Rajya Sabha refers two bills to Select Committees

NEW DELHI: Rajya Sabha today referred two bills, including one that aims at bringing country's banking payment system in sync with international practices, to the Select Committees.

The Payment and Settlement Systems (Amendment) Bill, 2014 and The Repealing and Amending Bill, 2014 were passed by Lok Sabha in the Winter session of Parliament.

The Select Committee for Payment and Settlement Systems (Amendment) Bill, 2014 consists of 13 members.

The bill also aims at increasing transparency and stability of the financial market.

The other bill sent to the Select Committee is the Repealing and Amending Bill, 2014, which seeks to repeal 90 Amendment Acts which have become redundant.

Both the committees have been asked to "report to the Rajya Sabha by the last day of the first week of the next session."