Amid uproar over farm laws and the alleged Pegasus snooping case, the Lok Sabha on Monday passed the Factoring Amendment Bill and National Institute of Food Technology Bill without debate.
The Factoring Regulation (Amendment) Bill, 2021 seeks to help micro, small and medium enterprises by providing added avenues for getting credit facility, especially through Trade Receivables Discounting System. Finance Minister Nirmala Sitharaman moved the bill for passage.
The statement of objects and reasons of the bill state that an increase in the availability of working capital may lead to growth in the business of the micro, small and medium enterprises sector and also boost employment in the country.
The bill seeks to amend the definitions of “assignment”, “factoring business” and “receivables”, so as to bring them in consonance with international definitions and also to insert a new definition of “Trade Receivables Discounting System”.
It seeks to widen the scope of financiers and to permit other non-banking finance companies also to undertake factoring business and participate on the Trade Receivables Discounting System platform for discounting the invoices of micro, small and medium enterprises.
The National Institutes of Food Technology, Entrepreneurship and Management Bill, 2021 was piloted by the new Food Processing Industries Minister Pashupati Kumar Paras for consideration and passage. The bill seeks to declare certain institutions of food technology, entrepreneurship and management as institutions of national importance and to provide for instructions and research in these fields.
Meanwhile, the Pegusus issue continued to disrupt both houses of Parliament. In Rajya Sabha, MPs belonging to Congress, TMC, and other Opposition parties rushed into the well of the House, raising slogans against the government. Chairman M Venkaiah Naidu said members are being prevented from raising issues of public importance.
Congress leader and Chairman of Parliamentary Standing committee on IT, Shashi Tharoor, demanded a Supreme Court judge-monitored probe into the Pegasus allegations and indicated that Opposition parties would continue to disrupt Parliament’s proceedings until the government agrees to a debate on it. Speaking to reporters in the Parliament complex after the Lok Sabha was adjourned, Tharoor said, “We want the government to agree to a debate on the issue, but it is not ready. What we are saying is that if you (government) do not agree to this and answer our questions, then why we should allow you to transact your business.”
Congress leader Rahul Gandhi on Monday drove a tractor to reach the Parliament to register his protest against the three farm laws. The Congress leader said that he has brought farmers’ message to the Parliament. “I’ve brought farmers’ message to Parliament. They (Government) are suppressing voices of farmers and not letting a discussion take place in Parliament. They’ll have to repeal these black laws. The entire country knows these laws favour 2-3 big businessmen,” he said.