Ministry of Petroleum & Natural Gas  

Cabinet approves Amendments to the National Policy on Biofuels -2018 (MAY 18, 2022)

The Union Cabinet, chaired by Prime Minister Shri Narendra Modi, has approved the Amendments to the National Policy on Biofuels -2018.  The “National Policy on Biofuels - 2018” was notified by Ministry of Petroleum and Natural Gas on 04.06.2018 in supersession of National Policy on Biofuels, promulgated through the Ministry of New & Renewable Energy, in 2009.

The following are the main amendments approved to the National Policy on Biofuels:  

  1. to allow more feedstocks for production of biofuels, 
  2. to advance the ethanol blending target of 20% blending of ethanol in petrol to ESY 2025-26 from 2030, 
  3. to promote the production of biofuels in the country, under the Make in India program, by units located in Special Economic Zones (SEZ)/ Export Oriented Units (EoUs), 
  4. to add new members to the NBCC. 
  5. to grant permission for export of biofuels in specific cases, and 
  6. to delete/amend certain phrases in the Policy in line with decisions taken during the meetings of National Biofuel Coordination Committee.

RBI

Kisan Credit Card Scheme - Eligibility criteria for farmers engaged in fisheries/ aquaculture (MAY 18, 2022 )

The eligibility criteria for inland fisheries and aquaculture under Para 3.1.1.2 of the circular stand modified as follows:  

The beneficiaries must own or lease any fisheries related assets such as ponds, tanks, open water bodies, raceways, hatcheries, rearing units, boats, nets and such other fishing gear as the case may be and possess necessary authorisation/certification as may be applicable in respective states for fish farming and fishing related activities and for any other state specific fisheries and allied activities.

For Notification, Click Here

SUPREME COURT 

SC appoints panel to oversee functioning of the All India Football Fed ( MAY 18, 2022 )

The Supreme Court on Wednesday constituted a three-member administrative committee to run the All India Football Federation's day-to-day operations (AIFF). The All India Football Federation's committee of administrators, which will be supervised by a former Supreme Court judge, was appointed by a court led by Justice DY Chandrachud.  

The proposed constitution must also be circulated, and any comments or complaints must be submitted to the committee of administrators by June 30. The Delhi High Court ruled in 2017 that the AIFF's Rules are in violation of the National Sports Code and the Model Guidelines for the Conduct of Elections, and the results of the AIFF's December 21, 2016 elections were deemed invalid. 

For News Report, Click Here

SC cites ‘extraordinary power’ to release Rajiv Gandhi assassination convict: Article 142 explained ( MAY 18, 2022 )

The Supreme Court on Wednesday ordered release of AG Perarivalan, one of the life convicts in the Rajiv Gandhi assassination case. A bench headed by Justice L Nageswara Rao invoked its ‘extraordinary power’ under Article 142 to grant relief to Perarivalan.

The court had earlier granted bail to Perarivalan while taking note of his long incarceration and no history of complaints when out on parole.  On 18 February, 2014, the top court had commuted the death sentence of Perarivalan to life imprisonment, along with that of two other prisoners -- Santhan and Murugan -- on grounds of an 11-year delay in deciding their mercy pleas by the Centre.

For Details, Click Here

BUSINESS NEWS 

PhonePe to acquire 2 wealth management firms as Walmart to take on Amazon in India (MAY 18, 2022)

Walmart Inc.’s Indian payments unit PhonePe will acquire two wealth management firms for a total enterprise value of $75 million bringing the retail giant head-to-head with Amazon.com Inc. in the country’s rapidly-expanding money management segment.  PhonePe will buy WealthDesk for about $50 million and OpenQ for nearly $25 million.

Amazon last year made its first investment in India’s booming wealth management space as it participated in a $40 million round by fintech startup Smallcase Technologies Pvt. Google has partnered with key Indian banks to grant consumer loans online.  

PhonePe, founded in 2015 and led by Sameer Nigam, became part of Walmart after the retailer’s acquisition of Flipkart Group in 2018. Flipkart owns about 87% stake in PhonePe, while its parent Walmart owns about 10%.

For News Report, Click Here

MINISTRY OF EXTERNAL AFFAIRS

Implementation of the United Nations Security Council Resolutions on Iraq (Third Amendment) Order, 2022. (MAY 18, 2022)

In the Implementation of the United Nations Security Council Resolutions on Iraq Order, 2016, in the Schedule, in Annexure 2,- 

  • under the heading “A. Individuals”, the entries IQi.075 and IQi.078 shall be omitted; 
  • under the heading “B. Entities and other groups”, the entry IQe.004 shall be omitted.

For Gazette Notification, Click Here

WORD OF THE DAY 

Expungement is the process by which a record, or a portion thereof, is officially erased or removed after the defendant is not convicted. Criminal record expungement requests are heard by circuit courts, and, under certain conditions, by the general district court.

MARKET TODAY (as on 18.05.2022 )

BSE SENSEX                  54,208.53 ▼ 109.94 (0.20%)

NIFTY 50                        16,240.30 ▼ 19.00 (0.12%)

DOLLAR VS RUPEE

1 US Dollar = 77.60 Indian Rupee ( Last updated · May 18, 12:50 PM UTC )

MyLawman is now on Telegram (t.me/mylawman) Follow us for regular legal updates. Follow us on Google News, Instagram, LinkedIn, Facebook & Twitter or join our Whatsapp group .You can also subscribe for our Newsletter for Email Updates.