Govt may move insurance law amendment in current parliament session, say sources

The government is planning to move the insurance law amendments in the current session of the parliament, sources tells CNBC-TV18.

The work is in advance stage and the government aims to bring the law, the amendments in this session of the parliament. So, in August one can expect a Cabinet nod. This means that you have the general insurance business nationalisation act, in that the amendment will be made and the government shareholding will go below 51 percent in PSUs.

As of now, the plan is only for one PSU company where the government is willing to privatise it. However, it will be enabling in nature wherein in future if they want to put some other company on the block they would not have to go back to the parliament, to get the permission for an amendment. This will definitely open route for future privatisation.