The draft Labour Code on Social Security 2018 provides concept of community service order to reform offenders and linking pecuniary penalty with inflation. At present, violation under social security laws attracts either fines, imprisonment or a combination of both.

While the exemption limit on income from interest for senior citizens has been raised five times to Rs 50,000 per year, the limit of deduction for health insurance premium and medical expenditure has been raised to Rs 50,000 from Rs 30,000 under section 80D of the I-T Act.

Sandip, Khetan, National Leader and Partner (Financial Accounting Advisory Services) at EY India said Ind AS 115 is going to significantly change the revenue of companies especially in sectors like EPC, technology, mining and metals, real estate, telecom and e-commerce.

“ Insurers shall avoid any undue enrichment on this account. Insurers may note that if necessary benefit on account of reduction in premium is not passed on to the insured / Govt., suitable action against the Insurance Companies may be initiated with National Anti-Profiteering Authority under Section 171 of the CGST Act,’’ said a notification by IRDAI on Wednesday

The Supreme Court said it was not “so simple” and when people agreed to obtain Aadhaar, they did not accept to surrender their data for government use and moreover, the safeguards provided in the Act did not exist in 2010-2016

The bill aims to tweak a 54-year-old law that deals with specific fulfilment of a contract, as part of the government’s ease of doing business policy. The Union Cabinet had in December last approved amendments to the Specific Relief Act, 1963. 

“We have extended the deadline in the past and we will extend the deadline again but we may do it by the end of the month to enable the petitioners in the case to conclude the arguments,” Attorney General K K Venugopal had said.

The deadline for subsidies and benefits under Section 7 of the Constitution will stay as March 31, 2018.

“Certain misgivings have been expressed in the media, especially social media, regarding the depositor protection in the context of ‘bail-in’ provisions of the FRDI Bill. These misgivings are entirely misplaced,” the ministry said.

Union Minister Piyush Goyal had earlier said the world is moving towards electric vehicles and the government is working on a road map to ensure all-electric car fleet in the country.