Current Affaie 11 March 2016

INDIAN AFFAIRS

State Budget of Chhattisgarh presented

Chhattisgarh Chief Minister Raman Singh presented the State Budget for the fiscal year 2016-17.

• More budget allocation to drought affected Agriculture sector
• Announcements to the Maoists affected Bastar Region

Rajya Sabha Passed the Real Estate Bill

 The Real Estate Regulation and Development Bill was passed in the Rajya Sabha. This bill is in the favour of protection of Home buyers and to bring in more transparency into the real estate business and avoid the flow of Black money.

Union Cabinet Nods to the new Hydrocarbon Exploration and Licensing Policy

The Union Cabinet, presided by Prime Minister Narendra Modi approved the Hydrocarbon Exploration and Licensing Policy (HELP).

• The HELP will replace the New Exploration Licensing Policy (NELP)
• It will enhance domestic oil and gas production, bring substantial investment in the sector and generate sizable employment. The policy also targets the enhancement of transparency and reduction of administrative discretion

Union Cabinet approved Sikh Gurudwara’s Act

The Union Cabinet approved the proposal of the Ministry of Home Affairs to amend the Sikh Gurdwaras Act, 1925 through the Parliament with effect from 8 October 2013

• The proposal gave green signal to remove the exception given to Sehajdhari Sikhs in 1944 to vote in the elections for selecting members of the board and the committees constituted under the Act

Union Cabinet Nods for BIMSTEC Convention in Criminal Matters

The Union Cabinet headed by PM Narendra Modi gave its approval for the BIMSTEC Convention on mutual legal assistance in Criminal Matters.

• It is the Bay of Bengal Initiative on Multi Sectoral Technical and Economic Cooperation
• It comprises seven countries – Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka and Thailand

Union Cabinet approved MoU between India and Bahrain on Cooperation for Prevention of Human Trafficking
Memorandum of Understanding (MoU) between India and Bahrain on cooperation for prevention of human trafficking especially trafficking in women and children,,rescue, recovery, repatriation and re-integration of victims of trafficking has been approved by the Union Government.

• Decision in this regard taken by the Union Cabinet headed by the Prime Minister Narendra Modi. The approved MoU is expected to be signed during the Home Minister visit to Bangkok in the April.

Significance of the MoU:

• To prevent to all forms of humantrafficking, particularly that of women and children and ensurespeedy investigation and prosecution of traffickers and organizedcrime syndicates in either country.
• The sending home of victims would be done as expeditiously aspossible and home country will undertake the safe and effective re-integration of the victims.

Bahrain:

• Capital: Manama
• Currency: Bahrain Dinar

IMF to set up data sharing centre in India
International Monetary Fund (IMF) will establish a knowledge-sharing centre in India, to provide technical support and assistance to India, Nepal, Bangladesh, Sri Lanka, Pakistan and Bhutan.

• Data sharing centre will extend expertise in core macroeconomic and financial management areas. This would be the first such initiative in Asia. An agreement will be ratified in this regard by IMF chief Christine Lagarde and Prime Minister Narendra Modi.
• IMF team would be outside the region, and will ensure better understanding of regional concerns, including trade, agriculture, climate change, facilitating a reform process and support to regional integration.
• Washington based IMF would riseIndia’s quota to 2.7 % from the existing 2.44 %.The first time, four emerging market (EM) countries of the BRICS nations Brazil, China, India and Russia will be among the 10 largest members of the body.

International Monetary Fund:

• Headquarters: Washington DC
• Manging Director: Christine Lagarde
• Membership: 188 Countries

Cabinet approves amendment to mining law, move to spur M&As
Cabinet Approved Amendment to mining law The Mines and Minerals (Development and Regulation) Amendment Bill 2015 to transfer of mining lease for captive mines.

• The proposed amendment will permit transfer of captive mines granted on discretion to spur merger and acquisitions in the mining sector
• The amended bill to help in checking the stressed and non-performing assets of Indian Banking industry also push the stuck M&A deals could be moved in the right direction.

The Mines and Minerals Bill 2015:

• The Mines and Minerals (Development and Regulation) Act, 1957 regulates the mining sector in India and specifies the obligation for obtaining and granting mining leases for mining operations.
• The bill adds a new Fourth Schedule to the Act.  It includes bauxite, iron ore, limestone and manganese ore and are notified as notified minerals.