Monsoon session begins from July 19; Govt plans to introduce these key economic bills
The government has listed 17 new bills for introduction in the Monsoon session of Parliament beginning July 19.
The Monsoon session of the Parliament will be held between July 19 and August 13, with adherence to all the mandatory Covid-19 protocols. The Lok Sabha and the Rajya Sabha will have 19 sittings in total during this session.
Data compiled by PRS Legislative Research suggests that there are 38 bills pending in Parliament. Out of these, nine bills have been listed for consideration and passing, while 17 have been listed for introduction, consideration, and passing.
Key economic bills
Some of the important bills that are slated to be introduced include the Insolvency and Bankruptcy Code Amendment Bill, the Limited Liability Partnership (LLP) Amendment Bill, and the Electricity Amendment Bill. However, the much-discussed Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 a bill that will lay down the regulatory framework for an official digital currency has not been listed for the Monsoon session.
The Insolvency and Bankruptcy Code (Amendment) Bill, 2021 puts forth a pre-packaged insolvency resolution process for businesses that fall under the category of micro, small or medium enterprises as dictated by the MSME Development Act of 2006. President Ram Nath Kovind had promulgated the ordinance for the bill on April 4.
The Limited Liability Partnership (Amendment) Bill, 2021 proposes to amend the Limited Liability Partnership Act, 2008 seeking the decriminalization of 12 compoundable offences revolving around procedural and technical violations. The omission of two provisions has also been proposed.
The Electricity (Amendment) Bill, 2021 will mainly privatise power distribution in India which will allow consumers to choose from various service providers, akin to the telecom sector. In addition to this, it also proposes the levying of a penalty for non-compliance of renewable purchase obligation, the appointment of members from law background in every commission, and the outlining of the rights and duties of the customers.
The Pension Fund Regulatory and Development Authority (Amendment) Bill, 2021 seeks to separate the NPS Trust from the PFRDA, a move which was announced in the budget of 2019. The bill will also ensure universal pension coverage and strengthen PFRDA. The latter was announced in the budget of 2020.
The Deposit Insurance and Credit Guarantee Corporation (Amendment) Bill, 2021 aims to enable depositors’ access to their savings through deposit insurance, in case operations of the bank are suspended under the Banking Regulation Act, 1949
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