S. N.

Amendment

Clause of the Finance Bill, 2025

These changes will come into effect from the 1st day of April, 2025

1.

Section 31 is being amended to define “Interim Board for Settlement” and “pending application”.

[99]

2.

A new section 31A is being inserted to establish one or more Interim Boards for Settlement to process the pending applications and to provide that every pending application shall be dealt by the Interim Board from the stage at which such pending application stood immediately before its constitution.

[100]

3.

A proviso to sub-section (1) of section 32 is being inserted to provide that CCESC shall cease to operate on or after 1st April, 2025.

[101]

4.

Sections 32A, 32B, 32C and 32D are being amended by inserting a proviso in all these sections to provide that the provisions of these sections shall not apply on or after 1st April, 2025.

[102 to 105]

5..

A proviso to sub-section (5) of section 32E is being inserted to provide that no new application shall be made under this section on or after 1st April, 2025

[106]

6.

Section 32F is being amended to substitute the expression “Settlement Commission” with “Interim Board” so that the specified procedure on receipt of the application under section 32E shall apply to the Interim Boards. Additionally, a new sub-section is being introduced to allow the Interim Board, within three months of its constitution, to extend the time limit for disposing of pending applications by up to twelve months from its constitution, with reasons to be recorded in writing.

[107]

7.

Sections 32G, 32-I, 32J, 32K, 32L, 32M, 32-O and 32P are being amended to provide that on and after 1st April, 2025, the powers and functions of the Settlement Commission under these sections shall be exercised by the Interim Boards.

[108 to 115]