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Parliament updates: Piyush Goyal says Narendra Modi govt changed situation for banks, made loan recovery easier

Piyush Goyal said that the cases of loan recovery that are troubling India took place before 2014. 'Earlier, the person who would take loan of smaller amount would be stressed to repay the sum, but those taking loans in larger amount were carefree. We have changed that situation. Now, the loans are coming back to the banks,' he said.

FP Staff July 31, 2018 19:01:07 IST
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Parliament updates: Piyush Goyal says Narendra Modi govt changed situation for banks, made loan recovery easier

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July 31, 2018 - 18:52 (IST)

Lok Sabha passes The Insolvency and Bankruptcy Code, (Second Amendment) 2018

The Lower House has been adjourned till 11 am on 1 August, Wednesday.

July 31, 2018 - 18:44 (IST)

Congress stages walks out in Lok Sabha

Congress MP Mallikarjun Kharge lashed out at Piyush Goyal's claim that the major cases of bad loans took place during the UPA rule. "BJP leader Kirit Somaiya said that UPA government is behind the NPA. You have the record, according to it, today the amount stands at 12 lakh crore. The reason for it is that the BJP is patting its back to claim they have done a good job," he said. He said that the Congress will oppose the bill, after which the party leaders staged a walkout.

July 31, 2018 - 18:27 (IST)

Piyush Goyal says Narendra Modi govt changed situation for banks who earlier couldn't recover loans

In his concluding remarks, Union minister Piyush Goyal said that the cases of loan recovery that are troubling India took place before 2014. "Earlier, the person who would take loan of smaller amount would be stressed to repay the sum, but those taking loans in larger amount were carefree. We have changed that situation. Now, the loans are coming back to the banks,' he said.

July 31, 2018 - 18:14 (IST)

Bringing an ordinance became necessary, says Piyush Goyal

Deputy Speaker M Thambiduurai extends Lok Sabha proceedings to continue the discussion. Union Minister Piyush Goyal said, "All the proposed amendments were accepted. We tightened our own powers. The committee had given a suggestion for a big power but we said Centre shouldn't get the power. Bringing an ordinance became necessary."

July 31, 2018 - 17:00 (IST)

TRS MP says Indian laws treat honest people same as fraudsters

In Lok Sabha, TRS leader Konda Vishweshwar Reddy said, "Ease of resolving insolvency is equally important as ease of doing business. The nature of the fraud triggering insolvency has also increased. Are we a nation of fraudsters and thieves? I don't think so. But our laws treat honest people the way we treat our fraudsters."

July 31, 2018 - 16:50 (IST)

Piyush Goyal speaks on Insolvency Law Committee report

'The report of the Insolvency Law Committee came on 26th Mar 2018. Almost every clause of the report has been considered, accepted and brought into this amendment," Union minister Piyush Goyal said in the Lok Sabha. "Since many ministers have raised this issue, I'd like to talk about it. Because of a small minority, because the threshold was kept high, it may lead to liquidation. There is no resolution which is complete as yet."

July 31, 2018 - 16:42 (IST)

BJP MP calls Modi govt a 'thinking govt'

In the Lok Sabha, Bhartruhari Mahtab of BJD spoke on the second amendment to The Insolvency and Bankruptcy Code, 2018. "I would say it is a big amendment, number of clauses are there. This amendment runs into 40 clauses. I'm not opposed to all the clauses," he said. "What specific steps have been taken through this ordinance that has helped to do away with bad debt? We are just trying to amend the act in just an afterthought. This government is a thinking government. In this specific process of the law, number of sections are being amended."

July 31, 2018 - 16:04 (IST)

​Saugata Roy asks who holds the finance portfolio

TMC leader Saugata Roy began his speech by seeking clarification on whether Piyush Goyal is the caretaker finance minister or the full-time finance minister. Deputy Speaker M Thambidurai said that Goyal had already asserted in the House that Arun Jaitley is the finance minister. Roy responded by saying, "At the back of the bill it is written, 'Piyush Goyal Minister of Railways, Finance.' Why are you (Thambidurai) speaking on his behalf? I want to hear it from him." 

July 31, 2018 - 15:45 (IST)

Centre deliberately trying to denationalise banks, says Veerappa Moily

As Lok Sabha discusses The Insolvency and Bankruptcy Code (Second Amendment) Bill, 2018, Congress member M Veerappa Moily claimed that the Centre was deliberately attempting to denationalise banks. "There's a willful blindness about the main cause of the bad loans. The bad loans are just raising. There is no recycle of funds. I think there is a deliberate effort by the government to denationalise the banks," he said.

July 31, 2018 - 15:40 (IST)
RS proceedings disrupted by noisy protests over Assam NRC (2/2)
 
Later when the House reassembled, the discussion was taken up setting aside the Question Hour.
 
Participating in the debate, Shah said then Prime Minister Rajiv Gandhi had signed the Assam Accord on August 14, 1985 and declared it on August 15, after the movement in the state went out of control leading to the death of some protesters. 
 
Shah's remarks provoked noisy protests by the Opposition members led by those from the Congress and the TMC. The House was adjourned for about 10 minutes. As unrelenting protests continued, the Chairman adjourned the proceedings for the day.
 
PTI

Parliament monsoon session Latest Updates: Union minister Piyush Goyal said that the cases of loan recovery that are troubling India took place before 2014. "Earlier, the person who would take loan of smaller amount would be stressed to repay the sum, but those taking loans in larger amount were carefree. We have changed that situation. Now, the loans are coming back to the banks,' he said.

In Lok Sabha, TRS leader Konda Vishweshwar Reddy said, "Ease of resolving insolvency is equally important as ease of doing business. The nature of the fraud triggering insolvency has also increased. Are we a nation of fraudsters and thieves? I don't think so. But our laws treat honest people the way we treat our fraudsters."

TMC leader Saugata Roy began his speech in the Lok Sabha by seeking clarification on whether Piyush Goyal is the caretaker finance minister or the full-time finance minister. Deputy Speaker M Thambidurai said that Goyal had already asserted in the House that Arun Jaitley is the finance minister. Roy responded by saying, "At the back of the bill it is written, 'Piyush Goyal Minister of Railways, Finance.' Why are you (Thambidurai) speaking on his behalf? I want to hear it from him."

After Rajya Sabha was adjourned on Tuesday, chairman M Venkaiah Naidu called Leader of Opposition Ghulam Nabi Azad to his chambers and 'conveyed his unhappiness over the way a good discussion on NRC in Assam was derailed towards the end.'

Piyush Goyal introduces The Insolvency and Bankruptcy Code (Second Amendment) Bill, 2018 for consideration and passing in Lok Sabha. NK Premachandran rises to oppose the Bill. He wants to know the urgency involved in promulgation of an Ordinance.

After the Assam NRC final draft excluded over 40 lakh people, the Opposition continued to target the government in Parliament. BSP chief Mayawati said the BJP can’t put all the onus on the Supreme Court while the Aam Aadmi Party (AAP) said the NRC will create rift between the states.

As BJP president Amit Shah got ready to address the Rajya Sabha over the NRC issue in Assam, Opposition members stormed the Well over his 'Rajiv Gandhi' jibe. "Rajiv Gandhi signed Assam accord in 1985, which was similar to NRC. They did not have the courage to implement it, we did," Shah said. The Upper House was adjourned for the day.

Lok Sabha, however, is expected to reconvene at 2.20 pm.

On the issue of Rohingya infiltration in Lok Sabha, MoS Kiren Rijiju said India has been soft on immigrants and will help Rohingya if they wish to return. Rajya Sabha was adjourned following ruckus over NRC final draft which was released in Assam on Monday. It has been adjourned till 12 pm. Trinamool Congress has given an adjournment motion notice in the Lok Sabha over NRC Assam draft which was released on Monday, while the party's MPs have begun protests and sloganeering outside Parliament House as well.

The ninth day of the Monsoon Session of Parliament is likely to witness another stormy session on Tuesday, a day after the Rajya Sabha faced three adjournments over the final draft of National Register of Citizens (NRC) which was released in Assam on Monday.

The first complete draft of the National Register of Citizens (NRC) in Assam, released on Monday, rocked the Parliament with the Rajya Sabha witnessing pandemonium over the issue leading to several adjournments while in Lok Sabha, Home Minister Rajnath Singh said that there was no need to panic as it was not the final list.

In Lok Sabha, Insolvency and Bankruptcy Code (Second Amendment) Bill, 2018, Commercial Courts, Commercial Division and Commercial Appellate Division of High Courts (Amendment) Bill, 2018, National Sports University Bill, 2018 and Constitution (One Hundred and Twenty-Third Amendment) Bill, 2017 will be taken up for consideration and passing whereas in Rajya Sabha, National Council for Teacher Education (Amendment) Bill, 2017, Right of Children to Free and Compulsory Education (Amendment) Bill, 2017, National Trust for Welfare of Persons with Autism, Cerebral Palsy, Mental Retardation and Multiple Disabilities (Amendment) Bill, 2018 and Trafficking of Persons (Prevention, Protection and Rehabilitation) Bill, 2018 will be taken up for discussion.

Parliament updates Piyush Goyal says Narendra Modi govt changed situation for banks made loan recovery easier

File image of the Parliament House in New Delhi. PTI

Rajnath Singh, who could not speak in Rajya Sabha on Monday due to a ruckus created by Trinamool Congress members, said in Lok Sabha that the Opposition should not politicise it. His comments came after Opposition parties, including Trinamool and Congress, raised their concerns over the NRC in which 40 lakh residents of the state were left out.

He assured that people whose names are not included in the final draft will get the opportunity to prove their citizenship.

"Whatever work is going on in the NRC, is happening under the supervision of the Supreme Court. To say that the government has done it, and it is inhuman and brutal... such allegations are baseless. It is not the right thing to say," Rajnath Singh told the Lok Sabha during Zero Hour.

In a statement released later, Rajnath said he wanted to "emphatically say that this is only a draft and not the final NRC". The final draft comprising the names of 2,89,83,677 people of Assam was published online by the Registrar General of India.

The home minister also said that there is "no question of any coercive action against anyone", while stressing the NRC process is "being carried out with complete fairness and transparency".

Urging not to create panic, he also said that if anyone was not satisfied with the NRC's final draft, that person would get an opportunity to file claims and objections as per provisions in the law and also approach the Foreigners' Tribunal. Only after the disposal of claims and objections, will the final NRC be published, he said. "Some people are unnecessarily trying to create an atmosphere of fear. I want to assure all that there is no need for any apprehension or fear. Some misinformation is also being spread...," he added.

Among other important bills, a crucial bill seeking to give the death penalty to those convicted of raping girls below the age of 12 years was taken up for discussion in the Lok Sabha. The bill seeks to replace the Criminal Law (Amendment) Ordinance promulgated on 21 April, following an outcry over the rape and murder of a minor girl in Kathua in Jammu and Kashmir and the rape of another woman at Unnao in Uttar Pradesh.

The Rajya Sabha witnessed three adjournments earlier on Monday due to the continued uproar over the issue before the Chair called it a day at 2:13 pm. When the House reconvened at 2 pm after the last adjournment, TMC leader Derek O'Brien stood up demanding a discussion on the notice given by him on the NRC. However, Chairman M Venkaiah Naidu said he had taken the initiative earlier in the day and even called Singh to the House to respond on the issue, but the House was not in order.

Later, O'Brien told reporters that TMC has decided to circulate a note on NRC among other political parties."We think the NRC is inhuman and violates human rights. We would circulate a note on it among all political parties," he said. Alleging that the government did not consult West Bengal chief minister Mamata Banerjee on the issue, the TMC leader said that a delegation of party MPs would soon visit Assam.

With inputs from agencies

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