With Farm Laws Repeal Bill & crypto on agenda, winter session begins today

Starting Monday, Parliament has a heavy legislative winter agenda. The government has listed 29 Bills for tabling and passing in the upcoming session. 

There are 10 economic Bills that are slated for the upcoming session:

i) The Farm Laws Repeal Bill, 2021

This Bill will repeal three contentious farm Bills — the Farmers (Empowerment and Protection) Agreement on Price Assurance and Farm Services Act, 2020, the Farmers’ Produce Trade and Commerce (Promotion and Facilitation) Act, 2020, the Essential Commodities (Amendment) Act, 2020, to amend the Essential Commodities Act, 1955. 

ii) The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021

After much dilly-dallying, the government is set to introduce a Bill that aims to ban all private cryptocurrencies. The underlying blockchain technology will be allowed to operate. Although the description of the Bill said all private cryptocurrencies would be prohibited, there is still no clarity whether investments in private cryptocurrencies with some cap will be allowed under the Bill. The description of the Bill also said it would create a facilitative framework for creation of an official digital currency to be issued by the Reserve Bank of India.

iii) The Banking Laws (Amendment) Bill, 2021

The Bill aims to make amendments to the Banking Companies (Acquisition and Transfer of Undertakings) Acts, 1970, and 1980, and incidental amendments to the Banking Regulation Act, 1949, to allow the government to privatise two public sector banks (PSBs).

The Bill will enable the government to bring down its equity in these banks to a minimum of 26 per cent. Currently, the Centre cannot have equity of less than 51 per cent in PSBs. The privatisation of two PSBs will bring down the number of these lenders to 10.  

iv) The Pension Fund Regulatory and Development Authority (Amendment) Bill, 2021

It aims to make amendments to the Pension Fund Regulatory and Development Authority of India Act, which will facilitate the separation of the National Pension System trust for government employees from the pension regulator. This will also enable the establishment of a pension trust by employees (other than those in the government).

v) The Chartered Accountants, the Cost and Works Accountants, and the Company Secretaries (Amendment) Bill, 2021

It aims to amend laws to reform and speed up the disciplinary mechanism of these three institutes —  the Institute of Chartered Accountants of India, the Institute of Cost and Works Accountants of India, and the Institute of Company Secretaries of India.

vi) The Insolvency and Bankruptcy (Second Amendment) Bill, 2021

Its objective is to further strengthen and streamline the Insolvency and Bankruptcy Code, 2016.

vii) The Metro Rail (Construction, Operation, and Maintenance) Bill, 2021

This will replace the Metro Railways (Operation and Maintenance) Act, 2002, and the Metro Railways (Construction of Works) Act, 1978, to provide a legal framework for construction, operation, and maintenance of Metro rail projects, including those under public-private partnership mode.

viii) The Electricity (Amendment) Bill, 2021

These amendments entail the de-licensing of power distribution business and bring in a member with law background in regulatory commissions. This is aimed at strengthening the appellate tribunal for electricity penalty for non-compliance of renewable purchase obligation, prescribing rights and duties of consumers.

ix) The Energy Conservation (Amendment) Bill, 2021

The objective of this Bill is to provide for enhanced new and additional financial, technological, and capacity-building support to meet the Paris commitments and fully implement India’s nationally determined contributions in a timely manner.

x) The Indian Maritime Fisheries Bill, 2021

This is aimed at repealing the Maritime Zones of India (Regulation of Fishing by Foreign Vessels) Act, 1981, to provide for the sustainable development of fisheries resources in the exclusive economic zone of India. The objective of the Bill 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.