BJP may back insurance bill

BJP is considering backing the government on insurance bill in Parliament.Finance Minister P Chidambaram, who met Leaders of the Opposition in the Lok Sabha and the Rajya Sabha, Sushma Swaraj and Arun Jaitley respectively on Thursday said, “the Opposition BJP has assured me they will consider the bill”.

The finance minister discussed the bill along with the Direct Taxes Code Bill.

The BJP assured Chidambaram that the matter will be discussed in the party forum and then it will take a call, sources said.

While insurance bill seeks to raise the cap on foreign direct investment in the sector from 26 to 49 per cent, the DTC bill seeks to replace the archaic Income Tax Act governing collection of direct taxes. DTC bill is already before the Lok Sabha but is yet to be discussed and passed.

Among the important Bills the government hopes to pass during this session are the Direct Taxes Code Bill, 2010; the Public Debt Management Agency of India Bill, 2013; the Coal Mines (Conservation & Development) (Amendment) Bill, 2012; and the Coal Regulatory Authority Bill, 2013.

The Coal Bill is in the Lok Sabha and will allow the Central government to conserve coal and develop mines by levying excise and Customs duties.