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Bankruptcy code to be taken up for discussion on Thursday: Finance Minister

Bankruptcy code to be taken up for discussion on Thursday: Finance Minister

 

Finance Minister Arun Jaitley on Thursday said government will take up the Insolvency and Bankruptcy Code for discussion and passage in Lok Sabha immediately after his reply on the Finance Bill. "One important bill from the point of view of the economy which has been cleared is MMRD Bill. Now we are going through Finance Bill. Tomorrow I have to reply to that. Immediately thereafter we will take up the bankruptcy code," he told reporters here. A 30-member Joint Committee of Parliament, constituted to scrutinise the bankruptcy code, has already submitted its report on April 28. Enactment of the bankruptcy code is expected to improve India's position in the World Bank ease of doing business ranking significantly. On GST, the Finance Minister said he had one round of discussion with Congress leaders on the proposed indirect tax regime. "Coming week I will discuss with them again...on GST there is only one issue, if 18 per cent GST rate is put in Constitution or not. "It's one sticking point. I think Congress should take responsible position in the lager interest of the national economy and cooperate in its passage particularly when every other political parties is in favour including their own allies," said Jaitley, who is here to attend ADB annual meet. Replying to queries on non-performing assets in banks, the Minister said "we have to empower" the banks so that they can take commercially prudent decision. "Nobody should create a panic like situation, where bank's own decision making gets constrained. Because after all in a debtor-creditor relationship, commercially prudent decisions have to be taken. You can't take commercially prudent decisions if the various organs of the same system start putting pressure on you," he said.

 

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