Bill tabled for protection of depositors in financial firms

It seeks to authorise the State government to investigate complaints of fraudulent transactions

With increased fraudulent transactions by financial firms, the Karnataka Protection of Interest of Depositors in Financial Establishments (Amendment), Bill, 2020, was tabled in the Legislative Assembly on Friday to authorise the State government to investigate complaints of fraudulent transactions.

The Bill empowers the government to appoint one competent authority in cases pertaining to any financial establishment which is spread over more than one district. It also enable the secretary of the Revenue Department to extend the time limit for filing application with the special court for orders to attach properties of firms indulged in fraudulent transactions.

The Bill seeks to empower the special courts to assess the value of attached assets and facilitate their sale expeditiously.

There would be a recurring expenditure of ₹1.5 crore by the proposed legislative measure.

The Bill enable the government to utilise the services of the e-auction plat form, empanelled agencies, official liquidators, and the valuers approved by any nationalised bank for valuation of assets.

The Karnataka Municipalities and Certain Other Law (Amendment) Bill, 2021, was tabled in the Assembly to extend the time limit for payment of property tax and also to provide rebate of five per cent in tax if paid within one month from the date of commencement of the amendment act.

The Karnataka Municipalities (Second Amendment) Bill, 2021, was introduced to revise the existing property tax structure and provide a simplified property tax base; improve the revenues of the municipalities by linking the property tax base to the prevailing guidelines under section 45B of the Karnataka Stamps Act, 1957; and bring about property tax reforms. It replaced the ordinance.

It envisages increase in property tax by three per cent for every financial year in which no revision of guidance value is made.

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