PENDING HOPES The emphatic win of the Bharatiya Janata Party (BJP) in the Assembly elections is likely to have an impact on the strategy of the party in Parliament. This could mean that the support of the BJP will be harder to get for the government to pass crucial Bills. Yashwant Sinha, a former finance minister in the NDA government, has already hinted that investors should have little hope in the coming six months. “I would ask market participants and others expecting legislative support from us ‘Wait for a few months. We will bring in reforms. Why leave it to the Congress, which is in its dying throes anyway’,” Sinha said. The 12-day winter session of Parliament, which began on December 5, has 29 Bills pending, while another five Bills would be tabled. Business Standard presents a few of these Bills, and the BJP’s position on them: BILLS IN THE WINTER SESSION THE DIRECT TAXES CODE BILL, 2010 STATUS: Passed by the Rajya Sabha in March Replaces laws relating to direct taxes 2010. Pending in the Lok Sabha with a single law BJP’S STANCE: The BJP is not STATUS: Pending in the Lok Sabha (LS), where it in-principle opposed to this Bill. The was first tabled government’s headache in this case is not the BJP, but its own ally – the Samajwadi BJP’S STANCE: The BJP has not made its stance Party — which has in the past vehemently clear on this legislation. BJP’s support is opposed the Bill crucial in the LS. Last week, Finance Minister P Chidambaram reached out to BJP’s Sushma RESERVATION IN PROMOTION TO SCS Swaraj and Arun Jaitley. The finance minister AND STS WITH RETROSPECTIVE EFFECT later said, “They said they will consider (it) Needs a Constitutional amendment and get back to us.” STATUS: Passed by the Rajya Sabha. Pending in THE INSURANCE LAWS the Lok Sabha (AMENDMENT) BILL, 2008 BJP’S STANCE: The BJP supported the passage of Raises the FDI cap in the insurance the Bill in the Rajya Sabha. However, like the sector to 49 per cent. Allows foreign re-insurers women’s reservation Bill, the SP is opposed and nationalised general insurance companies to this legislation to raise funds from the capital market CHANGES IN THE PROCESS OF STATUS: Introduced in the Rajya Sabha, where it APPOINTING JUDGES TO HIGHER is pending passage JUDICIARY BJP’S STANCE: The BJP is unlikely to support the Replaces the collegium system with a Judicial government in the passage of this Bill. The Appointments Commission, on whose Yashwant Sinha-headed Parliamentary recommendations the President will appoint Standing Committee on Finance had judges recommended that FDI should be retained at STATUS: Passed by the Rajya Sabha. Pending in 26 per cent, which is the present level. The Bill the Lok Sabha will not pass without the BJP’s support BJP’S STANCE: The BJP supports this legislation. WOMEN’S RESERVATION BILL It has, however, warned the government to Provides for reservation of women in avoid a knee-jerk reaction. After protest from Parliament and state legislatures. the BJP, the Bill was referred to a Needs a Constitutional amendment parliamentary standing committee Compiled by: Akshat Kaushal