No legislative work as Parliament deadlock persists

The Parliament saw repeated disruptions related to the bribery charges against the Adani Group, communal tension in Sambhal, and the recent violence in Manipur.

The Banking Laws Amendment Bill 2024 which allows for an increase in number of nominees and also redefines the shareholding limit for substantial interest will be taken up for consideration and passing next week by the Lok Sabha.

The first week of the winter session of Parliament saw the Lok Sabha sit for only 3% of its allotted time. (PTI)

The Railways Amendment Bill 2024, which increases the power of the Railway Board with an eye on operational efficiency will also be taken up.

Minister of law and justice, Arjun Ram Meghwal, on Friday, announced the legislative agenda for the coming week in the Lok Sabha.

The first week of the winter session of Parliament saw the Lok Sabha sit for only 3% of its allotted time, with repeated disruptions related to the bribery charges levied by US prosecutors against the Adani Group, communal tension in Sambhal, and the recent violence in Manipur.

The Disaster Management Bill 2024, the Carriage of Goods by Sea Bill 2024, and the Bills of Lading Bill 2024 are also on the agenda for the coming week. It is set to feature discussions and voting on the First Batch of Supplementary Demands for Grants for 2024-25, and the introduction, consideration and passing of the related Appropriation Bill.

The Banking Laws Amendment Bill 2024 proposes updates to India’s banking regulations. One of the key changes is the increase in the number of nominees allowed per bank account, raising the limit from one to four. This change is expected to provide greater flexibility and convenience for account holders.

Another notable amendment is the revision of the definition of ‘substantial interest’ for directorships. Currently, the threshold for “substantial interest” is set at ₹5 lakh, a figure established nearly 60 years ago. The bill seeks to increase this threshold to ₹2 crore, ensuring that it remains relevant in today’s economic landscape.

In addition, the bill aims to give banks more flexibility in determining the remuneration for statutory auditors, which will allow banks to negotiate pay based on the scope of work and the financial institution’s requirements.

The bill also proposes to amend the regulatory reporting dates for banks, shifting the reporting schedule from the current second and fourth Fridays of each month to the 15th and last day of the month.

Finally, the bill seeks to amend several key laws, including the Reserve Bank of India Act, 1934, the Banking Regulation Act, 1949, the State Bank of India Act, 1955, and the Banking Companies (Acquisition and Transfer of Undertakings) Acts of 1970 and 1980.

The Railways (Amendment) Bill 2024, introduced by Railway minister Ashwini Vaishnaw, seeks to amend the Railways Act, 1989, in order to enhance the powers of the Railways Board and improve the operational efficiency of the Indian Railways. A key provision in the bill is the integration of the Indian Railway Board Act, 1905, into the Railways Act, 1989. This move aims to simplify the legal framework governing Indian Railways by repealing the older Act and incorporating its provisions into the current legislation.

The Disaster Management (Amendment) Bill 2024 seeks to amend the Disaster Management Act, 2005, which was originally enacted to ensure effective disaster management in India. The bill aims to bring more clarity and convergence in the roles of various authorities and committees working in the field of disaster management.

It aims to establish a comprehensive disaster database at the national and state levels, which will help in more effective disaster response and recovery efforts by providing data on risks, resources, and vulnerabilities.

The Carriage of Goods by Sea Bill 2024 seeks to replace the Indian Carriage of Goods by Sea Act, 1925. This Act governs the responsibilities, liabilities, rights, and immunities of parties involved in the transportation of goods by sea, whether the shipment is domestic or international.

The bill retains all provisions of the current Act while aligning them with international conventions.