The Union Cabinet on Wednesday approved the Consumer Protection Bill 2015, amendments to GST Bill as proposed by the Rajya Sabha Select Panel, and Anti-Hijacking Bill. The Cabinet meeting chaired by Prime Minister Narendra Modi also approved the creation of National Investment and Infrastructure Fund.
The Consumer Protection Bill seeks to create a Consumer Protection Authority on the lines of the US and European countries for fast-tracking redressal of consumer grievances. The Cabinet approved amendments to the GST Bill to compensate States for revenue loss for five years on introduction of the uniform nationwide indirect tax regime.
The Cabinet decided that the modalities for levy of 1 per cent tax over and above
the GST rate by States as well as the “band” rate would be finalised while framing the rules, sources said.
The proposed Consumer Protection Bill 2015 that seeks to replace a 29-year-old law and proposes to set up a regulatory authority to curb unfair trade practices. The Consumer Affairs Ministry aims to introduce the Bill in the ongoing Monsoon Session of Parliament.
To attract more overseas money into the country, the Union Cabinet also cleared a proposal allowing foreign entities to invest in Alternative Investment Funds (AIFs). The decision will help make available more funds to start-ups, early stage ventures, small and medium enterprises (SMEs), which are generally considered as high risk investments.
Official sources said the Cabinet has given its approval for foreign investments in AIFs that are set up under Sebi regulations and would widen the avenues for overseas entities to put in their money.
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