The Rajya Sabha approved 24 amendments relating to 16 issues. It also passed the Companies Act Amendment Bill. The Lok Sabha, where the ruling NDA has brute majority, passed the GST Constitutional Amendment Bill and the Land Acquisition Bill. However, both these Bills have been sent to panels or committees in the Rajya Sabha,
The bill is among the first major initiatives by the government to make changes in the country's regulatory framework to improve its global ranking for ease of doing business, where India has been ranked very low at 142nd position in the latest World Bank report.
The Companies Act, 2013 came into effect from April 1 this year but faced stiff criticism for many provisions. Amendments to it were proposed to ensure severe punishment for those raising illegal deposits from the public.