Besides a Bill to repeal the three contentious farm laws, the government has lined up 25 more new bills, including one on facilitation of launch of an official cryptocurrency and prohibition private cryptocurrencies, and another to amend banking laws to facilitate bank privatisation during the winter session of Parliament beginning on November 29.
Last week, Prime Minister Narendra Modi had announced withdrawal of the three reform-oriented, but hugely controversial, laws governing agriculture marketing, in the face of determined and prolonged protests by large sections of farmers.
To this effect, the Centre will introduce the Farm Laws Repeal Bill, 2021, to repeal the Farmers’ Produce Trade and Commerce (Promotion and Facilitation) Act, 2020, the Farmers (Empowerment and Protection) Agreement of Price Assurance, Farm Services Act, 2020, and the Essential Commodities (Amendment) Act, 2020.
The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, is aimed at a facilitative framework for creation of the official digital currency to be issued by the RBI. The Bill also seeks to prohibit all private cryptocurrencies in India. However, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses.
To effect amendments in Banking Companies (Acquisition and Transfer of Undertakings) Acts, 1970 and 1980 and incidental amendments to Banking Regulation Act, 1949, in the context of Union Budget announcement 2021 regarding privatisation of two public sector banks, the government will seek the nod of Parliament for the Banking Laws (Amendment) Bill, 2021.
Among others, the Pension Fund Regulatory and Development Authority (Amendment) Bill, 2021, seeks to make PFRDA as the regulator of superannuation funds managed by corporates for employees. It is also proposed to relax rules to allow more products other than annuity products for investment of 40% of the corpus at the time of exit of subscriber from the NPS. It also proposes to separate NPS Trust from PFRDA.
The Electricity (Amendment) Bill, 2021 entail de-licensing other distribution business and bring in completion, appointment of Member from law background in Regulatory Commissions.
Strengthening of Appellate Tribunal for Electricity (APTEL) penalty for non compliance of Renewable Purchase Obligation (RPO), prescribing Rights and Duties of Consumers etc.