Amendments to insurance laws, IBC, GST Act may be tabled in Monsoon Session
Officials say the amendments to insurance laws are long pending and are amongst the top priority for now
- Jul 17, 2023,
- Updated Jul 17, 2023 6:11 PM IST
Key economic Bills, including amendments to the insurance laws and Insolvency and Bankruptcy Code, are ready and may be tabled in the upcoming Monsoon Session of Parliament that starts from July 20.
While these are not part of the list of 21 Bills tentatively listed for introduction, consideration, and passing in the Monsoon Session from July 20 to August 11, sources indicated that a decision on their introduction will be taken in the coming days.
The amendment to the GST Act to include online gaming and horse racing in schedule III as taxable actionable claims will be introduced in the Monsoon Session of Parliament, officials have said. This follows the GST Council’s decision to levy a uniform 28% tax rate on these activities at the full face value.
The finance ministry also hopes to table the Bill to amend the Insurance Act, 1938, and the Insurance Regulatory and Development Authority of India, 1999, in the Monsoon Session.
“The amendments to the insurance laws are long pending and are amongst the top priority for now as they will give a further boost to the sector,” said an official source. While the preparatory work on the Bills had been completed ahead of the Budget session of the Parliament, the timing for its introduction had to be decided by the government.
Introducing these Bills now would ensure that there is enough time for their examination by the Standing Committee on Finance and eventual passage, if possible, in the Winter Session.
The finance ministry had invited comments on proposed amendments to the Insurance Act, 1938, and Insurance Regulatory and Development Authority Act, 1999, last November. Some key changes envisaged in the Bills include a composite licence as well as reduction in the initial capital requirement of Rs 100 crore.
The amendments to the Insolvency and Bankruptcy Code that has proposed a special insolvency regime for the real estate sector as well as extending the pre-pack scheme from only micro small and medium enterprises, may also be taken up. The Ministry of Corporate Affairs had sought public comments on the amendments in January and has been almost finalised the draft Bill.
Sources said that work is also on amendments to the Companies Act is also complete but its timing is yet to be decided. A call will be taken on its introduction soon. A part of the amendments aims to revamp the regulatory structure for statutory auditors.
According to the Lok Sabha bulletin, key bills listed for consideration and passage during the 17-day session include the Jan Vishwas (Amendment of Provisions) Bill and the Multi-State Cooperative Societies (Amendment) Bill.
Key economic Bills, including amendments to the insurance laws and Insolvency and Bankruptcy Code, are ready and may be tabled in the upcoming Monsoon Session of Parliament that starts from July 20.
While these are not part of the list of 21 Bills tentatively listed for introduction, consideration, and passing in the Monsoon Session from July 20 to August 11, sources indicated that a decision on their introduction will be taken in the coming days.
The amendment to the GST Act to include online gaming and horse racing in schedule III as taxable actionable claims will be introduced in the Monsoon Session of Parliament, officials have said. This follows the GST Council’s decision to levy a uniform 28% tax rate on these activities at the full face value.
The finance ministry also hopes to table the Bill to amend the Insurance Act, 1938, and the Insurance Regulatory and Development Authority of India, 1999, in the Monsoon Session.
“The amendments to the insurance laws are long pending and are amongst the top priority for now as they will give a further boost to the sector,” said an official source. While the preparatory work on the Bills had been completed ahead of the Budget session of the Parliament, the timing for its introduction had to be decided by the government.
Introducing these Bills now would ensure that there is enough time for their examination by the Standing Committee on Finance and eventual passage, if possible, in the Winter Session.
The finance ministry had invited comments on proposed amendments to the Insurance Act, 1938, and Insurance Regulatory and Development Authority Act, 1999, last November. Some key changes envisaged in the Bills include a composite licence as well as reduction in the initial capital requirement of Rs 100 crore.
The amendments to the Insolvency and Bankruptcy Code that has proposed a special insolvency regime for the real estate sector as well as extending the pre-pack scheme from only micro small and medium enterprises, may also be taken up. The Ministry of Corporate Affairs had sought public comments on the amendments in January and has been almost finalised the draft Bill.
Sources said that work is also on amendments to the Companies Act is also complete but its timing is yet to be decided. A call will be taken on its introduction soon. A part of the amendments aims to revamp the regulatory structure for statutory auditors.
According to the Lok Sabha bulletin, key bills listed for consideration and passage during the 17-day session include the Jan Vishwas (Amendment of Provisions) Bill and the Multi-State Cooperative Societies (Amendment) Bill.