New Delhi: President Pranab Mukherjee had signed two ordinances of insurance and coal on Friday to accelerate the foreign investment in insurance and to move ahead with the re-allocation of cancelled coal mines.
Notify that NDA-led Centre government had decided to promulgate these ordinances to move ahead with reforms in the two sectors, as respectivebills could not get through during the just-concluded Parliament Session that ended on Tuesday.
Press Secretary Venu Rajamony said that President has signed the two ordinances.
A day after the conclusion of Winter Session of Parliament on Wednesday, Cabinet had had approved promulgation of the Ordinance on Insurance Bill and re-promulgation of the Coal Ordinance.
Union Finance Minister Arun Jaitley had expressed the hope that hiking of the foreign investment cap in the insurance sector to 49%, which has been pending since 2008, will result in capital inflow of USD 6-8 billion.
Notify that this foreign investment limit was capped at 26% earlier.
FM Jaitley said, “The Ordinance demonstrates the firm commitment and determination of this government to reforms. It also announces to the rest of the world including investors that this country can no longer wait even if one of the houses of Parliament waits indefinitely to take up its agenda.”
Despite being approved by the Select Committee of Rajya Sabha, the Insurance Laws Amendment Bill, 2008 could not be taken up for discussionin Parliament Because of uproar in Parliament in whole Winter Session over conversion issue,.
During the session of Lok Sabha, the Coal Mines (Special Provisions) Bill, 2014 had been approved but could make no progress in the upper House.
Bureau Report
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