GS Paper III- Economic Development.
Insolvency And Bankruptcy Board Of India Inks MoU With RBI.
- The Insolvency and Bankruptcy Board of India (IBBI) signed a Memorandum of Understanding (MoU) with the Reserve Bank of India (RBI) for effective implementation of the Insolvency and Bankruptcy Code and its allied rules and regulations, through a quick and efficient resolution process.
- Furthermore, the two parties have agreed to assist and co-operate with each other for the effective implementation of the Code, subject to limitations imposed by the applicable laws.
- The MoU, which was signed on the sidelines of the fourth meeting of the Insolvency Law Committee (ILC), provides for sharing of information between the two parties, subject to the limitations imposed by the applicable laws; sharing of resources available with each other to the extent feasible and legally permissible; and periodic meetings to discuss matters of mutual interest, including regulatory requirements that impact each party’s responsibilities, enforcement cases, research and data analysis, information technology and data sharing.
Highlights Of The Development-
- The agreement also enforces cross-training of staff in order to enhance each party’s understanding of the other’s mission for effective utilisation of collective resources; capacity building of insolvency professionals and financial creditors; and joint efforts towards enhancing the level of awareness among financial creditors about the importance and necessity of swift insolvency resolution process of various types of borrowers in distress under the provisions of the Code.
- The MoU was signed by Sudarshan Sen, Executive Director of the RBI and Dr. Mamta Suri, Executive Director of the IBBI in the presence of Injeti Srinivas, Secretary to the Government of India, Ministry of Corporate Affairs.
- For the unversed, the Insolvency and Bankruptcy Code, 2016 (Code) provides for reorganisation and insolvency resolution of corporate persons, partnership firms, and individuals in a time bound manner for maximisation of the value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders, and for this purpose, has created an institutional infrastructure comprising of adjudicating authorities, the IBBI, insolvency professionals, insolvency professional agencies and information utilities.
- The IBBI exercises regulatory oversight over the insolvency professionals, insolvency professional agencies and information utilities. It writes and enforces rules for processes, namely, corporate insolvency resolution, corporate liquidation, individual insolvency resolution and individual bankruptcy under the Code.
GS Paper II- Governance, Polity.
Death Penalty Should Stay, Say 12 Out Of 14 States, UTs.
- Of the 14 states and Union Territories that have replied to the Home Ministry on a proposal to abolish the death penalty, only two, Karnataka and Tripura, want the practice to be done away with.
- In its report in 2015, the Law Commission of India, then headed by Justice A P Shah, had proposed the abolition of capital punishment for non-terrorism cases, following which the ministry had sought comments from state governments. Among the states and UTs that vetoed the abolition of capital punishment were Gujarat, Madhya Pradesh, Chhattisgarh, Rajasthan, Bihar, Jharkhand, Tamil Nadu and Delhi.
- A senior government official told that they have been writing to states but only 14 have replied so far. Some of the big states such as Uttar Pradesh and Maharashtra are yet to give comments.
Highlights Of The Development-
- The 12 states, while arguing against the abolition of capital punishment, took the line that the penalty serves to act as a deterrent in cases of heinous crimes such as murder and rape.
- According to the Law Commission Report, India is among a handful of countries such as China, Iran, Iraq and Saudi Arabia that still carry out executions. At the end of 2014, 98 countries had abolished the death penalty, seven had abolished it for “ordinary crimes”, and 35 were abolitionists in practice, making 140 countries abolitionists in law or practice. This list of 140 includes three countries — Suriname, Madagascar and Fiji — which formally abolished the death penalty in 2015.
- Among the recent executions in India were that of 26/11 terrorist Ajmal Kasab in November 2012, 2001 Parliament attack convict Afzal Guru in February 2013, and 1993 Bombay bombings convict Yakub Memon in July 2015. In 2013, the Supreme Court had asked the Law Commission to examine “whether death penalty is a deterrent punishment or is retributive justice or serves an incapacitative goal”.
- In August 2015, the Commission, with Justice Shah as chairman and Justices S N Kapoor, Usha Mehra and Prof Mool Chand Sharma as members, came out with the recommendation that the death penalty be abolished for all crimes other than terrorism related offences and waging war.
- The report stated that although there is no valid penological justification for treating terrorism differently from other crimes, concern is often raised that abolition of death penalty for terrorism-related offences and waging war, will affect national security.
Sources- The Indian Express.
GS Paper I- History and Geography of the World and Society.
Delhi, Hyderabad Airports Best In The World; Mumbai Airport Tops In Customer Experience: Survey.
- Delhi’s Indira Gandhi International Airport has been judged the best airport in the 40 million passengers per annum category, while Hyderabad’s Rajiv Gandhi International Airport has been rated as the world number one in the 5-15 million passengers per annum category. The airports were ranked based on a survey by the Airports Council International (ACI).
- On the other hand, the Hyderabad airport has won this prestigious award for the fourth time in the last 10 years in its specific category. The airport has also been certified as carbon neutral.
- Moreover, GVK-run Chhatrapati Shivaji International Airport in Mumbai has been ranked as the world’s best in customer experience.
Highlights Of The Development-
- The Delhi airport had also recently joined the 60-million club and recorded 63.5 million passengers in 2017. It has surpassed Changi, Incheon and Bangkok airports in terms of passenger growth and is now the 7th busiest airport in Asia and among the top 20 busiest airport across the world, according to a press statement issued by GMR.
- The Airport Service Quality (ASQ) award is based on a couple of aspects including passenger ratings, perception, traffic type, size, region, performance indicators such as security screening, check-in, restrooms and other services. Nearly 74 per cent of the world’s top 100 busiest airports are part of the ASQ network.
- The ASQ Awards ceremony will be held during the inaugural ACI Customer Excellence Global Summit, to be held in Halifax, Nova Scotia, Canada from 10-13 September 2018, hosted by Halifax International Airport Authority.
- Airports Council International that carries the survey is a trade association of 1,953 member airports across 176 countries.
Sources- Business Today.