Economic bills to get top priority this session

New Delhi, Nov 21 | Updated: Nov 22 2005, 06:50am hrs
The government has lined up a clutch of crucial economic bills for introduction in the winter session of Parliament beginning November 23.

The bills aimed at reforming the financial sector the Banking Regulation Amendment Bill and the Pension Fund Regulatory Development Bill would be accorded top priority, official sources said. The Bill to amend the Insurance Act, however, may be left out this time.

Other major bills slated for consideration in the forthcoming session are the RBI Act Amendment Bill, the National Tax Tribunal Bill and the Small and Medium Enterprises Development Bill.

While the pension bill is aimed at facilitating the shift from the concept of defined benefits to defined contribution, the proposed amendment to the Banking Regulation Act would bring voting rights of foreign investors in private banks commensurate with their shareholding.

The RBI Act amendment is intended to allow trade in over-the-counter derivatives and empower the central bank to regulate co-operative banks.

These apart, three amendment bills, cleared by the Cabinet recently, to restructure the professional bodies of charterted accountants, cost and work accountants and company secretaries are also to be taken up in the session. Enactment of these bills would introduce the concept of multi-disciplinary partnerships among these professionals.

Further, appellate authorities and quality review boards would be set up to regulate the discipline and quality of these professional services in the context of globalisation.

The State Bank of India (Subsidiaries of Banks) Bill and the Payment and Settlement Systems Bill may also be tabled in Parliament in the forthcoming session.

The Actuarial Bill and the Banking Companies (Acquisition and Transfer of Undertaking) and Financial Institutional Laws Amendment Bill too are unlikely to be tabled, officials sources said.