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| NZIEA J&K opposes Insurance Law Amendment Bill 2008 | | | Early Times Report
Jammu, Dec 8 : Northern Zone Insurance Employees' Association (NZIEA) J&K, strongly opposed the Insurance Laws Amendment Bill 2008.
Employees through the press statement said that they been fighting since long and threatened to hold one day protest if the said Bill is passed in the Parliament in the upcoming session.
Talking to media persons, Comrade Pawan Gupta, Divisional Secretary NZIEA J&K said that UPA Government intends to pass the Insurance Laws Amendment Bill 2008 in the current parliament session and insurance employees of Jammu and Kashmir strongly condemned this intention of the government.
Employees note said that the said bill proposes to increase Foreign Direct Investment (FDI) in Insurance Sector from 26 to 49 per cent which is suicidal for the economic sovereignty of this country, he added.
Gupta asserted "The Standing Committee of Parliament headed by Yashwant Sinha had unanimously submitted its report on December 13, 2011 in the Parliament. The Standing Committee has opposed the increase in FDI cap in insurance sector from 26 to 49 % keeping in view the international finance crisis in 2008 which was caused by the mismanagement of these private insurance companies in those countries, had gone into red and the government of the respective countries had to bail them out.
Gupta mentioned "As such the provision for raising FDI cap to 49% is to have a control on the household savings of this country by foreign players and not the development of infrastructure. And in the hands of Foreign Companies, the savings of people of our country will not be safe."
The insurance employees of J and K demanded that such clauses in Insurance Laws Amendment Bill 2008 be dropped in the interest of the nation and if the said Bill is passed in the Parliament in this session, the insurance employees of the State will observe one day strike. |
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