New Delhi, Mar 19 (Bureau) Terming Insurance Amendment Billed passed in the Rajya Sabha on Thursday ‘dangerous’, the Congress on Friday said that the provisions in the Bill has paved the way for foreign companies to take control and possession of all Indian insurance companies.
Talking to media outside the Parliament building on Friday, the Leader of Opposition in the Rajya Sabha Mallikarjun Kharge said the Bill passed yesterday has many loopholes which will facilitate the foreign companies to take control and possession, therefore, this Bill should have been sent to the ‘Select Committee’. He further said, “Under this law, all the money will come through FDI and that will be invested and the provisions given in the Bill by which the ownership and control will be given to the foreign company slowly. This will create a situation for us like the East India Company. ”
“Since this Government is on privatization spree and they have more confidence in private sector, it must explain with what intension, they have brought this Bill, must reveal intension behind this Bill and why it wanted to hand over the Indian Insurance Sector to the foreign hands”, Mr Kharge said. The many opposition parties including Congress on Thursday walked out of the House in protest while this Bill was getting passed in the Rajya Sabha.