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Cryptocurrency, infrastructure bank bills among 20 scheduled for Budget Session

The 20 new bills include the Finance Bill where Parliament will clear proposals of the Union Budget after it is presented on February 1.

January 30, 2021 / 09:46 AM IST

The government is scheduled to take up 20 new bills during the Budget Session that got underway on January 29 with the tabling of the Economic Survey, a Lok Sabha bulletin has said.

The Budget Session will be held in two parts—from January 29 to February 15 and then March 8 to April 8.

The 20 new bills include the Finance Bill, where Parliament will clear proposals of the Union Budget after it is presented on February 1.

Some of the bills that will be tabled include the Pension Fund Regulatory and Development Authority (Amendment) Bill, National Bank for Financing Infrastructure and Development (NaBFID) Bill, Mines and Minerals (Development and Regulation) Amendment Bill, Electricity (Amendment) Bill, Cryptocurrency and Regulation of Official Digital Currency Bill.

Also read: Economic Survey 2021 pegs GDP growth at 11% in FY22, backs fiscal expansion to beat slowdown

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The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, aims to create a facilitative framework for the official digital currency to be issued by the Reserve Bank of India. The bill also seeks to prohibit all private cryptocurrencies in India, however, it allows for certain exceptions to promote the underlying technology of cryptocurrency and its uses.

National Bank for Financing Infrastructure and Development (NaBFID) Bill, 2021, proposes a new development financial institution (DFI) as a provider, enabler and catalyst for infrastructure financing and as the principal financial institution and development bank for building and sustaining a supportive ecosystem across the life-cycle of infrastructure projects.

The Mines and Minerals (Development and Regulation) Amendment Bill, 2021, seeks structural changes in the mining sector through amendment to act of 1957 to accelerate growth and generate employment. It also seeks to improve the competitiveness of the sector by removing legacy issues and attract private investments by bringing in international best practices in exploration and mining.

The Electricity (Amendment) Bill, 2021 aims at de-licensing of the distribution business and bring in competition, the appointment of members from law background in every commission, strengthening of APTEL, a penalty for non-compliance of RPO, prescribing rights and duties of consumers.

The CCI Amendment Bill aims to make certain essential structural changes in the governing structure of the CCI, changes to substantive provisions to address the needs for new-age markets and to expand the activities of the commission by opening regional offices.

Follow our full coverage of Budget 2021 
Moneycontrol News
first published: Jan 30, 2021 09:25 am

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