Postponement of Crypto and Banking Bills

Postponement of crypto and banking bills, both houses adjourned sine die. They were among the 26 new bills introduced during the winter session. That were approved by the Senate.

It’s official at this point. Two important legislation that were brought up in the winter session of Parliament. One relating to cryptocurrency regulation and the other relating to the privatisation of public sector banks. Have been tabled for a later date. In addition to these bills. There were another 26 new bills that were scheduled to be introduced for consideration. And passage during the winter session, which was adjourned sine die ahead of schedule on Wednesday.

‘The Cryptocurrency and Regulation of Official Digital Currency Bill. 2021’ has been postponed for the second time this year. Earlier, it had been schedule for the budget session as well. But it was unable to introduced. The government is remaining tight-lipped about the reason for the bill’s deferral. Furthermore, it has not confirmed whether or not the bill. Will be introduce during the budget session.

“To establish a framework for the formation of an official digital currency. Which will issued by the Reserve Bank of India,” according to a report in the Lok Sabha Bulletin. It also intends to ban all private cryptocurrencies in India. With the exception of a few that are intend to promote. The underlying technology of cryptocurrency and its applications.”

Meanwhile, sources have stated that there are a variety of viewpoints on cryptocurrencies. One school of thought, led by the Reserve Bank of India, advocates for a comprehensive ban. But another school of thought does not support a complete ban and the postponement of crypto.

Banking Bill

Another bill, named ‘The Banking Laws (Amendment) Bill, 2021. It similarly defeated in the House of Representatives. In accordance with the Union Budget announcement of 2021 regarding the privatization of two public sector banks. The bill proposes to amend the Banking Companies. (Acquision and Transfer of Undertakings) Acts, 1970 and 1980. As well as incidental amendments to the Banking Regulation Act, 1949, among other things.

A Cabinet committee established specifically for this purpose has tasked with considering. A variety of topics relating to disinvestment, which include, among other things. The selection of the bank(s). It has been stated on numerous occasions by the administration. In this regard, no decision has reached by the relevant Cabinet committee on the privatization of public sector banks. It appears that any decision in this regard will be more political than economic. And because states such as Uttar Pradesh and Punjab will be holding elections. In the near future, the bill has put on hold for the time being.

Overall Productivity

Meanwhile, Lok Sabha Speaker Om Birla stated that the lower house held 18 sittings. During the session, during which business was transact for a total of 83 hours and twelve minutes. However, due to the disturbance, more than 18 hours lost in total. Overall production was 82 percent, according to the official. In addition, 12 government bills were introduce, with nine of them passing and the postponement of crypto.

During the 18 sittings of the Winter Session, the Upper House. Was productive to the tune of 47.90 percent of its total time. It was possible to discharge business only for 45 hours and 34 minutes of the 95 hours and 6 minutes. That were schedule for the House’s total schedule session period. It is worth noting that the productivity of this session. At 47.90 percent, ranks fifth among the 12 Sessions presided over by Chairman Venkaiah Naidu. Over the last four years.” Because of the constant disruptions and forced adjournments. A total of 49 hours and 32 minutes have lost in the process. Approximately 52.08 percent of the allotted time lost. According to information provided by the Rajya Sabha secretariat.

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