Opposition bid to block banking laws bill in LS

A united opposition made an attempt to thwart the taking up of the Banking Laws (Amendment) Bill for consideration, as it created uproar demanding that the proposed legislation should again be referred to the Standing Committee.

New Delhi: A united opposition on Monday made an attempt to thwart the taking up of the Banking Laws (Amendment) Bill for consideration, as it created uproar demanding that the proposed legislation should again be referred to the Standing Committee.

BJP, Left parties and TMC insisted that the Bill for consideration had been changed even after the recommendations of the Standing Committee on Finance and it needed to be scrutinised by the panel again. The opposition members created uproar, with Left and TMC trooping into the Well shouting slogans against the bill. BJP members were on their feet while pressing their demand. Finance Minister P Chidambaram was willing to respond and stood up but as the uproar continued, Girija Vyas, who was in the Chair adjourned the House for 30 minutes till 4.45 pm. BJP leader Yashwant Sinha, who heads the Standing Committee on Finance that examined the bill, said three key provisions have been incorporated in the proposed legislation after the panel gave its report. "It becomes a new bill. Bring it again to the Standing Committee," Sinha said. Talking about the newly introduced provisions, Sinha said these would allow banks to put in their money in speculative trading, such as futures. Sinha cited the precedence about the Companies Bill, which was again referred to the Standing Committee. Earlier, Gurudas Dasgupta (CPI) said the House must concur with the bill moved by the Finance Minister that seeks to suspend some rules. PTI