Monsoon Session: Here Are The Key Bills To Be Tabled In Parliament
India's lawmakers will reconvene for the monsoon session of the Parliament from July 19 to deliberate on many legislation.
The monsoon session will have a total of 19 sittings with both houses--the Lok Sabha and the Rajya Sabha—meet daily from 11 a.m. to 6 p.m with a one hour lunch break, a statement from the office of Lok Sabha speaker Om Birla said. Negative RT-PCR tests will be mandatory for members who aren't vaccinated against Covid-19 yet.
According to a bulletin posted on the Lok Sabha website today, a total of 23 bills are slated to be tabled in the lower house during the session. Of these, six bills have already been introduced while 17 will be new.
Notably, the much anticipated legislation on digital currencies hasn't found a mention. The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, that aims to prohibit all private cryptocurrencies, was originally listed for the Budget Session but was never introduced. BloombergQuint had reported earlier that the government is still reviewing key parts of the law.
An amendment to The Banking Companies (Acquisition and Transfer of Undertakings) Act, relating to bank privatisation, is also not listed.
Here are the key bills that will be tabled in the Monsoon session of the Parliament:
The Insolvency and Bankruptcy Code (Amendment) Bill, 2021
A new amendment to the IBC will be considered. The amendment is aimed at a "speedier, cost-effective" and less disruptive framework for insolvent resolution of distressed corporate debtors, the bulletin said.
The Coal Bearing Areas (Acquisition and Development) Amendment Bill, 2021
The government intends to amend the law related to land acquisition that contains coal deposits. The bill will make provisions for leasing of land and mining rights to companies, including those in the private sector, who've emerged the successful bidders in auction of coal blocks.
The Chartered Accountants, the Cost and Works Accountants and the Company Secretaries (Amendment) Bill, 2021
The bill will be introduced and considered in the Parliament. It is aimed at speeding up the disciplinary mechanism of the Institute of Cost Accountants of India. The ICAI is the top statutory accountancy body under the Ministry of Corporate Affairs.
The Limited Liability Partnership (Amendment) Bill, 2021
The amendment to the act will decriminalise 12 compoundable offices that deal with procedural and technical violations. Another two provisions are also proposed to be omitted.
The Pension Fund Regulatory and Development Authority (Amendment) Bill, 2021
Through this amendment, the government will separate the NPS Trust from PFRDA, as announced in the Union Budget 2020, for ensuring universal pension coverage.
The Deposit Insurance and Credit Guarantee Corporation (Amendment) Bill, 2021
The bill will amend the DICGC Act of 1961. Its objective is to enable access for depositors to their savings through deposit insurance in case the bank is suspended from business.
The Electricity (Amendment) Bill, 2021
The bill seeks to delicense power distribution and reduce entry barriers for private players to promote competition. This would allow consumers to choose from multiple power distribution services.