water treatment chemicals; ion exchanger (INN) such as permiutits, zero-liteskg. 10%- 3824 99 23- - - -Gramaphone records making materialkg. 10%- 3824 99 24- - - -Correctin g flu idkg. 10%- 3824 99 25- - - -Precipitated silica and silica gelkg. 10%- 3824 99 26- - - -Oil well ch emicalkg. 10%- - - -Mixture containing perhalogenated derivatives of acyclic hydrocarbons containing two or more different halogens other than chlorine and fluorine; ferrite powder; capacitor fluids - PCB type; dipping oil for treatment of grapes; Poly brominated biphenyls, poly chlorinated biphenyls, Poly chlorinated terphenyls, crocidolite; goods of a kind known as “hazardous waste”; phosphogypsum: 3824 99 31- - - -Mixture containing perhalogenated derivatives of acyclic hydrocarbons containing two or more different halogens other than chlorine and fluorinekg. 10%- 3824 99 32- - - -Ferrite powderkg. 10%- 3824 99 33- - - -Capacitor fluids - PCB typekg. 10%- 3824 99 34- - - -Dipping oil for tr eatmen t of gr ap eskg. 10%- 3824 99 35- - - -Poly brominated biphenyls, poly chlorinated biphenyls, Poly chlorinated terphenyls,kg. 10%- crocidolite 3824 99 36- - - -Goods of a kind known as “hazardous waste”kg. 10%- 3824 99 37- - - -Phosphogypsumkg. 10%- 3824 99 38- - - -Phosphonic Acid, Methyl-compound with (aminoimino methyl)urea (1: 1)kg. 10%- 3824 99 90- - -Otherkg. 10%-”; (19) in Chapter 39,— (i) in Note 2, in clause (z), after the words “propelling pencils”, the words “, and monopods, bipods, tripods and similar articles” shall b e ins er t ed ; (ii) in Sub-heading Note 1, in clause (a), in sub-clause (2), after the figures “3901 30,”, the figures “3901 40,” shall be inserted; (iii) in heading 3901, after tariff item 3901 30 00 and the entries relating thereto, the following shall be inserted, namely:- “3901 40 00 -Ethylene-alpha-olefin copolymers, having a specific gravity of less than 0.94kg10%-”; (iv) in heading 3907, for sub-heading 3907 60 and tariff items 3907 60 10 to 3907 60 90 and the entries relating thereto, the following shall be substituted, namely:- “ - Poly(ethylene terephthalate): 3907 61 00- - Having a viscosity number of 78 ml/g or higherkg10%- 3907 69- - Other: 3907 69 10- - - Having a viscosity number less than 78ml/g but not less than 72ml/gkg10%- 3907 69 20- - - Having a viscosity number less than 72ml/g but not less than 64ml/gkg10%- 3907 69 90- - - Oth erkg10%-”; (v) for sub-heading 3909 30 and tariff items 3909 30 10 to 3909 30 90 and the entries relating thereto, the following shall be substituted, namely:—134 Ex-424/2016 “-Other amino-resins: 3909 31 00- -Poly(methylene phenyl isocyanate) (crude MDI, polymeric MDI)kg. 10%- 3909 39- -Other: 3909 39 10- - -Poly(phenylene oxide)kg. 10%- 3909 39 90- - -Otherkg. 10%-”; (20) in Chapter 40, in heading 4011, for tariff items 4011 50 90 to 4011 99 00 and the entries relating thereto, the following shall be substituted, namely:— “4011 50 90- - -Otheru10%- 4011 70 00-Of a kind used on agricultural or forestry vehicles and machinesu10%- 4011 80 00-Of a kind used on construction, mining or industrial handling vehicles and machinesu10%- 4011 90 00-Otheru10%-”; (21) in Chapter 42,— (i) in heading 4202,— (a) for sub-heading 4202 22 and the entries relating thereto, the following shall be substituted, namely:— “4202 22- -With outer surface of sheeting of plastics or of textile materials:”; (b) for sub-heading 4202 32 and the entries relating thereto, the following shall be substituted, namely:— “4202 32- -With outer surface of sheeting of plastics or of textile materials:”; (c) for tariff item 4202 92 00 and the entries relating thereto, the following shall be substituted, namely:— “4202 92 00- -With ou ter su rface of sh eeting of plastics or of textile ma terialsu10%-”; (22) in Chapter 44,— (i) in Note 1, in clause (q), for the word “pencils”, the words “pencils, and monopods, bipods, tripods and similar articles” shall be substituted; (ii) the Sub-heading Note 2 shall be omitted; (iii) in heading 4401,— (a) for sub-heading 4401 10, tariff items 4401 10 10, 4401 10 90 and the entries relating thereto, the following shall be substituted, namely:— “-Fuel wood, in logs, in billets, in twigs, in faggots or in similar forms: 4401 11- -Coniferous: 4401 11 10- - -In logsmt 5%- 4401 11 90- - -Othermt 5%- 4401 12- -Non-coniferous: 4401 12 10- - -In logsmt 5%- 4401 12 90- - -Othermt 5%-”; (b) for tariff items 4401 22 00 and 4401 31 00 and the entries relating thereto, the following shall be substituted, namely:— “4401 22 00- -Non-coniferousmt 5%- -Sawdust and wood waste and scrap, agglomerated, in logs, briquettes, pellets or similar forms: 4401 31 00- -Wood pelletsmt 5%- ”; 135Ex-424/2016 (c) after tariff item 4401 39 00 and the entries relating thereto, the following shall be inserted, namely:— “4401 40 00-Sawdust and wood waste and scrap, not agglomeratedmt 5%-”; (iv) in heading 4403,— (a) for tariff item 4403 10 00, sub-heading 4403 20 and tariff items 4403 20 10 to 4403 41 00 and the entries relating thereto, the following shall be substituted, namely:— “-Treated with paint, stains, creosote or other preservatives: 1403 11 00--- Coniferousm3 5%- 1403 12 00--- Non-coniferousm3 5%- Other, coniferous: 1403 21---Of pine (Pinus spp). of which any cross-sectional dimension is 15 cm or more 1403 21 10- - -Saw logs and veneer logsm3 5%- 1403 23 20- - -Poles, pilings and postsm3 5%- 4403 21 90----- Otherm3 5%- 4403 22----Of pine (Pinus spp). other:m3 5%- 4403 22 10-- - Sa w logs and vedeer logsm3 5%- 4403 23 20--- Poles, plings and postsm3 5%- 4403 22 90---- Otherm3 5%- 4403 23----Of fir (Abies spp.) and sprace (Picea spp). of which any cross-sectional dimension is 15 cm or more 4403 23 10-- - Sa w logs and veneer logsm3 5%- 440323 20--- Poles, pilings and postsm3 5%- 4403 23 90---- Otherm3 5%- 4403 24----Of fir (Abies spp.) and spruce (Pices spp.), other: 4403 24 10-- - Sa w logs and vencer logsm3 5%- 4403 24 20--- Poles, pilings and postsm3 5%- 4403 24 90---- Otherm3 5%- 4403 25----Other, of which any cross-sectional d imension is 15 cm or more 4403 25 10-- - Sa w logs and veneer logsm3 5%- 4403 25 20--- Poles, pilings and postsm3 5%- 4403 25 90---- Otherm3 5%- 4403 26---- Otherm3 5%- 4403 26 10- - -Saw logs and veneer logsm3 5%- 4403 26 20- - -Poles, pilings and postsm3 5%- 4403 26 90- - -Otherm3 5%- ---Other, of tropical wood: 4403 41 00- -Dark red meranti, light red meranti and meranti bakaum3 5%-”; (b) for tariff item 4403 92 00 and the entries relating thereto, the following shall be substituted, namely:— “4403 93 00- -Of beech (Fagus spp.), of which any cross-sectional dimension is 15 cm or morem 3 5%- 4403 94 00- -Of beech (Fagus spp.), otherm 3 5%- 4403 95 00- -Of birch (Betula spp.), of which any cross-sectional dimension is 15 cm or morem 3 5%- 4403 96 00- -Of birch (Betula spp.), otherm 3 5%- 4403 97 00- -Of poplar and aspen (Populus spp.)m 3 5%- 4403 98 00- -Of eucalyptus (Eucalyptus spp.)m 3 5%- ”; (c) for tariff item 4403 99 19 to 4403 99 21 and the entries relating thereto, the following shall be substituted, namely:— “4403 99 19- - -Ros e Wood(Dalbergea Latifolio )m 3 5%- ”; ---- Sal (Chorea robusta, Sandalwood (Santalum album), Semul (Bombax ceiba), Walnut wood (Juglans binata), Anjam (Hardwickiabinata), Sisso (Dalbergia sisso) and White cedar (Dysozylum spp.)and the like: 4403 99 21- - -Sal(Chorea robusta)m 3 5%-”; 136 Ex-424/2016 (d) the tariff item 4403 99 26 and the entries relating thereto shall be omitted; (e) for tariff item 4403 99 29 and the entries relating thereto, the following shall be substituted, namely:— “4403 99 90- - -Otherm3 5%-”; (v) in heading 4406, for tariff items 4406 10 00 and 4406 90 00 and the entries relating thereto, the following shall be substituted, namely:— “-Not impregnated: 4406 11 00- -Coniferouskg. 10%- 4406 12 00- -Non-coniferouskg. 10%- -Other: 4406 91 00- -Coniferouskg. 10%- 4406 92 00- -Non-coniferouskg. 10%-”; (vi) in heading 4407,— (a) for sub-heading 4407 10, tariff items 4407 10 10 to 4407 21 00 and the entries relating thereto, the following shall be substituted, namely:— “-Coniferous: 4407 11 00- -Of pine (Pinus spp.)m3 10%- 4407 12 00- -Of fir (Abies spp.) and Spruce ( Picea spp.)m3 10%- 4407 19- -Other: 4407 19 10- - -Douglas fir (Pseudotsuga menziesii)m3 10%- 4407 19 90- - -Otherm3 10%- -Of tropical wood: 4407 21 00- -Mahogany(Swietenia spp.)m3 10%-”; (b) after tariff item 4407 95 00 and the entries relating thereto, the following shall be inserted, namely:— “4407 96 00- -Of birch (Betula spp.)m3 10%- 4407 97 00- -Of poplar and aspen (Populus spp.)m3 10%-”; (c) tariff item 4407 99 10 and the entries relating thereto shall be omitted; (vii) in heading 4408,— (a) for tariff item 4408 10 90 to sub-heading 4408 31, and the entries relating thereto, the following shall be substituted, namely:— “4408 10 90- - -Otherkg. 10%- -----Of tropical wood: 4408 31- -Of Dark red meranti, Light red meranti, Meranti bakau:”; (b) after tariff item 4409 21 00 and the entries relating thereto, the following shall be inserted, namely:— “4409 22 00- -Of tr opica l woodkg. 10%-”; (viii) in heading 4412,— (a) for sub-heading 4412 31 and the entries relating thereto, the following shall be substituted, namely:—137 Ex-424/2016 “4412 31- -With at least one outer ply of tropical wood:”; (b) for sub-heading 4412 32, tariff items 4412 32 10 to 4412 32 90, sub-heading 4412 39, tariff items 4412 39 10 to 4412 39 90 and the entries relating thereto, the following shall be substituted, namely:— “4412 33- -Other, with at least one outer ply of non-coniferous wood of the species alder (Alnus spp.), ash (Fraxinus spp.), beech (Fagus spp.), birch (Betula spp.), cherry (Prunus spp.), chestnut (Castanea spp.), elm (Ulmus spp.), eucalyptus (Eucalyptus spp.), hickory (Carya spp.), horse chestnut (Aesculus spp.), lime (Tilia spp.), maple (Acer spp.), oak (Quercus spp.), plane tree (Platanus spp.), poplar and aspen (Populus spp.), robinia (Robinia spp.), tulipwood (Liriodendron spp.) or walnut (Juglans spp.): 4412 33 10- - -Decor ative plywoodm 3 10%- 4412 33 20- - -Tea chest panels, shooks whether or not packed in setsm 3 10%- 4412 33 30- - -Marine and aircraft plywoodm 3 10%- 4412 33 40- - -Cutting and trimmings of plywood of width not exceeding 5 cmm 3 10%- 4412 33 90- - -Otherm 3 10%- 4412 34- -Other, with at least one outer ply of non-coniferous wood not specified under sub-head ing 4412 33: 4412 34 10- - -Decor ative plywoodm 3 10%- 4412 34 20- - -Tea chest panels, shooks whether or not packed in setsm 3 10%- 4412 34 30- - -Marine and aircraft plywoodm 3 10%- 4412 34 40- - -Cutting and trimmings of plywood of width not exceeding 5 cmm 3 10%- 4412 34 90- - -Otherm 3 10%- 4412 39- -Other, with both outer plies of coniferous wood: 4412 39 10- - -Decor ative plywood m310%- 4412 39 20- - -Tea chest panels, shooks whether or not packed in sets m310%- 4412 39 30- - -Marine and aircraft plywood m310%- 4412 39 40- - -Cutting and trimmings of plywood of width not exceeding 5 cm m310%- 4412 39 90- - -Otherm3 10%- ”; (ix) in heading 4418, for tariff items 4418 71 00 to 4418 90 00 and the entries relating thereto, the following shall be substituted, namely:— “-Assembled flooring panels: 4418 73 00- -Of bamboo or with at least the top layer (wear layer) of bambookg. 10%- 4418 74 00- -Other, for mosaic floorskg. 10%- 4418 75 00- -Ot her, mu ltilayerkg. 10%- 4418 79 00- -Otherkg. 10%- -Other: 4418 91 00- -Of bambookg. 10%- 4418 99 00- -Otherkg. 10%-”; (x) for heading 4419, sub-heading 4419 00, tariff items 4419 00 10 and 4419 00 20 and the entries relating thereto, the following shall be substituted, namely:— “44 19 TABLEWARE AND KITCHENWARE, OF WOOD -Of bamboo: 4419 11 00- -Bread boards, chopping boards and similar boardskg. 10%- 4419 12 00- -Chopstickskg. 10%- 4419 19 00- -Otherkg. 10%- 4419 90-Other: 4419 90 10- - -Bread boards, chopping boards and similar boardskg. 10%- 138 Ex-424/2016 4419 90 20- - -Chopstickskg. 10%- 4419 90 90- - -Otherkg. 10%-”; (xi) in heading 4421, for sub-heading 4421 90, tariff items 4421 90 11 to 4421 90 90 and the entries relating thereto, the following shall be substituted, namely:— “-Other: 4421 91- -Of bamboo: - - -Spools, cops, bobbins, sewing thread reels and the like of turned wood: 4421 91 11- - - -For cotton machinerykg. 10%- 4422 91 12- - - -For jute machinerykg. 10%- 4423 91 13- - - -For silk regenerated and synthetic fibre machinerykg. 10%- 4424 91 14- - - -For other machinerykg. 10%- 4421 91 19- - - -Otherkg. 10%- 4421 91 20- - -Wood Paving Blockskg. 10%- 4421 91 30- - -Match splintskg. 10%- 4421 91 40- - -Pencil slatskg. 10%- 4421 91 50- - -Parts of wood, namely oars, paddles and rudders for ships, boats andkg. 10%- other similarfloating structures 4421 91 60- - -Parts of domestic decorative articles used as tableware and kitchenwarekg. 10%- 4421 91 70- - -Articles of densified wood not included or specified elsewherekg. 10%- 4421 91 90- - -Otherkg. 10%- 4421 99- -Other: - - -Spools, cops, bobbins, sewing thread reels and the like of turned wood: 4421 99 11- - - -For cotton machinerykg. 10%- 4421 99 12- - - -For jute machinerykg. 10%- 4421 99 13- - - -For silk regenerated and synthetic fibre machinerykg. 10%- 4421 99 14- - - -For other machinerykg. 10%- 4421 99 19- - - -Otherkg. 10%- 4421 99 20- - -Wood Paving Blockskg. 10%- 4421 99 30- - -Match splintskg. 10%- 4421 99 40- - -Pencil slatskg. 10%- 4421 99 50- - -Parts of wood, namely oars, paddles and rudders for ships, boats andkg. 10%- other similarfloating structures 4421 99 60- - -Parts of domestic decorative articles used as tableware and kitchenwarekg. 10%- 4421 99 70- - -Articles of densified wood not included or specified elsewherekg. 10%- 4421 99 90- - -Otherkg. 10%-”; (23) in Chapter 48,— (i) in Note 4, after the words, figures and letters “more than 65 g/m²”, the words, brackets, figures and letters”, and apply only to paper: (a) in strips or rolls of a width exceeding 28 cm; or (b) in rectangular (including square) sheets with one side exceeding 28 cm and the other side exceeding 15 cm in the unfolded state” shall be inserted; (ii) in Note 8, the figures and word “4801, and”shall be omitted; (24) in Chapter 54,— (i) in heading 5402, for the entry in column (2) occurring after the entry against the heading 5402, the following entry shall be substituted, namely:— “-High tenacity yarn of nylon or other polyamides, whether or not textured:”; (ii) for sub-heading 5402 20 and the entries relating thereto, the following shall be substituted, namely:—139Ex-424/2016 “5402 20- -High tenacity yarn of polyesters, whether or not textured : “; (iii) after tariff item 5402 52 00 and the entries relating thereto, the following shall be inserted, namely:— “5402 53 00- -Of polypropylenekg. 10%-”; (iv) after tariff item 5402 62 00 and the entries relating thereto, the following shall be inserted, namely:— “5402 63 00- -Of polypropylenekg. 10%-”; (25) in Chapter 55,— (i) for heading 5502, sub-heading 5502 00, tariff items 5502 10 00 to 5502 90 00 and the entries relating thereto, the following shall be substituted, namely:— “5502ARTIFICIAL FILAMENT TOW 5502 10- -Of cellulose acetate: 5502 10 10- - -Viscose rayon towkg.10%- 5502 10 90- - -Otherkg.10%- 5502 90- -Other: 5502 90 10- - -Viscose rayon towkg.10%- 5502 90 90- - -Otherkg.10%-”; (ii) after tariff item 5506 30 00 and the entries relating thereto, the following shall be inserted, namely:— “5506 40 00-Of polypropylenekg.10%-”; (26) in Chapter 56, for heading 5601, sub-heading 5601 21 and the entries relating thereto, the following shall be substituted, namely:— “5601WADDING OF TEXTILE MATERIALS AND ARTICLES THEREOF; TEXTILE FIBRES, NOT EXCEEDING 5 MM IN LENGTH (F LOCK), TEXTILE DUST AND MILL NEPS --- Wad ding of textile materials and articles thereof: 5601 21- -Of cotton:”; (27) in Chapter 57, in heading 5704, after tariff item 5704 10 00 and the entries relating thereto, the following shall be inserted, namely:— “5704 20----Tiles, having a maximum surface area exceeding 0.3 m² but not exceeding 1 m²: 5704 20 10- - -Cot tonm2 10 % or- Rs.35 per sq. metre, whichever is high er 5704 20 20- - -Woollen, other than artwarem2 10 % or- Rs.35 per sq. metre, whichever is high er 5704 20 90- - -Otherm2 10 % or-”; Rs.35 per sq. metre, whichever is high er 140 Ex-424/2016 (28) in Chapter 60,— (i) after Note 3, the following shall be inserted, namely:— “Sub-heading Note: Sub-heading 6005 35 covers fabrics of polyethylene monofilament or of polyester multifilament, weighing not less than 30 g/m2 and not more than 55 g/m2 , having a mesh size of not less than 20 holes/cm2 and not more than 100 holes/cm2 , and impregnated or coated with alpha- cypermethrin (ISO), chlorfenapyr (ISO), deltamethrin (INN, ISO), lambda-cyhalothrin (ISO), permethrin (ISO) or pirimiphos-methyl (ISO).” ; (ii) for tariff items 6005 31 00 to 6005 34 00 and the entries relating thereto, the following shall be substituted, namely:— “6005 35 00- -Fabrics specified in Sub-heading Note 1 to this Chapterkg. 10%- 6005 36 00- -Ot her, un bleach ed or bleach edkg. 10%- 6005 37 00- -Other, dyedkg. 10%- 6005 38 00- -Other, of yarns of different colourskg. 10%- 6005 39 00- -Other, printedkg. 10%-”; (29) in Chapter 63,— (i) after Note 3, the following shall be inserted, namely:— “Sub-heading Note: Sub-heading 6304 20 covers articles made from fabrics, impregnated or coated with alpha-cypermethrin (ISO), chlorfenapyr (ISO), deltamethrin (INN, ISO), lambda-cyhalothrin (ISO), permethrin (ISO) or pirimiphosmethyl (ISO).”; (ii) in heading 6304, after tariff item 6304 19 90 and the entries relating thereto, the following shall be inserted, namely:— “6304 20 00-Bed nets, of warp knit fabrics specified in Sub-heading Note 1u10%-”; to this Chapter (30) in Chapter 68, in Note1, for clause (m), the following clause shall be substituted, namely:— “( m) ar ticles of hea din g 9 602 , if ma de of materia ls specified in Note 2 (b) to Chapter 96, or of heading 9606 (for example, buttons), of heading 9609 (for example, slate pencils), heading 9610 (for example, drawing slates) or of heading 9620 (monopods, bipods, tripods and simila r ar ticles) ; or ” ; (31) in Chapter 69,— (i) for heading 6907, sub-heading 6907 10, tariff items 6907 10 10 and 6907 10 90, sub-heading 6907 90, tariff items 6907 90 10 and 6907 90 90 and the entries relating thereto, the following shall be substituted, namely:— “6907CERAMIC FLAGS AND PAVING, HEARTH OR WALL TILES; CERAMIC MOSAIC CUBES AND THE LIKE, WHETHER OR NOT ON A BACKING; FINISHING CERAMICS -Flags and paving, hearth or wall tiles, other than those of - -sub-head ings 6907 30 and 6907 40:m 2 10%- 6907 21 00- - Of a water absorption coefficient by weight not exceeding 0.5% 6907 22 00- -Of a water absorption coefficient by weight exceeding 0.5%but not exceeding 10%m 2 10%- 6907 23 00- -Of a water absorption coefficient by weight exceeding 10%m 2 10%- 6907 30-Mosaic cubes and the like, other than those of sub-heading 6907 40:m 2 10%- 6907 30 10- - -Mosaic cubes and the like, other than those of sub-heading 6907 40 6907 40-Finishing ceramics: 6907 40 10- - -Finishin g ceramicsm 2 10%-”; (ii) the heading 6908, sub-heading 6908 10, tariff items 6908 10 10 to 6908 10 90, sub-heading 6908 90 and tariff items 6908 90 10 to 6908 90 90 and the entries relating thereto shall be omitted; (32) in Section XV, in Note 1, for clause (m), the following clause shall be substituted, namely:— “(m) hand sieves, buttons, pens, pencil-holders, pen nibs, monopods, bipods, tripods and similar articles or other articles of Chapter 96 (miscellaneous manufactured articles); or”;141Ex-424/2016 (33) in Chapter 74, in Note 1, for clause (c), the following clause shall be substituted, namely:— “(c)Master alloys Alloys containing with other elements more than 10 per cent. by weight, of copper not usefully malleable and commonly used as an additive in the manufacture of other alloys or as de-oxidants, de-sulphuring agents or for similar uses in th e meta llurgy of non -ferrou s meta ls. However, copper phosphide (phosphor copper) containing more than 15% by weight of phosphorous falls in heading 2853.”; (34) in Chapter 82, for the entry in column (2) occurring against the heading 8205, for the words “MACHINE TOOLS”, the words “MACHINE-TOOLS OR WATER-JET CUTTING MACHINES” sh all be su bstituted; (35) in Chapter 83, for the entry occurring against heading 8308, the following shall be substituted, namely:— “8308CLASPS, FRAMES WITH CLASPS, BUCKLES, BUCKLE- CLASPS, HOOKS, EYES, EYELETS AND THE LIKE, OF BASE METAL, OF A KIND USED FOR CLOTHING OR CLOTHING ACCESSORIES, FOOTWEAR, JEWELLERY, WRIST WATCHES, BOOKS, AWNINGS, LEATHER GOODS, TRAVEL GOODS OR SADDLERY OR FOR OTHER MADE UPARTICLES; TUBULAR OR BIFURCATED RIVETS, OF BASE METAL; BEADS AND SPANGLES, OF BASE METAL”; (36) in Section XVI, in Note 1, for clause (q), the following clause shall be substituted, namely:— “(q) typewriter or similar ribbons, whether or not on spools or in cartridges (classified according to their constituent material, or in heading 9612 if inked or otherwise prepared for giving impressions), or monopods, bipods, tripods and similar articles, of heading 9620.”; (37) in Chapter 84,— (i) in Note 1,— (A) in clause (f), the word “or”shall be omitted; (B) after clause (f), the following clause shall be inserted, namely:— “(g) radiators for the articles of Section XVII; or”; (C) the existing clause (g) shall be re-lettered as (h); (ii) in Note 2, in clause (e), for the words “machinery or plant”, the words “machinery, plant or laboratory equipment” shall be substituted; (iii) in Note 9, for clause (A), the following clause shall be substituted, namely:— ‘(A) Notes 9 (a) and 9 (b) to Chapter 85 also apply with respect to the expressions “semiconductor devices” and “electronic integrated circuits”, respectively, as used in this Note and in heading 8486. However, for the purposes of this Note and of heading 8486, the expression “semiconductor devices” also covers photosensitive semiconductor devices and light-emitting diodes (LED).’; (iv) in Sub-heading Notes,— (A) the following new Sub-heading Note 1 shall be inserted, namely:— ‘1. For the purposes of sub-heading 8465 20, the term “machining centres” applies only to machine-tools for working wood, cork, bone, hard rubber, hard plastics or similar hard materials, which can carry out different types of machining operations by automatic tool change from a magazine or the like in conformity with a machining programme.’; (B) the existing Sub-heading Note 1 shall be re-numbered as Sub-heading Note 2 and after Sub-heading Note 2 as so re-numbered, the following Sub-heading Note shall be inserted, namely:— ‘3. For the purposes of sub-heading 8481 20, the expression “valves for oleohydraulic or pneumatic transmissions” means valves which are used specifically in the transmission of “fluid power” in a hydraulic or pneumatic system, where the energy source is supplied in the142 Ex-424/2016 form of pressurised fluids (liquid or gas). These valves may be of any type (for example, pressure-reducing type, check type). Sub-heading 8481 20 takes precedence over all other sub-headings of heading 8481.’; (C) the existing Sub-heading Note 2 shall be re-numbered as Sub-heading Note 4 ; (v) in heading 8415, for sub-heading 8415 10 and the entries relating thereto, the following shall be substituted, namely:— ‘8415 10-Of a kind designed to be fixed to a wind ow, wall, ceiling or floor, self-contained or “split-system”;’; (vi) in heading 8424,— (a) after tariff item 8424 30 00 and the entries relating thereto, the following shall be inserted, namely:— “-Agricultural or horticultural sprayers: 8424 41 00- -Portable sprayersu7.5% - 8424 49 00- -Otheru7.5%-”; (b) for tariff item 8424 81 00 and the entries relating thereto, the following shall be substituted, namely:— “8424 82 00- -Agricultural or horticulturalu7.5%-”; (vii) in heading 8432,— (a) for tariff item 8432 30 00 and the entries relating thereto, the following shall be substituted, namely:— “-Seeders, planters and transplanters: 8432 31 00- -No-till direct seeders, planters and transplantersu7.5%- 8432 39 00- -Otheru7.5%-”; (b) for tariff item 8432 40 00 and the entries relating thereto, the following shall be substituted, namely:— “-Manure spreaders and fertiliser distributors: 8432 41 00- -Manure spreadersu7.5% - 8432 42 00- -Fertiliser distributorsu7.5%-”; (viii) for heading 8442 and the entries relating thereto, the following shall be substituted, namely:— “8442MACHINERY, APPARATUS AND EQUIPMENT (OTHER THAN THE MACHINES OF HEADINGS 8456 TO 8465) FOR PREPARING OR MAKING PLATES, PRINTING COMPONENTS; PLATES, CYLINDERS AND LITHOGRAPHIC STONES, P REPARED F OR P RINTING P URP OSES (F OR EXAMPLE, PLANED, GRAINED OR POLISHED)”; (ix) in heading 8456,— (a) for tariff item 8456 10 00 and the entries relating thereto, the following shall be substituted, namely:— “-Operated by laser or other light or photon beam processes: 8456 11 00- -Operated by laseru7.5%- 8456 12 00- -Operated by other light or photon beam processesu7.5%-”; (b) after tariff item 8456 30 00 and the entries relating thereto, the following shall be inserted, namely:— “8456 40 00-Operated by plasma arc processesu7.5%- 8456 50 00-Wat er-jet cu ttin g ma chin esu7.5%-”; (x) for sub-heading 8459 40, tariff items 8459 40 10 to 8459 40 90 and the entries relating thereto, the following shall be143Ex-424/2016 substituted, namely:— “-Other boring machines: 8459 41- -Numerically controlled: 8459 41 10- - -Jig boring machines, horizontalu7.5%- 8459 41 20- - -Fine boring machines, horizontalu7.5%- 8459 41 30- - -Fine boring machines, verticalu7.5%- 8459 41 90- - -Otheru7.5%- 8459 49- -Other: 8459 49 10- - -Jig boring machines, horizontalu7.5%- 8459 49 20- - -Fine boring machines, horizontalu7.5%- 8459 49 30- - -Fine boring machines, verticalu7.5%- 8459 49 90- - -Otheru7.5%-”; (xi) for heading 8460, tariff items 8460 11 00 to 8460 21 00, sub-heading 8460 29, tariff items 8460 29 10 to 8460 29 90 and the entries relating thereto, the following shall be substituted, namely:— “8460MACHINE-TOOLS FOR DEBURRING, SHARPENING, GRINDING, HONING, LAPPING, POLISHING OR OTHERWISE FINISHING METAL, OR CERMETS BY MEANS OF GRINDING STONES, ABRASIVES OR POLISHING PRODUCTS, OTHER THAN GEAR CUTTING, GEAR GRINDING OR GEAR FINISHING MACHINES OF HEADING 8461 -Flat-surface grinding machines: 8460 12 00- -Nu mer ically cont rolledu7.5%- 8460 19 00- -Otheru7.5%- -Other grinding machines: 8460 22 00- -Centreless gr ind in g ma chines , nu merically contr olledu7.5%- 8460 23 00- -Other cylindrical grinding machines, numerically controlledu7.5%- 8460 24 00- -Ot her, nu merically contr olledu7.5%- 8460 29- -Other: 8460 29 10- - -Cylind rica l gr indersu7.5%- 8460 29 20- - -Internal grindersu7.5%- 8460 29 30- - -Centreless grindersu7.5%- 8460 29 40- - -Profile grindersu7.5%- 8460 29 90- - -Otheru7.5%-”; (xii) after tariff item 8465 10 00 and the entries relating thereto, the following shall be inserted, namely:— “8465 20 00-Ma chinin g centr esu7.5%-”; (xiii) in heading 8466,— (a) for heading 8466, and the entries relating thereto, the following shall be substituted, namely:— “8466PARTS AND ACCESSORIES SUITABLE FOR USE SOLELY OR PRINCIPALLY WITH THE MACHINES OF HEADINGS 8456 TO 8465 INCLUDING WORK OR TOOL HOLDERS, SELF- OPENING DIEHEADS, DIVIDING HEADS AND OTHER SPECIAL ATTACHMENTS FOR THE MACHINES; TOOL HOLDERS FOR ANY TYPE OF TOOL, FOR WORKING IN THE HAND”; (b) for sub-heading 8466 30 and the entries relating thereto, the following shall be substituted, namely:— “8466 30-Dividing head s and other special attachments for machines:” ; (xiv) the heading 8469, sub-heading 8469 00, tariff items 8469 00 10 to 8469 00 90 and the entries relating thereto shall be omitted; (xv) in heading 8472, for tariff item 8472 90 90 and the entries relating thereto the following shall be substituted, namely:—144 Ex-424/2016 “- - -Other: 8472 90 91- - - -Wor d-pr ocessin g ma chin esufree- 8472 90 92- - - -Automatic typewritersu10%- 8472 90 93- - - -Braille typewriters, electricu7.5% - 8472 90 94- - - -Braille typewriters, non-electricu7.5% - 8472 90 95- - - -Ot her typewriters, elect ric or non-electr icu10%- 8472 90 99- - - -Otheru7.5% -”; (xvi) in heading 8473,— (a) for heading 8473 and the entries relating thereto, the following shall be substituted, namely:— “8473PARTS AND ACCESSORIES (OTHER THAN COVERS, CARRYING CASES AND THE LIKE) SUITABLE FOR USE SOLELY OR PRINCIPALLY WITH MACHINES OF HEADINGS8470 TO 8472"; (b) the tariff item 8473 10 00 and the entries relating thereto shall be omitted; (c) for tariff item 8473 50 00 and the entries relating thereto, the following shall be substituted, namely:— “8473 50 00-Parts and accessories equally suitable for use with the machinesufree-”; of two or more of the headings 8470 to 8472 (38) in Chapter 85,— (i) in the Notes, after Note 2, the following shall be inserted, namely:— ‘3.For the purposes of heading 8507, the expression “electric accumulators” includes those presented with ancillary components which contribute to the accumulator’s function of storing and supplying energy or protect it from damage, such as electrical connectors, temperature control devices (for example, thermistors) and circuit protection devices. They may also include a portion of the protective housing of the goods in which they are to be used.’; (ii) the existing Notes 3, 4, 5, 6, 7, 8 and 9 shall respectively be re-numbered as 4, 5, 6, 7, 8, 9 and 10 ; (iii) in Note 9 as so re-numbered, in clause (b), after sub-clause (iii), the following new sub-clause shall be inserted, namely:— ‘(iv) Multi-component integrated circuits (MCOs): a combination of one or more monolithic, hybrid, or multi-chip integrated circuits with at least one of the following components: silicon-based sensors, actuators, oscillators, resonators or combinations thereof, or components performing the functions of articles classifiable under headings 8532, 8533, 8541, or inductors classifiable under heading 8504, formed to all intents and purposes indivisibly into a single body like an integrated circuit, as a component of a kind used for assembly onto a printed circuit board (PCB) or other carrier, through the connecting of pins, leads, balls, lands, bumps, or pads. For the purpose of this definition: (1) “Components” may be discrete, manufactured independently then assembled onto the rest of the MCO, or integrated into other components. (2) “Silicon b ased” means bu ilt on a s ilicon s ubst rat e, or ma de of s ilicon mater ials, or ma nufa ctur ed on to integrat ed circu it die. (3) (a) “Silicon based sensors” consist of microelectronic or mechanical structures that are created in the mass or on the surface of a semiconductor and that have the function of detecting physical or chemical quantities and transducing these into electric signals, caused by resulting variations in electric properties or displacement of a mechanical structure. “Physical or chemical quantities” relates to real world phenomena, such as pressure, acoustic waves, acceleration, vibration, movement, orientation, strain, magnetic field strength, electric field strength, light, radioactivity, humidity, flow, chemicals concentration, etc. (b) “Silicon based actuators” consist of microelectronic and mechanical structures that are created in the mass or on the surface of a semiconductor and that have the function of converting electrical signals into physical movement. (c) “Silicon based resonators” are components that consist of microelectronic or mechanical structures that are created in the mass or on the surface of a semiconductor and have the function of generating a mechanical or electrical oscillation of a predefined frequ ency that depends on the physical geometry of these structures in response to an external input. (d) “Silicon based oscillators” are active components that consist of microelectronic or mechanical structures that are created in the mass or on the surface of a semiconductor and that have the function of generating a mechanical or electrical oscillation of a predefined frequency that depends on the physical geometry of these structures.’; (iv) in heading 8528, for tariff items 8528 41 00 to 8528 69 00 and the entries relating thereto, the following shall be substituted, namely:—145Ex-424/2016 “8528 42 00- -Capable of directly connecting to and designed for use with an automaticu10%- data processing machine of heading 8471 8528 49 00- -Otheru10%- -Other monitors: 8528 52 00- -Capable of directly connecting to and designed for use with anu10%- automatic data processing machine of heading 8471 8528 59 00- -Otheru10%- ---Projectors: 8528 62 00- -Capable of directly connecting to and designed for use with an automaticu10%- data processing machine of heading 8471 8528 69 00- -Otheru10%-”; (v) for tariff item 8531 20 00 and the entries relating thereto, the following shall be substituted, namely:— “8531 20 00-Indicator panels incorporating liquid crystal devices (LCD) oruFree-”; light-emitting diodes (LED) (vi) in heading 8539,— (a) for heading 8539 and the entries relating thereto, the following shall be substituted, namely:— “8539ELECTRIC FILAMENT OR DISCHARGE LAMPS INCLUDING SEALED BEAM LAMP UNITS AND ULTRA-VIOLET OR INFRA- RED LAMPS, ARC LAMPS; LIGHT-EMITTING DIODE (LED) LAMPS”; (b) after tariff item 8539 49 00 and the entries relating thereto, the following shall be inserted, namely:— “8539 50 00-Light-emitting diode (LED) lampsu10%-”; (vii) in heading 8541,— (a) for heading 8541 and the entries relating thereto, the following shall be substituted, namely:— “8541DIODES, TRANSISTORS AND SI MILAR SEMI-CONDUCTOR DEVICES; PHOTOSENSITIVE SEMI-CONDUCTOR DEVICES; INCLUDING PHOTO VOLTAIC CELLS, WHETHER OR NOT ASSEMBLED IN MODULES OR MADE UP INTO PANELS; LIGHT-EMITTING DIODES (LED); MOUNTED PIEZO- ELECTRIC CRYSTALS”; (b) for tariff item 8541 10 00 and the entries relating thereto, the following shall be substituted, namely:— “8541 10 00-Diodes, other than photosensitive or light-emitting diodes (LED)uFree-”; (c) for sub-heading 8541 40 and the entries relating thereto, the following shall be substituted, namely:— “8541 40-Photosensitive semi-cond uctor devices, including photo voltaic cells whether or not assembled in modules or mad e up into panels; light-emitting diodes (LED):”; (39) in Section XVII, in Note 2, for clause (e), the following clause shall be substituted, namely:— “(e) machines and apparatus of headings 8401 to 8479, or parts thereof, other than the radiators for the articles of this Section, articles of heading 8481 or 8482 or, provided they constitute integral parts of engines and motors, articles of heading 8483;”; (40) in Chapter 87,— (i) in heading 8701,— (a) for tariff item 8701 10 00, the following shall be substituted, namely:— “8701 10 00-Single axle tractorsu10%-”; (b) for sub-heading 8701 90, tariff items 8701 90 10 and 8701 90 90 and the entries relating thereto, the following shall be substituted, namely:— “-Other, of an engine power: 8701 91 00- -Not exceeding 18 kWu10%- 146 Ex-424/2016 8701 92 00- -Exceeding 18 kW but not exceeding 37 kWu10%- 8701 93 00- -Exceeding 37 kW but not exceeding 75 kWu10%- 8701 94 00- -Exceeding 75 kW but not exceeding 130 kWu10%- 8701 95 00- -Exceeding 130 kWu10%-”; (ii) in heading 8702, for sub-heading 8702 10, tariff items 8702 10 11 to 8702 10 99, sub-heading 8702 90, tariff items 8702 90 11 to 8702 90 99, the following shall be substituted, namely:— “8702 10-With only compression-ignition internal combustion piston engine (d iesel or semi-diesel): - - -Vehicles for transport of not more than 13 persons, including the driver: 8702 10 11- - - -Integrated monocoque vehicle, air-conditionedu40%- 8702 10 12- - - -Integrated monocoque vehicle, non air-conditionedu40%- 8702 10 18- - - -Other, air-conditionedu40%- 8702 10 19- - - -Other, non air-conditionedu40%- - - -Other: 8702 10 21- - - -Integrated monocoque vehicle, air-conditionedu40%- 8702 10 22- - - -Integrated monocoque vehicle, non air-conditionedu40%- 8702 10 28- - - -Other, air-conditionedu40%- 8702 10 29- - - -Other, non air-conditionedu40%- 8702 20-With both compression-ignition internal combustion piston engine (diesel or semi-diesel) and electric motor as motors for propulsion: - - -Vehicles for transport of not more than 13 persons, including the driver: 8702 20 11- - - -Integrated monocoque vehicle, air-conditionedu40%- 8702 20 12- - - -Integrated monocoque vehicle, non air-conditionedu40%- 8702 20 18- - - -Other, air-conditionedu40%- 8702 20 19- - - -Other, non air-conditionedu40%- - - -Other: 8702 20 21- - -Integrated monocoque vehicle, air-conditionedu40%- 8702 20 22- - -Integrated monocoque vehicle, non air-conditionedu40%- 8702 20 28- - -Other, air-conditionedu40%- 8702 20 29- - -Other, non air-conditionedu40%- 8702 30-With both spark-ignition internal combustion reciprocating piston engine and electric motor as motors for propulsion: - - -Vehicles for transport of not more than 13 persons, including the driver: 8702 30 11- - -Integrated monocoque vehicle, air-conditionedu40%- 8702 30 12- - -Integrated monocoque vehicle, non air-conditionedu40%- 8702 30 18- - -Other, air-conditionedu40%- 8702 30 19- - -Other, non air-conditionedu40%- - - -Other: 8702 30 21- - - -Integrated monocoque vehicle, air-conditionedu40%- 8702 30 22- - - -Integrated monocoque vehicle, non air-conditionedu40%- 8702 30 28- - - -Other, air-conditionedu40%- 8702 30 29- - - -Other, non air-conditionedu40%- 8702 40-With only electric motor for propulsion:147Ex-424/2016 - - -Vehicles for transport of not more than 13 persons, including the driver: 8702 40 11- - -Integrated monocoque vehicle, air-conditionedu40%- 8702 40 12- - -Integrated monocoque vehicle, non air-conditionedu40%- 8702 40 18- - -Other, air-conditionedu40%- 8702 40 19- - -Other, non air-conditionedu40%- - - -Other: 8702 40 21- - -Integrated monocoque vehicle, air-conditionedu40%- 8702 40 22- - -Integrated monocoque vehicle, non air-conditionedu40%- 8702 40 28- - -Other, air-conditionedu40%- 8702 40 29- - - -Other, non air-conditionedu40% 8702 90- - -Other: - - -Vehicles for transport of not more than 13 persons, including the driver: 8702 90 11- - -Integrated monocoque vehicle, air-conditionedu40%- 8702 90 12- - -Integrated monocoque vehicle, non air-conditionedu40%- 8702 90 18- - -Other, air-conditionedu40%- 8702 90 19- - -Other, non air-conditionedu40%- - - -Other: 8702 90 21- - -Integrated monocoque vehicle, air-conditionedu40%- 8702 90 22- - -Integrated monocoque vehicle, non air-conditionedu40%- 8702 90 28- - -Other, air-conditionedu40%- 8702 90 29- - - -Other, non air-conditionedu40%-”; (iii) in heading 8703,— (a) in the entry in column (2) occurring after tariff item 8703 10 90 and the entries relating thereto, after the word “with”, the word “only” shall be inserted; (b) in the entry in column (2) occurring after tariff item 8703 24 99 and the entries relating thereto, for the words “with compression ignition” the words “with only compression-ignition” shall be substituted; (c) the tariff items 8703 31 20 and 8703 32 20 and the entries relating thereto shall be omitted; (d) after tariff item 8703 33 99 and the entries relating thereto, the following shall be inserted, namely:— “8703 40-Other vehicles, with both spark-ignition internal combustion reciprocating piston engine and electric motor as motors for propulsion, other than those capable of being charged by plugging to external source of electric power: 8703 40 10- - -Vehicles principally designed for transport of more than seven persons, including driver u125%- 8703 40 20- - -Specialised transport vehicles such as ambulances, prison vans and the likeu125%- 8703 40 30- - -Motor carsu125%- 8703 40 40- - -Th ree-wheeled vehiclesu125%- 8703 40 90- - -Otheru125%- 8703 50-Other vehicles, with both compression-ignition internal combustion piston engine (diesel or semi-diesel) and electric motor as motors for propulsion, other than those capable of being charged by plugging to external source of electric power: 8703 50 10- - -Vehicles principally designed for transport of more than seven persons , including d riveru125%- 8703 50 20- - -Specialised transport vehicles such as ambulances, prison vans and the likeu125%- 8703 50 30- - -Motor carsu125%- 8703 50 40- - -Th ree-wheeled vehiclesu125%- 8703 50 90- - -Otheru125%- 8703 60-Other vehicles, with both spark-ignition internal combustion reciprocating piston engine and electric motor as motors for propulsion, capable of being charged by plugging to external source of electric power: 8703 60 10- - -Vehicles principally designed for transport of more than seven persons , including d riveru125%- 8703 60 20- - -Specialised transport vehicles such as ambulances, prison vans and the likeu125%- 8703 60 30- - -Motor carsu125%- 8703 60 40- - -Th ree-wheeled vehiclesu125%- 148 Ex-424/2016 8703 60 90- - -Otheru125%- 8703 70-Other vehicles, with both compression-ignition internal combustion piston engine (d iesel or semi-diesel) and electric motor as motors for propulsion, capable of being charged by plugging to external source of electric power: 8703 70 10- - -Vehicles principally designed for transport of more than seven persons , including d riveru125%- 8703 70 20- - -Specialised transport vehicles such as ambulances, prison vans and the likeu125%- 8703 70 30- - -Motor carsu125%- 8703 70 40- - -Th ree-wheeled vehiclesu125%- 8703 70 90- - -Otheru125%- 8703 80-Other vehicles, with only electric motor for propulsion: 8703 80 10- - -Vehicles principally designed for transport of more than seven persons , including d riveru125%- 8703 80 20- - -Specialised transport vehicles such as ambulances, prison vans and the likeu125%- 8703 80 30- - -Motor carsu125%- 8703 80 40- - -Th ree-wheeled vehiclesu125%- 8703 80 90- - -Otheru125%-”; (e) for sub-heading 8703 90, tariff items 8703 90 10 and 8703 90 90 and the entries relating thereto, the following shall be substituted, namely:— “8703 90 00-Otheru125%-”; (iv) in heading 8711,— (a) after tariff item 8711 50 00 and the entries relating thereto, the following shall be inserted, namely:—\ “8711 60-With electric motor for propulsion: 8711 60 10- - -Motor cyclesu100%- 8711 60 20- - -Scootersu100%- 8711 60 30- - -Mopedsu100%- 8711 60 90- - -Othersu100%-”; (b) for sub-heading 8711 90, tariff items 8711 90 10 to 8711 90 99 and the entries relating thereto, the following shall be substituted, namely:— “8711 90-Other: 8711 90 10- - -Sid e ca rsu100%- 8711 90 90- - -Otheru100%-”; (41) in Chapter 90,— (i) in Note 1,— (A) in clause (g), after the word “machine-tools”, the words “or water-jet cutting machines” shall be inserted; (B) after clause (k), the following clause shall be inserted, namely:— “(l) monopods, bipods, tripods and similar articles, of heading 9620;”; (C) the existing clauses (l) and (m) shall respectively be re-lettered as (m) and (n); (ii) in heading 9006, the tariff item 9006 10 00 and the entries relating thereto shall be omitted; (42) in Chapter 92, in Note 1, for clause (d), the following clause shall be substituted, namely:— “(d) brushes for cleaning musical instruments (heading 9603), or monopods, bipods, tripods and similar articles (heading 9620); or”; (43) in Chapter 94,— (i) in Note 1,—149 Ex-424/2016 (A) in clause (k), the word “or” shall be omitted; (B) in clause (l), the word “or” shall be inserted at the end; (C) after clause (l), the following clause shall be inserted, namely:— “(m) monopods, bipods, tripods and similar articles (heading 9620).”; (ii) for tariff item 9401 51 00 and the entries relating thereto, the following shall be substituted, namely:— “9401 52 00- -Of bamboou10%- 9401 53 00- -Of rattanu10%-”; (iii) for tariff item 9403 81 00 and the entries relating thereto, the following shall be substituted, namely:— “9401 82 00- -Of bamboou10%- 9401 83 00- -Of rattanu10%-”; (iv) for heading 9406, sub-heading 9406 00, tariff items 9406 00 11 to 9406 00 99 and the entries relating thereto, the following shall be substituted, namely:— “9406PREFABRICATED BUILDINGS 9406 10-Of wood: 9406 10 10- - -Green-hou sesu10%- 9406 10 20- - -For cold stora geu10%- 9406 10 30- - -Silos for st orin g en sila geu10%- 9406 10 90- - -Otheru10%- 9406 90-Other: 9406 90 10- - -Green-hou sesu10%- 9406 90 20- - -For cold stora geu10%- 9406 90 30- - -Silos for st orin g en sila geu10%- 9406 90 90- - -Otheru10%-”; (44) in Chapter 95,— (i) in Note 1,— (A) for clause (e), the following clause shall be substituted, namely:— “(e) fancy dress of textiles, of Chapter 61 or 62; sports clothing and special articles of apparel of textiles, of Chapter 61 or 62, whether or not incorporating incidentally protective components such as pads or padding in the elbow, knee or groin areas (for example, fencing clothing or soccer goalkeeper jerseys);”; (B) after clause (t), the following clause shall be inserted, namely:— “(u) monopods, bipods, tripods and similar articles (heading 9620);”; (C) the existing clauses (u) and (v) shall respectively be re-lettered as (v) and (w); (45) in Chapter 96, after tariff item 9619 00 90 and the entries relating thereto, the following shall be inserted, namely:— “9620 00 00 -MONOPODS, BIPODS, TRIPODS AND SIMILAR ARTICLESu10%-”. THE FIFTH SCHEDULE [See section 145 (i)] In the Third Schedule to the Central Excise Act,–– (a) for S. Nos. 40 and 41 and the entries relating thereto, the following S. Nos. and entries shall be substituted, namely:––150 Ex-424/2016 S. No.Heading, sub-heading or tariff itemsDescription of goods (1)(2)(3) “40.3401All goods 41.3402All goods”; (b) after S. No. 63 and the entries relating thereto, the following S. No. and entries shall be inserted, namely:–– S. No.Heading, sub-heading or tariff itemsDescription of goods (1)(2)(3) “63A.7607All goods”; (c) after S. No. 81C and the entries relating thereto, the following S. No. and entries shall be inserted, namely:–– S. No.Heading, sub-heading or tariff itemsDescription of goods (1)(2)(3) “81D.8517 62Wrist wearable devices (commonly known as smart watches)”; (d) against S.No. 100, in column (3), for the words “Parts, components and assemblies”, the words “Parts, components, accessories and assemblies” shall be substituted; (e) against S.No. 100A, in column (3), for the words “Parts, components and assemblies”, the words “Parts, components, accessories and assemblies” shall be substituted. THE SIXTH SCHEDULE [ See section 145 i)] Inthe Third Schedule to the Central Excise Act,- (a ) against S. No. 58, for the entry in colunm (3), the entry “vitrified tiles, whether polished or not, glazed tiles” shall be substituted; (b) S. No. 59 and the entries relating thereto shall be omitted. THE SEVENTH SCHEDULE [Seesection 145 (i)] In the First Schedule to the Central Excise Tariff Act,–– (a) in Chapter 22, for the entries in column (4) occurring against tariff items 2202 10 10, 2202 10 20 and 2202 10 90, the entry “21%” shall be substituted; (b) in Chapter 24,–– (i) for the entries in column (4) occurring against tariff items 2401 10 10, 2401 10 20, 2401 10 30, 2401 10 40, 2401 10 50, 2401 10 60, 2401 10 70, 2401 10 80, 2401 10 90, 2401 20 10, 2401 20 20, 2401 20 30, 2401 20 40, 2401 20 50, 2401 20 60, 2401 20 70, 2401 20 80 and 2401 20 90, the entry “64%” shall be substituted; (ii) for the entry in column (4) occurring against tariff items 2402 10 10 and 2402 10 20, the entry “12.5% or Rs. 3755 per thousand whichever is higher” shall be substituted; (iii) for the entry in column (4) occurring against tariff item 2402 90 10, the entry “Rs. 3755 per thousand” shall be substituted; (iv) for the entry in column (4) occurring against tariff items 2402 90 20 and 2402 90 90, the entry “12.5% or Rs. 3755 per thousand, whichever is higher” shall be substituted; (v) for the entries in column (4) occurring against tariff items 2403 19 29, the entry “Rs. 80 per thousand” shall be substituted; (vi) for the entries in column (4) occurring against tariff items 2403 99 10, 2403 99 30 and 2403 99 90, the entry “81%” shall be substituted.151Ex-424/2016 (c) in Chapter 27, in the Supplementary Note,–– (i) in clause (e), for the figures “1460:2000”, the figures “1460:2005” shall be substituted; (ii) in clause (f), for the figures “1460”, the figures “15770:2008” shall be substituted; (d) in Chapter 58, in heading 5801,– (i) in sub-heading 5801 37, the entry in column (2) “—- Warp pile fabrics, ‘epingle’ (uncut):” shall be omitted; (ii) for tariff items 5801 37 11 and 5801 37 19 and the entries relating thereto, the following shall be substituted, namely:– (1)(2)(3)(4) “5801 37 10- - - Warp pile fabrics, uncutm²12.5%”; (e) in Chapter 71, in heading 7104, for the tariff item 7104 90 00 and the entries relating thereto, the following shall be substituted, namely:— (1)(2)(3)(4) “7104 90-Other: 7104 90 10- -- Laboratory-created or laboratory grown orc/k12.5% manmade or cultured or synthetic diamonds 7104 90 90- - - Oth erkg.12.5%”; (f) in Chapter 85, in heading 8525, the tariff item 8525 50 50 and the entries relating thereto shall be omitted. THE EIGHTH SCHEDULE [Seesection 146 (ii)] In the First Schedule to the Central Excise Tariff Act, 1985,–– (1) in Chapter 3,–– (i) in Note 1, in clause (c), for the words “livers and roes”, the words “livers, roes and milt” shall be substituted; (ii) in heading 0301, for tariff item 0301 93 00 and the entries relating thereto, the following shall be substituted, namely:–– “0301 93 00- -Carp (Cyprinus spp., Carassius spp., Ctenopharyngodon idellus,kg.Nil”; Hypophthalmichthys spp., Cirrhinus spp., Mylopharyngodon piceus, Catla catla, Labeo spp., Osteochilus hasselti, Leptobarbus hoeveni, Megalobrama spp.) (iii) for heading 0302, tariff items 0302 11 00 to 0302 85 00, sub-heading 0302 89, tariff items 0302 89 10 to 0302 90 00 and the entries relating thereto, the following shall be substituted, namely:–– “0302FISH, FRESH OR CHILLED, EX CLUDING FISH FILLETS AND OTHER FISH MEAT OF HEADING 0304 -Salmonidae, excluding ed ible fish offal of sub-headings 0302 91 to 0302 99: 0302 11 00- -Trout (Salmo trutta, Oncorhyncus mykiss, Oncorhyncus clarkii,kg.Nil Oncorhyncus aguabonita, Oncorhyncus gilae, Oncorhyncus apache and Oncorhyncus chrysogaster) 0302 13 00- -Pacific salmon (Oncorhynchus nerka, Oncorhynchus gorbuscha,kg.Nil Oncorhynchus keta, Oncorhynchus tschawytscha, Oncorhynchus kisutch, Oncorhynchus masou and Oncorhynchus rhodurus) 0302 14 00- -Atlantic salmon (Salmo salar) and Danube salmon (Hucho hucho)kg.Nil 0302 19 00- -Otherkg.Nil - -Flat fish (Pleuronectidae, Bothidae, Cynoglossidae, Soleidae, Scophthalmidae and Citharidae), excluding ed ible fish offal of sub- headings 030291 to 0301 99: 0302 21 00- -Ha libu t (Rheinhard tius hippoglossidae, Hippoglossus hippoglossus,kg.Nil Hippoglossus stenolepis)152 Ex-424/2016 0302 22 00- -Plaice(Pleuronectes platessa)kg.Nil 0302 23 00- -Sole(Solea spp.)kg.Nil 0302 24 00- -Turbots (Psetta maxima)kg.Nil 0302 29 00- -Otherkg.Nil -Tunas (of the genus Thunnus), skipjack or stripe-bellied bonito (Euthynnus (Katsuwonus) pelamis), excluding ed ible fish offal of sub- headings0302 91 to 0301 99: 0302 31 00- -Albacore or long finned tunas(Thunnus alalunga)kg.Nil 0302 32 00- -Yellowfin tunas(Thunnus albacares)kg.Nil 0302 33 00- -Skipjack or stripe-bellied bonitokg.Nil 0302 34 00- -Bigeye tunas(Thunnus obesus)kg.Nil 0302 35 00- -Atlantic and Pacific bluefin tunas (Thunnus thynnus, Thunnus orientalis)kg.Nil 0302 36 00- -Southern bluefin tunas(Thunnus maccoyii)kg.Nil 0302 39 00- -Otherkg.Nil -Herrings (Clupea harengus, Clupea pallasii), anchovies (Engraulis spp.), sardines (Sardina pilchardus, Sardinops spp.), sardinella (Sardinella spp.), brisling or sprats (Sprattus sprattus), mackerel (Scomber scombrus, Scomber australasicus, Scomber japonicus), Indian mackerels (Rastrelliger spp.), seerfishes (Scomberomorus spp.), jack and horse mackerel (Trachurus spp.), jacks, crevalles(Caranx spp.), cobia (Rachycentron canad um), silver pomfrets (Pampus spp.), Pacific saury (Cololabis saira), scads (Decapterus spp.), capelin (Mallotus villosus), Sword fish (Xiphias gladius), Kawakawa (Euthynnus affinis), bonitos (Sard a spp.), marlins, sailfishes, spearfish (Istiophorid ae), excluding ed ible fish offal of sub-headings 0302 91 to 0302 99: 0302 41 00- -Herrings (Clupea harengus, Clupea pallasii)kg.Nil 0302 42 00- -Anchovies(Engraulis spp.)kg.Nil 0302 43 00- -Sardines (Sardina pilchardus, Sardinops spp.) , s ar d in ella (Sardinella spp.),kg.Nil brisling or sprats (Sprattus sprattus) 0302 44 00- -Mackerel (Scomber scombrus, Scomber australasicus, Scomber japonicus)kg.Nil 0302 45 00- -Jack and horse mackerel (Trachurus spp.)kg.Nil 0302 46 00- -Cobia (Rachycentron canadum)kg.Nil 0302 47 00- -Sword fish (Xiphias gladius)kg.Nil 0302 49 00- -Otherkg.Nil -Fish of the families Bregmacerotidae, Euclichthyidae, Gadidae, Macrouridae, Melanonidae, Merlucciidae, Moridae and Muraenolepididae, excluding edible fish offal of sub-head ings 0302 91 to 0302 99: 0302 51 00- -Cod(Gadus morhua, Gadus ogac, Gadus macrocephalus)kg.Nil 0302 52 00- -Haddock(Melangrammus aegllefinus)kg.Nil 0302 53 00- -Coa l fish (Pollachinus virens)kg.Nil 0302 54 00- -Hake(Merluccius spp., Urophycis spp.)kg.Nil 0302 55 00- -Alaska Pollack(Theragra chalcogramma)kg.Nil 0302 56 00- -Blu e wh itt ings (Micromesistius poutassou, Micromesistius australis)kg.Nil 0302 59 00- -Otherkg.Nil -Tilapias (Oreochromis spp.), catfish (Pangasius spp., Silurus spp. Clarias spp., Ictalurus spp.), carp (Cyprinus spp., Carassius spp., Ctenopharyngodon idellus, Hypophthalmichthys spp., Cirrhinus spp., Mylopharyngodon piceus, Catla catla, Labeo spp., Osteochilus hasselti, Leptobarbus hoeveni, Megalobrama spp.), eels (Anguilla spp.), Nile perch (Lates niloticus) and snakeheads (Channa spp.), excluding edible fish offal of sub-headings 0302 91 to 0302 99: 0302 71 00- -Tilapias(Oreochromis spp.)kg.Nil 0302 72 00- -Catfish(Pangasius spp., Silurus spp., Clarias spp., Ictalurus spp.)kg.Nil 0302 73 00- -Carp(Cyprinus spp., Carassius spp., Ctenopharyngodon idellus, Hypophthalmichthys spp., Cirrhinus spp., Mylopharyngodon piceus, Catla catla, Labeo spp., Osteochilus hasselti, Leptobarbus hoeveni, Megalobrama spp.):kg.Nil 153Ex-424/2016 0302 74 00- -Eels(Anguilla spp.)kg.Nil 0302 79 00- -Otherkg.Nil -Other fish exculding edible fish offal of sub-headings 0302 91 to 0302 99: 0302 81 00- -Dogfish and other sharkskg.Nil 0302 82 00- -Rays and skates(Rajidae)kg.Nil 0302 83 00- -Tooth fish (Dissostichus spp.)kg.Nil 0302 84 00- -Seabass(Dicentrarchus spp.)kg.Nil 0302 85 00- -Seabream(Sparidae)kg.Nil 0302 89- -Other: 0302 89 10- - -Hilsa (Tenualosa ilisha)kg.Nil 0302 89 20- - -Darakg.Nil 0302 89 30- - -Pomfr etkg.Nil 0302 89 90- - -Otherkg.Nil -Livers, roes, milt, fish fins, heads, tails, maws and other ed ible fish offal: 0302 91- -Livers, roes and milt: 0302 91 10- - -Livers, roes and miltkg.Nil 0302 92- -Shark fins: 0302 92 10- - -Shark finskg.Nil 0302 99- -Other: 0302 99 10- - -Fish fins other than shark fins; heads, tails and mawskg.Nil 0302 99 90- - -Other edible fish offalkg.Nil ”; (iv) for heading 0303, tariff items 0303 11 00 to 0303 69 00, sub-heading 0303 81, tariff items 0303 81 10 to 0303 84 00, sub-heading 0303 89, tariff items 0303 89 10 to 0303 89 99, sub-heading 0303 90, tariff items 0303 90 10 to 0303 90 90 and the entries relating thereto, the following shall be substituted, namely:–– “0303FISH, FROZEN, EXCLUDING FISH FILLETS AND OTHER FISH MEAT OF HEADING 0304 -Salmonidae, excluding edible fish offal of sub-headings 0303 91 to 0303 99: 0303 11 00- -Sockeye salmon(red salmon) (Oncorhynchus nerka)kg.Nil 0303 12 00- -Other Pacific salmon (Oncorhynchus gorbuscha, Oncorhynchus ketakg.Nil, Oncorhynchus tschawytscha, Oncorhynchus kisutch, Oncorhynchus masou and Oncorhynchus rhodurus) 0303 13 00- -At lan tic sa lmon(Salmo salar)and Danube salmon(Hucho hucho)kg.Nil 0303 14 00- -Trout (Salmo trutta, Oncorhynchus mykiss, Oncorhynchus clarkii,kg.Nil Oncorhynchus aguabonita, Oncorhynchus gilae, Oncorhynchus apache and Oncorhynchus chrysogaster) 0303 19 00- -Otherkg.Nil -Tilapias (Oreochromis spp.), catfish (Pangasius spp., Silurus spp., Clarias spp., Ictalurus spp.), carp (Cyprinus carpio, Carassius carassius, Ctenopharyngodon idellus, Hypophthalmichthys spp., Cirrhinus spp., Mylopharyngodon piceus, Catla catla, Labeo spp., Osteochilus hasselti, Leptobarbus hoeveni, Megalobroma spp., eels (Anguilla spp.), Nile perch (Lates niloticus) and snakeheads, (Channa spp.), excluding edible fish offal of sub-headings0303 91 to 0303 99: 0303 23 00- -Tilap ia s (Oreochromis spp.)kg.Nil 0303 24 00- -Catfish (Pangasius spp., Silurus spp., Clarias spp., Ictalurus spp.)kg.Nil 0303 25 00- -Carp (Cyprinus carpio, Carassius carassius, Ctenopharyngodon idellus,kg.Nil Hypophthalmichthys spp., Cirrhinus spp., Mylopharyngodon piceus, Catla catla, Labeo spp., Osteochilus hasselti, Leptobarbus hoeveni, Megalobroma spp.) 0303 26 00- -Eels(Anguilla spp.)kg.Nil 0303 29 00- -Otherkg.Nil -Flat fish (Pleuronectidae, Bothidae, Cynoglossidae, Soleidae, Scophthalmidae and Citharidae), excluding ed ible fish offal of sub-head ings 0303 91 to 0303 99: 0303 31 00- -Ha libu t (Rheinhard tius hippoglossidae, Hippoglossus hippoglossus,kg.Nil Hippoglossus stenolepis)154 Ex-424/2016 0303 32 00- -Plaice(Pleuronectes platessa)kg.Nil 0303 33 00- -Sole(Solea spp.)kg.Nil 0303 34 00- -Turbots (Psetta maxima)kg.Nil 0303 39 00- -Otherkg.Nil -Tunas (of the genus Thunnus), skipjack or stripe-bellied bonito (Euthynnus (Katsuwonus) pelamis), excluding edible fish offal of sub-headings 0303 91 to 0303 99: 0303 41 00- -Albacore or long finned tunas(Thunnus alalunga)kg.Nil 0303 42 00- -Yellowfin tunas(Thunnus albacares)kg.Nil 0303 43 00- -Skipjack or stripe-bellied bonitokg.Nil 0303 44 00- -Bigeye tunas(Thunnus obesus)kg.Nil 0303 45 00- -Atlantic and Pacific bluefin tunas (Thunnus thynnus, Thunnus orientalis)kg.Nil 0303 46 00- -Southern bluefin tunas(Thunnus maccoyii)kg.Nil 0303 49 00- -Otherkg.Nil -Herrings (Clupea harengus, Clupea pallasii), anchovies (Engraulis spp.), sardines (Sardina pilchardus, Sardinops spp.), sardinella (Sardinella spp.), brisling or sprats (Sprattus sprattus), mackerel (Scomber scombrus, Scomber australasicus, Scomber japonicus), Indian mackerels (Rastrelliger spp.), seerfishes (Scomberomorus spp.), jack and horse mackerel (Trachurus spp.), jacks, crevalles (Caranx spp.), cobia (Rachycentron canad um), silver pomfrets (Pampus spp.), Pacific saury (Cololabis saira), scads (Decapterusspp.), capelin (Mallotus villosus), Sword fish (Xiphias gladius), Kawakawa (Euthynnus affinis), bonitos (Sarda spp.), marlins, sailfishes, spearfish (Istiophorid ae), excluding ed ible fish offal of sub-headings 0303 91 to 0303 99: 0303 51 00- -Herrings (Clupea harengus, Clupea pallasii)kg.Nil 0303 53 00- -Sardines (Sardina pilchardus, Sardinops spp.), sardinella (Sardinella spp.),kg.Nil brisling or sprats (Sprattus sprattus) 0303 54 00- -Mackerel (Scomber scombrus, Scomber australasicus, Scomber japonicus)kg.Nil 0303 55 00- -Jack and horse mackerel(Trachurus spp.)kg.Nil 0303 56 00- -Cobia(Rachycentron canadum)kg.Nil 0303 57 00- -Sword fish (Xiphias gladius)kg.Nil 0303 59 00- -Otherkg.Nil -Fish of the families Bregmacerotidae, Euclichthyidae, Gadidae, Macrouridae, Melanonidae, Merlucciidae, Moridae and Muraenolepididae, excluding edible fishoffal of sub-headings 0303 91 to 0303 99: 0303 63 00- -Cod (Gadus morhua, Gadus ogac, Gadus macrocephalus)kg.Nil 0303 64 00- -Haddock(Melanogrammus aeglefinus)kg.Nil 0303 65 00- -Coal fish (Pollachius virens)kg.Nil 0303 66 00- -Hake (Merluccius spp., Urophycis spp.)kg.Nil 0303 67 00- -Alaska Pollack(Theragra chalcogramma)kg.Nil 0303 68 00- -Blue whitings (Micromesistius poutassou, Micromesistiusaustralis)kg.Nil 0303 69 00- -Otherkg.Nil -Other fish, excluding edible fishoffal of sub-headings 0303 91 to 0303 99: 0303 81- -Dogfish and other sharks: 0303 81 10- - -Dogfishkg.Nil 0303 81 90- - -Other Sharkskg.Nil 0303 82 00- -Rays and skates(Rajidae)kg.Nil 0303 83 00- -Tooth fish (Dissostichus spp.)kg.Nil 0303 84 00- -Seabass(Dicentrarchus spp.)kg.Nil 0303 89- -Other: 0303 89 10- - -Hilsa (Tenualosa ilisha)kg.Nil 0303 89 20- - -Darakg.Nil 0303 89 30- - -Ribbon fishkg.Nil 155 Ex-424/2016 0303 89 40- - -Seerkg.Nil 0303 89 50- - -Pomfret (white or silver or black)kg.Nil 0303 89 60- - -Gholkg.Nil 0303 89 70- - -Threadfinkg.Nil 0303 89 80- - -Croakers, groupers and flounderskg.Nil 0303 89 90- - -Otherkg.Nil -Livers, roes, milt, fish fins, heads, tails, maws and other ed ible fish offal: 0303 91- -Livers, roes and milt: 0303 91 10- - -Egg or egg yolk of fishkg.Nil 0303 91 90- - -Otherkg.Nil 0303 92- -Shark fins: 0303 92 10- - -Shark finskg.Nil 0303 99- -Other: 0303 99 10- - -Fish fins other than shark fins, heads, tails and mawskg.Nil 0303 99 90- - -Other edible fish offalkg.Nil”; (v) in heading 0304,–– (a) for the entry in column (2) occurring after the entry against heading 0304, the following shall be substituted, namely:–– “-Fresh or chilled fillets of tilapias (Oreochromis spp.), catfish (Pangasius spp., Silurus spp., Clarias spp., Ictalurus spp.), carp (Cyprinus spp., Carassius spp., Ctenopharyngodon idellus, Hypophthalmichthys spp., Cirrhinus spp., Mylopharyngodon piceus, Catla catla, Labeo spp., Osteochilus hasselti, Leptobarbus hoeveni, Megalobrama spp.), eels (Anguilla spp.), Nile perch (Lates niloticus) and snakehead s (Channa spp.):”; (b) for tariff items 0304 46 00 to 0304 99 00 and the entries relating thereto, the following shall be substituted, namely:–– “0304 46 000- -Tooth fish (Dissostichus spp.)kgNil 0304 47 00- -Dogfish and other sharkskgNil 0304 48 00- -Rays and skates (Rajidae)kg.Nil 0304 49- -Other: 0304 49 10- - -Hilsa(Tenualosa ilisha)kg.Nil 0304 49 30- - -Seerkg.Nil 0304 49 40- - -Tunakg.Nil 0304 49 90- - -Otherkg.Nil - - -Other, fresh or chilled: 0304 51 00- -Tilapias (Oreochromis spp.), catfish (Pangasius spp., Silurus spp.kg.Nil Clarias spp., Ictalurus spp.), carp (Cyprinus spp., Carassius spp., Ctenopharyngodon idellus, Hypophthalmichthys spp., Cirrhinus spp., Mylopharyngodon piceus, Catla catla, Labeo spp., Osteochilus hasselti, Leptobarbus hoeveni, Megalobrama spp.), eels (Anguilla spp.), Nile perch (Lates niloticus) and snakeheads (Channa spp.) 0304 52 00- -Salmonidaekg.Nil 0304 53 00- -Fish of the families Bregmacerotidae, Euclichthyidae, Gadidae,kg.Nil Macrouridae, Melanonidae, Merlucciidae, Moridae and Muraenolepididae 0304 54 00- -Sword fish (Xiphias gladius)kg.Nil 0304 55 00- -Tooth fish (Dissostichus spp.)kg.Nil 0304 56 00- -Dogfish and other sharkskg.Nil 0304 57 00- -Rays and skates (Rajidae)kg.Nil 0304 59- -Other: 0304 59 10- - -Hilsa(Tenualosa ilisha)kg.Nil 0304 59 30- - -Seerkg.Nil 0304 59 40- - -Tunakg.Nil 0304 59 90- - -Otherkg.Nil 156 Ex-424/2016 -Frozen fillets of tilapias (Oreochromis spp.), catfish (Pangasius spp., Silurus spp., Clarias spp., Ictalurus spp.), carp (Cyprinus spp., Carassius spp., Ctenopharyngodon idellus, Hypophthalmichthys spp., Cirrhinus spp., Mylopharyngodon piceus, Catla catla, Labeo spp., Osteochilus hasselti, Leptobarbus hoeveni, Megalobrama spp.), eels (Anguilla spp.), Nile perch (Lates niloticus) and snakehead s (Channa spp.): 0304 61 00- -Tilap ia s (Oreochromis spp.)kg.Nil 0304 62 00- -Catfish (Pangasius spp., Silurus spp., Clarias spp., Ictalurus spp.)kg.Nil 0304 63 00- -Nile Perch(Lates niloticus)kg.Nil 0304 69 00- -Otherkg.Nil -Frozen fillets of fish of Bregmacerotidae, Euclichthyidae, Gadidae, Macrouridae, Melanonidae, Merlucciidae, Moridae and Muraenolepididae: 0304 71 00- -Cod (Gadus morhua, Gadus ogac, Gadus macrocephalus)kg.Nil 0304 72 00- -Haddock(Melanogrammus aeglefinus)kg.Nil 0304 73 00- -Coal fish (Pollachius virens)kg.Nil 0304 74 00- -Hake (Merluccius spp., Urophycis spp.)kg.Nil 0304 75 00- -Alaska Pollack(Theragra chalcogramma)kg.Nil 0304 79 00- -Otherkg.Nil -Frozen fillets of other fish: 0304 81 00- -Pacific salmon (Oncorhynchus nerka, Oncorhynchus gorbuscha, Oncorhynchus keta, Oncorhynchus tschawytscha, Oncorhynchus kisutch, Oncorhynchus masou and Oncorhynchus rhod urus), Atlantic salmon (Salmo salar) and Danube salmon (Hucho hucho)kg.Nil 0304 82 00- -Trout (Salmo trutta, Oncorhynchus mykiss, Oncorhynchus clarkii, Oncorhynchus aguabonita, Oncorhynchus gilae, Oncorhynchus apache and Oncorhynchus chrysogaster) 0304 83 00- -Flat fish (Pleuronectidae, Bothidae, Cynoglossidae, Soleidae,kg.Nil Scophthalmidae and Citharidae)kg.Nil 0304 84 00- -Sword fish (Xiphias gladius)kg.Nil 0304 85 00- -Tooth fish (Dissostichus spp.)kg.Nil 0304 86 00- -Herrings (Clupea harengus, Clupea pallasii)kg.Nil 0304 87 00- -Tunas (of the genusThunnus), skipjack or stripe-bellied bonito (Euthynnus, Katsuwonus, pelamis)kg.Nil 0304 88- -Dogfish, other sharks Rays and skates (Rajidae): 0304 88 10- - -Dogfishkg.Nil 0304 88 20- - -Other sharkskg.Nil 0304 88 30- - -Rays and skates(Rajidae)kg.Nil 0304 89- -Other: 0304 89 10- - -Hilsa(Tenualosa ilisha)kg.Nil 0304 89 30- - -Seerkg.Nil 0304 89 40- - -Tunakg.Nil 0304 89 90- - -Otherkg.Nil -Other, frozen: 0304 91 00- -Sword fish (Xiphias gladius)kg.Nil 0304 92 00- -Tooth fish (Dissostichus spp.)kg.Nil 0304 93 00- -Tilapias (Oreochromis spp.), catfish (Pangasius spp., Silurus spp.kg.Nil Clarias spp., Ictalurus spp.), carp (Cyprinus spp., Carassius spp., Ctenopharyngodon idellus, Hypophthalmichthys spp., Cirrhinus spp., Mylopharyngodon piceus, Catla catla, Labeo spp., Osteochilus hasselti, Leptobarbus hoeveni, Megalobrama spp.), eels (Anguilla spp.), Nile perch (Lates niloticus) and snakeheads (Channa spp.) 0304 94 00- -Alaska Pollack (Theragra chalcogramma)kg.Nil 0304 95 00- -Fish of the families Bregmacerotidae, Euclichthyidae, Gadidae,kg.Nil Macrouridae, Melanonidae, Merlucciidae, Moridae and Muraenolepididae, Alaska Pollack (Theragra chalcogramma) 0304 96 00- -Dogfish and other sharkskg.Nil 157Ex-424/2016 0304 97 00- -Rays and skates(Rajidae)kg.Nil 0304 99 00- -Otherkg.Nil”; (vi) in heading 0305,–– (a) for tariff item 0305 20 00 and the entries relating thereto, the following shall be substituted, namely:–– “0305 20 00-Livers, roes and milt of fish, dried, smoked, salted or in brinekg.Nil”; (b) for tariff item 0305 31 00 and the entries relating thereto, the following shall be substituted, namely:–– “0305 31 00- -Tilapias (Oreochromis spp.), catfish (Pangasius spp., Silurus spp., Clariaskg.Nil”; spp., Ictalurus spp.), carp (Cyprinus spp., Carassius spp., Ctenopharyngodon idellus, Hypophthalmichthys spp., Cirrhinus spp., Mylopharyngodon piceus, Catla catla, Labeo spp., Osteochilus hasselti, Leptobarbus hoeveni, Megalobrama spp.), eels (Anguilla spp.), Nile perch (Lates niloticus) and snakeheads (Channa spp.) (c) for tariff item 0305 44 00 and the entries relating thereto, the following shall be substituted, namely:–– “0305 44 00- -Tilap ia s (Oreochromis spp.), catfish (Pangasius spp., Silurus spp., Clarias spp.,kg.Nil”; Ictalurus spp.), carp (Cyprinus spp., Carassius spp., Ctenopharyngodon idellus, Hypophthalmichthys spp., Cirrhinus spp., Mylopharyngodon piceus, Catla catla, Labeo spp., Osteochilus hasselti, Leptobarbus hoeveni, Megalobrama spp.), eels (Anguilla spp.), Nile perch (Lates niloticus) and snakeheads (Channa spp.) (d) after tariff item 0305 51 00 and the entries relating thereto, the following shall be inserted, namely:–– “0305 52 00- -Tilap ia s (Oreochromis spp.), catfish (Pangasius spp., Silurus spp., Clarias spp.,kg.Nil Ictalurus spp.), carpCyprinus spp., Carassius spp., Ctenopharyngodon idellus, Hypophthalmichthys spp., Cirrhinus spp., Mylopharyngodon piceus, Catla catla, Labeo spp., Osteochilus hasselti, Leptobarbus hoeveni, Megalobrama spp.), eels (Anguilla spp.), Nile perch (Lates niloticus) and snakeheads (Channa spp.) 0305 53 00- -Fish of the families Bregmacerotidae, Euclichthyidae,kg.Nil Gadidae, Macrouridae, Melanonidae, Merlucciidae, Moridae and Muraenolepididae, other than cod (Gadus morhua, Gadus ogac, Gadus macrocephalus) 0305 54 00- -Herrings (Clupea harengus, Clupea pallasii), anchovies (Engraulis spp.),kg.Nil”; sardines (Sardina pilchardus, Sardinops spp.), sardinella (Sardinella spp.), brisling or sprats (Sprattus sprattus), mackerel (Scomber scombrus, Scomber australasicus, Scomber japonicus), Indian mackerels (Rastrelliger spp.), seerfishes (Scomberomorus spp.), jack and horse mackerel (Trachurus spp.), ja cks , crevalles (Caranx spp.), cobia (Rachycentron canad um), silver pomfrets (Pampus spp.), Pacific saury (Cololabis saira), scads (Decapterus spp.), capelin (Mallotus villosus), Sword fish (Xiphias gladius), Kawakawa (Euthynnus affinis), bonitos (Sard a spp.), marlins, sailfishes, spearfish (Istiophoridae) (e) for tariff item 0305 64 00 and the entries relating thereto, the following shall be substituted, namely:–– “0305 64 00- -Tilapias (Oreochromis spp.), catfish (Pangasius spp., Silurus spp., Clarias spp.,kg.Nil”; Ictalurus spp.), carp (Cyprinus spp., Carassius spp., Ctenopharyngodon idellus, Hypophthalmichthys spp., Cirrhinus spp., Mylopharyngodon piceus, Catla catla, Labeo spp., Osteochilus hasselti, Leptobarbus hoeveni, Megalobrama spp.), eels (Anguilla spp.), Nile perch (Lates niloticus) and snakeheads (Channa spp.) (vii) in heading 0306, for tariff items 0306 19 00 to 0306 29 00 and the entries relating thereto, the following shall be substituted, namely:–– “0306 19 00- -Other, including flours, meals and pellets of crustaceans, fit for humankg.Nil consumption -Live, fresh or chilled: 0306 31 00- -Rock lobster and other sea crawfish (Palinurus spp., Jasus spp.)kg.Nil 158 Ex-424/2016 0306 32 00- -Lobsters( Homarus spp.)kg.Nil 0306 33 00- -Crabskg.Nil 0306 34 00- -Norway lobsters(Nephrops norvegicus)kg.Nil 0306 35 00- -Cold water shrimps and prawns (Pandalus spp., Crangon crangon)kg.Nil 0306 36 00- -Other shrimps and prawnskg.Nil 0306 39 00- -Other, including flours, meals and pellets of crustaceans, fit for humankg.Nil consumption -Other: 0306 91 00- -Rock lobster and other sea crawfish (Palinurus spp., Jasus spp.)kg.Nil 0306 92 00- -Lobsters( Homarus spp.)kg.Nil 0306 93 00- -Crabskg.Nil 0306 94 00- -Norway lobsters(Nephrops norvegicus)kg.Nil 0306 95 00- -Shrimps and prawnskg.Nil 0306 99 00- -Other, including flours, meals and pellets of crustaceans, fit for humankg.Nil”; consumption (viii) in heading 0307,–– (a) after tariff item 0307 11 00 and the entries relating thereto, the following shall be inserted, namely:–– “0307 12 00- -Fr ozenkg.Nil”; (b) after tariff item 0307 21 00 and the entries relating thereto, the following shall be inserted, namely:–– “0307 22 00- -Fr ozenkg.Nil”; (c) after tariff item 0307 31 00 and the entries relating thereto, the following shall be inserted, namely:–– “0307 32 00- -Fr ozenkg.Nil”; (d) for tariff items 0307 39 90 to 0307 49 90 and the entries relating thereto, the following shall be substituted, namely:–– “0307 39 90- - -Otherkg.Nil -Cuttle fish and squid: 0307 42- -Live, fresh or chilled: 0307 42 10- - -Cuttle fishkg.Nil 0307 42 20- - -Squidkg.Nil 0307 43- -Frozen: 0307 43 10- - -Cuttle fishkg.Nil 0307 43 20- - -Whole squidskg.Nil 0307 43 30- - -Squid tubeskg.Nil 0307 49- -Other: 0307 49 10- - -Cuttle fishkg.Nil 0307 49 20- - -Whole squidskg.Nil 0307 49 30- - -Squid tubeskg.Nil 0307 49 40- - -Dried squidskg.Nil 0307 49 90- - -Otherkg.Nil”; (e) after tariff item 0307 51 00 and the entries relating thereto, the following shall be inserted, namely:–– “0307 52 00- -Fr ozenkg.Nil”; (f) after tariff item 0307 71 00 and the entries relating thereto, the following shall be inserted, namely:–– “0307 72 00- -Fr ozenkg.Nil”; (g) for tariff items 0307 79 00 to 0307 89 00 and the entries relating thereto, the following shall be substituted, namely:–– “0307 79 00- -Otherkg.Nil 159Ex-424/2016 -Abalone (Haliotis Spp.) and stromboid conchs (Strombus spp.): 0307 81 00- -Live, fr es h or ch illed ab alon e (Haliotis spp.)kg.Nil 0307 82 00- -Live, fresh or chilled stromboid conchs (Strombus spp.)kg.Nil 0307 83 00- -Frozen abalone(Haliotis spp.)kg.Nil 0307 84 00- -Frozen stromboid conchs(Strombus spp.)kg.Nil 0307 87 00- -Other abalone(Haliotis spp.)kg.Nil 0307 88 00- -Other stromboid conchs(Strombus spp.)kg.Nil”; (h) after tariff item 0307 91 00 and the entries relating thereto, the following shall be inserted, namely:–– “0307 92 00- -Fr ozenkg.Nil”; (ix) in heading 0308,–– (a) for the entry in column (2) occurring after the entry against heading 0308, the following shall be substituted, namely:–– “-Sea cucumbers (Stichopus japonicus, Holothuroidea):”; (b) after tariff item 0308 11 00 and the entries relating thereto, the following shall be inserted, namely:–– “0308 12 00- -Fr ozenkg.Nil”; (c) for tariff items 0308 19 00 to 0308 21 00 and the entries relating thereto, the following shall be substituted, namely:– – “0308 19 00- -Otherkg.Nil -Sea urchins (Strongylocentrotus spp., Paracentrotus lividus, Loxechinus albus, Echinus esculentus): 0308 21 00- -Live, fr es h or ch illedkg.Nil 0308 22 00- -Fr ozenkg.Nil”; (2) in Chapter 4, in Note 4,–– (A) in clause (a), the word “or” shall be omitted; (B) after clause (a), the following clause shall be inserted, namely:–– “(b) products obtained from milk by replacing one or more of its natural constituents (for example, butyric fats) by another substance (for example, oleic fats) (heading 1901 or 2106); or”; (C) the existing clause (b) shall be re-lettered as (c); (3) in Chapter 5, for Note 4, the following Note shall be substituted, namely:–– “4. Throughout the Schedule, the expression “horsehair” means hair of the manes or tails of equine or bovine animals. Heading 0511 covers,inter alia, horsehair and horsehair waste, whether or not put up as a layer with or without supporting material.”; (4) in Chapter 8, in heading 0805, for tariff item 0805 20 00 and the entries relating thereto, the following shall be substituted, namely:–– “-Mandarins (including tangerines and satsumas); clementines, wilkings and similar citrus hybrid s: 0805 21 00- -Mandarins (including tangerines and satsumas)kg.Nil 0805 22 00- -Clementineskg.Nil 0805 29 00- -Otherkg.Nil”; (5) in Chapter 12,–– (i) for heading 1211 and the entries relating thereto, the following shall be substituted, namely:––160 Ex-424/2016 “1211PLANTS AND PARTS OF PLANTS (INCLUDING SEEDS AND FRUITS), OF A KIND USED PRIMARILY IN PERFUMERY, IN PHARMACY OR FOR INSECTICIDAL, FUNGICIDAL OR SIMILAR PURPOSE, FRESH, CHILLED, FROZEN OR DRIED, WHETHER OR NOT CUT, CRUSHED OR POWDERED”; (ii) after tariff item 1211 40 00 and the entries relating thereto, the following shall be inserted, namely:–– “1211 50 00-Ephedrakg.”; (6) in Chapter 13, in heading 1302, after tariff item 1302 13 00 and the entries relating thereto, the following shall be inserted, namely:–– “1302 14 00- -Of ephedrakg.12.5%”; (7) in Chapter 16,–– (i) in Sub-heading Note 1, for the words “as infant food”, the words “as food suitable for infants or young children” shall be substituted; (ii) in heading 1604, after tariff item 1604 17 00 and the entries relating thereto, the following shall be inserted, namely:–– “1604 18 00- -Shark finskg.6%”; (8) in Chapter 19, for sub-heading 1901 10 and the entries relating thereto, the following shall be substituted, namely:–– “1901 10-Preparations suitable for infants or young child ren, put up for retail sale:”; (9) in Chapter 20,–– (i) in Sub-heading Note 1, for the words “as infant food”, the words “as food suitable for infants or young children” shall be substituted; (ii) in Sub-heading Note 2, for the words “as infant food”, the words “as food suitable for infants or young children” shall be substituted; (10) in Chapter 21, in Sub-heading Note 3, for the words “as infant food”, the words “as food suitable for infants or young children” shall be substituted; (11) in Chapter 22,–– (i) for sub-heading 2202 90, tariff items 2202 90 10 to 2202 90 90 and the entries relating thereto, the following shall be substituted, namely:–– “ -Other: 2202 91 00- -Non alcoh olic beerl18% 2202 99- -Other: 2202 99 10- - -Soya milk drinks, whether or not sweetened or flavouredl18% 2202 99 20- - -Fruit pulp or fruit juice based drinkl6% 2202 99 30- - -Bever a ges cont a in in g milkl12.5% 2202 99 90- - -Otherl12.5%”; (ii) after tariff item 2204 21 90 and the entries relating thereto, the following shall be inserted, namely:–– “2204 22- - 2204 22 10- - - 2204 22 20- - - 2204 22 90- - --”; (iii) for tariff item 2206 00 00 and the entries relating thereto, the following shall be substituted, namely:–– “2206 00 00--”; (12) in Chapter 27,––161 Ex-424/2016 (i) for Sub-heading Note 4, the following shall be substituted, namely:–– ‘4. For the purposes of sub-heading 2710 12, “light oils and preparations”are those of which 90 % or more by volume (including losses) distil at 210 °C according to the ISO 3405 method (equivalent to the ASTM D 86 method).’; (ii) for tariff item 2707 50 00 and the entries relating thereto, the following shall be substituted, namely:–– “2707 50 00-Other aromatic hydrocarbon mixtures of which 65 % or more by volumekg.14%”; (including losses) distils at 250 °C by the ISO 3405 method (equivalent to the ASTM D 86 method) (13) in Chapter 28,–– (i) for Note 7, the following shall be substituted, namely:–– “7. Heading 2853 includes copper phosphide (phosphor copper) containing more than 15 % by weight of phosphorus.” ; (ii) after tariff item 2811 11 00 and the entries relating thereto, the following shall be inserted, namely:–– “2811 12 00- -Hydrogen cyanide (hydrocyanic acid )kg.12.5%”; (iii) tariff item 2811 19 10 and the entries relating thereto shall be omitted; (iv) for sub-heading 2812 10, tariff items 2812 10 10 to 2812 90 00 and the entries relating thereto, the following shall be substituted, namely:–– “-Chlorides and chloride oxides: 2812 11 00- -Carbonyl dichloride (phosgene)kg.12.5% 2812 12 00- -Phosphorous oxychloridekg.12.5% 2812 13 00- -Phosphorous trichloridekg.12.5% 2812 14 00- -Phosphorous pentachloridekg.12.5% 2812 15 00- -Sulphur monochloridekg.12.5% 2812 16 00- -Sulphur dichloridekg.12.5% 2812 17 00- -Thionyl chloridekg.12.5% 2812 19- -Other: 2812 19 10- - -Sulpur oxychloridekg.12.5% 2812 19 20- - -Silicon tetrachloridekg.12.5% 2812 19 30- - -Arsenous trichloridekg.12.5% 2812 19 90- - -Otherkg.12.5% 2812 90 00-Otherkg.12.5%”; (v) the heading 2848, sub-heading 2848 00, tariff items 2848 00 10 to 2848 00 90 and the entries relating thereto shall be omitted; (vi) for heading 2853, sub-heading 2853 00, tariff items 2853 00 10 to 2853 00 99 and the entries relating thereto, the following shall be substituted, namely:–– “2853PHOSPHIDES, WHETHER OR NOT CHEMICALLY DEFINED, EXCLUDING FERROPHOSPHORUS; OTHER INORGANIC COMPOUNDS (I NCLUDING DISTILLED OR CONDUCTIVITY WATER AND WATER OF SIMILAR PURITY); LIQUID AIR (WHETHER OR NOT RARE GASES HAVE BEEN REMOVED); COMPRESSED AIR; AMALGAMS, OTHER THAN AMALGAMS OF PRECIOUS METALS162 Ex-424/2016 2853 10 00-Cyanogen chloride (chlorcyan)kg.12.5% 2853 90-Other: 2853 90 10- - -Distilled or conductivity water and water of similar puritykg.12.5% 2853 90 20- - -Liquid air, wh eth er or n ot rar e ga ses ha ve been removedkg.12.5% 2853 90 30- - -Compressed airkg.Nil 2853 90 40- - -Amalgams, other than of precious metalskg.12.5% 2853 90 90- - -Otherkg.12.5%”; (14) in Chapter 29,–– (i) after tariff item 2903 82 00 and the entries relating thereto, the following shall be inserted, namely:–– “2903 83 00- -Mirex (ISO)kg.12.5%”; (ii) after tariff item 2903 92 29 and the entries relating thereto, the following shall be inserted, namely:–– “2903 93 00- -Penta chloroben zen e (ISO)kg.12.5% 2903 94 00- -Hexabromobiphenylskg.12.5%”; (iii) in heading 2904,–– (a) after tariff item 2904 20 90 and the entries relating thereto, the following shall be inserted, namely:–– “-Perfluorooctane sulphonic acid, its salts and perfluorooctane sulphonyl fluoride: 2904 31 00- -Perfluorooctane sulphonic acidkg.12.5% 2904 32 00- -Ammon ium perfluor ooctan e su lph ona tekg.12.5% 2904 33 00- -Lithium perfluorooctane sulphonatekg.12.5% 2904 34 00- -Potassium perfluorooctane sulphonatekg.12.5% 2904 35 00- -Other salts of perfluorooctane sulphonic acidkg.12.5% 2904 36 00- -Perfluorooctane sulphonyl fluoridekg.12.5%”; (b) for sub-heading 2904 90, tariff items 2904 90 10 to 2904 90 90 and the entries relating thereto, the following shall be substituted, namely:–– “-Other: 2904 91 00- -Trichloronitromethane (chloropicrin)kg.12.5% 2904 99- -Other: 2904 99 10- - -2, 5 dichloronitrobenzenekg.12.5% 2904 99 20- - -Dinitrochlorebenzenekg.12.5% 2904 99 30- - -Meta nitrochlorobenzenekg.12.5% 2904 99 40- - -Ortho nitrochlorobenzenekg.12.5% 2904 99 50- - -Para nitrochlorobenzenekg.12.5% 2904 99 60- - -2-nitrochlorotoluenekg.12.5% 2904 99 70- - -Sodium meta nitrochlorobenzene sulphonatekg.12.5% 2904 99 90- - -Otherkg.12.5%”; (iv) after tariff item 2910 40 00 and the entries relating thereto, the following shall be inserted, namely:–– “2910 50 00-Endrin (ISO)kg.12.5%”; (v) in heading 2914,–– (a) after tariff item 2914 61 00 and the entries relating thereto, the following shall be inserted, namely:–– “2914 62 00- -Coenzyme Q10 (ubidecarenone (INN))kg.12.5%”; 163 Ex-424/2016 (b) for sub-heading 2914 70, tariff items 2914 70 10 to 2914 70 90 and the entries relating thereto, the following shall be substituted, namely:–– “-Halogenated , sulphonated , nitrated or nitrosated derivatives: 2914 71 00- -Ch lord econ e (ISO)kg.12.5% 2914 79- -Other: 2914 79 10- - -1-chloro anthraquinonekg.12.5% 2914 79 20- - -Musk ketonekg.12.5% 2914 79 90- - -Otherkg.12.5%”; (vi) after tariff item 2918 16 90 and the entries relating thereto, the following shall be inserted, namely:–– “2918 17 00- -2, 2-Diphenyl-2-hydroxyacetic acid (benzilic acid)kg.12.5%”; (vii) for sub-heading 2920 90, tariff items 2920 90 10 to 2920 90 44 and the entries relating thereto, the following shall be substituted, namely:–– “-Phosphite esters and their salts; their halogenated, sulphonated, nitrated or nitrosated derivatives: 2920 21 00- -Dimethyl phosphitekg.12.5% 2920 22 00- -Diethyl phosphitekg.12.5% 2920 23 00- -Trimethyl phosphitekg.12.5% 2920 24 00- -Triethyl phosphitekg.12.5% 2920 29- -Other: 2920 29 10- - -Dimethyl sulphatekg.12.5% 2920 29 20- - -Diethyl sulphatekg.12.5% 2920 29 30- - -Tris (2, 3 Dibromopropyl) phosphatekg.12.5% 2920 29 90- - -Otherkg.12.5% 2920 30 00-En dosu lfa n (ISO)kg.12.5%”; (viii) for sub-heading 2921 19, tariff items 2921 19 11 to 2921 19 90 and the entries relating thereto, the following shall be substituted, namely:–– “2921 12 00- -2-(N, N-Dimethylamino) ethylchloride hydrochloridekg.12.5% 2921 13 00- -2-(N, N-Diethylamino) ethylchloride hydrochloridekg.12.5% 2921 14 00- -2-(N, N-Diisopropylamino) ethylchloride hydrochloridekg.12.5% 2921 19- -Other: 2921 19 10- - -2-Chloro N, N-Diisopropyl ethylaminekg.12.5% 2921 19 20- - -2-Chloro N, N-Dimethyl ethanaminekg.12.5% 2921 19 90- - -Otherkg.12.5%”; (ix) for sub-heading 2922 12, tariff items 2922 12 10 to 2922 12 90 and the entries relating thereto, the following shall be substituted, namely:–– “2922 12 00- -Diethanolamine and its saltskg.12.5%”; (x) for sub-heading 2922 13, tariff items 2922 13 10 to 2922 13 90, tariff item 2922 14 00, sub-heading 2922 19, tariff items 2922 19 40 to 2922 19 90 and the entries relating thereto, the following shall be substituted, namely:–– “2922 14 00- -Dextropropoxyphene (INN) and its saltskg.12.5% 2922 15 00- -Triethanolaminekg.12.5% 164 Ex-424/2016 2922 16 00- -Diethanolammonium perfluorooctane sulphonatekg.12.5% 2922 17- -Methyldiethanolamine and ethyldiethanolamine: 2922 17 10- - -Methyldiethanolaminekg.12.5% 2922 17 20- - -Ethyldiethanolaminekg.12.5% 2922 18 00- -2-(N, N-Diisopropylamino) ethanolkg.12.5% 2922 19- -Other: 2922 19 10- - -2-Hydroxy N, N-Diisopropyl ethylaminekg.12.5% 2922 19 90- - -Otherkg.12.5%”; (xi) after tariff item 2923 20 90 and the entries relating thereto, the following shall be inserted, namely:–– “2923 30 00-Tetraethylammonium perfluorooctane sulphonatekg.12.5% 2923 40 00-Didecyldimethylammonium perfluorooctane sulphonatekg.12.5%”; (xii) after tariff item 2924 24 00 and the entries relating thereto, the following shall be inserted, namely:–– “2924 25 00- -Alachlor (ISO)kg.12.5%”; (xiii) after tariff item 2926 30 00 and the entries relating thereto, the following shall be inserted, namely:–– “2926 40 00-Alpha-phenylacetoacetonitrilekg.12.5%”; (xiv) for tariff item 2930 50 00 and the entries relating thereto, the following shall be substituted, namely:–– “2930 60 00-2-(N, N-Diethylamino) ethanethiolkg.12.5% 2930 70 00-Bis(2-hydroxyethyl)sulfide (thiodiglycol (INN))kg.12.5% 2930 80 00-Aldicarb (ISO), captafol (ISO) and methamidophos (ISO)kg.12.5%”; (xv) after tariff item 2931 20 00 and the entries relating thereto, the following shall be inserted, namely:–– “-Other organo-phosphorous derivatives: 2931 31 00- -Dimethyl methylphosphonatekg.12.5% 2931 32 00- -Dimethyl propylphosphonatekg.12.5% 2931 33 00- -Diethyl ethylphosphonatekg.12.5% 2931 34 00- -Sodium 3-(trihydroxysilyl)propyl methylphosphonatekg.12.5% 2931 35 00- -2, 4, 6-Tripropyl-1, 3, 5, 2, 4, 6-trioxatriphosphinane 2, 4, 6-trioxidekg.12.5% 2931 36 00- -(5-Ethyl-2-methyl-2-oxido-1, 3, 2-dioxaphosphinan-5-yl)methyl methylkg.12.5% methylphosphonate 2931 37 00- -Bis[(5-ethyl-2-methyl-2-oxido-1, 3, 2-dioxaphosphinan-5-yl)methyl]kg.12.5% methylphosphonate 2931 38 00- -Salt of methylphosphonic acid and (aminoiminomethyl)urea (1: 1)kg.12.5% 2931 39 00- -Otherkg.12.5%”; (xvi) after tariff item 2932 13 00 and the entries relating thereto, the following shall be inserted, namely:–– “2932 14 00- -Sucralosekg.12.5%”; (xvii) after tariff item 2933 91 00 and the entries relating thereto, the following shall be inserted, namely:–– “2933 92 00- -Azinphos-methyl (ISO)kg.12.5%”; 165Ex-424/2016 (xviii) for heading 2935, sub-heading 2935 00, tariff items 2935 00 11 to 2935 00 90 and the entries relating thereto, the following shall be substituted, namely:–– “2935SULP HONAMIDES 2935 10 00-N-Methylperfluorooctane sulphonamidekg.12.5% 2935 20 00-N-Ethylperfluorooctane sulphonamidekg.12.5% 2935 30 00-N-Ethyl-N-(2-hydroxyethyl) perfluorooctane sulphonamidekg.12.5% 2935 40 00-N-(2-Hydroxyethyl)-N-methylperfluorooctane sulphonamidekg.12.5% 2935 50 00-Other perfluorooctane sulphonamideskg.12.5% 2935 90-Other: - - -Sulphamethoxazole, sulphafurazole, sulphadiazine, sulphadimidine, sulphacetamid e: 2935 90 11- - - -Sulphamethoxazolekg.12.5% 2935 90 12- - - -Sulphafurazolekg.12.5% 2935 90 13- - - -Sulphadiazinekg.12.5% 2935 90 14- - - -Sulphadimidinekg.12.5% 2935 90 15- - - -Sulphacetamidekg.12.5% - - -Sulphamethoxypyridarine, sulphamethiazole, sulphamoxole, sulphamide: 2935 90 21- - - -Sulphamethoxypyridarinekg.12.5% 2935 90 22- - - -Sulphamethiazolekg.12.5% 2935 90 23- - - -Sulphamoxolekg.12.5% 2935 90 24- - - -Sulphamidekg.12.5% 2935 90 90- - -Otherkg.12.5%”; (xix) for the tariff item 2937 31 00 and the entries relating thereto, the following shall be substituted, namely:–– “2937 31 00- -Epinephrinekg.12.5%”; (xx) in the entry under column (2) occurring after tariff item 2937 90 90 and the entries relating thereto, the word “VEGETABLE” shall be omitted; (xxi) for heading 2939 and the entries relating thereto, the following shall be substituted, namely:–– “2939ALKALOIDS, NATURAL OR REPRODUCED BY SYNTHESIS, AND THEIR SALTS, ETHERS, ESTERS AND OTHER DERIVATIVES”; (xxii) for tariff items 2939 69 00 to 2939 99 00 and the entries relating thereto, the following shall be substituted, namely:–– “2939 69 00- -Otherkg.12.5% -Other, of vegetal origin: 2939 71 00- -Cocaine, ecgonine, levometamfetamine, metamfetamine (INN), metamfetamine racemate; salts, esters and other derivatives thereofkg.12.5% 2939 79 00- -Otherkg.12.5% 2939 80 00-Otherkg.12.5%”; (15) in Chapter 30,–– (i) after Note 4, the following shall be inserted, namely:– “Sub-heading Notes: 1. For the purposes of sub-headings 3002 13 and 3002 14, the following are to be treated: (a) as unmixed products, pure products, whether or not containing impurities;166 Ex-424/2016 (b) as products which have been mixed: (1) the products mentioned in (a) above dissolved in water or in other solvents; (2) the products mentioned in (a) and (b) (1) above with an added stabiliser necessary for their preservation or transport; and (3) the products mentioned in (a), (b) (1) and (b) (2) above with any other additive. 2. Sub-headings 3003 60 and 3004 60 cover medicaments containing artemisinin (INN) for oral ingestion combined with other pharmaceutical active ingredients, or containing any of the following active principles, whether or not combined with other pharmaceutical active ingredients: amodiaquine (INN); artelinic acid or its salts; artenimol (INN); artemotil (INN); artemether (INN); artesunate (INN); chloroquine (INN); dihydroartemisinin (INN); lumefantrine (INN); mefloquine (INN); piperaquine (INN); pyrimethamine (INN) or sulfadoxine (INN).”; (ii) for sub-heading 3002 10, tariff items 3002 10 11 to 3002 10 99 and the entries relating thereto, the following shall be substituted, namely:–– “-Antisera, other blood fractions and immunological products, whether or not modified or obtained by biotechnological processes: 3002 11 00- -Malaria diagnostic test kitskg.6% 3002 12- -Antisera and other blood fractions: 3002 12 10- - -For diphtheriakg.Nil 3002 12 20- - -For tetanuskg.Nil 3002 12 30- - -For rabieskg.Nil 3002 12 40- - -For snake venomkg.Nil 3002 12 90- - -Otherkg.Nil 3002 13- -Immunological products, unmixed , not put up in measured doses or in forms or packings for retail sale: 3002 13 10-- -Immunological products, unmixed, not put up in measured doses or inkg.6% forms or packings for retail sale 3002 14- -Immunological products, mixed, not put up in measured doses or in forms or packings for retail sale: 3002 14 10- - -Immunological products, mixed, not put up in measured doses or in formskg.6% or packings for retail sale 3002 15 00- -Immunological products, put up in measured doses or in forms or packingskg.6% for retail sa le 3002 19 00- -Otherkg.6%”; (iii) for tariff items 3003 20 00 to 3003 40 00 and the entries relating thereto, the following shall be substituted, namely:–– “3003 20 00-Other, containing antibioticskg.6% -Other, containing hormones or other prod ucts of heading 2937: 3003 31 00- -Containing insulinkg.6% 3003 39 00- -Otherkg.6% -Other, containing alkaloid s or derivatives thereof: 3003 41 00- -Containing ephedrine or its saltskg.6% 3003 42 00- -Containing pseudoephedrine (INN) or its saltskg.6% 3003 43 00- -Containing norephedrine or its saltskg.6% 3003 49 00- -Otherkg.6% 3003 60 00-Other, containing antimalarial active principles described inkg.6%”; Sub-headingNote 2 to this Chapter (iv) in heading 3004,–– (a) for sub-heading 3004 20 and the entries relating thereto, the following shall be substituted, namely:–– “3004 20- -Other, containing antibiotics:”; (b) for tariff item 3004 20 99, sub-heading 3004 31 and the entries relating thereto, the following shall be substituted, namely:–– “3004 20 99- - - -Otherkg.6% -Other, containing hormones and other prod ucts of heading 2937:167 Ex-424/2016 3004 31- -Containing insulin:”; (c) for sub-heading 3004 40, tariff items 3004 40 10 to 3004 40 90 and the entries relating thereto, the following shall be substituted, namely:–– “-Other, containing alkaloid s or derivatives thereof: 3004 41 00- -Containing ephedrine or its saltskg.6% 3004 42 00- -Containing pseudoephedrine (INN) or its saltskg.6% 3004 43 00- -Containing norephedrine or its saltskg.6% 3004 49- -Other: 3004 49 10- - -Atropin and salts thereofkg.6% 3004 49 20- - -Caffein and salts thereofkg.6% 3004 49 30- - -Codeine and derivatives, with or without ephidrine hydrochloridekg.6% 3004 49 40- - -Ergot preparations, ergotamine and salts thereofkg.6% 3004 49 50- - -Papavarine hydrochloridekg.6% 3004 49 60- - -Br omoh exin an d sa lbu tamolkg.6% 3004 49 70- - -Theophylline and salts thereofkg.6% 3004 49 90- - -Otherkg.6%”; (d) for sub-heading 3004 50 and the entries relating thereto, the following shall be substituted, namely:–– “3004 50-Other, containing vitamins or other prod ucts of heading 2936:”; (e) after tariff item 3004 50 90 and the entries relating thereto, the following shall be inserted, namely:–– “3004 60 00-Other, containing antimalarial active principles described in Sub-headingkg. 6%”; Note 2 to this Chapter (16) in Chapter 31, in heading 3103, for tariff item 3103 10 00 and the entries relating thereto, the following shall be substituted, namely:–– “-Superphosphates: 3103 11 00- -Containing by weight 35 % or more of diphosphorus pentaoxide (P 2 O 5 )kg. 12.5% 3103 19 00- -Otherkg. 12.5%”; (17) in Chapter 37, in heading 3705, for tariff item 3705 10 00, sub-heading 3705 90, tariff items 3705 90 10 and 3705 90 90 and the entries relating thereto, the following shall be substituted, namely:–– “3705 00 00-PHOTOGRAPHIC PLATES AND FILM, EXPOSED AND DEVELOPED,kg. Nil”; OTHER THAN CINEMATOGRAPHIC FILM (18) in Chapter 38,–– (i) for Sub-heading Notes 1 and 2, the following shall be substituted, namely:–– ‘ Sub-heading Notes: 1. Sub-headings 3808 52 and 3808 59 cover only goods of heading 3808, containing one or more of the following substances: alachlor (ISO); aldicarb (ISO); aldrin (ISO); azinphos-methyl (ISO); binapacryl (ISO); camphechlor (ISO) (toxaphene); captafol (ISO); chlordane (ISO); chlordimeform (ISO); chlorobenzilate (ISO); DDT (ISO) (clofenotane (INN), 1, 1, 1-trichloro-2, 2-bis(p-chlorophenyl)ethane); dieldrin (ISO, INN); 4, 6- dinitro-o-cresol (DNOC (ISO)) or its salts; dinoseb (ISO), its salts or its esters; endosulfan (ISO); ethylene168 Ex-424/2016 dibromide (ISO) (1, 2-dibromoethane); ethylene dichloride (ISO) (1, 2-dichloroethane); fluoroacetamide (ISO); heptachlor (ISO); hexachlorobenzene (ISO); 1, 2, 3, 4, 5, 6- hexachlorocyclohexane (HCH (ISO)), including lindane (ISO, INN); mercury compounds; methamidophos (ISO); monocrotophos (ISO); oxirane (ethylene oxide); parathion (ISO); parathion-methyl (ISO) (methylparathion); penta- and octabromodiphenyl ethers; pentachlorophenol (ISO), its salts or its esters; perfluorooctane sulphonic acid and its salts; perfluorooctane sulphonamides; perfluorooctane sulphonyl fluoride; phosphamidon (ISO); 2, 4, 5-T (ISO) (2, 4, 5-trichlorophenoxyacetic acid), its salts or its esters; tributyltin compounds. Sub-heading 3808 59 also covers dustable powder formulations containing a mixture of benomyl (ISO), carbofuran (ISO) and thiram (ISO). 2. Sub-headings 3808 61 to 3808 69 cover only goods of heading 3808, containing alpha-cypermethrin (ISO), bendiocarb (ISO), bifenthrin (ISO), chlorfenapyr (ISO), cyfluthrin (ISO), deltamethrin (INN, ISO), etofenprox (INN), fenitrothion (ISO), lambda-cyhalothrin (ISO), malathion (ISO), pirimiphos-methyl (ISO) or propoxur (ISO). 3. Sub-headings 3824 81 to 3824 88 cover only mixtures and preparations containing one or more of the following substances: oxirane (ethylene oxide), polybrominated biphenyls (PBBs), polychlorinated biphenyls (PCBs), polychlorinated terphenyls (PCTs), tris(2, 3- dibromopropyl) phosphate, aldrin (ISO), camphechlor (ISO) (toxaphene), chlordane (ISO), chlordecone (ISO), DDT (ISO) (clofenotane (INN), 1, 1, 1-trichloro-2, 2-bis(pchlorophenyl)ethane), dieldrin (ISO, INN), endosulfan (ISO), endrin (ISO), heptachlor (ISO), mirex (ISO), 1, 2, 3, 4, 5, 6-hexachlorocyclohexane (HCH (ISO)), including lindane (ISO, INN), pentachlorobenzene (ISO), hexachlorobenzene (ISO), perfluorooctane sulphonic acid, its salts, perfluorooctane sulphonamides, perfluorooctane sulphonyl fluoride or tetra-, penta-, hexa-, hepta- or octabromodiphenyl ethers. 4. For the purposes of tariff items 3825 41 00 and 3825 49 00, “waste organic solvents”are wastes containing mainly organic solvents, not fit for further use as presented as primary products, whether or not intended for recovery of solvents.’; (ii) for sub-heading 3808 50 and tariff item 3808 50 00 and the entries relating thereto, the following shall be substituted, namely:–– 3808 52 00“-- -Good s specified in Sub-heading Note 1 to this Chapter: DDT (ISO) (clofenotane (INN)), in packings of a net weight content notkg. 12.5% exceeding 300g 3808 59 00- -Otherkg. 12.5% -Good s specified in Sub-heading Note 2 to this Chapter: 3808 61 00- -In packings of a net weight content not exceeding 300gkg. 12.5% 3808 62 00- -In packings of a net weight content exceeding 300g but not exceeding 7.5 kg.kg. 12.5% 3808 69 00- -Otherkg. 12.5%”; (iii) for sub-heading 3812 30 and tariff items 3812 30 10 to 3812 30 90 and the entries relating thereto, the following shall be substituted, namely:–– “-Anti-oxidising preparations and other compound stabilizers for rubber or plastics: 3812 31 00- -Mixtures of oligomers of 2, 2, 4-trimethyl-1, 2-dihydroquinoline (TMQ)kg. 12.5% 3812 39- -Other: 3812 39 10- - -Anti-oxidants for rubberkg. 12.5% 3812 39 20- - -Softeners for rubberkg. 12.5% 3812 39 30- - -Vulcanizing agents for rubberkg. 12.5% 3812 39 90- - -Otherkg. 12.5%”; (iv) for tariff items 3824 79 00 to 3824 83 00, sub-heading 3824 90, tariff items 3824 90 11 to 3824 90 90 and the entries relating thereto, the following shall be substituted, namely:–– “3824 79 00- --- -Otherkg. 12.5% - - -Good s specified in Sub-heading Note 3 to this Chapter: 3824 81 00- - -Containing oxirane (ethylene oxide)kg. 12.5% 3824 82 00- - -Containing polychlorinated biphenyls (PCBs), polychlorinatedkg. 12.5% terphenyls(PCTs) or polybrominated biphenyls (PBBs) 3824 83 00- -Containing tris(2, 3-dibromopropyl) phosphatekg. 12.5% 3824 84 00- -Containing aldrin (ISO), camphechlor (ISO) (toxaphene), chlordanekg. 12.5% (ISO), chlordecone (ISO), DDT (ISO) (clofenotane (INN), 1, 1, 1-169Ex-424/2016 trichloro-2, 2-bis(p- chlorophenyl)ethane), dieldrin (ISO, INN), endosulfan (ISO), endrin (ISO), heptachlor (ISO) or mirex (ISO) 3824 85 00- -Containing 1, 2, 3, 4, 5, 6-hexachlorocyclohexane (HCH (ISO)),kg. 12.5% including lindane (ISO, INN) 3824 86 00- -Containing pentachlorobenzene (ISO) or hexachlorobenzene (ISO)kg. 12.5% 3824 87 00- -Containing perfluorooctane sulphonic acid, its salts, perfluorooctane sulphonamides, or perfluorooctane sulphonyl fluoridekg. 12.5% 3824 88 00- -Containing tetra-, penta-, hexa- hepta- or octabromodiphenyl etherskg. 12.5% 3824 91 00- -Mixtures and preparations consisting mainly of (5-ethyl-2-methyl-2- oxido-1, 3, 2-dioxaphosphinan-5-yl) methyl methyl methylphosphonate and bis[(5-ethyl-2-methyl-2-oxido-1, 3, 2- dioxaphosphinan-5-yl)methyl] methylphosphonate: 3824 99- -Other: - - -Ammoniacal gas liquors and spent oxide produced in coal gas purification,case hardening compound, heat transfer salts; mixture of diphenyl and diphenyl oxide as heat transfer medium, mixed polyethylene glycols; salts for curing or salting, surface tension reducing agents: 3824 99 11- - - -Ammoniacal gas liquors and spent oxide produced in coal gas purificationkg. 12.5% 3824 99 12- - - -Case hardening compoundkg. 12.5% 3824 99 13- - - -Heat transfer saltskg. 12.5% 3824 99 14- - - -Mixture of diphenyl and diphenyl oxide as heat transfer mediumkg. 12.5% 3824 99 15- - - -Mixed polyethylene glycolskg. 12.5% 3824 99 16- - - -Salts for curing or saltingkg. 12.5% 3824 99 17- - - -Surface tension reducing agentskg. 12.5% - - -Electroplating salts; water treatment chemicals; ion exchanger, correcting fluid ; precipitated silica and silica gel; oil well chemical: 3824 99 21- - - -Electroplating saltskg. 12.5% 3824 99 22- - - -Wa t er treatment chemicals; ion exchanger (INN) such as permiutits, zero-liteskg. 12.5% 3824 99 23- - - -Gramaphone records making materialkg. 12.5% 3824 99 24- - - -Correctin g flu idkg. 12.5% 3824 99 25- - - -Precipitated silica and silica gelkg. 12.5% 3824 99 26- - - -Oil well ch emicalkg. 12.5% - - -Mixture containing perhalogenated derivatives of acyclic hydrocarbons containing two or more different halogens other than chlorine and fluorine; ferrite powder; capacitor fluid s - PCB type; dipping oil for treatment of grapes; Poly brominated biphenyls, poly chlorinated biphenyls, Poly chlorinated terphenyls, crocidolite; good s of a kind known as “hazardous waste”; phosphogypsum: 3824 99 31- - - -Mixture containing perhalogenated derivatives of acyclic hydrocarbons containing two or more different halogens other than chlorine and fluorinekg. 12.5% 3824 99 32- - - -Ferrite powderkg. 12.5% 3824 99 33- - - -Capacitor fluids - PCB typekg. 12.5% 3824 99 34- - - -Dipping oil for tr eatmen t of gr ap eskg. 12.5% 3824 99 35- - - -Poly brominated biphenyls, poly chlorinated biphenyls, Poly chlorinatedkg. 12.5% terphenyls, crocid olite 3824 99 36- - - -Goods of a kind known as “hazardous waste”kg. 12.5% 3824 99 37- - - -Phosphogypsumkg. 12.5% 3824 99 38- - - -Phosphonic Acid, Methyl-compound with (aminoimino methyl) urea (1: 1)kg. 12.5% 3824 99 90- - -Otherkg. 12.5%”; (19) in Chapter 39,–– (i) in Note 2, in clause (z), after the words “propelling pencils”, the words “, and monopods, bipods, tripods and similar articles”shall be in ser ted; (ii) in Sub-heading Note 1, in clause (a), in sub-clause (2), after the figures “3901 30”, the figures “3901 40,” shall be inserted; (iii) in heading 3901, after tariff item 3901 30 00 and the entries relating thereto, the following shall be inserted, namely:––170 Ex-424/2016 “3901 40 00-Ethylene-alpha-olefin copolymers, having a specific gravity of less than 0.94kg. 12.5%”; (iv) in heading 3907, for sub-heading 3907 60 and tariff items 3907 60 10 to 3907 60 90 and the entries relating thereto, the following shall be substituted, namely:–– “-Poly(ethylene terephthalate): 3907 61 00- -Ha ving a viscosity nu mber of 78 ml/g or high erkg. 12.5% 3907 69- -Other: 3907 69 10- - -Having a viscosity number less than 78ml/g but not less than 72ml/gkg. 12.5% 3907 69 20- - -Having a viscosity number less than 72ml/g but not less than 64ml/gkg. 12.5% 3907 69 90- - -Otherkg. 12.5%”; (v) for sub-heading 3909 30 and tariff items 3909 30 10 to 3909 30 90 and the entries relating thereto, the following shall be substituted, namely:–– “-Other amino-resins: 3909 31 00- -Poly(methylene phenyl isocyanate) (crude MDI, polymeric MDI)kg. 12.5% 3909 39- -Other: 3909 39 10- - -Poly(p hen ylen e oxid e)kg. 12.5% 3909 39 90- - -Otherkg. 12.5%”; (20) in Chapter 40, in heading 4011, for tariff items 4011 50 90 to 4011 99 00 and the entries relating thereto, the following shall be substituted, namely:–– “4011 50 90- - -Otheru12.5% 4011 70 00-Of a kind used on agricultural or forestry vehicles and machinesu12.5% 4011 80 00-Of a kind used on construction, mining or industrial handling vehicles and machines u12.5% 4011 90 00-Otheru12.5%”; (21) in Chapter 42,–– (i) in heading 4202,–– (a) for sub-heading 4202 22 and the entries relating thereto, the following shall be substituted, namely:–– “4202 22- -With outer surface of sheeting of plastics or of textile materials:”; (b) for sub-heading 4202 32 and the entries relating thereto, the following shall be substituted, namely:–– “4202 32- -With outer surface of sheeting of plastics or of textile materials:”; (c) for tariff item 4202 92 00 and the entries relating thereto, the following shall be substituted, namely:–– “4202 92 00- -With ou ter su rface of sh eeting of plastics or of textile ma terialsu12.5%”; (22) in Chapter 44,–– (i) in Note 1, in clause (q), for the word “pencils”, the words “pencils, and monopods, bipods, tripods and similar articles” shall be substituted; (ii) the Sub-heading Note 2 shall be omitted; (iii) in heading 4401,–– (a) for sub-heading 4401 10, tariff items 4401 10 10, 4401 10 90 and the entries relating thereto, the following shall be substituted, namely:–– “-Fuel wood , in logs, in billets, in twigs, in faggots or in similar forms:171 Ex-424/2016 4401 11- -Coniferous: 4401 11 10- - -In logsmt 12.5% 4401 11 90- - -Othermt 12.5% 4401 12- -Non-coniferous: 4401 12 10- - -In logsmt 12.5% 4401 12 90- - -Othermt 12.5%”; (b) for tariff items 4401 22 00 and 4401 31 00 and the entries relating thereto, the following shall be substituted, namely:–– “4401 22 00- -Non-coniferousmt 12.5% -Sawdust and wood waste and scrap, agglomerated, in logs, briquettes, pellets or similar forms: 4401 31 00- -Wood pelletsmt 12.5%”; (c) after tariff item 4401 39 00 and the entries relating thereto, the following shall be inserted, namely:–– “4401 40 00-Sawdust and wood waste and scrap, not agglomeratedmt 12.5%”; (iv) in heading 4403,–– (a) for tariff item 4403 10 00, sub-heading 4403 20 and tariff items 4403 20 10 to 4403 41 00 and the entries relating thereto, the following shall be substituted, namely:–– “-Treated with paint, stains, creosote or other preservatives: 4403 11 00- -Coniferousm3 12.5% 4403 12 00- -Non-coniferousm3 12.5% -Other, coniferous: 4403 21- -Of pine (Pinus spp.), of which any cross-sectional dimension is 15 cm or more: 4403 21 10- - -Saw logs and veneer logsm3 12.5% 4403 21 20- - -Poles, pilings and postsm3 12.5% 4403 21 90- - -Otherm3 12.5% 4403 22- -Of pine (Pinus spp.), other: 4403 22 10- - -Saw logs and veneer logsm3 12.5% 4403 22 20- - -Poles, pilings and postsm3 12.5% 4403 22 90- - -Otherm3 12.5% 4403 23- -Of fir (Abies spp.) and spruce (Picea spp.), of which any cross-sectional dimension is 15 cm or more: 4403 23 10- - -Saw logs and veneer logsm3 12.5% 4403 23 20- - -Poles, pilings and postsm3 12.5% 4403 23 90- - -Otherm3 12.5% 4403 24- -Of fir (Abies spp.) and spruce (Picea spp.), other: 4403 24 10- - -Saw logs and veneer logsm3 12.5% 4403 24 20- - -Poles, pilings and postsm3 12.5% 172 Ex-424/2016 4403 24 90- - -Otherm3 12.5% 4403 25- -Other, of which any cross-sectional dimension is 15 cm or more: 4403 25 10- - -Saw logs and veneer logsm3 12.5% 4403 25 20- - -Poles, pilings and postsm3 12.5% 4403 25 90- - -Otherm3 12.5% 4403 26- -Other: 4403 26 10- - -Saw logs and veneer logsm3 12.5% 4403 26 20- - -Poles, pilings and postsm3 12.5% 4403 26 90- - -Otherm3 12.5% -Other, of tropical wood: 4403 41 00- -Dark red meranti, light red meranti and meranti bakaum3 12.5%”; (b) for tariff item 4403 92 00 and the entries relating thereto, the following shall be substituted, namely:–– “4403 93 00- -Of beech (Fagus spp.), of which any cross-sectional dimension is15cm or morem3 12.5% 4403 94 00- -Of beech(Fagus spp.), oth erm3 12.5% 4403 95 00- -Of birch (Betula spp.), of which any cross-sectional dimension is15cm or morem3 12.5% 4403 96 00- -Of birch (Betula spp.), otherm3 12.5% 4403 97 00- -Of poplar and aspen (Populus spp.) m 3 12.5% 4403 98 00- -Of eucalyptus (Eucalyptus spp.) m 3 12.5%”; (c) for tariff item 4403 99 19 to 4403 99 21 and the entries relating thereto, the following shall be substituted, namely:–– “4403 99 19- - - -Ros e Wood(Dalbergea Latifolio )kg. 12.5% - - -Sal (Chorea robusta, Sandalwood (Santalum album), Semul (Bombaxceiba), Walnut wood (Juglans binata), Anjam (Hardwickia binata), Sisso (Dalbergia sisso) and White cedar (Dysozylum spp) and the like: 4403 99 21- - - -Sal(Chorea robusta)m 3 12.5% (d) the tariff item 4403 99 26 and the entries relating thereto shall be omitted; (e) for tariff item 4403 99 29 and the entries relating thereto, the following shall be substituted, namely:–– “4403 99 90- - -Otherm3 12.5%”; (v) in heading 4406, for tariff items 4406 10 00 and 4406 90 00 and the entries relating thereto, the following shall be substituted, namely:– “-Not impregnated: 4406 11 00- -Coniferousm3 12.5% 4406 12 00- -Non-coniferousm3 12.5% -Other: 4406 91 00- -Coniferousm3 12.5% 173 Ex-424/2016 4406 92 00- -Non-coniferousm3 12.5%”; (vi) in heading 4407,–– (a) for sub-heading 4407 10, tariff items 4407 10 10 to 4407 21 00 and the entries relating thereto, the following shall be substituted, namely:–– “-Coniferous: 4407 11 00- -Of pine (Pinus spp.)m3 Nil 440712 00- -Of fir(Abies spp.)and Spruce( Picea spp.)m3 Nil 4407 19- -Other: 4407 19 10- - -Douglas fir (Pseudotsuga menziesii)m3 Nil 4407 19 90- - -Otherm3 Nil -Of tropical wood: 4407 21 00- -Mahogany(Swietenia spp.)m3 Nil” ; (b) after tariff item 4407 95 00 and the entries relating thereto, the following shall be inserted, namely:–– “4407 96 00- -Of birch (Betula spp.)m3 Nil 4407 97 00- -Of poplar and aspen (Populus spp.)m3 Nil” ; (c) tariff item 4407 99 10 and the entries relating thereto shall be omitted; (vii) in heading 4408,–– (a) for tariff items 4408 10 90 to sub-heading 4408 31, and the entries relating thereto, the following shall be substituted, namely:–– “4408 10 90- - -Otherkg. 12.5% -Of tropical wood: 4408 31- -Of Dark red meranti, Light red meranti, Meranti bakau:”; (b) after tariff item 4409 21 00 and the entries relating thereto, the following shall be inserted, namely:–– “4409 22 00- -Of tr opica l woodkg. 12.5%”; (viii) in heading 4412,–– (a) for sub-heading 4412 31 and the entries relating thereto, the following shall be substituted, namely:–– “4412 31- -With at least one outer ply of tropical wood:”; (b) for sub-heading 4412 32, tariff items 4412 32 10 to 4412 32 90, sub-heading 4412 39, tariff items 4412 39 10 to 4412 39 90 and the entries relating thereto, the following shall be substituted, namely:–– “4412 33 - -Ot her, with at lea st one out er ply of non -coniferou s wood of th e sp ecies alder (Alnus spp.), ash (Fraxinus spp.), beech (Fagus spp.), birch (Betula spp.), cherry (Prunus spp.), chestnut (Castanea spp.), elm (Ulmus spp.), eucalyptus (Eucalyptus spp.), hickory (Carya spp.), horse chestnut (Aesculus spp.), lime (Tilia spp.), maple (Acer spp.), oak (Quercus spp.), plane tree (Platanus spp.), poplar and aspen (Populus spp.), robinia (Robinia spp.), tulipwood (Liriodendron spp.) or walnut (Juglans spp.): 4412 33 10- - -Decorative plywoodm3 12.5% 4412 33 20- - -Tea chest panels, shooks whether or not packed in setsm3 12.5% 4412 33 30- - -Marine and aircraft plywoodm3 12.5% 4412 33 40- - -Cutting and trimmings of plywood of width not exceeding 5cmm3 12.5% 174 Ex-424/2016 4412 33 90- - -Oth erm3 12.5% 4412 34- -Other, with at least one outer ply of non-coniferous wood not specified under sub-heading 4412 33: 4412 34 10- - -Decorative plywoodm3 12.5% 4412 34 20- - -Tea chest panels, shooks whether or not packed in setsm3 12.5% 4412 34 30- - -Marine and aircraft plywoodm3 12.5% 4412 34 40- - -Cutting and trimmings of plywood of width not exceeding 5cmm3 12.5% 4412 34 90- - -Oth erm3 12.5% 4412 39- -Other, with both outer plies of coniferous wood: 4412 39 10- - -Decorative plywoodm3 12.5% 4412 39 20- - -Tea chest panels, shooks whether or not packed in setsm3 12.5% 4412 39 30- - -Marine and aircraft plywoodm3 12.5% 4412 39 40- - -Cutting and trimmings of plywood of width not exceeding 5cmm3 12.5% 4412 39 90- - -Oth erm3 12.5%”; (ix) in heading 4418, for tariff items 4418 71 00 to 4418 90 00 and the entries relating thereto, the following shall be substituted, na mely:– – “-Assembled flooring panels: 4418 73 00- -Of bamboo or with at least the top layer (wear layer) of bambookg.12.5% 4418 74 00- -Other, for mosaic floorskg.12.5% 4418 75 00- -Other, multilayerkg.12.5% 4418 79 00- -Oth erkg.12.5% -Other: 4418 91 00- -Of ba mb ookg.12.5% 4418 99 00- -Oth erkg.12.5% ”; (x) for heading 4419, sub-heading 4419 00, tariff items 4419 00 10 and 4419 00 20 and the entries relating thereto, the followin g s hall b e su bst itu ted , n amely:–– “4419TABLEWARE AND KITCHENWARE, OF WOOD -Of bamboo: 4419 11 00- -Bread boards, chopping boards and similar boardskg.12.5% 4419 12 00 - -Chopstickskg.12.5% 4419 19 00 - -Oth erkg.12.5% 4419 90-Other: 4419 90 10- - - Bread boards, chopping boards and similar boardskg.12.5% 4419 90 20- - -Chopstickskg.12.5% 4419 90 90- - -Oth erkg.12.5%”; (xi) in heading 4421, for sub-heading 4421 90, tariff items 4421 90 11 to 4421 90 90 and the entries relating thereto, the followin g s hall b e su bst itu ted , n amely:–– “-Other: 4421 91 - -Of bamboo: - - -Spools, cops, bobbins, sewing thread reels and the like of turned wood: 4421 91 11- - - -For cotton machinerykg.12.5% 4422 91 12- - - -For jute machinerykg.12.5% 4423 91 13 - - - -For silk regenerated and synthetic fibre machinerykg.12.5% 4424 91 14- - - -For other machinerykg.12.5% 4421 91 19- - - -Oth erkg.12.5% 4421 91 20- - -Wood Paving Blockskg.12.5% 4421 91 30- - -Match splintskg.12.5% 4421 91 40- - -Pencil slatskg.12.5% 4421 91 50- - -Parts of wood, namely oars, paddles and rudders for ships, boats andkg.12.5% ot her simila r floa tin g st ructur es 4421 91 60- - -Parts of domestic decorative articles used as tableware and kitchenwarekg.12.5% 4421 91 70- - -Articles of densified wood not included or specified elsewherekg.12.5% 4421 91 90- - -Oth erkg. 12.5% 4421 99- -Other:175Ex-424/2016 - - -Spools, cops, bobbins, sewing thread reels and the like of turned wood: 4421 99 11- - - -For cotton machinerykg.12.5% 4421 99 12 - - - -For jute machinerykg.12.5% 4421 99 13- - - -For silk regenerated and synthetic fibre machinerykg.12.5% 4421 99 14 - - - -For other machinerykg.12.5% 4421 99 19- - - -Oth erkg.12.5% 4421 99 20- - -Wood Paving Blockskg.12.5% 4421 99 30- - -Match splintskg.12.5% 4421 99 40- - -Pencil slatskg.12.5% 4421 99 50- - -Parts of wood, namely oars, paddles and rudders for ships, boats and ot her simila r floa tin g st ructur eskg.12.5% 4421 99 60- - -Parts of domestic decorative articles used as tableware and kitchenwarekg.12.5% 4421 99 70- - -Articles of densified wood not included or specified elsewherekg.12.5% 4421 99 90- - -Oth erkg.12.5% ”; (23) in Chapter 48,–– (i) in Note 4, after the words, figures and letters “more than 65g/m² ”, the words, brackets, figures and letters“, and apply on ly to paper: (a) in strips or rolls of a width exceeding 28cm; or (b) in rectangular (including square) sheets with one side exceeding 28cm and the other side exceeding 15cm in the unfolded state” shall be inserted; (ii) in Note 8, the figures and word “4801, and” shall be omitted; (24) in Chapter 54,–– (i) in heading 5402, for the entry in column (2) occurring after the entry against the heading 5402, the following entry shall be substituted, namely:–– “-High tenacity yarn of nylon or other polyamides, whether or not textured:”; (ii) for sub-heading 5402 20 and the entries relating thereto, the following shall be substituted, namely:–– “5402 20 - - High tenacity yarn of polyesters, whether or not textured: ”; (iii) after tariff item 5402 52 00 and the entries relating thereto, the following shall be inserted, namely:–– “5402 53 00 - - Of polypropylenekg.12.5% ”; (iv) after tariff item 5402 62 00 and the entries relating thereto, the following shall be inserted, namely:–– “5402 63 00 - - Of polypropylenekg.12.5% ”; (25) in Chapter 55,–– (i) for heading 5502, sub-heading 5502 00, tariff items 5502 10 00 to 5502 90 00 and the entries relating thereto, the followin g s hall b e su bst itu ted , n amely:–– “5502ARTIF ICIAL F ILAMENT TOW 5502 10- -Of cellulose acetat e: 5502 10 10- - -Viscose rayon towkg.12.5% 5502 10 90- - -Oth erkg.12.5% 5502 90- -Other: 5502 90 10- - -Viscose rayon towkg.12.5% 5502 90 90- - -Oth erkg.12.5% ”; (ii) after tariff item 5506 30 00 and the entries relating thereto, the following shall be inserted, namely:–– “5506 40 00 -Of polypropylenekg.12.5% ”; (26) in Chapter 56, for heading 5601, sub-heading 5601 21 and the entries relating thereto, the following shall be substituted, namely:–– “5601WADDING OF TEXTILE MATERIALS AND ARTICLES THEREOF; TEXTILE FIBRES, NOT EXCEEDING 5MM IN LENGTH (FLOCK), TEXTILE DUST AND M ILL NEPS176 Ex-424/2016 - - -Wadding of textile materials and articles thereof: 5601 21- -Of cotton:”; (27) in Chapter 57, in heading 5704, after tariff item 5704 10 00 and the entries relating thereto, the following shall be inserted, namely:–– “5704 20-Tiles, having a maximum surface area exceeding 0.3 m² but not exceeding 1 m²: 5704 20 10- - -Cottonm2 12.5% 5704 20 20---Woollen, other than artwarem2 12.5% 5704 20 90---Oth erm2 12.5%”; (28) in Chapter 60,- (i) after Note 3, the following shall be inserted, namely :- “Sub-heading Note: Sub--heading 6005 35 covers fabries of polyethylene monofilament or of polyester multifilament, weighing not less than 30g/ m’ and not more than 55g/m’, having amesh size of not less than 20 holes/cm’ and not more than 100 holes/cm’, and impregnated or coated with alpha-cypermethrin (IOS), chlorfenapyr (ISO), deltamethrin (INN, ISO), lambda-cyhalothrin (ISO), permethrin (ISO) or pirimiphosmethyl (ISO),”; (ii) for tariff items 6005 31 00 to 6005 34 00 and the entries relating thereto, the following shall be substituted, namely:- “6005 35 00---Fabries specified in Sub-heading Note 1 to this Chapterkg12.5% 6005 36 00---Ot her, u nbleach ed or bleach edkg12.5% 6005 37 00---Other, dyedkg12.5% 6005 38 00---Other, of yarns of different colourskg12.5% 6005 39 00---Other, printedkg12.5% (29) in Chapter 63,- (i) after Note 3, the following shall be inserted, namely:- Sub-heading Note: Sub-heading 6304 20 covers articles made from fabrics, impregnated or coated with alpha-cypermethrin (ISO), chlorfenaspyr (ISO), deltamethrin (INN, ISO), lambda-cyhalothrin (ISO), permethrin (ISO) or pirimiphosmethyl (ISO).”; (ii) in heading 6304 20, after tariff item 6304 19 90 and the entries relating thereto, the following shall be inserted, namely:- “6304 20 00-Bed nets, of warp knit fabrics specified in Sub-heading Note 1 to this Chapteru12.5%”; (30) in Chapter 68, in Note 1, for clause (m), the following clause shall be substituted, namely:- “(m)articles of heading 9602, if made of materials specified in Note 2 (b) to Chapter 96, or of heading 9606 (for example, bottons), of heading 9609 (for example, slate pencils), heading 9610 (for example, drawing slates) or of heading 9620 (monopods, bipods, tripods and similar articles); or”; (31) in Chapter 69,- (i) for heading 6907, sub-heading 6907 10, tariff items 6907 10 10 and 6907 10 90, sub-heading 6907 90, tariff items 6907 90 10 and 6907 90 90 and the entries relating thereto, the following shall be substituted, namely:- “6907CERAM IC FLAGS AND PAVING, HEARTH OR WALL TILES; CERAM IC MOSAIC CUBES AND THE LIKE, WHETHER OR NOT ON A BACKING; FINISHING CERAMICS -Flags and paving, hearth or wall tiles, other than those of sub-headings 6907 30 and 6907 40: 6907 21 00 - -Of a water absorption coefficient by weight not exceeding 0.5%m2 12.5% 6907 22 00- -Of a water absorption coefficient by weight exceeding 0.5% butm2 12.5% not exceeding 10 %177Ex-424/2016 6907 23 00- -Of a water absorption coefficient by weight exceeding 10%m2 12.5% 6907 30-Mosaic cubes and the like, other than those of sub-heading 6907 40:m2 12.5% 6907 30 10- - -Mosaic cubes and the like, other than those of sub-heading 6907 40m2 12.5% 6907 40-Finishing ceramics:m2 12.5% 6907 40 10- - -Finishing ceramicsm2 12.5%”; (ii) the heading 6908, sub-heading 6908 10, tariff items 6908 10 10 to 6908 10 90, sub-heading 6908 90 and tariff items 6908 90 10 to 6908 90 90 and the entries relating thereto shall be omitted; (32) in Section XV, in Note 1, for clause (m), the following clause shall be substituted, namely:–– “(m) hand sieves, buttons, pens, pencil-holders, pen nibs, monopods, bipods, tripods and similar articles or other articles of Chapter 96 (miscellaneous manufactured articles); or”; (33) in Chapter 74, in Note 1, for clause (c), the following clause shall be substituted, namely:–– “( c ) Master alloys Alloys containing with other elements more than 10 per cent. by weight, of copper not usefully malleable and commonly used as an additive in the manufacture of other alloys or as de-oxidants, de-sulphuring agents or for similar uses in the metallurgy of non-ferrous metals. However, copper phosphide (phosphor copper) containing more than 15% by weight of phosphorous falls in heading 2853.”; (34) in Chapter 82, for the entry in column (2) occurring against the heading 8205, for the words “MACHINE TOOLS”, the words “MACHINE-TOOLS OR WATER-JET CUTTING MACHINES” shall be substituted; (35) in Chapter 83, for the entry occurring against heading 8308, the following shall be substituted, namely:–– “8308CLASPS, FRAMES WITH CLASPS, BUCKLES, BUCKLE-CLASPS, HOOKS, EY ES, EY ELETS AND THE LIKE, OF BASE M ETAL, OF A KIND USED FOR CLOTHING OR CLOTHING ACCESSORIES, F OOTWEAR, JEWELLERY, WRIST WATCHES, BOOKS, AWNINGS, LEATHER GOODS, TRAVEL GOODS OR SADDLERY OR FOR OTHER MADE UP ARTICLES; TUBULAR OR BIFURCATED RIVETS, OF BASE M ETAL; B EADS AND SPANGLES, OF BASE METAL ”; (36) in Section XVI, in Note 1, for clause (q), the following clause shall be substituted, namely:–– “(q)typewriter or similar ribbons, whether or not on spools or in cartridges (classified according to their constituent material, or in heading 9612 if inked or otherwise prepared for giving impressions), or monopods, bipods, tripods and similar articles, of heading 9620.”; (37) in Chapter 84,–– (i) in Note 1,–– (A) in clause (f), the word “or” shall be omitted; \(B) after clause (f), the following clause shall be inserted, namely:–– “(g) radiators for the articles of Section XVII; or”; (C) the existing clause (g) shall be re-lettered as (h); (ii) in Note 2, in clause (e), for the words “machinery or plant”, the words “machinery, plant or laboratory equipment” shall be substituted; (iii) in Note 9, for clause (A), the following clause shall be substituted, namely:–– ‘(A)Notes 9(a) and 9(b) to Chapter 85 also apply with respect to the expressions “s emicon ductor d evices ” a nd “electronic integra ted circu its ”, respectively, as used in this Note and in heading 8486. However, for the purposes of this Note and of heading 8486, the expression “semiconductor devices” also covers photosensitive semiconductor devices and light-emitting diodes (LED).’; (iv) in Sub-heading Notes,— (A) the following new Sub-heading Note 1 shall be inserted, namely:––178 Ex-424/2016 ‘1.For the purposes of sub-heading 8465 20, the term “machining centres” applies only to machine-tools for working wood, cork, bone, hard rubber, hard plastics or similar hard materials, which can carry out different types of machining operations by automatic tool change from a magazine or the like in conformity with a machining programme.’; (B) the existing Sub-heading Note 1 shall be re-numbered as Sub-heading Note 2 and after Sub-heading Note 2 as so re- numbered, the following Sub-heading Note shall be inserted, namely:–– ‘3.For the purposes of sub-heading 8481 20, the expression “valves for oleohydraulic or pneumatic transmissions” means valves which are used specifically in the transmission of “fluid power” in a hydraulic or pneumatic system, where the energy source is supplied in the form of pressurised fluids (liquid or gas). These valves may be of any type (for example, pressure-reducing type, check type). Sub-heading 8481 20 takes precedence over all other sub- headings of heading 8481.’; (C) the existing Sub-heading Note 2 shall be re-numbered as Sub-heading Note 4; (v) in heading 8415, for sub-heading 8415 10 and the entries relating thereto, the following shall be substituted, na mely:– – ‘8415 10 -Of a kind designed to be fixed to a window, wall, ceiling or floor, self-contained or “split-system”:’; (vi) in heading 8424,–– (a) after tariff item 8424 30 00 and the entries relating thereto, the following shall be inserted, namely:–– “-Agricultural or horticultural sprayers: 8424 41 00- -Portable sprayers uNil 8424 49 00- - OtheruNil ”; (b) for tariff item 8424 81 00 and the entries relating thereto, the following shall be substituted, namely:–– “8424 82 00 - -Agricultural or horticulturaluNil ”; (vii) in heading 8432,–– (a) for tariff item 8432 30 00 and the entries relating thereto, the following shall be substituted, namely:–– “-Seeders, planters and transplanters: 8432 31 00- -No-till direct seeders, planters and transplantersuNil 8432 39 00- -Oth er uNil ”; (b) for tariff item 8432 40 00 and the entries relating thereto, the following shall be substituted, namely:–– “-Manure spreaders and fertiliser distributors: 8432 41 00 - -Manure spreadersuNil 8432 42 00- -Fertiliser distributorsuNil ”; (viii) for heading 8442 and the entries relating thereto, the following shall be substituted, namely:–– “8442 MACHINERY, APPARATUS AND EQUIPMENT (OTHER THAN THE MACHINES OF HEADINGS 8456 TO 8465) FOR PREPARING OR MAKING PLATES, PRINTING COMPONENTS; P LATES, CYLINDERS AND LITHOGRAPHIC STONES, PREPARED FOR PRINTING PURPOSES (FOR EXAMPLE, PLANED, GRAINED OR POLISHED)”; (ix) in heading 8456,–– (a) for tariff item 8456 10 00 and the entries relating thereto, the following shall be substituted, namely:–– “-Op era ted by las er or oth er light or phot on bea m pr ocesses: 8456 11 00 - -Op era ted b y las eru12.5% 8456 12 00- -Operated by other light or photon beam processesu12.5% ”; (b) after tariff item 8456 30 00 and the entries relating thereto, the following shall be inserted, namely:–– “8456 40 00 -Op era ted by plasma a rc process esu12.5% 179Ex-424/2016 8456 50 00-Water-jet cutting machinesu12.5% ”; (x) for sub-heading 8459 40, tariff items 8459 40 10 to 8459 40 90 and the entries relating thereto, the following shall be substituted, namely:–– “-Other boring machines: 8459 41 - -Numerically controlled: 8459 41 10- - -Jig boring machines, horizontalu12.5% 8459 41 20- - -Fine boring machines, horizontalu12.5% 8459 41 30- - -Fine boring machines, verticalu12.5% 8459 41 90- - -Oth eru12.5% 8459 49- -Other: 8459 49 10- - -Jig boring machines, horizontalu12.5% 8459 49 20- - -Fine boring machines, horizontalu12.5% 8459 49 30- - -Fine boring machines, verticalu12.5% 8459 49 90 - - - Otheru12.5% ”; (xi) for heading 8460, tariff items 8460 11 00 to 8460 21 00, sub-heading 8460 29, tariff items 8460 29 10 to 8460 29 90 and the entries relating thereto, the following shall be substituted, namely:–– “8460MACHINE-TOOLS FOR DEBURRING, SHARPENING, GRINDING, HONING, LAPP ING, P OLISHING OR OTHERWISE FINISHING METAL, OR CERMETS BY MEANS OF GRINDING STONES, ABRASIVES OR POLISHING P RODUCTS, OTHER THAN GEAR CUTTING, GEAR GRINDING OR GEAR FINISHING MACHINES OF HEADING 8461 -Flat-surface grinding machines: 8460 12 00-Numerically controlledu12.5% 8460 19 00-Oth eru12.5% -Other grinding machines: 8460 22 00-Centr eless grin din g mach ines , n umerically contr olledu12.5% 8460 23 00 - -Ot her cylind rical grindin g m ach ines, n umerically contr olledu12.5% 8460 24 00- -Other, numerically controlledu12.5% 8460 29- -Other: 8460 29 10- - -Cylindrical grindersu12.5% 8460 29 20- - -Internal grindersu12.5% 8460 29 30- - -Centreless grindersu12.5% 8460 29 40- - -Profile grindersu12.5% 8460 29 90- - -Oth eru12.5% ”; (xii) after tariff item 8465 10 00 and the entries relating thereto, the following shall be inserted, namely:–– “8465 20 00 - Machining centresu12.5% ”; (xiii) in heading 8466,–– (a) for heading 8466, and the entries relating thereto, the following shall be substituted, namely:–– “8466PARTS AND ACCESSORIES SUITABLE FOR USE SOLELY OR PRINCIPALLY WITH THE MACHINES OF HEADINGS 8456 TO 8465 INCLUDING WORK OR TOOL HOLDERS, SELF -OP ENING DIEHEADS, DIVIDING HEADS AND OTHER SP ECIAL ATTACHMENTS FOR THE MACHINES; TOOL HOLDERS FOR ANY TYPE OF TOOL, FOR WORKING IN THE HAND”; (b) for sub-heading 8466 30 and the entries relating thereto, the following shall be substituted, namely:–– “8466 30-Dividing heads and other special attachments for machines:” ; (xiv) the heading 8469, sub-heading 8469 00, tariff items 8469 00 10 to 8469 00 90 and the entries relating thereto shall be omitted; (xv) in heading 8472, for tariff item 8472 90 90 and the entries relating thereto the following shall be substituted, na mely:– –180 Ex-424/2016 “- - -Other: 8472 90 91- - - -Word-processing machinesu12.5% 8472 90 92 - - - -Automatic typewritersu12.5% 8472 90 93- - - -Br aille typewrit ers , electr icuNil 8472 90 94- - - - Braille typ ewr iter s, non -electr icuNil 8472 90 95- - - -Ot her typ ewr iters, electr ic or non -electr icu12.5% 8472 90 99 - - - -Oth eru12.5% ”; (xvi) in heading 8473,–– (a) for heading 8473 and the entries relating thereto, the following shall be substituted, namely:–– “8473PARTS AND ACCESSORIES (OTHER THAN COVERS, CARRYING CASES AND THE LIKE) SUITABLE FOR USE SOLELY OR PRINCIPALLY WITH MACHINES OF HEADINGS 8470 TO 8472”; (b) the tariff item 8473 10 00 and the entries relating thereto shall be omitted; (c) for tariff item 8473 50 00 and the entries relating thereto, the following shall be substituted, namely:–– “8473 50 00 -Parts and accessories equally suitable for use with the machines of twou12.5% ”; or more of the headings 8470 to 8472 (38) in Chapter 85,–– (i) in the Notes, after Note 2, the following shall be inserted, namely:–– ‘3.For the purposes of heading 8507, the expression “electric accumulators” includes those presented with ancillary components which contribute to the accumulator’s function of storing and supplying energy or protect it from damage, su ch as electrical connector s, tempera tur e cont rol devices (for exa mple, thermis tor s) and circuit protection devices. They may also include a portion of the protective housing of the goods in which they are to be used.’; (ii) the existing Notes 3, 4, 5, 6, 7, 8 and 9 shall respectively be re-numbered as 4, 5, 6, 7, 8, 9 and 10 ; (iii) in Note 9 as so re-numbered, in clause (b), after sub-clause (iii), the following new sub-clause shall be inserted, na mely:– – ‘( iv)Multi-component integrated circuits (MCOs): a combination of one or more monolithic, hybrid, or multi-chip integrated circuits with at least one of the following components: silicon-based sensors, actuators, oscillators, resonators or combinations thereof, or components performing the functions of articles classifiable under heading 8532, 8533, 8541, or inductors classifiable under heading 8504, formed to all intents and purposes indivisibly into a single body like an integrated circuit, as a component of a kind used for assembly onto a printed circuit board (PCB) or other carrier, through the connecting of pins, leads, balls, lands, bumps, or pads. For the purpose of this definition: (1) “Components” may be discrete, manufactured independently then assembled onto the rest of the MCO, or integrated into other components. (2) “Silicon based” means built on a silicon substrate, or made of silicon materials, or manufactured onto integrated circuit die. (3) (a) “Silicon based sensors” consist of microelectronic or mechanical structures that are created in the mass or on the surface of a semiconductor and that have the function of detecting physical or chemical quantities and transducing these into electric signa ls, cau sed by resultin g varia tions in electr ic prop ert ies or displacement of a mechan ica l st ructur e. “Ph ysical or chemical quantities” relates to real world phenomena, such as pressure, acoustic waves, acceleration, vibration, movement, orientation, strain, magnetic field strength, electric field strength, light, radioactivity, humidity, flow, chemicals concentration, etc. (b) “Silicon based actuators” consist of microelectronic and mechanical structures that are created in the mass or on the surface of a semiconductor and that have the function of converting electrical signals into physical movement. (c) “Silicon ba sed resona tor s” are compon ent s t hat consist of microelect ron ic or mech anical str uct ures that ar e cr eat ed in the mass or on the surface of a semiconductor and have the function of generating a mechanical or electrical oscillation of a predefined frequency that depends on the physical geometry of these structures in response to an external input. (d) “Silicon based oscillators” are active components that consist of microelectronic or mechanical structures that are created in the mass or on the surface of a semiconductor and that have the function of generating a mechanical or electrical os cillat ion of a p red efined frequ ency th at dep end s on t he phys ica l geometr y of thes e st ructur es.’;181Ex-424/2016 (iv) in heading 8528, for tariff items 8528 41 00 to 8528 69 00 and the entries relating thereto, the following shall be substituted, namely:– “8528 42 00 - -Capable of directly connecting to and designed for use with an automaticu12.5% data processing machine of heading 8471 8528 49 00 - -Oth eru12.5% - -Ot her mon itor s: 8528 52 00 - -Capable of directly connecting to and designed for use with an automaticu12.5% data processing machine of heading 8471 8528 59 00- -Oth eru12.5% - -Projectors: 8528 62 00- -Capable of directly connecting to and designed for use with an automaticu12.5% data processing machine of heading 8471 8528 69 00- -Oth eru12.5% (v) for tariff item 8531 20 00 and the entries relating thereto, the following shall be substituted, namely:–– “8531 20 00-- Indicator panels incorporating liquid crystal devices (LCD) or light-emittingu12.5% ”; diodes (LED) (vi) in heading 8539,–– (a) for heading 8539 and the entries relating thereto, the following shall be substituted, namely:–– “8539 ELECTRIC FILAMENT OR DISCHARGE LAMPS INCLUDING SEALED BEAM LAMP UNITS AND ULTRA-VIOLET OR INFRA-RED LAMPS, ARC LAMPS; LIGHT-EMITTING DIODE (LED) LAMPS”; (b) after tariff item 8539 49 00 and the entries relating thereto, the following shall be inserted, namely:–– “8539 50 00-- Light-emitting diode (LED) lampsu12.5% ”; (vii) in heading 8541,–– (a) for heading 8541 and the entries relating thereto, the following shall be substituted, namely:–– “8541DIODES, TRANSISTORS AND SIM ILAR SEM I-CONDUCTOR DEVICES; PHOTOSENSITIVE SEMI-CONDUCTOR DEVICES; INCLUDING PHOTO VOLTAIC CELLS, WHETHER OR NOT ASSEM BLED IN MODULES OR M ADE UP INTO PANELS; LIGHT-EMITTING DIODES (LED); MOUNTED PIEZO-ELECTRIC CRYSTALS”; (b) for tariff item 8541 10 00 and the entries relating thereto, the following shall be substituted, namely:–– “8541 10 00-Diodes, other than photosensitive or light-emitting diodes(LED)u12.5% ”; (c) for sub-heading 8541 40 and the entries relating thereto, the following shall be substituted, namely:–– “8541 40 -Photosensitive semi-cond uctor d evices, including photo voltaic cells ”; whether or not assembled in modules or made up into panels; light-emitting d iod e s (LED): ”; (39) in Section XVII, in Note 2, for clause (e), the following clause shall be substituted, namely:–– “(e)machines and apparatus of headings 8401 to 8479, or parts thereof, other than the radiators for the articles of this Section, articles of heading 8481 or 8482 or, provided they constitute integral parts of engines and motors, articles of heading 8483;”; (40) in Chapter 87,–– (i) in heading 8701,––182 Ex-424/2016 (a) for tariff item 8701 10 00, the following shall be substituted, namely:–– “8701 10 00 -Single axle tractorsu12.5% ”; (b) for sub-heading 8701 90, tariff items 8701 90 10 and 8701 90 90 and the entries relating thereto, the following shall be substituted, namely:–– “- Other, of an engine power: 8701 91 00- -Not exceeding 18 kWu12.5% 8701 92 00 - -Exceeding 18 kW but not exceeding 37 kWu12.5% 8701 93 00 - -Exceeding 37 kW but not exceeding 75 kWu12.5% 8701 94 00- -Exceeding 75 kW but not exceeding 130 kWu12.5% 8701 95 00- -Exceeding 130 kWu12.5% ”; (ii) in heading 8702, for sub-heading 8702 10, tariff items 8702 10 11 to 8702 10 99, sub-heading 8702 90, tariff items 8702 90 11 to 8702 90 99, the following shall be substituted, namely:— “8702 10-- With only compression-ignition internal combustion piston engine (d iesel or s emi-diesel): - - - Vehicles for transport of not more than 13 persons, including the driver: 8702 10 11- - - -In tegrat ed monocoque veh icle, air-con dition edu27% 8702 10 12- - - -Integrated monocoque vehicle, non air-conditionedu27% 8702 10 18- - - -Ot her, a ir-con dit ion edu27% 8702 10 19 - - - -Ot her, n on air-con dition edu27% - - -Other: 8702 10 21- - - -In tegrat ed monocoque veh icle, air-con dition edu12.5% 8702 10 22- - - -Integrated monocoque vehicle, non air-conditionedu12.5% 8702 10 28- - - -Ot her, a ir-con dit ion edu12.5% 8702 10 29 - - - -Ot her, n on air-con dition edu12.5% 8702 20- --With both compression-ignition internal combustion piston engine (diesel or semi-diesel) and electric motor as motors for propulsion: - - -Vehicles for transport of not more than 13 persons, including the driver: 8702 20 11- - - -In tegrat ed monocoque veh icle, air-con dition edu27% 8702 20 12 - - - -Integrated monocoque vehicle, non air-conditionedu27% 8702 20 18- - - -Ot her, a ir-con dit ion edu27% 8702 20 19- - - -Ot her, n on air-con dition edu27% - - -Other: 8702 20 21- - - -Integrated monocoque vehicle, air-conditioneduu12.5% 8702 20 22 - - - - Integrated monocoque vehicle, non air-conditioneduu12.5% 8702 20 28- - - -Other, air-conditioneduu12.5% 8702 20 29- - - -Ot her, n on air-con dition edu12.5% 8702 30 -With both spark-ignition internal combustion reciprocating piston engine and electric motor as motors for propulsion: - - -Vehicles for transport of not more than 13 persons, including the driver: 8702 30 11- - - -In tegrat ed monocoque veh icle, air-con dition edu27% 8702 30 12- - - - Integrat ed mon ocoque veh icle, n on air-condition edu27% 8702 30 18- - - -Ot her, a ir-con dit ion edu27% 8702 30 19- - - -Ot her, n on air-con dition edu27% - - -Other: 8702 30 21- - - -In tegrat ed monocoque veh icle, air-con dition edu12.5% 8702 30 22- - - -Integrated monocoque vehicle, non air-conditionedu12.5% 8702 30 28- - - -Ot her, a ir-con dit ion edu12.5% 8702 30 29 - - - -Ot her, n on air-con dition edu12.5% 8702 40- --With only electric motor for propulsion: - - -Vehicles for transport of not more than 13 persons, including the driver: 8702 40 11 - - - -In tegrat ed monocoque veh icle, air-con dition edu12.5% 8702 40 12 - - - -Integrated monocoque vehicle, non air-conditionedu12.5% 8702 40 18- - - -Ot her, a ir-con dit ion edu12.5% 8702 40 19- - - -Ot her, n on air-con dition edu12.5% - - -Other:183Ex-424/2016 8702 40 21- - - -In tegrat ed monocoque veh icle, air-con dition edu12.5% 8702 40 22- - - -Integrated monocoque vehicle, non air-conditionedu12.5% 8702 40 28- - - -Ot her, a ir-con dit ion edu12.5% 8702 40 29- - - -Ot her, n on air-con dition edu12.5% 8702 90- --Other: - - -Vehicles for transport of not more than 13 persons, including the driver: 8702 90 11- - - -In tegrat ed monocoque veh icle, air-con dition edu27% 8702 90 12- - - -Integrated monocoque vehicle, non air-conditionedu27% 8702 90 18- - - -Ot her, a ir-con dit ion edu27% 8702 90 19- - - -Ot her, n on air-con dition edu27% - - -Other: 8702 90 21 - - - -In tegrat ed monocoque veh icle, air-con dition edu27% 8702 90 22- - - -Integrated monocoque vehicle, non air-conditionedu27% 8702 90 28- - - -Ot her, a ir-con dit ion edu27% 8702 90 29- - - -Ot her, n on air-con dition edu27%”; (iii) in heading 8703,–– (a) in the entry in column (2) occurring after tariff item 8703 10 90 and the entries relating thereto, after the word “with”, the word“ only” shall be inserted; (b) in the entry in column (2) occurring after tariff item 8703 24 99 and the entries relating thereto, for the words “with compression ignition”, the words “with only compression-ignition” shall be substituted; (c) the tariff items 8703 31 20 and 8703 32 20 and the entries relating thereto shall be omitted; (d) after tariff item 8703 33 99 and the entries relating thereto, the following shall be inserted, namely:–– “8703 40-Other vehicles, with both spark-ignition internal combustion reciprocating piston engine and electric motor as motors for propulsion, other than those capable of being charged by plugging to external source of electric power: 8703 40 10 - - -Vehicles principally designed for transport of more than seven persons, in clu din g d riveru30% 8703 40 20- - -Specialised transport vehicles such as ambulances, prison vans and the likeu30% 8703 40 30- - -Motor carsu30% 8703 40 40- - -Th ree-wheeled vehiclesu24% 8703 40 90- - -Oth eru30% 8703 50-Other vehicles, with both compression-ignition internal combustion piston en gin e (d iesel or semi-diesel) and electr ic mot or as motors for pr opu lsion, oth er than those capable of being charged by plugging to external source of electric power: 8703 50 10- - -Vehicles principally designed for transport of more than seven persons,u30% in clu din g d river 8703 50 20 - - -Specialised transport vehicles such as ambulances, prison vans and the likeu30% 8703 50 30- - -Motor carsu30% 8703 50 40- - -Th ree-wheeled vehiclesu24% 8703 50 90- - -Oth eru30% 8703 60 -Other vehicles, with both spark-ignition internal combustion reciprocating piston engine and electric motor as motors for propulsion, capable of being ch arged by plugging to externa l sour ce of electric p ower: 8703 60 10- - -Vehicles principally designed for transport of more than seven persons,u30% in clu din g d river 8703 60 20- - -Specialised transport vehicles such as ambulances, prison vans and the likeu30% 8703 60 30- - -Motor carsu30% 8703 60 40 - - -Th ree-wheeled vehiclesu24% 8703 60 90 - - -Oth eru30% 8703 70-Other vehicles, with both compression-ignition internal combustion piston en gin e (d iesel or semi-diesel) and electr ic mot or as motors for pr opulsion, ca pab le of b eing charged by plu gging to externa l sour ce of electric p ower: 8703 70 10- - -Vehicles principally designed for transport of more than seven persons,u30% in clu din g d river 8703 70 20- - -Specialised transport vehicles such as ambulances, prison vans and the likeu30% 8703 70 30- - -Motor carsu30% 8703 70 40- - -Th ree-wheeled vehiclesu24% 184 Ex-424/2016 8703 70 90- - -Oth eru30% 8703 80-Other vehicles, with only electric motor for propulsion: 8703 80 10- - -Vehicles principally designed for transport of more than seven persons,u12.5% in clu din g d river 8703 80 20- - -Specialised transport vehicles such as ambulances, prison vans and the likeu12.5% 8703 80 30- - -Motor carsu12.5% 8703 80 40- - -Th ree-wh eeled veh icleu12.5% 8703 80 90- - -Oth eru30%”; (e) for sub-heading 8703 90, tariff items 8703 90 10 and 8703 90 90 and the entries relating thereto, the following shall be substituted, namely:–– “8703 90 00-Oth eru30%”; (iv) in heading 8711,–– (a) after tariff item 8711 50 00 and the entries relating thereto, the following shall be inserted, namely:–– “8711 60-With electric motor for propulsion: 8711 60 10 - - -Motor cyclesu12.5% 8711 60 20- - -Scoot er su12.5% 8711 60 30- - -Mopedsu12.5% 8711 60 90- - -Othersu12.5%”; (b) for sub-heading 8711 90, tariff items 8711 90 10 to 8711 90 99 and the entries relating thereto, the following shall be substituted, na mely:– – “8711 90-Other: 8711 90 10- - -Side ca rsu12.5% 8711 90 90- - -Oth eru12.5%”; (41) in Chapter 90,–– (i) in Note 1,–– (A) in clause (g), after the word “machine-tools”, the words “or water-jet cutting machines” shall be inserted; (B) after clause (k), the following clause shall be inserted, namely:–– “(l) monopods, bipods, tripods and similar articles, of heading 9620;”; (C) the existing clauses (l) and (m) shall respectively be re-lettered as (m) and (n); (ii) in heading 9006, the tariff item 9006 10 00 and the entries relating thereto shall be omitted; (42) in Chapter 92, in Note 1, for clause (d), the following clause shall be substituted, namely:–– “(d) brushes for cleaning musical instruments (heading 9603), or monopods, bipods, tripods and similar articles (heading 9620); or”; (43) in Chapter 94,–– (i) in Note 1,–– (A) in clause (k), the word “or” shall be omitted; (B) in clause (l), the word “or” shall be inserted at the end; (C) after clause (l), the following clause shall be inserted, namely:–– “(m) monopods, bipods, tripods and similar articles (heading 9620).”; (ii) for tariff item 9401 51 00 and the entries relating thereto, the following shall be substituted, namely:–– “9401 52 00 - - Of bamboou12.5% 9401 53 00 - - Of rattanu12.5% ”; (iii) for tariff item 9403 81 00 and the entries relating thereto, the following shall be substituted, namely:–– “9401 82 00- -Of ba mb oou12.5% 185 Ex-424/2016 9401 83 00- -Of rattanu12.5%”; (iv) for heading 9406, sub-heading 9406 00, tariff items 9406 00 11 to 9406 00 99 and the entries relating thereto, the followin g s hall b e su bst itu ted , n amely:–– “9406PREFABRICATED BUILDINGS 9406 10-Of wood: 9406 10 10 - - -Green-housesu12.5% 9406 10 20- - -For cold stora geu12.5% 9406 10 30 - - - Silos for s tor ing ens ila geu12.5% 9406 10 90- - -Oth eru12.5% 9406 90 -Other: 9406 90 10- - -Green-housesu12.5% 9406 90 20- - -For cold stora geu12.5% 9406 90 30- - -Silos for storing ens ilageu12.5% 9406 90 90- - -Oth er u12.5% ”; (44) in Chapter 95,–– (i) in Note 1,–– (A) for clause (e), the following clause shall be substituted, namely:–– “( e )fancy dress of textiles, of Chapter 61 or 62; sports clothing and special articles of apparel of textiles, of Chapter 61 or 62, whether or not incorporating incidentally protective components such as pads or padding in the elbow, knee or groin areas (for example, fencing clothing or soccer goalkeeper jerseys);”; (B) after clause (t), the following clause shall be inserted, namely:–– “(u) monopods, bipods, tripods and similar articles (heading 9620);”; (C) the existing clauses (u) and (v) shall respectively be re-lettered as (v) and (w); (45) in Chapter 96, after tariff item 9619 00 90 and the entries relating thereto, the following shall be inserted, namely:–– “9620 00 00-MONOP ODS, BIPODS, TRIP ODS AND SIMILAR ARTICLESu12.5% ”. In th e Secon d Schedule t o t he Cent ral Excise Tariff Act,–– (i) in heading 4011, for tariff items 4011 61 00 to 4011 99 00 and the entries relating thereto, the following shall be substituted, namely:– “4011 50 90- - -Oth eru8% 4011 70 00-Of a kind used on agricultural or forestry vehicles and machinesu8% 4011 80 00-Of a kind used on construction, mining or industrial handling vehiclesu8% an d ma chin es 4011 90 00-Oth eru8% ”. (ii) for sub-heading 5402 20 and the entries relating thereto, the following shall be substituted, namely:–– “5402 20- -High tenacity yarn of polyesters, whether or not textured: ”; (iii) in heading 8415, for sub-heading 8415 10 and the entries relating thereto, the following shall be substituted, namely:–– ‘8415 10 -Of a kind designed to be fixed to a window, wall, ceiling or floor, self- contained or “split-system”:’; (iv) in sub-heading 8702 10, for tariff items 8702 10 11 to 8702 10 99, sub-heading 8702 90, tariff items 8702 90 11 to 8702 90 20 and the entries relating thereto, the following shall be substituted, namely:–– “8702 10-With only compression-ignition internal combustion piston engine (diesel or semi-diesel):186 Ex-424/2016 - - -Vehicles for transport of not more than 13 persons, including the driver: 8702 10 11- - - -In tegrat ed monocoque veh icle, air-con dition edu8% 8702 10 12- - - -Integrated monocoque vehicle, non air-conditionedu8% 8702 10 18- - - -Ot her, a ir-con dit ion edu8% 8702 10 19- - - -Ot her, n on air-con dition edu8% - - -Other: 8702 10 21 - - - -In tegrat ed monocoque veh icle, air-con dition edu8% 8702 10 22- - - -Integrated monocoque vehicle, non air-conditionedu8% 8702 10 28- - - -Ot her, a ir-con dit ion edu8% 8702 10 29- - - -Ot her, n on air-con dition edu8% 8702 20-With both compression-ignition internal combustion piston engine (diesel or semi-diesel) and electric motor as motors for propulsion: - - -Vehicles for transport of not more than 13 persons, including the driver: 8702 20 11- - - - Integrat ed mon ocoque veh icle, air-condition edu8% 8702 20 12- - - -Integrated monocoque vehicle, non air-conditionedu8% 8702 20 18 - - - -Ot her, a ir-con dit ion edu8% 8702 20 19- - - - Other, non air-conditionedu8% - - -Other: 8702 20 21 - - - -In tegrat ed monocoque veh icle, air-con dition edu8% 8702 20 22 - - - -Integrated monocoque vehicle, non air-conditionedu8% 8702 20 28- - - -Ot her, a ir-con dit ion edu8% 8702 20 29 - - - -Ot her, n on air-con dition edu8% 8702 30 -With both spark-ignition internal combustion reciprocating piston engine and electric motor as motors for propulsion: - - -Vehicles for transport of not more than 13 persons, including the driver: 8702 30 11 - - - -In tegrat ed monocoque veh icle, air-con dition edu8% 8702 30 12- - - -Integrated monocoque vehicle, non air-conditionedu8% 8702 30 18- - - -Ot her, a ir-con dit ion edu8% 8702 30 19 - - - -Ot her, n on air-con dition edu8% - - -Other: 8702 30 21- - - - Integrat ed mon ocoque veh icle, air-condition edu8% 8702 30 22 - - - - Integrat ed mon ocoque veh icle, n on air-condition edu8% 8702 30 28 - - - - Other, air-con dit ion edu8% 8702 30 29 - - - -Ot her, n on air-con dition edu8% 8702 40-With only electric motor for propulsion: - - -Vehicles for transport of not more than 13 persons, including the driver: 8702 40 11 - - - -In tegrat ed monocoque veh icle, air-con dition edu8% 8702 40 12 - - - -Integrated monocoque vehicle, non air-conditionedu8% 8702 40 18 - - - -Ot her, a ir-con dit ion edu8% 8702 40 19 - - - -Ot her, n on air-con dition edu8% - - -Other: 8702 40 21- - - -In tegrat ed monocoque veh icle, air-con dition edu8% 8702 40 22 - - - - Integrat ed mon ocoque veh icle, n on air-condition edu8% 8702 40 28- - - -Ot her, a ir-con dit ion edu8% 8702 40 29 - - - -Ot her, n on air-con dition edu8% 8702 90 -Other: - - -Vehicles for transport of not more than 13 persons, including the driver: 8702 90 11- - - -In tegrat ed monocoque veh icle, air-con dition edu8% 8702 90 12 - - - - Integrat ed mon ocoque veh icle, n on air-condition edu8% 8702 90 18 - - - - Other, air-con dit ion edu8% 8702 90 19 - - - - Other, non air-conditionedu8% - - -Other: 8702 90 21 - - - - Integrat ed mon ocoque veh icle, air-condition edu8% 8702 90 22 - - - -Integrated monocoque vehicle, non air-conditionedu8% 8702 90 28 - - - -Ot her, a ir-con dit ion edu8% 8702 90 29 - - - -Ot her, n on air-con dition edu8%”; (v) in sub-heading 8703 10,––187 Ex-424/2016 (a) in the entry in column (2) occurring after tariff item 8703 10 90 and the entries relating thereto, after the word “with”, the word “only” shall be inserted; (b) in the entry in column (2) occurring after tariff item 8703 24 99 and the entries relating thereto, for the word “with”, the word “only” shall be inserted; (c) after tariff item 8703 33 99 and the entries relating thereto, the following shall be inserted, namely:–– “8703 40-Other vehicles, with both spark-ignition internal combustion reciprocating piston engine and electric motor as motors for propulsion, other than those ca pab le of b eing charged by plu gging to externa l sour ce of electric p ower: 8703 40 10- - -Vehicles principally designed for transport of more than seven persons,u8% in clu din g d river 8703 40 20 - - -Specialised transport vehicles such as ambulances, prison vans and the likeu8% 8703 40 30- - -Motor carsu8% 8703 40 40- - -Th ree-wheeled vehiclesu8% 8703 40 90- - -Oth eru8% 8703 50 -Other vehicles, with both compression-ignition internal combustion piston en gin e (diesel or semi-d ies el) an d electric motor as motor s for propuls ion , oth er than those capable of being charged by plugging to external source of electric power: 8703 50 10- - -Vehicles principally designed for transport of more than seven persons,u8% in clu din g d river 8703 50 20 - - -Specialised transport vehicles such as ambulances, prison vans and the likeu8% 8703 50 30 - - -Motor carsu8% 8703 50 40- - -Th ree-wheeled vehiclesu8% 8703 50 90 - - -Oth eru8% 8703 60-Other vehicles, with both spark-ignition internal combustion reciprocating piston engine and electric motor as motors for propulsion, capable of being ch arged by plugging to externa l sour ce of electric p ower: 8703 60 10- - -Vehicles principally designed for transport of more than seven persons,u8% in clu din g d river 8703 60 20- - -Specialised transport vehicles such as ambulances, prison vans and the likeu8% 8703 60 30- - -Motor carsu8% 8703 60 40- - -Th ree-wheeled vehiclesu8% 8703 60 90- - -Oth eru8% 8703 70 -Other vehicles, with both compression-ignition internal combustion piston en gin e ( dies el or semi-d ies el) and elect ric motor as mot ors for p rop uls ion, ca pab le of being charged by plugging to external source of electric power: 8703 70 10 - - - Vehicles principally designed for transport of more than seven persons,u8% in clu din g d river 8703 70 20 - - -Specialised transport vehicles such as ambulances, prison vans and the likeu8% 8703 70 30 - - -Motor carsu8% 8703 70 40- - -Th ree-wheeled vehicles u8% 8703 70 90- - -Oth eru8% 8703 80-Other vehicles, with only electric motor for propulsion: 8703 80 10 - - -Vehicles principally designed for transport of more than seven persons,u8% in clu din g d river 8703 80 20 - - -Specialised transport vehicles such as ambulances, prison vans and the likeu8% 8703 80 30 - - -Motor carsu8% 8703 80 40- - -Th ree-wheeled vehiclesu8% 8703 80 90- - -Oth eru8%”; (vi) for sub-heading 8703 90, tariff items 8703 90 10 and 8703 90 90 and the entries relating thereto, the following shall be substituted, namely:–– “8703 90 00-Oth eru8%”; 188 Ex-424/2016 THE TENTH SCHEDULE (See sect ion 16 0) Notificat ion No.AmendmentPeriod of effect of amendment (1)(2)(3) G.S.R. 519(E), dated the 29 th June,In the said notification, in the Explanation,–1 st day of July, 2012 to 2 nd 2012 [No.41/2012-Service Tax,February, 2016 (both days dated the 29 th June, 2012](a) in clause (A), for sub-clause (i), theinclusive). following sub-clause shall be substituted and shall be deemed to have been substituted, namely:–– “( i) in the ca se of excisab le goods, ta xab le services that have been used beyond factory or an y other place or premis es of production or manufacture of the said goods, for their export;”; (b) clause (B) shall be omitted. THE ELEVENTH SCHEDULE (See sect ion 16 2) Item No. Description of gocdsRate(1)(2)(3)1. All goods falling under heading 8703 of the First Schedule to the Central4% Excise Tariff Act 1985 (5 of 1986). THE TWELFTH SCHEDULE [See s ect ion 231 (i)] In the Seventh Schedule to the Finance Act, 2001,–– (a) in column (1), for the tariff item “2403 10 10”, the tariff item “2403 11 10” shall be substituted; (b) in column (1), for the tariff item “2403 10 20”, the tariff item “2403 19 10” shall be substituted; (c) in column (1), for the tariff item “2403 10 31”, the tariff item “2403 19 21” shall be substituted; (d) in column (1), for the tariff item “2403 10 39”, the tariff item “2403 19 29” shall be substituted; (e) in column (1), for the tariff item “2403 10 90”, the tariff item “2403 19 90” shall be substituted. THE THIRTEENTH SCHEDULE [See section 231 (ii)] In the Seventh Schedule to the Finance Act, 2001,–– (i) for sub-heading 8702 10, tariff items 8702 10 11 to 8702 10 19 and sub-heading 8702 90, tariff items 8702 90 11 to 8702 90 20 and the entries relating thereto, the following shall be substituted, namely:–– “8702 10 - With only compression-ignition internal combustion piston engine (diesel or semi-diesel): - - -Vehicles for transport of not more than 13 persons, including the driver: 8702 10 11- - - -In tegrat ed monocoque veh icle, air-con dition edu1% 8702 10 12- - - -Integrated monocoque vehicle, non air-conditionedu1% 8702 10 18 - - - -Ot her, a ir-con dit ion edu1% 8702 10 19- - - -Ot her, n on air-con dition edu1% 8702 20-With both compression-ignition internal combustion piston engine (diesel or semi-diesel) and electric motor as motors for propulsion: - - -Vehicles for transport of not more than 13 persons, including the driver: 8702 20 11- - - -In tegrat ed monocoque veh icle, air-con dition edu1% 8702 20 12 - - - -Integrated monocoque vehicle, non air-conditionedu1% 8702 20 18 - - - -Ot her, a ir-con dit ion edu1% 189Ex-424/2016 8702 20 19- - - -Ot her, n on air-con dition edu1% 8702 30 -With both spark-ignition internal combustion reciprocating piston engine and electric motor as motors for propulsion: - - -Vehicles for transport of not more than 13 persons, including the driver: 8702 30 11- - - -In tegrat ed monocoque veh icle, air-con dition edu1% 8702 30 12- - - -Integrated monocoque vehicle, non air-conditionedu1% 8702 30 18- - - - Other, air-con dit ion edu1% 8702 30 19- - - -Ot her, n on air-con dition edu1% 8702 40-With only electric motor for propulsion: - - -Vehicles for transport of not more than 13 persons, including the driver: 8702 40 11- - - -In tegrat ed monocoque veh icle, air-con dition edu1% 8702 40 12- - - -Integrated monocoque vehicle, non air-conditionedu1% 8702 40 18 - - - -Ot her, a ir-con dit ion edu1% 8702 40 19- - - -Ot her, n on air-con dition edu1% 8702 90 -Other: - - -Vehicles for transport of not more than 13 persons, including the driver: 8702 90 11- - - -In tegrat ed monocoque veh icle, air-con dition edu1% 8702 90 12- - - -Integrated monocoque vehicle, non air-conditionedu1% 8702 90 18 - - - -Ot her, a ir-con dit ion edu1% 8702 90 19- - - -Ot her, n on air-con dition edu1%”; (ii) in the entry in column (2) occurring after tariff item 8703 10 90 and the entries relating thereto, after the word “with”, the word “only” shall be inserted; (iii) in the entry in column (2) occurring after tariff item 8703 24 99 and the entries relating thereto, after the word “with”, the word “only” shall be inserted; (iv) after tariff item 8703 33 99 and the entries relating thereto, the following shall be inserted, namely:–– “8703 40-Other vehicles, with both spark-ignition internal combustion reciprocating piston engine and electric motor as motors for propulsion, other than those ca pab le of b eing charged by plu gging to externa l sour ce of electric p ower: 8703 40 10- - -Vehicles principally designed for transport of more than seven persons,u1% in clu din g d river 8703 40 20- - -Specialised transport vehicles such as ambulances, prison vans and the likeu1% 8703 40 30- - -Motor carsu1% 8703 40 40- - -Th ree-wheeled vehiclesu1% 8703 40 90- - -Oth eru1% 8703 50-Other vehicles, with both compression-ignition internal combustion piston en gin e (diesel or semi-d ies el) an d electric motor as motor s for propuls ion , oth er than those capable of being charged by plugging to external source of electric power: 8703 50 10 - - -Vehicles principally designed for transport of more than seven persons,u1% in clu din g d river 8703 50 20- - -Specialised transport vehicles such as ambulances, prison vans and the likeu1% 8703 50 30- - -Motor carsu1% 8703 50 40 - - -Th ree-wheeled vehiclesu1% 8703 50 90 - - -Oth eru1% 8703 60-Other vehicles, with both spark-ignition internal combustion reciprocating piston engine and electric motor as motors for propulsion, capable of being charged by plugging to external source of electric power: 8703 60 10- - -Vehicles principally designed for transport of more than seven persons,u1% in clu din g d river 8703 60 20 - - -Specialised transport vehicles such as ambulances, prison vans and the likeu1% 8703 60 30 - - -Motor carsu1% 8703 60 40 - - -Th ree-wheeled vehiclesu1% 8703 60 90- - -Oth eru1% 8703 70 -Other vehicles, with both compression-ignition internal combustion piston en gin e ( dies el or semi-d ies el) and elect ric motor as mot ors for p rop uls ion, ca pab le of being charged by plugging to external source of electric power:190 Ex-424/2016 8703 70 10 - - -Vehicles principally designed for transport of more than seven persons,u1% in clu din g d river 8703 70 20- - -Specialised transport vehicles such as ambulances, prison vans and the likeu1% 8703 70 30 - - -Motor carsu1% 8703 70 40- - -Th ree-wheeled vehiclesu1% 8703 70 90- - -Oth eru1% 8703 80-Other vehicles, with only electric motor for propulsion: 8703 80 10 - - -Vehicles principally designed for transport of more than seven persons,u1% in clu din g d river 8703 80 20 - - -Specialised transport vehicles such as ambulances, prison vans and the likeu1% 8703 80 30- - -Motor carsu1% 8703 80 40- - -Th ree-wheeled vehiclesu1% 8703 80 90- - -Oth eru1%”; (v) for sub-heading 8703 90, tariff items 8703 90 10 and 8703 90 90 and the entries relating thereu1%”; to, the following shall be substituted, namely:–– “8703 90 00 -Oth er THE FOURTEENTH SCHEDULE (See sect ion 23 4) In the Seventh Schedule to the Finance Act, 2005,–– (a) for the entry in column (4) occurring against tariff item 2402 20 10, the entry “Rs.215 per thousand” shall be substituted; (b) for the entry in column (4) occurring against tariff item 2402 20 20, the entry “Rs.370 per thousand” shall be substituted; (c) for the entry in column (4) occurring against tariff item 2402 20 30, the entry “Rs.215 per thousand” shall be substituted; (d) for the entry in column (4) occurring against tariff item 2402 20 40, the entry “Rs.260 per thousand” shall be substituted; (e) for the entry in column (4) occurring against tariff item 2402 20 50, the entry “Rs.370 per thousand” shall be substituted; (f) for the entry in column (4) occurring against tariff item 2402 20 90, the entry “Rs.560 per thousand” shall be substituted. THE FIFTEENTH SCHEDULE (See sect ion 23 9) REPEALS YearNo.Sh ort tit leExtent of repeal(1)(2)(3)(4)194622The Mica Mines Labour Welfare Fund Act, 1946Section 2. 195349The Salt Cess Act, 1953Th e whole. 1958 44The Merchant Shipping Act, 1958Section 261, clause (y) of section 262, section 356M, section 356N, clause (e) of section 356-O. 196341The Textiles Committee Act, 1963Sections 5A, 5D, 5E, 5F, clause (aa) of sub-section (1) of section 7 and clause (da) of sub-section (2) of section 22. 197262Th e Limes ton e a nd Dolomit e Mines La bou r Welfa reSections 3, 4 and clauses (a) to (f) of sub- Fund Act, 1972section (2) of section 16. 197526Th e Toba cco Ces s Act, 19 75The whole 197655The Iron Ore Mines, Manganese Ore Mines andSection 3, 4, 5 and section 6. Chrome Ore Mines Labour Welfare Cess Act, 1976 198130The Cine-workers Welfare Cess Act, 1981Clause (a) of section 3. 191 Ex-424/2016 AMENDMENTS YearNo.Sh ort tit leExtent of repeal(1)(2)(3)(4)197262The Limestone and Dolomite Mines LabourFor sub-section (1) of section 5, the Welfare Fund Act, 1972following sub-section shall be substituted, na mely:– – “(1) The Central Government shall constitute a fund called the Limestone and Dolomite Labour Welfare Fund (h ereinafter referr ed to as the Fund).”. 197656The Beedi Workers Welfare Cess Act, 1976In sub-section (1) of section 3, for the words “not be less than fifty paisa or more than five rupees”, the words “not be less than five rupees or more than twenty-four rupees” shall be substituted. 192 Published and Issued by the Controller, Printing & Stationery, Mizoram Printed at the Mizoram Govt. Press, Aizawl. C-60.Ex-424/2016 Constitution of Fund

The Mizoram Gazette EXTRA ORDINARY Published by Authority RNI No. 27009/1973 Postal Regn. No. NE-313(MZ) 2006-2008VOL - XLV Aizawl, Wednesday 19.10.2016 Asvina 27, S.E. 1938, Issue No. 425 NOTIFICATIONNo.H.12017/55/2016-LJD, the 13th October, 2016.The following Act is hereby re-published for general info rmat io n. The Anti-Hijacking Act, 2016 (No. 30 of 2016) Zahmingthang Ralte, Joint Secretary to the Govt. of Mizoram, Law & Judicial Department. THE ANTI-HIJACKING ACT, 2 016 AN ACT to give effect to the Convention for the Suppression of Unlawful Seizure of Aircraft and for matters connected therewith. WHEREASa Conventi on for the Suppression of Un la wful Seizure of Aircraft was signed at The Hague on the 16th day of December, 1970; AND WHEREASIndia acceded to the said Convention and enacted the Anti-HijackingAct, 1982 to give effect to the provisions of the Convention; AND WHEREASIndia has signed the Protocol Supplementary to t h e C on ven t i on at Beijing on th e 10th da y of September, 2010 which deals with unlawful acts against Civil Aviation by new types of threats which require comprehensive amendments to the said Act; AND WHEREASit is considered expedient that the unlawful acts of seizure or exercise of con t rol of air cr aft whi ch jeopardi ze safety of per sons an d property is a matter of great concern to be addressed effectively by making suitable provision s for giving effect to the Conven tion an d the Protocol and for matters connected therewith. BE itenacted by Parliament inthe Sixty-seventh Year of the Republic of India as fol lows:— CHAPTER I PRELIMINARY 1.(1) This Act may be called the Anti-Hijacking Act, 2016. (2) It exten ds to th e whole of India an d, save as other wise pr ovided in this Act, it applies also to any offence thereunder committed outside India by an y person. (3) I t s h a ll come in to for ce on su ch da te a s t h e Central Government may, by notification in the Official Gazette, appoint. 2.In this Act, unless the context otherwise requires,–– (a)“Agency” means the Nation al In vestigation Agen cy constituted under section 3 of the National Investigation Agency Act, 2008; (b)“aircraft” means any aircraft, whether or not registered in India, other than a military aircraft or an aircraft used in customs or police service; (c) “aircraft registered in India” means an aircraft which is for the time being registered in India; (d) “Convention country” means a country in which the Hague Convention is for the time being in force; (e) “Hague Convention” means the Convention for the Suppression of Unlawful Seizur e of Aircraft signed atThe Hague on the 16th day of December, 1970 and 65 of 1982. Short title, extent, application and com mencement Definitions. Ex-425/20162 includes the Protocol Supplementary to the Convention signed at Beijing on th e 10th da y of September, 2010; (f) ‘ ‘hostage’ ’ m ea n s a p a s s en g er or a cr ew m em b er o f a n a i r c r a ft or an y security personnel on board the aircraft or a ground support staff involved in the maintenance of the aircraft, who is unlawfully seized or detained without his consent, or with his consent obtained by fraud or duress, by an individual or by a g r ou p of p er s on s , d u r i n g t h e t r a n s i t of a n a i r c r a ft or wh en i t i s s t a t i on ed at an airport, with an intention to secure any demand or fulfilment of any condition made by such in dividual or such group of per son s; (g) “military aircraft” means an aircraft of the naval, military, air force or any other armed forces of any country and includes every aircraft commanded for t he ti me bein g by a person in an y such for ce deta il ed for th e purpose; (h) “notification” means a notification published in the Official Gazette; (i) ‘‘security personnel’’ means security personnel deployed by the Central Government or appointed by any agency authorised by that Government to ensure security of civil aviation again st acts of unlawful interference. Explanation.—for the purposes of this clause ‘‘acts of un lawful interference’’ means acts or attempted acts to jeopardize the safety of civil aviation and air transport, including— (i) unlawful seizure of aircraft in flight; (ii) unlawful seizure of aircraft on the ground; (iii) hostage-taking on board aircraft or on aerodromes; (iv) forcible intrusion on bo a r d a i r cr a ft , a t a n aerodrome or o n t h e p r emises on an aeronautical facility; (v) i n t r od u ct i on on boa r d a n a i r cr a ft or a t a n a er od r om e, of a wea p on , explosive or other hazardous device, article or substances intended for criminal purposes; (vi) communication of false information with a view to jeopardize the safety of an aircraft in flight or on the ground, of passengers, crew, ground personnel or the general public, at an aerodrome or on the premises of a civil aviation facility. CHAPTER II HIJACKING AND CONNECTED OFFENCES 3.(1) Whoever unlawfully and intentionally seizes or exercises control of an aircraft in service by force or threat thereof, or by coercion, or by any other form of intimidation, or by any technological means, commits the offence of hijacking. (2) A person shall also be deemed to have committed th e offence of hijacking specified in sub-section (1), if, such person–– (a) makes a threat to commit such offence or unlawfully and intentionally causes any person to receive such threat under circumstances which indicate that the threat is credible; orHijacking. Ex-425/2016 3 (b) attempts to commit or abets the commission of such offence; or (c)organ ises or dir ects others to commit such offence or the offence specified in clause (a) or clause (b)above; (d) participates as an accomplice in such offen ce or th e offen ce specified in clause (a) or clause (b) above; (e) unlawfully and intentionally assists another person to evade investigation, pr osecuti on or punishment, knowing that such person has committed any such offen ce or th e offen ce specified in clause (a) o r cl a u s e (b) or clause (c) or clause (d) above, or that such person is wanted for criminal pr osecuti on by l aw enforcement a uth or iti es for such an offen ce or ha s been sentenced for such an offence. (3) A person also commits the offence of h ijacking, when committed intentionally, whether or not any of the offences specified in sub-section (1) or in clause (a)of sub-section (2) is actually committed or attempted, either or both of the following:— (a) agreeing with one or more other persons to commit an offence specified in sub-sect ion (1) or i n cl a u s e (a) of s u b- s ect i on (2), i n vol v i n g a n a ct undertaken by one of th e participan ts in furtheran ce of th e agreement; or (b) contributing in any manner to the commission of an offence specified in sub-section (1) or in clause (a) of sub-secti on (2) by a group of persons acting with a common purpose and such contribution shall either— ( i ) be ma d e wi t h t h e a i m of furthering the general criminal activity or purpose of the group, where such activity or purpose in volves th e commission of such an offence; or (ii) be m a d e i n t h e knowledge of the intention of the gr oup to commit such offence. (4) For the purposes of this Act, an aircraft shall be considered to be “in service” from the beginning of the pre-flight preparation of the aircraft by ground personnel or by the crew for a specific flight until twenty-four hours after any landing and in the case of a forced landing, the flight shall be deemed to continue until the competent authorities take over the responsibility for the aircraft an d for persons an d property on boar d. 4.Whoever commits the offence of hijacking shall be punished–– (a) with death where such offence results in the death of a hostage or of a security person nel or of any per son n ot involved in the offence, as a direct consequence of the office of h ijackin g; or (b) with imprisonment for l i fe wh i ch s h a l l m ea n imprisonment for the remainder of that person’s natural life and with fine,and the mova ble and immovable property of such person shall also be liable to be confiscated. 5. Whoever , being a per son committing the offence of hijacking of an aircraft, commits, in connection with such offence, any act of vi olen ce again st any passenger or member of the crew of such aircraft, shall be punished with the same punishment with which he would have been punishable under any law for the time being in force in India if such act had been committed in India.Punishment for hijacking. Punishment for acts of violenceconnected with hijacking. Ex-425/20164 6.(1) For the purposes of this Act, the Central Government may, notwithstanding anything contained in the Code of Criminal Procedure, 1973, by notifi cati on, con fer on an y offi cer of the Central Government or any officer of theAgency, power s of arrest, investigation and prosecution exercisable by a police officer under the said Code. (2) Al l officers of poli ce an d al l officers of Gover nm en t ar e her eby required and empowered to assist the officer of the Central Government referred to in sub-section (1) in the execution of the provisions of th is Act. 7.(1) Subject to the provisions of sub-section (2), where an offence under section 3 or section 5 is committed outside India, the person committing such offen ce may be dealt with in r espect thereof a s if such offen ce h ad been committed at any place within India at which he may be found. (2) No Court shall take cognizan ce of an offence punishable under secti on 3 or section 5 which is committed outside India unless,–– (a) such offence is committed within the territory of India; (b) such offence is committed against or on board an aircraft registered in India; (c)such offence is committed on board and the aircraft in which the offence iscommitted lands in India with the alleged offender still on boar d; (d)such offence is committed against or on boa r d a n aircraft which is for the time being leased without crew to a lessee who has his principal place of business or where he has no such place of business, his permanent residence is in India; (e) such offence is committed by or again st a citizen of India; (f) such offence is committed by a stateless person whose habitual residence is in the territory of India; (g) su ch offen ce i s committed by the alleged offender who is present in India but not extradited under section 11. 8.(1) For the purpose of providing for speedy trial, the State Government shall, with the concurrence of the Chief Justice of the High Court, by notification, specify a Court of Sessions to be a Designated Court for such ar ea or areas as may be specified in the notification. (2) Notwithstanding the provisions of sub-section (1), the Special Court Constituted under section 11 or, as the case may be, under section 22 of the National Investigation Agency Act, 2008 shall be the Designated Court for the purposes of this Act in case where the power of arrest, investigation and prosecution is exercised by the Agency under sub-section (1) of section 6. (3) Notwithstanding anything contained in the Code of Criminal Procedure, 1973, aDesignated Court shall, as far as practicable, hold the trial on a day-to-day basis. 9.(1) Notwithstanding anything contained in the Code of Criminal Pr ocedur e, 1973,— (a) all offences under this Act shall be triable by the Designated Court referredto in section 8. Designated Court. Conferment of powers of investigations, etc. Jurisdiction.2 of 1974. 34 of 2008 2 of 1974. Offences triable by Designated Cou rt.2 of 1974. Ex-425/2016 5 (b) where a per son who is accused or suspected of th e commission of an offence under this Act is forwarded to the Magistrate under sub-section (2) or sub-secti on ( 2A ) of secti on 167 of th e Code of Criminal Pr ocedur e, 1973, such Magistrate may authorise detention of such person in such custody, as he thinks fit, for a period not exceeding thirty days in the whole, where such Magistrate is a Judicial Magistrate, and seven days in the whole, where such Magistrate is an Executive Magistrate: Provided that the Magistrate may, if he considers that the detention of such person is not required,–– (i) when such person is forwarded to him as aforesaid; or (ii) upon or at an y time befor e th e expir y of th e period of deten t ion authorised by him, he shall order such person to be forwarded to the Designated Court having jurisdiction; (c) the Designated Court may exercise, in relation to the person forwarded to it under clause (b), the same power which a Magistrate h aving jurisdiction to try a case m a y ex er ci s e u n d er s ect i on 16 7 of th e Cod e of Criminal Pr ocedur e, 1973, in relation to an accused person in such case wh o has been forwarded to him under that section; (d) the Designated Court may, upon perusal of the report filled by the Agen cy ora complaint made by an officer of the Central Government, or the State Government, asthe case may be, authorised in this behalf, take cognizance of the offence without the accused being committed to it for trial. (2) When trying an offence under this Act, a Designated Court may also try an offence oth er th an an offen ce under th is Act, which th e accused may, under the Code of Criminal Procedure, 1973, be charged at the same trial. 10.Save as otherwise provided in this Act, the provisions of the Code of Criminal Procedure, 1973 shall apply to th e pr oceedin gs before a Designated Court and the person conducting a prosecution before a Designated Court shall be deemed t o b e a Public Prosecutor. CHAPTER III MISCELLANEOUS 11.(1) The offences un der section 3 and section 5 sh all be deemed to have been in clud ed as extraditable offences and provided for in all the extradition treaties made by India with Convention countries and which extend to, and are binding on, India on the date of commencement of this Act. (2) For the purposes of the application of the Extr adition Act, 1962 to offences under this Act, any aircraft registered in a Convention country shall, at any time while th at aircraft is in service, be deemed to be within the jurisdiction of that country, whether or not it is for the time being also within th e jurisdiction of an y oth er countr y. (3) None of the offences mentioned in section 3 shall be regarded, for the purposes of extradition or mutual legal assistance, as a political offence 2 of 1974. 2 of 1974. 2 of 1974. 2 of 1974.Application of Code to proceedings before Designated Court. Provisions a s to extradition. 34 of 1962. Ex-425/20166 or a s a n o ffen ce co n n ec t ed w i t h a p o l i t i ca l o ffen ce o r a s a n o ff en ce i n s p i r ed by political motives and a request for extradition or for mutual legal assistance based on such an offence shall not be refused on the sole ground that it concerns a political offence or an offence connected with a political offence or an offence inspired by political motives. 12.(1) Notwithstanding anything contained in the Code of Criminal Procedure, 1973, no person accused of an offence punishable under this Act shall, if in custody, be released on bail or on his own bond, unless,––- (a) the Public Prosecutor h as been given an opportunity to oppose th e application for such release; and (b) where Public Prosecutor opposes the application, the Designated Court is satisfied that there are reasonable grounds for believing that he is not guilty of such offence and that he is not likely to commit any offence while on bail. (2) T h e l i m i t a t i o n s on g r a n t i n g o f ba i l a s s p eci f i ed i n s u b- s ect i on (1) are in addition to the limitation under the Code of Criminal Procedure, 1973, or any oth er law for the time being in force, on granting bail. (3) Nothing contained in this section shall be deemed to affect the special powers of the High Court regarding bail under section 439 of the Code of Crimin al Procedure, 1973. 13.The Central Government may, by notification, certify as to who are the contracting parties to the Hague Convention and to what extent they have availed themselves of the provisions of the Convention, and any such notification shall be conclusive evidence of the matters certified therein. 14.(1) If the Central Government is satisfied that the requirements of s ub-secti on (2) have been satisfied in relation to any aircraft, it may, by notification, direct that such aircraft shall, for the purposes of this Act, be treated as registered in such Convention country as may be specified in the notification. (2) Where the Convention countries establish joint air tr ansport operating organisations or international operating agencies, which operate aircraft which are subject to joint or international registration, shall, by appropriate means, designate for each aircraft, th e countr y among them which shall exercise the jurisdiction and have the attributes of the country of registry for the purposes of the Convention and shall give notice thereof to th e Secretary General of the International Civil Aviation Organisation who shall communicate the notice to all Convention countries. 15.No pr osecution for an offen ce under th is Act shall be in stituted except with the previous sanction of the Central Government. 16.I n a p r os ecu t i on f or a n o ff en ce u n d er s ec t i on 3 o r s ec t i on 5 , i f i t is proved that— (a) the arms, ammunitions or explosives were recovered from the possession ofthe accused and there is reason to believe that such arms, ammunitions or explosives of similar nature were used in the commission of such offence; orProvision as to bail. 2 of 1974. 2 of 1974. 2 of 1974.treatcertain aircrafttoberegistered in Convention countries. Previou s sa nction necessary for prosecution. Presumption as to offences under sections 3 and 5. Contracting parties toConvention. Power to treat certain aircraft to be registered in Convention countriesEx-425/2016 7 (b) there is evi den ce of use of for ce, threat of for ce or an y oth er for m of intimidation caused to th e cr ew or passengers in connection with the commission of such offence,the Designated Court shall presume, unless the contrary is proved, th at th e accused has committed such offence. the Designated Court shall presume, unless the contrary is proved, that the accused has committed such offence. 17.(1) No suit, prosecution or other legal proceeding shall lie against any person for anything which is in good faith done or intended to be done in pursuan ce of th e provisions of th is Act. (2)No suit or other legal proceeding shall lie against the Central G o ver n m e n t f or a n y d a m a g e c a u s ed o r l i k el y t o b e c a u s ed f or a n yt h i n g wh i ch is in good faith done or intended to be done in pursuan ce of th e provisions of this Act. 18.(1) Where any officer, referred to in section 6, while conducting an inquiry or investigation has a reason to believe that any property, movable or immovable, or both, is r elatable t o the commission of the offen ce i n relation to which such inquiry or investigation is being conducted, is likely to be concealed, transferred or dealt with in any manner which will result in disposal of s u ch p r op er t y, h e m a y m a k e a n or d er for s ei z i n g s u ch p r op er t y a n d wh er e it is not practicable to seize such property, he may make an order of attachment directing that such property shall not be transferred or otherwise dealt with, except with the prior permission of the officer making such order, and a copy of such order shall be served on the person concerned. (2) Any order made under sub-section (1) sh all have n o effect unless the said order is confirmed by an order of the Designated Court, within a period of forty-eight hours of its being made. (3) The Designated Court may either confirm or revoke the order of seizure or attach men t r eferr ed to in sub-section (2). (4) Notwithstanding the confirmation of the order by the Designated Court under sub-sect ion (3), any per son aggrieved by t he or der of attachment made under sub-section (1), may make an application to the Designated Court for revocati on of said order within a period of thirty days from the date of confirmation of the order under sub-section (3). 19.Wh e r e a n y or d er i s m a d e b y t h e D es i g n a t ed C o u r t u n d er s ect i on 4 for confiscation of movable or immovable property or both, of th e accused, then, such property shall stand forfeited to the Government free from all encumbrances: Provided that the Designated Court may, during the period of such trial, order that all or any of the proper ties, movable or immovable, or both, belonging to the accused be attached, and in case such trial ends in conviction, then, the property so attached shall stand forfeited to Government free from all encumbrances. 20.(1) T he Cen tral Gover nmen t may, by notifi cation, make rules for carrying out the provisions of th is Act. (2) Every rule made under this A ct b y t h e C en t r a l G over n m e n t s h a l l be laid, as soon as may be after it is made, before each House of Parliament, Protection of action taken in good faith. Powers of investigating officers to seize or attach property. Confiscation and forfeiture of property. General power of make rules. Ex-425/20168 while it is in session, for a total per iod of thirty days which may be compr ised in one session or in two or more successive sessions, an d if, before th e expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the rule or both Houses agree that the rule should not be made, the rule shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under th at rule. 21.(1) The Anti-Hijacking Act, 1982 is hereby repealed. (2) The repeal of the said Act shall not affect–– (a) th e pr evious operation of, or an ything duly done or suffered under, or any action taken or purported to have been done or taken including any notification, order or notice made or issued, or any appointment, confirmation or d ecl a r a t i on m a d e or an y authorisation granted or any document or instrument executed or any direction given, under the Act so repealed, shall, in so far as it is not inconsistent with the provisions of this A c t , b e d eem ed t o h a ve be en done or taken under the corresponding provisions of this Act; or (b) any right, privilege or obligation or liability acquired, accrued or incurred under the said Act; or (c) any penalty, forfeiture or punishment incurred in respect of an y offen ce under th e sa id Act; or (d) any investigation, legal proceeding or remedy in respect of any such right, privilege, obligation, liability, penalty, forfeiture or punishment as aforesaid, and, any such investigation, legal proceeding or remedy may be instituted, continued or enforced and any such penalty, forfeiture or punishment may be imposed as if the said Act had not been repealed. 65 of 1982.Repeal and savings.Ex-425/2016 9 Published and Issued by the Controller, Printing & Stationery, Mizoram Printed at the Mizoram Govt. Press, Aizawl. C-60.

The Mizoram Gazette EXTRA ORDINARY Published by Authority RNI No. 27009/1973Postal Regn. No. NE-313(MZ) 2006-2008VOL - XLV Aizawl, Friday 21.10.2016 Asvina 29, S.E. 1938, Issue No. 426 AFFIDAVIT FOR CHANGE OF NAMEBy this Affidavit I, the undersigned Smt. C. Vanlalhr uaii da ughter of C. Laibata (L), aged about 58 year s, previously known as Vanla lhruaii, a permanent resident Bethlehem Vengthlang, Aiza wl, Mizoram solemnly decla re :- 1.That I wholly renounce/relinquish and aba ndon the use of my for mer name Vanlalhruaii and in place thereof, I do hereby assume from this da te the name C. Vanlalhruaii so that I may hereafter be called, known and distinguished not by my former name but assumed name of C. Vanlalhruaii. 2.That for the purpose of evidencing such my determination declare tha t I sha ll at a ll times hereafter in a ll recor ds, deeds and writings and in all pr oceedings, dealings and transa ctions, private as well as upon all occasions whatsoever, use and sign the name of C. Vanlalhrua ii as my name in place and in substitution of my former name. 3.That I expr essly a uthorize and request a ll persons in general and relatives and friends in particular at a ll times hereafter to designate and a ddress me using such my assumed name of C. Vanlalhruaii. 4.That the statements made in para 1 - 3 a re correct to the best of my knowledge and firm belief. IN WIT NESS WHEREOF, I have hereunto subscribed my hand to this Affida vit on this the 7th day of October, 2016. Sd/- C. Vanlalhruaii DEPONENT Ident ified by me:Signed before me: Sd/-Sd/- T. LalnunsiamaR. ThangkanglovaNotarial Registration AdvocateAdvocate & Notary PublicNo. 17/10 Below Vanapa Hall, Treasury SquareAizawl : MizoramDate 7.10.2016 Aizawl, Mizoram - 796001 09862108522/08575765557Published 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) 2006-2008VOL - XLV Aizawl, Friday 21.10.2016 Asvina 29, S.E. 1938, Issue No. 427 NOTIFICATIONNo. F. 23012/1/2016-GAD, the 14th October, 2016.In exercise of the power conferred under the Negotia ble Instruments Acts, 1881, the Governor of Mizoram is pleased to declar e the 31st October, 2016 (Monda y) as public holiday in resp ect of Govt. servants including employees under Central/S tate Public undertaking, Banking Institutions residing within Dawrpui Vengthar Local Council Constituency to enable voters to exercise their franchise in the By-Election to Dawr pui Vengthar Local Council, 2016. Renu Sharma, Chief Secretary to the Govt. of Mizoram.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) 2006-2008VOL - XLV Aizawl, Tuesday 25.10.2016 Kartika 3, S.E. 1938, Issue No. 428 AFFIDAVITI, C. Lalza hngoa S/o C. Tr ialchuha (L) R /o Ramhlun Nor th, Aizawl do hereby solemnly affirm and state as follows :- 1.That I am a bonafide citizen of India. 2.That my son Lalnunpeka Zahngo was born on 19.6.2006 and he is still a minor. 3.T ha t i n a ll his d ocu ment s my s on’s na me wa s wr it t en a s C . L a ln u np eka ex cep t in his b ir t h cer t if ica t e. 4.That hereaft er my son’s na me should be wr itten a s Lalnunpeka Za hngo in his all documents. 5.That I have verified the contents of this affidavit and found them to be true to my knowledge and belief and nothing material has been concealed therein. IN WIT NESS WHEREOF, I have hereunto subscribe my hand and put my signature on this the 17th day of October, 2016. Sd/- DEPONENT Ident ified by me:Signed before me: Sd/-Sd/- Francis Vanlalzuala, B.A., L.L.B.Judicial Magistrate 1st Class-II AdvocateAizawl District Distr ict & Sessions Judge’s CourtAizawl : Mizoram Aizawl District, Aizawl, MizoramPublished 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) 2006-2008VOL - XLV Aizawl, Tuesday 25.10.2016 Kartika 3, S.E. 1938, Issue No. 429 NOTIFICATIONNo. J-12011/56/2016-REV, the 4th October, 2016. In pursuance to this Department’s Notifica tion No.H.11018/6/2008-REV/pt, dt.15.7.2013, the Governor of Mizoram is please to constitute Site Allotment Advisory Boa rd (SAAB) within Kolasib District sta tion ar eas as S aihapui (K) village with immediate effect and valid for 2 years. T he composition of the SAAB shall be given as under. 1.Chairman:Robendro, President, Villa ge Council. 2.Member Secretary:Lalbiakzuala , Headma ster, Middle School. MEMBERS : 1)Zosa nglura, Secretar y, Village Council. 2)Zoliana, MNF 3)Lalr amchhana , Range Officer, Forest Department. 4)R.Huapzauva, President, MUP 5)K.La llianpuia, President, YMA. 6)Prominent Person : - a)J.Tluanglianthanga. b)L.Chawiliana. FUNCTIONS AND TERMS OF REFERENCE OF THE SAAB1.The Site Allotment Advisor y Board will b e the Screening Board in the matter of application for allotment of land for agricultural and non-agricultural purposes. 2.The Board s hall have to ju diciously examine the applicant’s originality with reference to sub-section (16) of Section 2 of the Mizoram (Land Revenue) Act, 2013. If the condition in these provisions are not fulfilled by the applicant or applicants t he Boar d shall have to reject outright. 3.The Board s hall ha ve its s itting at least twice in a year or as may be required and TA sha ll be given to the members of t he Board if the place of sit ting; is mor e than 8 (eight) kilometer from the headquarter of the member. T he Secretar y SAAB shall issue Meeting Notice in consultation with the Chairma n by giving at least 10 (ten) days in advance to the member of S AAB. - 2 - Ex-429/2016 4.All applications in prescribed Form for allotment of land in Village Plan area as referred in Explanation to Sub-rule (1) of Rule 14 and Rule 16 of the Mizoram (Land Revenue) Rules, 2013 read with Section 39 and 40 of the Act for any ca tegory or purpose must be su bmitted to the Settlement Officer or Assistant.. Settlement Officer if Cha irman of SAAB is the Deputy Commissioner of the District. In case, Chairman of SAAB is SDO (C) or BDO or President, Village Council the application for land allotment of any category must be submitted to the concerned Chair man. 5.The Board shall make initial screening of the application with regard to location of the applied site. After a summary scr eening, the Board shall place the ma tter for demarcation of land b y Surveyor, Revenue Depa rtment in the presence of the applica nt, the concerned VC and neighbouring land holder, if any. Measurement of land should be accurate and NOC shall be obtained from the neighbouring land holder, if existent. Format of NOC is as prescribed by Revenue Department. 6.The demarcation report of S urveyor duly vetted by Assistant Survey Officer shall be scrutinized by the Board ca refully, the recommendation of the meeting of Board shall be submitted to the concerned District Revenue Officer for further submission to the Government thr ough the Director, Land Revenue & Settlement, Aizawl Mizor am for decision of the Government. 7.In case, there are more than one a pplicant for one plot or one area SAAB will make recommendation of such names in order of prior ity. 8.The SAAB shall have to exa mine whether a llotment of land will interfere or infringe upon public safety and security or general public health or public inconvenience or adverse impact on environment or natural beauty of the area or potential obs truction to future infrastructure development wor k of the Government. It sha ll also take into a ccount that the allotment of land shall not violate the provisions of the M izoram (Prevention of Government Land Encroachment) Act, 2001 as amended fr om time to time. 9.The term of the Boa rd shall be three year s. The Government may, however, dissolve at any time or extend as it may deem necessary in the interest of public. Zothankhuma, Secr etary to the Govt. of Mizoram, Land Revenu e & Sett lement Department.Published and Issued by Controller, Printing & Stationery Department, Government of Mizoram Printed at the Mizoram Government Press, Aizawl. C/60

The Mizoram Gazette EXTRA ORDINARY Published by Authority RNI No. 27009/1973Postal Regn. No. NE-313(MZ) 2006-2008VOL - XLV Aizawl, Tuesday 25.10.2016 Kartika 3, S.E. 1938, Issue No. 430 NOTIFICATIONNo. J-12011/56/2016-REV, the 4th October, 2016. In pursuance to this Department’s Notifica tion No.H.11018/6/2008-REV/pt, dt.15.7.2013, the Governor of Mizoram is please to constitute Site Allotment Advisory Board (SAAB) within Kola sib District station areas as Thingthelh Village with immediate effect and valid for 2 years. T he composition of the SAAB shall be given as under. 1.Chairman:R. Lalhmangaihi, President, Village Council, T hingthelh 2.Member Secretary:C. Lalchia, Teacher, Middle School, Thingthelh MEMBERS : 1)Lalzamlova 2)Lalramzauva Ralte 3)Lalrinawma, INC 4)C. Jonathana, MNF 5)Lalhmingmawia Tochhawng, YMA. 6)Vanzinga, MUP 7)Prominent Person : - a)K.C. Vanlalfela b)R. Vanlaltlana FUNCTIONS AND TERMS OF REFERENCE OF THE SAAB1.The Site Allotment Advisor y Board will b e the Screening Board in the matter of application for allotment of land for agricultural and non-agricultural purposes. 2.The Board s hall have to ju diciously examine the applicant’s originality with reference to sub-section (16) of Section 2 of the Mizoram (Land Revenue) Act, 2013. If the condition in these provisions are not fulfilled by the applicant or applicants t he Boar d shall have to reject outright. 3.The Board s hall ha ve its s itting at least twice in a year or as may be required and TA sha ll be given to the members of t he Board if the place of sit ting; is mor e than 8 (eight) kilometer from the headquarter of the member. T he Secretar y SAAB shall issue Meeting Notice in consultation with the Chairma n by giving at least 10 (ten) days in advance to the member of S AAB. - 2 - Ex-430/2016 4.All applications in prescribed Form for allotment of land in Village Plan area as referred in Explanation to Sub-rule (1) of Rule 14 and Rule 16 of the Mizoram (Land Revenue) Rules, 2013 read with Section 39 and 40 of the Act for any ca tegory or purpose must be su bmitted to the Settlement Officer or Assistant.. Settlement Officer if Cha irman of SAAB is the Deputy Commissioner of the District. In case, Chairman of SAAB is SDO (C) or BDO or President, Village Council the application for land allotment of any category must be submitted to the concerned Chair man. 5.The Board shall make initial screening of the application with regard to location of the applied site. After a summary scr eening, the Board shall place the ma tter for demarcation of land b y Surveyor, Revenue Depa rtment in the presence of the applica nt, the concerned VC and neighbouring land holder, if any. Measurement of land should be accurate and NOC shall be obtained from the neighbouring land holder, if existent. Format of NOC is as prescribed by Revenue Department. 6.The demarcation report of S urveyor duly vetted by Assistant Survey Officer shall be scrutinized by the Board ca refully, the recommendation of the meeting of Board shall be submitted to the concerned District Revenue Officer for further submission to the Government thr ough the Director, Land Revenue & Settlement, Aizawl Mizor am for decision of the Government. 7.In case, there are more than one a pplicant for one plot or one area SAAB will make recommendation of such names in order of prior ity. 8.The SAAB shall have to exa mine whether a llotment of land will interfere or infringe upon public safety and security or general public health or public inconvenience or adverse impact on environment or natural beauty of the area or potential obs truction to future infrastructure development wor k of the Government. It sha ll also take into a ccount that the allotment of land shall not violate the provisions of the M izoram (Prevention of Government Land Encroachment) Act, 2001 as amended fr om time to time. 9.The term of the Boa rd shall be three year s. The Government may, however, dissolve at any time or extend as it may deem necessary in the interest of public. Zothankhuma, Secr etary to the Govt. of Mizoram, Land Revenu e & Sett lement Department.Published and Issued by Controller, Printing & Stationery Department, Government of Mizoram Printed at the Mizoram Government Press, Aizawl. C/60

The Mizoram Gazette EXTRA ORDINARY Published by Authority RNI No. 27009/1973Postal Regn. No. NE-313(MZ) 2006-2008VOL - XLV Aizawl, Tuesday 25.10.2016 Kartika 3, S.E. 1938, Issue No. 431 NOTIFICATIONNo. J-12011/56/2016-REV, the 4th October, 2016. In pursuance to this Department’s Notifica tion No.H.11018/6/2008-REV/pt, dt.15.7.2013, the Governor of Mizoram is please to constitute Site Allotment Advisory Board (SAAB) within Kolasib District station areas as Meidum Village with immediate effect and valid for 2 years. T he composition of the SAAB shall be given as under. 1.Chairman:Zahnuna, Pr esident, Village Council, Meidum. 2.Member Secretary:H. Rothuama, Secreta ry, Village Council, Meidum MEMBERS : 1)H. Vantluanga, Vice President, Village Council, Meidum 2)Zochunglura, Treasur er, Village Council, Meidum 3)Pachhunga, member, Village Council, Meidum 4)Lalnipuii, Member, Village Council, Meidum 5)Darthangpuii, MHIP 6)Lalthazova, MNF represent 7)Lalhmuchhua ka, IN C represent 8)C. Lalzawmliana, YMA represent 9)Lalrosanga, ZNP represent 10)Robula, BJP represent 11)Lalzawmliana, MUP represent 12)Lalthlengliana, Prominent Person FUNCTIONS AND TERMS OF REFERENCE OF THE SAAB1.The Site Allotment Advisor y Board will b e the Screening Board in the matter of application for allotment of land for agricultural and non-agricultural purposes. 2.The Board s hall have to ju diciously examine the applicant’s originality with reference to sub-section (16) of Section 2 of the Mizoram (Land Revenue) Act, 2013. If the condition in these provisions are not fulfilled by the applicant or applicants t he Boar d shall have to reject outright. 3.The Board s hall ha ve its s itting at least twice in a year or as may be required and TA sha ll be given to the members of t he Board if the place of sit ting; is mor e than 8 (eight) kilometer from the - 2 - Ex-431/2016 headquarter of the member. T he Secretar y SAAB shall issue Meeting Notice in consultation with the Chairma n by giving at least 10 (ten) days in advance to the member of S AAB. 4.All applications in prescribed Form for allotment of land in Village Plan area as referred in Explanation to Sub-rule (1) of Rule 14 and Rule 16 of the Mizoram (Land Revenue) Rules, 2013 read with Section 39 and 40 of the Act for any ca tegory or purpose must be su bmitted to the Settlement Officer or Assistant.. Settlement Officer if Cha irman of SAAB is the Deputy Commissioner of the District. In case, Chairman of SAAB is SDO (C) or BDO or President, Village Council the application for land allotment of any category must be submitted to the concerned Chair man. 5.The Board shall make initial screening of the application with regard to location of the applied site. After a summary scr eening, the Board shall place the ma tter for demarcation of land b y Surveyor, Revenue Depa rtment in the presence of the applica nt, the concerned VC and neighbouring land holder, if any. Measurement of land should be accurate and NOC shall be obtained from the neighbouring land holder, if existent. Format of NOC is as prescribed by Revenue Department. 6.The demarcation report of S urveyor duly vetted by Assistant Survey Officer shall be scrutinized by the Board ca refully, the recommendation of the meeting of Board shall be submitted to the concerned District Revenue Officer for further submission to the Government thr ough the Director, Land Revenue & Settlement, Aizawl Mizor am for decision of the Government. 7.In case, there are more than one a pplicant for one plot or one area SAAB will make recommendation of such names in order of prior ity. 8.The SAAB shall have to exa mine whether a llotment of land will interfere or infringe upon public safety and security or general public health or public inconvenience or adverse impact on environment or natural beauty of the area or potential obs truction to future infrastructure development wor k of the Government. It sha ll also take into a ccount that the allotment of land shall not violate the provisions of the M izoram (Prevention of Government Land Encroachment) Act, 2001 as amended fr om time to time. 9.The term of the Boa rd shall be three year s. The Government may, however, dissolve at any time or extend as it may deem necessary in the interest of public. Zothankhuma, Secr etary to the Govt. of Mizoram, Land Revenu e & Sett lement Department.Published and Issued by Controller, Printing & Stationery Department, Government of Mizoram Printed at the Mizoram Government Press, Aizawl. C/60

The Mizoram Gazette EXTRA ORDINARY Published by Authority RNI No. 27009/1973Postal Regn. No. NE-313(MZ) 2006-2008VOL - XLV Aizawl, Tuesday 25.10.2016 Kartika 3, S.E. 1938, Issue No. 432 NOTIFICATIONNo. J-12011/56/2016-REV, the 4th October, 2016. In pursuance to this Department’s Notifica tion No.H.11018/6/2008-REV/pt, dt.15.7.2013, the Governor of Mizoram is please to constitute Site Allotment Advisory Board (SAAB) within Kola sib District station areas a s Lungmuat Village with immediate effect and valid for 2 years. T he composition of the SAAB shall be given as under. 1.Chairman:Lalthanliana, President, Village Council, Lungmuat 2.Member Secretary:C. Lalngaihawma, Headmaster, Middle School, Lungmuat MEMBERS : 1)Lalduhawma, Secretary, Village Council, Lungmuat 2)R. Vanlalruata, (Political Party) 3)Lalrintluanga, PWD 4)V.L. Tluanga, President, MUP 5)C. Lalngaiha wma, Pr esident, YMA 6)Prominent Person :- a)Kawlhnuna b)H. Zothanzauva FUNCTIONS AND TERMS OF REFERENCE OF THE SAAB1.The Site Allotment Advisor y Board will b e the Screening Board in the matter of application for allotment of land for agricultural and non-agricultural purposes. 2.The Board s hall have to ju diciously examine the applicant’s originality with reference to sub-section (16) of Section 2 of the Mizoram (Land Revenue) Act, 2013. If the condition in these provisions are not fulfilled by the applicant or applicants t he Boar d shall have to reject outright. 3.The Board s hall ha ve its s itting at least twice in a year or as may be required and TA sha ll be given to the members of t he Board if the place of sit ting; is mor e than 8 (eight) kilometer from the headquarter of the member. T he Secretar y SAAB shall issue Meeting Notice in consultation with the Chairma n by giving at least 10 (ten) days in advance to the member of S AAB. - 2 - Ex-432/2016 4.All applications in prescribed Form for allotment of land in Village Plan area as referred in Explanation to Sub-rule (1) of Rule 14 and Rule 16 of the Mizoram (Land Revenue) Rules, 2013 read with Section 39 and 40 of the Act for any ca tegory or purpose must be su bmitted to the Settlement Officer or Assistant.. Settlement Officer if Cha irman of SAAB is the Deputy Commissioner of the District. In case, Chairman of SAAB is SDO (C) or BDO or President, Village Council the application for land allotment of any category must be submitted to the concerned Chair man. 5.The Board shall make initial screening of the application with regard to location of the applied site. After a summary scr eening, the Board shall place the ma tter for demarcation of land b y Surveyor, Revenue Depa rtment in the presence of the applica nt, the concerned VC and neighbouring land holder, if any. Measurement of land should be accurate and NOC shall be obtained from the neighbouring land holder, if existent. Format of NOC is as prescribed by Revenue Department. 6.The demarcation report of S urveyor duly vetted by Assistant Survey Officer shall be scrutinized by the Board ca refully, the recommendation of the meeting of Board shall be submitted to the concerned District Revenue Officer for further submission to the Government thr ough the Director, Land Revenue & Settlement, Aizawl Mizor am for decision of the Government. 7.In case, there are more than one a pplicant for one plot or one area SAAB will make recommendation of such names in order of prior ity. 8.The SAAB shall have to exa mine whether a llotment of land will interfere or infringe upon public safety and security or general public health or public inconvenience or adverse impact on environment or natural beauty of the area or potential obs truction to future infrastructure development wor k of the Government. It sha ll also take into a ccount that the allotment of land shall not violate the provisions of the M izoram (Prevention of Government Land Encroachment) Act, 2001 as amended fr om time to time. 9.The term of the Boa rd shall be three year s. The Government may, however, dissolve at any time or extend as it may deem necessary in the interest of public. Zothankhuma, Secr etary to the Govt. of Mizoram, Land Revenu e & Sett lement Department.Published and Issued by Controller, Printing & Stationery Department, Government of Mizoram Printed at the Mizoram Government Press, Aizawl. C/60