The deadlock continued on Wednesday between the Government and the Congress over the Insurance laws (Amendment) Bill with the latter persisting with its demand to send the Bill to the select committee of Rajya Sabha for further scrutiny.
According to sources, the Congress party wants changes in the Bill particularly in two clauses which pertain to definition of Foreign Direct Investment. Congress members say that the changes were made by former Finance Minster Yashwant Sinha in the Standing Committee.
The Bill seeks to raise the FDI cap in insurance sector from 26 per cent to 49 per cent. “No progress was made,” said a senior central BJP leader.
Parliamentary Affairs Minister M Venkaiah Naidu on Tuesday met Congress General Secretary Anand Sharma to “address their objections” as the Government maintained that the Congress party was “deliberately delaying” the legislation “to deny” it the credit.
Asked about the status of Congress stand the party’s Rajya Sabha MP Rajiv Shukla said they are continuing with their demand for sending the Bill to select committee.
Parliamentary Minister Prakash Javadekar, however, maintained that the Bill will be introduced in his this session of Parliament itself. Asked about the objections of the Congress party, he said “let them come with whatever suggestions they want”.
Another BJP leader pinned hope on some Opposition parties “walking out” or “absenting” to allow the Bill to sail through the Upper House.
The Bill, listed for consideration in the Rajya Sabha was deferred on Monday for time being as the Government sought to work out a consensus on the issue in couple of days.
According to a BJP leader, it was indeed a “UPA Bill” as of 97 amendments it includes, only 11 amendments proposed by the Modi-Government and 86 proposed by the previous Congress-led UPA Government. He said most of amendments in the Bill were moved by former finance Minister P Chidambaram who has incidentally welcomed “its introduction”.
The Congress members said the 11 amendments brought by Sinha need to be re-examined in the select committee.