Lok Sabha on Saturday passed a taxation bill that seeks to provide various reliefs in terms of compliance requirements for taxpayers amid the coronavirus pandemic. It also passed a bill to further amend the Companies Act and decriminalise various non-compoundable offences and promote ease of doing business.
Discussing the PM-Cares fund, Minister of State, Finance, Anurag Thakur said that it is transparent and will be audited by the same group that audits the PM National Relief Fund. During a discussion PM CARES Fund in the Lok Sabha, he said, “PM-Cares Fund is absolutely transparent. It has been set up under the law, registered as Trust under 1908 Act. An independent auditor appointed, it’s the same auditor who audits PM National Relief Fund. Nobody is forced to donate to this fund.”
Earlier today, at a meeting of the business advisory committee of Lok Sabha, most parties reached a consensus on shortening the ongoing monsoon session of Parliament. Sources at the meeting said the session is likely to be wound up by Wednesday or Thursday. The Speaker will make the announcement about the last working day of the House.
The move comes after more than 30 MPs, including Union Ministers Nitin Gadkari and Prahlad Patel, tested positive for Covid-19 over the past week. The situation prompted stricter protocols and discussions on curtailing the monsoon session.
On the sixth day of the Parliament session, the Rajya Sabha passed The Insolvency and Bankruptcy Code (Second Amendment) Bill 2020. Moving the Bill, Finance Minister Nirmala Sitharaman said, “IBC is such a critical part of business now. On the NPAs of scheduled commercial banks, I just want to highlight how IBC is actually serving the purpose. The priority is to keep companies to be a going concern rather than liquidate them.”
The House also passed The Epidemic Diseases (Amendment) Bill, 2020 — legislation that provides for up to five years in jail for those attacking doctors and healthcare workers fighting the COVID-19 outbreak or during any situation akin to the current pandemic.