Union Finance Minister Nirmala Sitharaman is set to present three bills in the Rajya Sabha on Wednesday, during the ongoing Monsoon Session of Parliament. The Limited Liability Partnership (Amendment) Bill 2020, the Deposit Insurance and Credit Guarantee Corporation (Amendment) Bill 2021, and the General Insurance Business (Nationalisation) Amendment Bill 2021 will all be introduced by Sitharaman. The bills seek to modify the Limited Liability Partnership Act of 2008, the Deposit Insurance and Credit Guarantee Corporation Act of 1961, and the General Insurance Business (Nationalisation) Act of 1972.
The minister can also look into the passing of the Deposit Insurance and Credit Assure Company (Modification) Bill 2021, also known as the DICGC Modification Bill 2021. The Bill proposes three major changes that will substantially improve the operation of deposit insurance coverage as it currently exists. If passed into law, these changes will add a new dimension to the Centre’s historic decision last year to increase the insurance coverage protection for individual depositors in banks from ₹1 lakh to ₹5 lakh. The Normal Insurance coverage Enterprise (Nationalisation) Modification Invoice, 2021, is the third bill. The bill would allow the federal government to sell its interest in well-known state-owned basic insurance businesses, allowing it to meet its divestment objectives. Divestment refers to the government selling off a portion of its holdings in state-run businesses.
The mother or father Act, The Normal Insurance coverage Enterprise (Nationalisation) Act, 1972, is being amended by the bill. On Monday, the invoice was delivered to the Lower House. On Wednesday, Rajya Sabha will have a busy day with two additional Bills. The Airports Economic Regulatory Authority of India (Amendment) Bill, 2021, and the Constitution (Scheduled Tribes) Order (Amendment) Bill, 2021, will be introduced by Union ministers Jyotiraditya Scindia and Arjun Munda, respectively.
Narendra Singh Tomar will introduce the Coconut Development Board (Amendment) Bill, 2021, in the Lok Sabha. On Friday, the Rajya Sabha granted its approval to the Bill. The Bill, according to the union minister of agriculture and farmers welfare, intends to expand coconut production in the country, raise the revenue of coconut farmers, and improve their facilities.