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Rajya Sabha approves long pending insurance bill

On Thursday night Parliament approved the NDA government’s first major economic reform measure as the long pending bill providing for raising foreign investment cap upto 49 percent in insurance sector was passed by Rajya Sabha after main opposition Congress and some other parties came on board. The controversial Insurance Laws (Amendment) Bill, 2015, which replaced an ordinance promulgated in December last, was passed by voice vote after walkout by Trinamool Congress and DMK.