With Parliament functioning resuming from Monday morning, the government’s legislative business got done as the winter session commenced its fourth week.
The Lok Sabha passed a bill that allows suspension of sealing drive in the Capital for another three years, a bill that allows increase of the paid up capital of Life Insurance Corporation of India and an amendment to the Oil Pipelines Act to make “acts of terrorism to destroy oil and gas pipelines” in the country punishable by a maximum of death sentence.
The government also tabled the Mines & Minerals (Development and Regulation) Bill, 2011, which seeks to replace the over half-a-century old Mining Act, 1957.
This bill envisages introduction of a competitive bidding process to encourage the participation of private parties in the sector.
But, before the passage of the Life Insurance Corporation (Amendment) Bill, 2009, the government had anxious moments because a division was sought by the opposition on an amendment moved by a Left member.
Bansa Gopal Chawdhary’s (CPI-M) amendment, however, was negated by 107 votes against it and only 17 in its favour. Later, the Left MPs staged a walkout.
Minister of state for finance Namo Narain Meena said the bill would not have any effect on the present policy holders and it was in line with the recommendations of the Insurance Regulatory and Development Authority (IRDA), which had suggested that the LIC Act should be changed in order to bring it in consonance with the Insurance Act, 1938.
Earlier, the government introduced an amendment bill to enable banks and financial firms to effectively deal with the problem of bad loans.
Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Bill, 2011, which was introduced Meena in the Lok Sabha, seeks to strengthen recovery process of secured loans.