In Lok Sabha, members called the attention of Minister of Home Affairs on alleged alteration of affidavit relating to Ishrat Jahan case.
The Lower House also began general discussion on the budget presented by the Finance Minister.
Rajya Sabha passed the Real Estate (Regulation andDevelopment) Bill. The Bill had been pending in the Upper House since 2013 and was referred to a Select Committee last year. The Select Committee presented its report on 30 June, 2015. During the debate, the Minister accepted some recommendations of the Select Committee.
The Bill regulates transactions between buyers and promoters of residential and commercial real estate projects. It establishes state level regulatory authorities called Real Estate Regulatory Authorities (RERAs). Further, 70% of the amount collected from buyers for a project must be maintained in a separate bank account and must only be used for construction of that project. The state government can alter this amount to less than 70%.
This week saw the presentation of budgets and finances in some states. PRS analyses on the budgets presented in Rajasthan and Chhattisgarh are given below. The Budget analyses of the states’ outlines major budget and policy highlights along with a background of the respective state economies.
1. Rajasthan Budget The Minister of Finance of Rajasthan, Ms. Vasundhara Raje, presented the Budget for Rajasthan for the financial year 2016-17 on March 8, 2016.
2. Chhattisgarh Budget The Finance Minister of Chhattisgarh, Dr. Raman Singh, presented the Budget for Chhattisgarh for financial year 2016-17 on March 9, 2016.
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