Placeholder canvas

Insurance Bill to be tabled in Parliament today

Date:

New Delhi: The insurance amendment Bill is likely to be tabled in the Rajya Sabha on Tuesday.  The Cabinet, headed by Prime Minister Narendra Modi, last week, approved the Insurance Laws (Amendment) Bill, 2008 with a composite foreign investment cap of 49% for presenting it in Parliament, incorporating the changes suggested by a House panel.

The Select Committee in its report to the Rajya Sabha had suggested hike in composite foreign investment limit in insurance sector to 49% which would include Foreign Direct Investment (FDI) as well as portfolio investment.

At present only 26% FDI is allowed in private sector insurance companies. The hike in foreign investment limit is estimated to attract about Rs 25,000 crore of overseas funds in the sector.

“The Committee recommends that the composite cap of 49% should be inclusive of all forms of foreign direct investment and foreign portfolio investments,” the report said. Congress support for the Insurance Laws (Amendment) Bill, 2008, is crucial as the ruling NDA does not have majority in the Upper House.

The Bill, which has been pending since 2008, may not have a smooth ride in the Rajya Sabha with certain political parties opposing further opening of the insurance sector to foreign investment.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Subscribe

Popular

More like this
Related

Fact Check: Lok Sabha Polls Will Be Held Using EVMs; Don’t Fall For False Claim

Ahead of the Lok Sabha polls, a newspaper cutout...

Four Killed, Five Wounded In Stabbing Incident In North Illinois

Redd mentioned that not all of the victims had stab wounds and none of them were shot. She added by saying that they have a suspect in custody

Hope Everyone’s Rights Are Protected: UN On Kejriwal’s Arrest

Delhi CM Kejriwal was arrested by the ED(Enforcement Directorate) on March 21 in the Delhi liquor policy case, days ahead of the Lok Sabha polls

EAM Jaishankar Meets Ukrainian Counterpart Dmytro Kuleba In Delhi

New Delhi: External Affairs Minister, S Jaishankar on Friday...