The Modi government will introduce 17 new Bills in the Monsoon Session of Parliament. The session will begin on July 19. After the massive Cabinet reshuffle, it will be interesting to know what transformation in bills will be put forward in the Parliament.
There will be 17 new bills that the government will launch in the parliament. One change included the Insolvency and Bankruptcy Code (IBC) - replacing the Ordinance facilitating prepackaged resolution schemes for micro, small, and medium businesses (MSMEs). It would allow corporates that are in debt to formulate a solution plan for the stressed company.
Deposit Insurance Bill, will also be introduced that would expand the insurance cover to Rs 5 lakh.
The most anticipated bill on Cryptocurrency has been postponed, it is not registered in the Lok Sabha Bulletin of the session.
Earlier, the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 also known as Crypto Bill was supposed to be discussed in the Budget Session but it couldn't be tabled as the session was cut shorter due to the emergence of the covid second wave.
However, the sources said that the government is yet to finalise the structures of the bill and the framework assessment is still going on.
Amongst the 17 new bills that are in line with the session, amendments in the Limited Liability Partnership (LLP) Act, the Electricity Act and the Coal Bearing Areas (Acquisition and Development) Act are also included apart from others.
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The Lok Sabha bulletin stated that the amendment in the IBC is to reinstate the April Ordinance. The ordinance was broadcasted to deliver a faster, cost-effective, semi-formal and less disruptive framework for insolvency resolution of corporate debtors in trouble. The minimum boundary of default to be included as a part of the rules. This prepackaged scheme has given a semi-formal contour to the businesses in the pre-insolvency stage.
The Deposit Insurance and Credit Guarantee Corporation Bill's purpose is to provide depositors with simple and time limits to access their money and to further lock confidence about the safety of their money. Following the Budget announcement of 2020, when the centre had nodded a rise in cover from Rs 1 lakh to Rs 5 lakh.
The LLP Act of 2008, will be an important amendment that would also be launched in the parliamentary session.
Besides, the government is aiming to decriminalise 12 compoundable offences that deal with procedural and technical breaches. It will guarantee relief of performing business for law-abiding LLP's.
Coal Bearing Areas (Acquisition and Development) Amendment Bill, 2021 is another top Bill on the central agenda for the Monsoon parliamentary session.
The amendment will ensure provisions for leasing of and coal mining rights. The eights that are bestowed under the CBA Act to any company that also constitutes private sector firms have become a growing bidder in the auction of coal blocks that are supervised under the MMDR Act or the CMSP Act.
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Land that is obtained under the Act will be used for coal mining operations and policies and also for the allied or secondary actions. This can be used for creating prerequisites for the acquisition of lignite relevance areas under the CBA Act.