Budget Session: Parliament To Debate 16 Bills, Including Key Finance & Waqf Amendments

Parliament’s Budget session, starting Friday with the Economic Survey 2024-25, will see 16 Bills, including the Finance Bill 2025, amendments to the Waqf and Banking Regulations Act, and a proposal to merge the Indian Railways and Indian Railways Board Acts.

Among the 13 other Bills expected are amendments to the Disaster Management Act and Oilfields (Regulation and Development) Act.

Legislation related to coastal and merchant shipping and a Bill to rename the Institute of Rural Management Anand as the Tribhuvan Sahkari University-granting it ‘institution of national importance’ status may also be introduced.

Bills addressing financial interests in the aviation sector and proposed changes to immigration and entry regulations for foreigners are also likely.

Another key proposal is the Readjustment of Representation of Scheduled Tribes (ST) in Goa’s Assembly Constituencies, which aims to realign seats for better ST representation.

This session will be significant as Finance Minister Nirmala Sitharaman presents her eighth Union Budget, moving closer to Morarji Desai’s record of 10.

The Waqf (Amendment) and Finance Bills will be closely watched.

Waqf (Amendment) Bill

First introduced in August 2023, this Bill seeks 44 changes in Waqf laws, impacting the management of Muslim charitable properties. Opposition protests led to the bill’s referral to a joint parliamentary committee (JPC) headed by BJP MP Jagadambika Pal.

The JPC, which met nearly three dozen times amid opposition protests over ignored concerns, presented its report this week. The panel made 14 recommendations, all from ruling BJP members or allies, while rejecting 44 from the opposition, adding to tensions.

Both the recommendations and the Bill are for discussion this session.

Finance Bill

The Finance Bill will likely introduce a new direct tax code, revamping the Income Tax Act of 1961. The proposed changes aim to simplify tax laws, making compliance easier for individuals and businesses.

Beyond taxation, the Bill will drive key financial reforms and implement Sitharaman’s budgetary proposals. Planned amendments to banking laws will focus on improving governance and enhancing consumer protections.

Other Bills

The Bills of Lading Bill, Carriage of Goods by Sea Bill, Coastal Shipping Bill, and Merchant Shipping Bill, 2024, will update maritime laws to modernize shipping regulations.

The Oilfields Amendment Bill will refine laws on oil exploration and extraction, while the Boilers Bill will introduce updated safety measures for industrial boilers.

The Disaster Management (Amendment) Bill proposes shifting disaster planning responsibilities to Central and state authorities, ensuring better coordination and an improved response system.

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