Lok Sabha passes finance Bill without debate

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The government is also learnt to have ruled out the possibility of proroguing of the Parliament in light of continued logjam.

The government on March 14 got the Union Budget 2018 passed without any discussion in the Lok Sabha.

The amendments approved by the Lok Sabha included the one providing for grandfathering of capital gains accrued on unlisted entities till January 31.

The modified tax proposals include changes to the long-term capital gains (LTCG) tax regime for stocks and mutual funds, which will be reintroduced after almost 15 years.

Under the Act, the maximum amount of gratuity payable to an employee can not exceed Rs 10 lakh. To soften the blow it had provided that appreciation in value of shares from the date of purchase up to January 31, 2018 would be grandfathered, if the shares were acquired before February 1, 2018.

A BJP leader present in the meeting told IANS on condition of anonymity that the Finance Bill and Demands for Grants have to be cleared in this session and the party had thus asked all its MPs to remain present when that happens.

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Telugu Desam Party (TDP) MPs have been demanding special financial assistance from the Centre for Andhra Pradesh, while the AIADMK MPs were protesting over distribution of Cauvery water between Tamil Nadu and Karnataka. Both Houses of Parliament have seen repeated adjournments with the opposition protesting against various issues, including the passage of the budget without debate and scams in the banking sector.

The proceedings in the Rajya Sabha were also washed out for the eighth straight day, amid uproar by the Opposition and NDA partner TDP over the same issues. The fourth batch involved cash outgo of Rs 85,315 crore, mainly on compensating states for loss of revenue from implementation of Goods and Services Tax (GST). However, the lower house of Parliament passed two bills without any debate on them.

More worryingly, this is not the first time that the BJP seems to have taken its absolute majority as the licence to run its writ in the Parliament, subverting the country's democracy. The appropriation bill was passed through guillotine which means that all the main demands in the funds of different departments will be put for the vote but the discussion is not necessary.

The second part of the budget session, which commenced on March 5, has witnessed disruptions daily.

Earlier, when the House re-assembled, a copy of the Finance Bill was tabled amidst noisy scenes by opposition parties.

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