New Delhi, Mar 19 (IANS): The Congress on Friday demanded that the Insurance Amendment Bill, 2021 be sent to the Standing Committee of Parliament as it has several shortcomings and flaws.

Speaking to the media, Leader of Opposition in Rajya Sabha Mallikarjun Kharge said, "Insurance Amendment Bill 2021 has flaws, it should be sent to the Standing Committee."

He said that they have introduced a provision of ownership and control to foreigners.

Taking a dig at the government, Kharge said, "If the foreign direct investment (FDI) comes in the insurance sector, then there shall be the 'West India Company' brought in by (Prime Minister) Narendra Modiji to help people from Gujarat."

He also accused the Union Finance Minister and the BJP leaders of misleading the people on the new Insurance Amendment Bill "as they say something else inside the House and put different versions in public".

Kharge said the Bill talks about giving ownership to the foreign companies who make investments in the Indian companies.