Daily Current Affairs
Daily Current Affairs (25 Nov 2017)
November 24, 2017
President nod to ordinance that will amend Insolvency and Bankruptcy Code
- After the President assent to an ordinance to amend the bankruptcy code now, wilful defaulters and entities whose accounts have been classified as NPAs will be barred from bidding for assets.
- The amendments aim to keep out such persons who have either wilfully defaulted or have associated with non-performing assets (NPAs).
- Those who have their accounts classified as non- performing assets for one year or more and are unable to settle their overdue amounts would also be ineligible.
IBBI
- The Insolvency and Bankruptcy Board of India (IBBI) is the regulator for overseeing insolvency proceedings and entities like Insolvency Professional Agencies (IPA), Insolvency Professionals (IP) and Information Utilities (IU) in India.
- It covers Individuals, Companies, Limited Liability Partnerships and Partnership firms.
- It handles the cases using two tribunals like NCLT (National company law tribunal) and Debt recovery tribunal.
Bankruptcy
- Bankruptcy is a legal status of a person or other entity that cannot repay the debts it owes to creditors.
Ordinance
- An ordinance is an executive order issued by the President of India/Governor of State that holds the same force and effect as an Act passed by the Parliament/state legislature.
Ordinance power of President
- The President has the power to issue ordinances under Article 123of the Constitution.
- If at any time, except when both Houses of Parliament are in session, the President is satisfied that circumstances exist, he may promulgate Ordinances.
- The maximum validity of an ordinance is 6 months and 6 weeks.
- It shall be laid before both Houses of Parliament and shall cease to operate at the expiration of six weeks from the reassembly of Parliament, or, of before the expiration of that period resolutions disapproving it are passed by both Houses.
Topic- GS-3- Indian Economy
GS-2- Indian Constitution
GS-2- Indian Constitution
Source- DD News
Bill to grant NCBC constitutional status to be re-introduced in Lok Sabha
- The Constitution (123 Amendment) Bill, 2017 to bring National commission for backward classes (NCBC), set up in 1993, on a par with National Commission for Scheduled Castes (NCSC) and National Commission for Scheduled Tribes (NCST), was passed by the Lok Sabha.
- When the Bill was brought before the Rajya Sabha, the Opposition managed to pass a crucial amendment to Clause III.
- The amendment expanded the three-member commission to five so as to give representation to a woman and a person from minority community and mandated that all five members should necessarily be from Other Backward Classes (OBC).
- Another amendment sought to protect the federal structure by giving states a significant role in making recommendations to the list.
- After amendment bill was passed in Rajya Sabha, it will now have to be passed once again in Lok Sabha.
National Commission for Backward Classes (NCBC)
- National Commission for Backward Classes is under the Ministry of Social Justice and Empowerment established on 14 August 1993.
- It was constituted pursuant to the provisions of the National Commission for Backward Classes Act, 1993.
- The NCBC currently plays a recommendatory role to the government on inclusion or exclusion of a community in the Central list of OBC.
- The proposed legislation will allow the NCBC to look at grievance redressal and safeguarding the interest of OBCs, powers that until now vested with the SC Commission.
Topic- GS-2- Statutory, regulatory and various quasi-judicial bodies
Source- Indian Express
Human form of “mad cow” disease- Creutzfeldt-Jakob disease can spread through skin
- The deadly Creutzfeldt-Jakob disease — human form of the ‘mad cow’ disease — may spread through touch.
- Scientists found that an abnormal protein (prion protein) linked to the fatal infection can be detected from the skin of patients.
Creutzfeldt–Jakob disease (CJD)
- It is a universally fatal brain disorder.
- Early symptoms include memory problems, behavioural changes, poor coordination, and visual disturbances.
- CJD is believed to be caused by a protein known as a
- Infectious prions are misfolded proteins that can cause normally folded proteins to become misfolded.
Topic- GS-3- Science and Technology
Source- The Hindu
When Parliament meets
- It was reported recently that this year’s Winter Session is likely to be held from December 15 to January 5, 2018 — much later than usual.
- Union Minister Arun Jaitley has said the government would ensure a regular Winter Session but would not like it to clash with the December 9-18 Gujarat Assembly elections.
- The Congress has, on the other hand, alleged that the government is avoiding Parliament.
Why is there a controversy about Parliament’s Winter Session?
- By convention, Parliament meets for three sessions in a year.
(a) The longest, the Budget Session, is held towards the beginning of the year,
(b) A three-week Monsoon Session follows from July to August
(c) Winter Session, also three weeks long, in November-December. - The dates for each session are announced at least 15 days in advance, so Members have time to submit their questions and give notice for Parliamentary interventions.
Why is a Parliament session important?
- Law-making is dependent on when Parliament meets.
- Also, a thorough scrutiny of the government’s functioning and deliberation on national issues can only take place when the two Houses are in session.
- Predictability in the functioning of Parliament is key to a well-functioning democracy.
Must Parliament always meet at specified times?
- In 1955, Lok Sabha recommended a calendar of sittings for each session, the cabinet of Jawaharlal Nehru agreed to the recommendation, but it was not implemented.
- The Constitution does not specify when or for how many days Parliament should meet.
- Article 85 only requires that there should not be a gap of more than six months between two sessions of Parliament.
Article 85- the President can summon a session of Parliament “at such time and place as he thinks fit”. Thus, a session can be called on the recommendation of the government, which decides its date and duration.
How did Article 85 come about?
- The Government of India Act, 1935, contained a provision relating to the summoning of the legislature in India.
- It specified that the central legislature had to be summoned to meet at least once a year, and that not more than 12 months could elapse between two sessions.
How has Article 85 evolved over the years?
- The Constitution that came into force in 1950 required Parliament to be summoned twice in a year, with a gap of no more than six months between its sessions.
- The First Amendment changed this in 1951, and Article 85 got its present form.
Is there a requirement for a minimum number of sitting days in a year?
- There is no minimum number of days that Parliament is required to meet in a year
How does it help to have Parliament in session throughout the year?
- There are three main advantages-
(a) It enables detailed planning of legislative and policy work all year round.
(b) It negates the need for enacting Ordinances
(c) It enables accountability of government functioning by Parliament throughout the year.
(b) It negates the need for enacting Ordinances
(c) It enables accountability of government functioning by Parliament throughout the year.
Topic- GS-2- Indian Constitution, Parliament
Source- Indian Express
Space Activities Bill, 2017
- A Bill pending before the Parliament is to encourage both the public and private sectors to participate in the space programme.
- The new Bill encourages the participation of non-governmental/private sector agencies in space activities in India under the guidance and authorisation of the government through the Department of Space.
- The provisions of this Act shall apply to every citizen of India and to all sectors engaged in any space activity in India or outside India
- A non-transferable licence shall be provided by the Central Government to any person carrying out commercial space activity.
Topic- GS-3- Science and Technology
Source- The Hindu
World's first 3D Sanskrit film screened at IFFI (International Film Festival of India)
- World's first Sanskrit 3D film 'Anurakthi’ is among the main attraction in 3D category at the ongoing International Film Festival of India in Panaji in Goa.
- The movie narrates the story of 'Vasudha', a Punjabi danseuse, who comes to Kerala to learn Koodiyattam from a practitioner called Paramesharwan Chakkiar.
Topic- GS-1- Indian Culture
Source- DD News
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