Forward Contracts (Regulation) Amendment Bill likely to be passed in Monsoon session

MUMBAI: The Forward Contracts (Regulation) Amendment Bill, 2010 is likely to be passed by Parliament during the Monsoon session, said a senior government official who requested anonymity as the bill is before the Parliament.

"The Food Bill will probably be taken up in December only, while FCR Bill has already been cleared by the department related Standing Committee and could be passed," he said asking not to be named.

The bill to amend the FCRA Act 1952 has been lying in limbo since 1998, according to sources. It has faced opposition on account of political differences with Left vociferously blocking it under UPA I.

Now, the situation, say sources, is more conducive for its passage but high inflation could still play spoilsport. The bill aims to provide sweeping powers to commodity market regulator FMC, which currently functions as a department under the Consumer Affairs Ministry.

It also facilitates institutional participation in commodity futures, which currently attract retail interest largely.