Published by Pallavi pandey
Rajya Sabha passed the Three Bill: Nirmala Sitharaman
Written by Khushi bhanushali
The Rajya Sabha on Wednesday has passed the three bills. The first bill which was passed by Nirmala Sitharaman was “Limited Liability Partnership Bill” which seeks to encourage the start-up ecosystem, further boost the ease of doing business, amid uproar by the opposition on Pegasus snooping row and other issues.
The bill, which was passed after a short debate, seeks to decriminalise 12 offences under the law and help to improve the ease of doing business by amending the Limited Liability Partnership (LLP) Act, 2008.Finance Minister Nirmala Sitharaman moved the bill for consideration and passage. The bill was introduced in the House last week.several opposition members were raising slogans against the government in the Well of the House. The main motive of passing these bill was to introduce the concept of “Small Limited Liability Partnership” and the concept of “Small Companies” under the companies act, 2013.
The second bill which passed by Nirmala Sitharaman was Deposit Insurance and Credit Guarantee Corporation,2021. The bill propose three key changes that could vastly improve the working of deposit insurance. It will add an extra dimension to the Centre’s landmark move last year to hike the insurance coverage for individual depositors in banks from ₹1 lakh to ₹5 lakh. The second bill is so impactful that if a bank is temporarily unable to fulfil its obligations due to restrictions such as moratorium, depositors can access their deposits to the extent of the deposit insurance cover through interim payments by the Deposit Insurance and Credit Guarantee Corporation. Sitharaman told that these facility will provide relief to small depositors. Thousands of depositors of the fraud-hit multi-state cooperative bank are facing hardship. The PMC Bank is currently under reconstruction. The bill also seeks to amend Section 15 of the DICGC Act to enable the Corporation to increase the ceiling on the amount of premium, with the prior approval of the Reserve Bank of India
The last but not least the bill proposed was General Insurance Business Amendment, these bill seeks to permit the government to cut it’s stake in prominent state-owned general insurance corporation, helping achieve its divestment targets. Divestment refers to the government’s selling off part of its ownership in state-run corporations. The bill was passed in the lower house on Monday.
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