India Cabinet Likely To Approve Amended Nuclear Bill Thursday

Aug 19, 2010
Source Name: 
NASDAQ
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http://www.nasdaq.com/aspx/stock-market-news-story.aspx?storyid=201008190121dowjonesdjonline000083&title=india-cabinet-likely-to-approve-amended-nuclear-bill-thursday

India's federal cabinet is likely to approve an amended nuclear bill when it meets Thursday evening, after a panel of lawmakers proposed tripling the accident liability cap, a person familiar with the development said.

"This cabinet clearance is needed because the law will incorporate the recommendations of the panel," the person told Dow Jones Newswires.

Cabinet approval will raise the chances of the Civil Liability for Nuclear Damage Bill passing through Parliament.

A 31-member parliamentary panel said that nuclear equipment suppliers should pay compensation of as much as INR15 billion ($321.8 million) to local operators in case of an accident.

Once the bill is passed by Parliament it will set into operation a 2008 civilian nuclear accord with the U.S. in a flagship deal that gives the energy- hungry country access to private U.S. nuclear technology.

The ruling Congress-led coalition was forced to delay plans in March to introduce the bill amid protests from the opposition, which demanded higher compensation.

Author: Anonymous

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