Coal news and updates

The Union Cabinet on Wednesday is likely to consider bringing out ordinances to push through reforms in two key sectors of insurance and coal. These Bills could not be taken up in the Rajya Sabha due to a logjam between the treasury and Opposition benches in the just-concluded winter session.

While the Cabinet is expected to clear the ordinance on the Coal Mines (Special Provisions) Bill, 2014, in the meeting, the government is yet to decide on whether an ordinance should be promulgated for the Insurance Laws Amendment Bill, 2008.

The Insurance Bill could not be taken up for discussion despite being approved by a Select Committee of the Rajya Sabha due to the uproar over the conversion and other issues. The Coal Mines (Special Provisions) Bill, 2014, has already been approved by the Lok Sabha during the session but was again stalled in the Upper House.

“There is an argument that an ordinance on insurance would not bring much enthusiasm among investors,” said a BJP leader.

However, a senior minister indicated that the intent of the government is to push through ordinances for these two sectors “Skepticism will be there. But the intention of the government will be clear (if an ordinance is issued),” he pointed out.

Minister of state for finance Jayant Sinha too indicated that the government would resort to the ordinance route for these two sectors. “We need the skills and the expertise that foreign insurance companies provide. So we have to really think through the different alternatives. We need to ensure that the product and services (related to insurance) are available to all the people of India… We will have to consider all possibilities right now because the fact is that the country needs more investment in the insurance sector,” Sinha said when asked whether the government would look at the ordinance route.

Parliamentary affairs minister M Venkaiah Naidu said the Insurance Bill could not be passed due to the obstructionist attitude of the Opposition.

“We will do whatever required to clear it. The government is keen to implement it,” he asserted.

LOGJAM RESULT

* The Cabinet is expected to clear the ordinance on the Coal Mines (Special Provisions) Bill

* The Bill has been passed by the Lok Sabha during the current session, but could face hurdles in the Rajya Sabha

* Both the Coal Bill and the Insurance Laws Amendment could not be taken up for discussion in the Rajya Sabha due the logjam between the Treasury and the Opposition benches

 

 

 

Source: http://www.financialexpress.com/