Finance bill 2016 was presented in Lok Sabha by Finance Minister Shri Arun Jaitley on 29th February 2016 and same was approved by Lok Sabha with Amendments on 5th May 2016. The bill was first Presented in Rajya Sabha for approval on 09th May 2016 and bill finally got the Approval of Rajya Sabha on 11th May 2016. The bill will now be sent to Hon’ble president for his assent and once he assents it the same will become ac act from the date of its notification in the official gazzate.
Extract of Proceeding Related to Finance Bill 2016 in Rajya Sabha from its Brief Record of the Proceedings of the Meeting of the Rajya Sabha held on the 11th May, 2016 is as follows :-
(iv) The Finance Bill, 2016, as passed by Lok Sabha.
Further consideration of the motions moved by Shri Jayant Sinha, Minister of State in the Ministry of Finance, on the 9th of May, 2016, continued.
The following Members took part in the discussion:—
2-17 p.m. 1. Shri V. P. Singh Badnore
(continued his speech from 10.05.2016)
2-34 p.m. 2. Shri Jairam Ramesh
2-55 p.m. 3. Shri Naresh Agrawal
3-06 p.m. 4. Shri K. C. Tyagi
3-20 p.m. 5. Shri Vivek Gupta
3-28 p.m. 6. Shri Satish Chandra Misra
3-40 p.m. 7. Shri Sitaram Yechury
3-55 p.m. 8. Shri A. U. Singh Deo
4-02 p.m. 9. Shri C. M. Ramesh
∅4-14 p.m. 10. Shri Ishwarlal Shankarlal Jain
4-19 p.m. 11. Shri Naresh Gujral
4-3 1p.m. 12. Shri Shantaram Naik
4-40 p.m. 13. Shri Ajay Sancheti
4-49 p.m. 14. Dr. Narendra Jadhav
5-06 p.m. 15. Dr. K. P. Ramalingam
5-12 p.m. 16. Shri P. Bhattacharya
5-20 p.m. 17. Dr. K. Keshava Rao
5-29 p.m. 18. Dr. T. Subbarami Reddy
5-37 p.m. 19. Shri Anil Desai
5-43 p.m. 20. Shri Ananda Bhaskar Rapolu
5-47 p.m. 21. Shri Ramdas Athawale
5-52 p.m. 22. Shri Dharmendra Pradhan, Minister of State (Independent Charge) of the Ministry of Petroleum and Natural Gas
Shri Arun Jaitley, Minister of Finance, Corporate Affairs and Information and Broadcasting, replied to the debate.
∅ From 4-12 p.m. to 4-14 p.m., some points were raised.
(iii) The motion for consideration of the Finance Bill, 2016 was adopted.
Clauses 2 to 241 and the First Schedule to Fifteenth Schedule were adopted.
Clause 1, the Enacting Formula and the Title were adopted.