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Lok Sabha will pass finance Bill 2010-11: Moily

By A Staff Reporter

UPA government has mustered up adequate strength for passing Finance Bill 2010-11 in Lok Sabha even if opposition parties make a determined bid to throttle it and the Bill will be passed without any hitch, says Union Minister for Law and Justice, Dr. M. Veerappa Moily.

Inaugurating ASSOCHAM conference on Intellectual Property Rights in the Capital, Dr. Moily also announced that Commercial Court Bill, currently referred to Select Committee by Rajya Sabha, will be passed in monsoon session of Parliament. “Despite concerted and protracted efforts of opposition parties to stifle Finance Bill 2010-11 in Lok Sabha, the UPA government will be able to pass it as required support for its smooth sailing in Lower House has been amassed,” he said. The minister went ahead suggesting that let opposition parties play their role, the government is confident that it be enacted as envisaged, said Dr. Moily.

The Commercial Court Bill, which aims at removing all hindrances in FDI’s inflow towards India as also resolving inter-continental corporate disputes between India Inc. and their counterparts abroad within geographical boundaries of the country will be passed in forthcoming monsoon session, said the Minister pointing out that Lok Sabha has already okayed it.

The Bill is currently pending with Select Committee following recommendations from Rajya Sabha which will be taken up for discussions in forthcoming monsoon session and thereafter pass by the Upper House too, said the minister.

On the issue of Intellectual Property Rights, Dr. Moily said that national consultation process has already begin to initiate reforms on IPR laws and a roadmap would be laid out after the Law and Justice Ministry has concluded a session of debate and discussions here in New Delhi sometimes early next week.

With the passing of Commercial Court Bill, a new arbitration system for resolving inter-continental disputes between various corporates would come into effect so that inflow of investments are not at all prevented, pointed out Dr. Moily adding that each high court in India would have IPR branch. Currently, Delhi High Court has this facility.

The minister assured that national interests will remain dominant in the new IPR regime which will do full justice to India Inc. especially the small and medium enterprises. Dr. Moily also stressed the need for a strong economic and institutional regime to take advantage of knowledge revolution which can provide overall framework for directing economy to reach its intended objectives.

In his welcome address, Mr. R N Dhoot, vice president ASSOCHAM said that government should provide stricter IPR regime so that intellectual properties developed over the years are fully protected. He welcomed the announcement of the minister that Commercial Court Bill would be enacted in the forthcoming session of Parliament.