Election Commission
Major push by ECI for Enforcing due Compliances by Registered Unrecognized Political Parties (RUPPs) (MAY 25, 2022)
The Election Commission of India has initiated action for enforcing due compliances by Registered Unrecognized Political Parties (RUPPs) for relevant sections 29A and 29C of the RP Act 1951. The Commission is cognizant that compliance to the conditions and regulations in the said Act are essential conditions for maintaining financial discipline, propriety, public accountability, transparency and empowering voters for making informed decisions. In the absence of required compliance, the electorate and ECI are deprived of basic factual information in ensuring ECI’s mandate of conducting free, fair and transparent elections.
The Commission has evidence of serious financial impropriety, willful attempts for tax evasion and other illegal financial activities against three specific Registered Unrecognized Political Parties (RUPPs) amounting to fraudulent use of privileges and public trust available to them.
There are 2796 Registered Unrecognized Political Parties (RUPP) as in September, 2021.
SEBI
Simplification of procedure and standardization of formats of documents for issuance of duplicate securities certificates ( MAY 25, 2022)
SEBI has reviewed the process followed by the Registrars to an Issue and Share Transfer Agents (“RTAs”) and the Issuer companies for issuance of duplicate securities certificates.
Based on feedback from investors, recent regulatory changes, and with a view to make issuance of duplicate securities more efficient and investor friendly, the procedure and documentation requirements for issuance of duplicate securities has been further simplified.
RBI
Guidelines on import of gold by Qualified Jewellers as notified by – The International Financial Services Centers Authority (IFSCA) (MAY25, 2022)
In exercise of powers conferred by Section 3 read with Section 5 of FTDR Act 1992, read with paragraph 1.02 and 2.01 of the Foreign Trade Policy, 2015-2020, the Central Government has amended the import policy conditions for gold in any form, other than monetary gold and silver in any form under Chapter 71 of ITC (HS), 2017, Schedule-I (Import Policy) vide Notification No. 49/2015-2020 dated January 5, 2022.
In order to enable resident Qualified Jewellers to import gold through IIBX or any other exchange approved by IFSCA and the DGFT, Government of India the following directions under FEMA are being issued.
BANKING
PSBs to pay Rs. 8,000 cr dividend to Centre (May 25, 2022)
State-run banks have paid substantial dividends to their shareholders, many of them after a gap of nearly six years, as credit growth accelerated and asset quality improved. The Government stands to be the biggest beneficiary of the generous payouts by the banks and is expected to net nearly Rs. 8,000 crore.
State-run banks, barring Central Bank of India, which is still under the Reserve Bank of India’s (RBI’s) restrictive Prompt Corrective Action framework (PCA) for weak banks, reported improved performance in the year ended 31 March.
NIA COURT
NIA court awards life imprisonment to Yasin Malik in terror funding case (MAY 25, 2022)
An NIA court in Delhi on May 25 awarded life imprisonment to Kashmiri separatist leader Yasin Malik in a terror funding case. The National Investigation Agency (NIA) had sought death penalty before the Delhi court for Malik, who had earlier pleaded guilty to all the charges, including those under the stringent Unlawful Activities Prevention Act (UAPA), in the terror funding case, court sources said.
Malik had on May 10 told the court that he was not contesting the charges levelled against him that included sections 16 (terrorist act), 17 (raising funds for the terrorist act), 18 (conspiracy to commit terrorist act), and 20 (being member of terrorist gang or organisation) of the UAPA and sections 120-B (criminal conspiracy) and 124-A (sedition) of the IPC.
WORLD AFFAIRS
Taliban allows UAE firm to manage three airports in Afghanistan, signs deal in Kabul (MAY 25, 2022)
Taliban allowed an Emirati company to manage three airports in Afghanistan after the fall of the country's U.S.-backed government on May 24. However, the United Arab Emirates did not immediately acknowledge the deal. Under the deal, the Abu Dhabi-based firm GAAC Solutions would manage the airports in Herat, Kabul, and Kandahar, the Taliban said. They held a news conference in Kabul in which they signed the deal with an individual they identified as a managing director for GAAC, reports AP.
GAAC reportedly signed a $47 million service contract in 2020 to run airports in Afghanistan, including ground handling, information technology, and security. During the ceremony, Baradar said the Taliban wanted good relations with all countries and called on investors to come and invest in Afghanistan. He insisted the Taliban government would provide facilities and security for them.
WORD OF THE DAY
An amicus curiae (lit. 'friend of the court'; pl. amici curiae) is an individual or organization who is not a party to a legal case, but who is permitted to assist a court by offering information, expertise, or insight that has a bearing on the issues in the case. The decision on whether to consider an amicus brief lies within the discretion of the court.
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