Finance, Waqf Amendment Act among 16 bills to be tabled in Budget session

Budget session: Union Finance Minister Nirmala Sitharaman is set to present Union Budget 2025 on February 1

The Centre has listed 16 bills, including the Finance Bill 2025, amendments to the Waqf and Banking Regulations Act, and the merging of the Indian Railways and Indian Railways Board Acts, which will be introduced during the Budget session of Parliament, which begins today (January 31) with the presentation of the Economic Survey for 2024-2025.

 

Among the other anticipated bills are amendments to the Disaster Management and Oilfields (Regulation and Development) Acts. Also on the agenda are bills related to coastal and merchant shipping, and one that seeks to rename the Institute of Rural Management Anand to Tribhuvan Sahkari University, elevating it to the status of ‘an institution of national importance’.

 

Additional bills are expected to focus on safeguarding financial interests in the aviation sector and updating regulations concerning immigration and foreign entry.

 

A key bill will address the readjustment of representation of Scheduled Tribes in Goa’s Assembly constituencies, aiming to allocate seats in a manner that better reflects the state's tribal communities.

 

The session, which will witness Finance Minister Nirmala Sitharaman presenting her eighth Union Budget, includes significant legislative items, particularly the Waqf (Amendment) and Finance Bills. Sitharaman will be two budgets shy of the record of ten held by Former Prime Minister Morarji Desai.

 

Waqf (Amendment) Bill

This bill, which proposes 44 changes to the management of Muslim charitable properties in India, was introduced in Parliament last August. The contentious bill sparked protests from opposition parties, leading to its referral to a joint committee chaired by BJP MP Jagadambika Pal. Despite Opposition protests, which claimed their concerns were ignored, the committee submitted its report this week, recommending 14 amendments, all backed by the ruling BJP and its allies. The bill and its recommendations are expected to be debated in this session.

 

Finance Bill

The Finance Bill is crucial, particularly due to discussions surrounding a potential new Direct Tax Code that would overhaul the Income Tax Act of 1961. This new code aims to simplify tax laws, making them easier to understand and follow, as well as facilitating taxpayers’ ability to calculate dues and file returns.

 

However, sources have suggested that the new code may be presented separately at a later date, rather than as part of this Finance Bill. Nevertheless, the Finance Bill will include several other important reforms and will be pivotal in implementing the proposals outlined in the Budget.

 

Amendments to banking laws are also on the table, designed to improve the governance of the banking sector and enhance consumer and investor protections, particularly regarding nominations and safeguarding investments.

 

Other Bills to be tabled

A series of bills related to maritime laws, including the Bills of Lading, Carriage of Goods by Sea, Coastal Shipping, and Merchant Shipping Bills of 2024, aim to modernise the country’s shipping regulations.

 

The Oilfields Amendment Bill seeks updates to the laws governing oil exploration and extraction, while the Boilers bill will introduce new safety standards for industrial boilers. 

The Disaster Management (Amendment) Bill will transfer disaster planning responsibilities to central and state-level forces and ensure that both have access to updated databases to facilitate a faster and more efficient disaster response.

 

The government has also listed these three new bills for the upcoming session: the 'Protection of Interests in Aircraft Objects Bill’, the ‘Tribhuvan Sahkari University Bill’, and the ‘Immigration and Foreigners Bill’.

 

The session will begin on Friday with the president’s address to both Houses of Parliament. The Union Budget will be presented on February 1. The first part of the session will end on February 13, with the second part resuming on March 10 and concluding on April 4.