RBI directs UCBs to implement system based asset classification
Urban co-operative banks having total assets of ₹2000 crore or above as on 31st March, 2020 to implement system-based asset classification with from 30th June, 2021. UCBs with assets of ₹1,000 crore or above but less than ₹2,000 crore as on 31st March 2020, having self-assessed themselves as being under “Level III or Level IV” on comprehensive cybersecurity framework for UCBs shall implement the system based asset classification from 30 September 2021.
Government of Goa publishes The Factories (Amendment) Bill, 2020
A new section 5A, has been inserted, which enables the State Government to exempt, any new factory or class new factories which are established and whose commercial production start, from all or any of the provisions of the said Act for a period of 1000 days from the date on which such commercial production start.
Goa Agricultural Produce Marketing (Development and Regulation) (Amendment) Bill, 2020
The State Marketing Officer may grant a licence to a person to establish a private market yard, for trading of notified agricultural produce and livestock .
The Government of Goa notifies The Industrial Disputes (Goa Amendment) Bill, 2020
The Bill enhances the requisite compensation, precedent to retrenchment to forty-five days’ average pay for every completed year of continuous service. The Bill also contemplates a new provision for compounding offences at specified amounts. Furthermore, the Bill specifies that an application for any dispute in relation to discharge, dismissal, retrenchment or termination of the services of an individual workman must be made within 1 year. The Bill also provides that Chapter V-B shall apply to industrial establishments in which 300 workmen were employed on an average working day for the last 12 months.
The Government of Goa publishes The Goa (Recovery of Arrears of Tax through Settlement) (Amendment) Bill, 2020
The Bill stipulates that an application for settlement of arrears tax, interest or penalty must be made in the prescribed form before the expiry of 6 months, from the date of coming into force of the Goa (Recovery of Arrears of Tax through Settlement)(Amendment) Act, 2020. The amendment brings changes to the eligibility of an applicant to make an application for settlement of arrears of tax and it gives a more comprehensive definition to the term specified period. It also revises the Forms I (Application for Settlement) and Form II (Intimation to the applicant by the designated authority)
The Government of Goa notifies The Contract Labour (Regulation and Abolition) (Goa Amendment) Bill, 2020
The Bill seeks to narrow the applicability of the act to establishments or contractors employing fifty or more workmen as contract labour in the last twelve months. This is an enhancement from the prior threshold limit of twenty workers. The Bill also incorporates a provision for compounding listed offences and specifies the amount of composition.
