The Central government is all set to withdraw Banking Regulation (Amendment) Bill, 2020 for its fresh introduction on Day 1 of the Monsoon Session which will begin from Monday.
Finance Minister Nirmala Sitharaman will move a proposal in the Lok Sabha to withdraw the Bill.
The Bill was introduced in the lower House on March 3 this year during the Budget Session to amend the Banking Regulation Act, 1949. However, the reasons for withdrawal of the Bill could not not be known.
Sitharaman’s statement containing reasons for which the Bill is being withdrawn was circulated to all members earlier in the day. Later in the day, Parliamentary Affairs Minister Pralhad Joshi will introduce the salary, allowances and pension of Members of Parliament (Amendment) Bill, 2020, Lok Sabha legislative business list reveals.
The Bill seeks immediate legislation by promulgation of the salary, allowances and pension of Members of Parliament (Amendment) Ordinance, 2020. It will be among the 23 new Bills, including 11 that will replace ordinances, which has been listed by the government for the session.
Consumer Affairs, Food and Public Distribution Minister Ram Vilas Paswan will later introduce the Essential Commodities (Amendment) Bill, 2020 to amend the Essential Commodities Act, 1955.
Six new Bills will be introduced later with Cabinet Ministers Harsh Vardhan coming with the Assisted Reproductive Technology (Regulation) Bill, 2020 for the regulation and supervision of the assisted reproductive technology clinics and the assisted reproductive technology banks.
The Bill aims prevention of misuse, safe and ethical practice of assisted reproductive technology services and for matters connected therewith.
Finance Minister Sitharaman will also introduce the Bilateral Netting of Qualified Financial Contracts Bill, 2020 to ensure financial stability and promote competitiveness in Indian financial markets by providing enforceability of bilateral netting of qualified financial contracts. The Minister will also introduce the Factoring Regulation (Amendment) Bill, 2020 to amend the Factoring Regulation Act, 2011.
Union Agriculture Minister Narendra Singh Tomar will introduce the Farmers’ Produce Trade and Commerce (Promotion and Facilitation) Bill, 2020 for the creation of an ecosystem where the farmers and traders enjoy the freedom of choice relating to sale and purchase of farmers’ produce.
The purpose of the Bill is to facilitate remunerative prices through competitive alternative trading channels to promote efficient, transparent and barrier-free inter-state and intra-State trade and commerce of farmers’ produce outside physical premises of markets or deemed markets notified under various state agricultural produce market legislations. It will also be a facilitative framework for electronic trading.
Tomar will lay an explanatory statement before the house for immediate legislation by promulgation of the Farmers’ Produce Trade and Commerce (Promotion and Facilitation) Ordinance, 2020 with the introduction of the Bill.
The Agriculture Minister will also introduce the Farmers (Empowerment and Protection) Agreement of Price Assurance and Farm Services Bill, 2020 to provide for a national framework on farming agreements that protects and empowers farmers to engage with agri-business firms, processors, wholesalers, exporters or large retailers for farm services and sale of future farming produce at a mutually agreed remunerative price framework in a fair and transparent manner.
The Bill also replaces the Farmers (Empowerment and Protection) Agreement on Price Assurance and Farm Services Ordinance, 2020.
The Business list mentions that the government will introduce two Bills– The National Commission for Homoeopathy Bill, 2020 and the National Commission for Indian System of Medicine Bill, 2020– for their passage.
Union AYUSH Minister Shripad Yesso Naik will move the National Commission for Homoeopathy Bill, 2020 that seeks improvement in the medical education system ensuring availability of adequate and high quality Homoeopathy medical professionals in all parts of the country.
The Bill promotes equitable and universal healthcare that encourages community health perspective and makes services of Homoeopathy medical professionals accessible to all the citizens.
The Bill also promotes national health goals, encourages Homoeopathy medical professionals to adopt latest medical research in their work and to contribute to research; an objective periodic and transparent assessment of medical institutions and facilitates maintenance of a Homoeopathy medical register for India and enforces high ethical standards in all aspects of medical services.
It is flexible to adapt to the changing needs and has an effective grievance redressal mechanism.
The National Commission for Indian System of Medicine Bill, 2020 aims for a medical education system that improves access to quality and affordable medical education. The purpose is to ensure availability of adequate and high quality medical professionals of Indian System of Medicine in all parts of the country.
It promotes equitable and universal healthcare that encourages community health perspective and makes services of such medical professionals accessible to all the citizens, promotes national health goals, encourages such medical professionals to adopt the latest medical research in their work and to contribute to research.
The Bill will focus on the objective periodic and transparent assessment of medical institutions and facilitates maintenance of a medical register of Indian System of Medicine for India and enforces high ethical standards in all aspects of medical services, and flexible to adapt to the changing needs with an effective grievance redressal mechanism.
However, the beginning of the Parliament’s 36 sittings– 18 each for both the Lok Sabha and the Rajya Sabha– will start at 9 a.m. on Monday with Lok Sabha giving obituary references to 15 parliamentarians who passed away this year.
Former President and member of Fourteenth and Fifteenth Lok Sabhas) Pranab Mukherjee, sitting MP H. Vasanthakumar, Pandit Jasraj (Eminent Vocalist); Gurdas Singh Badal (Member, Fifth Lok Sabha); Dr Nepal Singh (Member, Sixteenth Lok Sabha); Ajit Jogi (Member, Twelfth and Fourteenth Lok Sabhas); P. Namgyal (Member, Seventh, Eighth and Eleventh Lok Sabhas); Paras Nath Yadav (Member, Twelfth and Fourteenth Lok
Sabhas); will be remembered by the Lok Sabha members on day one of the Monsoon Session.
Besides, Madhav Rao Patil (Member, Twelfth Lok Sabha) and Haribhau Madhav Jawale (Member, Fourteenth and Fifteenth Lok Sabhas); Saroj Dubey (Member, Tenth Lok Sabha); Lalji Tandon (Member, Fifteenth Lok Sabha); Kamal Rani (Member, Eleventh and Twelfth Lok Sabhas); Chetan Chauhan (Member, Tenth and Twelfth Lok Sabhas); and Surendra Prakash Goel (Member, Fourteenth Lok Sabha) will also be remembered by all.
No increase in fuel prices for 2nd consecutive day on Tuesday
Petrol and diesel prices remained unchanged for the second consecutive on Tuesday providing relief to consumers who have been facing a regular increase in fuel prices in the past few months taking the retail rates to historic high levels.
With no revision, the price of petrol in Delhi remained Rs 105.84 a litre and Rs 111.77 per litre in Mumbai, according to a price notification of state-owned fuel retailers. In Mumbai, diesel rates also remained static at Rs 102.52 a litre; while in Delhi it costs Rs 94.57, the same as on Sunday.
The price pause comes after the rates rose for four straight days when the rates of both petrol and diesel rose by Rs 1.40 paise per litre. There was no change in the rates also on October 12 and 13.
Diesel prices have increased on 19 out of the last 25 days taking up its retail price by Rs 5.95 per litre in Delhi.
With diesel prices rising sharply, the fuel is now available at over Rs 100 a litre in several parts of the country. This dubious distinction was earlier available to petrol that had crossed Rs 100 a litre-mark across the country a few months earlier.
Petrol prices had maintained stability since September 5, but oil companies finally raised the pump prices last week. Petrol prices have also risen on 16 of the previous 21 days taking up the pump price by Rs 4.65 per litre.
Crude prices have been on a surge rising over a three-year high level of over $ 85.7 a barrel now. It has softened a bit, falling below $ 85 a barrel now. Since September 5, when both petrol and diesel prices were revised, the price of petrol and diesel in the international market is higher by around $9-10 per barrel as compared to the average prices during August.
Markets open on a positive note
The 30-scrip Sensitive Index (Sensex) on Tuesday opened on a positive note during the morning trade.
The Sensex of the BSE opened at 62,156.48 points and touched a high of 62,159.29 points. The Sensex touched a low of 61,964.41 points.
On Monday, the Sensex closed at 61,765.59 points.
The Sensex is trading at 62,061.59 points, up by 296.00 points or 0.48 per cent.
On the other hand, the broader 50-scrip Nifty at National Stock Exchange (NSE) opened at lower note at 18,602.35 points after closing at 18,477.05 points.
The Nifty is trading at 18,549.55 points in the morning.
Petrol, diesel prices rise again, burn bigger holes in consumers’ pockets
Petrol and diesel price rose again on Friday taking its retail rates to record high levels across the country affecting consumers this festive season.
Accordingly, in the national capital, petrol and diesel prices increased by 35 paisa per litre to Rs 105.14 per litre and Rs 93.87 per litre, respectively.
In India’s financial capital of Mumbai, petrol became costlier by 34 paisa per litre to Rs 111.09 a litre on Friday, the highest across all the four metro cities. Diesel also costs Rs 101.77 for one litre in Mumbai.
The price hike on Friday is for a second consecutive day after the rates remained static on Tuesday and Wednesday.
Diesel prices now have increased on 17 out of the last 21 days taking up its retail price by Rs 5.25 per litre in Delhi.
With diesel price rising sharply, the fuel is now available at over Rs 100 a litre in several parts of the country. This dubious distinction was earlier available to petrol that had crossed Rs 100 a litre mark across the country a few months earlier.
Petrol prices had maintained stability since September 5 but oil companies finally raised its pump prices last week and this week given a spurt in the product prices lately. Petrol prices have also risen on 14 of the previous 17 days taking up its pump price by Rs 3.95 per litre.
OMCs had preferred to maintain their watch prices on global oil situation before making any revision in prices. This is the reason why petrol prices were not revised for last three weeks. But extreme volatility in global oil price movement has now pushed OMCs to effect the increase.
Crude price has been on a surge rising over three year high level of over $84.5 a barrel now. Since September 5 when both petrol and diesel prices were revised, the price of petrol and diesel in the international market is higher by around $9-10 per barrel as compared to average prices during August.
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