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Banking Bill: Govt drops Futures trading clause


AGENCIES | New Delhi, December 18, 2012 17:10
Tags : Banking Laws (Amendment) Bill | Futures trading | P Chidambaram |

Opposition Tuesday forced the government to withdraw a controversial clause allowing futures trading for banks from a bill which seeks to amend banking laws.

"(We are) withdrawing the clause in deference to the views expressed by members," Finance Minister P Chidambaram said when the House considered the Banking Laws (Amendment) Bill, 2011 for passage amid din.

Speaking on the measure, Anurag Thakur (BJP) sought to know whether the government was withdrawing the amendment and said members of various opposition parties were of the view that it should be dropped.

Soon after, members from the Left and Trinamool Congress rose to express similar views.

At this, Chidambaram rose to say that "in response to suggestions during consultations, although the new clause was suggested by another Standing Committee, the new clause will not be pressed..."

Saugata Roy (TC) said the government cannot have "after thoughts" when it uses a rule to introduce fresh clauses and amendments after the bill has already been scrutinised by the concerned Standing Committee.

Responding to Roy, Chidambaram said several Congress and non-Congress governments in the recent past rule the contingency rule to introduce fresh amendments.

Gurudas Dasgupta (CPI) dubbed the move to withdraw the clause as a "politics of compromise" and said governments should desist from it.

Roy wanted Deputy Speaker Karia Munda to give a ruling against use of rules to introduce fresh amendments, but the Chair said keeping in mind past practices and prevailing rules, government was allowed to use this route.

At this, members from Left parties trooped into the Well demanding the bill be withdrawn altogether. Munda was heard telling them not to challenge the ruling of the Chair.

Amid din, the House was adjourned from 25 minutes at 2.20 pm. Later, when the House met, Sumitra Mahajan who was in the Chair took up discussion on the bill.

As Thakur resumed his speech, Left and Trinamool Congress members rushed to the Well shouting slogans, forcing Mahajan to adjourn the proceedings for another 30 minutes till 3.15 PM.


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Issue Dated: Feb 5, 2017