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|October 20, 1999||
Cabinet nods to insurance bill, tabling likely in winter session
The Union Cabinet today is understood to have discussed some economic issues, including the Insurance Regulatory Authority Bill and the diesel price hike.
The Cabinet took up the issue dealing with the decision of the truckers to go on strike from the intervening night of Wednesday-Thursday, sources said. The meeting lasted 90 minutes.
The Cabinet is expected to meet soon to consider the President's joint address to Parliament.
A television channel reported that the Union Cabinet gave its approval to the IRA Bill.
In effect, it means the Bill can now be introduced in Parliament for debate and enactment of law. The Bill, if ratified by Parliament, will allow the entry of foreign insurance companies. There is a cap of 26 per cent on foreign equity in insurance companies in the new regime.
The stance of political parties on the bill is mixed. Some parties of the ruling National Democratic Alliance support it, the Left parties oppose it while the Congress has not made its stance clear.
Media reports indicated the IRA bill may not be tabled in the current session of Parliament but could be tabled later, in the winter session.
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