Budget Session 2018: Key
bills to be taken up in the parliament
March 05, 2018
Economic Offenders Bill 2017, which was approved by the Union
Cabinet on Friday, is expected to dominate the list of bills to
be tabled in the parliament following the Nirav Modi-PNB multi-crore
fraud. A look at some key economic Bills to be tabled this
The Fugitive Economic Offenders Bill 2017
The Bill aims to stop economic offenders who flee overseas to
avoid getting caught in financial frauds or offences. The Bill
was first mentioned by Finance Minister Arun Jaitley in his
Budget speech in 2017-18 and is applicable for offenders against
whom an arrest warrant has been issued for a scheduled offence.
Economic offences include those defined under the Indian Penal
Code - the Prevention of Corruption Act, the SEBI Act, the
Customs Act, the Companies Act, Limited Liability Partnership
Act, and the Insolvency and Bankruptcy Code.
The proposed law also allows confiscation of the accused's
assets and covers cases in which the total value is Rs 100 crore
It proposes setting up an independent regulator for auditors.
The Payment of
Gratuity (Amendment) Bill 2017
The Bill was introduced in Lok Sabha by Labour Minister Santosh
Kumar in December 2017 and aimed at increasing the gratuity
limit for private sector from Rs 10 lakh to Rs 20 lakh in line
with the government sector.
After the implementation of the 7th Central Pay Commission, the
ceiling of gratuity amount for central government employees was
increased from Rs 10 lakh to Rs 20 lakh. Under the present
set-up, employees are paid gratuity if they provide at least
five years of continuous service to an organisation when he/she
is leaving it.
Also, the Payment of Gratuity (Amendment) Bill will allow the
government to notify a higher period (26 weeks) of maternity
leave as continuous service. This is due to the implementation
of the Maternity Benefit (Amendment) Act, 2017 which extended
the maternity leave period to 26 weeks from 12 weeks.
The Motor Vehicles (Amendment) Bill 2016
The Motor Vehicles (Amendment) Bill 2016 was introduced as an
attempt to create an exhaustive and comprehensive legislative
framework for road safety in India and amends the Motor Vehicles
Act, 1988. The Bill has introduced some significant reforms -
guidelines to bind State governments in creating a framework for
taxicab aggregators, finance insurance to treat the injured and
compensate families of the dead in hit-and-run cases, inclusion
of Good Samaritan Guidelines, proper electronic surveillance on
national and state highways and urban roads and others.
The State Banks (Repeal and Amendment) Bill 2017
The Bill was introduced to repeal the two Acts - State Bank of
India (Subsidiary Banks) Act, 1959, and State Bank of Hyderabad
It also seeks to amend the State Bank of India (SBI) Act, 1955
to remove references to subsidiary banks and powers of the SBI
to act as an agent of the RBI for subsidiary banks. The Centre
had approved the merger of five associate banks - State Bank of
Bikaner and Jaipur, State Bank of Hyderabad, State Bank of
Travancore, State Bank of Mysore and State Bank of Patiala -
along with Bharatiya Mahila Bank with the SBI. The merger had
made the State Bank of India one of the 50 biggest banks of the
world, increasing its capital base to disburse more loans.
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