Parliament passes Factoring Regulation (Amendment) Bill amid protests
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Finance Minister says the Bill would enable MSMEs to access about 9,000 NBFCs, an increase from the current seven available to them.
The Rajya Sabha on Thursday passed the Factoring Regulation (Amendment) Bill, 2021, while the Opposition continued its protest against the government over the alleged use of Pegasus spyware, and the farm laws passed last year.
The Bill, which Finance Minister Nirmala Sitharaman said would benefit Micro, Small and Medium Enterprises (MSME), was passed just around 15 minutes after it was introduced, with a brief discussion and members opting to table their views instead of speaking amid the din. The Bill was passed by the Lok Sabha on Monday.
Ms. Sitharaman said the Bill would enable MSMEs to access about 9,000 NBFCs (non-banking financial companies), an increase from the current seven available to them.
Earlier in the day, the House was adjourned soon after it convened at 11 a.m. When it reconvened, Question Hour was carried out amid shouting of slogans and whistling by protesting MPs. The proceedings were adjourned early for the day, as has been the case this week.
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