Monsoon Session: Three bills -- The Fugitive Economic Offenders Bill, the Insolvency and Bankruptcy Code (Amendment) Bill, and the Consumer Protection Bill -- are listed along with 22 other bills.
Monsoon Session 2018: Three key bills are on the table for this session: one ordinance that nails likes of Vijay Mallya; one ordinance that protects home buyers under Insolvency and Bankruptcy Code (IBC); one that protects consumers. The three bills — The Fugitive Economic Offenders Bill, the Insolvency and Bankruptcy Code (Amendment) Bill, and the Consumer Protection Bill — are listed along with 22 other bills. A total of 68 bills are pending in the Parliament, according to PRS Legislative Research. The Monsoon Session will be held between July 18 and August 10.
- Fugitive Economic Offenders Bill, 2018 (to replace an Ordinance): In April, the Union Cabinet had approved an Ordinance that allows confiscating of properties and assets of economic offenders like loan defaulters who flee the country. The bill was listed in the Budget session but due to complete washout of the sessions, it could not be passed. The Bill allows tagging a person as a fugitive economic offender if an arrest warrant has been issued against him for any specified offences where the value involved is over Rs 100 crore and he has left the country and refuses to return to face prosecution.
- Insolvency and Bankruptcy Code (Amendment) Bill, 2018 (to replace an Ordinance): In May, the Union Cabinet passed an Ordinance tweaking some rules in the IBC law to protect homebuyers and SMEs. The Ordinance made home buyers at par with financial creditors, should the real estate company go bust. The amendments also provide for exemptions to MSMEs (Micro Small and Medium Enterprises) under the Section 29A of the IBC law. The section bars wilful defaulters, defaulter promoters, and other related parties from bidding for any bankrupt company.
- Consumer Protection Bill, 2018: The Bill replaces the Consumer Protection Act, 1986. The Bill enforces consumer rights and provides a mechanism for redressal of complaints regarding a defect in goods and deficiency in services. It was tabled in the Lok Sabha on January 12 this year in the Winter Session 2017-18.
Some of the other bills that have been listed for introduction, consideration and passage are the Goods and Services Tax (Compensation to States) Amendment Bill, the Right to Information (Amendment) Bill, Banning of Unregulated Deposit Schemes Bill, the Motor Vehicles (Amendment) Bill.