President Pranab Mukherjee signs Insurance and Coal Ordinances
 

 

President Pranab Mukherjee signs Insurance and Coal Ordinances

New Delhi: 28th December, 2014: Giving green signal to reforms President Pranab Mukherjee has signed two ordinances pertaining to Insurance and Coal.The government had decided to promulgate these ordinances to move ahead with reforms in the two sectors as the relevant bills could not be cleared during the just-concluded Parliament Session. The Insurance Bill ordinance is to pave the way for a fresh dose of foreign investment in the insurance sector.

Finance Minister Arun Jaitley had expressed the hope that hiking of the foreign investment cap in the insurance sector to 49 per cent will result in capital inflow of USD 6-8 billion.

 

Earlier, this foreign investment limit was capped at 26 per cent. The re-promulgation of ordinance on coal will facilitate e-auction of coal blocks for private companies for captive use and allot mines directly to state and central PSUs.

 


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