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  1. 3 key economy-related bills that are set to be placed in winter session of Parliament

3 key economy-related bills that are set to be placed in winter session of Parliament

The much-delayed Winter Session of the Parliament is set to begin tomorrow and will last until January 5. As many as 25 pending bills and 14 new ones set to be introduced in the Parliament, of which three are major economy-related bills.

By: | Published: December 14, 2017 7:42 PM
The much-delayed Winter Session of the Parliament is set to begin tomorrow and will last until January 5. (Image: Reuters)

The much-delayed Winter Session of the Parliament is set to begin tomorrow and will last until January 5. As many as 25 pending bills and 14 new ones set to be introduced in the Parliament, of which three are major economy-related bills: The Goods and Services Tax (Compensation to States) Amendment Ordinance, 2017, The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2017, and Prevention of Corruption (Amendment) Bill, 2013. Besides, Bills on Triple Talaq, backward class and transgender community are going to be on agenda.

Here are three key economy-related bills that are set to be introduced in Winter Session of the Parliament:

The Goods and Services Tax (Compensation to States) Amendment Ordinance, 2017: The Ordinance aims to increase the cap on the GST compensation cess levied on cars from 15 percent to 25%. The Ordinance amends the Goods and Services Tax (Compensation to States) Amendment Act, 2017, which was promulgated on September 2, 2017.

The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2017: It particularly amends the definition of a resolution applicant and their eligibility and ineligibility. The Ordinance lays down 10 ineligibility criteria for a resolution applicant, few of them being, a willful defaulter identified by the RBI, a person who has been convicted with two years more years of imprisonment, an undischarged insolvent and person prohibited from trading in securities. The 2017 Ordinance amends the Insolvency and Bankruptcy Code, 2016.

Prevention of Corruption (Amendment) Bill, 2013: The Bill proposes to make giving bribe an offence and modifies the definition of ‘taking a bribe’ and requires prior sanction to investigate officials.

According to a list compiled by think-tank PRS Legislative Research, some of the bills listed for consideration and passage at the session include Surrogacy (Regulation) Bill, 2016, Transgender Persons (Protection of Rights) Bill, 2016, Muslim Women (Protection of Rights on Marriages) Bill, 2017 among others. The surrogacy bill prohibits commercial surrogacy and allows its altruistic form. The transgender bill, on the other hand, defines a transgender person, prohibits discrimination against them and prescribes penalties for certain offences. The Muslim Women (Protection of Rights on Marriages) Bill gives women from the community the right to seek maintenance from their husbands in case of triple talaq.

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