Rajya Sabha passes Essential Commodities (Amendment) Bill; Check other bills passed on September 22
India

Rajya Sabha passes Essential Commodities (Amendment) Bill; Check other bills passed on September 22

New Delhi: The Rajya Sabha on Tuesday (September 22) handed the Essential Commodities (Amendment) Bill 2020 by a voice vote. The invoice goals to take away commodities like cereals, pulses, oilseeds, edible oils, onion, and potatoes from the listing of important commodities. 

Union Minister of State for Consumer Affairs Danve Raosaheb Dadarao assured the House that the Bill is within the curiosity of farmers and customers, including “It is for the benefit of farmers, and consumers. Doubling farmers` income is our pledge, and this bill is an important step towards fulfilling it.” 

Dadarao additional mentioned, “There was a problem of storage, and issues with the supply chain in the country. The Essential Commodities (Amendment) Bill will give a push to the people involved in the supply chain. Investments in the farming sector will increase, and also the losses will be further cut down by the improvement in a storage facility and an increase in technology.” 

Earlier, the invoice was launched by Dadarao within the Lok Sabha on 14th September 2020 to exchange ordinances promulgated on fifth June 2020. The invoice was handed by Lok Sabha on 15th September 2020.

The invoice goals to take away fears of personal buyers of extreme regulatory interference of their enterprise operations. The freedom to provide, maintain, transfer, distribute, and provide will result in harnessing economies of scale and appeal to non-public sector/international direct funding into the agriculture sector. It will assist drive up funding in chilly storages and modernization of the meals provide chain.

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It could also be talked about right here that the Upper House additionally handed a number of key payments together with the important commodities listing in a matter of three and a half hours.

The different payments handed within the Rajya Sabha at the moment are: 

1. First, it handed a invoice to declare 5 newly-established Indian Institutes of Information Technology (IIITs) as establishments of nationwide significance.

2. Rajya Sabha additionally handed amendments to the Bank Regulation Act to convey cooperative banks underneath the supervision of the RBI in a bid to guard the curiosity of depositors.

3. Thereafter the Companies (Amendment) Bill, 2020, which removes the penalty for sure offences, was handed.

4. The National Forensic Sciences University Bill, 2020, and the Rashtriya Rakash University Bill had been handed in fast succession.

5. Thereafter the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill, 2020 to loosen up time restrict on compliance with tax legal guidelines, GST cost, and submitting in view of the coronavirus pandemic.

The Essential Commodities (Amendment) Bill, 2020 in addition to the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill, 2020 change emergency ordinances.

Notably, the sitting of the Rajya Sabha was prolonged by simply over an hour past the scheduled time to permit the passage of the payments. The legislative enterprise began at 10.29 hours and ended at 14.03 hrs – 214 minutes in all.

All the seven payments have already been handed by Lok Sabha and can now be despatched to the President for assent. Once he provides his assent, they’ll turn out to be the regulation. 

IBC (Second Amendment) Bill, 2020

Parliament on Monday accredited the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2020 to guard COVID-19-stressed firms from being pushed into insolvency underneath the Code.

Winding up a dialogue on the invoice in Lok Sabha, Finance and Corporate Affairs Minister Nirmala Sitharaman mentioned the provisions is not going to affect insolvency proceedings initiated earlier than March 25, the day the national-wide lockdown was imposed by the federal government to test the unfold of coronavirus.

The invoice in search of to exchange an ordinance, promulgated in June, was later accredited by Lok Sabha. Rajya Sabha accredited the invoice on Saturday.

The leisure from initiation of insolvency proceedings was initially offered for a interval of six months which ends on September 25.

A choice with regard to the extension of the time interval by one other six months was more likely to be taken later within the week.
The adjustments in Sections 7, 9, and 10 of the IBC, she mentioned, would offer reduction to firms reeling underneath the affect of the coronavirus pandemic.

Sections 7, 9, and 10 take care of the initiation of the company insolvency decision course of by a monetary creditor, operational creditor, and company debtor, respectively.

The minister mentioned that insolvency proceedings towards corporates defaulting on loans previous to March 25 will proceed and the modification is not going to stall these instances.

Foreign Contribution (Regulation) Act handed 

On Monday, the Lok Sabha handed a invoice to amend the Foreign Contribution (Regulation) Act that seeks to make it obligatory for the office-bearers of an NGO to supply their Aadhaar numbers throughout registration.

Amid issues raised by varied Opposition members about The Foreign Contribution (Regulation) Amendment Bill, 2020, Minister of State for Home Nityanand Rai mentioned the laws was not towards any faith or NGO. The invoice was handed after a debate.

The invoice proposes to allow the Centre to permit an NGO or affiliation to give up its FCRA certificates. 

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