Current Affairs - Bills and Acts

The Oilfields (Regulation and Development) Act, of 1948, is a crucial legislation that regulates the oil and gas sector in India. The Bill aims to amend this Act to delink petroleum from mining operations, ensure lease stability, and decriminalize certain offences. This amendment is expected to attract foreign investments and provide regulatory clarity, but critics argue that it lacks a long-term vision for energy security and domestic exploration incentives.

India's Patents Act, of 1970, includes Section 3(d), which was designed to prevent the evergreening of patents. Evergreening refers to the practice of making slight modifications to existing drugs to extend their patent life, thus hindering the production of generic versions. The introduction of this section has been a key policy to protect the generic pharmaceutical industry in India, making medications more affordable and available, especially in the global market.

The Oilfields (Regulation and Development) Act was originally enacted in 1948. This act provides the regulatory framework for the exploration and development of oilfields in India. The current Bill is amending this act to address contemporary issues, such as separating petroleum operations from mining and improving regulatory clarity. The act's establishment in 1948 serves as the foundation for the legal adjustments being proposed today.

The Dramatic Performances Act, of 1876, was a law enacted by the British to suppress Indian nationalist sentiment. This law gave the government powers to prohibit public dramatic performances deemed scandalous, defamatory, seditious, or obscene. Although declared unconstitutional in 1956, the law remained in force until its formal repeal in 2018 as part of the government's efforts to eliminate obsolete laws.

The Income Tax Act, of 1961, has been the primary framework for taxation in India and has undergone more than 4,000 amendments since its enactment. The Finance Minister's proposal to introduce the Income Tax Bill 2025 aims to simplify and streamline this existing Act, which has grown increasingly complex over the years. The new Bill aims to reduce its word count and simplify terminology, thus reducing confusion for taxpayers and tax authorities alike while improving compliance and efficiency. The Act's original version was passed in 1961.