Govt Shelves Chit Fund Bill

Strong objections from Kerala Congress, Samajwadi Party, the BSP and part of BSP yesterday forced the government to go slow on the RBI (Amendment) Bill, the ordinance putting stringent conditions on thousands of non-banking financial institutions operating in the country, making them more accountable to investors.

The Bill was not taken up for consideration in the Lok Sabha yesterday even after being listed on the days business.

The bill on power transmission was also not taken up in the Lok Sabha despite being listed yesterday. The bill also included an amendment suggested by the Left parties. Since this bill is set to be referred to the select committee after being introduced in the Lok Sabha, the ordinance it seeks to replace is set to lapse.

Parliamentary affairs minister Shrikant Jena said the government was not unduly perturbed about the two ordinances lapsing before the bill is passed. It was just a question of a month or two before the bills are passed, he said.