FEMA to be amended, CAG Act amendment to be finalised soon

NEW DELHI: Finance Minister Jaswant Singh said on Saturday he has approved the draft Cabinet note for amending Foreign Exchange Management Act.
Without giving details of the proposed amendment, Singh said the note will go to the Cabinet after getting the views of the Department of Revenue and the External Affairs Ministry.
Elaborating on the legislative work taken up during the budget session of Parliament by his Ministry, Singh said the note for amending the CAG Act specifying its duties, power and conditions of service will soon be finalised after its vetting by the Law Ministry.
He also said, in a statement, that the Standing Committee has submitted its report on Sick Industrial Companies (Special Provisions) Repeal Bill. But it is has sought certain clarifications which are being considered by his ministry.
He said the Banking Companies (Acquisition and Transfer of Undertaking) and Financial laws (Amendment) Bill, 2000, Financial Companies Regulation Bill, 2000, and repeal of IDBI Act, 1964, are still pending with the Standing Committee on Finance.
The budget session however passed the Banking Service Commission (Repeal) Bill and the Lok Sabha has cleared the Fiscal Responsibility and Budget Management Bill which has been pending for the last three years.
The Finance Ministry answered 506 starred and 581 unstarred questions respectively in the two houses of Parliament.