The Congress and other opposition parties had opposed the amendments.
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The new Insurance Bill may be implemented in 2015.
The Rajya Sabha on Tuesday passed a bill on protection of rights of transgenders after a motion to refer it to a Select Committee of the Upper House was defeated.
The Bharatiya Janata Party on Wednesday dubbed as an eyewash the setting up of a Group of Ministers to draft a new bill to insulate the Central Bureau of Investigation from political interference.
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