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Cabinet nod for Competition Bill, to be tabled in Budget session

As per the Bill, deals with transaction value above Rs 2,000 crore will require prior approval of the Competition Commission of India and will significantly expand its overview of such transactions by tech companies.

Cabinet nod for Competition Bill, to be tabled in Budget session
(File/Pixabay)

The Union Cabinet on Tuesday is understood to cleared the Competition (Amendment) Bill. The Bill  is expected to be taken up for discussion and passage in the upcoming Budget Session of Parliament, which starts on January 31.

There was, however, no official communication on the Cabinet’s decision on the Bill.

The Bill, which seeks to amend the Competition Act, 2002, is understood to have taken on board recommendations of the Parliamentary Panel chaired by Lok Sabha MP Jayant Sinha. As per the Bill, deals with transaction value above Rs 2,000 crore will require prior approval of the Competition Commission of India and will significantly expand its overview of such transactions by tech companies.

 The Standing Committee in its report had recommended keeping the deal value threshold of Rs 2,000 but it should be reviewed annually, instead of every two years, as sought by the Bill. It had also suggested maintaining the status quo (210 and 30 days) on the timeline for approvals.

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First published on: 25-01-2023 at 02:45 IST