Context: Amid a boycott of House proceedings by many Opposition parties, Rajya Sabha passed seven key bills in three-and-a-half hours.
About the Bills passed:
- The Essential Commodities (Amendment) Bill, 2020
- It removes cereals, pulses and onion from the Essential Commodities list.
- The Bill removes the clause that compelled traders to stock food grains as prescribed by the government, in order to boost investments in the sector.
- The power to reimpose stock limits lies with the government and it could be invoked in times of emergencies such as drought or war.
- The Banking Regulation (Amendment) Bill, 2020
- It brings 1,482 urban and 58 multi-state cooperative banks under the supervision of the RBI.
- The Bill allows the central bank to initiate a scheme for reconstruction or amalgamation of a bank without placing it under moratorium
- The changes will not affect the existing powers of the state registrars of co-operative societies under state laws
- The Banking Regulation Amendment Bill, 2020 will not be applicable to
- a) Primary agricultural credit societies,
- b) Cooperative societies whose principal business is long term financing for agricultural development.
- These two societies must not: a) use the term ‘bank’, ‘banker’ or ‘banking’ in their name or in connection with their business, b) Act as an entity that clears cheque.
- Indian Institutes of Information Technology Laws (Amendment) Bill, 2020
- It seeks to declare five Indian Institutes of Information Technology (IIITs) set up under the public-private partnership mode in Surat, Bhopal, Bhagalpur, Agartala, and Raichur as institutions of national importance.
- The Companies (Amendment) Bill, 2020
- It amended 13 sections and added one chapter for ease of living.
- It abolishes penalties for certain offences by companies.
- The National Forensic Sciences University Bill, 2020
- Through this Bill, the Gujarat Forensic Sciences University is being upgraded to a national university.
- The Rashtriya Raksha University Bill, 2020
- The Bill aims to upgrade the Gandhinagar police training university to a national university.
The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill, 2020 — was returned by Rajya Sabha.