Government set to introduce 17 new Bills in Monsoon Session

The government is going to introduce 17 new Bills in the Monsoon Session of Parliament which begins on July 19 With the muchawaited Cabinet reshuffle finally done and dusted it is time for governance againThe bills include changes in the Insolvency and Bankruptcy Code IBC replacing the Ordinance enabling prepackaged resolution schemes for micro small and medium enterprises MSMEs and allowing corporate debtors to propose a resolution plan for the stressed companyBesides the Centre will also introduce the Deposit Insurance Bill increase insurance cover to Rs 5 lakhHowever the muchawaited cryptocurrency Bill has been delayed and is not listed in the Lok Sabha Bulletin of the sessionThe Cryptocurrency and Regulation of Official Digital Currency Bill 2021 Crypto Bill was earlier listed for the Budget Session but couldnt be tabled as the session was truncated because of the second wave of Covid19 However sources said the government is yet to finalise the contours of the Bill and is still evaluating the frameworkOf the 17 new bills lined up for the session are amendments in Limited Liability Partnership LLP Act the Electricity Act and the Coal Bearing Areas Acquisition and Development Act apart from othersAlso read All Covid19 protocols will be followed during Monsoon Session 323 MPs fully vaccinated LS Speaker Om BirlaAccording to the Lok Sabha bulletin the amendment in the IBC is to replace the April Ordinance which was promulgated to provide speedier costeffective semiformal and less disruptive framework for insolvency resolution of corporate debtors in distress The minimum threshold of default will be announced as part of the regulation The prepackaged scheme has given a semiformal structure to the preinsolvency stageThe objective of the Deposit Insurance and Credit Guarantee Corporation Bill is to provide depositors easy and timebound access to their hardearned money and to further instill confidence about the safety of their money This follows the Budget announcement of 2020 where the Centre approved an increase in cover from Rs 1 lakh to Rs 5 lakhThe crucial amendment to the LLP Act 2008 will also be taken up The government is planning to decriminalise 12 compoundable offences that deal with procedural and technical violations This is to ensure ease of doing business for lawabiding LLPsAnother Bill on top of the agenda is the Coal Bearing Areas Acquisition and Development Amendment Bill 2021The amendment will enable provisions for leasing of land and coal mining rights vested under the CBA Act to any company including private sector companies that has become successful bidder in the auction of coal blocks conducted under the MMDR Act or the CMSP ActLand acquired under the Act shall be utilised for coal mining operations and allied or ancillary activities and to make provisions for acquisition of lignite bearing areas under the CBA ActThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever