Bills that rose above Parliament's din to become legislation in 2024

From 'One Nation, One Election' to financial reforms, here's a glimpse at the landmark bills passed this year that are poised to reshape governance, law, and the economy

As the year 2024 comes to a close, several significant bills have been introduced in the Indian Parliament, set to shape the nation’s legal and political future. Among the most notable are the Constitution (One Hundred and Twenty-Ninth Amendment) Bill, 2024, aimed at implementing the ‘One Nation, One Election’ policy, and the Union Territories Laws (Amendment) Bill, 2024, which seeks to align elections across the Union Territories.

 

The string of amendments were around banking regulation, restructuring of railway management, and fair practice during public examinations. In addition, the government introduced the Waqf (Amendment) Bill and the Jammu and Kashmir Appropriation (No 3) Bill, which it claimed would enhance governance efficiency, promote transparency in management processes. Few bills, however, the strong criticism and protests from Opposition parties, civil society and activists. Here’s a look at some of the major bills introduced in the Indian Parliament during 2024. 

 

The Constitution (One Hundred and Twenty-Ninth Amendment) Bill, 2024

On December 17, Union Law Minister Arjun Ram Meghwal introduced the ‘One Nation, One Election’ Bill in the Parliament. It was recommendation by a high-level committee headed by former President Ram Nath Kovind and aims to align elections for the Lok Sabha and state assemblies to minimise the frequency of electoral disruptions. The Bill advocates for staggered election dates, constitutional amendment to have elections simultaneously. It also advocates for efficient management of elections, and a specific procedure for handling no-confidence motions or hung houses.

 

The Union Territories Laws (Amendment) Bill, 2024

The Union Territories Laws (Amendment) Bill, 2024 was also introduced in the Lok Sabha on December 17. It seeks to bring the UTs under the framework of the simultaneous elections. The Bill proposed amendment to the following Acts:

• Government of Union Territories Act, 1963
• The Government of National Capital Territory of Delhi Act, 1991
• The Jammu and Kashmir Reorganisation Act, 2019

 

The aim of the Bill is to enable the General Elections for the Union Territory Legislative Assemblies to coincide with the General Elections of the Lok Sabha, as an integral part of the government’s policy to conduct simultaneous elections throughout the nation.

The Appropriation (No 3) Bill, 2024

Lok Sabha passed the Appropriation (No 3) Bill, 2024, which permits the government to sanction and withdraw certain funds from the Consolidated Fund of India for the financial year 2024-25. The Appropriation Bill is popularly called a Supply or Spending Bill, which is essentially a measure of law giving authority for the government’s spending in a democratic setup. Normally, in democratic societies, the government needs legislative sanction to spend public money.

 

The Banking Laws (Amendment) Bill, 2024

On December 3, the Lok Sabha discussed the Banking Laws (Amendment) Bill, 2024, introduced by Union Finance Minister Nirmala Sitharaman. The amendment addresses the need for strengthening the regulatory framework of banking institutions and ensuring financial stability within the sector. 

 

The proposed amendment brought forward key changes for bank account holders and cooperative banks:

 

Flexibility in nomination: Account holders can nominate up to four nominees; depositors can nominate successive or simultaneous nominees, but locker holders are restricted to successive nominations.

 

‘Substantial interest’ redefined: The cap for directorship increases from Rs 5 lakh to Rs 2 crore.

 

Director tenure: Increases tenure of directors, except chairmen and whole-time directors, in cooperative banks from eight years to 10 years, in accordance with the Constitution (97th Amendment) Act, 2011.

 

Board membership: Allows directors of Central Cooperative Banks to also be part of State Cooperative Bank boards.

 

Auditor remuneration: Allows banks to take greater autonomy in deciding remuneration of statutory auditors.

 

Reporting compliance: Changes regulatory reporting dates to the 15th and last calendar day of every month instead of the current second and fourth Friday’s schedule.

The Railways (Amendment) Bill, 2024

Railway Minister Ashwini Vaishnaw introduced the Railways (Amendment) Bill, 2024 in Lok Sabha on 9th August. The Bill is aimed at integration of the Indian Railways Board Act, 1905 and Railways Act, 1989 into an integrated legislation to enhance operational efficiency and simplify the legal framework of Indian Railways.

 

The Bill was strongly criticised and saw push back in the Lok Sabha, as the Opposition argued that it threatens the Indian Railways’ autonomy. However, the NDA-led government reacted that the Bill is aimed at smoothening governance.

The Waqf (Amendment) Bill, 2024 

The Waqf (Amendment) Bill, 2024 was introduced in the Winter Session of Parliament amid protests by Opposition parties. At the core of the controversy was the proposed amendment to the Waqf Act, 1995, intended for the overhaul of the Waqf property governance structure. As the government framed these amendments as moves toward accountability and transparency, it faced resistance from lawmakers as well as the Muslim community. The Bill was subsequently sent to a Joint Parliamentary Committee (JPC) for detailed examination.

The Jammu and Kashmir Appropriation (No.3) Bill, 2024

In the aftermath of the revocation of Article 370 in August 2019, which put an end to the special status of Jammu and Kashmir, governance of the region was brought under central control. The Jammu and Kashmir Reorganisation Act, 2019, invoked Section 73 that suspended the local assembly and allowed the central government to oversee its finances. 

 

The Jammu and Kashmir Appropriation (No 3) Bill, 2024 aims to give powers to the President to clear for payments from the Consolidated Fund of Jammu and Kashmir pending its sanction by the Parliament. Funds will be allocated from this Appropriation Bill on varied services and departments-general administration, finance, law, social welfare, and housing-specific for the schedule of the given financial year.

The Public Examinations (Prevention of Unfair Means) Bill, 2024

The Public Examinations (Prevention of Unfair Means) Bill, 2024 was introduced in Lok Sabha on February 5. It was designed to prevent malpractices in public exams in India and ensure fair evaluation based on merit.

The Finance Bill, 2024

On August 7, the Lok Sabha passed the Finance Bill 2024 aimed at implementing tax-related measures based on the Budget 2025. The Bill contains proposals such as:

 

Participation exemption for foreign dividends: With this provision, multinational corporations would be able to organize themselves much better and bring back profit with greater ease.

 

Uniform LTCG tax rate: A new uniform long-term capital gains tax rate of 12.5 per cent has been introduced for all assets, replacing the old system with different rates for different asset types.

 

Option to pay a lower tax rate: Taxpayers may choose to pay a reduced rate on capital gains from the transfer of long-term capital assets such as property. They can decide between a 20 per cent tax on capital gains, indexation, or a lesser rate.

 

This Bill also proposes amendments to the Income-tax Act, 1961, the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, as well as other related laws.