Bills to amend banking, oilfield laws likely in Parliament this week

The government is likely to introduce three Bills in Parliament this week, including a bill to amend banking laws, another to amend the Oilfields (Regulation and Development) Act, and a third to provide for the representation of Scheduled Tribes (STs) in the Goa Assembly.

According to the Rajya Sabha’s list of business for Monday, Petroleum and Natural Gas Minister Hardeep Singh Puri will introduce the Oilfields (Regulation and Development) Amendment Bill, 2024 in the House.

The details of the Bill are not available. But in 2021, the ministry had prepared a draft bill to amend the Oilfields (Regulation and Development) Act, 1948. The draft bill had envisaged making a distinction between mining activities and petroleum operations. It had proposed to create an enabling environment for investors by promoting ‘ease of doing business’ and to create opportunities for exploration, development, and production of next-generation cleaner fuels.

According to sources, the Union Cabinet on Friday approved the introduction of the Banking Laws (Amendment) Bill, 2024. Sources said the Bill could amend banking laws related to the number of nominees in a bank account, which could be raised from the present one to four. Another proposed change relates to redefining ‘substantial interest’ for directorships, which could increase to Rs 2 crore or 10 per cent of paid-up capital.

In the Lok Sabha, the government will introduce the ‘Readjustment of Representation of Scheduled Tribes Bill, 2024’, which will empower the census commissioner to notify the population of STs in Goa. Based on it, the Election Commission will amend the Delimitation of Parliamentary and Assembly Constituencies Order, 2008, to make way for ST reservation in the 40-member Goa Assembly. The proposal to bring the bill was cleared by the Union Cabinet in March this year, days before the schedule for the Lok Sabha elections was announced on March 16. As of now, no seat in the 40-member Goa Assembly is reserved for the ST community while one seat is reserved for the Scheduled Castes.

Reacting to media reports that the Centre could introduce a bill to curb the powers of waqf boards, AIMIM president Asaduddin Owaisi on Sunday said the Centre wanted to take away the autonomy of the waqf boards.