The present NDA government of India has been paralyzed due to daily protest caused by opposition in Rajya Sabha. The crucial GST Bill might have been delayed by indefinite time period resulting investors disinterest in Indian economy, the government has now learned that for passing the important bills they need to be tactful.
In a tactful manner, the Indian government introduced the Insolvency and Bankruptcy Code 2015 – will be presented as Money Bill in Lok Sabha . It allows a simple process for quick closure of ailing companies. And a money bill can’t be delayed by more than 14 days by the Rajya Sabha. Many industry experts feel that time bound closure and initiation can attract investors and can encourage the new age entrepreneurs to risk more. The main objective of this bill is to promote investments and boost credit markets.
How a bill can be said a money bill? For a Bill to be called a Money Bill – it should have one or all of the attributes: make regulations about borrowing of money or standing guarantee by the central government or impose financial obligations on the central government; deal with payments or from the Consolidated Fund; declare any expenditure as being charged the Consolidated Fund.
This bill will be presented during the Budget Session 2016. The government has been looking for strategies to blunt the opposition’s attack in Upper House and they found it in this way. However, it doesn’t mean the government has found a magical formula to get every bill passed by converting it into money bill but certainly, the government should remain open to strategies which can ensure timely passage of crucial bills.
Source: Swarajya Magazine