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

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.

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.

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

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.

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.

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.

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.

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

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.

India becoming an international hub for arbitration, says CPM’s K Somaprasad

BJD’s Prashanta Nanda lauded the government for making all attempts to bring ease of business to India.

Meanwhile, CPM’s K Somaprasad expressed support for the Bill. “As a policy, the government is promoting FDI in every corner of the economy. India is becoming an international hub for arbitration is a good idea,” he said.

Government has not given any figures on black money, says TMC’s Sougata Roy in Lok Sabha

TMC’s Sougata Roy said that if Nishikant Dubey knows so much about corruption, why not make him a minister and take to task those involved in corrupt activities. “The government has not given any figures on black money. We want to have a White Paper on how many MSMEs were closed due to demonetisation. The Finance Minister, however, doesn’t mention it. Demonetisation is a bad scheme, best forgotten, according to them,” he said.

Data leak of unemployment figures serious, Centre admits in RS
 

The government on Thursday admitted in the Rajya Sabha that there has been a data leak of unemployment figures and said efforts were being made to
ascertain who was behind it. Replying to queries during Question Hour, Minister of State for Planning and Statistics Rao Inderjit Singh termed the issue as “serious” and said data pertaining to unemployment figures was leaked ahead of its announcement in May. He also informed members that the government has changed the methodology for ascertaining unemployment rates as a periodic survey is now being held every year based on quarterly data, against the five-year surveys earlier.

Discussion underway on The Arbitration and Conciliation (Amendment) Bill, 2019 in Rajya Sabha

In Rajya Sabha, BJP’s Prashanta Nanda supported the arbitration bill saying he commends the government for making all attempts to bring ease of business to India. K Somaprasad of the CPM also supported the bill saying, as a policy, the government is promoting FDI in every corner of the economy adding that India becoming an international hub for arbitration is a good idea.

Saugata Roy objects to finance bill, takes Ambani, Adanis name in Lok Sabha

In the Lok Sabha, a discussion is underway on The Finance (No 2) Bill, 2019 where TMC MP Saugata Roy raised an objection to the bill saying that the government has not given any figures on black money. “We want to have a White Paper on how many MSME were closed due to demonetisation. 

Roy mentioned Ambani and Adani in his speech making Nishikant Dubey raise Point of Order, asking Roy to prove how the businessmen have benefited from the corporate tax. Roy insists they are names of companies and he didn’t mention an individual’s name. Dubey then countered him saying if he mentions a community, it is even more dangerous.

YSRCP MP raises demand for special status for Andhra Pradesh

YSRCP’s Midhun Reddy reiterated the party’s demand for a Special Category Status to Andhra Pradesh. He also threw light on the promises made to the state at the time of bifurcation and noted that the Union Budget 2019 has not allocated any money to the state’s cause.

DMK’s Thamizhachi Thangapandian lashes out at Centre for making country ‘bleed’ in maiden speech

DMK MP Thamizhachi Thangapandian is making her maiden speech in the Lok Sabha raising the concerns of those those affected by cyclone Gaja. She also said that the central government’s he thrust on disinvestment will make the country “bleed”.

‘Congress has Stockholm Syndrome,’ says BJP MP Nishikant Dubey in LS

BJP MP Nishikant Dubey speaks on the finance bill as the Lower House reconvenes. He says that Congress is suffering from “Stockholm Syndrome”.

Ravi Shankar Prasad moves two bills in Rajya Sabha

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”.

Lok Sabha adjourned till 2.10 pm

Rajya Sabha adjourned till 2 pm

S Jaishankar answers query on India-China nuclear disarmament 

In Rajya Sabha, MP Shanta Chhetri asked if India and China are going to reduce their nuclear stockpiles, to which — giving his first reply after his election to the House —  EAM S Jaishankar said that talks are on for disarmament and non-proliferation, and India wants it to be a “fair settlement”.

Adhir Ranjan Chowdhury objects to finance bill, says earlier amendments pending with SC

Finance Minister Nirmala Sitharaman responded to queries on the finance bill saying that the bill will look into the taxation process keeping in mind the agenda of ‘Make in India’. However, Adhir Ranjan Chowdhury objected saying earlier amendments to the Finance Bill 2017 are in the Supreme Court for testing of the constitutional validity of those amendments.

Question Hour in Rajya Sabha

In Rajya Sabha, Ravi Shankar Prasad answered a question on saving livestock during natural disasters and MP Dhotre Sanjay Shamrao answered a question on the performance of BSNL network during the Question Hour.

Nirmala Sitharaman presents Finance Bill in LS

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. He said that these are permanent changes being made using a Money Bill. “The Bill amends several Acts, which do not come within the ambit of the Finance Bill. These are added to the Finance Bill to avoid discussion on these amendments,” he said while raising an objection to the bill along with Congress leader Adhir Ranjan Chowdhury.

S Jaishankar makes a statement on Kulbhushan Jadhav verdict in Lok Sabha

External Affairs Minister S Jaishankar said that the ICJ judgement is not only a vindication for India and Kulbhushan Jadhav but for all those who believe in the rule of law and sanctity of international conventions. “The House, I am sure, will join me in this landmark judgement. The sentiments, I express in this matter, are those of the entire House and indeed of the entire nation,” he asserted. Hailing the verdict, he called upon Pakistan to release and repatriate Jadhav.

Gajendra Singh Shekhawat​ speaks on tackling water scarcity problem

Jal Shakti Minister Gajendra Singh spoke on the issue of linking rivers to solve drinking water scarcity problem across the country.

Questions over solar street lights, flight connectivity raised in Zero Hour in Lok Sabha

BJP’s Harish Dwivedi raises a question over the state of solar street lights. He said a private firm was asked to install and maintain solar lights in his constituency Basti. The minister said the lights are installed by contractors and they come with five years guarantee. “If the firm is found not maintaining them, the contractor would be blacklisted.” Meanwhile, MoS Hardeep Singh Puri answered questions pertaining to civil aviation ministry.

Rajya Sabha adjourned following uprorar by Congress, SP 

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 objects 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.

Rajya Sabha adjourned till 12 noon. Question Hour begins in the Lok Sabha.

Rajya Sabha welcomes ICJ verdict on Kulbhushan Jadhav

Rajya Sabha Chairman M Venkaiah Naidu said, “I am very happy that the entire House is together in welcoming the ICJ judgement.”

S Jaishankar lauds Kulbhushan Jadhav’s family for their courage 

Kulbhushan Jadhav’s family has shown exemplary courage in difficult circumstances. I can assure the govt will vigorously continue its efforts to ensure his safety and well being, as well as his early return to India, he said in the Rajya Sabha on Thursday.

Govt has made ‘untiring efforts’ in seeking Jadhav’s release: S Jaishankar 

EAM 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.

Call upon Pakistan to release and repatriate Kulbhushan Jadhav: S Jaishankar in Rajya Sabha

External Affairs Minister S.Jaishankar briefed Rajya Sabha on the Kulbushan Jadhav judgment by the International Court of Justice (ICJ). He said that Pakistan had illegally detained Jadhav and awarded him death sentence and therefore India took the issue to ICJ. He informed the Upper House that the sole dissenting judge was from Pakistan. By 15 by 1, the verdict was in favour of India. “Jadhav is innocent of the charges levelled against him… we once again call upon on Pakistan to release and repatriate him… and stand in strongest solidarity with his family,” Jaishankar said.

The ICJ has directed that Pakistan is under an obligation to inform Jadhav without further delay of his rights and to provide Indian consular officers access to him in accordance with Vienna Convention, he added.

“Yesterday’s judgment was not just a vindication for India, but for all those who believe in the rule of law, Jaishankar said. “Mr. Jadhav is innocent and no forced confession will change this fact,” he remarked in Rajya Sabha.

Chairman Venkaiah Naidu also made an observation after Jaishankar’s statement stating that he was happy that the entire house has welcomed the ICJ judgment and also congratulated the efforts of India’s counsel Harish Salve who worked on the case for a nominal fee.

Congress gives Adjournment Motion Notice in LS over rising crime in Delhi

Congress Party has given Adjournment Motion Notice in the Lok Sabha over “alarming situation due to a spurt in crime in Delhi”.

Zero Hour notices in Rajya Sabha

— Congress leader Selja Kumari has given Zero Hour Notice in Rajya Sabha over “need for social integration through inter-caste marriages”.

— Congress lawmaker Viplove Thakur has given Zero Hour Notice in Rajya Sabha over “need for new laws in view of frequent building collapses in the country”.

— Samajwadi Party lawmaker Vishambhar Prasad Nishad has given Zero Hour Notice in Rajya Sabha over “desperation in youths due to unemployment”.

S Jaishankar to make a statement on Kulbhushan Jadhav verdict

External Affairs Minister S Jaishankar will make a statement on the International Court of Justice (ICJ) verdict regarding the Kulbhushan Jadhav case in Parliament today. 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.