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Micro Finance
Definitions
 
Section : 2 (3D) & (3E)
 
Comments :
A new clause is proposed to be inserted to define a new term ‘Approved Employment Pension or Annuity Scheme’ and a new term ‘Approved Occupational Savings Scheme’ is proposed that will mean approved gratuity fund or recognized provident fund.
 
 
Section : 2(13B)
 
Comments :
Limit of Rs.500,000 on contribution to Voluntary Pension Scheme is sought to be removed.
 
 
Section : 2(19A)
 
Comments :

Individuals entitled to benefit under any approved employment pension or annuity scheme are currently excluded from the term ‘Eligible Person’ for the purposes of Voluntary Pension Scheme. This proposed amendment seeks to delete this exclusion.

This proviso is sought to be inserted to limit the quantum of tax credit available on contribution made to ‘Approved Employment Pension or Annuity Scheme’.
 
 
Section : 2(41) (c)
 
Comments :
Scope of the term ‘Permanent Establishment’ (PE) is proposed to be limited to only fixed places of business. It has also been proposed that only such site or project would be considered as PE where it or connected supervisory activities continued for a period(s) aggregating more than 90 days within any 12 months period.
 
 
Section : 2 (47A) & (47B)
 
Comments :
These two new terms sought to be introduced to define ‘Real Estate Investment Trust’ and ‘Real Estate Investment Trust Management Company.
 
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Definitions
Scope of services broaden
Scope of Investments Enlarged
Area of operation
Minimum Capital Requirements
Licensing-Existing institutions
Suspension of a license
Audit
Extension to MFBs
Liquidity and reserves
Minimum Cash Reserve
Power to remove Directors
Power to suspend the BOD
Limitations to order by the SBP
Prosecution of Directors
Declaration of fidelity

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