Standing Committee on finance supports FM on sector reforms

In a meeting yesterday Finance Minister Pranab Mukherjee assured India Inc that five key financial bills would be passed during the monsoon session.

Now CNBC-TV18 learns that the FM has found support from the Standing Committee on Finance too on three of those five bills. Sources say that the committee, headed by BJP leader Yashwant Sinha is ready to finalise and send its report on PFRDA Bill, Factoring Bill and the Banking Amendment Bill to the government within 15-20 days. However, the committee is not in any hurry to submit its report on Insurance Bill, one of the four crucial bills on government's reform agenda. The bill, sources say, could take a year or two before it is cleared. It's not just the Insurance Bill, the Standing Committee may also not be looking at clearing the Goods and Services Tax (GST), Direct Tax Code (DTC) and UIDAI Bill any time soon as well.