INDIA
Shinde, MP, moved the motion for the withdrawal of the Criminal Law (Amendment) Bill, 2012 and introduction of the Criminal Law (Amendment) Bill, 2013 to replace the Ordinance. With the leave of the House, the Minister withdrew the Criminal Law (Amendment) Bill, 2012 and introduced the Criminal Law (Amendment) Bill, 2013. The Criminal Law
Criminal Law (Amendment) Ordinance, 2013 as the constitution gives a right to members to give notice of statutory resolution for disapproval of an ordinance promulgated by the President. Since the resolutions of all the
three members were identical, the member whose notice wasfirst intimewasallowed to move the resolution. The Speakerobservedthatasper the established practice of the House, two other members would get a chance at the time of
their party’s turn. She said it had been the convention of the House to have combined discussions on items if the subject matters of items were such that the items could be conveniently discussed together. This convention had evolved in order to save time in
THIRD READING: INDIA
The Banking Laws (Amendment) Bill, 2011 The Banking Regulation Act, 1949 empowers the Reserve Bank to regulate and supervise the banking sector. Banking companies are now operating in a liberalized environment and it has become necessary that they are enabled to raise capital in accordance with international best practices. Recommended proposals included:
Shri Sushilkumar Shinde, MP
(Amendment) Bill, 2103 sought to amend the Indian Penal Code, 1860, the Criminal Procedure Code, 1973, the Indian Evidence Act, 1872 and the Protection of Children from Sexual Offences Act, 2012. Several objectives of the Bill included: • Making specific provisions for punishment of causing grievous harm by acid attack and also for an attempt thereof; • Defining and prescribing punishment for the offences of stalking, voyeurism and sexual harassment; • Widening the definition of rape, broadening the ambit of aggravated rape and enhancing the punishment; and • Prescribing for punishment extending to the sentence of death, for an offence where in the course of commission of an of- fence of rape, the offender inflicts injury which causes the death of the victim or causes the victim to be in a persistent vegetative state. Three Members had given notices for disapproval of the
(a) Enable the nationalized banks to increase or decrease the authorized capital with approval from the Central Government and the Reserve Bank without being limited by a maximum cap of three thousand crores of rupees; and
(b) Provide the nationalized banks to issue two additional instruments (“bonus shares” and “rights issue”) for accessing the capital market to raise capital required for expansion of banking business.
Taking advantage of the liberalized environment, banking companies are engaging in multifarious activities through the medium of associate enterprises. It has, therefore, become necessary for the Reserve Bank, as the regulator of the banking companies, to be aware of the financial impact of the business of such enterprises on the financial position of the banking companies. The Government proposed to confer power upon the Reserve Bank to call for information and returns from the associate enterprises of banking companies also and to inspect the same, if necessary.
The Banking Regulation (Amendment) Bill, 2005 was introduced in the Lok Sabha on 13 May 2005 to strengthen the Reserve Bank’s supervisory and regulatory powers over the banking sector. The Bill was referred to the Standing Committee on Finance for examination. Based on the recommendations of the Standing Committee, it was decided to move official amendments to the Bill in the Lok Sabha, but the Bill could not be taken up for consideration and lapsed due to dissolution of the Lok Sabha. The Government, therefore, brought forward the Banking Laws (Amendment) Bill, incorporating certain provisions of the Banking Regulation (Amendment) Bill, 2005.
The present Amending Bill proposed to:
(a) Enable the banking companies to issue preference shares subject to regulatory guidelines of the Reserve Bank; and
(b) Align the restriction on commission, etc., on sale of shares to issue price rather than to the paid-up value of shares.
The Banking Laws (Amendment) Bill, 2011 aims to amend the Banking Regulation Act, 1949, the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980. This will make the regulatory powers of Reserve Bank more effective as well as increase the access of nationalized banks to capital markets to raise capital required for the expansion of banking business.
Highlights of amendments made include:
Amendments to the Banking Regulation Act, 1949 The key term ‘approved securities has been defined to mean securities issued by the Central Government or any State Government or such other securities as may be specified by the Reserve Bank from time to time. Amendment to the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 In section 3 of the Principal Act for sub section (2A), a new sub section has been substituted providing that the authorized capital of every corresponding new bank shall be three thousand crores of rupees divided into three hundred crores of fully paid up shares of ten rupees each. Amendment to the Banking Companies (Acquisition and Transfer of Undertaking) Act, 1980 In Section 7 of this Act too corresponding amendments have been made.
During the debate on the Bill in both Houses of Parliament, members welcomed the fiscal amendment Bill. The Bill was passed by Lok Sabha on 18 December 2012 and by Rajya Sabha on 20 December 2012. The Bill as passed by both Houses of Parliament was assented to by the President of India on 5 January 2013.
The Parliamentarian | 2013: Issue Two | 151
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