Centre Lists 17 New Bills for Upcoming Monsoon Session of Parliament, Crypto Users Will Have to Wait

In the upcoming Monsoon Session of the Parliament, the Centre has listed 23 bills to be tabled in the Lok Sabha.

Of these, six bills have already been introduced while 17 will be new, according to the ‘tentative list of government legislative and financial business’ expected to be taken up during the session that starts July 19. The cryptocurrency bill is yet to be listed.

Here are the key bills to be tabled in the Lok Sabha:

The Insolvency and Bankruptcy Code (Amendment) Bill, 2021

This bill will replace the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021 which was promulgated on April 4. A new amendment to the Insolvency and Bankruptcy Code (IBC) will be considered. The amendment is aimed at providing speedier, cost effective, semi-formal and less disruptive framework for insolvency resolution of corporate debtors in distress, according to the Lok Sabha bulletin.

The Coal Bearing Areas (Acquisition and Development) Amendment Bill, 2021

Through this legislation, the government intends to amend the law related to acquisition of land containing coal deposits. It aims at allowing leasing of coal and mining rights to companies, including those in private sector, which emerge as the successful bidder in the auction of coal blocks. The land acquired under this Act for coal mining operations and allied or ancillary activities. It also intends to make provisions specifically that the land acquired under the Act shall be utilised for coal mining operations and allied or ancillary activities as may be prescribed by Centre.

The Electricity (Amendment) Bill, 2021

The bill seeks to de-license power distribution business and bring in competition. This would allow consumers to choose from multiple power distribution services. The proposed amendments also entail the appointment of a member from the law background in every commission, strengthening of Appellate Tribunal for Electricity (APTEL), a penalty for non-compliance of RPO apart from prescribing rights and duties of consumers.

The Chartered Accountants, the Cost and Works Accountants and the Company Secretaries (Amendment) Bill, 2021

The legislation intends to speeding up the disciplinary mechanism of the Institute of Cost Accountants of India (ICAI) — the top statutory accountancy body under the Ministry of Corporate Affairs.

The Trafficking of Persons (Prevention, Protection and Rehabilitation) Bill, 2021

This bill proposes to prevent and combat trafficking in persons, especially women and children, to provide for care, protection, assistance and rehabilitation to the victims, while respecting their rights, and creating a supportive legal, economic and social environment for them, and also to ensure prosecution of offenders.

The Limited Liability Partnership (Amendment) Bill, 2021

The legislation aims at carrying out amendments to the Limited Liability Partnership Act, 2008 to decriminalise 12 compoundable offences which deal with procedural and technical violations

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

Through this amendment, the government will separate the NPS Trust from Pension Fund Regulatory and Development Authority (PFRDA), as announced in the Union Budget 2020, for ensuring universal pension coverage.

The Deposit Insurance and Credit Guarantee Corporation (Amendment) Bill, 2021

Through this legislation the government intends to amend the Deposit Insurance and Credit Guarantee Corporation Act of 1961. The aim is to enable access for depositors to their savings through deposit insurance in case the bank is suspended from business.

The Petroleum and Minerals Pipelines (Amendment) Bill, 2021

This legislation aims at making the system of laying of pipelines for transportation of petroleum and minerals robust.

Bills replacing ordinances

The bills that will be tabled to replace ordinances include the Essential Defence Service Bill, 2021 and the Commission for Air Quality Management in National Capital Region and Adjoining Areas Bill, 2021, apart from the Insolvency and Bankruptcy Code (Amendment) Bill, 2021

Other bills listed

The other bills to be considered for tabling in Lok Sabha include, the Tribunal Reforms (Rationalisation and Conditions of Service) Bill, 2021, the DNA Technology (Use and Application) Regulation Bill, 2019, the Factoring Regulation (Amendment) Bill, 2020, the Assisted Reproductive Technology (Regulation) Bill, 2020, the Maintenance and Welfare of Parents and Senior Citizens (Amendment) Bill, 2019, the National Institutes of Food Technology, Entrepreneurship and Management Bill, 2021, the Cantonment Bill, 2021, the Indian Antarctica Bill, 2021, the Central Universities (Amendment) Bill, 2021, the Indian Institute of Forest Management Bill, 2021, the Indian Marine Fisheries Bill, 2021 and the Inland Vessels Bill, 2021.

Read all the Latest News, Breaking News and Coronavirus News here.