New Delhi: Land Acquisition Bill that aims to give a fair deal to farmers for their land for industrial use was passed by the Lok Sabha on Thursday giving a push to Sonia Gandhi's another pet project ahead of General Elections.Let’s have a look at the key highlights of the Bill:
1. Payment of compensations that is up to 4 times the market value in rural areas and 2 times the market value in urban areas.
2. To address historical injustice the Bill applies retrospectively to cases where no land acquisition award has been made.
3. No law can be acquired in Scheduled Areas without the consent of the Gram Sabhas.
4. No one shall be dispossessed until and unless all payments are made and alternative sites for the resettlement and rehabilitation have been prepared.
5. Compensation to those who are dependent on the land being acquired for their livelihood.
6. In cases where PPP projects are involved or acquisition is taking place for private companies, the Bill requires the consent of no less than 70 percent and 80 percent respectively (in both cases) of those whose land is sought to be acquired.
7. To safeguard food security and to prevent arbitrary acquisition, the Bill directs States to impose limits on the area under agricultural cultivation that can be acquired.
8. In case land remains unutilised after acquisition, the new Bill empowers states to return the land either to the owner or to the State Land Bank.
9. No income tax shall be levied and no stamp duty shall be charged on any amount that accrues to an individual as a result of the provisions of the new law.
10. Where acquired land is sold to a third party for a higher price than 40 percent of the appreciated land value (or profit) will be shared with the original owners.
First Published: Friday, August 30, 2013, 10:37