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30
March 2017
The
Finance Bill 2017 was passed by Parliament on Thursday with the Lok Sabha
rejecting the amendments proposed by the Rajya Sabha. The Total Investment & Insurance Solutions
The
Bill, being a Money Bill, will now go to the President for approval before
becoming law.
Since
the Lok Sabha did not accept any of the recommendations of the Rajya Sabha, the
Money Bill is deemed passed by both houses in the form in which it was passed
by the lower house.
Replying
to a short debate on the amendments in the Lok Sabha, Finance Minister Arun
Jaitley said: "I can't accept five amendments suggested by Rajya Sabha to
the Finance bill."
As
per the provisions of Article 109 of the Constitution, the Rajya Sabha has
limited powers with respect to draft legislations that are tagged by the
government as Money Bills. The Lok Sabha is free to either accept or reject all
or any of its recommendations.
Embarrassing
the government, the Rajya Sabha on Wednesday suggested five amendments to the
Finance Bill 2017 and returned it to the Lok Sabha.
The
Bharatiya Janata Party-led central government does not have a majority in the
Rajya Sabha.
The
upper house discussed the bill for over five hours spread across two days with
the Congress and other opposition parties taking exception to several
provisions of the Finance Bill, stating that the government had sought to amend
40 laws in one go.
During
discussion on the Bill, the opposition accused the government of
"smuggling in" provisions to bypass the Rajya Sabha as the upper
house has limited powers on Money Bills.
Congress
leader Deepender Singh Hooda raised the issue of the amendment that gives
Income Tax officers right to search a premise without citing a reason.
On
the electoral funding reforms brought by the government, Hooda said electoral
bonds will only increase opacity in funding. The Total Investment & Insurance Solutions
He
also said reducing limit for anonymous donation to Rs 2,000 will not make much
difference, and only increase the work for chartered accountants.
Congress
member Kabil Sibal said that some provisions in the Finance Bill 2017 tend to
weaken the federal structure of the country, allowing the government to snoop
on citizens and instilling fear among the business community. The Total Investment & Insurance Solutions
CPI-M
leader Sitaram Yechury strongly objected to the provision in the bill about use
of Aadhaar for filing Income Tax returns (ITR).
"Why
are you saying today that Aadhaar is required for me to file my ITR? Why do I
have my PAN card at all then?" he asked, adding that if the government
wants to make Aadhaar compulsory, it should bring a straightforward bill saying
as much.
Congress
leader and former Finance Minister P. Chidmabaram said that if "Pentagon
can be hacked, how will you (government) protect hacking of Income Tax and bank
accounts through Aadhaar?" The Total
Investment & Insurance Solutions
The
opposition members also expressed concern over the "removal of cap"
on corporate funding of political parties in the name of electoral reforms.
Members
also raised concerns over the winding up or merging of several tribunals and
the government "single-handedly appointing chairpersons of tribunals
deciding business disputes".The Total
Investment & Insurance Solutions
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