Nov.18: NEWS FLASH
- Posted by CERC India
- Posted in November
Ray of hope for distressed home buyers
Huge step
The Insolvency
 and Bankruptcy Code Amendment Ordinance,2018 is a boon for home buyers as it recognizes them as financial creditors. The new law takes into account the fact that home buyers are different from consumers of other products and services. They are a source of capital for developers. If a project fails they are entitled to get their money back.
The amended law is a huge step forward for homebuyers’ welfare. It is doing a part of what the Real Estate Regulatory Authority (RERA) was to do. While RERA is dependent on state governments, the bankruptcy law is now in effect across the country uniformly.
Boon for consumers
Law amended to stop reuse of edible oil
Health hazard
A new amendment in the Food Safety and Standards Act mandates that the total polarized compound (TPC) value in edible oil must be less than 25%. The amendment came into effect from 1 July 2018. The Food and Drugs Control Administration (FDCA), Gujarat has procured a special device to test the TPC value in oil instantly.
Explaining the adverse health impact of reused edible oil, the commissioner of FDCA, Gujarat, Dr H.G. Koshia, said: As oil is heated to smoking point the TPC value increases which is hazardous to health as it increases trans fat content in oil.†Municipal sources say that 80% of eateries or stores resuse oil used for frying for cooking or refrying, that too multiple times.
Welcome amendmentÂ
