Govt notifies DPDP Act & Rules thereof; simplified framework for startups & data fiduciaries (See 'Corp Brief') SARFAESI - as per Sec 15 of the Act, if borrower's management is taken over by secured creditor, the management may be restored upon full repayment of debt: HC (See 'Legal Desk') Afforestation, ecological restoration - coal mining cos steps to ensure ecological balance (See 'Corp Brief') Competition Act - allegations primarily concerning contraventions of the Companies Act or Ministry of Youth Affairs and Sports directives, do not relate to anti-competitive conduct or violation of the Act: CCI (See 'Legal Desk') RBI issues guidelines for banks to provide customer services in regional languages (See 'Corp Brief') IBC - If bank has released approved payments from TRA account operated by them, then bank was monitoring these transactions during entire CIRP: IBBI (See 'Legal Desk') Govt releases Credit Assessment Model for MSMEs to enhance digitally driven loan appraisal (See 'Corp Brief') IBBI - Cannot be expected to maintain information with respect to other laws outside its purview: IBBI (See 'Legal Desk') Govt's aid measures for MSMEs - TReDS, Rs 9000 Crore infusion (See 'Corp Brief') Indian media & entertainment sector to maintain growth despite AI disruption: Secy (See 'Corp Brief') PBPT - Transactions are rightly deemed benami u/s 2(9)(D) of PBPTA, where person who provided consideration for properties was not traceable: SAFEMA Tribunal (See 'Legal Desk') Sustainable coal mining - Govt simplifies approval for geological exploration & reports (See 'Corp Brief') Benami - Benami transaction is considered not only in case of transfer of property by beneficial owner for his ultimate benefit in future, but even if such properties is held by benamidar: SAFEMA (See 'Legal Desk') IITF-2025 - FCI Pavilion showcasing modernised foodgrain management bags bronze medal (See 'Corp Brief') Copyright Act - Police have jurisdiction to register FIR u/s 33EEC of the Drugs and Cosmetics Act in conjunction with cognizable offence under Copyright Act; registration of copyright not mandatory for criminal proceedings upon infringement: HC (See 'Legal Desk') VO Chidambarnar port receives first Clinker vessel following MoU with Ambuja Cement Ltd (See 'Corp Brief') PMLA - Sweep of Sec 5(1) is not limited to accused named in criminal activity relating to scheduled offence, but shall apply equally to person who is involved in any activity connected with proceeds of crime: SAFEMA (See 'Legal Desk')

Pre-Budget consultation concludes

Published: Jul 08, 2024

By TIOLCorplaws News Service

NEW DELHI, JULY 08, 2024: THE Pre-Budget consultations for Union Budget 2024-25 that started from 19th June 2024 onward in the Ministry of Finance and chaired by Union Minister for Finance & Corporate Affairs Nirmala Sitharaman, concluded on 5th July 2024.

In the course of the in-person consultations, more than 120 invitees across 10 stakeholder groups, including experts and representatives from farmer associations & agriculture economists; trade unions; education & health sector; employment & skilling; MSME; trade & services; industry; economists; financial sector & capital markets; as well as, infrastructure, energy and urban sector, participated in the meetings.

Union Ministers of State for Finance Pankaj Chaudhary; Finance Secretary and Secretary Expenditure, Dr. T.V. Somanathan; Secretary, D/o Economic Affairs, Ajay Seth; Secretary, DIPAM, Tuhin K. Pandey; Secretary, D/o Financial Services, Vivek Joshi; Secretary, D/o Revenue, Sanjay Malhotra; Secretary, M/o Corporate Affairs, Manoj Govil, Secretaries of Ministries concerned, Chief Economic Adviser, Dr. V. Anantha Nageswaran, and senior officers from the Ministry of Finance and Ministries concerned were also present during relevant meetings.

In the course of the consultations, Union Finance Minister Sitharaman expressed gratitude to the participants for sharing valuable suggestions and assured experts and representatives that their suggestions would be carefully examined and considered while preparing the Union Budget 2024-25.

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