NEW DELHI, Dec 13: It will be a crucial week in the Rajya Sabha with the Government proposing to move reform oriented Bills like The Insurance Laws (Amendment) Bill, 2008 and The Companies (Amendment) Bill, 2014 for consideration and passing in the Upper House during the fourth week of Winter session. Both the Insurance Bill, that seeks to enhance FDI limit in the capital starved insurance sector, and the Companies Bill, which aims at enhancing the ease of doing business, will be taken up for passing in both Houses.
The Lokpal and Lokayuktas (Amendment) Bill, 2014 is also proposed to be taken in both the Houses. Earlier this week, the Parliamentary Select Committee, which was looking into the Bill, submitted its report in the Rajya Sabha, recommending a composite cap of 49 per cent on foreign direct investment in the insurance sector. The select committee report said the cap of foreign investment on insurance includes foreign direct investment and portfolio investments.
The committee, headed by BJP member Chandan Mitra, recommended that adequate regulations be framed by IRDA to facilitate the entry of multinational insurance brokers so that they can provide an added impetus to the Indian insurance and reinsurance sector. The committee also suggested for reduction in paid up capital requirement of the cooperatives to facilitate their entry into the sector.
Rajya Sabha had in August appointed a 15-member Select Committee to scrutinise the long pending Insurance Laws (Amendment) Bill, 2008.
In the fourth week of Winter session, Rajya Sabha will also take up four Bills passed by the Lower House- The Appropriation Bill, 2014, Payments and Settlement Systems (Amendment) Bill, 2014, The Repealing and Amending (Second) Bill, 2014 and The Coal Mines (Special Provisions) Bill, 2014. The Business Advisory Committee of Rajya Sabha has also allocated time for consideration of The Anti-Hijacking (Amendment) Bill, 2010 and The Public Premises Bill, 2014. Time has also been allocated for taking up two motions relating to annulment and modification of the Central government’s notification of December 2, 2014 seeking to increase the Basic Excise Duty on petrol and diesel. The Upper House has already passed nine Bills during the present session.
These include the Delhi Special Police Establishment (Amendment) Bill, 2014; the Labour Laws (Exemption from furnishing returns and maintaining registers by certain establishments) Amendment Bill, 2014 and the Textile Undertakings (Nationalisation) Laws (Amendment and Validation) Bill, 2014. They also include the Merchant Shipping (Amendment) Bill, 2014; the Merchant Shipping (Second Amendment) Bill, 2014; the Constitution (Scheduled Castes) Orders (Amendment) Bill, 2014; the School of Planning and Architecture Bill, 2014; the Central Universities (Amendment) Bill, 2014 and the Indian Institutes of Information Technology Bill, 2014.
(UNI)
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