Judicial Appointments Commission Bill,2013

• The Rajya Sabha on Sep 2013 passed a Constitution amendment Bill to create a Judicial Appointments Commission (JAC) which will replace the collegium system of appointing judges to higher courts.


• The Constitution (120th Amendment) Bill, 2013 envisages setting up of the JAC, to be decided by Parliament, that will recommend appointment and transfer of Supreme Court and High Court judges. Currently, the collegium consisting of five top judges of the Supreme Court, headed by the Chief Justice of India, decides the appointment of

Land Acquisition Bill

Land Acquisition BIill

Economic growth and job creation require efficient usage of land resources. It is important that a fair and transparent process for purchase and for acquisition of land is followed. For the purchase of land, a key concern is the authenticity of land titles, and the government has drafted a Land Titling Bill for this purpose.

End uses Projects permitted to acquire 

It defines public purpose to include infrastructure projects (as defined by the finance ministry, with some exclusions);projects related to

National Food Security Bill

The revised form of the National Food Security Bill has been cleared by the Union Cabinet. As per the revised Bill:

• 67% of nation’s population (including 75% rural and 50% urban) will be entitled for subsidized grains under the Targeted Public Distribution System (TPDS).
• 5 kg of rice, wheat or coarse cereals at Rs. 3, 2 and Re. 1 a kg a month to every beneficiary who will be identified by the States based on parameters prescribed by the

SEBI Amendment Bill 2013

The SEBI (Amendment) Bill, 2013, seeks to include the criterion of appointing a retired High Court judge having held the position for 7 years for heading the Tribunal.

As per the existing criteria, only a serving or retired Supreme Court judge or Chief Justice of a High Court can head the Tribunal, but the Government is finding it difficult to fill the slot.    

Companies Bill 2011

• Will allow the country to have a modern legislation for growth and regulation of corporate sector in India.
• Salient Features: 
• It will be compulsory for companies with Rs. 5 crore or more profits in last three years to spend 2% of their average net profit towards Corporate Social Responsibility.
• Remuneration of a director of a company should not be more than 5 % of the net profit.
• A new clause for punishment  related to offence of falsely inducing banks for obtaining credit
• Companies which are winding up will have to make payment of two years’ salary to employees.
• Enable C&AG to perform  audit of govt companies more effectively. 
• Provide that the rate of interest on inter corporate loans will be the prevailing rate of interest on dated Government Securities.
• Restrictions on non audit services shall not apply to associate companies and further to provide for transitional period for complying with such provisions.  
• Class of companies having multiple business and separate divisional MDs to appoint same person as chairman as well as MD.
• The number of companies an auditor can serve would be limited to 20
• Annual ratification of appointment of auditors for five years.
• ‘Whole-time director’ has been included in the definition of the term ‘key managerial personnel’. 
•  Provisions in respect of removal of difficulty modified to provide that the power to remove difficulties may be exercised by the Central Government up to ‘five years’ (after enactment of the legislation) instead of earlier up to ‘three years’. This is considered necessary to avoid serious hardship and dislocation since many provisions of the Bill involve transition from pre-existing arrangements to new systems.

Official Amendments to Lokpal and Lokayuktas Bill, 2011

• The Union Cabinet has approved the proposals submitted by the Department of Personnel & Training for moving official amendments to the Lokpal and Lokayuktas Bill, 2011.
  
  Recommendations : 
• The phrase ‘connected with political parties’ to be replaced with 'affiliated with political parties’. 
• Fifth member of the Selection Committee (i.e., eminent jurist) to be nominated by the President on recommendation of the other four members of the Selection Committee, viz. Prime Minister, Speaker (Lok Sabha), Leader of Opposition (Lok Sabha) and Chief Justice of India.
•  Government has decided to exempt only such bodies or authorities established, constituted or appointed by or under any Central or State or Provincial Act providing for administration of public religious or charitable trusts or endowments or societies for religious or charitable purposes registered under the Societies Registration Act. 
•  Political parties exempt from the purview of the Lokpall Bill 2011, as they are already covered under the Representation of People’s Act. 
•  Lokpal can order investigation against a public servant, in case a prima facie case exists, after calling for explanation from the public servant. 
•  Opportunity to be given to public servant to be heard. 
•  Lokpal to have power to grant sanction for prosecution of public servants. 
•  Amendments for strengthening CBI accepted, except the one which seeks approval of Lokpal for transfer of officers of CBI investigating cases referred by Lokpal. 
• Whistle Blowers Protection Bill 2011 to protect identity of whistleblowers and safeguard against their victimization, passed by Lok Sabha. 
• Benami Transaction (Prohibition) Bill 2011 introduced in Parliament. The Bill elaborately covers definition of ‘benami’ property and transaction, and prohibits benami transactions. 
• Stringent punishment for ‘benami’ transactions under the Benami Transaction (Prohibition) Bill. 

Constitutional Amendments

• One Hundred Seventeenth Amendment Constitutional Amendment Bill for Reservation in Promotion to SCs and STs .The Bill proposes to amend the Article 16 (4A) of the Constitution of India. The existing Article 16(4A) provides for reservation in promotion to the Scheduled Castes (SCs) and the Scheduled Tribes (STs) which are not adequately represented in the Govt. services. The proposed amendment would amend Article 16(4A) in such a manner that it would obviate the need of collection of quantifiable data about adequacy of representation and backwardness of the class for reservation in promotion to the SCs and the STs.
• Constitution (118th Amendment) Bill, 2012 which seeks to provide special status to six backward districts in the Hyderabad Karnataka region, with provision for reservation in education and jobs for local people.
  The Bill introduces a new Article 371-J to provide special recognition for the six backward districts in north Karnataka: Gulbarga, Yadgir, Raichur, Bidar, Koppal and Bellary.
  The Bill provides for creation of a separate development board and equitable allocation of funds for development of the region. In addition to this, it will provide quota in public employment through establishment of local cadres and reservation in education and vocational training institutions for those who belong to the region by birth or domicile.
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Banking Bill

• The Banking Laws (Amendment) Bill 2011 was introduced in order to amend the Banking Regulation Act, 1949, the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970/1980.
• Paving way for foreign investments in the sector and establishment of new private banks and also to achieve greater financial inclusion.
  The Bill does not contain controversial clauses of allowing banks to trade in futures and keeping the sector outside the purview of Competition Commission as it was earlier proposed.
• The salient features of the Bill are as follows: 
• To enable banking companies to issue preference shares subject to regulatory guidelines by the RBI; 
• Voting rights of investors in private sector banks raised to 26 %, from 10 % which will boost foreign investments.
• Cap on voting rights of private investors in PSBs raised to 10%, from 1%  
• To create a Depositor Education and Awareness Fund by utilizing the inoperative deposit accounts; 
•  To provide prior approval of RBI for acquisition of 5% or more of shares or voting rights in a banking company by any person and empowering RBI to impose such conditions as it deems fit in this regard; 
•  To empower RBI to collect information and inspect associate enterprises of banking companies; 
• CCI to regulate mergers and acquisitions and will also have power to investigate and clear mergers and acquisitions in banking industry 
• RBI allowed to supersede boards of private sector banks. 
•  To provide for primary cooperative societies to carry on the business of banking only after obtaining a license from RBI; 
• To provide for special audit of cooperative banks at instance of RBI 
•  To enable the nationalized banks to raise capital through “bonus” and “rights” issue and also enable them to increase or decrease the authorized capital with approval from the Government and RBI without being limited by the ceiling of a maximum of Rs. 3000 crore under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970/1980.
• The Bill would pave the way for new bank licenses by RBI resulting in opening of new banks and branches. This would not only help in achieving the goal of financial inclusion by providing more banking facilities but would also provide extra employment opportunities to the people at large in the banking sector.