JAMMU, Aug 4: Life Insurance Corporation (LIC) employees under the banner of Northern Zone Insurance Employees’ Association Srinagar Division as per the call of All India Insurance Employees’ Association held massive demonstrations today in front of LIC offices of Jammu & Kashmir against privatization of United India Insurance Company.
The Joint Front of Trade Unions in PSGI had given a call for one day strike on August 4, 2021 (Wednesday) against the passage of the Bill in the Lok Sabha and we are supporting this cause, said Pawan Gupta, Divisional Secretary.
The demonstration in Jammu region was led by Pawan Gupta, Divisional Secy NZIEA Srinagar Division; and in valley, by AM Tantray, Divisional president and Ajaz Ahmad Dar, Joint Secretary, Fyaz Gul, vice president, Amarjeet Singh, Syed Aadil Imam, Bashir Ahmad, Abdul Majid Sheikh and Parvaiz Ahmad.
Speaking on the occasion, Pawan Gupta strongly opposed the passage of General Insurance Business (Nationalisation) Amendment Bill 2021 without a debate amid continuing protests by the opposition parties and despite serious objections raised by a wide spectrum of public opinion. The passage of the General Insurance Business (Nationalisation) Amendment Bill 2021 not only carries forward the agenda of the Government to privatise one PSGI Company, but it paves the way for privatisation of all the PSGI Companies in one fell swoop.
The Bill proposes three amendments to the GIBNA Act of 1972. Two of the amendments are particularly dangerous for PSGI Companies. Section 10 B of the GIBNA 1972 stipulates that the Government would hold at least 51% stake in the Public Sector General Insurance Companies. Now this section has been omitted to enable the Government to sell majority stakes. This is outright privatization, he claimed.
Others who spoke on the occasion included Romesh Chand, Dinesh Sharma, Neelam Sharma and Kishore Lal, R P Singh and Sham Sunder.