Insights
Legislative business concluded in monsoon session of parliament 2020
September 24, 2020The Monsoon session of parliament ended on 23 September 2020. The following legislative business was concluded, among others in this session :
I. Acts/Bills that replaced Ordinances
| Title of the Bill | Objective | Status | Date of coming into force |
| The Insolvency and Bankruptcy (Second) Amendment Bill, 2020 (To replace the Insolvency and Bankruptcy Code (Amendment) Ordinance 2020)
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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. |
Passed by Lok Sabha on 21 September 2020, passed by Rajya Sabha on 19 September 2020.Notified in the gazette on 23 September 2020 | Effective from 5 June 2020 |
| 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. |
Passed by Lok Sabha on 16 September 2020, passed by Rajya Sabha on 22 September 2020.
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All sections effective from 26 June 2020 except section 4, which is effective from 29 June 2020. |
| 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.
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Passed by Lok Sabha on 19 September 2020, passed by Rajya Sabha on 22 September 2020. | Effective from 31 March 2020 |
| 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.
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Passed by Lok Sabha on 15 September 2020, passed by Rajya Sabha on 22 September 2020 | Effective from 5 June 2020 |
| 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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Passed by Lok Sabha on 21 September, passed by Rajya Sabha on 19 September 2020
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Effective from 22 April 2020
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| The Farmers’ Produce Trade and Commerce (Promotion and Facilitation) Bill, 2020
(To replace Farmers’ Produce Trade and Commerce (Promotion and Facilitation) Ordinance, 2020)
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It allows intra-state and inter-state trade of farmers’ produce beyond the physical premises of APMC markets. State governments are prohibited from levying any market fee, cess.
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Passed by Lok on 17 September 2020, passed by 20 September 2020 | Effective from 5 June 2020 |
| The Farmers (Empowerment and Protection) Agreement on Price Assurance and Farms Services Bill, 2020 (To replace Farmers (Empowerment and Protection) Agreement on Price Assurance and Farm Services Ordinance, 2020) | It allows intra-state and inter-state trade of farmers’ produce beyond the physical premises of APMC markets. State governments are prohibited from levying any market fee, cess or levy outside APMC areas.
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Passed by Lok on 17 September 2020, passed by 20 September 2020 | Effective from 5 June 2020 |
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II. Bills passed by both houses of parliament
| Title of the Bill | Objective | Status | Date of coming into force |
| Companies (Amendment) Bill 2020
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To amend various provisions of the Act to decriminalise minor procedural or technical lapses under the provisions of the said Act, into civil wrong.
Refer summary here
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Passed by Lok Sabha on 19 September 2020, passed by Rajya Sabha on 22 September 2020.
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To be notified |
| The Foreign Contribution (Regulation) Amendment Bill, 2020 | Prohibition on accepting foreign contribution extended to a public servant.
Requirement of Aadhar Number for registration / grant of certificate /renewal of certificate or a copy of the Passport or Overseas Citizen of India Card in case of a foreigner.
Refer summary here
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Passed by Lok Sabha on 21 September 2020, passed by Rajya Sabha on 23 September 2020.
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To be notified |
| The Bilateral Netting of Financial Contracts Bill, 2020 | To provide enforceability of bilateral netting of qualified financial contracts as ‘Netting’ enables two counterparties in a bilateral financial contract to offset claims against each other to determine a single net payment obligation due from one counterparty to the other(s), in the event of default.
Refer summary here
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Passed by Lok Sabha on 20 September 2020, passed by Rajya Sabha on 23 September 2020. | To be notified |
| The Industrial Relations Code Bill, 2020 | To amalgamate and replace three central labour Acts, namely (i) the Industrial Disputes Act 1947; (ii) the Trade Unions Act 1926; and (iii) the Industrial Employment (Standing Orders) Act 1946 into a single, unified code.
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Passed by Lok Sabha on 22 September 2020, passed by Rajya Sabha 23 September 2020 | To be notified |
| The Code on Social Security, 2020 | To amalgamate, simplify and rationalize obligations and compliances under eight existing central social security legislations, namely:
Employees’ Compensation Act 1923; Employees‘ State Insurance Act 1948, Employees‘ Provident Funds and Miscellaneous Provisions Act 1952; Maternity Benefit Act 1961; Payment of Gratuity Act 1972; Cine Workers Welfare Fund Act 1981; Building and Other Construction Workers Cess Act 1996 and Unorganized Workers‘ Social Security Act 2008
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Passed by Lok Sabha on 22 September 2020 , passed by Rajya Sabha 23 September 2020 | To be notified |
| The Occupational Safety, Health and Working Conditions Code, 2020
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The Code seeks to regulate health and safety conditions of workers in establishments with 10 or more workers, and in all mines and docks.
It subsumes and replaces 13 labour laws relating to safety, health and working conditions, including the Factories Act, 1948; Mines Act, 1952; Dock Workers Act, 1986; Contract Labour Act, 1970; and Inter-State Migrant Workers Act, 1979. Establishments covered by the Code are required to register with officers appointed by the central or state governments.
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Passed by Lok Sabha on 22 September 2020, passed by Rajya Sabha 23 September 2020 | To be notified |
| The Aircraft (Amendment) Bill, 2020
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The Bill regulates the manufacture, possession, use, operation, sale, import and export of civil aircrafts, and licensing of aerodromes. It increases the maximum amount of fine for certain penalties to one crore rupees. | Passed by Lok Sabha on 17 March 2020, passed by Rajya Sabha on 15 September 2020. | Published in gazette on 20 September 2020 |
III. Bills passed/ introduced in Lok Sabha
| Title of the Bill | Objective | Status |
| The Major Port Authorities Bill, 2020 | To provide for regulation, operation and planning of Major Ports in India and to vest the administration, control and management of such ports upon the Boards of Major Port Authorities.
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Passed in Lok Sabha on 23 September 2020
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| 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.
Refer summary here
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Introduced in Lok Sabha on 14 September 2020 |
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