This week, the government is poised to introduce three significant Bills in Parliament. These include amendments to banking laws, changes to the Oilfields (Regulation and Development) Act, and provisions for Scheduled Tribes (STs) representation in the Goa Assembly.
Banking Laws (Amendment) Bill, 2024
The Union Cabinet has approved the introduction of the Banking Laws (Amendment) Bill, 2024. This Bill aims to bring notable changes to banking regulations. One major amendment is the potential increase in the number of nominees in a bank account from the current one to four, allowing customers to add up to four nominees if the Bill is passed. This change is intended to address the substantial rise in unclaimed deposits. Another proposed amendment seeks to redefine ‘substantial interest’ for directorships, raising the threshold to ₹2 crore or 10 percent of paid-up capital. According to sources, these are the only amendments proposed, with no plans to reduce the government’s stake in public sector banks. The focus is on improving existing public sector companies.
Oilfields (Regulation and Development) Amendment Bill, 2024
Petroleum and Natural Gas Minister Hardeep Singh Puri is set to introduce the Oilfields (Regulation and Development) Amendment Bill, 2024, in the Rajya Sabha. Although details of the Bill are not yet available, it is noted that a draft bill was prepared in 2021 to amend the Oilfields (Regulation and Development) Act, 1948. The draft aimed to distinguish between mining activities and petroleum operations, promote ‘ease of doing business’, and create opportunities for the exploration, development, and production of next-generation cleaner fuels.
Readjustment of Representation of Scheduled Tribes Bill, 2024
In the Lok Sabha, the government plans to introduce the ‘Readjustment of Representation of Scheduled Tribes Bill, 2024’. This Bill addresses the representation of STs in the Goa Assembly. It will empower the census commissioner to notify the population of STs in Goa, enabling the Election Commission to amend the Delimitation of Parliamentary and Assembly Constituencies Order, 2008, to facilitate ST reservation in the 40-member Goa Assembly. This proposal was cleared by the Union Cabinet in March, just before the Lok Sabha election schedule was announced. Currently, no seat in the Goa Assembly is reserved for the ST community, while one seat is reserved for Scheduled Castes.
Response to Media Reports on Waqf Boards
Responding to media reports that the Centre might introduce a bill to curb the powers of waqf boards, AIMIM president Asaduddin Owaisi stated on Sunday that the Centre aims to take away the autonomy of the waqf boards.
