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Business

Centre to seek LS nod for passing Competition Amendment Bill

IANS | March 28, 2023 10:21 AM

NEW DELHI: Finance Minister Nirmala Sitharaman will Tuesday move the Competition (Amendment) Bill, 2022 in the Lok Sabha for consideration and passing.

The Bill aims to amend the Competition Act, 2002 to expand the scope of cartel prosecution by bringing hybrid anti-competitive agreements (such as hub and spoke cartels) within its ambit to enable the Competition Commission of India to treat cartel facilitators (who actively participated) at par with the cartel participants.

Environment Minister Bhupender Yadav will bring in the Biological Diversity (Amendment) Bill, 2022, in the Lok Sabha for consideration and passing.

The Bill aims to amend the Biological Diversity Act, 2002.

The new amendment has excluded "codified traditional knowledge" practitioners from seeking prior permission or intimation of state diversity boards before accessing biological resources, apparently to encourage local economy based on traditional knowledge.

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