The Upper House debated the bill on Wednesday, but returned it without suggesting any change or amendment.
Treasury not Akshayapatra, says BSY, defending move to borrow; Total liabilities pegged at 26.9% of GSDP, but CM says govt will try to keep it under 25%
The bill was debated in the Upper House, which returned it without suggesting any change or amendment.
As per the Constitution, a money bill may only be introduced in the Lok Sabha, which can pass it by a simple majority of all members present and voting.
The two houses had previously approved the Appropriation Bill, authorising spending of certain sum of money.
This would be applicable to those cases where no contribution is made by employers to the retirement fund.
Finance Minister Nirmala Sitharaman stressed that tax on interest on provident fund contribution affects only 1 per cent of the contributors.
Singh said except agriculture, all sectors have been suffering due to "wrong" policies adopted by the central government.
The government proposes to allow premature closure of Public Provident Fund accounts and permit opening of small savings accounts in the name of minor, the finance ministry said today.