Monday, August 8, 2022

Monsoon Session: Nirmala Sitharaman moves bill to amend Insolvency and Bankruptcy Code

Union Finance Minister Nirmala Sitharaman on Saturday moved the bill for the amendment of the Insolvency and Bankruptcy Code, 2016 in the Rajya Sabha on Saturday.

Earlier, BJP MPs Sonal Mansingh and Neeraj Shekhar gave Zero Hour notices in the Rajya Sabha on Saturday.
While Mansingh gave the notice over the demand to provide support to artists facing a hard time due to the COVID-19 pandemic, Shekhar gave it demanding the inclusion of Bhojpuri in Schedule 8 of the Constitution. There are currently 22 languages included in the Eighth Schedule.

On Friday, Finance Minister Nirmala Sitharaman said that the Central government was not reneging from its responsibility on GST compensation and the issue will be discussed in Goods and Services Tax (GST) council meeting. Replying to the debate on the supplementary demands for grants (first batch) for 2020-21 in the Lok Sabha, Sitharaman accused the opposition of trying to twist her ‘Act of God’ remark. She said the Centre has taken several steps to protect the interest of states.

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The minister said that India’s forex reserves have surged to a high of USD 537 billion, which is 19-month equivalent of imports.  Referring to opposition members raising the issue of pending GST compensation, Sitharaman said a “woman finance minister saying Act of God is taken sarcastically”.

“I am very happy. Everybody would have liked forced measures in extraordinary circumstances using a Latin phrase. But a Finance Minister saying Act of God, then it is being taken in humour,” Sitharaman said.

The Monsoon Session of the Parliament commenced on Monday and is slated to end on October 1.

Also Read: Monsoon session: RS passes bill to reduce salaries of ministers by 30 percent

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