Monsoon session 2020 of the Indian Parliament will debate these important bills and ordinances

Introduced by: Finance Minister Nirmala SitharamanThe Companies (Amendment) Bill, 2020, introduced to amend the Companies Act of 2013, has several implications for India’s corporate sector. Some of the major aspects of the bill are the removal of penalty and reduction of fines for certain offences, does away with punishment of jail of three years for a company that is buying back its shares without adhering to the act. The bill will also allow the direct listing of companies in foreign jurisdictions and sets a precedent for remunerations of non-executive directors to be according to the company’s profits. Additionally, the bill also makes it compulsory for companies to set aside 2% of their net profits for CSR (Corporate Social Responsibility) activities. Introduced by: Minister of State for Shipping, Mansukh MandaviyaThe bill is for India’s major shipping ports – Chennai, Cochin, Jawaharlal Nehru Port, Kandla, Kolkata, Mumbai, New Mangalore, Mormugao, Paradip, V.O. Chidambaranar, and Vishakapatnam. The bill requests that the ports, which are currently managed by the Board of Port Trusts, have an individual port authority for better regulation. The members of the port will be decided by the central government and will see representatives of several ministries including Railways, Defense and Customs department. In a game changing move, this board will then have the power to raise loans for the development of the assigned port and will also look into infrastructural projects around the area. The board will then also decide on the services, access and usage fees for the ports.Introduced by: Minister of Health and Family Welfare Dr. Harsh VardhanAnother bill that has made headlines since its introduction is the Medical Termination of Pregnancy (Amendment) Bill, 2020. The bill intends to extend the period of allowed termination of pregnancy from the current 12 weeks to 20 weeks. And for cases of termination of pregnancies between 20-24 weeks, approval would be required from a registered medical practitioner.In a big move, the bill also intends to change the usage of terms from “married woman or her husband” to “woman and her partner”.Under the bill, a medical board will also be constituted under each state government. Also, the upper limit for termination of pregnancies will not be applicable in cases where foetal abnormalities require termination as advised by a medical practitioner.Introduced by: Minister of Education Ramesh PokhriyalThe bill looks to set up five Indian Institutes of Information Technology (IIITs) in Surat, Bhopal, Bhagalpur, Agartala, and Raichur, under a public private partnership. With the setting up of these universities, they will be declared as institutions of national importance.Introduced by: Finance Minister Nirmala SitharamanThe bill is set to reform the banking industry in India as with the passing of the ordinance, all co-operative banks too will come under the purview of the Reserve Bank of India and they will adhere to the same rules as other banks in India. Under the same, the RBI will then hold the authority over the issuance of shares and will also be able to “supersede the Board of Directors of a multi-state cooperative bank for up to five years under certain conditions”.The ordinance which was promulgated by President Ram Nath Kovind on April 9, will come under the purview of monsoon session of the parliament. The ordinances look to reduce the salaries of MPs by 30% and through an amendment to the Salaries and Allowances of Ministers Act, 1952, it looks to cut down the sumptuary allowance of Ministers by 30%. The move was decided to control the financial resources in light of the coronavirus pandemic.Through the amendments, better price realisation will be made possible for farmers and cereals, edible oils, oilseeds, pulses, onions and potatoes will be deregulated. Stock limits will be imposed only under exceptional circumstances like national calamities, famine with a surge in prices. No such stock limit shall apply to processors or value chain participants, or to any exporter subject to export demand.The ordinance was promulgated on June 5, 2020 in light of the impact of the coronavirus pandemic on the farmers. Through this, a farming agreement before the production of a farm produce, safeguarding the price and value of the produce. The minimum period for such an agreement would be one year while the maximum would be five years.The ordinance made way for amendments to the Epidemic Diseases Act, 1897. The amendments were in the light of the coronavirus pandemic and looks to further ensure the protection of healthcare workers in the country. It ensures that no act of violence can be done on a medical professional or their property cannot be damaged during an epidemic. It also gives the central government powers to inspect travels from and arrival at ports, and also inspect buses, trains and more.

Monsoon session 2020 of the Indian Parliament will debate these important bills and ordinances

The Companies (Amendment) Bill, 2020

Major Port Authorities Bill, 2020

The Medical Termination of Pregnancy (Amendment) Bill, 2020

The Indian Institutes of Information Technology Laws (Amendment) Bill, 2020

The Banking Regulation Ordinance

Salaries, Allowances and Pensions of Members of Parliament (Amendment) Ordinance, 2020

Essential Commodities (Amendment) Ordinance, 2020

The Farmers (Empowerment and Protection) Agreement on Price Assurance and Farm Services Ordinance, 2020

Epidemic Diseases (Amendment) Ordinance 2020