RBI
Exim Bank's Government of India supported Short - Term Line of Credit (STLoC) of USD 55 million to the Government of the Democratic Socialist Republic of Sri Lanka for procurement of urea fertilizer from India (JUL 7,2022)
Export-Import Bank of India (Exim Bank) has entered into an agreement dated June 10, 2022 with the Government of the Democratic Socialist Republic of Sri Lanka, for making available to the latter, Government of India supported Short - Term Line of Credit (STLoC) of USD 55 million (USD Fifty Five Million only) for financing of procurement of urea fertilizer from India.
Under the arrangement, financing of export of eligible goods and services from India, as defined under the agreement, would be allowed subject to their being eligible for export under the Foreign Trade Policy of the Government of India and whose purchase may be agreed to be financed by the Exim Bank under this agreement.
The Agreement under the STLoC is effective from June 20, 2022.
Ministry of Defence
MoD approves three Private Sector Banks to provide financial services in overseas procurement (JUL 7, 2022)
In line with further opening of allocation of Government business to Private Sector Banks by the Department of Financial Services, MoD has assigned three Private Sector Banks viz HDFC Bank Ltd., ICICI Bank and Axis Bank to provide the Letter of Credit and Direct Bank Transfer business for overseas procurement by the Ministry.
MoUs in this connection have been signed with each of these three banks recently by PCDA, New Delhi on behalf of MoD. Till now, only authorised public sector banks were utilised to provide these services to MoD.
The selected banks may be allocated with LC business of Rs 2000 Crore, each on the capital and revenue side, for a period of one year on concurrent basis (Rs 666 Crore for each bank under both capital as well as Revenue).
NATIONAL CONSUMER DISPUTES REDRESSAL COMMISSION
Consumer Protection (Mediation) Amendment Regulations, 2022 (JUL 6, 2022)
In exercise of the powers conferred by section 103 of the Consumer Protection Act, 2019 (35 of 2019), the National Consumer Disputes Redressal Commission, with the previous approval of the Central Government, hereby makes the following regulations to amend the Consumer Protection (Mediation) Regulations, 2020, namely :–
In the Consumer Protection (Mediation) Regulations, 2020, in regulation 9, the following provisos shall be inserted, namely :–
“Provided that a person empanelled as mediator under clauses (i), (ii), (iii), (iv), (v), (vii) and (viii) of regulation 3 shall not be required to undergo training in conducting mediation:
Provided further that the training for conducting mediation shall not be required for a person empanelled as mediator under clauses (vi) and (ix) of regulation 3, if he has already undergone training in conducting mediation.”
For Gazette Notification, Click Here
SUPREME COURT
Courts can't interfere in internal matters of a political party: SC (JUL 6, 2022)
The Supreme Court on Wednesday observed that the courts cannot interfere with the internal matters of a political party and stayed a division bench order of the Madras High Court on June 23 restraining the AIADMK General Council from amending the party bylaw.
The top court clarified that the further proceedings with regard to the conduct of the party general council meeting can go on in accordance with the law.
The order came on a petition filed by AIADMK leader Edappadi K. Palaniswami against the HC order.
BUSINESS NEWS
CBI arrests office bearers of Power Grid Corporation, Tata Projects on charges of bribery (JUL 7, 2022)
The CBI Thursday arrested the executive director of the Power Grid Corporation and five office bearers of Tata Projects Ltd in a case of bribery. The agency is currently carrying out search operations at 11 locations across the country in connection with the case.
Sources said some employees of Tata Projects had been caught offering bribes to B S Jha, Executive Director of Tata Projects Ltd. During searches, the CBI recovered RS 93 lakh from Jha’s residence. Among those arrested from Tata Projects are Desraj Pathak, Executive VP and R S Singh, assistant VP.
According to the Ministry of Power, the project is related to the development of the power sector in the North East and is based on the “Pasighat Proclamation on Power” released during the first Sectoral Summit of North Eastern Council at Pasighat in Arunachal Pradesh in January 2007.
WORD OF THE DAY
AT WILL EMPLOYMENT - a provision found in many employment contracts which suggest the employee works at the will of the employer, and which the employers insert in order to avoid claims of termination in breach of contract, breach of the covenant of good faith and fair dealing, or discrimination.
Inclusion of such a term puts the burden on the discharged employee to show that he or she had reasons to believe the employment was permanent. The employer uses the "at will" provision to claim: We could fire the employee at any time, no matter what the reasons.
NEWS AT GLANCE
- Finance and Corporate Affairs Minister, Smt. Nirmala Sitharaman chairs 1st meeting of Apex Monitoring Authority of National Industrial Corridor Development Programme.
- World Kiswahili Language Day being celebrated today.
- Music Maestro Ilaiyaraaja, Athlete PT Usha, screenwriter V Vijayendra Prasad and philanthropist Veerendra Heggade nominated to Rajya Sabha; Prime Minister congratulates them.
- Union Minister Smriti Irani given additional charge of Minority Affairs Ministry and Jyotiraditya Scindia Steel Ministry.
- Two-day G20 Foreign Ministers' meeting begins today at Bali in Indonesia; External Affairs Minister Dr S Jaishankar to represent India at the Summit.
- External Affairs Minister Dr. S. Jaishankar meets his Chinese counterpart Wang Yi in Bali on the sidelines of the G-20 Foreign Ministers’ Meeting; calls for early resolution of all outstanding issues along LAC in Eastern Ladakh.
MARKET TODAY ( as on 7.7.2022 )
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