The Cabinet today cleared for introduction in Parliament, a Bill providing greater autonomy and flexibility to trustees in taking investment decisions of trust money.
The Indian Trusts (Amendment) Bill, 2014, will be introduced in the current session of Parliament to amend section 20 and 20A of the Indian Trusts Act, 1882, an official release said after the meeting of the Union Cabinet.
"The amendments are intended to provide the trustees greater autonomy and flexibility to take decisions on investment of trust money," the release said.
The amendment would enable the Central Government to notify securities or class of securities for investment by trusts and to remove the outdated provisions occurring in section 20 of the Indian Trusts Act, 1882, it added.
