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Parliament Monsoon session: Key bills for consideration and passing in Lok Sabha today

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There are three major bills proposed that are likely to be passed today in the Lok Sabha.

Parliament Monsoon session: Key bills for consideration and passing in Lok Sabha today
The monsoon session of the parliament commenced on Monday amid high-level safety measures as per the guidelines issued for COVID-19. The Centre is is likely to pass these key bills in the Lok Sabha:
The Banking Regulation (Amendment) Bill 2020
: The Bill amends the Banking Regulation Act of 1949 under the Ministry of Finance.  The Act regulates the functioning of banks and provides details on various aspects such as licensing, management, and operations of banks under the ministry of Agriculture and Farmers Welfare.
Key Features of the proposed bill:
  • The Bill allows RBI to initiate a scheme for reconstruction or amalgamation without imposing a moratorium.
  • The Bill states that no person will be entitled to demand payment towards the surrender of shares issued to him by a co-operative bank.
  • Also, the RBI may supersede the Board of Directors of a multi-state co-operative bank for up to five years under certain conditions.
  • The Act also specifies conditions when unsecured loans or advances may be granted and specifies the manner in which the loans may be reported to RBI.
  • The Farmer's Produce Trade and Commerce( Promotion and Facilitation) Bill, 2020 and The Farmers (Empowerment and Protection) Agreement on Price Assurance and Farm Services Bill, 2020: 
    These bills regulate the framework for contract farming through an agreement between a farmer and a buyer prior to the production or rearing of any farm produce.  It provides for a three-level dispute settlement mechanism: the conciliation board, Sub-Divisional Magistrate and Appellate Authority.
    Key Features of the proposed bill:
    • The ordinance proposes to allow intra-state and inter-state trade of farmers’ produce beyond the physical premises of Agricultural Produce Market Committee (APMC) markets.  State governments are prohibited from levying any market fee, cess or levy outside APMC areas.
    • It also allows the central government to regulate the supply of certain food items only under extraordinary circumstances (such as war and famine).  Stock limits may be imposed on agricultural produce only if there is a steep price rise.
    • Additionally, the Rajya Sabha will take up the following bills -Institute of Teaching and Research in Ayurveda Bill, 2020, Homeopathy Central Council(Amendment) Bill, 2020, Indian Medicine Central Council(Amendment) Bill,2020 and Salaries and Allowances of Ministers (Amendment) Bill,2020.
      Union Health Minister Harsh Vardhan had expressed his admiration for Ayurveda and its positive effects. “Ayurveda is an ancient system of medicine in the country with so much of traditional wisdom attached,” he said.
      The 18-day parliament session will conclude on October 1, with a total of 18 sittings.
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