In Lok Sabha, members
called the attention of Minister of Home Affairs on alleged alteration
of affidavit relating to Ishrat Jahan case.

The Lower House also began general discussion on the budget presented by the Finance Minister.

Rajya Sabha passed the Real Estate (Regulation andDevelopment) Bill.
The Bill had been pending in the Upper House since 2013 and was
referred to a Select Committee last year. The Select Committee presented
its report on 30 June, 2015. During the debate, the Minister accepted
some recommendations of the Select Committee. 

The
Bill regulates transactions between buyers and promoters of residential
and commercial real estate projects.  It establishes state level
regulatory authorities called Real Estate Regulatory Authorities
(RERAs). Further, 70% of the amount collected from buyers for a project
must be maintained in a separate bank account and must only be used for
construction of that project.  The state government can alter this
amount to less than 70%.

The Upper House also began discussion on the Rail Budget.

Both houses were sitting at the time of sending this report.

This
week saw the presentation of budgets and finances in some states. PRS
analyses on the budgets presented in Rajasthan and Chhattisgarh are
given below. The Budget analyses of the states’ outlines major budget
and policy highlights along with a background of the respective state
economies.

1.       Rajasthan Budget The
Minister of Finance of Rajasthan, Ms. Vasundhara Raje, presented the
Budget for Rajasthan for the financial year 2016-17 on March 8, 2016.

2.       Chhattisgarh Budget The
Finance Minister of Chhattisgarh, Dr. Raman Singh, presented the Budget
for Chhattisgarh for financial year 2016-17 on March 9, 2016.

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