The winter session of Parliament, starting today, will take up a crucial bill aimed at simplifying fund distribution from bank deposits. The proposed law would allow depositors to nominate multiple beneficiaries, specifying their share of funds. This move seeks to address the difficulties faced by families in accessing funds following the depositor’s death, a challenge highlighted during the COVID-19 pandemic.
According to The Economic Times, the bill—introduced in the last session—has been re-listed. It proposes allowing up to four nominees per account, with two options: simultaneous nomination, where each nominee is assigned a specific percentage, or successive nomination, where nominees inherit in sequence. Experts believe this measure could ease financial stress for middle-class families who rely on fixed deposits for savings.
The nominee bill is among several legislative proposals Parliament is set to discuss during the session. Key bills expected to be tabled include:
- Merchant Shipping Bill, 2024: Aims to enhance shipping development and align with international treaties.
- Coastal Shipping Bill, 2024: Focuses on boosting coastal trade and Indian vessel participation.
- Indian Ports Bill, 2024: Seeks to ensure conservation, security, and pollution control at ports.
- Punjab Courts (Amendment) Bill, 2024: Proposes increasing pecuniary appellate jurisdiction for Delhi district courts.
- Rashtriya Sahkari Vishwavidyalaya Bill, 2024: Plans to establish a national cooperative university.
In addition to fresh proposals, Parliament will also consider and pass amendments to existing laws, such as:
- Waqf (Amendment) Bill, 2024: Revises Waqf Tribunal decisions and expands the Central Waqf Council.
- Railways (Amendment) Bill, 2024: Integrates provisions of the Indian Railway Board Act into existing railway laws.
- Oilfields (Regulation and Development) Amendment Bill, 2024: Updates definitions and introduces petroleum leases.
- Boilers Bill, 2024: Modernizes boiler regulations while retaining existing safety provisions.
The packed legislative agenda also includes the Banking Laws (Amendment) Bill, 2024, which proposes changes to co-operative bank governance and handling unclaimed funds.