SUPREME COURT
Lakhimpur Kheri case | Supreme Court sets aside Allahabad HC order granting bail to Ashish Mishra ( APR 18, 2022 )
The Supreme Court on Monday set aside the bail granted by the Allahabad High Court to Ashish Mishra — Lakhimpur Kheri violence case prime accused and Union Minister’s Ajay Mishra’s son — and directed him to surrender in a week. The Special Bench, led by Chief Justice of India N.V. Ramana, including Justices Surya Kant and Hima Kohli, asked the High Court to consider the bail plea, if any filed, afresh and impartially, and after hearing the victims’ families.
The court’s decision was based on pleas by the bereaved families of farmers who were killed when a vehicle allegedly ran over them. The farmers were protesting the controversial agricultural laws at the time of the incident.
MADRAS HIGH COURT
Madras High Court suggests MCI ask doctors to display their attempts in clinics ( APR 18, 2022 )
In a latest, the Madras High Court has asked the Medical Council of India (MCI) to ask all its certified doctors to display their attempts to clear the exams in the clinics. The purpose behind the Hon'ble Madras High Court's order is to safeguard the patients visiting the clinics for treatment.
Well, this is not the first time the Madras High Court has made such a suggestion. Earlier, in 2018 also, the High Court had suggested to the Medical Council of India (MCI) to display number of attempts by doctors in examinations in the website and also in the hospital/clinic concerned so that patients would know the doctor's performance.
DELHI HIGH COURT
PIL in Delhi HC against constitutional validity of Waqf Act ( APR 16, 2022 )
A Public Interest Litigation (PIL) has been filed in the Delhi High Court on Saturday against the constitutional validity of various sections of the Waqf Act 1995.
The plea states that this act gives uncontrolled powers to the Waqf board as it grants special status to Waqf properties denying equal access to trusts, Mutts, Akharas, and societies. It further states that this act violates Articles 14-15 of the constitution as it gives uncontrolled powers to Waqf Boards to register any property as Waqf property and there is no safeguard for other communities to protect their properties from inclusion in the list.
The petitioner Ashwini Kumar Upadhyay, practising lawyer and BJP leader through his petitions seek directions for the enactment of Uniform Law for trusts, charitable and religious institutions. He said this is against the secularism, unity, and integrity of the nation as there is no similar laws for followers of other communities.
The plea further sought the issuance of direction that the dispute relating to religious properties shall be decided by the Civil Court only under Section 9 of the Civil Procedure Code 1908, and not by the Waqf Tribunal.
RBI
Basel III Framework on Liquidity Standards – Liquidity Coverage Ratio (LCR) ( APR 18, 2022 )
On a review, it has been decided to permit banks to reckon Government securities as Level 1 HQLA under FALLCR within the mandatory SLR requirement up to 16 per cent of their NDTL. Accordingly, the total HQLA carve out from the mandatory SLR, which can be reckoned for meeting LCR requirement will be 18 per cent of NDTL (2 per cent MSF plus 16 per cent FALLCR).
This circular is applicable to all Commercial Banks other than Regional Rural Banks, Local Area Banks and Payments Banks. 6. These instructions shall come into force with immediate effect.
RBI shelves plastic banknote plan ( APR 16, 2022 )
The Reserve Bank of India (RBI) seems to have shelved its project to implement plastic banknotes due to concerns about the ability of the currency notes to withstand Indian climatic conditions, characterised by high temperatures. Moreover, with the Unified Payments Interface (UPI)-based transactions growing by leaps and bounds and the planned launch of Central Bank Digital Currency (CBDC) in FY23, the need for introducing plastic banknotes has diminished.
Per RBI’s 2015-16 annual report, a billion pieces of banknotes in denomination of ₹10 were to be printed on all available plastic (polymer) substrates and issued to the public in five cities having different climatic zones — Kochi, Mysuru, Shimla, Jaipur and Bhubaneswar, on a trial basis.
The Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL) and the Security Printing and Minting Corporation of India Limited (SPMCIL) have taken up this project.
MINISTRY OF CORPORATE AFFAIRS
MCA registers highest ever 1.67 lakh companies in FY 2021-22 ( APR 18, 2022 )
During the Financial Year 2021-22, Ministry of Corporate Affairs (MCA) registered more than 1.67 Lakh company incorporations as compared to 1.55 Lakh companies during FY 2020-21. The incorporations during FY 2021-22 are 8% more than the incorporations during FY 2020-21. While MCA had registered 1.24 lakh companies during FY 2018-19 and 1.22 lakh companies in 2019-20 respectively, it had registered 1.55 Lakh companies during FY 2020-21.
The MCA launched SPICe+ form in February 2020 and also integrated 11 different services mentioned , across 3 Central Government Ministries/Departments (Ministry of Corporate Affairs, Ministry of Labour & Department of Revenue in the Ministry of Finance), 3 State Governments (Maharashtra, Karnataka and West Bengal), and NCT of Delhi.
During FY 2021-22, the States having the highest number of registrations were Maharashtra (31,107 companies) followed by Uttar Pradesh (16,969 companies) Delhi (16,323 companies) Karnataka (13,403 companies) and Tamil Nadu (11,020 companies).
Sector wise, the maximum number of companies were incorporated in the Business Services (44,168 companies), followed by Manufacturing (34,640 Companies) Community, personal & Social Services (23,416 companies) and Agriculture & Allied Activities (13,387 companies).
NATIONAL SECURITY COUNCIL SECRETARIAT
National Security Council Secretariat organises National Cyber Security Incident Response Exercise (NCX India) for Government officials and Critical Sector Organisations to strengthen India’s Cyber posture ( APR 18, 2022 )
Shri Ajit Doval,KC, National Security Advisor, today inaugurated the National Cyber Security Incident Response Exercise alongside Lt General Rajesh Pant, National Cyber Security Coordinator and Dr Satheesh Reddy, Secretary DRDO. National Cyber Exercise (NCX) India will be conducted as a hybrid exercise over a period of ten days from 18 to 29 April 2022 with the aim to train senior management and technical personnel of Government/Critical Sector organisations and agencies on contemporary cyber threats and handling cyber incidents and response.
The program is being conducted by the National Security Council Secretariat (NSCS), Govt. of India in association with Data Security Council of India (DSCI) as the Knowledge Partner and supported by the Defence Research and Development Organisation (DRDO). The platform for training is being provided by CyberExer Technologies, an Estonian cybersecurity company accredited for globally conducting several large cyber exercises.
ENFORCEMENT DIRECTORATE
ED attaches assets worth ₹757 crore of Amway India in money laundering case ( APR 18, 2022 )
The Enforcement Directorate on Monday attached assets worth ₹757.77 crore belonging to FMCG Amway India in money laundering case. According to the probe agency, the firm is accused of running a multi-level marketing scam. The attached properties include land and factory building of Amway at Tamil Nadu's Dindigul district, plant and machineries, vehicles, bank accounts and fixed deposits, the ED statement said.
Earlier, the central probe agency had provisionally attached immovable & movable properties worth ₹411.83 Crore and bank balances of ₹345.94 Crore from 36 different accounts belonging to Amway.
In its probe, the ED alleged that Amway was running a pyramid fraud in the guise of direct selling multi-level marketing network. It is observed that the prices of most of the products offered by the company are exorbitant as compared to the alternative popular products of reputed manufacturers available in the open market.
For Official Press Release, Click Here
WORD OF THE DAY
Multilevel Marketing (MLM) refers to a strategy used by some direct sales companies to sell products and services. MLM encourages existing members to promote and sell their offerings to other individuals and bring on new recruits into the business. Distributors are paid a percentage of their recruits' sales. New recruits become the distributor's network or downline and are, in turn, encouraged to make sales to earn money. Many MLM schemes are legal but there are illegal operations that are run as pyramid schemes.
When an organization focuses primarily on recruitment, rather than selling products, this may also signal that it is operating under a pyramid scheme. Sometimes, members of these schemes will number in the hundreds or even thousands.
MARKET TODAY ( as on 18.04.2022 )
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DOLLAR VS RUPEE
1 US Dollar = 76.24 Indian Rupee ( April 18, 4:48 PM )
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