Farm, Crypto, Banking, IBC: Government To Table 26 New Bills In Winter Session Of Parliament

The government will introduce for consideration and passage bills on cryptocurrency regulation, enabling bank privatisation and repealing farm laws among 26 legislations, during the winter session of parliament starting Nov. 29.

Other financial sector bills expected to be tabled include one to frame mediation laws and another to make changes to the Insolvency and Bankruptcy Code, 2016, according to the legislative agenda disclosed in a Lok Sabha bulletin.

Here are the key financial and commercial sector bills to be introduced:

Cryptocurrency and Regulation of Official Digital Currency Bill, 2021

Agenda: To create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India. The bill also seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses.

Insolvency and Bankruptcy (Second Amendment) Bill, 2021

Agenda: To further strengthen and streamline the Insolvency and Bankruptcy Code, 2016.

Banking Laws (Amendment) Bill, 2021

Agenda: To effect amendments in Banking Companies (Acquisition and Transfer of Undertakings) Acts, 1970 and 1980, and incidental amendments to Banking Regulation Act, 1949 in the context of union budget announcement 2021 regarding privatisation of two public sector banks.

Farm Laws Repeal Bill, 2021

Agenda: To repeal the Farmers' Produce Trade and Commerce (Promotion and Facilitation) Act, 2020; the Farmers (Empowerment and Protection) Agreement of Price Assurance, Farm Services Act, 2020; and the Essential Commodities (Amendment) Act, 2020.

The Mediation Bill, 2021

Agenda: The bill proposes for pre-litigation mediation and at the same time safeguards in the interest of the litigants to approach the competent adjudicatory forums/courts in case an urgent relief is sought.

The Pension Fund Regulatory and Development Authority (Amendment) Bill, 2021

Agenda: To amend Pension Fund Regulatory and Development Authority Act to fulfill the budget announcement 2019 regarding the separation of National Pension System Trust from Pension Fund Regulatory and Development Authority and to fulfill the budget announcement 2020 for ensuring universal pension coverage as well as strengthening PFRDA.

The Energy Conservation (Amendment) Bill, 2021

Agenda: To provide for enhanced new and additional financial, technological and capacity building support so as to meet Paris commitments and fully implement our nationally determined contributions in a timely manner.

The Chartered Accountants, the Cost and Works Accountants and the Company Secretaries (Amendment) Bill

Agenda: To reform and speed up the disciplinary mechanism of the institutes.

The Electricity (Amendment) Bill, 2021

Agenda: The proposed amendments entail de-licensing other distribution business and bring in completion, appointment of member from law background in regulatory commissions. Strengthening of appellate tribunal for electricity penalty for non compliance of renewable purchase obligation, prescribing rights and duties of consumers, etc.

Other Bills To Be Tabled:

• The Narcotic Drugs and Psychotic Substances (Amendment) Bill.

• The Central Vigilance Commission (Amendment) Bill.

• The Delhi Special Police Establishment (Amendment) Bill.

• The Cantonment Bill.

• Inter-Services Organizations (Command, Control and Discipline) Bill.

• The Indian Antarctica Bill.

• The Emigration Bill.

• The Indian Maritime Fisheries Bill.

• The National Dental Commission Bill.

• The National Nursing Midwifery Commission Bill.

• The Metro Rail (Construction, Operation and Maintenance) Bill.

• The High Court and Supreme Court Judges (Salaries and Conditions of Service) Amendment Bill.

• The National Transport University Bill.

• The Constitution (Scheduled Castes and Scheduled Tribes) Order (Amendment) Bill.

• The Constitution (Scheduled Castes and Scheduled Tribes) Order (Amendment) Bill.

• The Trafficking of Persons (Prevention, Protection and Rehabilitation) Bill.

• The National Anti-Doping Bill.