New Delhi: Members of the Trinamul, Samajwadi Party and the CPM have submitted a joint dissent note against the select committee’s endorsement on the move to hike FDI cap in insurance sector from the current 26 per cent to 49 per cent.
Members of three opposing parties have claimed in their note that hiking the FDI cap would only pave the way for rerouting of the black money in Indian financial market.
The Congress appears to have suggested party MPs in Rajya Sabha to form a view on the Insurance Bill, which the Centre would be keen to push through in the Parliament in the coming days.
However, Trinamul MPs claimed that the BJP and Congress have come to an agreement on some changes in the legislative proposal.
“Barring three parties, the Congress and the BJP were quite on the same page during deliberations in the select committee.
Since we knew that the Bill will be quite smoothly pas-sed in both the Houses of the Parliament, we thought it proper to make our dissent on record,” a Trinamul said.
In the joint dissent note, members of the three parties stuck to the line that “Higher FDI cap will only encourage more speculative investment and more black money will come into insurance sector through Foreign Institutional Investors (FIIs) into stock market”.
