Zee Media Bureau
New Delhi: The Budget session of Parliament concluded on Wednesday with passage of record official business in recent years but the government failed to ensure passage of the controversial Land Acquisition Bill as also key reform measure of GST amid stiff resistance from opposition.
This Budget Session has proved to be most productive during the last decade with the Lok Sabha working 117 percent of the scheduled working hours and the Rajya Sabha reported a productivity of 101 percent, the government said.
"In terms of number of Bills passed by both the Houses during the Budget sessions, the highest number of 24 Bills were passed by both the Houses during this Budget session, the best in the last five years," Parliamentary Affairs Minister Venkaiah Naidu said.
Key Bills Passed by Parliament during the Budget Session (February 23- May 13, 2015)
The Companies (Amendment) Bill, 2014: The Bill introduces certain amendments in relation to Related Party Transactions, fraud reporting by auditors, making common seal optional, and jurisdiction of special courts to try certain offences etc.
The Black Money Bill/Undisclosed Foreign Income and Assets ( Imposition of Tax) Bill, 2015: It penalizes the concealment of foreign income, and provides for criminal liability for attempting to evade tax in relation to foreign income.
The Coal Mines (Special Provisions) Bill, 2015: Lays out the procedure for auction of coal blocks that were cancelled by the Supreme Court in September 2014 and enables private companies to mine coal.
The Mines and Minerals (Development and Regulation) Amendment Bill, 2015: Allows auction as a method for granting mining leases for both bulk minerals and notified minerals. Also extends mining leases from 30 years to 50 years.
The Insurance Laws (Amendment) Bill, 2015: Raises the limit of foreign holdings to 49% in an Indian insurance company and allows entry of foreign reinsurers (companies that insure insurance companies).
