Bills And Acts In Current Affairs

Union Cabinet approves Constitution (119th Amendment) Bill, on Land Boundary Agreement between India & Bangladesh May 6, 2015

No comments The Union Cabinet has approved Constitution (119th Amendment) Bill on Land Boundary Agreement (LBA) between India & Bangladesh.
Decision in this regard was taken in Union Cabinet meeting chaired by Prime Minister Narendra Modi in New Delhi. The Bill seeks to operationalize the Land
Boundary Agreement with Bangladesh by exchanging several enclaves located along the common border of both nations. The territories involved in the
exchange are located in the North eastern states of Assam, West Bengal, Meghalaya and Tripura. This Constitutional Amendment Bill in order to come in
effect needs to be passed by Parliament and also needs to be ratified by at least 50 per cent of the state legislatures. Background The Constitution (119th
Amendment) Bill, 2013 aims to ratify the LBA between India and Bangladesh under the Indira-Mujib pact of 1974 to exchange areas and people on either
side of the border. The pact was signed on 16 May 1974 between both nations, soon after the independence of Bangladesh in order to find a solution to the
complex nature of border demarcation. This pact was ratified by Bangladesh government in 1974. In 1974, Union Cabinet had granted approval to this pact
but was not ratified as it involved cession of territory. In 2013 bill in regard was introduced Rajya Sabha and was subsequently referred to a select committee
headed by Congress MP Shashi Tharoor for recommendations. The committee had unanimously recommended implementation of the LBA. Tags: Bills And
Amendments • India-Bangladesh • Narendra Modi Union Cabinet gives nod to amendments in the Prevention of Corruption Act, 1988 April 30, 2015No
comments The Union Cabinet chaired by Prime Minister Narendra Modi gave its nod to amendments to the Prevention of Corruption Act (PCA), 1988 by
pursuing the Prevention of Corruption (Amendment) Bill, 2013. The proposed amendments in the bill to amend parent Act mainly aim at laying down more
stringent measures to tackle corruption. It also seeks to fill in the perceived gaps in the domestic anti-corruption law as per the United Nations Convention
Against Corruption (UNCAC). Key Amendments Proposes more stringent punishment for the offences of bribery, both for the bribe giver and the bribe taker.
Enhances punishment from the minimum 6 months to 3 years and from the maximum five years to seven years. Extends the protection of prior sanction for
prosecution to public servants who cease to hold office due to retirement and resignation. Non-monetary gratification is also be covered within the definition
of the word gratification in the PCA 1988. Background The Prevention of Corruption (Amendment) Bill, 2013 was introduced in the Rajya Sabha in August
2013. But the Bill was not passed in Rajya Sabha. The amendment Bill incorporates the recommendations given by the 20th Law Commission headed by
Justice (retd) AP Shah in its 254th Report in order to bring anti-corruption law in line with the UNCAC. Tags: Bills And Amendments • Cabinet Decisions •
Narendra Modi Parliament passes Regional Rural Banks (Amendment) Bill, 2014 April 28, 2015No comments Parliament has passed Regional Rural Banks
(Amendment) Bill, 2014. It was first passed in Lok Sabha on December 22, 2014 and later in Rajya Sabha on April 28, 2015. This bill amends Regional Rural
Banks Act, 1976 and aims to strengthen the Regional Rural Banks (RRBs) and deepen their financial inclusion. Key facts about Regional Rural Banks
(Amendment) Bill, 2014 Authorised capital: This amendment bill increases the authorised capital of each Regional Rural Bank (RRB) from Rs 5 crore to Rs
2000 crore divided into Rs 200 crore of fully paid share of Rs 10 each. As per the parent Act the Rs 5 crore share capital of RRBs is split into 5 lakh shares
of Rs 100 each. Issued capital: It also provides that the authorised capital issued by any RRB’s shall not be reduced below Rs 1 crore and shares in all
cases to be fully paid up shares of Rs 10 each. Shareholding: The Bill allows RRBs to raise capital from sources other than the central and state
governments, and sponsor banks. Board of directors: The Bill adds provision that any person who is a director of an RRB is not eligible to be on the Board of
Directors of another RRB. It also mentions that directors will be elected by shareholders based on the total amount of equity share capital issued to such
shareholders. Tenure of directors: The bill raises the tenure of directors to 3 years from existing 2 years. The Bill also states that no director can hold office
for a total period exceeding six years. Closure and balancing of books: The parent Act had provision which mentioned that the balance books of RRBs
should be closed and balanced by 31st December every year. However this amendment bill changes this date to 31st March in order to bring RRB’s
balancing of books in uniformity with the financial year. It should be noted that the parent Act of 1976 mainly has provisions for the incorporation, regulation
and winding up of RRBs