Insurance bill: 9 parties want it to be sent to Select

Uncertainty loomed over immediate passage of the Insurance Bill, Modi government's first major reform initiative to raise FDI cap in the sector to 49 per cent, with nine parties including the Congress giving notice in Rajya Sabha for referring the bill to Select Committee.
Sources said that Congress, CPI-M, CPI, SP, BSP, DMK, JD (U), Trinamool Congress and RJD have given a notice to the Chairman of the Upper House Hamid Ansari for referring the controversial bill, which the government proposes to bring in Rajya Sabha on Monday, to a Select Committee.
AIADMK, which despite not being an ally, supports the government on key issues, has also agreed to back the nine parties in the endeavour though it is not a signatory to the notice. The stand of BJD is not yet clear.

It has been agreed upon among the Opposition parties that as soon as the government moves the controversial Insurance Laws (Amendment) Bill in the Rajya Sabha on Monday, they will move a motion pressing for referring it to the Select Committee.
The BJP-led NDA does not have a majority in the Upper House and yesterday Parliamentary Affairs Minister M Venkaiah Naidu had refused to react on the possibility of the bill being referred to the Select Committee.
The bill, which has already been through the Standing Committee, seeks to raise the ceiling of FDI in the insurance sector to 49 percent from the current 26 percent.

Congress has been claiming that the bill was originally its idea, but now several new provisions have been added including allowing investment by FIIs, which is "extremely mobile, uncertain and like quicksand".

Though the government is keen on its early passage, Opposition leaders are not very sure on whether the government would go in for a joint session to achieve this.
"Select Committee is the best via media. Select Committee is the only way out," Congress spokesperson Abhishek Singhvi told reporters.
He said the party was not opposing the bill on principles, but since it is a 60-page legislation and there have been several changes, so it will be better if it is looked into by the Select Committee.