BJP MP from Rajya Sabha, Chandan Mitra will head the select committee for the Insurance Bill. Finance minister Arun Jaitley said that the committee would submit its final report on the last day of the first week of the next Parliament session.
The committee would consist of other members: Mulhtar Abbas Naqavi, JP Nadda, Anand sharma, BK Hari Prasad, JD Seelam, SC Mishra, KC Tyagi, Derrek O'Brien, V Maitrayan, Ram Gopal Yadav, P Rajiv, Kalpataru Das and Naresh Gujral. So there are representatives from BJP, Congress, BSP, JDU, TMC, CPIM, AIADMK, SAD, SP.
Though the Bill brought by the BJP was passed in the Rajya Sabha, the Congress held on to its stand in the Rajya Sabha. The BJP does not have a majority in the Upper House and it needs the Congress support to pass a Bill there. It therefore had to listen to the Congress and send the Bill to the Select Committee.
The main proposition of the Bill includes raising the foreign direct investment limit in the insurance sector from 26% to 49%.