Three Bills were introduced in Lok Sabha today:
1.Requisitioning and Acquisition of Immovable Property (Amendment) Bill: Ensures payment of compensation where acquisition been quashed by courts, and enables payment of interest on compensation amount to account for appreciation in market value of the land in the interim, for land acquired for national security and defence purpose.
2.Ancient Monuments and Archaeological Sites and Remains (Amendment) Bill: Paves the way to carry out certain construction limited strictly to public works and projects essential to public within prohibited area of centrally protected monument by any department or office of central government.
3.Indian Institute of Petroleum and Energy Bill: Establishes Indian Institute of Petroleum and Energy at Visakhapatnam, Andhra Pradesh.
Standing Committee reports on the Merchant Shipping Bill, 2016 and the Major Port Authorities Bill, 2016 were also presented.
However, other scheduled business in both houses could not be taken up due to repeated adjournments.
The Banking Regulation (Amendment) Ordinance, 2017 is currently in force and is in the legislative agenda for the session. The Ordinance amends the Banking Regulation Act, 1949 to insert provisions for recovery of outstanding loans. Under these provisions, the central government may authorise the Reserve Bank of India to direct banks to initiate recovery proceedings against loan defaulters. Our analysis on the ordinance, highlighting key features and related issues can be read here.