RBI bill between laws aligned for Budget session
NEW DELHI: Although the state of the economy and the budget will be the centers of the current session of Parliament, the government also plans to legislate on at least 28 other issues during the budget session, some of which will be addressed when Parliament meets again after a break.
The key laws that are scheduled to be included include the Reserve Bill (), which seeks to allow the bank's central board to implement foreign exchange reserves to invest in securities issued by non-sovereign institutions outside India. The government will also move the Banking Regulation Bill (Amendment) 2020, which seeks to strengthen the regulatory framework of cooperative banks.
In line with the key changes in the financial sector, the government will present two amendments to the Business Law Project, one that will give way to structural changes in the government structure of India, and a second amendment that seeks to decriminalize crimes (prescribed in the existing Law) and facilitate the ease of doing business and the ease of life.
Another important legislation that the NDA government will adopt in Parliament's budget session is the Bill of Bilateral Compensation Financial Contracts 2020, which seeks to promote financial stability by allowing India to emerge as a leisure market for over-the-counter derivative products .
Other laws that will be addressed during the current session include the Aircraft Bill (Amendment), 2020, which aims to make the Indian aviation industry in tune with the safety standards set by the International Civil Aviation Organization (ICAO) ).
The bill, to establish a university to train police forces, and with the aim of providing intense training, research and development along with policy formulation is also on the anvil. The university is expected to offer courses in police science, computer forensics, risk management and criminology. In addition to this, the government will also present the Bill of Law of the National University of Forensic Sciences to establish a homonymous university, the Draft Law on Medical Interruption of Pregnancy (Amendment), 2020, which was approved by the Cabinet of the Union last week, and the Mineral Laws (Amendment) Bill to replace the ordinance that was enacted in January.