New Delhi:
Sixteen bills, including the Finance Bill 2025, amendments to the Waqf and Banking Regulations Act, and the merging of the Indian Railways and Indian Railways Board Acts, will be tabled in Parliament’s Budget session, which begins Friday with the Economic Survey 2024/25.
Among the 13 others likely this session are amendments to the Disaster Management and Oilfields (Regulation and Development) laws. Bills dealing with coastal and merchant shipping and another seeking to re-name the Institute of Rural Management Anand as the Tribhuvan Sahkari University and declare it ‘an institution of national importance’ may also be presented.
Bills looking to safeguard financial interests related to the aviation sector and change current regulations relating to immigration and the entry of foreigners are also expected this session.
Finally, another key bill expected is the Readjustment of Representation of Scheduled Tribes in Assembly Constituencies of the State of Goa. As the name suggests, this seeks to re-allocate Assembly seats in that state to better represent its ST communities.
The big-ticket items in this session, which will see Finance Minister Nirmala Sitharaman present an eighth union budget – leaving her just two behind the record of 10 set by Morarji Desai, are the Waqf (Amendment) and Finance Bills.
Waqf (Amendment) Bill
The bill proposing 44 changes to Waqf laws – the way Muslim charitable properties are managed in this country – was presented in Parliament in August last year.
The controversial bill triggered furious protests from the opposition as soon as it was tabled, and referred to a joint committee led by BJP MP Jagadambika Pal. The JPC – which held nearly three dozen sittings, but was rocked by chaos and protests from outnumbered opposition members, who said their concerns were being ignored – presented its report this week.
READ | Waqf Amendment Bill Cleared By House Panel With 14 Changes
The House panel made 14 recommendations, all from members of the ruling BJP or its allies, while rejecting 44 made by opposition MPs, another source of acrimony between the two sides.
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The recommendations, and the Bill, are expected to be taken up in this session.
Finance Bill
The Finance Bill is critical for a number of reasons, most important of which is talk of a new direct tax code that will result in a complete overhaul of existing the Income Tax Act of 1961.
The new code is expected to make income tax laws easy to read, understand, and follow, as also make it easier for taxpayers to calculate their dues and file returns.
READ | New, ‘Simple’ Income Tax Act In Budget 2025? Sources Said…
However, earlier today sources told NDTV the new code may not be presented as part of this Finance Bill, but as a separate document at a later date.
Sans this, the Finance Bill will still contain several important reforms, and will be central to the central government’s implementation of all of Ms Sitharaman’s budgetary proposals.
There are also amendments to the banking laws that the centre has said will strengthen governance of the banking sector and also enhance consumers’ and customers’ convenience with respect to nominations and protection of investors.
Other Bills
Maritime laws will see updates, with the Bills of Lading Bill, Carriage of Goods by Sea Bill, Coastal Shipping Bill, and the Merchant Shipping Bill, 2024 set to modernise shipping rules.
The Oilfields Amendment Bill will propose updates to laws governing oil exploration and extraction. The Boilers Bill will introduce new safety rules for boilers in industrial applications.
Another key legislative proposal is the Disaster Management (Amendment) Bill, which will transfer the responsibility of making disaster plans to the central and state-level forces, and ensure an updated database for both, to ensure a faster and more efficient response.
With input from agencies
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