17 new bills will be introduced in the monsoon session of Parliament

The Central Government has made a list of 6 bills to be introduced in the Lok Sabha during the next monsoon session of Parliament. Out of these bills, six bills have been introduced earlier, while this time 12 new bills will come. The session, which ends on August 15, will have a total of 12 seats, with both the Lok Sabha and the Rajya Sabha sitting.

The law to be introduced in the Lok Sabha includes three bills to replace the existing ordinances. The new bill includes the Insolvency and Bankruptcy Code (Amendment) Bill, 2021 and the Electricity (Amendment) Bill, 2021. The long-awaited cryptocurrency bill, however, will be delayed this time as well. It is not listed in the Lok Sabha bulletin. Cryptocurrencies and Regulation's Official Digital Currency Bill, 2021 (Crypto Bill), aimed at banning all private cryptocurrencies. Was first listed for the budget session. But could not be presented. Sources said the government has yet to finalize the framework of the law.

If we look at the main bill to be introduced in the Lok Sabha -

Insolvency and Bankruptcy Code (Amendment) Bill, 2021

The bill will replace the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021, and new amendments to the Insolvency and Bankruptcy Code (IBC) will be considered. According to the Lok Sabha bulletin, the reforms are aimed at providing quick, effective and less disruptive infrastructural facilities for resolving the bankruptcy of distressed corporate debtors.

Coal Sector (Acquisition and Development) Reform Bill, 2021

With this law, the government wants to change the law related to the acquisition of coal reserves. It aims to lease coal and mining rights, including to private sector companies that emerge as successful bidders in coal block auctions. It will also make special provision that the land acquired under this Act will be used for coal mining operations and allied activities, which may be prescribed by the Center.

Electricity (Amendment) Bill, 2021

The bill seeks to make the electricity distribution business licensed and competitive. This allows the customer to choose any electricity distribution service of his choice. The proposed amendments include the appointment of a member of each commission from a legal background, strengthening the Appeals Tribunal for Electricity (APTEL), determining the rights and duties of consumers as well as penalties for non-compliance with the RPO.

Pension Fund Regulatory and Development Authority (Amendment) Bill, 2021

Through this amendment, the government will separate the NPS Trust from the Pension Fund Regulatory and Development Authority (PFRDA) to ensure the universal pension shield announced in the Union Budget 2020.

Petroleum and Mineral Pipelines (Amendment) Bill, 2021

The purpose of this law is to strengthen the system of laying pipelines for the transportation of petroleum and minerals.