[10 MARK QUESTION]
{GIVING AWAY 35 POINTS FOR THIS QUESTION}
Q) WRITE A NOTE ON HOW A LAW IS MADE IN INDIA WITH FULL EXPLANATION.
(FROM BILL TO HOW PRESIDENT HOLDS IT TO HOW IT BECOMES A LAW)
THE BEST ONE WILL SURELY BE RATED BRAINLIST.
NO SWAM PLZ.
Answers
For a law to be recognized in India, it must first be introduced in the form of a "Bill" in either House of the Parliament, then passed by both houses and then finally the President of India must assent to it before it becomes an "Act of Parliament".
The primary function of parliament is to make new laws, amend existing laws and repeal old laws. For every such procedure, a bill needs to be passed in both houses of parliament. Once passed in both the houses, bill needs to get assent of the president to become an act.
As the winter session of the Indian Parliament got underway on 22nd November 2012 to a rocky start, we at EasyLaw wanted to bring a synopsis of what the agenda for this session looks like. The Parliament of India has over 100 pending Bills – 25 of which are pending for consideration and passing. Additionally, the Government of India plans to introduce 10 new bills in this winter session till 20th December 2012. Also in the pipeline is a voting on supplementary demands for grants for the current fiscal.
Some important pieces of possible legislation pending as bills include (along with their key suggestions):
Banking Laws (Amendment) Bill - Seeking to allow RBI to give new banking licenses to private sector players and also increase in the voting rights of large shareholders in private banks from 10% to 26%.
Companies Bill (Amendment) 2011 - Looks to improve standards of corporate governance by protecting the rights of minority shareholders, bring about responsible self-regulation with adequate disclosure and accountability, and lesser government control over internal corporate processes, amongst a host of other changes.
Insurance Laws (Amendment) Bill - One of the key economic reform Bills is to raise foreign direct investment (FDI) cap in the sector from 26% to 49% and permit foreign reinsurers in India.
Lokpal and Lokayuktas Bill - The bill aims to establish anti-graft Lokpal at the centre and Lokayuktas in the states for inquiring into allegations of corruption against public servants.
Pension Fund Regulatory and Development Authority Bill - Another economic reform bill if seeking to allow foreign investments upto 26% or the limit in the insurance sector. whichever is the higher and set up a stronger pension regulatory body.