The House deliberated on the third reading of the Financial Services Bill of Bhutan. The deliberations on the percentage of interest in shares of the financial institution were held at length after the Leader of Opposition raised concerns over section 50 of the Bill. He said that percentage of interests in share of a financial institution in case of a foreign financial institution should also be specified precisely in the Bill as in case of an individual which was 10% and in case of a non-financial institution which was 20% as recommended by the legislative committee. He added that opportunities should be given to the Bhutanese and only in case of inability, to the foreigners. The Member from Goenkhatoe-Laya also supported the stand.

On contrary, the Minister for Works and Human Settlement said that even if the foreigners held the majority of the shares they would have to work as per the Royal Monetary Authority hence there were no risks. The Member from Kengkhar-Weringla also expressed that the provision was made very much flexible and therefore the percentage of shares could be increased or decreased according to the economic condition of the country in future. To this, the Member from Goenkhatoe-Laya said that the first question asked by the foreign investors was on legal framework and therefore if the policy changes from time to time then they shall not invest since FDI also needed a reliable law. The House resolved on the recommendation of the legislative committee.

The third reading on the Bill concluded today. Tomorrow, the House will endorse the Financial Services Bill and deliberate on the third reading of the Water Bill.