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SUPREME COURT
Supreme Court Upholds Foreign Contribution(Regulation) Amendment Act 2020 (APR 08, 2022)
The Supreme Court on Friday upheld the 2020 amendments made to the Foreign Contribution (Regulation) Act 2010, which introduced restrictions in the handling of foreign contributions by organizations in India. A bench comprising Justices AM Khanwilkar, Dinesh Maheshwari and CT Ravikumar pronounced the judgment in PILs challenging the Foreign Contriubtion(Regulation) Amendment Act 2020.
The challenge was primarily to the following amendments :
- Amendment to Section 7, which forbids a recipient of foreign contribution from transferring the same to any other entity.
- Amendment to Section 8(1)(b), which reduces the limit of usage of foreign contribution for administrative expenses from 50% to 20%(not much pressed during arguments).
- Amendment to proviso to Section 11(2), which states that the Centre can direct an organization to not utilize foreign contributions pending an inquiry on suspected violations.
- Newly added Section 12 & 17 which state that the foreign contributions must be deposited in the FCRA account created in the specified branch of the scheduled bank, which was later notified as the New Delhi Branch of the State Bank of India.
- Newly added Section 12A which empowers Centre to obtain Aaadhaar numbers of the key functionaries of organization for approval.
The Bench had reserved judgment in the matter on November 10, 2021. Senior Advocate Gopal Shankaranarayanan led the arguments in the lead case filed by Noel Harper. Solicitor General Tushar Mehta appeared for the Central Government.
Ministry of Finance
Exchange Rate Notification No. 32/2022 - Customs (N.T.) ( 07 APR 2022 )
In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the Notification No.18/2022-Customs(N.T.), dated 17th March, 2022 except as respects things done or omitted to be done before such supersession, the Central Board of Indirect Taxes and Customs hereby determines that the rate of exchange of conversion of each of the foreign currencies specified in column (2) of each of Schedule I and Schedule II annexed hereto, into Indian currency or vice versa, shall, with effect from 8th April, 2022, be the rate mentioned against it in the corresponding entry in column (3) thereof, for the purpose of the said section, relating to imported and export goods.
For Official Notification, Click Here
Cabinet approves signing of Bilateral Memorandum of Understanding (MoU) between Securities and Exchange Board of India and Financial Regulatory Commission, Mongolia ( 08 APR 2022 )
The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi, today has approved the proposal for signing a bilateral Memorandum of Understanding (MoU) between Securities and Exchange Board of India (SEBI) and Financial Regulatory Commission, Mongolia (FRC).
The Securities and Exchange Board of India (SEBI) was established under the Securities and Exchange Board of India Act, 1992 to regulate the securities markets in India. The objectives of the SEBI are to protect the interest of the investors and to regulate and promote development of securities markets in India. Clause (ib) under sub-section (2) of Section 11 of SEBI Act, 2002 empowers SEBI to call for information from, or furnishing information to, other authorities, whether in India or outside India, having functions similar to those of the Board, in the matters relating to the prevention or detection of violations in respect of securities laws, subject to the provisions of other laws.
Established in 2006, the Financial Regulatory Commission (FRC) is a parliamentary authority mandated to supervise and regulate the non-bank sector; including the insurance and securities markets, and participants of the microfinance sector. The FRC is responsible for providing stable and sound financial markets. The Commission exercises power over non-bank financial institutions, insurance companies and intermediaries, securities firms, and savings and credit cooperatives. At the same time, it ensures the rights of individual financial market clients (securities holders, domestic and foreign investors, and insurance policyholders) and protects against financial malpractices.
Ministry of Electronics & IT
MOU Signed Between UIDAI and ISRO for Technical Collaboration ( 08 APR 2022 )
A Memorandum of Understanding (MoU) has been signed between the Unique Identification Authority Of India (UIDAI), Ministry of Electronics and Information Technology (MeitY), New Delhi and National Remote Sensing Centre (NRSC), ISRO, Hyderabad, for technical collaboration here today. The MoU was signed by Sri Shailendra Singh, IFS, Deputy Director General, UIDAI and Dr. Prakash Chauhan, Director, NRSC in the presence of CEO,UIDAI and other senior officers of UIDAI and NRSC.
TECHNOLOGY
WORLD AFFAIRS
Japan said Friday it will end imports of Russian coal and announced the expulsion of eight of Moscow's diplomats over "war crimes" in Ukraine. ADVERTISING The move comes as Ukraine's allies step up pressure on Moscow after allegations that Russian troops killed civilians in areas around Kyiv.Japan imports around 11 percent of its coal from Russia, and the fuel remains a key plank of the country's power generation.
Earlier, Japan's foreign ministry announced the expulsion of eight Russian diplomats from the embassy and trade office. The decision does not affect Russia's ambassador Mikhail Yurievich Galuzin. Japan has marched in lockstep with Western allies on sanctions against Russia, and has even welcomed several hundred Ukrainians fleeing the conflict despite generally accepting very few refugees.
Tokyo had complex relations with Moscow before the Ukrainian invasion and the two sides have yet to sign a post-World War II peace treaty. Attempts to do so have been hampered by a long-running dispute over islands controlled by Russia, which calls them the Kurils. Japan calls the islands the Northern Territories and has long sought to have them under Tokyo's control.
Chinese national sentenced to U.S. prison after pleading guilty to stealing trade secrets (APR 08, 2022)
A Chinese national has been sentenced to 29 months in prison after pleading guilty in January to conspiring to steal trade secrets from agricultural company Monsanto to benefit the Chinese government, the U.S. Justice Department said on Thursday. Xiang Haitao, 44, who was employed by Monsanto and a subsidiary from 2008 to 2017, had pleaded guilty in Missouri federal court to one count of conspiracy to commit economic espionage.
On Thursday, he was sentenced to 29 months in prison followed by three years of supervised release and a $150,000 fine, the Justice Department said in a statement.
Federal officials found Xiang in possession of copies of a proprietary predictive algorithm developed by Monsanto as he was waiting to board a flight to China in June 2017, the Justice Department said. He was allowed to fly to China, where he worked for the Chinese Academy of Science's Institute of Soil Science. He was arrested when he returned to the United States in November 2019, the Justice Department added.
WORD OF THE DAY
Nolo Contendere - No contest. Has the same effect as a plea of guilty as far as the criminal sentence is concerned, but the plea may not be considered an admission of guilt for any other purpose. Sometimes, a guilty plea could later be used to show fault in a lawsuit, but the plea of nolo contendere forces the plaintiff in the lawsuit to prove that the defendant committed the crime.
MARKET TODAY ( as on 8.04.2022 )
BSE SENSEX 59,447.18 ▲ 412.23 (0.70%)
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DOLLAR VS RUPEE
1 US Dollar = 75.82 Indian Rupee ( April 8, 5:07 PM )
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