With Farm Laws Repeal Bill and Crypto on the Agenda, Winter Session Begins Today

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From Monday, Parliament has a busy winter legislative agenda. The government has listed 29 bills to be introduced and passed in the next session.

There are 10 economic bills planned for the next session:

i) The bill repealing agricultural laws, 2021

This bill will repeal three contentious agricultural bills – the Farmers’ Agricultural Services and Price Assurance Agreement (Empowerment and Protection) Act of 2020, the Trade and Commodity Trade Act of 2020. (Promotion and Facilitation), the Essential Products (Amendment) Act, 2020, to amend the 1955 Essential Products Act.

ii) Cryptocurrency and the Regulation of the Official Digital Currency Bill, 2021

After long procrastination, the government is preparing to introduce a bill to ban all private cryptocurrencies. The underlying blockchain technology will be allowed to operate. Although the description of the bill states that all private cryptocurrencies would be banned, it is still not clear whether investments in private cryptocurrencies with a certain cap will be allowed under the bill. The description of the bill also said that it would create a framework to facilitate the creation of an official digital currency to be issued by the Reserve Bank of India.

iii) The Banking Law (Amendment) Bill, 2021

The bill seeks to make amendments to the Banking Companies (Acquisition and Transfer of Businesses) Acts, 1970 and 1980, and ancillary amendments to the Banking Regulation Act, 1949, to allow the government to privatize two public sector banks (PSB).

The bill will allow the government to reduce its stake in these banks to a minimum of 26 percent. At present, the Center cannot have equity capital less than 51% in PSBs. The privatization of two PSBs will reduce the number of these lenders to 10.

iv) Pension Fund Development and Regulatory Authority (Amendment) Bill, 2021

It aims to make changes to the Indian Pension Fund Development and Regulation Authority Act, which will make it easier to separate the trust from the national pension system for government employees from the pension regulator. . This will also allow the creation of a retirement trust by employees (other than government employees).

v) The bill on accountants, work accountants and company secretaries (amendment), 2021

It aims to amend the laws to reform and accelerate the disciplinary mechanism of these three institutes – the Institute of Chartered Accountants of India, the Institute of Cost and Labor Accountants of India and the Institute of Secretaries of India. company from India.

vi) The Insolvency and Bankruptcy Bill (Second Amendment), 2021

Its objective is to strengthen and further streamline the Insolvency and Bankruptcy Code, 2016.

vii) The draft law on the metro (construction, operation and maintenance), 2021

This will replace the Metropolitan Railways (Operation and Maintenance) Act 2002 and the Metropolitan Railways (Works Construction) Act 1978 to provide a legal framework for construction, operation and maintenance. metro rail projects, including those in the public domain. private partnership mode.

viii) The Electricity (Amendment) Bill, 2021

These modifications entail the abolition of the authorization of electricity distribution activities and the integration of a member with legal training in the regulatory committees. This aims to strengthen the appeal tribunal for the sanction of electricity for non-compliance with the obligation to purchase renewable energy, prescribing the rights and duties of consumers.

ix) The Energy Saving (Amendment) Bill, 2021

The purpose of this bill is to provide new and additional financial, technological and capacity building support to meet the Paris commitments and fully implement India’s nationally determined contributions in a timely manner.

x) Indian Marine Fisheries Bill, 2021

This is intended to repeal the Indian Sea Areas Act 1981 (Regulation of Fishing by Foreign Vessels), in order to enable the sustainable development of fishery resources in India’s exclusive economic zone. The purpose of the bill is to ensure the responsible exploitation of high seas fishing by the Indian fishing vessel and the promotion of the livelihoods of small-scale and artisanal fishermen.

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