New Delhi, Sep 5 (IANS): Parliament Thursday passed the land acquisition bill that aims to provide fair compensation to those whose land is taken over, bring transparency to the process and lays down measures for rehabilitation of those displaced.

The Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Bill, 2012, aims to replace a law enacted by the British in 1894.

The bill passed by Lok Sabha Aug 29 and the Rajya Sabha Sep 4, was referred to the lower house to approve the three new amendments passed by the upper house Wednesday.

The three Rajya Sabha amendments, related to exemptions for irrigation projects, were passed by the lower house without any discussion.

Rural Development Minister Jairam Ramesh moved the amendments.

The bill will now go to President Pranab Mukherjee for his assent before it becomes a law.

In both the houses, most parties supported the bill but gave their suggestions to make it more farmer-friendly.