live

Parliament Updates: Lok Sabha passes The Finance (No 2) Bill, 2019, to give effect to Centre's proposals in Budget 2019-20

Parliament Updates: Law and IT minister Ravi Shankar Prasad moved The New Delhi International Arbitration Centre Bill, 2019 for consideration and passing. He also simultaneously moved the motion for The Arbitration and Conciliation (Amendment) Bill, 2019. Prasad says the government is very keen that India becomes a 'hub of arbitration'.

FP Staff July 18, 2019 18:08:02 IST
Auto refresh feeds
Parliament Updates: Lok Sabha passes The Finance (No 2) Bill, 2019, to give effect to Centre's proposals in Budget 2019-20
  • External Affairs Minister S Jaishankar made a statement on the International Court of Justice (ICJ) verdict regarding the Kulbhushan Jadhav case

  • In the Lok Sabha, Finance Minister Nirmala Sitharaman introduced The Finance (No.2) Bill, 2019

  • In Rajya Sabha, Women and Child Development Minister Smriti Irani will introduce The Protection of Children from Sexual Offences (Amendment) Bill, 2019

Highlights

16:46 (ist)

Over 8,000 Indians lodged in jails abroad, Rajya Sabha informed


As many as 8,189 Indian prisoners, including undertrials, are lodged in various jails around the world, the External Affairs Ministry said on Thursday. Saudi Arabia has the highest 1811 Indian prisoners, followed by the UAE with 1,392 and Nepal 1,160 jail inmates, Minister of State for External Affairs V Muraleedharan said in a written reply to a question in the Rajya Sabha.

"Due to strong privacy laws prevailing in many countries, the local authorities do not share information on prisoners unless the person concerned consents to the disclosure of such information," he said.

 
"From 2016 till present, in the countries in the Gulf region a total of 3,087 Indian nationals have received amnesty or commutation of their sentences," he said.

PTI

LIVE NEWS and UPDATES

July 18, 2019 - 18:12 (IST)

Zero Hour begins in Lok Sabha

The Chair has extended the House by two hours. Zero Hour has commenced.

July 18, 2019 - 18:03 (IST)

Lok Sabha passes The Finance (No 2) Bill, 2019


A clause-by-clause vote is undertaken, following which the House passes The Finance Bill, 2019.

 

July 18, 2019 - 18:03 (IST)

Finance Minister replies to Members of the House on the Finance (No. 2) Bill, 2019

Nirmala Sitharaman said that Direct Tax amendment of the 25 percent tax rate will apply to companies with an annual revenue of Rs 250 crore, which will benefit about 99.3 percent of the 1.5 million companies will come under this. 

She said that keeping in mind the state of the environment, deduction on the loan interest will encourage buyers of electrical vehicles. Different provisions have been made for startups including allowing them to carry forward their losses to the subsequent financial year, to encourage startups in the country, she added.

She further told the House that amendments with regard to taxation in the current Budget is to allow ease of business and to encourage the Make in India scheme.​

Sitharaman said that facilities are being extended for low cost electronic payment systems to be set up in the country. She said that six out of the eight amendments being proposed in the Prevention of Money Laundering Act, 2002, are explanatory clauses that is an attempt to iron out ambiguities and address grey areas. ​

Sitharaman said that the amendment to the Reserve Bank of India is to strengthen its regulatory powers with regard to Non Banking Financial Company (NBFC). She said that the government deems it necessary that the RBI takes over the regulation of NBFCs.

She concludes by stating that ease of living is the primary driving force of the current government.

July 18, 2019 - 17:57 (IST)

What is Arbitration and Conciliation (Amendment) Bill 2019?

The Arbitration and Conciliation (Amendment) Bill 2019 seeks to make India a hub of domestic and global arbitration for settling commercial disputes.

A previous bill was cleared by Lok Sabha in August 2018 but could not be passed by Rajya Sabha. The bill lapsed following the dissolution of the 16th Lok Sabha.

The new bill, which amends the 1996 Act, seeks to provide for a robust mechanism to deal with institutional disputes and ensures accountability of the arbitrator.

The amendments will facilitate achieving the goal of improving institutional arbitration by establishing an independent body to lay down standards, make arbitration process more friendly and cost-effective, and ensure timely disposal of cases.

It provides for setting up of an independent body - Arbitration Council of India (ACI) - to frame arbitral institution and accredit arbitrators by laying down norms.​

PTI

July 18, 2019 - 17:31 (IST)

Proposed amendment to RBI Act is to strengthen RBI's regulatory powers: Finance minister tells Lok Sabha

"The proposed amendment to the RBI Act is to strengthen RBI's regulatory powers," said Finance Minister Nirmala Sitharaman in Lok Sabha.

"There are also amendments to general insurance which we are bringing in," she said.

"Digital payments always leave a complete trail from the destination to the source. Therefore, it is the government's policy to encourage digital payments."

"Digital payments to political parties will make such transactions more transparent," he said.

July 18, 2019 - 17:18 (IST)

Collegium should make appointments to arbitration panel, Chidambaram told Rajya Sabha


Congress’ P Chidambaram appreciated the intent of the Bill and voiced the party’s support for it, while suggesting changes to its current form. “To take over the existing centre, promote arbritration research in India, maintain a panel of arbitrators is good, but who will run the centre? The arbitration body will consist of a chairperson appointed by Centre in consultation with Chief Justice. One representative of body of commerce chosen by central department, secretary of the department of legal affairs and a financial advisor. These positions are controlled by govt. This will inspire no confidence from litigants at all, because in half of the major arbitrations, the government is a party, Chidambaram said.

He said that these appointment criteria will make the body seem like a “sarkari centre”. “Who will prescribe composition and functions of committee? The Centre. If eminent jurists are appointed, why can’t they define composition and functions? These defects must be corrected. Centre should constitute a collegium to make these appointments,” Chidambaram said.

July 18, 2019 - 17:07 (IST)

Supriya Sule urges Centre to take due action against those named in Panama papers


NCP’s Supriya Sule said that markets collapsed a week after the Budget this year. “This is an indicator that the Budget has not been as well received as the government says it has, she said.

She also urged the government to look into the persons named in the Panama papers, leaked in April 2016, and take due action.

July 18, 2019 - 17:04 (IST)

Most Centre schemes have already been implemented in similar ways in Telangana, says G Ranjith Reddy


TRS’ G Ranjith Reddy continues discussion of The Finance (No 2) Bill, 2019 in the Lok Sabha. Reddy said that the Budget fails to address the issues faced by the people of Telangana. “Most of the schemes announced by the government have already been implemented in similar ways in Telangana,” he said.

Reddy suggested that the Centre should ensure that some incentive is given to whichever state performs the best in a year.

July 18, 2019 - 16:46 (IST)

Over 8,000 Indians lodged in jails abroad, Rajya Sabha informed


As many as 8,189 Indian prisoners, including undertrials, are lodged in various jails around the world, the External Affairs Ministry said on Thursday. Saudi Arabia has the highest 1811 Indian prisoners, followed by the UAE with 1,392 and Nepal 1,160 jail inmates, Minister of State for External Affairs V Muraleedharan said in a written reply to a question in the Rajya Sabha.

"Due to strong privacy laws prevailing in many countries, the local authorities do not share information on prisoners unless the person concerned consents to the disclosure of such information," he said.

 
"From 2016 till present, in the countries in the Gulf region a total of 3,087 Indian nationals have received amnesty or commutation of their sentences," he said.

PTI

July 18, 2019 - 16:40 (IST)

Congress’ Abhishek Manu Singhvi talks on the arbitration bills introduced in Rajya Sabha

Abhishek Manu Singhvi said the Srikrishna Committee report had recommended that the New Delhi International Arbitration Centre be declared an institute of national importance.

Parliament Updates: Law and IT minister Ravi Shankar Prasad moved The New Delhi International Arbitration Centre Bill, 2019 for consideration and passing. He also simultaneously moved the motion for The Arbitration and Conciliation (Amendment) Bill, 2019. Prasad says the government is very keen that India becomes a "hub of arbitration".

Finance minister Nirmala Sitharaman is presenting the Finance Bill (No.2) which allows several amendments to the already operational legislations and policies of the central government. Meanwhile, NK Premachandran of RSP said that powers given to the RBI under the Finance Bill, should not come under the purview of the Bill.

In Rajya Sbaha, Anand Sharma raised the issue of Wednesday's Supreme Court order on rebel Karnataka MLAs. Sharma said the verdict was in conflict with the Parliament's sovereignty. The Chair objected saying the matter is not before the House.

Meanwhile, Samajwadi Party leader Ram Gopal Yadav raised the issue of killings of 10 adivasis. He targets the Uttar Pradesh government. His party members join the protests and troop the well of the House. Following which the House was adjourned till noon.

Earlier in the day, the External Affairs Minister S Jaishankar gave a statement in Rajya Sabha on the Kulbhushan Jadhav verdict by ICJ saying that the International Court of Justice by a vote of 15-1 upheld India's claim that Pakistan is in violation of Vienna Convention on several counts.

In a major win for India, the ICJ on Wednesday continued its stay on the execution of the Indian national, held in a Pakistani jail on allegations of spying, and called for an effective review and reconsideration of the conviction. India put intense diplomatic pressure on Pakistan through numerous diplomatic notes and demarches and letter by the External Affairs Minister (EAM) over a sustained period of time for consular access and release of Jadhav, as per government sources.

India put up a formidable legal team led by Harish Salve. The ICJ agreed to India's viewpoint by issuing a binding order to Pakistan to prevent the execution of Jadhav. The court also granted him consular access holding Pakistan guilty of violating the Vienna Convention. Reacting to the ICJ verdict, Union Home Minister Amit Shah said that it is yet another manifestation of the Narendra Modi government's diplomatic efforts. "A great day at the ICJ! The verdict is a victory of truth and protects human dignity. It is yet another manifestation of Modi Government's diplomatic efforts and commitment to protecting all Indians. I congratulate Harish Salve ji for his stupendous efforts through the case," he tweeted.

Meanwhile, in the Lok Sabha, Finance Minister Nirmala Sitharaman will introduce The Finance (No.2) Bill, 2019. Whereas, in the Rajya Sabha, Women and Child Development Minister Smriti Irani will introduce The Protection of Children from Sexual Offences (Amendment) Bill, 2019. On the other hand, Law Minister Ravi Shankar Prasad will move The New Delhi International Arbitration Centre Bill, 2019 for consideration and passing. Prasad will also move The Arbitration and Conciliation (Amendment) Bill, 2019.

Both the Lower and Upper House will convene at 11.00 am on Thursday.

With inputs from agencies

Updated Date:

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

also read

Bihar Assembly polls 2020: BJP promises 19 lakh jobs in next five yrs, free COVID-19 vaccine in its manifesto
Politics

Bihar Assembly polls 2020: BJP promises 19 lakh jobs in next five yrs, free COVID-19 vaccine in its manifesto

BJP's manifesto also included the appointment of three lakh teachers within the next year in schools and higher education institutions and one lakh jobs in the health sector

US signalling commitment and sensitivity to India’s concerns; New Delhi must seize chance to firm up a security alliance
World

US signalling commitment and sensitivity to India’s concerns; New Delhi must seize chance to firm up a security alliance

It is evident that the US envisages a tighter and more elaborate security partnership with India and considers New Delhi as more receptive towards such an arrangement now more than ever before.

Rethinking role of presiding officers in Lok Sabha, Rajya Sabha will lead to better functioning of Parliament
India

Rethinking role of presiding officers in Lok Sabha, Rajya Sabha will lead to better functioning of Parliament

A new setup that includes the guidelines outlined below could drastically reduce the abuse of their powers by the presiding officers of both Houses of Parliament