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January 30, 2021

Govt to Introduce 20 new Bills in Budget Session Know Purpose of New Bills

by facelesscompliance in Compliance Law, Corporate Law

Govt to Introduce 20 new Bills in Budget Session Know Purpose of New Bills

The Centre plans to bring in a series bills that will usher in reforms in various sectors including creation of the official digital currency to be issued by the Reserve Bank of India and regulating / prohibiting Crypto Currency, Reform of Disciplinary Mechanism of the Institutes of ICAI, ICSI and Cost Accountant.

List of Bills to be introduced in Lok-Sabha in February 2021

S. No.Title of the BillPurportMotion proposed to be moved
1.The Finance Bill, 2021To give effect to the Tax proposalsIntroduction, consideration and passing.
2.The Commission for Air Quality Management in National Capital Region and Adjoining Areas Bill, 2021 (To replace Ordinance )The Bill seeks to provide for constitution of a Commission for better co-ordination, research, identification, and resolution of problems related to air quality in the national capital region (NCR) and adjoining areas. Adjoining areas refers to areas in the states of Haryana, Punjab, Rajasthan, and Uttar Pradesh where any source of pollution may cause adverse impact on air quality in the NCR.Introduction, consideration and passing.
3.The           Arbitration                 and Conciliation (Amendment) Bill, 2021 (To replace Ordinance)To address the concerns raised by stakeholders after the enactment of the Arbitration and Conciliation (Amendment) Act, 2019 and to ensure that all the stakeholder parties get an opportunity to seek unconditional stay of enforcement of arbitral awards where the underlying arbitration agreement or contract or making of the arbitral award are induced by fraud or corruption.Introduction, consideration and passing.
4.The National Capital Territory of Delhi Laws (Special Provisions)                 Second (Amendment) Bill, 2021 (To replace Ordinance)To extend the National Capital Territory of Delhi Laws (Special Provisions) Second Act, 2011 for a further period of three years from 01.01.2021 to 31.12.2023   The Bill provides protection from punitive action to certain form of unauthorized developments in Delhi.Introduction, consideration and passing.
5.The Jammu and Kashmir Reorganisation (Amendment) Bill, 2021                      (To replace Ordinance)The Jammu and Kashmir Reorganisation (Amendment) Bill, 2021 thereby effecting certain amendments in the Jammu and Kashmir Reorganisation Act, 2019 for merging the existing cadre of Jammu and Kashmir with Arunachal, Goa, Mizoram and Union Territory (AGMUT) cadre for Indian Administrative Service, Indian Police Service and for providing greater clarity in section 13 of the Jammu and Kashmir Reorganisation Act, 2019.Introduction, consideration and passing.

6.The Multi-State Cooperative Societies (Amendment) Bill, 2021To rationalise Government role and increase members’ participation in the working of the multi-state co-operative societies, so as to increase public faith in these societies and create a conductive environment for their growth and development.To facilitate the building of self-reliant and democratic co-operative institution.To enable co-operative societies to compete in the new economic environment and to raise resources more effectively by promoting functional autonomy and professionalization. Introduction, consideration and passing.
7.The National Institute of Pharmaceutical Education and Research (Amendment) Bill, 2021The Bill proposes to amend some provisions and set up NIPER Council.Introduction, consideration and passing.
8.The Chartered Accountants, the Cost and Works Accountants and the Company Secretaries (Amendment) Bill, 2021To reform and speed up the Disciplinary Mechanism of the Institutes.Introduction, consideration and passing.
9.The Competition (Amendment) Bill, 2021To carry out certain essential structural changes in the governing structure of the CCI, changes to substantive provisions to address the needs for new age markets and to expand the activities of the Commission across India by opening Regional Offices.Introduction, consideration and passing.
10.The Pension Fund Regulatory and Development Authority (Amendment) Bill, 2021To amend PFRDA Act to fulfil the Budget Announcement 2019 regarding the separation of NPS Trust from PFRDA and Budget Announcement 2020 for ensuring universal pension coverage as well as strengthening PFRDA.Introduction, consideration and passing.
11.The National Bank for Financing Infrastructure and Development (NaBFID) Bill, 2021To set up a new Development Financial Institution (DFI) as a provider, enabler and catalyst for infrastructure financing and as the principal financial institution and development bank for building and sustaining a supportive ecosystem across the life-cycle of infrastructure projects.Introduction, consideration and passing.

12.The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021To create a facilitative framework for creation of the official digital currency to be issued by the Reserve Bank of India. The Bill also seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of crytptocurrency and its uses.Introduction, consideration and passing.
13.The Government of National Capital Territory of Delhi (Amendment) Bill, 2021The Bill proposes to amend the Government of National Capital Territory of Delhi Act, 1991, in the context of judgment dated 14.02.2019 of Hon’ble Supreme Court (Division Bench) in Civil Appeal No. 2357 of 2017 and other connected matters.Introduction, consideration and passing.
14.The Metro Rail (Construction, Operation and Maintenance) Bill, 2021The Bill proposes to provide legal framework for construction, operation and maintenance of metro rail projects including those under Public Private Partnership (PPP) mode after enactment of the Bill, the new Act will replace the Metro Railways (Operation and Maintenance) Act, 2002 and the Metro Railways (Construction of Works) Act, 1978.Introduction, consideration and passing.
15.The Mines and Minerals (Development and Regulation) Amendment Bill, 2021To bring structural changes in the Mining Sector through amendment in the Mines and Minerals (Development and Regulation) Act, 1957 to accelerate growth and generate employment; improve the competitiveness of the mining sector by removing the legacy issues and attracting private investments by bringing in international best practices in exploration and mining.Introduction, consideration and passing.
16.The Electricity (Amendment) Bill, 2021The proposed amendments entail de-licensing of the distribution business and bring in competition, appointment of member from law background in every Commission, strengthening of APTEL, penalty for non compliance of RPO, prescribing Rights and Duties of Consumers.Introduction, consideration and passing.
17.The Marine Aids to Navigation Bill, 2021To replace the existing Lighthouse Act, 1927.Introduction, consideration and passing.
18.The Inland Vessels Bill, 2021To replace the Inland Vessels Act, 1917 in view of chronological changes and other changes that have taken place since then.Introduction, consideration and passing.
19.The            Prohibition    of Employment as Manual Scavengers and their Rehabilitation (Amendment) Bill, 2021The Bill proposes for Complete Mechanisation of sewer cleaning and to provide better protection in work and compensation in case of accidents.Introduction, consideration and passing.
20.The Juvenile Justice (Care and Protection of                          Children) Amendment Bill, 2021To amend the Juvenile Justice Act, 2015.Introduction, consideration and passing.

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