The Lok Sabha on Wednesday passed the Insurance Laws (Amendment) Bill-2015 that will replace the Insurance Act of 1938, General Insurance Business (Nationalisation) Act, 1972 and the Insurance Regulatory and Development Authority Act, 1999.
Meanwhile, the Land Bill, which will replace the controversial Land Acquisition (Ordinance), will be taken up on Monday. The bill, introduced in the Lok Sabha last week, had met with considerable opposition.
Replying in the Rajya Sabha to a Motion of Thanks to President Pranab Mukherjee's speech to a joint session of Parliament, Prime Minister Narendra Modi had yesterday said that land had to be acquired to give a boost to national economic activity.
In a strong defence of the amended Bill, he said, "The law will stay; we will remove the shortcomings. I urge you to help us, and together, we can take India's development ahead. We need to protect farmers' interests together. Please don't spread lies on compensation. Compensation has not been reduced in the amended Bill.
