RS passes Bill to boost exploration of oil, gas
The Rajya Sabha on Tuesday passed the Oilfields (Regulation and Development) Amendment Bill, 2024, a law which aims to reform the framework governing oil and gas exploration and production. The Bill delinks petroleum operations from mining operations to boost investment in the sector. The Bill was passed by a voice vote.
PM Narendra Modi lauded the development, stating on X, “This is an important legislation which will boost energy security and also contribute to a prosperous India.”
Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri said, “We need oil and gas sector for 20 more years. We need to bring this legislation here to provide a win-win confidence not only to our own operators but also to foreign investors so that they can come and do business here with a view to benefit everyone.”
He highlighted the Bill’s provision for policy stability, dispute resolution mechanisms and infrastructure, especially sharing to support the smaller players in the industry. The Bill aims to decriminalise some of the provisions of the original Oilfields (Regulation and Development) Act, 1948 by introducing penalties, adjudication by an adjudicating authority and appeal against the order of adjudicating authority.
Banking Laws Amendment Bill
The Lok Sabha on Tuesday passed the Banking Laws (Amendment) Bill, 2024, which, among other things, allows bank account holders to have up to four nominees in their accounts. Another proposed change relates to redefining ‘substantial interest’ for directorships, which could increase to Rs 2 crore instead of the current limit of Rs 5 lakh, which was fixed almost six decades ago.
