The 10 laws that Jaitley wants to change

Finance Minister Arun Jaitley had on Monday proposed to bring in new legislation and change some laws. Here is a look at the 10 major changes he had proposed in the Budget

LEGISLATION TO GIVE STATUTORY STATUS TO AADHAAR
IMPACT: Aadhaar virtually becomes the social security number

Read our full coverage on Union Budget 2016
MODEL SHOP & ESTABLISHMENT BILL
IMPACT: Allow small shops and establishments to remain open all seven days in a week

PUBLIC UTILITY (RESOLUTION OF DISPUTES) BILL
IMPACT: The proposed Bill, along with the guidelines for re-negotiation of PPP contracts, and the bankruptcy code, would help speed up resolution of disputes in construction contracts, PPPs, and public utility contracts

A COMPREHENSIVE CODE FOR RESOLUTION OF BANKRUPTCY SITUATIONS IN FINANCIAL SECTOR ENTITIES
IMPACT: Will work in tandem with the Insolvency and Bankruptcy Code, 2015, when enacted, to deal with bankruptcy situations in banks, insurance companies, and other financial sector entities

A BILL TO DEAL WITH ILLICIT DEPOSIT RAISING SCHEMES
IMPACT: To curb illicit deposit taking schemes that mostly affect the poor and the financially illiterate

AMEND THE SARFAESI ACT, 2002
IMPACT: To give more say to lenders, allows non-institutional investors to invest in securitisation receipts

AMEND THE RBI ACT, 1934, TO PROVIDE STATUTORY BASIS FOR THE MONETARY POLICY FRAMEWORK
IMPACT: Enable setting up of a Monetary Policy Committee

AMEND THE SEBI ACT TO INCREASE NUMBER OF BENCHES IN THE SECURITIES APPELLATE TRIBUNAL
IMPACT: The proposed move will help expedite cases related to the securities markets

AMEND THE COMPANIES ACT FOR EASE OF DOING BUSINESS
IMPACT: Will make registration of a company in one day a reality

AMEND THE MOTOR VEHICLES ACT TO END GOVERNMENT MONOPOLY IN STATE TRANSPORTATION
IMPACT: This proposal will open up the public transportation sector to private players

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Note: PPP is private-public partnership