Govt notifies applicability of Amendments to Indian Trusts Act

MINISTRY OF FINANCE

(Department of Economic Affairs)

NOTIFICATION

New Delhi, the 17th April, 2017

S.O. 1185(E).—In exercise of the powers conferred by section 130 of the Finance Act, 2017 (7 of 2017), the Central Government hereby appoints the 17th day of April, 2017 as the date on which the provisions of Part I of Chapter VI of the Finance Act, 2017 (7 of 2017) shall come into force.

[F. No. 6/5/CM/2002-Vol.V]
PRAVEEN GARG, Jt. Secy.

We are reproducing below the Extract of Part I of Chapter VI of the Finance Act, 2017 (7 of 2017) for ready reference of our readers :- 
  
CHAPTER VI

MISCELLANEOUS

PART I

AMENDMENTS TO THE INDIAN TRUSTS ACT, 1882

Commencement of this Part.

130. The provisions of this Part shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint.

Amendment of section 20 of Act 2 of 1882.

131. In section 20 of the Indian Trusts Act,1882 [as substituted by section 2 of the Indian Trusts (Amendment) Act, 2016],––

(i) for the words “invest the money in any of the securities or class of securities expressly authorised by the instrument of trust or”, the words “make investments as expressly authorised by the instrument of trust or in any of the securities or class of securities” shall be substituted;

(ii) in the proviso, the words “in any of the securities or class of securities mentioned above” shall be omitted.