Miscellanous Quiz: Laws, Bills and Miscellaneous |5 Apr, 2021

The Government of National Capital Territory of Delhi (Amendment) Bill, 2021 was introduced in Lok Sabha on March 15, 2021.

· The Bill amends the Government of National Capital Territory of Delhi Act, 1991.

· The Act provides a framework for the functioning of the Legislative Assembly and the government of the National Capital Territory (NCT) of Delhi.

· The Bill amends certain powers and responsibilities of the Legislative Assembly and the Lieutenant Governor.

· The Act allows the Legislative Assembly to make Rules to regulate the procedure and conduct of business in the Assembly.

· The Bill provides that such Rules must be consistent with the Rules of Procedure and Conduct of Business in the Lok Sabha.

Source: PRSINDIA

The Insurance (Amendment) Bill, 2021 was introduced in Rajya Sabha by the Minister of Corporate Affairs, Ms. Nirmala Sitharaman, on March 15, 2021. The Bill amends the Insurance Act, 1938.

· The Act provides the framework for functioning of insurance businesses and regulates the relationship between an insurer, its policyholders, its shareholders, and the regulator (the Insurance Regulatory and Development Authority of India).

· The Bill seeks to increase the maximum foreign investment allowed in an Indian insurance company.

· The Act allows foreign investors to hold up to 49% of the capital in an Indian insurance company, which must be owned and controlled by an Indian entity.

· The Bill increases the limit on foreign investment in an Indian insurance company from 49% to 74%, and removes restrictions on ownership and control.

· However, such foreign investment may be subject to additional conditions as prescribed by the central government.

Source: PRSINDIA

Labour falls under the Concurrent List of the Constitution. Therefore, both Parliament and state legislatures can make laws regulating labour.

Source: Laxmikanth

75 tribal groups have been categorized by Ministry of Home Affairs as Particularly Vulnerable Tribal Groups (PVTG)’s. PVTGs reside in 18 States and UT of A&N Islands. The Ministry of Tribal Affairs implements the Scheme of “Development of Particularly Vulnerable Tribal Groups (PVTGs)” exclusively for them.

PVTGs are more vulnerable among the tribal groups. Due to this factor, more developed and assertive tribal groups take a major chunk of the tribal development funds, because of which PVTGs need more funds directed for their development.

In this context, in 1975, the Government of India initiated to identify the most vulnerable tribal groups as a separate category called PVTGs and declared 52 such groups, while in 1993 an additional 23 groups were added to the category, making it a total of 75 PVTGs out of 705 Scheduled Tribes, spread over 17 states and one Union Territory (UT), in the country (2011 census).

Source: MOTA

The Scheduled Tribes and Other Traditional Forest Dwellers (Recognition of Forest Rights) Act, 2006 defines a Minor Forest Produce (MFP) as all non-timber forest produce of plant origin and includes bamboo, brushwood, stumps, canes, Tusser, cocoon, honey, waxes, Lac, tendu/kendu leaves, medicinal plants and herbs, roots, tuber and the like.

Source: PRSINDIA

The Price Stabilization Fund (PSF) was set up in 2014-15 under the Department of Agriculture, Cooperation & Famers Welfare (DAC&FW).

· The PSF scheme was later transferred from DAC&FW to the Department of Consumer Affairs (DOCA) in 2016.

· The fund is to help regulate the price volatility of important agri-horticultural commodities like onion, and potatoes. Pulses were also added subsequently.

· The scheme provides for maintaining a strategic buffer of aforementioned commodities for subsequent calibrated release to moderate price volatility and discourages hoarding and unscrupulous speculation.

· For building such stock, the scheme promotes direct purchase from farmers/farmers ‘association at farm gate/Mandi.

· The PSF is utilized for granting interest free advance of working capital to Central Agencies, State/UT Governments/Agencies to undertake market intervention operations.

Source: PIB

The scheme is being implemented in the State of Karnataka to curb corruption in public service delivery in key departments.

· More than 725 services are being provided under this mission.

· Now, the state government has proposed to launch the version 2 of SAKALA scheme with the existing SAKALA-1 fails to curb corruption.

· SAKALA -2 will address shortcomings in the existing Act by including a provision for imposing penalty of Rs. 250 per day for delay in addressing complaints.

Source: PIB

Finance Minister Nirmala Sitharaman announced a significant cut in corporate tax rates, thus bringing down the effective tax rate (including various cesses and surcharges) on corporations from 35% to 25%.

· Also under the new corporate tax policy, new companies that set up manufacturing facilities in India starting in October and commence production before the end of March, 2023 will be taxed at an effective rate of 17%.

· Following the government’s decision, both the NIFTY and the SENSEX rose over 5%, which is their biggest one-day rise in a decade.

· Tax cuts, by putting more money in the hands of the private sector, can offer people more incentive to produce and contribute to the economy. Thus the present tax cut can help the wider economy grow.

· The corporate tax rate, it is worth noting, is also a major determinant of how investors allocate capital across various economies.

· So there is constant pressure on governments across the world to offer the lowest tax rates in order to attract investors.

· The present cut in taxes can make India more competitive on the global stage by making Indian corporate tax rates comparable to that of rates in East Asia.

· The tax cut, however, is expected to cause a yearly revenue loss of ₹1.45 lakh crore to the government which is struggling to meet its fiscal deficit target.

· At the same time, if it manages to sufficiently revive the economy, the present tax cut can help boost tax collections and compensate for the loss of revenue.

Source: The Hindu

On August 26, the Reserve Bank of India (RBI) central board decided to transfer ₹1.76 lakh crore to the government (including a sum of ₹52,637 crore from its contingency reserve), a move that is likely to address the Central government’s precarious fiscal situation.

· The transfer amount included the payment of dividend worth ₹1.23 lakh crore, and funds from its reserves, as identified under a new economic capital framework (ECF) adopted by the RBI board.

· The RBI had formed a committee chaired by former RBI Governor Bimal Jalan to review its ECF last year.

· Each year, the RBI transfers to the government any money in its balance sheet that it deems to be beyond its operational and contingency needs. The RBI’s transfer of funds to the government per se is nothing new.

· But what has raised eyebrows this time is that the amount of funds being transferred by the central bank to the government this year is much higher than earlier — 146.8% more than what it had paid out last year, when it transferred ₹50,000 crore as dividend.

· Previously, the highest amount of surplus funds that the RBI had transferred to the government was ₹65,896 crore in 2014-15.

· The net surplus figures are: ₹52,683 (2013-14); ₹65,896 (2014-15); ₹65,880 (2015-16); ₹30,659 (2016-17) and ₹50,000 (2017-18).

Source: The Hindu

The National Chambal Sanctuary, that stretches over the Chambal River (that spreads to Madhya Pradesh and Rajasthan).

· The sanctuary was granted Protected Area Status in 1979, to revive the gharial population that was once subject to rampant poaching.

· This river is home to freshwater river dolphins.

· The river is home to a variety of birds as well, including sandpipers and egrets and bar-headed geese.

· The red-naped ibis and Ruddy shelduck, as well as painted storks that added a dash of colour to the stark landscape.

· The famed gharials, crocodiles and the critically endangered red-crowned roofed turtles.

· The smooth-coated otters reside in Chambal Sanctuary

Source: The Hindu