SHRI YASHWANT SINHA: Sir, my only reply to this is that both these Bills were introduced in the last Lok Sabha. It was referred to the Standing Committee. The Standing Committee on Finance considered every clause. The officers of the Ministry appeared before them and explained everything and we have accepted many important suggestions of the Committee.

SHRI PAWAN KUMAR BANSAL : A judge of the Supreme Court would be expect to act like a panch.

SHRI YASHWANT SINHA: For instance, the point which Shri Ramesh Chennithala was raising about falsification of accounts. Now, it was a part of the earlier Bill which I had introduced in the last Lok Sabha. It was on the recommendation of the Committee as a result of representations which were made by various industrial associations and trade associations that we accepted the recommendations of the Committee and decided to delete that. So, falsification of accounts is not a part of the Bill now.

Sir, my submission would be that we have discussed these in detail at various stages and a lot of thoughts also have gone into this. Both the Bills are in order and I would suggest that the Bills should be adopted and passed by this House.

Sir, there is another point about the right of appellant to seek legal assistance under clause 38.

SHRI PAWAN KUMAR BANSAL : This is not about money-laundering.

SHRI YASHWANT SINHA: No, this is not about money laundering.

Sir, finally I would like to submit that we have taken these steps deliberately. The Committee has agreed with us and therefore, we have omitted and have not brought those provisions within this Bill. With these words I suggest that let this House pass these two Bills.

MR. DEPUTY-SPEAKER: The question is:

"That the Bill to prevent money-laundering and to provide for confiscation of property derived from, or involved in money-laundering and for matters connected therewith or incidental thereto, be taken into consideration".

The motion was adopted.

MR. DEPUTY-SPEAKER: The House will now take up clause-by-clause consideration of the Bill.

MR. DEPUTY-SPEAKER: The question is:

"That clauses 2 and 3 stand part of the Bill."

The motion was adopted.

Clauses 2 and 3 were added to the Bill.

MR. DEPUTY-SPEAKER: Shri Vilas Muttemwar to move his amendment no. 4 and 5 to Clause 4. He is not present in the House.

The question is:

"That clause 4 stand part of the Bill".

The motion was adopted.

Clause 4 was added to the Bill.

MR. DEPUTY-SPEAKER: Shri Vilas Muttemwar to move his amendment no. 6 and 7 to Clause 5. He is not present in the House.

The question is:

"That clause 5 stand part of the Bill".

The motion was adopted.

Clause 5 was added to the Bill.

SHRI PAWAN KUMAR BANSAL (CHANDIGARH): Sir, have my amendments come to you?

MR. DEPUTY-SPEAKER: They may be in the process.

Clause 6

MR. DEPUTY-SPEAKER: Shri Vilas Muttemwar to move his amendment No.8. He is not present in the House. Shri Shrinivas Dadasaheb Patil and Shri Sharad Pawar to move their amendment No.18. They are not present in the House.

The question is:

"That clause 6 stand part of the Bill."

The motion was adopted.

Clause 6 was added to the Bill.

---

Clause 7

MR. DEPUTY-SPEAKER: Shri Vilas Muttemwar to move his amendment No.9. He is not present in the House.

The question is:

"That clause 7 stand part of the Bill."

The motion was adopted.

Clause 7 was added to the Bill.

---

Clause 9

MR. DEPUTY-SPEAKER: Shri Shrinivas Dadasaheb Patil and Shri Sharad Pawar to move their amendment No.19. They are not present.

The question is:

"That clause 9 stand part of the Bill."

The motion was adopted.

Clause 9 was added to the Bill.

Clauses 10 to 16 were added to the Bill.

---

Clause 17

MR. DEPUTY-SPEAKER: Shri Vilas Muttemwar to move his amendments No.10 to No.14. He is not present.

The question is:

"That clause 17 stand part of the Bill."

The motion was adopted.

Clause 17 was added to the Bill.

Clauses 18 to 26 were added to the Bill.

---

Clause 27

MR. DEPUTY-SPEAKER: Shri Shrinivas Dadasaheb Patil and Shri Sharad Pawar to move their amendment No.20. They are not present in the House.

The question is:

"That clause 27 stand part of the Bill."

The motion was adopted.

Clause 27 was added to the Bill.

---

Clause 28

MR. DEPUTY-SPEAKER: Shri Vilas Muttemwar to move his amendments No.15 and 16. He is not present in the House.

The question is:

"That clause 28 stand part of the Bill."

The motion was adopted.

Clause 28 was added to the Bill.

Clauses 29 to 36 were added to the Bill.

---

Clause 37

MR. DEPUTY-SPEAKER: Shri Vilas Muttemwar to move his amendment No.17. He is not present in the House.

The question is:

"That clause 37 stand part of the Bill."

The motion was adopted.

Clause 37 was added to the Bill.

Clauses 38 to 47 were added to the Bill.

---

Clause 48

MR. DEPUTY-SPEAKER: Shri Shrinivas Dadasaheb Patil and Shri Sharad Pawar to move their amendment No.21. They are not present in the House.

The question is:

"That clause 48 stand part of the Bill."

The motion was adopted.

Clause 48 was added to the Bill.

Clauses 49 to 72 were added to the Bill.

---

MR. DEPUTY-SPEAKER: Now, Amendment No. 2 -- Shri Anadi Charan Sahu. Are you moving.

SHRI ANADI SAHU (BERHAMPUR, ORISSA): I am not moving it.

MR. DEPUTY-SPEAKER: Good.

The question is:

"That Clause 73 stand part of the Bill."

The motion was adopted.

Clause 73 was added to the Bill.

Clause 74 was added to the Bill.

MR. DEPUTY-SPEAKER: There is Amendment No.3 to the Schedule. Shri Anadi Charan Sahu, are you moving it?

SHRI ANADI SAHU : No, Sir.

MR. DEPUTY-SPEAKER: The question is:

"That the Schedule stand part of the Bill."

The motion was adopted.

The Schedule was added to the Bill.

Clause 1, the Enacting Formula, the Preamble and the Title

were added to the Bill.

MR. DEPUTY-SPEAKER: Now, the Minister may move that the Bill be passed.

SHRI YASHWANT SINHA: Sir, I beg to move:

"That the Bill be passed."

MR. DEPUTY-SPEAKER: Motion moved:

"That the Bill be passed."

... (Interruptions)

SHRI RAMESH CHENNITHALA (MAVELIKARA): Sir, I will not take more than a minute. We have all discussed this Bill. We are welcoming the Bill. In his intervention, my friend Shri Pawan Kumar Bansal was mentioning that in certain clauses there was no clarity. Ambiguity is there. Of course, it had gone to the Standing Committee on Finance earlier and they made their recommendations also.

Sir, I think that this is a very serious piece of legislation. It needs more consideration, otherwise, again the Government would have to come with further amendments. So, I would request the Government to kindly go into the details. Of course, we had give certain suggestions but unfortunately, the hon. Minister has not accepted any of them. But since, these two legislations have very serious repercussions on our economy as well as on the citizens of this country, the Government should think about them seriously.

SHRI YASHWANT SINHA: Sir, I have no hesitation in accepting the suggestions of the hon. Members. Take, for instance, the issue about the legal practitioner, raised by Shri Pawan Kumar Bansal. Now, I have the report of the Committee here. What did the Committee say? The Committee considered the whole thing. They said that `apart from the legal practitioner, there could be other representatives like Chartered Accountant, Company Secretary and somebody else.'

Therefore, to give it a much wider coverage, they suggested that it should be an authorised representative because these are all money-related offences and somebody might want to be representative as a Chartered Accountant. We are not blocking a Chartered Accountant. We are not blocking an Income Tax practitioner. So, we are expanding the scope.

When he suddenly got up and asked this question, I could not reply. But when I looked into my papers, I found that this is the explanation.

SHRI PAWAN KUMAR BANSAL : Do you mean to say that lawyers can appear?

SHRI YASHWANT SINHA: Yes.

MR. DEPUTY-SPEAKER: Representatives include advocates also.

SHRI YASHWANT SINHA: I am in a position to give you the assurance that by authorised representative, we will include legal practitioners also, as it will include many other categories.

Sir, now my hon. colleague Shri Radhakrishnan is not here. He had raised the issue that `person' is not defined. Now, I am told that `person' is defined.' There are specific provisions in both the Bills where we are defining what a `person' means. We have gone into the total reading of this very carefully.

Even then, I have taken note of these suggestions and if there is anything, we will certainly take care of that in the rules and regulations.

MR. DEPUTY-SPEAKER: The question is:

"That the Bill be passed."

The motion was adopted.

--

MR. DEPUTY-SPEAKER: Now, we come to the next Bill -- Foreign Exchange Management Bill, 1999.

The question is:

"That the Bill to consolidate and amend the law relating to foreign exchange with the objective of facilitating external trade and payments and for promoting the orderly development and maintenance of foreign exchange market in India, be taken into consideration."

The motion was adopted.

MR. DEPUTY-SPEAKER: The House will now take up clause by clause consideration of the Bill.

The question is :

"That clauses 2 to 12 stand part of the Bill."

The motion was adopted.

Clauses 2 to 12 were added to the Bill.

MR. DEPUTY-SPEAKER: There are three amendments by Shri Vilas Muttemwar. He is not here.

The question is :

"That clause 13 stand part of the Bill."

The motion was adopted.

Clause 13 was added to the Bill.

MR. DEPUTY-SPEAKER: Shri Anadi Sahu, are you moving your amendment Nos. 1, 2 and 3?

SHRI ANADI SAHU (BERHAMPUR, ORISSA): I am not moving my amendments.

MR. DEPUTY-SPEAKER: The question is :

"That clause 14 stand part of the Bill."

The motion was adopted.

Clause 14 was added to the Bill.

Clauses 15 to 18 were added to the Bill.

MR. DEPUTY-SPEAKER: Shri Anadu Sahu, are you moving your amendment?

SHRI ANADI SAHU (BERHAMPUR, ORISSA): I am not moving.

MR. DEPUTY-SPEAKER:The question is :

"That clause 19 stand part of the Bill."

The motion was adopted.

Clause 19 was added to the Bill.

Clause 20 was added to the Bill.

MR. DEPUTY-SPEAKER: Shri Anadi Sahu, are you moving your amendment Nos. 5 and 6?

SHRI ANADI SAHU (BERHAMPUR, ORISSA): I am not moving.

MR. DEPUTY-SPEAKER: The question is :

"That clause 21 stand part of the Bill."

The motion was adopted.

Clause 21 was added to the Bill.

MR. DEPUTY-SPEAKER: There are amendment Nos. 12 and 13 of Shri Vilas Muttemwar. He is not here.

The question is :

"That clause 22 stand part of the Bill."

The motion was adopted.

Clause 22 was added to the Bill.

Clauses 23 and 24 were added to the Bill.

MR. DEPUTY-SPEAKER: There is an amendment No. 14 of Shri Vilas Muttemwar. He is not here.

The question is:

"That clause 25 stand part of the Bill."

The motion was adopted.

Clause 25 was added to the Bill.

Clauses 26 to 30 were added to the Bill.

MR. DEPUTY-SPEAKER: There is amendment No.15. Shri Vilas Muttemwar is not here.

The question is :

"That clause 31 stand part of the Bill."

The motion was adopted.

Clause 31 was added to the Bill.

Clauses 32 to 34 were added to the Bill.

MR. DEPUTY-SPEAKER: There is amendment No.16 of Shri Vilas Muttemwar. He is not there.

The question is :

"That clause 35 stand part of the Bill."

The motion was adopted.

Clause 35 was added to the Bill.

Clauses 36 to 49 were added to the Bill.

Clause 1, the Enacting Formula and the Title were added to the Bill.

MR. DEPUTY-SPEAKER: The Minister may now move that the Bill be passed.

THE MINISTER OF FINANCE (SHRI YASHWANT SINHA): Sir, I beg to move:

"That the Bill be passed."

MR. DEPUTY-SPEAKER: The question is:

"That the Bill be passed."

The motion was adopted.

1921 hours

The Lok Sabha then adjourned till Eleven of the Clock on

Friday, December 3, 1999/Agrahayana 12, 1921 (Saka).

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