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Major economic legislations to be considered during Budget Session
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SME Times News Bureau | 30 Jan, 2021
The Centre has lined up an intensive legislative agenda with over 20
bills for the Budget Session of Parliament which began on January 29.
A
major portion of the legislative agenda would include introduction and
passage of several economic bills that aim at carrying the reform agenda
of the government.
Among the bills lined up for consideration
during the Budget session of Parliament include legislation's covering
delicensing of country's electricity distribution sector, amendments to
Competition Commission of India and PFRDA legislations, creation of new
development financial institution, ban on private cryptocurrencies.
These
would be besides the Finance Bill 2021-22 that would form part of bulk
of budget proposals made by Finance Minister Nirmala Sitharaman on
February 1.
Among the economic legislations is the CCI Amendment
Bill that aims to carry out certain essential structural changes in the
governing structure of the CCI including expansion of CCI activities
across India by opening Regional Offices.
The other bill to be
introduced during Budget Session will be the Pension Fund Regulatory and
Development Authority (Amendment) Bill, 2021 that proposes to amend
PFRDA Act allowing for separation of NPS Trust from PFRDA while also
strengthening the institution.
The government will also introduce
the National Bank for Financing Infrastructure and Development (NaBFID)
Bill, 2021 to set up a new Development Financial Institution (DFI) as a
provider, enabler and catalyst for infrastructure financing and as the
principal financial institution and development bank for building and
sustaining a supportive ecosystem across the life-cycle of
infrastructure projects.
Another bill would be Cryptocurrency and
Regulation of Official Digital Currency Bill, 2021 that will create a
facilitative framework for creation of the official digital currency to
be issued by the Reserve Bank of India. The Bill also seeks to prohibit
all private cryptocurrencies in India, however, it allows for certain
exceptions to promote the underlying technology of cryptocurrency and
its uses.
The government will also introduce the Mines and
Minerals (Development and Regulation) Amendment Bill, 2021 that would
carry forward reforms in the sector allowing for better regulations that
attract investment and removed cumbersome processes and clearances.
Yet
another economic legislation would be introduction of the much delayed
Electricity (Amendment) Bill, 2021 that proposes to de-license the
distribution business and bring in competition, appointment of member
from law background in every Commission, strengthening of APTEL,
penalty for non compliance of RPO, prescribing Rights and Duties of
Consumers.
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| Customs Exchange Rates |
| Currency |
Import |
Export |
US Dollar
|
84.35
|
82.60 |
UK Pound
|
106.35
|
102.90 |
Euro
|
92.50
|
89.35 |
| Japanese
Yen |
55.05 |
53.40 |
| As on 12 Oct, 2024 |
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