It was approved days after Prime Minister Narendra Modi's announcement to repeal the three central farm laws.
The repeal of these three legislations has been one of the key demands of around 40 farmer unions protesting against these reforms for nearly a year now.
Once it is cleared in Lok Sabha, the Bill will now go to the Rajya Sabha.
Why was the Farm Laws Repeal Bill introduced in the Parliament
On November 19, Prime Minister Narendra Modi, in his address to the nation had announced the withdrawal of the three farm laws saying the government could not convince protesting farmers of the benefits of these reforms. He also urged them to end the protest and return home.
Farm laws
The three farm laws to be repealed are the Farmer's Produce Trade and Commerce (Promotion and Facilitation) Act, the Farmers (Empowerment and Protection) Agreement of Price Assurance and Farm Services Act, and the Essential Commodities (Amendment) Act.
These laws, passed last year, had triggered widespread protests by thousands of farmers mainly from Punjab, Haryana, and western Uttar Pradesh at Delhi borders.
The protest started at the fag-end of November 2020 and is still continuing.
The Samyukta Kisan Morcha -- the joint body of farmer unions leading the current protests -- on November 29 wrote to the Prime Minister urging him to immediately resume talks on the farmers' six demands including a legal guarantee to the procurement of crops at minimum support price (MSP).