With the Opposition demanding that the Insurance (Amendment) Bill be referred to a select committee, the government on Sunday deferred its plan to move the NDA's first major economic reform legislation for the consideration of Rajya Sabha on Monday.
Parliamentary Affairs Minister M. Venkaiah Naidu said he and Finance Minister Arun Jaitley will talk to leaders of Congress and opposition parties on Monday on various aspects of the bill that seeks to raise the FDI cap in the Insurance sector from 26 per cent to 49 per cent.
Naidu said the government does not want to move the Insurance Law Amendment Bill 2008 bill for consideration in the Upper House on Monday. Government would like to move the bill for consideration thereafter, preferably on Tuesday, Naidu said.
Earlier, Naidu appealed to the opposition to cooperate in passing the bill, which was listed in the Monday's list of business of Rajya Sabha.
" I fervently appeal to Congress and other opposition parties to enable passing the proposed legislation for enabling 49 per cent foreign investment in Insurance Sector, in this Budget Session of Parliament in the larger national interest."