Rajya Sabha to Vote on Tax, Bank Evidence Bills on Monday

For the diamond trade, the bill exempts income earned by eligible foreign diamond mining companies, sight holders, brokers, aggregators and auction entities from rough diamond sales through notified special zones. That exemption runs through March 2031.

Business trusts get a change too: the bill removes a restriction that denied tax exemption on dividends received by unit holders when the special purpose vehicle opted for the new tax regime.

On the payments side, the bill amends the Payment and Settlement Systems Act by removing references to the Income-tax Act in provisions on electronic payment modes. It lets the central government designate electronic payment modes on which banks or system providers cannot levy charges.

The second bill on Monday's agenda is the Bankers' Books Evidence Bill. It replaces the 1891 Act and updates the legal framework for bank records in court. The new law makes electronic, digital, virtual and cloud-based bank records admissible as evidence, subject to conditions the government will prescribe. It also standardises the certification process for producing those records.

The 1891 Act was written when bank records were mostly paper. The bill's Statement of Objects and Reasons said digital banking has changed how records are created and stored, making it necessary to update the law while keeping the authenticity and reliability of evidence before courts.

Both bills passed the Lok Sabha by voice vote without debate. Opposition members were protesting their demands related to police action against protestors in New Delhi on July 20.