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Daily Current Events by Civils360 November 24, 2017

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Judiciary: Read Here

  • In a progressive decision, Supreme Court of India struck down a provision which denies a person bail even if there is reasonable ground to believe that he or she did not commit the offence of money laundering.
  •  The apex court declared Section 45(1) of the Prevention of Money Laundering Act of 2002 violative of the fundamental rights to equality, life and personal liberty guaranteed under the  Articles 14 and 21 of the Constitution of India.
  • The Supreme Court judges passed directions to court to take up the cases of the persons suffering from undertrial due to the Section 45(1) of PMLA.
  • The Court opined that the provision was “manifestly arbitrary” and “unconstitutional” because it drastically intruded into the fundamental rights of the accused.

Vulnerable Sections: Read Here

  • The government will reintroduce the bill to grant National Commission for Backward Classes constitutional status.It will make the NCBC a constitutional body with full powers to safeguard the rights and interests of Other Backward Classes.

  • This move will equate the status of OBC classes on par with that of SC and ST classes.Previously, the complaints of the OBC are heard by National Commission on SC. When the bill is passed into a law, it will empower the NCBC to hear complaints of OBCs, protect their interests and safeguard their rights.

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Cybersecurity: Read Here

  • P.M. of India called for sharing of information and coordination among nations to ensure that digital space does not become a playground for the dark forces of terrorism and radicalisation.
  • He also pitched on the idea of cyberwarriors to keep the digital platform safe. The idea was given at the Global Conference on Cyber Space.
  • He also invited the delegates and the industry leaders present to invest in this space, and be a part of the unfolding story of Indian startups.He also unveiled UMANG mobile app to make e-governance ‘mobile first’.

Insolvency and Bankruptcy Code: Read Here

  • The recent ordinance passed in IBC have put restrictions on not only wilful defaulters and those involved in fraud but also on entities that have defaulted on loan payments.This will protect the government from accusations of crony capitalism.
  •  However, it will lead to fewer bids and of lower value as it eliminates a potential bidder by default.Thus, banks will not be able to recover the amount completely. Ultimately, the burden gets shifted ultimately to the taxpayer.
  • Instead, there needs to be reformed in the existing IBC code like clarifying that buyers won’t be subject to tax on buying assets at a discount.

Apparel Sector: Read Here

  • Amid the sharp fall in apparel exports, the government plans to double the incentive for garment exporters under the Merchandise Export from India Scheme.
  • The sector suffered a 39 percent slump in exports in October to total $829.4 million this year which is one of the worse hit because of the GST’s implementation.
  • The MEIS is the most popular incentive for exporters, under which identified sectors are given duty exemption scrips that are fixed at a certain percentage of the total value of their exports.