An early general election would bring the curtains down on quite a few significant Bills the BJP government had pushed for during its tenure.
Of these the most important will be the long-pending Banking Companies (Acquisition and Repeal) Bill to reduce government stake in public sector banks to 33 per cent.
The government will also have to re-promulgate the Ordinance to keep alive the National Tax Tribunal as the Bill will lapse with the dissolution of the Lok Sabha.
The Banking Bill was introduced in the Lok Sabha in December 2001 as part of the Budget promise made by former Finance Minister Yashwant Sinha.
The Bill is yet to return from the standing committee on finance, which has not submitted its report on it.
The Government Securities Bill to make the gilts market attractive for retail investors by allowing them to transfer or mortgage their debt securities is also likely to share the same fate.
The introduction of the Bill was delayed as the Bill had to be approved by the state governments also. In the new Parliament, the Bill will have to make the same rounds once again.
Finance Minister Jaswant Singh will have to take the Ordinance route to set up a National Tax Tribunal to resolve both indirect and direct tax litigation expeditiously. The Bill was introduced in the Lok Sabha on the last day of the current Winter Session.
Similarly, the chances of setting up a Central Sales Tax Appellate Authority for smooth resolution of inter-state disputes regarding levy of the tax by states is also in jeopardy. The Bill was introduced in the Lok Sabha on December 16 but could not be taken up.
In the non economic sphere, the controversial bill to provide for 33 per cent reservation for women in Lok Sabha and state legislatures, which had faced a lot of opposition even within the ranks of the ruling party, will also not see the light of the day.
Other bills that would face the brunt of tardiness of the government in passing bills are The Delimitation ( Amendment) Bill for reworking of constituencies.
Parliament has however managed to pass some of critical bills in the just concluded winter session, including the Industrial Development Bank (transfer of undertaking and repeal) Bill, 2003 and the Sick Industrial Companies Repeal Bill, 2001.
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