India
FINANCE MINISTRY WINS A MAJOR BATTLE
BUT SCHISM WITH RBI STILL REMAINS
2010-08-06 12:55
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NEW DELHI: Finance Minister Mr. Pranab Mukherjee achieved a major victory for the UPA Government by skillfully pushing through the Lok Sabha on Monday, August 2 the controversial Securities and Insurance Laws (Amendment and Validation) Bill which replaces the ordinance issued on June 18 this year empowering IRDA to deal with the ULIP products as also seeking to set up a joint committee headed by the Finance Minister to resolve regulatory disputes over hybrid instruments. Finance Minister was able to persuade during the day to convince the BJP leaders that the Government has no intention to impinge on the freedom of the regulatory bodies and the Reserve Bank of India's premium role as the regulator will remain.