NEW DELHI, July 15: The Union Cabinet tonight gave its go-ahead to the proposal to allow Oil India Limited to acquire 20 per cent participating interest in Total's Oman Block-4 with maximum financial commitment of Rs 37.83 crore during the initial period of exploration.It also approved the proposal to augment the paid-up capital of the Exim Bank every year out of the budgetary allocation. In an effort to curb corruption at high places, the Union Cabinet also gave its formal approval to the Lok Pal Bill. The bill, which would include within its purview the office of the prime minister, would be introduced during the current session of Parliament. It has been hanging fire for over two decades and, despite the assurances made by successive governments, could not be brought into force. It was part of the ruling coalition's National Agenda for Governance.Discussions on Insurance Regulatory Authority Bill and the housing policy, which were listed in the agenda for today's Cabinet meeting, could not be takenup for want of time. Sources in the Government said that they would now be taken up in the next meeting.The Union Cabinet, it is learnt, has decided to incorporate within the Lok Pal Bill most of the recommendations made by the standing committee set up by the previous government. The committee had submitted its report on May 9 last. The Cabinet also decided to incorporate within the Bill the recommendations of the Ethics Committee on Public Life, the Privileges Committee and the Committee headed by former Union Minister C Subramaniam. PM had earlier asked a group of ministers to look into the recommendations made by the committees.
