Rajya Sabha passed seven key Bills, including one that removes cereals, pulses and onion from the essential commodities list and another that abolishes penalty for certain offences by companies, on September 22. All the seven Bills will now be sent to the President for assent. Once he gives his assent, they will become the law.

Essential Commodities (Amendment) Bill, 2020

The Essential Commodities (Amendment) Bill, 2020 with provisions to remove commodities like cereals, pulses, oilseeds, edible oils, onion and potatoes from the list of essential commodities was passed by the Rajya Sabha.

The Bill was passed by Lok Sabha on September 15, 2020. The Bill replaces an ordinance promulgated on June 5, 2020. 

The Essential Commodities Act, which was passed in 1955, controls the production, supply and distribution of, and trade and commerce in, certain goods which are treated as essential commodities.

Under the Act, the powers to implement the provisions of the Act are delegated to the states. When the price of any of these essential commodities rises, the regulator can impose stock holding limits on the commodity, restrict movement of goods and mandate compulsory purchases under the system of levy. 

The amendment provides for the regulation of food items only under exceptional circumstances like national calamities, famine with a surge in prices. Also, processors and value chain participants are exempted from the stock limit.

Banking Regulation (Amendment) Bill, 2020

The Banking Regulation (Amendment) Bill, 2020, which replaces an ordinance that was promulgated on June 26, was passed by a voice vote in the Rajya Sabha. The amendment had received approval from the Lok Sabha on September 16.

The Bill, which comes in the backdrop of the PMC Bank scam, seeks to strengthen cooperative banks by increasing their professionalism, enabling access to capital, improving governance and ensuring sound banking through the Reserve Bank of India (RBI).

Finance Minister Nirmala Sitharaman said the amendments are purely to govern those cooperative societies which offer banking services and call themselves banks. The amendments will not apply to Primary Agricultural Credit Societies or cooperative societies whose primary object or principal business is providing long-term finance for agricultural development.

Companies (Amendment) Bill, 2020

Parliament passed a Bill to further amend the Companies Act 2013 and decriminalise various compoundable offences as well as promote ease of doing business in the country.

The Companies (Amendment) Bill, 2020 was passed by a voice vote in Rajya Sabha. The Lok Sabha had given its approval to the Bill on September 19.

The Bill seeks to decriminalise various penal provisions, permit direct overseas listing of Indian corporates and introduce a new chapter related to producer organisations in the legislation.

Reduction in penalties for certain offences as well as in timeline for rights issues, relaxation in corporate social responsibility (CSR) compliance requirements and creation of separate benches at the National Company Law Appellate Tribunal (NCLAT) are also among the proposed changes.

Taxation and Other Laws (Relaxation of Certain Provisions) Bill, 2020

The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill seeks to provide various reliefs in terms of compliance requirements for taxpayers amid the coronavirus pandemic. 

It will replace an ordinance and make few other changes in direct and indirect tax laws. The Lok Sabha had cleared the bill on September 19.

The reliefs in the bill include extending deadlines for filing returns and for linking PAN and Aadhaar.

It also provides tax benefits on donations made to the Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund) set up in March. The Bill amends the provisions of the Income Tax Act to provide the same tax treatment to the PM CARES Fund as available to the Prime Minister’s National Relief Fund.

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

The Indian Institutes of Information Technology Laws (Amendment) Bill, 2020, was introduced in Rajya Sabha by Education Minister Ramesh Pokhriyal Nishank. The Bill was passed by Lok Sabha in March.

The Bill amends the Indian Institutes of Information Technology Act, 2014 and the Indian Institutes of Information Technology (Public-Private Partnership) Act, 2017.

The Bill was brought in to declare five new IIITs in Surat, Bhopal, Bhagalpur, Agartala and Raichur as institutes of national importance, enabling them to award diplomas, degrees and PhDs.

These IIITs are functioning as Societies registered under Societies Registration Act of 1860. They will now be covered under the IIIT (PPP) Act, 2017, similar to the other 15 IIITs established under the scheme in PPP mode.

National Forensic Science University Bill, 2020

The National Forensic Sciences University Bill was passed by a voice vote in Rajya Sabha. It seeks to establish a National Forensic Sciences University by upgrading the Gujarat Forensic Sciences University.

The proposed university would facilitate and promote studies and research, and help achieve excellence in the field of forensic science in conjunction with applied behavioural science studies, law, criminology and other allied areas.

Rashtriya Raksha University Bill, 2020

The Rashtriya Raksha University Bill was passed by a voice vote. It seeks to establish the Rashtriya Raksha University in Gujarat. Its key objectives include providing dynamic and high standards of learning and research and providing a working environment dedicated to advancing research, education and training in the domain of policing.

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