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Rajya Sabha passes `The Indian Trusts (Amendment) Bill`
The Finance Minister said even the UPA government had wanted to delete these provisions and replace them with a clause which allows trusts to invest in those securities which are notified.
New Delhi: The Rajya Sabha today passed 'The Indian Trusts (Amendment) Bill 2015', which removes certain outdated clauses from the Indian Trusts Act, 1882.
Finance Minister Arun Jaitley told the Upper House that there are certain archaic provisions in the present Act of 1882, which allows trusts to have surplus income to invest in certain categories which also included certain specified securities in UK, Karachi and Rangoon.
The Finance Minister said even the UPA government had wanted to delete these provisions and replace them with a clause which allows trusts to invest in those securities which are notified.
As members agreed, the Bill which already has got the nod of Lok Sabha, was passed by the Rajya Sabha without any discussion.