The Select Committee of Parliament on the Insurance Bill has got a two-week extension and will now submit its report on December 12. This leaves the Centre with lesser time to get it passed in the Winter Session.
The committee was initially supposed to submit its report by the last day of the first week of the Winter Session, ie November 28. The crucial Bill aims to raise the FDI limit in the insurance sector to 49 per cent from the current 26 per cent.
Chandan Mitra, Chairman of the Select Committee, told reporters that efforts will be made to submit the report before December 12. Meanwhile, sources in the Congress indicated that the party could support the Bill, provided the Centre accepted its demand on the structure of FDI.
On Tuesday, Mitra moved a resolution in the Rajya Sabha seeking an extension after two new members, VP Singh Badnore and Rangasayee Ramakrishna, were nominated to the Committee, replacing JP Nadda and Mukhtar Abbas Naqvi, who have been inducted into the Union Cabinet.
Not aware of move However, the resolution faced resistance from Opposition members. P Rajeev of the CPI(M) said the committee members were not aware of the move and the Chairman could seek more time for submission of the report only after the issue was discussed in the committee.
“I am a member of the committee and I am not aware of this,” Rajeev said, with other members of the panel, including Derek O’Brien (TMC) and JD Seelam (Congress), joining in.
Intervening in the discussion, Finance Minister Arun Jaitley, referring to the inclusion of the new members, said: “Obviously, it will need more time. They have to decide if they want the committee or want to dissolve it.” If the House desires that the panel should not be given extension, the Centre is willing to bring the Insurance Bill tomorrow, Jaitley said.
Voice vote Opposition members, however, continued to insist that the resolution be withdrawn and Mitra immediately convene a meeting of the panel to discuss the extension. But, Mitra was unwilling to heed the advice. Jaitley quoted rules to say that the House can decide on an extension. Thereafter, the resolution was put to vote and passed by a voice vote.
Later, Mitra told reporters the committee will try to complete proceedings and submit the report before the deadline, so that it could be considered in the current session of Parliament.