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Paving way for additional foreign investment in insurance and to move ahead with the re-allocation of cancelled coal mines, President Pranab Mukherjee on Friday signed the two ordinances in this regard.
In This Pic : Pranab Mukherjee
Pic Courtesy : BCCL
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The government had decided to promulgate these ordinances to move ahead with reforms in the two sectors, as respective bills could not get through during the just-concluded Parliament Session that ended on Tuesday.
In This Pic : Pranab Mukherjee
Pic Courtesy : PTI
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The President has signed the two ordinances, press secretary Venu Rajamony said.
In This Pic : Pranab Mukherjee
Pic Courtesy : PTI
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Finance Minister Arun Jaitley had expressed the hope that hiking of the foreign investment cap in the insurance sector to 49 per cent, which has been pending since 2008, will result in capital inflow of $6-8 billion. Earlier, this foreign investment limit was capped at 26 per cent.
In This Pic : Pranab Mukherjee
Pic Courtesy : PTI
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The Insurance Laws Amendment Bill, 2008 could not be taken up for discussion in Parliament despite being approved by the Select Committee of the Rajya Sabha because of the uproar over the conversion and other issues.
In This Pic : Pranab Mukherjee
Pic Courtesy : PTI
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