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A Bill to crack down on Ponzi schemes along with six anti-graft legislations is on top of the priority list of the government for the Parliament session starting this week. However, some key financial sector Bills such as Direct Taxes Code (DTC), Goods & Services Tax (GST), and insurance Bill will now have to wait for the next government.
Finance Minister P Chidambaram on Monday said Sebi (Amendment) Bill, which seeks to empower the capital market regulator to effectively check illegal deposit taking and Ponzi schemes, was on his priority list.
“I raised it in all party meetings. I pointed out the Bill was promulgated twice. Hope the Standing Committee on Finance will submit its report by tomorrow (Tuesday) or the first day of the session to enable Parliament to approve it… We will be doing great disservice to thousands of depositors whose money is stake at collective investment schemes which were not adequately regulated. It is imperative that this Bill is passed,” he said on Monday.
| BATTLE FOR BILLS |
Those to be taken up
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The Parliament session, beginning on February 5 and ending on February 21, will have 12 sittings and the government plans to push 39 Bills in this session — the last before the general elections. It had a meeting with the opposition parties on Monday to seek their support for these Bills. The Telangana Bill, which provides for bifurcation of Andhra Pradesh, is one of the key Bills besides the anti-corruption Bills pushed by Congress Vice-President Rahul Gandhi.
On the insurance Bill, which seeks to raise foreign direct investment cap in the sector from 26 per cent to 49 per cent, Chidambaram said the Opposition made it clear they would not pass it in the upcoming session. The Constitution Amendment Bill for introduction of GST will not be taken up either in the upcoming session as there is no consensus between the Centre and the states on many provisions. DTC Bill, which seeks to replace the 50-year-old Income Tax Act, may also have to wait.
On amendments to the Forward Markets Commission Act, which seeks to provide the commodity market regulator more financial autonomy, encourage participation of institutional investors and facilitate introduction of new products, Chidambaram said, “We are not yet ready with amendments”.
Asked about Shah Commission, he said the Cabinet has referred this to Committee of Secretaries to sit together and draw up the action taken report.
The report of the Commission, which had probed illegal mining in various mineral-rich states since January 2011, will be placed before Parliament together with an action taken report.
