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India parliament panel to review insurance bill in setback for govt
August 14, 2014 / 7:05 AM / 3 years ago

India parliament panel to review insurance bill in setback for govt

NEW DELHI, Aug 14 (Reuters) - India’s new government sent a landmark bill to liberalise the insurance sector to a parliament committee on Thursday after the opposition opposed the legislation in the upper house where it has a majority.

Finance Minister Arun Jaitley said a select committee will examine the bill to increase the cap on foreign participation in insurance joint ventures from 26 percent to 49 percent and submit its report in the winter session of parliament later this year. (Reporting by Nigam Prusty; Writing by Sanjeev Miglani)

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