30 Nov 2020

In a bid to provide an additional boost to the economy, as well as the home buyers, the Union Finance Minister – Nirmala Sitharaman, has announced a new stimulus package under Atma Nirbhar Bharat 3.0, on November 12, 2020.  As per the announcement, the acceptable difference between the ‘circle rate’ and the ‘agreement value’ for residential properties has been hiked from the existing 10% to 20%. The tax sop announced is expected to provide relief both to Developers as well as to Buyers, on the notional gains on which income tax is paid by them. The relief, which has been made effective from November 12, 2020, and will be applicable until June 30, 2021, is applicable only on the primary purchase of residential unit of value up to Rs. 2 crores.>>

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23 Nov 2020

My previous blog - Realization of the True Vision of “Atmanirbhar Bharat” Requires Modernization of Laws - outlined my views on the need for India to modernize many of its laws in order to make faster and more tangible progress towards “Atmanirbhar Bharat”. I had also pointed out that sectors such as education need to be transformed so that future generation is equipped with skills that are relevant for the future. But as I pondered over our country’s transformation, it struck me that while making new laws and updating outdated ones to make them relevant to the current realities and emerging possibilities of the world is important, we need much more. After all, a lot of negatives such as bribery, workplace harassment, rape etc. exist in our society despite there being enough laws against them (although it can be argued that implementing them consistently or ensuring that justice is always delivered are another matter altogether).>>

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18 Nov 2020

The Insolvency & Bankruptcy Code, 2016 (IBC) was introduced when insolvency resolution in India took around 4 years on an average. Therefore, completing the resolution process within a fixed timeline was at the heart of the new framework. But the instances of delays still kept cropping up and the code has been amended continually to impose stricter time frames and ensure compliance.>>

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06 Nov 2020

Almost every commercial contract contains an arbitration clause in order to circumvent the traditional trajectory of dispute resolution through litigation. It is common to encounter myriad project financing documents between a lender and a borrower bearing arbitration as a means of settling any dispute or difference. The concerning question raised in such a scenario is whether the lender of facilities exercises an upper hand in designating an arbitrator devoid of any recourse to the borrower; thereby bringing us to the crucial question: Have the clauses similar to All disputes and differences of whatsoever nature arising out of this agreement, whether during its term or after expiry thereof or prior termination shall be referred to arbitration in terms of the Arbitration and Conciliation Act, 1996. The arbitration shall take place before a sole arbitrator, to be appointed by the Lender.been obliterated?>>

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02 Nov 2020

The government’s vision for an “Atmanirbhar Bharat” (self-reliant India) is laudable. This is not a new idea, though. Indeed, self-reliance was a key reason for a newly-independent India to lay emphasis on a public sector that, over time, was present in virtually every sector- from aviation to zinc. During the 1980s, the emergence and development of India’s private sector were powered by buzz phrases such as “Import-substitution” and “Be Indian, Buy Indian”.>>

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