Parliament Monsoon Session Day 11 LIVE updates: Indian Statistical Institute Bill, Bankers' Books Evidence Bill likely to be introduced in Lok Sabha
The Indian Statistical Institute Bill, 2026, and the Bankers' Books Evidence Bill, 2026, were introduced in the Lok Sabha on Monsoon Session Day 11
The Indian Statistical Institute Bill seeks to replace the Indian Statistical Institute Act, 1959, modernising the institute's governance and legal framework
The Bankers' Books Evidence Bill seeks to replace the 125-year-old Bankers' Books Evidence Act, 1891, updating the law on banking record evidence for the digital era
The Finance Minister also placed before the House a statement on Demands for Excess Grants for 2022-23, part of routine post-facto parliamentary approval of government spending
Both bills now proceed through the standard legislative process, including possible committee reference, before further consideration
Indian Statistical Institute Bill, 2026 — From Society to Statutory Body Corporate
The Indian Statistical Institute (ISI), founded in Kolkata, currently operates under the Indian Statistical Institute Act, 1959, which recognised it as an Institution of National Importance. The 2026 Bill seeks to reconstitute ISI as a body corporate with an upgraded governance structure, bringing its statute in line with peer Institutions of National Importance such as the IITs and IIMs.
Key Details
- Institutions of National Importance derive their special status from Entry 63 of the Union List (Seventh Schedule), which places specified institutions declared by law to be of national importance within Parliament's exclusive legislative competence
- Under the 2026 Bill, the President of India is designated as the Institute's Visitor, with a Board of Governors as the principal policy and executive body — a structure modelled on newer INI statutes
- As of 2024, there are 171 Institutions of National Importance nationally, including IITs, IIMs, AIIMS, NITs, and IISERs
- The stated objective is to enhance ISI's autonomy and accountability while expanding its role in training data scientists and statisticians
The Bill upgrades ISI's 1959-era statute to match the more autonomous, board-governed model used by newer Institutions of National Importance, reflecting a broader legislative trend of modernising India's higher-education and research institution laws.
Bankers' Books Evidence Bill, 2026 — Replacing a Colonial-Era Evidence Law
The Bankers' Books Evidence Act, 1891, is a colonial-era law that lets certified copies of entries in a bank's books be admitted as evidence in court without requiring bank officials to produce original ledgers or testify, easing the burden of proof in cases involving banking transactions.
Key Details
- Section 4 of the 1891 Act provides that a "certified copy" of a bank entry is admissible as prima facie evidence of that entry to the same extent as the original
- The 2026 Bill expands the definition of "bankers' books" to explicitly cover digital, electronic, and cloud-based banking records, not just physical ledgers, making the evidentiary framework technology-neutral
- It aims to shift emphasis to more targeted judicial oversight of banking-record requests rather than unrestricted access
- The new law would empower the Central Government to extend its applicability to other entities in the financial sector beyond traditional banks
The Bill's introduction responds to the reality that most banking records today are generated and stored digitally, a scenario the 1891 Act — drafted for paper ledgers — does not address.
Demands for Excess Grants — Parliamentary Financial Control
Article 115 of the Constitution provides for "Supplementary, additional or excess grants" when funds spent in a financial year exceed the amount authorised by the original Appropriation Act. Excess Grants specifically relate to expenditure already incurred beyond sanctioned limits and require retrospective parliamentary approval.
Key Details
- Excess Grants must first be examined and validated by the Public Accounts Committee before being placed before the House for regularisation
- This is distinct from a Supplementary Grant (additional funds sought during the year for new/enhanced expenditure) and a Vote on Account (advance grant to meet expenditure pending full Budget passage)
- The statement placed related to Demands for Excess Grants for 2022-23, illustrating the multi-year lag between actual excess expenditure and its formal parliamentary regularisation
- This process is part of the broader mechanism of legislative control over the executive's use of public funds under Articles 112-117
The Finance Minister's statement on Demands for Excess Grants for 2022-23 exemplifies routine ex-post financial accountability, distinct from the substantive legislative bills introduced the same day.
- Indian Statistical Institute Act being replaced: enacted 1959
- Bankers' Books Evidence Act being replaced: enacted 1891 (over 125 years old)
- Institutions of National Importance are recognised under Entry 63, Union List (Seventh Schedule)
- 171 Institutions of National Importance existed as of 2024 across categories including IITs, IIMs, AIIMS, and NITs
- Demands for Excess Grants placed related to fiscal year 2022-23
- Monsoon Session 2026 began 20 July 2026 and was scheduled to run until 13 August 2026