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A bill seeking to provide for four nominees by a bank account holder was introduced in the <keyword id="19895394" type="General" weightage="20" keywordseo="Lok-Sabha" source="keywords" meta.keywordsubtype="org" meta.entityname="Lok Sabha" meta.hostid="153" meta.entityid="Lok Sabha">Lok Sabha</keyword> on Friday to ensure better protection of depositors and enhance customer convenience. Introduced by Minister of State for Finance Pankaj Chaudhary in the Lower House, the Banking Laws (Amendment) Bill, 2024, has a provision for simultaneous and successive nominations to bank accounts, lockers, etc. As per the provision of the bill, a bank account holder can nominate up to four persons. The bill also seeks to transfer of unclaimed dividends, shares, and interest or redemption of bonds to the Investor Education and Protection Fund (IEPF), allowing individuals to claim transfers or refunds from the fund, and thus safeguarding investors' interests. As the banking sector has evolved over the years, and with a view to improving bank governance and investor protection, it has become necessary to make certain amendments to five Acts, according to Statement of Objects and Reasons of the Bill. The Bill, which was approved by the <keyword id="19916620" type="General" weightage="20" keywordseo="Union-Cabinet" source="keywords" meta.keywordsubtype="org" meta.entityname="Union Cabinet" meta.hostid="153" meta.entityid="Union Cabinet">Union Cabinet</keyword> last week, proposes to amend the <keyword id="20824389" type="General" weightage="20" keywordseo="Reserve-Bank-of-India-Act" source="keywords">Reserve Bank of India Act</keyword>, 1934, the Banking Regulation Act, 1949, the State Bank of India Act, 1955, the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980. The proposed bill seeks to improve governance standards, provide consistency in reporting by banks to the Reserve Bank of India, ensure better protection for depositors and investors, improve audit quality in public sector banks, bring customer convenience in respect of nominations, and to provide for increase in the tenure of the directors in co-operative banks. Another proposed change relates to redefining 'substantial interest' for directorships, which could increase to Rs 2 crore instead of the current limit of Rs 5 lakh, which was fixed almost six decades ago. Congress member Manish Tewari opposed the introduction of the bill, saying the power to legislate with regard to cooperatives vests with state governments. RSP member N K Premachandran opposed amending five legislations through one bill, while TMC member Saugata Roy termed the bill "superfluous", saying the the amendments proposed in the bill could have been done through administrative decisions. Responding to opposition's remarks, <keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords">Finance Minister</keyword> Nirmala Sitharaman said the various amendments done in Banking Regulations Act with respect to <keyword id="20814377" type="General" weightage="20" keywordseo="cooperative-banks" source="keywords">cooperative banks</keyword> are not just one or two but several. "Simple understanding is we are not touching any aspect of the cooperatives other than that which claims under the name of banking...the sections which have been brought in for amendments, as also the court verdicts, have repeatedly reinforced the point that Banking Regulation Act and the Cooperative Banks do have this relationship and therefore it has to be taken through this route," she said. Otherwise, there is no attempt to undermine the cooperatives, particularly cooperatives dealing with everything other than banks, she said defending the Bill. The bill proposes to increase the tenure of directors (excluding the chairman and whole-time director) in cooperative banks from 8 years to 10 years, so as to align with the Constitution (Ninety-Seventh Amendment) Act, 2011. Once passed, the bill would allow a director of a Central Cooperative Bank to serve on the board of a State Cooperative Bank. The bill also seeks to give greater freedom to banks in deciding the remuneration to be paid to statutory auditors. It also seeks to redefine the reporting dates for banks for regulatory compliance to the 15th and last day of every month, instead of the second and fourth Fridays. "What's the rationale behind it? The current reporting Friday system has several limitations that impact the accuracy and effectiveness of the reporting of data. "These limitations are incomplete coverage of monthly data, seasonal fluctuations in banking activity which lead to inconsistent reporting, and the need for adjustment every 11th year which introduces complications and inconsistencies. That is why, in order to address the issue, it is proposed to amend the legislation," she said. The announcement about amendments to the Banking Regulation Act was made by the Finance Minister in the 2023-24 Budget speech. "To improve bank governance and enhance <keyword id="22728161" type="General" weightage="20" keywordseo="investors-protection" source="keywords">investors' protection</keyword>, certain amendments to the Banking Regulation Act, the Banking Companies Act and the Reserve Bank of India Act are proposed," she had said.

Bill to provide up to four nominees to a bank account introduced in Lok Sabha

In 2020, <keyword id="19915884" type="General" weightage="20" keywordseo="Facebook" source="keywords" meta.keywordsubtype="org" meta.entityname="Facebook" meta.hostid="261" meta.entityid="Facebook">Facebook</keyword> parent <keyword id="19911549" type="General" weightage="100" keywordseo="Meta" source="keywords" meta.keywordsubtype="org" meta.entityname="Meta" meta.hostid="261" meta.entityid="Meta">Meta</keyword> faced heavy criticism for allowing the "Stop the Steal" movement to spread like wildfire on its platform. This far-right movement falsely claimed that electoral fraud had deprived Donald Trump of victory in the 2020 United States presidential election, leading to widespread violence in the country. Now, Meta has come under fire again for a similar role in promoting political polarisation during <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>'s ongoing <keyword id="19895394" type="General" weightage="20" keywordseo="lok-sabha" source="keywords">Lok Sabha</keyword> <keyword id="19900767" type="General" weightage="20" keywordseo="elections" source="keywords">elections</keyword>. A recent research report by the corporate accountability group Ekō, in collaboration with India Civil Watch International, has revealed alarming shortcomings in Meta's ability to detect and block <keyword id="21749265" type="General" weightage="20" keywordseo="AI-generated-ads" source="keywords">AI-generated ads</keyword> that promote <keyword id="20028741" type="General" weightage="20" keywordseo="hate-speech" source="keywords">hate speech</keyword>, election disinformation, and incitement to violence. These findings are particularly concerning given the critical election period in India, which several experts have termed as the most important Lok Sabha elections in recent times. <cmsannotation type="cmsannotation" annotationid="Infiltrating election silence periods" comment="subhead" text="Infiltrating election silence periods">Infiltrating election silence periods</cmsannotation> The investigation, spanning the third and fourth phases of India's seven-phase election, targeted 189 contentious constituencies during the election's 48-hour "silence period." This period mandates a halt on all election-related advertising, in order to grant citizens some breathing room to make a considered voting decision. However, researchers found that Meta failed to enforce these restrictions, allowing the dissemination of harmful political advertising, mainly by the ruling Bharatiya Janata Party (<keyword id="14666" type="General" weightage="20" keywordseo="bjp" source="Orion">BJP</keyword>). <cmsannotation type="cmsannotation" annotationid="Type of ads approved by Meta" comment="subhead" text="Type of ads approved by Meta">Type of ads approved by Meta</cmsannotation> Between May 8-13, the study organisations received publishing approvals for 14 self-submitted highly inflammatory advertisements, meaning that Meta’s auto-check systems were unable to pick up on the posts’ disturbing content. These ads contained violent rhetoric anywhere from targeting Muslim minorities, spreading disinformation by exploiting communal conspiracy theories, and inciting violence through Hindu supremacist narratives. One ad even mimicked a recent AI-doctored video of Home Minister Amit Shah, which had recently gained enough notoriety to sanction arrests of some opposition party members. The approved ads were placed in English, Hindi, Bengali, Gujarati and Kannada, and mimicked or exaggerated existing Hindu-supremacist propaganda, such as: <ul><li>Ads targeting BJP opposition parties with accusations of Muslim favouritism</li><li>Dog whistles about Muslim “invaders” and calls for violence against <keyword id="20024988" type="General" weightage="20" keywordseo="Muslims" source="keywords">Muslims</keyword></li><li>Narratives claiming electronic voting machine tampering, calling for uprisings</li><li>Hindu supremacist language and calls for burning Muslims</li><li>A call for executing a lawmaker accused of Pakistani allegiance</li><li>Disinformation about affirmative action policies</li></ul>Each ad featured manipulated images created using common AI tools such as Stable Diffusion, <keyword id="20004545" type="General" weightage="20" keywordseo="midjourney" source="keywords">Midjourney</keyword>, and Dall-e, highlighting how easily AI can amplify harmful content. This news comes despite Meta’s earlier announcements to detect and label AI-generated content to protect the electoral process. Of the total 22 provocative ads that had been submitted to the platform, 14 were reportedly approved within 24 hours, despite them all breaching Meta’s own policies on hate speech, misinformation, and violence. <cmsannotation type="cmsannotation" annotationid="Exploiting Meta's weaknesses" comment="subhead" text="Exploiting Meta's weaknesses">Exploiting Meta's weaknesses</cmsannotation> The research also highlighted vulnerabilities in Meta’s automated ad review system. When faced with regional roadblocks, researchers managed to simply set up dummy Facebook accounts from outside India to circumvent Meta's security measures and post these ads — including during the silence period. Even in the rare chance that these ads were flagged by the platform, slightly adjusting the content was enough to bypass Meta’s scrutiny, the researchers found. This reveals how easily bad actors can exploit Meta’s platform to spread disinformation and incite violence. Civil society groups, both in India and internationally, have called on Meta to enforce stricter measures during elections, emphasising the need for transparency and accountability. As India continues its electoral process, the need for robust action from social media giants like Meta is more critical than ever to protect democratic integrity and public safety. A comprehensive report of the investigation can be accessed <a href="https://aks3.eko.org/pdf/Meta_AI_ads_investigation.pdf" data-type="tilCustomLink">here</a>.

Facebook parent Meta’s systems fail to block anti-Muslim propaganda advertisements amid ongoing Lok Sabha elections, claims report

Joining the club of popular personalities such as <keyword id="19941210" type="General" weightage="20" keywordseo="Kangana-Ranaut" source="keywords">Kangana Ranaut</keyword> and <keyword id="19968072" type="General" weightage="20" keywordseo="Hema-Malini" source="keywords">Hema Malini</keyword> who have joined the <keyword id="19931558" type="General" weightage="20" keywordseo="Bharatiya-Janata-Party" source="keywords" meta.keywordsubtype="org" meta.entityname="Bharatiya Janata Party" meta.hostid="261" meta.entityid="Bharatiya Janata Party">Bharatiya Janata Party</keyword>, ‘<keyword id="19899026" type="General" weightage="20" keywordseo="Anupamaa" source="keywords">Anupamaa</keyword>’ actor <keyword id="19932141" type="General" weightage="100" keywordseo="Rupali-Ganguly" source="keywords">Rupali Ganguly</keyword> just declared her entrance into the party and the world of politics. Rupali, speculated to be India’s current highest-paid TV actress, announced her joining via a press conference held by the <keyword id="19894848" type="General" weightage="20" keywordseo="BJP" source="keywords" meta.keywordsubtype="org" meta.entityname="BJP" meta.hostid="261" meta.entityid="BJP">BJP</keyword> in New Delhi on Wednesday. However, it is unclear whether the ‘Sarabhai vs Sarabhai’ actor intends to contest for a seat during the ongoing 2024 <keyword id="19923279" type="General" weightage="20" keywordseo="Lok-Sabha-elections" source="keywords">Lok Sabha elections</keyword>. Citing Narendra Modi as the inspiration behind this move, Rupali said the following in a PTI interview: "Who is not a fan of this (<keyword id="19899320" type="General" weightage="20" keywordseo="PM-Modi" source="keywords">PM Modi</keyword>’s) work? The progress that he has made India do by leaps and bounds is what attracts every Indian today to BJP and to one and only Narendra Modi." "Seeing the 'Mahayagya' of development around me (under leadership of Prime Minister Narendra Modi), I felt that I should also be a part of it," Rupali told the media. Rupali has, in the past, expressed approval with PM Modi on many politically contested topics. Responding to a X post by the PM on <keyword id="6361164" type="General" weightage="20" keywordseo="reservation" source="Orion">reservation</keyword> in 2021, the actress remarked: “Hope one day we do away completely with caste and religion-based reservations and only the economically weaker sections have access to reservation”. Rupali’s surprise entrance into the BJP comes weeks after Kangana Ranaut announced her intention to contest the Lok Sabha elections and bagged a ticket from Himachal’s Mandi. The party has been rigorously reshuffling their candidates, adding a surprising amount of celebrity sheen to their roster. Two phases of the ongoing 2024 Lok Sabha elections have concluded, with five more to go. The third phase of the Assembly Elections is slated to take place on May 7, where 94 constituencies from 12 states will participate in the <keyword id="43546" type="General" weightage="20" keywordseo="voting" source="Orion">voting</keyword> process.

“Wish to follow in the footsteps of PM Modi!” ‘Anupamaa’ star Rupali Ganguly joins BJP

The <keyword id="6355187" type="General" weightage="50" keywordseo="lok-sabha" source="Orion">Lok Sabha</keyword> on Friday passed the Finance Bill 2023 without any discussion through voice vote, amid protests by the Congress-led opposition. Finance Minister <keyword id="129243" type="General" weightage="50" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> announced that a panel under the finance secretary would be set up to look into the issue of pensions. As many as 75 amendments are there in the Finance Bill, all of which were approved through voice vote, even as the Congress members protested in the well of the <keyword id="7173" type="General" weightage="80" keywordseo="house" source="Orion">House</keyword>, shouting slogans and seeking a JPC probe in the Adani matter. The opposition MPs raised slogans and showed placards saying "Allow <keyword id="5268" type="General" weightage="50" keywordseo="rahul-gandhi" source="Orion">Rahul Gandhi</keyword> to speak in the House" and "We fought the British, we will fight Modi and RSS". Meanwhile, <keyword id="679937" type="General" weightage="80" keywordseo="sitharaman" source="Orion">Sitharaman</keyword> announced while speaking on the bill, that a committee under the finance secretary would be set up to look into the issue of pensions and for evolving an approach which addresses the needs of employees, while maintaining fiscal prudence to protect common citizens. She also informed the House that the approach will be designed for adoption by both the central government and state governments. Sitharaman further said, "It has been represented that payments for foreign tours through credit cards are not being captured under the Liberalised Remittance Scheme (LRS) and they escape tax collection at source. The RBI is being requested to look into this with a view to bring credit card payments for foreign tours within the ambit of LRS and tax collection at source thereon." Soon after the finance bill was passed, the Lower House was adjourned till March 27. Opposition members could be seen tearing their placards and throwing them at the Speaker's chair after the House was adjourned. The Finance Bill 2023, gives effect to the financial proposals of the central government for 2023-24. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/digitalisation-credit-growth-government-policies-to-drive-msme-growth-say-experts/articleshow/98962354.cms">Digitalisation, credit growth, government policies to drive MSME growth, say experts</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/ipl-2023-jio-introduced-new-cricket-plans-providing-3gb-data-per-day/articleshow/98962965.cms">IPL 2023: Jio introduced new cricket plans providing 3GB data per day</a>

Finance Bill passed in Lok Sabha amid opposition protest

New Delhi [India], July 20 (ANI): The Monsoon session of <keyword id="6354721" type="General" weightage="50" keywordseo="parliament" source="Orion">Parliament</keyword> begins on Thursday amidst outrage over the situation in <keyword id="6359754" type="General" weightage="50" keywordseo="manipur" source="Orion">Manipur</keyword> with the Opposition demanding a statement from the Prime Minister of India. Parliamentary Affairs Minister <keyword id="145705" type="General" weightage="50" keywordseo="prahlad-joshi" source="Orion">Prahlad Joshi</keyword> has said that 31 bills will be taken up in the monsoon session. Among these include the Digital Personal Data Protection Bill, 2023. Other important legislations that are expected to be taken up in the Session are the Bill to replace the Government of the National Capital Territory of Delhi (Amendment) Ordinance, 2023, promulgated in May this year. The ordinance deals with the control of services in Delhi and was promulgated after the Supreme Court verdict on an appeal by the Delhi government. Parliamentary Affairs Minister yesterday said that 34 parties and 44 leaders participated in the all-party meeting convened by the government for smooth conduct of the monsoon session which will continue to till August 11 and will have 17 sittings. Other Bills on the agenda of the government include Cinematograph (Amendment) Bill, 2019; DNA Technology (Use and Application) Regulation Bill, 2019; Mediation Bill, 2021; Biological Diversity (Amendment) Bill, 2022 ; Multi-State Cooperative Societies (Amendment) Bill, 2022; Repealing and Amending Bill, 2022; Jan Vishwas (Amendment of Provisions) Bill, 2023; Forest (Conservation) Amendment Bill, 2023; Constitution (Scheduled Tribes) Order (Third Amendment) Bill, 2022 (with respect to State of Himachal Pradesh); Constitution (Scheduled Tribes) Order (Fifth Amendment) Bill, 2022 (with respect to State of Chhattisgarh); Postal Services Bill, 2023; National Cooperative University Bill, 2023; and Ancient Monuments and Archaeological Sites and Remains (Amendment) Bill, 2023. The list also includes International Monetary Fund and Bank Bill, 2023; Provisional Collection of Taxes Bill, 2023 18; the National Dental Commission Bill, 2023; National Nursing and Midwifery Commission Bill, 2023; Drugs, Medical Devices and Cosmetics Bill, 2023; Registration of Births and Deaths (Amendment) Bill, 2023; <keyword id="6357972" type="General" weightage="20" keywordseo="jammu" source="Orion">Jammu</keyword> and Kashmir Reservation (Amendment) Bill, 2023; Cinematograph (Amendment) Bill, 2023; Press and Registration of Periodicals Bill, 2023; Advocates (Amendment) Bill, 2023; Mines and Mineral (Development and Regulation) Amendment Bill, 2023. Railways (Amendment) Bill, 2023; National Research Foundation Bill, 2023; Constitution (Jammu and Kashmir) Scheduled Castes Order (Amendment) Bill, 2023; Constitution (Scheduled Castes) Order (Amendment) Bill, 2023 and the Constitution (Jammu and Kashmir) Scheduled Tribes Order (Amendment) Bill, 2023 are also among the 31 bills on the agenda of the government. Digital Personal Data Protection Bill, 2023, was approved by the Union Cabinet earlier this month. This government had withdrawn Personal Data Protection Bill from Parliament in August last and said that it will come up with a fresh bill. Supreme Court had ruled in 2017 that privacy is a fundamental right and the Digital Personal Data Protection Bill, 2023, is a crucial pillar of the overarching framework of technology regulations being framed by the Centre. The previous version of the bill had come after an extensive consultation process with a Joint Parliamentary Committee also examining it. The government has held another round of consultations to frame the new bill. The Bill to replace the Government of the National Capital Territory of Delhi (Amendment) Ordinance, 2023, seeks to establish the National Capital Civil Services Authority, which consists of the Chief Minister, Chief Secretary of Delhi, Principal Home Secretary of Delhi. The Authority will make recommendations to the Lieutenant Governor (LG) regarding transfers and postings of officials and disciplinary matters. While the government is expected to give push to its legislative agenda, the Opposition parties have planned to raise several issues including Manipur violence, railway safety, unemployment, inflation, India-China border standoff and trade imbalance between the two countries. Pralhad Joshi said the government has sought the Opposition's support in the smooth functioning of the Parliament during the Monsoon Session. "The government is ready to discuss all issues in the Monsoon Session. We have appealed to the Opposition parties to support in the smooth functioning of the Parliament," Joshi said after the all-party meeting yesterday. Some of the parties have planned to move an adjournment motion over Manipur violence among other issues on day one of the Parliament's Monsoon Session today. The opposition insisted that the discussion should take place in the presence of Prime Minister Narendra Modi. Congress on Wednesday said that the party will raise Manipur violence during the session. "Today, in the beginning (of the meeting), I kept my point. Our first issue is the violence in Manipur. Prime Minister should come and answer in Parliament. We will bring adjourment motion over the matter tomorrow," Congress leader Adhir Ranjan Choudhary said after attending the all-party meeting. <keyword id="6355187" type="General" weightage="50" keywordseo="lok-sabha" source="Orion">Lok Sabha</keyword> Speaker Om Birla also chaired a meeting of the Business Advisory Committee ahead of the session. He said, leaders of all parties have assured cooperation in the proceedings of the House. (ANI)

Parliament Monsoon session begins today; 31 bills likely to be taken up

The <keyword id="6355512" type="General" weightage="20" keywordseo="union-cabinet" source="Orion">Union Cabinet</keyword> on Monday evening approved the <keyword id="109340" type="General" weightage="20" keywordseo="Womens-reservation-bill" source="Orion">women's reservation bill</keyword>, Minister of State <keyword id="2627479" type="General" weightage="20" keywordseo="Prahlad-Singh-Patel" source="Orion">Prahlad Singh Patel</keyword> said. "Only the Modi government had the moral courage to fulfil the demand for women's reservation which was proved by the approval of the cabinet. Congratulations <keyword id="6354477" type="General" weightage="50" keywordseo="narendra-modi" source="Orion">Narendra Modi</keyword> ji and congratulations to the Modi government," the minister said on X. Patel is the Minister of State for Food Processing Industries and Jal Shakti. The Union Cabinet met this evening after the first sitting of the five-day special session of <keyword id="6354721" type="General" weightage="80" keywordseo="parliament" source="Orion">Parliament</keyword>. The Cabinet meeting chaired by Prime Minister Narendra Modi went on for over 90 minutes. Cutting across political lines, leaders have demanded the introduction of the women's reservation bill, which guarantees a 33 per cent quota in Lok Sabha and state assemblies. The Women's Reservation Bill passed by the Rajya Sabha in 2010 had provision for 33 per cent reservation for women in Lok Sabha and state assemblies. Earlier addressing the media, the Prime Minister said that "historic decisions" will be taken this Parliament session which may be of short duration but is big on occasion. The cabinet meeting was attended by Union ministers including Rajnath Singh, Amit Shah, Piyush Goyal, Pralhad Joshi, S Jaishankar, Nirmala Sitharaman, Dharmendra Pradhan, Nitin Gadkari and Arjun Ram Meghwal. Ever since it was announced that the Parliament session would be held from September 18-22, there has been speculation on various bills, including the women's reservation bill. In his remarks in Lok Sabha on the discussion on 75 years of Parliament, he asserted that the contribution of women parliamentarians has been on the rise over the years. Congress spokesman Jairam Ramesh welcomed the "reported decision" of the Union Cabinet. "It's been a long-standing demand of the Congress party to implement women's reservation. W "We welcome the reported decision of the Union Cabinet and await the details of the Bill. This could have very well been discussed in the all-party meeting before the Special Session, and consensus could have been built instead of operating under a veil of secrecy," Ramesh said on X. PTI KR/SKC NAB SKU BJ SKU RT RT

Women's reservation bill approved by Cabinet, says MoS Patel

Scheduled commercial banks have written off loans amounting to Rs 10,09,511 crore in the last five financial years and the process of recovery of dues from the borrowers continues, <keyword id="309842" type="General" weightage="50" keywordseo="union-finance" source="Orion">Union Finance</keyword> Minister <keyword id="129243" type="General" weightage="50" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> informed the <keyword id="6355187" type="General" weightage="50" keywordseo="lok-sabha" source="Orion">Lok Sabha</keyword> on Monday. <keyword id="679937" type="General" weightage="100" keywordseo="sitharaman" source="Orion">Sitharaman</keyword> said recovery in NPA (non-performing asset) accounts, including written-off loans, was an ongoing process. According to <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> (<keyword id="30067" type="General" weightage="80" keywordseo="rbi" source="Orion">RBI</keyword>) data, public sector banks have recovered Rs 4,80,111 crore, including Rs 1,03,045 crore from written-off loans, during the last five financial years, she said. "As per inputs received from the RBI, scheduled commercial banks have written off an amount of Rs 10,09,511 crore during the last five financial years," Sitharaman said during Question Hour. The borrowers of written-off loans continue to be liable for repayment and the process of recovery of dues from the borrower in written-off loan accounts continues, she added. Banks continue to pursue recovery actions initiated in written-off accounts through various recovery mechanisms available, Sitharaman added. The actions include filing a suit in civil courts or in Debts Recovery Tribunals, action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, filing of cases in the National Company Law Tribunal under the Insolvency and Bankruptcy Code, 2016, through negotiated settlement and compromise and sale of NPAs. "Therefore, write-off does not benefit the borrowers," she said. The minister said according to RBI guidelines and policy approved by banks' boards, NPAs, including those in respect of which full provisioning had been made on completion of four years, were removed from the balance sheet of the bank concerned by way of the write-off. Banks evaluate and consider the impact of write-offs as part of their regular exercise to clean up their balance sheet, avail of tax benefits and optimise capital, in accordance with RBI guidelines and policies approved by their boards, she said. Replying to a question, Sitharaman said the process of retrieving money of small depositors and investors from loan defaulters was very complicated as the legal process was lengthy and there were multiple claimants to the seized assets that included banks and other financial institutions. The minister said she was aware of the depositors undergoing extreme difficulties and there was a need to look into the issue and how to simplify the process. Earlier, Minister of State for Finance Bhagwat <keyword id="12139871" type="General" weightage="50" keywordseo="kishanrao-karad" source="Orion">Kishanrao Karad</keyword> said the names of loan defaulters were not disclosed due to RBI guidelines but their names could be disclosed once their assets were put up for auction. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/ipos-pick-up-steam-in-last-three-months-of-2022-strong-pipeline-likely-to-propel-listings-in-2023/articleshow/96325621.cms">IPOs pick up steam in last three months of 2022 – Strong pipeline likely to propel listings in 2023</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/idfc-first-bank-announces-zero-free-banking-on-savings-accounts/articleshow/96334786.cms">IDFC First Bank announces zero-free banking on savings accounts</a>

Loans worth ₹10,09,511 crores written off in last five financial years: Sitharaman

New Delhi, Mar 18 (PTI) The <keyword id="6355187" type="UNKNOWN" weightage="20" keywordseo="lok-sabha">Lok Sabha</keyword> on Wednesday approved over Rs 1-lakh crore Budget for Jammu and Kashmir for 2020-21 with emphasis on the development of newly carved-out Union Territory. Jammu and Kashmir was made a Union Territory with effect from October 31, 2019. Since the bifurcation (October 31), as many as 45 lakh beneficiaries have got Rs 1,705 crore disbursed through direct benefit transfers to their accounts directly during this financial year, Finance Minister Nirmala Sitharaman said in reply to the debate on Budget for Jammu and Kashmir and Ladakh. Sixty thousand new pension cases shall be covered through the Direct Benefit Transfer Scheme in the coming financial year, she said. "We intend to achieve 100 per cent coverage under individual beneficiary schemes, particularly under various scholarship schemes," she said. She also said 355 hectare shall be brought under high-density apple plantation, a new way of cultivating. With this, farmers can earn three times more than what they have been earning from an apple orchard, she added. With regard to the tourism development, the finance minister said three religious circuits have been announced in the Budget. For tourism and culture sectors, an allocation of Rs 706 crore has been made for 2020-21, which is Rs 260 crore more than the previous year's budget allocation, she said. For improving the employment and skill development, she said that in the traditional jewellery sector, silver filigree works will be promoted apart from funding start-ups in the region. The Budget proposes to fill up 50,000 vacancies in government sector, she said. The 'Back to Village' programme, launched by the Government of J&amp;K, has been very well received and the government proposed to provide Rs 200 crore under the programme for providing basic and other amenities in villages, she added. She further said exports from the state are witnessing a rise along with the GST collection. In her Budget speech in Parliament on Tuesday, she had informed that the Budget 2020-21 for J&amp;K shall cross Rs 1-lakh crore mark for the first time, an indicator of commitment to make J&amp;K a model of development. "This is the highest-ever Budget envisaged for Jammu and Kashmir. The total budget estimates for the fiscal is Rs 1,01,428 crore, of which developmental expenditure is of the order of Rs 38,764 crore, an increase of 27 per cent," she had said. She had expressed hope to achieve gross state domestic product (GSDP) growth of 11 per cent, making the UT one of the fastest-growing UTs/states. "The capital component of the Budget has increased substantially and the expected revenue receipts are Rs 91,100 crore, whereas revenue expenditure is expected to be Rs 62,664 crore, thereby making available revenue surplus for capital expenditure to the tune of Rs 28,436 crore," she had said. The capital receipts are projected at Rs 10,329 crore and capital expenditure is expected to the tune of Rs 38,764 crore, which is 27 per cent higher than the previous year's Budget. With regard to Union territory of Ladakh carved out of the erstwhile state of Jammu &amp; Kashmir, the total Budget Estimates for the past 5 months have been pegged at Rs 5,754 crore. Of this, she had said capital expenditure would be Rs 4,618.35 crore and revenue expenditure would be Rs 1,135.65 crore.

Lok Sabha approves over ₹ 1 lakh cr budget for J&K for FY21

A total of 478 technical snag-related occurrences were reported in planes between July 1, 2021 and June 30, 2022. "During operations, an aircraft may experience technical snags due to malfunctioning of components/equipment fitted on the aircraft which require rectification by the airlines for continued safe, efficient and reliable air transport service. These technical snags are reported by the flight crew on receiving an aural or visual warning in the cockpit or an indication of an inoperative/faulty system or while experiencing difficulty in operating the aircraft," said Minister of <keyword id="14580236" type="General" weightage="50" keywordseo="civil-aviation-jyotiraditya-scindia" source="Orion">Civil Aviation Jyotiraditya Scindia</keyword> in the <keyword id="6355187" type="General" weightage="50" keywordseo="lok-sabha" source="Orion">Lok Sabha</keyword> on Thursday. A total of 177 surveillance, 497 spot checks and 169 night surveillance have been carried out by <keyword id="6354705" type="General" weightage="50" keywordseo="directorate-general-of-civil-aviation" source="Orion">Directorate General of Civil Aviation</keyword> (<keyword id="6354787" type="General" weightage="80" keywordseo="dgca" source="Orion">DGCA</keyword>) on engineering and maintenance aspects of scheduled operators during the last one year (July 1, 2021 - June 30, 2022). Based on the violations found during surveillance, spot checks, night surveillance carried out during 2021-22, enforcement action has been taken by DGCA against responsible personnel of the airline operator in 21 instances of violations, which inter-alia includes suspension of license, withdrawal of post holder (approved personnel to the airlines involved in the maintenance of aircraft), issuance of warning letters, etc. The DGCA has laid down regulations under <keyword id="394497" type="General" weightage="50" keywordseo="civil-aviation-requirement" source="Orion">Civil Aviation Requirement</keyword> (<keyword id="6358816" type="General" weightage="50" keywordseo="car" source="Orion">CAR</keyword>) which requires that the aircraft is maintained in accordance with the manufacturers' guidelines and all snags reported on the aircraft are rectified before the aircraft is released for flight. Further, CAR lays down the requirements for the approval of maintenance organisation which mandates the organisation to have required manpower, equipment and literature commensurate to the type and fleet to be maintained. Under the system, airline operators are required to ensure that the aircraft are maintained in a continuous state of air-worthiness and all defects are rectified, said the Minister. DGCA has a laid down mechanism of conducting surveillance, spot checks, night surveillance etc. of the airlines/organisations and personnel to ensure safety of passenger and aircraft. The findings made during surveillance, spot checks and night surveillance are provided to the airline for taking corrective action. The action taken to correct the observations are reviewed. DGCA takes enforcement action in accordance with laid down procedures which may consist of warning, suspension, cancellation including imposition of financial penalty to the personnel involved/airline, said the reply. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/indian-sports-buffs-can-now-vote-for-their-favourite-teams-jersey-using-blockchain/articleshow/93183286.cms">Indian sports buffs can now vote for their favourite team’s jersey using blockchain</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/gta-6-may-get-a-female-protagonist-launch-date-and-everything-we-know-so-far/articleshow/93182862.cms">GTA 6 may get a female protagonist – launch date and everything we know so far</a>

Civil Aviation reports 478 technical snag-related occurrences in planes within a year

New Delhi, Mar 17 () The Lok Sabha on Wednesday passed the Appropriation Bill 2021-22, authorising the government to draw funds from the Consolidated Fund of India for its working as well as implementation of its programmes and schemes. This completes two-thirds of the exercise for approval of the Budget for 2021-22. The Appropriation Bill authorising payment and appropriation of specified sums from the Consolidated Fund of India for 2021-22 was introduced by Finance Minister Nirmala Sitharaman. The bill was later approved by voice vote. The Lok Sabha earlier discussed demands for grants of different ministries, including railways, education and health. Speaker Om Birla later applied the guillotine, after which all the outstanding demands for grants, whether discussed or not, were put to vote at once and passed. After that, the Appropriation Bill was taken into consideration and passed by the lower house of Parliament. The Lok Sabha will now discuss the Finance Bill, which essentially contains the government's tax proposals. Once the Finance Bill is passed, the budget exercise is complete. Both appropriation and finance bills are classified as money bills which do not require the explicit consent of the Rajya Sabha. The upper house only discusses them and returns the bills. After passing the Finance Bill, it enters the statute as the Finance Act. Thus, the final Budget gets approved. While guillotine literally is a large, weighted blade used for executing a condemned person, in legislative parlance, to ''guillotine'' means to bunch together and fast-track the passage of financial business. It is a fairly common procedural exercise in Lok Sabha during the Budget Session. After the Budget is presented, Parliament goes into recess for about three weeks, during which the House Standing Committees examine demands for grants for various ministries, and prepare reports. After Parliament reassembles, time is allotted for discussions on the demands for grants of some ministries. RR CS ABM ABM

Lok Sabha passes Appropriation Bill, completing two-thirds of budget exercise

New Delhi, Nov 28 () Amid vehement opposition by the Congress and other parties, Labour Minister Santosh Kumar Gangwar on Thursday introduced the Industrial Relations Code Bill 2019 in the Lok Sabha.
 Congress and other Opposition parties were protesting against the bill while describing it as "anti-labourers". They demanded that the bill be referred to the parliamentary standing committee on labour.
 Speaking about the bill, Gangwar said nothing in this bill is against the rights of labourers.
 This bill is part of the government's initiative to reform labour laws by amalgamating 44 legislations related to labourers into four codes.
 The Code on Industrial Relations amalgamates, simplifies and rationalises the relevant provisions of three Central Labour Acts namely Trade Unions Act, 1926; Industrial Employment (Standing Orders) Act, 1946 and Industrial Disputes Act, 1947.
 The bill was approved by the Union Cabinet on November 20.
 Meanwhile, a labour ministry statement quoting Gangwar, said "the Code has been prepared after wide consultations with trade union representatives, employers' organizations and state governments".
Contrary to the claims of the opposition parties that the bill is against the interest of labours, the bill rather aims to consolidate and amend the laws relating to trade unions, conditions of employment in industrial establishment or undertaking, investigation and settlement of industrial disputes, the ministry said.
 Provisions are being made to have a two-member Industrial Tribunal, with second member being from administrative side, in place of single member Labour Court and Industrial Tribunal at present.
 Further, the tribunal will be empowered to execute the award as a decree of a civil court, which will facilitate speedy disposal of disputes.
 The bill also aims to impart flexibility to the exit provisions (relating to retrenchment etc), for which, the threshold for prior approval of the government has been kept unchanged at 100 employees, but added a provision for changing 'such number of employees' through notification.
 "The reskilling fund is to be utilised for crediting to workers in the manner to be prescribed. Definition of fixed term employment and that it would not lead to any notice period and payment of compensation on retrenchment excluded. Vesting of powers with the government officers for adjudication of disputes involving penalty as fines thereby lessening the burden on tribunal," it said.
 Under the bill the definition of strike is proposed to be modified to include mass casual leave within its ambit.
 The draft law also prohibits strikes and lockouts in any industrial establishment without giving notice of 14 days and also during the pendency of conciliation proceedings.
 It also defines the expression 'fixed term employment' to mean engagement of a worker on the basis of a written contract of employment for a fixed period. The fixed term employee will get all statutory benefits like social security, wages, etc, at par with the regular employee who is doing work of same or similar nature.
 The definition of "worker" under the bill includes persons in supervisory capacity getting wages up to Rs 15,000 within its ambit.
 At present, under the Industrial Disputes Act, 1947, definition of 'worker' includes person in supervisory capacity getting salary up to Rs 10,000 per month.
 The bill also aims to provide for the obligation on the part of the industrial establishment pertaining to mines, factories and plantation having 100 or more workers to take prior permission of the government before lay-off, retrenchment or closure.
 However, the government is proposed to be empowered to modify such threshold number of workers by notification.
 It provides for a sole negotiating union in an industrial establishment for negotiating with the employer, on such matters as may be provided by rules.
 The bill also provides for continuation of services of Presiding Officers of the existing adjudicating authorities.
 Another feature of the bill is that "reference by the government will not be required for Industrial Tribunal, except the National Industrial Tribunal".
 The bill also provides for penalties for different types of violations to rationalise with such offences and commensurate with the gravity of the violations.
 It has seeks to empower the government to appoint officers for holding enquiry and impose penalty in certain contraventions punishable with fine up to Rs 50,000 and compounding of offences which are not punishable with imprisonment. JTR ABI ABI ANU
ANU

Industrial Relations Code Bill introduced in Lok Sabha

The <a href="http://www.businessinsider.in/searchresult.cms?query=Lok+Sabha&amp;sortorder=effectivedate">Lok Sabha</a> on Thursday backed a new <a href="http://www.businessinsider.in/searchresult.cms?query=Bankruptcy+Bill&amp;sortorder=effectivedate">Bankruptcy Bill</a>. This is a crucial step towards establishing a debt resolution regime to strengthen the hands of banks seeking to recover $120 billion in troubled loans. 
 
The Insolvency and Bankruptcy Code 2016, passed by a voice vote, is expected to be approved by the upper house next week as the main opposition Congress party has pledged its support. 
 
The government will now get rid of a century-old insolvency law and amend 11 laws now dealing with defaulters. 
 
<a href="http://economictimes.indiatimes.com/thumb/msid-47473612,width-600,resizemode-4/first-joint-parliament-panel-meet-on-land-bill-congress-tmc-raise-queries.jpg">Image Source</a>

Lok Sabha approves the Bankruptcy Bill

A bill to provide an opportunity to <keyword id="59866" type="COMPANY" weightage="20" keywordseo="taxpayers">taxpayers</keyword> to settle their tax disputes by paying just due taxes with complete waiver of interest and penalty by March 31 was approved by Lok Sabha on Wednesday.The <keyword id="45697" type="COMPANY" weightage="20" keywordseo="Direct-Tax">Direct Tax</keyword> Vivaad Se Vishwas Bill, 2020, which was introduced by Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> in the Houseon March 2, was passed amid din. Opposition has been protesting over the issue of Delhi violence and demanding an immediate discussion. As many as 4.83 lakh direct tax cases worth Rs 9.32 lakh crore are locked up in various appellate forums such as Commissioner (Appeals), ITAT, High Courts, Supreme Court and Debt Recovery Tribunals. Also in search and seizure operations where the recovery is up to Rs 5 crore, this <keyword id="6360600" type="UNKNOWN" weightage="20" keywordseo="scheme">scheme</keyword> can be availed once the Bill is passed by Parliament. Under the proposed scheme, taxpayers willing to settledisputes shall be allowed a complete waiver of interest andpenalty if they pay the entire amount of tax in dispute <keyword id="8866612" type="UNKNOWN" weightage="20" keywordseo="bymarch">byMarch</keyword> 31 this year, following which a 10 per cent additionaldisputed tax shall have to be paid over and above the taxliability. Further, where arrears relate to disputed interest orpenalty only, then 25 per cent of disputed penalty orinterest shall have to be paid if the payment is made byMarch 31, beyond which the same shall be enhanced to 30 percent. The scheme would remain open till June 30, 2020. JDDV DV

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