Fallout of Home Rule League
Thursday, March 22, 2012
Home Rule Movement (Hand Written)
Fallout of Home Rule League
Monday, March 12, 2012
Regulation of Factor (Assignment of Receivables) Bill, 2011
- The Regulation of Factor (Assignment of Receivables) Bill, 2011 was introduced in the Lok Sabha on March 24, 2011 by the Minister of Finance Shri Pranab Mukherjee. The Bill seeks to regulate the business of factoring by providing a mechanism for assignment of receivables of an industry to a factor and payment of consideration by the factor to the industrial unit.
- The Bill provides that no factor may commence or carry on the factoring business without a certificate of registration from the Reserve Bank of India. Applicants for registration must meet the eligibility requirements of a non-banking financial company under the Reserve Bank of India Act, 1934.
- The Bill provides for the regulation of the factoring business by the Reserve Bank of India. It empowers the Reserve Bank of India to issue directions, call for information from the factor, and prohibit financial institutions from undertaking the factoring business if they fail to comply with its directions. If any factor fails to comply with a direction issued by the Reserve Bank of India, the factor and every officer in default may be punished with a fine of up to 5 lakh rupees and an additional fine of Rs 10,000 for each day the default continues.
- The Bill refers to the factor as the “assignee”, the industry selling the receivable to the factor as the “assignor”, and the person liable to the industry as the “debtor”.
| Current Status: Passed |
| Ministry: Finance |
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- Under the Bill, assignees shall have an absolute right to secure due payment of the receivable from the debtor and may exercise all rights of the assignor for this purpose.
- Debtors shall have the right of notification of assignment. The assignee will not be entitled to demand payment from the debtor until the notice is given. Where no notice is given by the assignor or assignee, any payment made by the debtor to the assignor shall be held in trust by the assignor for the benefit of the assignee.
- If the assignor is a micro or small enterprise, the liability of the debtor will be subject to certain provisions of the Micro, Small, and Medium Enterprises Development Act, 2006, which regulate payment and recovery of debt.
- After the assignment of receivables takes place, the payment instruction issued to the debtor may modify whom payment is to be rendered to, but not (a) the amount of debt specified in the original contract, (b) the place where payment is to be made, and (c) the date on which payment is to be made.
- On a claim made by the assignee against the debtor, the debtor retains all defenses and rights of set-off arising out of the original contract with the assignor.
- Every factor will be required to file the particulars of every transaction of assignment of receivables within 30 days from the date of assignment with the Central Registry, to be set up under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. If a factoring company fails to comply, the company and each officer failing to comply may be punished with a fine of up to Rs 5,000 per day.
- Factors are barred from disclosing personal information obtained from any assignor, its present and future customers, its commercial and business activities, and the terms of sale between the assignor and any debtor.
Export-Import Bank of India (Amendment) Bill, 2011
- The
Export-Import Bank of India (Amendment) Bill, 2011 was introduced in the
Lok Sabha on December 8, 2011 by the Minister of Finance, Mr. Pranab
Mukherjee. The Bill was passed by the Lok Sabha on December 21, 2011
and by the Rajya Sabha on December 27, 2011.
- The
Bill amends the Export-Import (EXIM) Bank of India Act, 1981. The
Act establishes the EXIM Bank as a corporation that promotes international
trade by financing exporters and importers.
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Rajya
Sabha approved the Export- Import Bank of India Amendment Bill, 2011, on 27
December 2011. It aims at promoting international trade by raising the capital
funds of overseas trading from two thousand crore rupees to ten thousand
crore rupees. The Bill was passed by the Lok Sabha earlier.
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Current Status: Passed
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Ministry: Finance
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- The Bill proposes to increase the authorized capital of the EXIM Bank from Rs 2,000 crore to Rs 10,000 crore. The amendment was proposed to enable the bank to meet the capital requirements arising from the significant business growth in recent years.
- The Bill also proposes the appointment of two whole-time directors by the central government to the board of the EXIM Bank. Currently, the board consists of only the chairman and the managing director.
National Policy on Narcotic Drugs and Psychotropic Substances
| The Union Cabinet approved the National Policy on Narcotic Drugs and Psychotropic Substances (NDPS) drafted by the Ministry of Finance, Department of Revenue in consultation with the concerned Ministries/Agencies of Government of India and the State Governments. The salient features of the policy are as follows: (i) The policy recommends production of Concentrate of Poppy Straw (CPS) in India by a company or body corporate. This would enable India to retain its status of a traditional supplier of Opiate Raw Material (ORM) to the rest of world, while remaining competitive. (ii) The consumption of poppy straw by addicts will be gradually reduced and finally stopped in a time frame decided by the States. (iii) On the illicit cultivation of poppy and cannabis, the policy emphasizes use of satellite imageries for detection of illicit crop and its subsequent eradication and development of alternate means of livelihood in respect of cultivators in pockets of traditional illicit cultivation. (iv) The private sector may be allowed production of alkaloids from opium. At present alkaloids from opium are produced only in Government Opium and Alkaloid Factories (GOAFs). (v) Non-intrusive methods of regulating the manufacture, trade and use of such psychotropic substances will be introduced, (vi) Emphasis will be laid on adequate access to morphine and other opioids necessary for palliative care, a strategy to address street peddlers of drugs, periodic surveys of drug abuse to gauge the extent, pattern and nature of drug abuse in the country, recognition of de-addiction centers, (vii) There will be a time bound plan of action, detailing the steps to be taken by different Ministries/ Departments/ agencies, in response to the recommendations of the International Narcotics Control Board. The policy attempts to curb the menace of drug abuse and contains provisions for treatment, rehabilitation and social re-integration of victims of drug abuse. Implementation of the provisions of the policy will lead to reduction of crime, improvement in public health and uplifting of the social milieu. The NDPS Policy will serve as a guide to various Ministries and organizations and re-assert India's commitment to combat the drug menace in a holistic manner. Background: There are four broad aspects of narcotic drugs and psychotropic substances – (i) Administration of the NDPS Act and Rules framed there under, (ii) Legal production, manufacturing, trade and use of narcotic drugs and psychotropic substances for medical and scientific uses, (iii) Drug (Illicit) supply reduction, and (iv) Drug (Illicit) demand reduction. |
Land Acquisition, Rehabilitation and Resettlement Bill, 2011
The Land Acquisition,
Rehabilitation and Resettlement Bill, 2011 was introduced in Lok Sabha.
| Current Status: Pending |
| Ministry: Rural Development |
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- The
Land Acquisition, Rehabilitation and Resettlement Bill, 2011 was introduced
in the Lok Sabha on September 7, 2011 by the Minister of Rural
Development. The Bill proposes a unified legislation for acquisition
of land and adequate rehabilitation mechanisms for all affected persons
and replaces the Land Acquisition Act, 1894.
- Land
Acquisition refers to the forcible acquisition of land from an unwilling
seller and is distinct from a land purchase from a willing seller.
- The
provisions of this Bill shall not apply to 16 existing legislations that
provide for land acquisition. These include The Atomic Energy Act,
1962, The National Highways Act, 1956, SEZ Act, 2005, Land Acquisition
(Mines) Act, 1885, The Railways Act, 1989.
- The
provisions of the Bill relating to land acquisition, rehabilitation and
resettlement shall be applicable in cases when the appropriate government
acquires land, (a) for its own use and control, (b) to transfer it for the
use of private companies for public purpose, and (c) on the request of
private companies for immediate use for public purpose.
- The
Bill proposes that private companies shall provide for rehabilitation and
resettlement if they purchase or acquire land, through private
negotiations, equal to or more than 100 acres in rural areas and 50 acres
in urban areas. In addition, if such companies request the
appropriate government to acquire part of an area for public purpose, they
shall be liable for rehabilitation and resettlement of the affected
persons, for the area acquired by the government, as well as the land
purchased previously through private negotiations.
- The term ‘public purpose’ in the Bill includes provision of land for, (a) strategic defence purposes and national security, (b) roads, railways, highways, and ports, built by government and public sector enterprises (c) project affected people, (d) planned development or improvement of villages, and (e) residential purposes for the poor and landless. Public purpose includes other government projects which benefit the public as well as provision of public goods and services by private companies or public-private partnerships; these require the consent of 80 per cent of project affected people. Affected families include those whose livelihood may be affected due to the acquisition, and includes landless labourers and artisans.
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The Land Acquisition, Relief and
Rehabilitation Bill, 2011, was approved by the Union Cabinet on 5 September
2011. It aims to put in place a transparent and legal framework for land acquisition.
The Bill calls for different land acquisition norms for rural and urban
areas. The proposed law seeks to replace the117-year-old Land Acquisition Bill,
1894 and for the first time integrates both land acquisition and Relief and
Rehabilitation package.
Key Features of Land Draft Bill
8For land acquired in rural areas, the compensation
will be four times the market value. The compensation package
for urban area however remains two times the market value.
8 Linear
projects like Railways and Power lines will not be covered under the Bill.
8 Irrigated multi
crop land can be acquired upto five percent. However, an equal area of waste
land within the district will have to be developed.
8 In case
the acquired land is not used for the stated purpose the land will not be returned
to the original owner but will go to state.
8 States are
free to have their own land acquisition law.
8 Public
purpose has been defined as land use for strategic purpose, infrastructure
and industry.
8 Consent of
80 percent people would be mandatory in case the land is acquired for private
project. Consent not mandatory when land is acquired by the government for
its own use.
8 Urgency
clause to be used in rarest of rarest case, such as emergencies or national calamity.
8 Compensation
should be completed within three months of acquisition. Resettlement and
rehab monetary part should be completedwithin6 months.
8 Persons
who have been dependent on the said land for at least three years will be
eligible for compensation.
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- A
maximum of five per cent of irrigated multi-cropped land may be acquired
in a district, with certain conditions.
- Every
acquisition requires a Social Impact Assessment (SIA) by an independent
body followed by a preliminary notification and a final award by the
District Collector.
- In
the case of urgency, the Bill proposes that the appropriate government
shall acquire the land after 30 days from the date of the issue of the
notification (without SIA). This clause may be used only for
defence, national security, and conditions arising out of a national
calamity.
- The
compensation for the land acquired shall based on the higher of (a) the
minimum land value, specified in the Indian Stamp Act, 1899 for the
registration of sale deeds; and (b) the average sale price of the higher
priced 50% of all sale deeds registered in the previous 3 years for
similar type of land situated in the vicinity. This amount is further
doubled in case of rural areas. The value of the assets (trees,
plants, buildings etc) attached to the land being acquired will be added
to this amount. This total amount reached will then be multiplied by
two to get the final compensation amount; in case of the urgency clause,
an additional 75% of the market value shall be given.
- The
Bill proposes the following authorities; Administrator; Commissioner for
Rehabilitation and Resettlement; Rehabilitation and Resettlement Committee
(for acquisition of 100 acres or more of land); National Monitoring
Committee for Rehabilitation and Resettlement; and Land Acquisition,
Rehabilitation and Resettlement Authority (which shall adjudicate all
disputes, with appeal to the High Court).
- If
an acquired land which is transferred to a person for a consideration, is
left unutilised for a period of 10 years from the date it was acquired, it
shall be returned to the Land Bank or the appropriate government.
- The
Bill proposes that in cases where the ownership of an acquired land is
sold to any person, without any development made, 20 per cent of the profit
made shall be shared among all the persons from whom the land was
acquired.
Saturday, March 10, 2012
OUR various fanpages for different PSCs
Rajasthan PSC
Bihar UP PSC
Andhra Pradesh PSC
Chattisgarh PSC
Jammu and Kashmir PSC
Maharashtra PSC
Punjab Himachal PSC
Saturday, March 3, 2012
A date of Modern Science with Ancient India !!!
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Work
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Author
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Fact file
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Vedanga Jyotisha
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Lagadha
(1st c. BCE)
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Describes rules for tracking motion of sun and moon
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Yavanajataka
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Sphujidvaja
1st-2nd c. CE)
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Translated it mean “Nativity as per the Greeks”
It is a collection of astrology-related ideas borrowed from
Greek world
Gives rules for building horoscopes
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Surya Siddhanta
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Establishes rules to determine motions of stellar objects
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Paulisa Siddhanta
(Doctrine of Paul)
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Based on works of Paul of Alexandria
(c. 378 CE)
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Romaka Siddhanta
(Doctrine of the Romans)
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Based on works of Rome
It is the only Indian work based on the tropical system
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Vasishta Siddhanta
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Attributed to sage Vasishta
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Panchasiddhantika
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Varahamihira
(c. 550 CE)
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Work that compares five treatises on astronomy viz. Surya
Siddhanta, Paulisa Siddhanta, Romaka Siddhanta, Vasishta Siddhanta and
Paitamaha Siddhanta
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Sulba sutras
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Baudhayana (c. 800 BCE),
Apasthamba (c. 600 BCE), Katyayana
(c. 200 BCE)
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Baudhayana enumerated the Pythagoras theorem. He also
described square root of 2 and geometric shapes such as squares and
rectangles
Apasthamba and Katyayana developed these principles further
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Chandahsastra
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Pingala
(4th-2nd c. BCE)
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First known description of binary numeral system in the world
Also describes Pascal’s triangle, binomial theorem and
Fibonacci numbers
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Aryabhatiya
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Aryabhata
(c 522 CE
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Introduced decimal value notation
Describes heliocentric model of solar system
Explained lunar and solar eclipses
Gave duration of one year as 365 days 6 hrs 12 min 30 sec
Gave value of pi (3.1416)
Correctly calculated earth’s circumference as 24,835 miles
Aryabhata’s principles are still in use for fixing the Hindu
calendar Panchanga
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Mahabhaskariya
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Bhaskara I
(c. 600 – 680 CE)
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Representation of numbers in positional system
Solved Wilson’s theorem and Pell equation
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Brahmasputasiddhanta
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Brahmagupta
(c. 630 CE)
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Describes solution of linear equation
Solve system of simultaneous indeterminate equations
Sum of series
Introduced the concept of zero
Formula for cyclic quadrilaterals
Rebutted the idea that moon is farther from earth than the sun
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