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Cabinet approves ordinances on coal auction, insurance reforms

Cabinet approves ordinances on coal auction, insurance reforms

India Blooms News Service | 24 Dec 2014, 09:33 pm
New Delhi, Dec 24 (IBNS): With the Winter Session of the Parliament failing to pass the crucial insurance Bill due to frequent disruptions in the Upper House, the Union Cabinet on Wednesday cleared an ordinance to raise the cap of Foreign Direct Investment (FDI) in the insurance sector.

The Cabinet approved promulgation of an Ordinance to hike Foreign Direct Investment (FDI) cap in the insurance sector to 49 percent from the existing 26 percent.

"Ordinance in insurance has already faced a long delay. The country cannot wait if one of the Houses takes a long time to take up its agenda. The Cabinet approved the ordinance on guidelines for methodology for auction of coal mines for power and other sectors," Union Finance Minister Arun Jaitley said.

The Union Cabinet also cleared the ordinance for implementation of coal reforms.

It approved re-promulgation of an Ordinance to facilitate e-auction of coal blocks for private companies for captive use and allot mines directly to state and central PSUs.

Both Bills were cleared in the Lok Sabha, but could not be passed in the the Rajya Sabha due to frequent disruptions.

The Cabinet meeting was chaired by Prime Minister Narendra Modi, who gave its consent to the two ordinances.

President Pranab Mukherjee has to sign off the decrees.

Cabinet approves ordinances on coal auction, insurance reforms

India Blooms News Service
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