Ministry of Law and Justice
Department of Justice (Appointments Division), Ministry of Law & Justice - PRESS COMMUNIQUE (24 MAY 2022 )
In exercise of the power conferred by Article 223 of the Constitution of India, the President is pleased to appoint, Smt. Justice Sabina, senior-most Judge of the Himachal Pradesh High Court, to perform the duties of the office of the Chief Justice of that High Court with effect from the 25.05.2022 consequent upon the retirement of Shri Justice Mohammad Rafiq, Chief Justice, Himachal Pradesh High Court.
Ministry of Steel
SAIL Declares Financial Results for FY’22, Revenue Crosses Rupees One Lakh Crore; Achieves Best Ever Profitability (MAY 24, 2022)
Steel Authority of India Limited (SAIL) has declared its financial results here yesterday for the quarter and year ending 31st March, 2022 (FY’22). During FY’22, the company has clocked its best-ever performance in production and sales while achieving an all-time high revenue from operation of Rs.1,03,473 Crore and EBITDA of Rs.22,364 crore.
RBI
Housing Finance – Loans for repairs/additions/alterations - Enhancement of limits (MAY 24, 2022)
Please refer to para 2 of the circular UBD.CO.BPD.(PCB).Cir.No.13/09.22.010/2013-14 dated September 10, 2013 on the captioned subject, wherein, the ceiling on loans to individuals for carrying out repairs/additions/alterations to their dwelling units was revised upwards to ₹2 lakh in rural and semi-urban areas and ₹5 lakh in urban areas.
The ceiling on such loans is now revised to ₹10 lakh in metropolitan centres (those centres with population of 10 lakh and above) and ₹6 lakh in other centres.
For Official Notification, Click Here
SEBI
Sebi issues Rs 3.12-cr demand notice to NSE's ex-boss Chitra Ramkrishna (MAY 24, 2022)
Capital markets regulator Sebi on Tuesday sent a notice to NSE's former chief Chitra Ramkrishna asking her to pay Rs 3.12 crore in a case related to governance lapses at the stock exchange, and warned of arrest and attachment of assets and bank accounts if she fails to make the payment within 15 days.
In an order dated February 11, Sebi had slapped a penalty of Rs 3 crore on Ramkrishna for alleged governance lapses in a case related to the appointment of Anand Subramanian as the Group Operating Officer and Advisor when she was at the helm of NSE as its Managing Director and Chief Executive Officer, as well as for sharing confidential information of the company with an unidentified person. Apart from penalising Ramkrishna, Sebi had imposed a penalty on Ravi Narain, who was the predecessor of Ramkrishna, and Subramanian and others.
Ramkrishna is currently lodged in Delhi's Tihar Jail after she was arrested by the CBI on March 6 in the NSE co-location scam case and investigation linked to other governance lapses at the bourse.
For Official Notice, Click Here
SEBI allowing MFs to launch passive ELSS a cost-effective alternative to investors: Experts (MAY 24, 2022)
Capital markets regulator Sebi's move to allow mutual funds to launch passively managed Equity-Linked Savings Schemes (ELSS) will provide a cost-effective and tax-saving alternative to individual investors, experts said on Tuesday. Apart from these, Sebi has put in place a framework for managing passive funds -- Exchange Traded Funds (ETFs) and Index Funds -- amid growing popularity of such funds as an investment product for retail investors.
Sebi, in its circular, on Monday said mutual funds can either launch an actively-managed ELSS scheme or a passively-managed one but not in both categories. The passive ELSS scheme should be based on one of the indices comprising equity shares from top 250 companies in terms of market capitalisation.
SUPREME COURT
Convict's pre- and post-crime conduct vital for imposing death penalty: Supreme Court (MAY 24, 2022)
The Supreme Court has ruled that all courts must consider pre- and post-crime conduct of a convict to ascertain mitigating grounds to avoid imposition of the capital punishment, in what marks another milestone on the meandering judicial journey since the 1980s towards virtual abolition of death penalty.
Through this ruling, a bench of Justices U U Lalit, S R Bhat and Bela M Trivedi commuted the death sentences of three youth convicted for sensational and grotesque murders of three defenceless women in Indore in 2011 to 25 years in jail. The court did so considering their good conduct in jail - one becoming jail cricket team captain and starting to take interest in his own family; second one turning into a voluntary health worker in jail and the third, a woman, excelling in embroidery.
The commutation of the death sentence was ordered by the SC despite it being shocked by the nature of the crime and the diabolical manner in which it was committed,
FINANCE
One billionaire was minted every 30 hours during the pandemic. Now, a million people may fall into extreme poverty every 33 hours, Oxfam estimates. (MAY 23, 2022)
One new billionaire was minted every 30 hours during the COVID-19 pandemic. Now, one million people are expected to fall into extreme poverty every 33 hours. That's according to a new report called Profiting from Pain, released by UK-based nonprofit Oxfam on May 23. To compile the report, Oxfam examined data gathered from Forbes' annual billionaires and from the World Bank.
A total of 573 people hit first-time billionaire status from March 2020 to March 2022, when central banks injected trillions of dollars into the global economy, the report found. The cash injected into the economy led to a price hike on assets, lining the pockets of asset-owning billionaires. The 10 wealthiest men on the Forbes Billionaires List doubled their wealth to from $700 billion to $1.5 trillion between March 2020 and November 2021, Oxfam calculated.
WORD OF THE DAY
Zero-based budgeting (ZBB) is a method of budgeting in which all expenses must be justified for each new period. The process of zero-based budgeting starts from a "zero base," and every function within an organization is analyzed for its needs and costs. The budgets are then built around what is needed for the upcoming period, regardless of whether each budget is higher or lower than the previous one.
MARKET TODAY (as on 24.05.2022)
BSE SENSEX 54,052.61 ▼ 236.00 (0.43%)
NIFTY 50 16,125.15 ▼ 89.55 (0.55%)
DOLLAR VS RUPEE
1 US Dollar = 77.53 Indian Rupee (Last updated · May 24, 1:36 PM UTC)
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