Insights
Monsoon session of parliament 2020: Legislative agenda
September 14, 2020The Monsoon session of parliament commences from today, 14 September 2020, and is likely to conclude on 1 October 2020.
Following is the Legislative Agenda for this session, highlighting some of the important Bills, among others :
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I. Bills to replace Ordinances |
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| The Insolvency and Bankruptcy (Second) Amendment Bill, 2020 – (To replace the Insolvency and Bankruptcy Code (Amendment) Ordinance 2020 | Temporarily suspends initiation of CIRP u/s 7, 9 and 10 of the I & B Code for a specified period of six months or such further period, up to one year. Refer summary here. |
| The Banking Regulation (Amendment) Bill, 2020 – (To replace the Banking Regulation (Amendment) Ordinance, 2020 | Strengthens the regulatory framework of co-operative banks, enables RBI to prepare a scheme for reconstruction or amalgamation of a banking company without imposing a moratorium. Refer summary here. |
| The Taxation and Other Laws (Relaxation of Certain Provisions) Bill, 2020 – (To replace the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020) | To provide for extension of various time limits under the Direct and Indirect Tax Acts, Vivad se Vishwas Act and the Benami Property Transactions Act and Rules. Also, to implement statutory and regulatory relief measures announced by the Finance Minister on 24 March 2020 and consequent challenges and disruption faced by taxpayers in meeting compliance requirements. Refer summary here. |
| The Essential Commodities (Amendment) Bill, 2020 – (To replace the Essential Commodities (Amendment) Ordinance, 2020) | Empowers the central government to control the production, supply, distribution, trade, and commerce in certain commodities, increase competition and enhance farmers’ income. |
| The Epidemic Diseases (Amendment) Bill, 2020 – (To replace the Epidemic Diseases (Amendment) Ordinance, 2020) | To provide for protections for healthcare personnel and punishments/penalties for acts of violence against a healthcare service personnel or causing damage or loss to any property during an epidemic, being cognizable and non-bailable offences. |
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II. New Bills to be introduced in Lok Sabha |
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| The Bilateral Netting of Financial Contracts Bill, 2020 | Enables India to become a major market for Over The Counter (OTC) Derivatives products and strengths the financial stability of the country. |
| The Factoring Regulation (Amendment) Bill, 2020 | Permits NBFCs other than NBFC-Factors to undertake factoring business and Trade Receivables Discounting System (TReDS) entities to act as agents for financiers for filing of registration of charge with the Central Registry. |
| The Foreign Contribution (Regulation) Amendment Bill, 2020 | Streamlines and strengthens the provisions of the Foreign Contribution (Regulation) Act, 2010. |
| The Pension Fund Regulatory and Development Authority (Amendment) Bill, 2020 | To separate NPS Trust from PFRDA and ensure universal pension coverage.
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| The Representation of People (Amendment) Bill, 2020 | Amends section 8A (Disqualification on ground of corrupt practices) of the Representation of People Act. |
| The Prohibition of Employment as Manual Scavengers and their Rehabilitation (Amendment) Bill, 2020 | Provides for complete mechanisation of sewer cleaning, better protection in work, and compensation in case of accidents. |
| The Multi State Cooperative Societies (Amendment) Bill, 2020 | Rationalises government’s role, increases members’ participation in the working of multistate cooperative societies, promotes functional autonomy and professionalization, and protects interest of the depositors and members. |
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III. Pending Bills in the Lok Sabha for consideration and passing |
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IV. Bills passed by the Lok Sabha pending consideration and approval of the Rajya Sabha |
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To refer to the PIB Release, click here.
