Money Laundering Bill To Be Tabled
The Union cabinet yesterday decided to introduce in the monsoon session of parliament the money laundering bill and a new legislation to create a regulatory authority for the power sector.
The parliament session, which begins on Tuesday, will also witness the introduction of a bill on conservation of power, minister of state for power Y.K.Alagh said. The power conservation bill will be a milestone because it is possible to add a lot of additional capacity to total generation by merely saving the power that is now being wasted, Alagh said.
The finance minister is, however, involved in working out a monetary cutoff limit that will determine which cases fall within the proposed money laundering Act. The cabinet is particularly keen to introduce the bill to create regulatory authority in the power sector to enhance the level of comfort for lenders and private sector investors in the sector.