The Winter Session of the Parliament has begun on a heavy legislative agenda. While the Farm Laws Repeal Bill 2021 was passed in both the House of the Parliament, the Session has started on a stormy note amid uproar from the Opposition MPs demanding discussion on the Bill.
And it has only begun. Currently, there are 29 Bills are pending in Parliament. Of these, five Bills have been listed for consideration and passing during the session, and five have been listed for withdrawal. 26 Bills are listed for introduction, consideration and passing. The 29 pending Bills include the Constitution (Scheduled Castes and Scheduled Tribes) Order (Amendment) Bill, 2021 that aims to amend UP’s SC and ST list just ahead of the Assembly elections in the state, and the Emigration Bill, 2021, which seeks to the Emigration Act, 1983. The new Bill aims to establish a “robust, transparent and comprehensive emigration management framework” to facilitate safe and orderly migration. Further, a report of the Joint Committee of Parliament (JCP) on the Personal Data Protection Bill, 2019 will also be tabled in the two Houses during the session.
Of the 29, here we bring you the key economic Bills that will come up during the session.
The most important of the economic bill is the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 that aims “to create a facilitative framework for the creation of the official digital currency to be issued by the Reserve Bank of India”, according to the Lok Sabha bulletin that listed the agenda.
While there has been enough buzz around this Bill, there is still a lot of grey area. “The Bill also seeks to prohibit all private cryptocurrencies in India,” says the bulletin, while adding, “However, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses.” There is no clarity on whether investments in private cryptocurrencies with some cap will be allowed or not under the Bill.
The other Bill listed is the Banking Laws (Amendment) Bill, 2021 that aims to amend the Banking Companies (Acquisition and Transfer of Undertakings) Acts of 1970 and 1980, and the Banking Regulation Act, 1949 to privatise two public sector banks as announced by FM Nirmala Sitharaman under the disinvestment programme while presenting the 2021-22 budget in February this year. While the Centre is yet to formally name the privatisation candidates, the speculation is that the two banks are the Indian Overseas Bank and the Central Bank of India.
The Chartered Accountants, the Cost and Works Accountants, and the Company Secretaries (Amendment) Bill, 2021 seeks to reform and expedite the disciplinary mechanism of the three respective institutes. The idea is to step up oversight on the three bodies after a committee suggested several changes almost three years ago. Some of the proposals of the Committee have been accepted, which includes the government having a say in the appointment of secretaries of three institutes and directors responsible for the discipline of the professionals.
The Pension Fund Regulatory and Development Authority (Amendment) Bill, 2021 aims to make amendments to the Pension Fund Regulatory and Development Authority of India Act. This will facilitate the separation of the National Pension System (NPS) trust for government employees from the pension regulator and enable the establishment of a pension trust by employees (other than those in the government).
Since the Paris Accord, India has been striving to provide new and additional financial, technological, and capacity-building support to the energy sector to help the country meet its commitments and fully implement nationally determined contributions (NDCs) in a timely manner. The Energy Conservation (Amendment) Bill, 2021 is a step in that direction.
The Electricity (Amendment) Bill, 2021 aims at de-licensing of the power distribution business. Further, it looks to bring in a member with a law background in regulatory commissions. This is to strengthen the appellate tribunal for electricity penalty for non-compliance of renewable purchase obligation, prescribing rights and duties of consumers.
The Indian Maritime Fisheries Bill, 2021 looks at repealing the Maritime Zones of India (Regulation of Fishing by Foreign Vessels) Act, 1981. It will target the sustainable development of fisheries resources in the country’s exclusive economic zone (EEZs). The idea behind it is to ensure responsible harnessing of fisheries in the high seas by the Indian fishing vessel, and promotion of livelihoods of small-scale and artisanal fishers.
The Insolvency and Bankruptcy (Second Amendment) Bill, 2021 aims at a pre-packaged insolvency resolution mechanism for MSMEs. It provides a separate resolution process for insolvent small businesses, allowing them to initiate the proceedings and quicker settlement process, as a part of further strengthening and streamlining the Insolvency and Bankruptcy Code, 2016.
The Metro Rail (Construction, Operation, and Maintenance) Bill, 2021 will replace the Metro Railways (Operation and Maintenance) Act, 2002, and the Metro Railways (Construction of Works) Act, 1978. The aim of the new Bill is to provide a legal framework for the construction, operation, and maintenance of Metro rail projects, including those under public-private partnership (PPP) mode.
