Tuesday, December 29, 2015


The Supreme Court said that the right to property is a part of human rights and government cannot deprive a person of his land in an arbitary manner

A bench of of Justices V Gopala Gowda and Amitava Roy, while hearing a case related to the demand by a group of farmers in Rajasthan for fair compensation for the land acquired from them by the government, said that the judicial mandate of human rights dimension, thus, makes it incumbent on the state to solemnly respond to its constitutional obligation to guarantee that a land loser is adequately compensated.

"The right to property having been elevated to the status of human rights, it is inherent in every individual, and thus has to be venerably acknowledged and can, by no means, be belittled or trivialized by adopting an unconcerned and nonchalant disposition by anyone, far less the State, after compulsorily acquiring his land by invoking an expropriatory legislative mechanism," the bench said.

"Though earlier, human rights existed to the claim of individuals' right to health, livelihood, shelter and employment etc, these have started gaining a multifaceted approach, so much so that property rights have become integrated within the definition of human rights," the bench said while referring to its previous verdict, it said.

Right to property is a constitutional right: Supreme Court
The Supreme Court on Monday said the right to property is a constitutional right and government cannot deprive a person of his land in an arbitrary manner.

A bench of justices G S Singhvi and A K Ganguly said in a judgement that courts should view with "suspicion" the action of the government in acquiring land for private parties in the name of urgency.

"Court should not adopt a pedantic approach, as has been done in the present case, and decide the matter keeping in view the constitutional goals of social and economic justice and the fact that even though the right to property is no longer a fundamental right, the same continues to be an important constitutional right and in terms of Article 300-A, no person can be deprived of his property except by authority of law," Justice Singhvi, writing the judgment, said. 

The apex court passed the judgment while quashing the acquisition of 205 hectares of agricultural land in Uttar Pradesh's Gautam Budh Nagar by the state on behalf of the Greater NOIDA Industrial Development Authority for business entrepreneurs in March 2008.

The land owners Radhy Shyam and others had challenged the acquistion on the ground that the government invoked Section Section 17(1) and 17(4) of the Land Acquisition Act empowering it to dispense with the process of inviting objections from the victims as mandated under Section 5A of the legislation.

The high court had dismissed the land owners' plea, after which they appealed in the apex court.

Upholding the landowners plea, the apex court said if land is acquired for the benefit of private persons, the court should view the invoking of Section 17(1) and/or 17(4) with suspicion and carefully scrutinize the relevant record before adjudicating upon the legality of such acquisition.

Thursday, December 10, 2015


The High court of Karnataka has declined to entertain the Government`s submission and vacate the Interim Stay Order and proceeded to issue notice to the Principal Secretary, Urban Development Department to appear before the Bench on 18-01-2015.

The Government pleader requested the Court to vacate the stay and permit the Government to implement the scheme as it would benefit 20 lakh residents and placed weighted argument that the neighbouring Tamil Nadu had already implemented the scheme and the Supreme Court had vetted the same.

This ground of appeal did not hold any water and the court did not relent.

The illegal Akrama-Sakrama is back to pavilion.  

Wednesday, December 9, 2015


The Union Cabinet on Wednesday approved the Real Estate (Regulation and Development) Bill, 2015 which will now be taken up for consideration by the Parliament chaired by the Prime Minister.

The Bill provides uniform regulatory environment to ensure speedy adjudication of disputes and orderly growth of the real estate sector and ensures mandatory disclosure by promoters to the customers through registration of real estate projects as well as real estate agents with the Real Estate Regulatory Authority.

The salient features of the Bill include establishment of 'Real Estate Regulatory Authority' in states/union territories to regulate real estate transactions. It is applicable both for commercial and residential real estate projects.

Projects of 500 sq.mt area or 8 flats will have to be registered with regulatory authority instead of 1,000 sq.mt and 12 flats earlier.

Registration of real estate projects and real estate agents with the authority, mandatory disclosure of all registered projects, including details of the promoter, project, layout plan, land status, approvals, agreements along with details of real estate agents, contractors, architect, structural engineer are other features of the Bill.

It has also specified that deposit of specified amount in a separate bank account to cover the construction cost of the project for timely completion of the project. The Bill includes a provision requiring real estate developers to deposit 70 per cent of the project cost in a separate escrow account.

The Bill envisages establishment of a fast-track dispute resolution mechanism for settlement of disputes through adjudicating officers and Appellate Tribunal.

Other major changes approved by the Cabinet in the Real Estate (Regulation and Development) Bill, 2015 include equal rate of interest to be paid by promoters and buyers in case of default or delays while liability of promoters for structural defects has been increased from the earlier 2 to 5 years.

Carpet area has been clearly defined to include usable spaces like kitchen and toilets imparting clarity in the matter which was not the case earlier.

Garage is now to kept out of the purview of definition of apartment and is separately defined and formation of allottees associations is now mandatory within three months of allotment of majority of units in a project so that buyers get to manage facilities like common hall, club house, reading room.

Aggrieved buyers can now approach 644 consumer courts which are available at district level in the country instead of only the Regulatory Authorities proposed to be set up under the Bill, mostly in capital cities, for redressal of grievances. This makes it easy for buyers besides reducing the costs of seeking redressal.

Regulatory authorities would promote single window system of clearances for real estate projects benefiting the sector and can now grade projects along with grading of promoters, besides ensuring much desired digitization of land records.

Regulatory authorities will now be required to make regulations within three months of its formation as against six months earlier proposed.

States will now have to make rules within six months of notification of the proposed Act as against one year earlier proposed and allottees shall take possession of houses in two months of issuance of occupancy certificate. This prevents delaying registration resulting in denial of revenues to the respective states in the form of stamp duties and registration charges.

Chairmen and Members of regulatory authorities and appellate tribunals are barred from taking up post-retirement jobs except in government and statutory bodies.

Additional benches of appellate tribunals can be set up in a state if required for speedy adjudication of grievances.

There is new provision for imprisonment up to three years in case of promoters and up to one year in case of real estate agents and buyers for violation of orders of appellate tribunals. Appellate Tribunals now required to adjudicate cases in 60 days as against 90 days earlier proposed and regulatory authorities to dispose of complaints in 60 days while no such time limit was indicated earlier.

With all these major amendments to the Real Estate Bill first moved in 2013, the Real Estate (Regulation and Development) Bill, 2015 is expected to protect the interests of large number of buyers besides promoting fair play in real estate transactions and ensuring timely execution of projects.

According to a real estate research agency, 10 lakh consumers buy houses every year with an investment of about 3.50 lakh crore in residential segment. About 3,200 to 4,000 new projects are launched every year. At present about 17,000 real estate projects are in progress in 26 major urban agglomerations in the country which also will come under the ambit of the proposed Bill

Wednesday, December 2, 2015

The Great Samaritans of Chennai - Thanks to one and all

This is how the Samaritans responded to the call of humanity at Chennai but many such noble deeds goes unnoticed.  We thank one and all for their GREAT SERVICE.
The rain came, and Chennai responded by opening its doors. Over the last few days, as the streets got flooded and increasingly dangerous to navigate, our city responded with overwhelming generosity. Locals have been posting their addresses online, offering food and shelter to anyone who needs it. Theatres, malls and restaurants have thrown open their doors. Impromptu rescue teams have been formed to help those who are stranded. The gestures range from families cooking food all night so it can be distributed to the hungry, to thoughtful Chennaiites with Internet access offering to recharge phones with talk time for people with no balance or electricity.
City opens its doors
It’s early yet on Wednesday morning, but Dr. Sai Kishore from Paalavakkam is busy wading through water-logged streets, handing out packets of food to those in need. The medico who runs the K.L. Hospital in Neelankarai, threw open his hospital doors for those stranded in the rain. “As of last evening we had at least 10 families take shelter at the hospital. We went around picking up those stranded in the hospital ambulance. After a point though the ambulance could not ply on the water-logged streets. Now, my team and I are going around the area distributing packets of food that we cooked in the hospital mess to those in need,” he explains, adding, “The way the city has come together to help others in need is very encouraging. There is such a sense of unity at this time of crisis.”Help came from all corners as Sowmya Reddy put together a crowd-sourced Google doc encouraging people to open up their homes to those affected by the floods. With nearly 225 volunteers posting their contact details and offering to host people in their homes, the list has come as a boon for the city.
Naveen Kumar, an IT employee who lives in Kotturpuram, had people from the Mandaveli area seek refuge at his house. “I did the same last week and am more than willing to host people this time round too. The situation is pretty bad and it’s the one way I could extend help, so why not? I had two people come over last night and we provided them with food and shelter,” he says.
While Suresh Kumar, a volunteer from Medavakkam, didn’t receive any calls from people looking for shelter, he did receive calls from people wading through the flood waters and looking for some food. “A group of people got in touch with me through my listing. They had been walking from OMR to Kovilavakkam through water-logged streets and were looking for something to eat, before they could continue their walk home. I got food packed from a nearby restaurant and went and gave it to them. Anybody looking for shelter is most welcome to get in touch with me,” he says.
Help comes from New York
Krtgrphr, a New York-based Chennaiite spent 15 hours volunteering information on the Internet Kartik, who goes by @krtgrphr on Twitter, is managing many tabs on his laptop sitting in New York. On any other day, this would seem like a normal activity for someone who is online a lot, but Tuesday night and Wednesday morning were all about offering help to strangers stranded in Chennai due to the rain. Krtgrphr (who prefers to go by his Twitter handle) has been volunteering for 15 hours non-stop so far, and is still going strong. From contributing to the document on '#ChennaiRains Resource Center' (chennairains.org) to just as simply spreading the word by retweeting important information and sharing important numbers, the 29-year-old researcher for IBM is making a difference, just like many others on popular social networking sites.
“There’s so much to do behind the scenes; we’re all just a bunch of people who have time on our hands,” he says. On Twitter, trying to find information on what was going on in Chennai, krtgrphr admits that he was feeling helpless about not being able to “effect change on the ground. So you try to do anything you can.”
While a lot of people have opened up their homes, some have started distributing food packets, water and clothes in their areas. How can people sitting at home help? “They can help us right now by connecting those without connections or power or battery to rescue services, food, shelter etc.
And help anyone you see around,” he urges. As a former resident of Chennai, krtgrphr is one of the many who has used social media to effect change for the good. “It’s the participants that make Twitter what it really is.”
Fishermen sail in to help
The fishermen of Chennai are rowing their boats in the flooded streets of the city to rescue those who are stranded. Boats from places such as Kasimedu, Kottivakkam Kuppam, and Kovalam are being transported in trucks along with fishermen-volunteers to the flood-hit regions. “We rescued some 400 people since morning,” says Selvam, a fisherman from Kovalam. A trained life-guard and surfer, Selvam reached Pallikaranai early in the day along with 18 men from the fishing village.
“We’ve brought three fibre boats, each of which can carry 18 people,” he calls out on the phone from the rescue site over the sound of ambulance sirens. “Those we ferried to safety are all from settlements along the Pallikaranai marsh; they’ve lost everything.”
Selvam and team have put in place a well-planned rescue operation. “The moment we help people into our boats, we row towards safe zones that our men have identified. They wait there for us along with a local who guides us,” he explains. Fisherman Mohan from Kottivakkam also had an early start as he made his way in his fibre boat to rescue those who were stranded. “A lot of men from the kuppam have gone along with him,” says his wife Nithya. “They’ve taken several boats with them… I hope they’re all safe.”
M.D. Dayalan, president of the Indian Fishermen Association, says that Kasimedu alone has offered 40 boats for rescue work. “Our men are coordinating with the Fisheries Department. Boats from as far as Neelankarai and Kanathur are in the city, helping people in low-lying areas.”
By Akhila Kannadasan
Restaurants spring into action
With rescue efforts pouring in, some of the restaurants in the city have also sprung into action. On Tuesday night Japtej Ahluwalia and Nikesh Lamba of Double Roti offered complimentary meals at their outlets in Neelankarai and Cenotaph Road. “Quite a few families passing by stopped for a bite. A lot of cyclists and two-wheeler riders came in too for a quick hot meal,” says Japtej. With the inner roads of Neelankarai flooding, more people ended up in that outlet. Maggi was the most popular dish followed by burgers and sandwiches.
Old Madras Baking Company (OMBC) too welcomed wet stranded passersby for a hot cup of tea/coffee and some sandwiches at all their outlets. Sandy’s, Ox and Tomato and OMBC are open to accommodating people to spend the night there as well. “On Tuesday night about six people spent the night at Sandy’s in Ganapathy Colony,” says Mansi Sandesh Reddy. Tryst cafe put together food boxes to be dispatched to people in need.
Anita Ratnam, classical and contemporary dancer-choreographer
Her house is full of people; just waking up to steaming cups of tea after a long, frightening night. “I was on my way to the airport with a group of ten dancers yesterday to catch a flight to Thailand for a contemporary dance festival. We got into the car at 8 p.m., and eventually gave up because we could not access the airport. We got home at midnight, and on the way I saw eight to nine people huddled under a big tree outside my house. It was terrible,” says Anita.
She responded by opening her home to as many people as she could house, a total of 18, including all the dancers. “I also handed out everything I could: towels, blankets, T-shirts… I completely cleaned out the fridge,” she says, “We slept on every available surface, just using cushions, quilts and all my shawls… I didn’t think about it, I just did it. And that’s how the city is responding to the rain.”
She adds, “We are part of a momentous disaster. Whatever we can do, we do. At least this rain has shown one thing about our city: we are extremely hospitable: warm, welcoming and trusting. I’m not surprised people are opening their homes. Remember in Tamil custom we never say goodbye – we say ‘vaanga’, please come.”
“I would have loved to see the glittering establishments of this city throw open their lobbies as well. When 9/11 happened in New York, all the five star hotels ran ads saying, ‘Please come in’. They opened soup kitchens. Here it is the individual citizens who are reflective of the spirit of the city. It is in crisis that character emerges.”
Sam Paul, lawyer and entrepreneur
On Tuesday, as flood waters rose in and around Chennai, Sam Paul rounded a group of friends and family members and started a rescue service. They split into teams and went about rescuing marooned families, supplying food, medicine and offering shelter. Sam’s house as of now is hosting four families. “We rescued a family from Perambur where the water level was 12 feet. Two grandparents and a grandson. We even rescued a dog. Our friends too have opened up their houses for those stranded,” he says.
Till about 7.30 am on Wednesday Sam, Lenin Paul, Ajit Sigamani and Jose Sigamani drove through Mudichur, Velachery, Guduvanchery, Madipakkam and Tambaram getting stranded people out.
Pleased with how people from the city are banding together to lend support, Sam says activist Abdul Ghani and his team too are doing good work. “They even rescued a pregnant woman, who was then admitted to SRM hospital where she delivered a baby,” he says.
In addition Sam’s restaurant chain of Jonah’s is cooking and supplying food for 300 people.
The initiative has grown with more people joining in as volunteers and shortly a Facebook page titled Chennai food, rescue and shelter will be up to spread the message and services.
Murthy Megavan, fisherman and surfer
“Our Covelong boys team helped the stranded during the floods by using whatever was available such as kayaks, catamarans and fishing boats. We rescued around 200 girls from hostels and also other college students. We had fun doing it - clowned around a bit by taking advantage of the empty toll booths.”

Chennai rains and the IT woes

Chennai`s IT woes

          Chennai's IT corridor has been flooded, Most of the IT offices in the city remained closed on Monday and probably remain closed tomorrow as well due to flooding at IT estate.. Some companies have given employees the option of work from home.

          Major IT giants have  relocated key personnel and functions to none other than the IT Capital, Bengaluru and other cities to avoid disruption to business.
Some IT Companies have formed teams in Chennai and  have been working with local authorities to get employees stranded across the city to return home safely
The best part of the IT business is that there is no discontinuity nor delay in their delivery plans and emergency have been activated and  have taken necessary actions to ensure client commitments are met.

Chennai - Helplines

NDRF has issued its helpline number for further assistance: 011-24363260, +919711077372.
Chennai Army Helpline: 9840295100
Navy helpline numbers: 044-27237107, 044-25394240
The Chennai City Corporation has set up emergency control rooms across the city. Regional office numbers:
First Regional Office (Tiruvottiyur) – 09445190001
Second Regional Office (Manali) – 09445190002
Third Regional Office (Madhavaram) – 09445190003
Fourth Regional Office (Tondiarpet) – 09445190004
Fifth Regional Office (Royapuram) – 0944510005
Sixth Regional Office (Thiru. Vi. Ka. Nagar) – 09445190006
Puducherry helpline numbers:
Toll no: 1070, 1077
District collector: 9597706680
Helpline Numbers:
Tree fall, Water logging - 1913
Sewage overflow - 45674567, 22200335
State Emergency: 1070
District Emergency: 1077
Electricity: 1912
Fire and Rescue: 101
Southern Railway help line numbers:

Thursday, November 12, 2015

Global Warming and its effects on the coastal areas

Indian Coastal areas would be severely affected, if the climate change or increase in the temperature by 4%, the sea would engulf major cities across the Globe.

An US-based non-profit research and journalism organization, Climate Central,  has warned that the climate change threatens nearly 55 million people in India's coastal areas and increase in temperature could submerge a whopping 145 million in China also.  This could lock in enough rise of sea level to submerge land currently home to more than half a billion people globally if the temperature spikes by four degrees Celsius, which is humanity's current trajectory and remains a serious challenge environmentalists.

The report further stated that A 4C warming scenario could lock in enough sea level rise to submerge land inhabited by half or more of today's population in Shanghai and Shantou, China; Haora (Howrah), Calcutta and Mumbai, India; Hanoi, Vietnam; and Khulna, Bangladesh.

Tuesday, November 3, 2015



October 30, 2015
The Chairman & Managing Director 
All Scheduled Commercial Banks
(Excluding RRBs)
Dear Sir/Madam,
Sovereign Gold Bonds, 2015-16
It has been decided by the Government of India, as per their Notification F.No. 4(19)-W&M/2014 dated October 30, 2015, to issue Sovereign Gold Bonds, 2015 (“the Bonds”) with effect from November 05, 2015 to November 20, 2015. The Government of India may, with prior notice, close the Scheme before the specified period. The terms and conditions of the issuance of the Bonds shall be as follows:
1. Eligibility for Investment:
The Bonds under this Scheme may be held by a person resident in India, being an individual, in his capacity as such individual, or on behalf of minor child, or jointly with any other individual. “Person resident in India” is defined under section 2(v) read with section 2 (u) of the Foreign Exchange Management Act, 1999.
2. Form of Security
The Bonds shall be issued in the form of Government of India Stock in accordance with section 3 of the Government Securities Act, 2006. The investors will be issued a Holding Certificate (Form C). The Bonds shall be eligible for conversion into de-mat form.
3. Date of Issue
Date of issuance shall be November 26, 2015.
The investors can apply for the Bonds in receiving offices from November 05, 2015 to November 20, 2015. The issuance can be closed by Government of India earlier than November 20, 2015 with a prior notice.
4. Denomination
The Bonds shall be denominated in units of one gram of gold and multiples thereof. Minimum investment in the Bonds shall be 2 grams with a maximum subscription of 500 grams per person per fiscal year (April – March). In case of joint holding, the limit applies to the first applicant.
5. Issue Price
Price of the Bonds shall be fixed in Indian Rupees on the basis of the previous week’s (Monday – Friday) simple average closing price for gold of 999 purity, published by the India Bullion and Jewellers Association Ltd. (IBJA).
6. Interest
The Bonds shall bear interest at the rate of 2.75 per cent (fixed rate) per annum on the amount of initial investment. Interest shall be paid in half-yearly rests and the last interest shall be payable on maturity along with the principal.
7. Receiving Offices
Scheduled commercial banks (excluding RRBs) and designated Post Offices (as may be notified) are authorized to receive applications for the Bonds either directly or through agents.
8. Payment Options
Payment shall be accepted in Indian Rupees through Cash or Demand Drafts or Cheque or Electronic banking. Cheque or draft should be drawn in favour of the bank / post office (Receiving Office), specified in paragraph 7 above and payable at the place where the applications are tendered.
9. Redemption
i.            The Bonds shall be repayable on the expiration of eight years from the date of issue. Pre-mature redemption of the Bond is allowed from fifth year of the date of issue on the interest payment dates.
ii.            The redemption price shall be fixed in Indian Rupees on the basis of the previous week’s (Monday – Friday) simple average closing price for gold of 999 purity, published by IBJA.
10. Repayment
The receiving office shall inform the investor of the date of maturity of the Bonds, one month before its maturity.
11. Eligibility for Statutory Liquidity Ratio (SLR)
The investment in the Bonds shall be eligible for SLR.
12. Loan against Bonds
The Bonds may be used as collateral for loans. The Loan to Value ratio will be as applicable to ordinary gold loan mandated by the RBI from time to time. The lien on the Bonds shall be marked in the depository by the authorized banks.
13. Tax Treatment
Interest on the Bonds shall be taxable as per the provisions of the Income-tax Act, 1961. Capital gains tax treatment will be the same as that for physical gold.
14. Applications
Subscription for the Bonds may be made in the prescribed application form (Form ‘A’)  or in any other form as near as thereto stating clearly the grams of gold and the full name and address of the applicant. The receiving office shall issue an acknowledgment receipt in Form ‘B’ to the applicant.
15. Nomination
Nomination and its cancellation shall be made in Form ‘D’ and Form ‘E’, respectively, in accordance with the provisions of the Government Securities  Act, 2006 (38 of 2006) and the Government Securities Regulations, 2007, published in part III, Section 4 of the Gazette of India dated the 1st December, 2007.
16. Transferability
The Bonds shall be transferable by execution of an Instrument of transfer as in Form ‘F’, in accordance with the provisions of the Government Securities Act, 2006 (38 of 2006) and the Government Securities Regulations, 2007, published in part III, Section 4 of the Gazette of India dated the 1st December, 2007.
17. Tradability in Bonds
The Bonds shall be eligible for trading from such date as may be notified by the Reserve Bank of India.
18. Commission for distribution
Commission for distribution shall be paid at the rate of rupee one per hundred of the total subscription received by the receiving offices on the applications received and receiving offices shall share at least 50% of the commission so received with the agents or sub-agents for the business procured through them.
19. All other terms and conditions specified in the notification of Government of India in the Ministry of Finance (Department of Economic Affairs) vide number F. No.4(13) W&M/2008, dated the 8th October, 2008 shall apply to the Bonds.
Yours faithfully,
(Chandan Kumar)
Deputy General Manager
RBI-Sovereign Gold Bonds -2
The Reserve Bank of India, in consultation with Government of India, has decided to issue Sovereign Gold Bonds. The Bonds will be issued on November 26, 2015. Applications for the bond will be accepted from November 05, 2015 to November 20, 2015. The Bonds will be sold through banks and designated post offices as may be notified. The borrowing through issuance of the Bond will form part of market borrowing programme of Government of India.
It may be recalled that Honourable Finance Minister had announced in Union Budget 2015-16 about developing a financial asset, Sovereign Gold Bond, as an alternative to purchasing metal gold. The features of the Bond are given below:
Product name
Sovereign Gold Bond
To be issued by Reserve Bank India on behalf of the Government of India.
The Bonds will be restricted for sale to resident Indian entities including individuals, HUFs, trusts, Universities, charitable institutions.
The Bonds will be denominated in multiples of gram(s) of gold with a basic unit of 1 gram.
The tenor of the Bond will be for a period of 8 years with exit option from 5th year to be exercised on the interest payment dates.
Minimum size
Minimum permissible investment will be 2 units (i.e. 2 grams of gold).
Maximum limit
The maximum amount subscribed by an entity will not be more than 500 grams per person per fiscal year (April-March). A self-declaration to this effect will be obtained.
Joint holder
In case of joint holding, the investment limit of 500 grams will be applied to the first applicant only.
The Bonds will be issued in tranches. Each tranche will be kept open for a period to be notified. The issuance date will also be specified in the notification.
Issue price
Price of Bond will be fixed in Indian Rupees on the basis of the previous week’s (Monday–Friday) simple average of closing price of gold of 999 purity published by the India Bullion and Jewellers Association Ltd. (IBJA).
Payment option
Payment for the Bonds will be through electronic funds transfer/cash payment/ cheque/ demand draft.
Issuance form
Government of India Stock under GS Act, 2006. The investors will be issued a Stock/Holding Certificate. The Bonds are eligible for conversion into de-mat form.
Redemption price
The redemption price will be in Indian Rupees based on previous week’s (Monday-Friday) simple average of closing price of gold of 999 purity published by IBJA.
Sales channel
Bonds will be sold through banks and designated Post Offices, as may be notified, either directly or through agents.
Interest rate
The investors will be compensated at a fixed rate of 2.75 per cent per annum payable semi-annually on the initial value of investment.
Bonds can be used as collateral for loans. The loan-to-value (LTV) ratio is to be set equal to ordinary gold loan mandated by the Reserve Bank from time to time.
KYC Documentation
Know-your-customer (KYC) norms will be the same as that for purchase of physical gold. KYC documents such as Voter ID, Aadhaar card/PAN or TAN /Passport will be required.
Tax treatment
The interest on Gold Bonds shall be taxable as per the provision of Income Tax Act, 1961 (43 of 1961) and the capital gains tax shall also remain same as in the case of physical gold.
Bonds will be tradable on exchanges/NDS-OM from a date to be notified by RBI.
SLR eligibility
The Bonds will be eligible for Statutory Liquidity Ratio.
Commission for distribution shall be paid at the rate of 1% of the subscription amount.

Monday, November 2, 2015


The Supreme Court of India in a ruling that will restrict the right of women seeking equal share in ancestral property, said that the 2005 amendment in Hindu law will not give property rights to a daughter if the father died before the amendment came into force.(2005)

The father (Coparcenor) must be alive on the date of amendment (2005) and the daughter must also be alive to claim her share in the ancestral properties.
The court held that the amended provisions of the Hindu Succession (Amendment) Act, 2005, could not have retrospective effect despite it being a social legislation.

The court said the father would have had to be alive on September 9, 2005, if the daughter were to become a co-sharer with her male siblings.

The Hindu Succession Act, 1956, originally did not give daughters inheritance rights in ancestral property. They could only ask for a right to sustenance from a joint Hindu family. But this disparity was removed by an amendment to the Act on September 9, 2005.

The apex court judgment has now added another disqualification for women regarding their right of inheritance. Until now, they could not ask for a share if the property had been alienated or partitioned before December 20, 2004, the date the Bill was introduced. This judgment makes it imperative for the father to have been alive when the amendment came into force.

Settling the law in the wake of a clutch of appeals arising out of high court judgments, a bench of Justices Anil R Dave and Adarsh K Goel recently held that the date of a daughter becoming coparcener (having equal right in an ancestral property) is “on and from the commencement of the Act”.

The bench overruled the view taken by some high courts that the amendment being a gender legislation that aimed at according equal rights to the daughter in ancestral property by removing discrimination, should be applied retrospectively.
Interpreting statutory provisions, the top court shot down the argument that a daughter acquires right by birth, and even if her father had died prior to the amendment, the shares of the parties were required to be redefined.
“The text of the amendment itself clearly provides that the right conferred on a ‘daughter of a coparcener’ is ‘on and from the commencement’ of the amendment Act. In view of plain language of the statute, there is no scope for a different interpretation than the one suggested by the text,” it said.

Further, there is neither any express provision for giving retrospective effect to the amended provision nor necessary intent, noted the court, adding “even a social legislation cannot be given retrospective effect unless so provided for or so intended by the legislature”.

About applicability of the amendment to the daughters born before it was brought, the bench held that the new law would apply irrespective of the date of birth.

“All that is required is that the daughter should be alive and her father should also be alive on the date of the amendment,” it said.

The court also held that alienation of ancestral property, including its partition, which may have taken place before December 20, 2004, in accordance with the law applicable at that time, would remain unaffected by the 2005 amendment, and those partitions can no longer be reopened by daughters.

Saturday, October 24, 2015

Payment Default in and around Delhi -

Flat Buyers who have been irregular paymasters or those who had defaulted in the staggered payments to the builders in the last two years and during the period when the NGT issue over the Okhla Bird Sanctuary Eco-sensitive zone was subjudice, will now find it difficult to demand the apartments from builders at the old or booked price as the sale agreement is not enforceable not.

The prices of most of the apartments have shot up, and now with most apartments nearing completion; builders would find it much more lucrative to refund buyers and resale the apartments are higher prices.

Besides, the buyers now having to procure those flats will have to pay interests between 18-20 per cent on the amount due to the builders to regularise the payments and lay claims to the apartments. But, it all depends upon a particular builder if he wants to oblige a defaulted buyer at all.

Sunday, October 11, 2015

Sewage Treatment Plant and Rain Water Harvesting is Mandatory in Bangalore for apartment complex with or more than 5 Apartments

The Bangalore Water Supply and Sewerage Board (BWSSB), in its board meeting  approved the proposal, to make mini STP plants mandatory to apartments/flats with or more than 5 flats and Rain Water Harvesting , the proposal has been sent to Urban Development Department (UDD) for approval.

Sunday, October 4, 2015


The Hindu Succession (Amendment ) Act, 2005 has been repealed, but it does not take  away the status of a coparcener conferred on a daughter giving equal rights, with the son, in ancestral properties.
          The Repealing and Amending Act, 2015, which repeals the Hindu Succession Act (Amendment) Act, 2005, does not wipe out the amendment to Section 6 from the Hindu Succession Act.
Section 6 of the Act remains intact.
          There were confusion regarding the  repealing of the (Amendment) 2005 Act in May 2015, contentions were raised in several pending partition-related litigations that equal rights conferred on a daughter through the 2005 Act was taken away by the repealing action of 2015. But, The 2005 amendment Act had substituted Section 6 of the 1956 Act and hence amendment was embodied in the original Act as it existed from 1956.

          A Division Bench comprising Justice N. Kumar and Justice G. Narendar said the “main object of the Repealing and Amending Act, 2015, is only to strike out the unnecessary Acts and excise dead matter from the statute book in order to lighten the burden of the ever-increasing spate of legislation, and to remove confusion from the public mind”.

BBMP-Planning to regularise(convert) B Katha to A Katha

The BBMP has sent a proposal to the State Government of Karnataka to regularise (convert) B katha properties (vacant properties-without an...