20 new bills in Budget 2021 session: Check out!

The government is likely to present a list of 20 bills for passage in the ongoing Budget session of Parliament. The session started on January 29 and is scheduled to end on February 15.

The government wants Parliament’s approval for the Pension Fund Regulatory and Development Authority (Amendment) Bill, National Bank for Financing Infrastructure and Development (NaBFID) Bill, Cryptocurrency and Regulation of Official Digital Currency Bill, Mines and Minerals (Development and Regulation) Amendment Bill, Electricity (Amendment) Bill, among others, apart from the CCI amendment bill.

The CCI Amendment Bill aims to bring essential structural changes in the governing structure of the CCI, changes to substantive provisions to address the needs for new age markets and to expand the activities of the commission across India by opening regional offices.

The proposed Pension Fund Regulatory and Development Authority (Amendment) Bill, 2021, seeks to fulfil the Budget Announcement 2019 regarding the separation of NPS Trust from PFRDA and Budget Announcement 2020 for ensuring universal pension coverage as well as strengthening PFRDA.

The National Bank for Financing Infrastructure and Development (NaBFID) Bill, 2021, seeks to set up a new Development Financial Institution (DFI) as a provider, enabler and catalyst for infrastructure financing and as the principal financial institution and development bank for building and sustaining a supportive ecosystem across the life-cycle of infrastructure projects.

Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 is also listed. The proposed bill aims to create a framework for the 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.

The Mines and Minerals (Development and Regulation) Amendment Bill, 2021, seeks structural changes in the mining sector through amendment in the Mines and Minerals (Development and Regulation) Act, 1957 to accelerate growth and generate employment; improve the competitiveness of the mining sector by removing the legacy issues and attracting private investments by bringing in international best practices in exploration and mining.

Finance Minister will present the budget in parliament on February 1, 2021.

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