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RBI
Reserve Bank of India imposes monetary penalty on Central Bank of India (APR 22, 2022)
The Reserve Bank of India (RBI) has imposed, by an order dated April 18, 2022 a monetary penalty of ₹36 lakh (Rupees Thirty six lakh only) on Central Bank of India (the bank) for non-compliance with certain directions issued by RBI on ‘Customer Protection–Limiting Liability of Customers in Unauthorised Electronic Banking Transactions’. This penalty has been imposed in exercise of powers vested in RBI under the provisions of section 47 A (1) (c) read with section 46 (4) (i) and section 51(1) of the Banking Regulation Act, 1949.
This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.
MINISTRY OF FINANCE (CENTRAL BOARD OF DIRECT TAXES)
Income-tax (10th Amendment) Rules, 2022 (APR 22, 2022)
In exercise of the powers conferred by clause (xii) of sub-section (5) of section 11 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-
In the Income-tax Rules, 1962, in rule 17C, after clause (va), the following clause shall be inserted, namely:-
“(vb) investment made by a person, authorised under section 4 of the Payment and Settlement Systems Act, 2007 (51 of 2007), in the equity share capital or bonds or debentures of Open Network for Digital Commerce Ltd, being a company incorporated under sub-section (2) of section 7 read with sub-section (1) of section 8 of the Companies Act, 2013 (18 of 2013), for participating in network based open protocol models which enable digital commerce and interoperable digital payments in India;”.
For Gazette Notification, Click Here
SUPREME COURT
No Foreigner Has Right To Get Indian Visa: Supreme Court (APR 21, 2022)
No foreigner has the right to get a visa and in case of blacklisting of such a person, the authorities will decide on a visa plea on a case-to-case basis after the Centre serves them with the notice, the Supreme Court observed on Thursday. A bench headed by Justice AM Khanwilkar was hearing the pleas, including those challenging the orders blacklisting several citizens of 35 countries from travelling to India for 10 years for alleged involvement in Tablighi Jamaat activities.
The Centre, represented by Solicitor General Tushar Mehta, said that the right to deny or grant a visa is the executive decision and the government is trying to find a solution so that the national interest and the interest of the foreigners are protected. Senior advocate CU Singh, appearing for some of the foreign nationals, said that hundreds of foreigners have been blacklisted and they cannot apply for the visa for 10 years.
The Centre had earlier sought dismissal of the pleas and informed the top court in July 2020 that it had issued individual orders on a case-to-case basis for cancellation of visas and blacklisting of 2,765 foreign nationals. As per the information available, 205 FIRs have been lodged against the foreign Tablighi Jamaat members by 11 states and 2,765 such foreigners have been blacklisted so far, the Centre had said in its affidavit filed in the top court.
Some of the petitions have contended that en-masse blacklisting of foreigners without any opportunity to defend themselves is a blatant violation of Article 21 (protection of life and personal liberty) of the Constitution.
TECHNOLOGY
Google to block third-party call recording apps from Play Store (APR 22, 2022)
Google is updating its Play Store Policy that will block the third-party call recording apps from the Play Store. This new and updated policy will be effective May 11, 2022. Changes to the Google Play Policy initially spotted over on Reddit by user /u/NLL-APPS mean that there will be further restrictions placed upon access to the Accessibility API by developers.
According to 9to5Google, this has been used as a workaround to enable remote call audio recording, but Google will not allow apps listed on the Play Store to use the Accessibility Service from May 11. Furthermore, Google has also cleared up any confusion about this policy change in a recent developer webinar.
WORLD AFFAIRS
Social media platforms 'designed' to weaken democracies, says Barack Obama (APR 22, 2022)
Social media platforms are well-designed to wreck democracies, said former US President Barack Obama. Speaking at a Stanford University even late on Thursday, he called the current moment "another tumultuous, dangerous moment in history."
"Disinformation is a threat to our democracy, and will continue to be unless we work together to address it," said Obama, who served as the 44th US President from 2009 to 2017. He also raised concerns about Russia's interference in the 2016 US presidential elections as well as the Ukraine invasion.
"You just have to flood a country's public square with enough raw sewage. You just have to raise enough questions, spread enough dirt, plan enough conspiracy theorising, that citizens no longer know what to believe," he further stated.
Continuing in his hour-long speech, he further expressed that "the very design of these platforms seems to be tilting us in the wrong direction. And we're seeing the results."
WORD OF THE DAY
Onerous contract : A contract in which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it. An example of an onerous contract might be an agreement to rent a property that is no longer needed or that can no longer be made use of profitably.
MARKET TODAY (as on 22.04.2022)
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DOLLAR VS RUPEE
1 US Dollar = 76.49 Indian Rupee ( April 22, 3:36 PM UTC )
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