With increased instances of fraudulent transactions by financial firms surfacing, the Karnataka Protection of Interest of Depositors in Financial Establishments (Amendment) Bill, 2020, was tabled in the Legislative Assembly on Friday to authorise the State government to investigate complaints of such transactions.
The Bill empowers the government to appoint one competent authority in cases pertaining to any financial establishment that is spread over more than one district. It also enables the secretary of the Revenue Department to extend the time limit for filing applications in the special court for orders to attach properties of firms that indulge in fraudulent transactions.
The Bill seeks to empower special courts to assess the value of attached assets and facilitate their sale expeditiously. There would be a recurring expenditure of ₹1.5 crore as per the proposed legislative measure.
The Bill also enables the government to utilise the services of the e-auction platform, empanelled agencies, official liquidators, and valuers approved by any nationalised bank for valuation of assets.
The Karnataka Municipalities and Certain Other Law (Amendment) Bill, 2021, was also tabled in the Assembly to extend the time limit for payment of property tax and to provide rebate of 5% if tax is paid within one month from the date of commencement of the amendment Act.
Property tax
The Karnataka Municipalities (Second Amendment) Bill, 2021, was introduced to revise the existing property tax structure and provide a simplified property tax base, improve revenue in municipalities by linking property tax base to the prevailing guidelines under Section 45B of the Karnataka Stamps Act, 1957, and bring about property tax reforms. It replaces an Ordinance.
It envisages an increase in property tax by 3% for every financial year in which no revision of guidance value is made.
