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Lok Sabha passes Insurance Bill raising FDI cap to 49 pct

| | Mar 05, 2015, at 03:55 am
#Lok Sabha passes Insurance Bill raising FDI cap to 49 pct
New Delhi, Mar 4 (IBNS): The Lok Sabha on Wednesday passed the Insurance Bill, a reform legislation providing for raising foreign investment cap to 49 percent with the support of Congress and NCP.
The Bill will now be placed in the Rajya Sabha. However, much uproar is expected in the Upper House over the passage of the Bill since the government is in minority there.
 
The Government earlie rmoved motions for withdrawal of three Bills pending in the Rajya Sabha pertaining to allocation of coal mines through open bidding, introduction of e-rikshaws and hiking FDI in Insurance sector and the same have been put on hold further to some issues raised by the opposition members. 
 
The Government is of the view that new laws by virtue of promulgation of three related Ordinances are in force rendering the pending Billsinfructuous and it is with in its right to introduce new Bills in the Lok Sabha. 
 
The Union Cabinet had earlier approved the promulgation of the Insurance Laws (Amendment) Ordinance 2014 to amend the Insurance Act, 1938, the General Insurance Business (Nationalisation) Act, 1972 and the Insurance Regulatory and Development Authority Act, 1999, in accordance with the Insurance Laws (Amendment) Bill 2008 as reported by the Select Committee of the Rajya Sabha, and for suitably introducing it in the Parliament in the next session for consideration and passing. 
 

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