This week, the government is likely to introduce three significant Bills in Parliament. These include a bill to amend banking laws, another to amend the Oilfields (Regulation and Development) Act, and a third to provide for the representation of Scheduled Tribes (STs) in the Goa Assembly.
Banking Laws (Amendment) Bill, 2024
Sources indicate that the Union Cabinet approved the introduction of the Banking Laws (Amendment) Bill, 2024, on Friday. This Bill could bring significant changes to banking regulations. The Bill may amend banking laws related to the number of nominees in a bank account, potentially raising the number from the current one to four. Now, customers would be able to add upto 4 nominees in Bank accounts if Bill gets passed.
Right now, customers can add only 1 nominee in Bank accounts. This is being done because the number of unclaimed deposits is rising substantially. The second amendment proposes to redefine ‘substantial interest’ for directorships, increasing the threshold to Rs 2 crore or 10 percent of paid-up capital.
As per the sources, only these two amendments are proposed in Banking Law. As of now, government does not wish to reduce its stake in public sector banks. As per the sources, government is looking to improve the existing public sector companies.
Oilfields (Regulation and Development) Amendment Bill, 2024
According to the Rajya Sabha’s list of business for Monday, Petroleum and Natural Gas Minister Hardeep Singh Puri will introduce the Oilfields (Regulation and Development) Amendment Bill, 2024, in the House. Although the details of the Bill are not available, it is noted that in 2021, the ministry prepared a draft bill to amend the Oilfields (Regulation and Development) Act, 1948. The draft bill aimed to distinguish between mining activities and petroleum operations. It proposed to create a favorable environment for investors by promoting ‘ease of doing business’ and creating opportunities for exploration, development, and production of next-generation cleaner fuels.
Readjustment of Representation of Scheduled Tribes Bill, 2024
In the Lok Sabha, the government plans to introduce the ‘Readjustment of Representation of Scheduled Tribes Bill, 2024.’ This Bill aims to address the representation of STs in the Goa Assembly.
Empowering the Census Commissioner
The Bill will empower the census commissioner to notify the population of STs in Goa. Based on this notification, the Election Commission will amend the Delimitation of Parliamentary and Assembly Constituencies Order, 2008, to facilitate ST reservation in the 40-member Goa Assembly. This proposal was cleared by the Union Cabinet in March this year, just days before the Lok Sabha election schedule was announced on March 16. Currently, no seat in the 40-member Goa Assembly is reserved for the ST community, while one seat is reserved for the Scheduled Castes.
Response to Media Reports on Waqf Boards
Reacting to media reports suggesting that the Centre could introduce a bill to curb the powers of waqf boards, AIMIM president Asaduddin Owaisi on Sunday stated that the Centre aimed to take away the autonomy of the waqf boards.
