The Union Cabinet today approved necessary amendments to the Insurance Laws Amendment Bill, Pension Fund Regulatory and Development Authority Bill and the Companies Bill. Briefing newsmen on the cabinet decisions in New Delhi this evening, Finance Minister, Mr. P.Chidambaram said the foreign equity cap is proposed to be kept in pension at 49 per cent as provided in the Insurance Laws Amendment Bill 2008 as against 26 per cent. This he said is being done in order to meet the growing capital requirement of private insurance companies. 

The Cabinet also approved amendment to the Forward Contract Regulation Amendment Bill. The amendment will give autonomy and power to regulate the market effectively. It also approved the Companies Bill 2011 and amendment to the Wild Life Protection Act 1952 and Competition Act. 

Mr. Chidambaram said Government also approved continuation of ban on export of edible oils and scheme for supply of imported pulses at subsidised rates to states and union territories for BPL card users. 

The Cabinet has also declared five airports as International including Lucknow, Varanasi, Tiruchirapalli, Mangalore and Coimbatore.

It also approved the Constitution of the 20th Law Commission for a period of three years. The Cabinet also revised rates of risk allowance and hospital and patient care allowance to about two lakh Central Government employees by doubling the existing rate with effect from September, 2008. 

The Cabinet also approved the ratification of the NAGOYA protocol on access and benefit sharing by India. India signed the Nagoya protocol on 11th May, 2011. Mr Chidambaram said cabinet also approved the Amendment to the Employment Exchange compulsory notification of vacanices Act.

He also said the cabinet approved the 12th Five year plan draft document to be placed before the National Development Council.