The Lok Sabha passed the Indian Trusts (Amendment), Bill 2015 by voice vote.
The Bill seeks to amend the Indian Trusts Act, 1882 to remove the archaic provisions from the 133 year old legislation which have no relevance.
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The bill seeks to empower the Union Government to notify a class of securities for the purposes of investment of trust-money by the trustees.
It also seeks to do away with the requirement of case to case approval by the Government for investment in any security.
The bill also provides greater flexibility and autonomy for the trustees to take decisions on investment of trust money based on their assessment of the risk return.
Indian Trusts Act, 1882 regulates the functioning of private trusts and trustees in India. It also outlines the procedure for investment of surplus funds of the trust for future use.
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