The Union Cabinet today approved land acquisition amendment ordinance. Speaking to reporters after the Cabinet meeting, Finance Minister Arun Jaitley said, the ordinance intends to make a fair balance between the interest of farmers and industry. He said, the payment of higher compensation will remain unaffected. The new law will come into effect from Thursday.

The ordinance is being brought as the government failed to amend as many as 13 central legislations to bring their rehabilitation and resettlement and compensation provisions at par with those of the new Land Acquisition Act on buying land across the country. The Right to Fair Compensation and Transparency in Rehabilitation and Resettlement Act, 2013, came into force on January 1, this year.

It had specifically said that the 13 existing central legislations including the Coal Bearing Areas Acquisition and Development Act, the National Highways Act and the Land Acquisition (Mines) Act have to be amended within a year to bring them on par with provisions of the new legislation. The Finance Minister also informed that the Cabinet has decided to regularize unauthorized colonies in the national capital which came into existence till 1st of June 2014. It will benefit 60 lakh people living in these colonies.