NEW DELHI: Newly appointed Minister of Law and Justice Ravi Shankar Prasad on Tuesday said he will take a look at the Lokpal Act soon. “I will have a look at it in my new role as the Law Minister and get back to you,” he told reporters, soon after assuming charge, when asked about the NDA Government’s stand on Lokpal Act.
Prasad said the Lokpal Bill was passed by the Parliament after finer improvements by a Select Committee of the Rajya Sabha.
Echoing the need for a more stable, transparent and investment friendly regime, Prasad said, “For good governance a good legal regime is very necessary.”
“Our larger view is that fiscal policy and taxation regime must be evident because India needs investment...Those who invest in India may not have to face uncertainty. They must have the assurance of a stable fiscal policy and legal regime,” he said.
Prasad, however, warned that any form of corruption would be dealt with seriously. “Retrospective tax should be maximum avoided,” he added, when asked whether he endorsed the former government’s move to retrospectively tax companies especially keeping in mind the cases of Vodafone and Nokia. India’s image as an investment destination took a beating when the UPA Government in 2012 changed the rules to tax certain deals retroactively despite the fact that the apex court ruled that Vodafone, the parent company of Vodafone India, didn’t have to pay capital gains tax over its $11 billion deal to buy Hong Kong-based Hutchison’s stake in Hutchison Essar in 2007.
Prasad also highlighted the need for establishing a National Judicial Commission to give Executive a say in the appointment of judges.