✎ Parliament passed key financial bills but faced Opposition demands for discussions on police action and logjam issues.

Relevance for Banking, SSC & RBI Grade B exams: Polity

The Rajya Sabha on August 6, 2026, approved the Appropriation (No. 3) Bill, 2026, authorising the release of additional funds from the Consolidated Fund of India for the financial year 2025-26, while the Lok Sabha passed the Taxation and Other Laws (Amendment) Bill, 2026 without debate. The latter seeks to amend the Payment and Settlement Systems Act, 2007, the Income-tax Act, 2025, and the Finance Act, 2026, reflecting the government’s focus on financial sector reforms and tax administration. Opposition leader Mallikarjun Kharge demanded a statement from Home Minister Amit Shah on police action against student protesters, which was noted by the Rajya Sabha Chairman for the government’s response.

For banking and SSC aspirants, these developments highlight the legislative process governing fiscal policies and taxation, crucial for understanding budgetary allocations and economic governance. RBI Grade B examinees must note the amendments to financial laws, as they impact monetary policy, payment systems, and tax compliance—key areas tested in the examination. The passage of financial bills underscores the Centre’s authority over public finance, a concept frequently examined in polity sections of competitive exams.

Source: The Hindu

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