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The government will push the long pending insurance bill, which seeks to raise FDI cap in the sector to 49% from 26% in the Winter session of Parliament, Finance Minister P Chidambaram said today.
He said the government has secured the support of the principal opposition party (BJP) for the passage of the insurance Bill.
"The opposition parties have promised me they will pass the insurance Bill... Most parties, including the principal opposition party, have expressed their support for insurance bill. I hope with majority support, if not unanimous support, we will be able to pass the insurance bill," he said.
The Insurance Bill seeks to raise FDI in insurance sector to 49% has been pending in Rajya Sabha since 2008. The Standing Committee, to which it was referred earlier, has already given its report to the Parliament.
The Winter session may start in early December, after the completion of assembly elections in five states.
Chidambaram further exuded confidence that the government would be able to pass about a dozen Bills, including that on securities market, in the forthcoming session of Parliament.
The Sebi Laws Amendment Bill seeks to give more powers to market regulator Sebi.
On the Direct Taxes Code (DTC) Bill, Chidambaram said, the Finance Ministry will move a supplementary note to Cabinet making some more official amendments to the DTC Bill.
"It is then for Cabinet to take a call if they permit us to introduce the official amendments in the Winter Session and take up the DTC Bill," he said.
The final draft of the DTC Bill, which has to be vetted by the Cabinet, keeps the income tax exemption limit unchanged at Rs 2 lakh for individuals. It proposes to introduce a fourth slab with a 35% tax rate for those with an annual income of over Rs 10 crore.
