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Banking Bill likely to be passed in LS : Chidambaram

New Delhi, Dec 13 ():Expressing hope after meeting the opposition parties on Wednesday, Finance Minister P Chidambaram said that Banking Laws (Amendment) Bill, 2011 will be possibly passed by this week and also said that there was no need to pass it back to Parliament’s standing committee on finance.

The Bill is expected to be passed today if the proceedings of House go on smoothly without disruptions, said Mr Chidambaram. Though the BJP supports the bill, it has demanded earlier to re-refer it to the standing committee in order to examine the changes that has been included in the draft from the time of its previous examination. Therefore, the government is still in confusion whether the BJP will allow to pass the bill or might stage a walk out during voting.

In line with banks’ entry into commodity futures trading, the government has included only one section to the original Bill, said Mr Chidambaram.” I met leaders of the BJP, Sushma Swaraj and Arun Jaitley, yesterday and have clarified them that nothing new regarding the bill has been added except one new segment based on a report of the standing committee of the Parliament on food and consumer affairs as they demanded it to introduce,” said the finance minister while talking to reporters.

The clauses were not part of the Bill which were considered by the standing committee on finance, said BJP leader Yashwant Sinha. He also stated that the modus operandi did not permit the government to make the amendment to the legislation without passing to the committee.

Defending the Bill, Chidambaram however admitted that as he had applied Rule 80 of Parliament’s procedures a need did not arise to send the Bill back to the panel. After giving a clarification to the opposition leaders they understood the government’s policy and said that they might discuss the matter with their party members, said Finance Minister P Chidambaram expressing hope to pass the Bill today.