Key financial Bills to set reforms ball rolling in Winter Session

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New Delhi: The Winter Session of Parliament which is set to start from November 19 will see the UPA finally going ahead with its promise to carry out comprehensive financial sector reforms.

Free of its Left allies, the UPA is getting ready to introduce as many as seven key financial sector Bills in the upcoming session. Simultaneously, a Bill to bring in the goods and services tax from 2010-11 as well as the Direct Taxes Code (DTC) are also expected to be introduced. Pension Fund Regulatory and Development Authority Bill-2009, which is likely to be introduce and get passed during the five week session of the Parliament, will top the agenda.

Officials said a Cabinet note has already been prepared for it, and is expected to get approval next week. With the New Pension Scheme now open for the public too, the government feels there is an urgent need to have a full-fledged regulator for the pension sector.

The finance ministry is also laying the groundwork to usher in GST from the next fiscal. To this effect, a Bill amending the additional duties of excise is expected to be tabled in the first half of the session. The details of the Bill are still being worked out by a joint working group of the Union finance ministry and state officials. However, it is expected that the Constitution will be amended to allow states to tax imports, as envisaged in the proposed GST regime.

North Block is also targeting the last week of the winter session, which ends on December 22, to introduce the Direct Taxes Code Bill. Although the draft Code is still being discussed with stakeholders and a number of its provisions under review, finance minister Pranab Mukherjee is keen to table it in the Winter Session. In fact, the ministry is preparing a draft Cabinet note for it.

Meanwhile, long pending financial sector Bills including the Banking Regulation Amendment Bill, the State Bank of India Amendment Bill, State Bank of Saurashtra (Repeal) Bill, the Micro Financial Sector (Development and Amendment) Bill, and a Bill amending Section 20 of the Indian Trusts Act, 1882 are also likely to make it to the Winter Session.