The Parliament passed the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Bill, 2012 yesterday with the Lok Sabha approving the four new official amendments. The Rajya Sabha had passed it on Wednesday. The bill, which will replace over a century-old law, seeks to provide fair and just compensation to farmers and to those who lose livelihood on account of acquisition. It stipulates mandatory consent of at least 70 per cent for acquiring land for Public Private Partnership projects, and 80 per cent for acquiring land for private companies. It proposes compensation upto four times the market value in rural areas, and two times the market value in urban areas.