The Finance Minister, P. Chidambaram, has expressed hope that the insurance Laws (amendment) Bill will be passed in the budget session.
The second leg of the budget session is expected to start on April 22.
Without specifying foreign direct investment limit as the bone of contention, Chidambaram highlighted that difference of opinion between the ruling UPA and the opposition was with regard to only clause in the Bill.
The Government wants to increase the foreign direct investment limit in insurance sector to 49 per cent from the current 26 per cent. But the opposition parties may not play ball. The Standing Committee on Finance is also not in favour of any increase in FDI limit in insurance.
Chidambaram said he has been in talks with opposition leaders on this matter.
"I will, of course, once again meet the leaders of the opposition in the run up to the session. They told me they are holding internal consultations. Once the principal opposition party indicates its mind, we will certainly consult other parties also,” Chidambaram told a press conference here on Saturday.
Once the insurance Bill is passed, pension will follow as it is only a reflection of what is contained in the insurance Bill, he said when asked about pension Bill.
Bank accounts in British Virgin Islands
On the international consortium of investigative journalists (ICIJ)-Indian Express expose on bank accounts held by Indians in British Virgin Islands and other tax havens, Chidambaram said an enquiry has been initiated by authorities against persons named in the report.
The report lists 612 Indians including two Members of Parliament—Lok Sabha Congress MP Vivekanand Gaddam and Rajya Sabha Member Vijay Mallya—and several industrialists.
"Yes. We have taken note of the names and inquiries have been put in motion in respect of the names that have been exposed", Chidambaram said, when asked about the ICIJ expose.