Advani asked Sinha to clear air

While senior BJP leader Yashwant Sinha came out to assert BJP’s opposition to insurance Bill in the afternoon

Written by Express News Service | New Delhi | Published: August 7, 2013 3:26 am

While senior BJP leader Yashwant Sinha came out to assert BJP’s opposition to insurance Bill in the afternoon,the BJP parliamentary party that met Tuesday morning did not discuss the issue. Following reports suggesting that BJP had inched closer towards an agreement with the government on the issue,party MP from Jharkhand Nishikant Dubey was learnt to have enquired about the party’s position on the insurance Bill with his seniors after the parliamentary party meet. This was learnt to have spurred deliberations between L K Advani,Sushma Swaraj and Sinha over the issue that resulted in Advani asking Sinha to spell out the party’s opposition clearly to avoid confusion. While Sinha did not elaborate on the deliberations with Chidambaram last Saturday,party sources claimed the Finance Minister attempted to strike an agreement with BJP on the lines of their 2002 proposal of 49 per cent foreign investment in insurance sector. Sources claimed that this proposal fell through after BJP stuck to their formulation where FDI ceiling was to be fixed at 26 per cent with voting rights while FII ceiling of 23 per cent was further sub-capped at five per cent for each individual institutional investor that would bar institutional investors any voting right on the board of insurance companies. Consequently,BJP remains firm at 26 per cent FDI ceiling in insurance as against government’s proposal to raise it to 49 per cent.

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