Crypto bills, bank privatization postponed, the two chambers adjourned sine die

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It’s official now. Two key bills discussed in the winter session of Parliament, one relating to the regulation of cryptocurrency and the other relating to the privatization of public sector banks, have been postponed. The bills were among 26 new bills registered for presentation, consideration and adoption during the winter session which was adjourned sine die ahead of schedule Wednesday.

This is the second time that the Cryptocurrency and Official Digital Currency Regulation Bill, 2021 has been postponed. Previously it was registered for the budget session as well, but could not be presented. The government is silent on the reasons why the bill was postponed. In addition, there is no confirmation yet whether the bill will be presented during the budget session.

According to Lok Sabha Bulletin, the bill aims “to create a framework facilitating the creation of the official digital currency to be issued by the Reserve Bank of India. The bill also seeks to ban all private cryptocurrencies in India; However, it allows certain exceptions to promote the underlying technology of the cryptocurrency and its uses.

Meanwhile, sources said there are multiple views on the cryptocurrency. A view led by the Reserve Bank of India argues for a complete ban while another section does not support a complete ban, but rather argues for the categorization of cryptocurrency as an asset class and the nomination. of SEBI as regulator. Then there are taxation issues – taxation of earnings under the Income Tax Act and services under the GST Act. It appears that the government has yet to reach consensus on these issues, which has resulted in the bill being deferred.

Bank invoice

Another bill titled “Banking Law (Amendment) Bill 2021” has also not seen the light of day. The bill seeks to amend the Banking Companies (Acquisition and Transfer of Businesses) Acts, 1970 and 1980 and ancillary amendments to the Banking Regulation Act, 1949 in the context of the budget announcement of the Union 2021 concerning the privatization of two public sector banks.

The government has repeatedly stated that the examination of various issues related to divestment, which includes among others the selection of the bank (s), is entrusted to the cabinet committee appointed for this purpose. The decision of the relevant ministerial committee regarding the privatization of the PSBs has not been taken in this regard. It appears that any decision in this regard is more political than economic and as states like the UP and Punjab will soon be voting, the bill has been postponed for now.

Overall productivity

Meanwhile, Lok Sabha chairman Om Birla said the lower house held 18 sittings during the session which saw business dealt with for 83 hours and 12 minutes. However, more than 18 hours were lost due to disruption. “Overall productivity was 82 percent,” he said. In addition, 12 government bills were introduced and 9 were adopted.

The upper house recorded a productivity of 47.90 percent during the 18 sittings of the winter session. Of the total scheduled sitting time of 95 hours and 6 minutes, the House was only able to do its business for 45 hours and 34 minutes. “This session’s productivity of 47.90 percent is the fifth lowest of the 12 sessions chaired by President Venkaiah Naidu over the past four years. A total of 49 hours and 32 minutes was lost due to persistent disruption and forced adjournments. The time lost represents 52.08% of the time available ”, according to a contribution from the secretariat of Rajya Sabha.

Read also: Aadhaar link to facilitate the cleaning of electoral lists: government

Question time was the most affected with 60.60% of the total allocated time lost in disruptions. Question time could not be resumed at all in seven of the 18 sittings.

Naidu, in his farewell speech, expressed concern and dismay at the functioning of the House during the winter session. The opposition agitated during the session against the suspension of 13 MPs, not allowing discussion on the bill to repeal three agricultural laws and opposing the passage of bills such that the bill to link the voters list to Aadhar without sending it to a standing committee.

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