The Things You Should Know

The Financial Resolution and Deposit Insurance Bill 2017 was introduced in Lok Sabha in August 2017 during the Monsoon Session of the Parliament. However the bill was then referred to the Joint Parliamentary Committee (JPC) for review.  The committee was looking into the bill that aimed to provide a resolution to deal with bankruptcies in banks, insurance companies, and other financial intermediaries through a 'Resolution Corporation' and a 'Corporation Insurance Fund'. The JPC was supposed to submit its report in the Winter Session of the Parliament. However now the committee scrutinising the bill will submit its report in the upcoming Budget Session. Aim: To provide for the resolution of certain categories of financial service providers in distress; the deposit insurance to consumers of certain categories of financial services; designation of systemically important financial institutions; and establishment of a Resolution Corporation for protection of consu...

The government has done it again. Yesterday on 27th Dec,2017 the government has announced rate cut for various small saving schemes except saving deposits and 5-year senior citizen saving scheme.  A reduction of interest rates in small saving schemes is a big loss for those with large balance in these saving schemes, specially PPF. Because PPF is the most attractive  saving    scheme as it gets tax benefit (on amount as well as interest) under section 80C of Income Tax Act. The government on Wednesday cut the interest rate on small savings schemes, including Public Provident Fund (PPF), Sukanya Samriddhi Yojna, National Savings Certificate (NSC) and Kisan Vikas Patra, by 20 basis points for the January-March quarter, a move that will prompt banks to lower deposit rates.  This is the third time the government has cut the rates since April 2016. The new rates will be applicable for January-March quarter.  Since April 2016, interest rates of all small...

On 21st December,2017 the CBI special court delivered judgment on 2G scam case.  The court acquitted former telecom minister and DMK leader A Raja, his party colleague and Rajya Sabha MP Kanimozhi and 16 others of corruption and money laundering charges in the 2G spectrum allocation case, which shook the nation in 2011 and was widely seen as key to the then ruling United Progressive Alliance's defeat in 2014 general election. The special court said that CBI filed a "well choreographed charge sheet" containing incorrect facts which miserably failed to prove charges against the accused in 2G spectrum case. Special Judge O.P. Saini said:  "I have no hesitation in holding that the the prosecution has failed to prove the charges beyond reasonable doubt. So all are acquitted."  Background & Timeline: May 2007: DMK leader A Raja appointed as Telecom Minister. Aug 2007: Process of allotment of 2G Spectrum along with UAS (Unified Access Service) Li...

Uttar Pradesh : It's a landslide victory of Bhartiya Janta Party in Uttar Pradesh. BJP has won 312 seats with 39.2% vote share. However its a huge blow for the ruling Samajwadi Party, which had won 224 seats in 2012 assembly election. SP has secured 47 seats with 21.8% vote share. The Bahujan Samaj Party has won only 19 seats, but its vote share is 22.2%. It seems the division of votes between SP and BSP has immensely helped BJP in Uttar Pradesh. BJP fought UP assembly elections on the face of Prime Minister Narendra Modi only and didn't declare Chief Minister face. The BJP president told media today the Parliamentary board of the party will meet tomorrow to decide the chief minister name. On the other hand Akhilesh Yadav today accepted the mandate of the people and told his alliance with Congress party would continue. However the Bahujan Samaj Party supremo Mayawati was shocked by the results. She made some allegations and told the EVMs in UP were rigged.  Results of some...

Uttar Pradesh: With 403 Assembly seats and 80 Lok Sabha constituencies, Uttar Pradesh is the biggest state of India in terms of population. Most of the seats this time have triangular contest between Samajwadi Party + Congress alliance, Bahujan Samaj Party and Bhartiya Janta Party. In western UP the fight is four dimensional because of Ajit Singh’s Rashtriya Lok Dal. With more than 12 crore voters no exit poll can predict the accurate result. It is very difficult to predict the result of UP, specially this time when the contest is triangular. However none of the exit poll is giving clear majority to any particular party. Most of the exit polls are showing hung assembly picture. As per the exit polls BJP will be the single largest party in UP, following SP, Congess alliance and then BSP. It will be interesting to see the equations that will form in case of hung assembly. Punjab : With 117 assembly seats in Punjab a political party needs 59 seats to form a government. It ...