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Bill to amend IDBI Act in next session

July 16, 2003 18:28 IST

Finance Minister Jaswant Singh on Wednesday said the government intends to take up a number of economic bills, including the one to repeal IDBI Act, in the forthcoming monsoon session of Parliament.

Highlighting the agenda for the finance ministry in the coming months, Singh said there were a number of economic bills that were still pending passage in Parliament.

"The bill to repeal the IDBI Act will be taken up in the coming session. The Fiscal Responsibility and Budget Management Bill is also awaiting nod of the Rajya Sabha," he said on the sidelines of a press conference on farm loans.

The bill to repeal IDBI Act to corporatise the country's leading financial institution was introduced in the winter session but referred to the Parliamentary Standing Committee on Finance.

The panel has finalised its recommendations recently and the report would be tabled in Parliament in the monsoon session.

In case of Fiscal Responsibility and Budget Management, the original Bill was diluted to a great extent and passed by Lok Sabha in the last session. The Bill intends to check the central government's fiscal deficit and bring down revenue deficit to nil in eight years.

Recently, Cabinet approved a bill to amend the Securities Contracts Regulation Act and Depositories Act to pave the way for demutualisation of bourses. These bills would also be introduced in the next session.

Last year, the government had passed key economic bills, including that for amending UTI Act and SEBI Act, while introducing the Securitisation Bill to reduce non-performing assets of banks.


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