Govt to set up GoM to resolve Dabhol crisis

The Cabinet also approved a legislation for setting up a National Tax Tribunal (NTT) with 25 benches by approving a legislation for this purpose.

The FM said the tribunal was being set up for speedy disposal of tax cases, running into thousands in high courts. A fresh Bill would be introduced in Parliament to set up NTT, which would replace jurisdiction of high courts in tax matters and have a chairman and two Judicial members each in the 25 benches, equivalent to the number of high courts in the country. The NDA government had brought in a Bill, which lapsed with the dissolution of the previous Lok Sabha. Chidambaram announced that the Cabinet has approved yet another ‘The Delegated Legislation Provisions (Amendment) Bill’.

The Cabinet also approved ONGC’s proposal to acquire Cairn Energy’s stake in two gas blocks for $135 million. ONGC will acquire a 90 per cent stake in the Krishna-Godavari Basin block KG-DWN-98/2 and 15 per cent stake in exploration area of Cambay Basin block CD-OS/2. ONGC would also acquire 10 per cent in developed field SCB-OS/2D, namely Lakshmi and Gauri.

In return, Cairn Energy of UK will get 30 per cent stake in two onland blocks of ONGC GV-ONN/2001/1 in Ganga valley and CB-ONN/97/1 in Cambay Basin.

The Protection of plant varieties and Farmers’ Rights Act, 2001 provides for the establishment of an effective system for protection of plant breeder’s rights.

It has been enacted for fulfilling India’s obligation under agreement on Trade Related aspects of Intellectual Property Rights (TRIPS) of WTO as also to stimulate investment in research and development for developing new plant varieties which will facilitate the growth of seed industry and ensure availability of high quality seeds to the farmers.