Lok Sabha Passes Insurance Laws Amendment Bill , FDI Cap Enhanced From 26 to 49 %

04 March, New Delhi

The Lok Sabha Wednesday passed the Insurance Laws (Amendment) Bill 2015 by voice vote. The bill seeks to enhance Foreign Direct Investment cap from 26 to 49 per cent.

The bill will replace ordinance promulgated in this regard. Replying to a debate on the bill, Minister of State for Finance, Jayant Sinha said, it will pave the way for bringing more people under the insurance cover. Mr Sinha said, there are adequate safeguard in the bill to protect the interests of people.

Later talking to reporters outside Parliament, Mr Jayant Sinha said that if the Insurance Bill is defeated in the Rajya Sabha then a Joint Session of Parliament may be convened to get it passed. He, however, expressed hope that Congress will support the bill. The government is in a minority in the Upper House.