CAO The Hindu NOTES – 14th April, 2018 (Daily News Paper Current Affairs Analysis)
📰THE HINDU NEWSPAPER – DAILY Hindu Current Affairs Analysis
Date:- 14th April, 2018
BINANI CEMENT CASE RETURNS TO NCLT (GS 3 ECONOMY)
Binani Industries on Friday withdrew its appeal against a National Company Law Appellate Tribunal (NCLAT) order in the Supreme Court after the apex court refused to allow an out-of-court settlement for the debt-ridden subsidiary Binani Cement, which is going through an insolvency procedure. The case will now go back to the National Company Law Tribunal (NCLT)
What we have to understand here is about NCLT only.
The National Company Law Tribunal NCLT is a quasi-judicial body, exercising equitable jurisdiction, which was earlier being exercised by the High Court or the Central Government. The Tribunal has powers to regulate its own procedures.
NCLT was constituted under section 408 of the Companies Act, 2013 to adjudicate on issues relating to companies in India.
The NCLT has eleven benches, two at New Delhi (one being the principal bench) and one each at Ahmedabad, Allahabad, Bengaluru, Chandigarh, Chennai, Guwahati, Hyderabad, Kolkata and Mumbai.
The establishment of the National Company Law Tribunal (NCLT) consolidates the corporate jurisdiction of authorities like Company Law Board, Board for Industrial and Financial Reconstruction, The Appellate Authority for Industrial and Financial Reconstruction etc…
The NCLT shall have powers and jurisdiction of the Board for Industrial and Financial Reconstruction (BIFR), the Appellate Authority for Industrial and Financial Reconstruction (AAIFR), Company Law Board, High Courts relating to compromises, arrangements, mergers, amalgamations and reconstruction of companies, winding up etc. Thus, multiplicity of litigation before various courts or quasi-judicial bodies or forums have been sought to be avoided. The powers of the NCLT shall be exercised by the Benches constituted by its President.
NORTH INDIAN RESERVOIRS RUN DRY AS SUMMER SETS IN (GS 3 RESOURCES)
North Indian could be running towards a water shortage as the reservoirs are precariously deficit. The total live storage now is only 3.62 BCM (billion cubic metres), which is 20% of capacity.
Worrying factor is that the storage during the current year is less than the corresponding period of last year and is also less than the average storage of the last 10 years during the corresponding period
Poor pre-monsoon rain last month contributed to the water shortage. According to figures from the India Meteorological Department (IMD), north-west India, which normally gets 5.9 cm of rain from March 1 to April 12, got only 3.4 cm — a 42% decline
More than a regional problem
The water shortage in reservoirs is a national problem. According to central Water Commission (CWC), storage in 91 major reservoirs for the week ending on April 12, 2018 was 40.857 BCM which is 25% of total storage capacity. The total storage as similar to the case in North India has fallen against storage in the same period last year and also against the average of last 10 years.
The total storage capacity of these 91 reservoirs is about 63% of the total storage capacity to have been created in the country.
With temperature reaching to record numbers every year, climate change is more than a reality in India. Associated with it comes the failure of rainfall and thus water shortage. Considering the ever increasing population and consequent water needs, its high time country invest into methods that can preserve the scarce resource through efficient use.
CELEBRATING HARVEST -BAISAKHI (GS 1 CULTURE)
Baisakhi is one of the major festivals of Sikhs and is celebrated with lot of enthusiasm in the state of Punjab. For the large farming community of Punjab, Baisakhi Festival marks the time for harvest of Rabi crops and they celebrate the day by performing joyful bhangra and gidda dance.
Baisakhi is named after the New Year according to the solar calendar followed in Punjab. The festival is celebrated on the first day of the first month of the solar calendar i.e. Vaisakh, that falls around mid-April according to the Gregorian calendar
For the Sikh community, Baisakhi Festival has tremendous religious significance as it was on a Baisakhi Day in 1699, that Guru Gobind Singh, the tenth Sikh Guru laid the foundation of Panth Khalsa-the Order of the Pure Ones.
There are two main types of celebrations that take place on Baisakhi, one pertains to the Sikh community while the other to the farming community in Punjab.
GOVERNMENT EXTENDS PHASE 1 OF FAME-INDIA
The government today announced extension of phase 1 of the FAME-India scheme entailing incentives for mass adoption of electric and strong hybrid vehicles by six months till September-end or till its second phase is approved, whichever is earlier.
The phase 1 of the scheme was initially proposed for two years till March 31, 2017 but was extended twice, up to March 31, 2018.
The government is likely to extend financial support of Rs 8,730 crore for the second phase of the FAME India spanning five years
About Fame- India
The FAME-India (Faster Adoption and Manufacturing of (hybrid &) Electric vehicles in India) scheme is intended to support the hybrid/electric vehicles market development and its manufacturing ecosystem to achieve self-sustenance.
It was launched in 2015 under the National Electric Mobility Mission (NEMM) aimed at promoting eco-friendly vehicles in the country. It is being administered by the Heavy Industries Ministry.
The scheme aims to realize its objective through fiscal and monetary incentives for adoption and market creation of both hybrid and electric technologies vehicles in the country. It also aims at incentivising all vehicle segments, including two-wheelers, three wheeler auto, passenger four-wheeler vehicle, light commercial vehicles and buses.
The scheme covers various technologies for electric vehicles like hybrid, plug-in hybrid and battery electric vehicles etc…
FOREX RESERVES AT RECORD HIGH OF $424.867 BN (GS 3 ECONOMY)
The country’s foreign exchange reserves rose by USD 503.6 million to touch a life-time high of USD 424.864 billion in the week to April 6
Expressed in the US dollar terms, the foreign currency assets include the effect of appreciation or depreciation of the non-US currencies such as the euro, the pound and the yen held in the reserves.
About Forex Reserves
The forex are reserve assets held by a central bank in foreign currencies. It acts as buffer to be used in challenging times and used to back liabilities on their own issued currency as well as to influence monetary policy. Almost all countries in world, regardless of size of their economy, hold significant foreign exchange reserves.
The components of India’s FOREX Reserves include Foreign currency assets (FCAs), Gold, Special Drawing Rights (SDRs) and RBI’s Reserve position with International Monetary Fund (IMF).
FCAs are maintained in major currencies like euro, US dollar, pound sterling, Japanese yen etc. FCAs constitute largest component of Indian Forex Reserves.