The Cabinet has approved a new Consumer Protection Bill 2015. It seeks to replace the existing law and proposes setting up a regulatory authority to curb unfair trade practices. The decision was taken by the Cabinet this evening. Sources said, the new bill will repeal the 29-year-old Consumer Protection Act, seeks to create a Consumer Protection Authority on the lines of the US and European countries for fast-tracking redressal of consumer grievances. <br/><br/>The Cabinet also approved the amendments to the anti-Hijacking bill that will give more teeth to the government in dealing with hijacking incidents involving Indian aircraft. The Anti-Hijacking Bill 2014, introduced in Rajya Sabha in December was referred to the Parliamentary Standing Committee. <br/><br/>The Cabinet gave its nod for setting up of a National Investment and Infrastructure Fund, NIIF. It will have an initial corpus of 20,000 crore rupees which can be leveraged by infrastructure companies as proposed by the Finance Minister in the Budget for the current fiscal.<br/><br/>The Union Cabinet also approved amendments proposed by Rajya Sabha Select Committee on Goods and Services Tax, GST Constitution Amendment Bill. The amendments include compensation to the states for 5 years instead of upto 5 years for any revenue loss due to introduction of GST.<br/><br/>Union Cabinet has given its approval to foreign investment in the Alternative Investment Funds (AIFs) for facilitating domestic investment. According to sources, the decision is a follow up to the Finance Minister's announcement in the this year's Budget speech. It would lead to availability of more funds to start-ups, early stage venture , social venture, Small and Medium Enterprises, infrastructure or other sectors considered as socially or economically desirable but regarded as high risk and having uncertain returns. The AIFs are required to be registered with SEBI, operate within the regulatory framework of RBI, comply with KYC norms and operate in specified sectors.

The Cabinet has approved a new Consumer Protection Bill 2015. It seeks to replace the existing law and proposes setting up a regulatory authority to curb unfair trade practices. The decision was taken by the Cabinet this evening. Sources said, the new bill will repeal the 29-year-old Consumer Protection Act, seeks to create a Consumer Protection Authority on the lines of the US and European countries for fast-tracking redressal of consumer grievances. <br/><br/>The Cabinet also approved the amendments to the anti-Hijacking bill that will give more teeth to the government in dealing with hijacking incidents involving Indian aircraft. The Anti-Hijacking Bill 2014, introduced in Rajya Sabha in December was referred to the Parliamentary Standing Committee. <br/><br/>The Cabinet gave its nod for setting up of a National Investment and Infrastructure Fund, NIIF. It will have an initial corpus of 20,000 crore rupees which can be leveraged by infrastructure companies as proposed by the Finance Minister in the Budget for the current fiscal.<br/><br/>The Union Cabinet also approved amendments proposed by Rajya Sabha Select Committee on Goods and Services Tax, GST Constitution Amendment Bill. The amendments include compensation to the states for 5 years instead of upto 5 years for any revenue loss due to introduction of GST.

The Cabinet has approved a new Consumer Protection Bill 2015. It seeks to replace the existing law and proposes setting up a regulatory authority to curb unfair trade practices. The decision was taken by the Cabinet this evening. Sources said, the new bill will repeal the 29-year-old Consumer Protection Act, seeks to create a Consumer Protection Authority on the lines of the US and European countries for fast-tracking redressal of consumer grievances. <br/><br/>The Cabinet also approved the amendments to the anti-Hijacking bill that will give more teeth to the government in dealing with hijacking incidents involving Indian aircraft. The Anti-Hijacking Bill 2014, introduced in Rajya Sabha in December was referred to the Parliamentary Standing Committee. <br/><br/>The Cabinet gave its nod for setting up of a National Investment and Infrastructure Fund, NIIF. It will have an initial corpus of 20,000 crore rupees which can be leveraged by infrastructure companies as proposed by the Finance Minister in the Budget for the current fiscal.