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Union Minister Kiren Rijiju on Wednesday tabled the controversial Waqf (Amendment) Bill for discussion and passage in the Lok Sabha amid strong backlash and protests from the Opposition, who believe that the proposed law is unconstitutional."Government, JPC received several memoranda, suggestions from stakeholders, experts on Waqf Bill," said Rijiju after tabling the bill in Lok Sabha.The bill was tabled after today's Question Hour for consideration and passing. Following the tabling, an 8-hour discussion will be held, which is also subject to an increase.Read more: Waqf (Amendment) Bill, 2024 to be taken for passage in Lok Sabha on Wednesday; here's all you should knowWhat is Waqf bill?The Amendment Bill seeks to improve the administration and management of waqf properties in India. It aims to overcome the shortcomings of the previous Act and enhance the efficiency of Waqf boards by introducing changes such as renaming the Act, updating the definitions of waqf, improving the registration process, and increasing the role of technology in managing waqf records.Here are key objectives of the bill:Overcome the shortcomings of the previous act and enhance the efficiency of Waqf boards by introducing changes such as renaming the ActUpdating the definitions of WaqfImproving the registration processIncreasing the role of technology in managing Waqf recordsWhat are the key differences between the Waqf Bill 1995 and Waqf Amendment Bill 2024? Category Waqf Act, 1995 Waqf Amendment Bill, 2024 Name of the Act The Waqf Act, 1995 Renamed Unified Waqf Management, Empowerment, Efficiency, and Development Act, 1995 Formation of Waqf Allowed by declaration, user, or endowment (Waqf-alal-aulad) Removes Waqf by user; only declaration or endowment allowed. Donors must be practicing Muslims for 5+ years. Cannot deny female inheritance. Government Property as Waqf No clear provision Government properties identified as Waqf cease to be Waqf. Disputes resolved by the Collector, who reports to the state. Power to Determine Waqf Waqf Board had authority Provision removed. Survey of Waqf Conducted by Survey Commissioners and Additional Commissioners Collectors empowered to conduct surveys as per state revenue laws. Central Waqf Council All members had to be Muslims, including two women Includes two non-Muslims; MPs, former judges, and eminent persons need not be Muslims. The following members must be Muslims: Representatives of Muslim organizations, Scholars in Islamic law, Chairpersons of Waqf Boards. Of the Muslim members, two must be women. State Waqf Boards Up to two elected Muslim MPs/MLAs/Bar Council members; at least two women State government nominates members, including two non-Muslims, one each from Shia, Sunni, Backward-class Muslims, Bohra, and Agakhani. At least two Muslim women required. Tribunal Composition Led by a judge, included Additional District Magistrate & Muslim law expert Muslim law expert removed; includes District Court judge (chairman) and a joint secretary (state government). Appeal on Tribunal Orders High Court intervention only under special circumstances Appeals allowed to High Court within 90 days. Powers of Central Government State governments could audit Waqf accounts anytime Central Government empowered to make rules on Waqf registration, accounts, and audits (CAG/ designated officer). Separate Waqf Boards for Sects Separate boards for Shia & Sunni (if Shia Waqf >15%) Also allows Bohra & Agakhani Waqf boards. Who are in support of the bill?JD(U) and TDP, on whose NDA government majority largely depends, have expressed their support for the bill.Shiv Sena has issued a 3-line whip to all its MPs of Lok Sabha to be present in the House on April 2 and 3 and support the government's stand. Union Minister Chirag Paswan, who leads the Lok Janshakti Party (Ram Vilas), also issued a 3-line whip to all its MPs in the Lok Sabha to be present in the House.Key NDA ally Telugu Desam Party (TDP) has decided to take a nuanced stand on the floor of the House after detailed meetings at Andhra Pradesh chief minister N Chandrababu Naidu’s residence late on Tuesday night. According to ET sources, Naidu consulted legal experts and decided that the party will support the bill but the Lok Sabha MPs will propose the change in their speeches. Following this, a whip was issued for all 16 MPs to be present in the Lok Sabha during the eight-hour-long discussion on Wednesday.Who are opposing the bill?The Opposition has been vocal in its criticism of the Waqf Bill, with Samajwadi Party (SP) chief whip Dharmendra Yadav issuing a 3-line whip to all its MPs in the Lok Sabha to be present in the House on April 2 and participate in discussions on the Waqf Amendment Bill.After the meeting of opposition parties, Congress President Mallikarjun Kharge, in a post on X, said that all the Opposition parties are united and shall work together on the floor of the Parliament to defeat the unconstitutional and divisive agenda of the Modi government on the Waqf (Amendment) Bill. While the Opposition remains united against the Bill, many Congress leaders privately admit that the party faces a high-stakes challenge. Unlike one-state regional parties that thrive on narrow identity politics, the Congress must balance its diverse electoral base as it seeks to counter the BJP.Rahul Gandhi assured leaders that the Congress will fully support the collective stance. Earlier, Opposition members walked out of the Business Advisory Committee (BAC) meeting in protest against the government’s approach.

Shares of three state-run lenders—Central Bank of India, Punjab & Sind Bank, and Indian Overseas Bank—continued their downward trend on Wednesday, following a recent fundraising round through Qualified Institutional Placement (QIP).Central Bank of India stock fell nearly 12% today, marking its third consecutive day of losses. The stock had already dropped over 6% in the last two trading sessions. Similarly, Punjab & Sind Bank, which plunged 20% in the previous session, declined another 8.3% on Wednesday.Indian Overseas Bank also faced continued selling pressure, shedding 5% today, making it the sixth straight session of decline for the stock.Indian Overseas Bank recently raised Rs 1,436 crore through QIP, with Life Insurance Corporation of India (LIC) and LIC Pension Fund collectively subscribing to Rs 600 crore worth of shares. Other key investors included IIFL Finance and NPS Trust, each acquiring over 5% of the QIP issue.Interestingly, 25% of the total capital raised through this process across the three banks came from LIC. Punjab & Sind Bank and Central Bank of India also allocated shares to other public sector banks as part of the fundraising initiative.Also Read: Trump’s tariff gambit: 5 Indian sectors on high alert as April 2 deadline loomsPunjab & Sind Bank issued shares to Central Bank of India and Indian Overseas Bank, while Central Bank of India allocated shares to PNB, Canara Bank, and Bank of Baroda.The fundraising effort aimed to reduce government ownership in these banks to comply with the Minimum Public Shareholding (MPS) norms. Currently, the government's stake in all four PSU banks remains above 90%.Also Read: Stocks in news: Tata Consumer, Swiggy, Godavari Power, Tata Motors, Indian BankMeanwhile, the Nifty PSU Bank index fell over 1%, with all 12 constituents trading in the red. Canara Bank, Union Bank of India, Bank of Maharashtra, and PNB were also under pressure.Despite the capital infusion, these stocks have struggled, with all of them now trading below their QIP issue price. As of Wednesday’s trading session, Central Bank of India was down 12% at Rs 36.4, Punjab & Sind Bank slipped 8.3% to Rs 31.9, and Indian Overseas Bank declined 5% to Rs 35.8.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)