DAILY CURRENT AFFAIRS

By admin: Dec. 4, 2021

Government seeks 62000 Crore for Air India

Tags: National News

  • The Government has sought Parliament’s nod to infuse ₹62,000 crore as supplementary grant to Air India Assets Holding Limited (created for disinvestment of Air India and its subsidiaries), for debt and other liabilities of Air India.
  • Air India Assets Holding Limited is a Government Owned special purpose vehicle (SPV). This company holds Air India’s debt, liabilities and some non-core assets such as land and buildings (worth 14718 Crore). This company was set up to clean the airline’s balance sheet ahead of its privatisation.
  • Out of this 62000 Crore, 28844 Crore is the net liability on government after privatisation whereas the rest 33105 Crore includes interest liabilities toward working capital and aircraft loans, lease rentals, owings to oil companies and to the Airports Authority of India. This is what the Government has provided for in the supplementary demand for grants

Air India Disinvestment 

On 25 October 2021 ,Government of India signed an agreement with Tata Group for selling off its entire 100% share in Air India to Talace Pvt Ltd, a wholly owned subsidiary of Tata Sons Pvt.Tata Group .

The deal was of Rs 18,000 crore of which Tata will pay Rs 2,700 crore to the government and Tata will take over the Rs 15,300 crore of the Air India debt .

The Government of India was to clear the rest of the debt  of Air India.

To meet these requirements the government of India is seeking Rs 63,000 from Lok Sabha .

Special Purpose Vehicle (SPV)

  • A special purpose vehicle (SPV) is a legal entity created by a parent company but managed as a separate organization. It is designed to isolate the financial risk of certain assets or ventures of the parent company. Companies create SPVs to securitize assets, make it easier to transfer assets (in case of Air India disinvestment), spread the risk of assets or new ventures, or protect assets from risks associated with the parent company.
  • Its legal status as a separate company makes its obligations secure even if the parent company goes bankrupt.


Supplementary Grant

  • Supplementary grant is the amount needed when the amount authorised by the Parliament through the appropriation act for a particular service for the current financial year is found to be insufficient for that year.
  • These grants are presented and passed by the Parliament before the end of the financial year (1st April to 31st March)
  • Constitutional Provision: Article 115 pertains to supplementary, additional or excess grants.

Appropriation Act - 

  • Through this act, the government gets the power to withdraw funds from the Consolidated Fund of India for meeting the expenditure during the financial year.
  • As per article 114 of the Constitution, the government can withdraw money from the Consolidated Fund only after receiving approval from Parliament.
  • The Appropriation Bill is introduced in the Lok Sabha after discussions on Budget proposals and Voting on Demand for Grants.
  • The defeat of an Appropriation Bill in a parliamentary vote would lead to the resignation of a government or a general election.
  • Both the Finance bill and Appropriation bill are classified as Money bills but while the Finance Bill contains provisions on financing the expenditure of the government, an Appropriation Bill specifies the quantum and purpose for withdrawing money.

Government seeks Rs 25,000 crore for MGNREGS from Parliament

Tags: National News

Central Government has put before the parliament a supplementary demand of grant in the amount of Rs 25000 Crore for the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) scheme 

The demand-driven rural jobs scheme ran out of funds midway through the current fiscal year, leading to pending payments for wages and materials.

Initial budgetary allocation for MGNREGA in the financial year 2021-22 was Rs 73000 Crore

Continuing economic distress in rural India due to the effects of Covid, has led to increased demand for jobs under the scheme

Last year, with the COVID­19 pandemic forcing lockdowns and widespread unemployment, MGNREGA, with a revised budget of Rs1.1 lakh crore, acted as a lifeline for India’s rural population.

Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) scheme

  • NREGA Act was passed by the Indian Parliament on 23rd August 2005 but it came into force on February 6, 2006.  On 2nd October 2009 an amendment was made in the National Rural Employment Guarantee Act 2005, to change the nomenclature of the Act from NREGA to MGNREGA
  • The mandate of the MGNREGA is to provide at least 100 days of guaranteed wage employment in a financial year to every rural household whose adult members volunteer to do unskilled manual work. Currently the pay rate is about Rs 210 per day.
  • It is now operational in all the rural District of India 
  • The scheme is under the administrative control of the Union Ministry of  Rural Development.

Union Rural Development and Panchayati Raj  Minister: Giriraj Singh.

6 Lakh Indians renounced citizenship in last 5 years

Tags: National News

  • More than Six lakh Indians renounced citizenship in the past five years, as per the data shared by the Ministry of Home Affairs to Lok Sabha. 
  • About 40% of the citizenship renunciation requests come from the United States, followed by Australia and Canada, which amount to a chunk of around 30% of such requests.
  • According to information available with the Ministry of External Affairs, a total of 1,33,83,718 Indian nationals are living in foreign countries as on date.
  • Regarding granting Indian citizenship, MHA replied that a total of 10,645 people had applied for Indian citizenship in the same period out of which 4177 was granted. 
  • Of this, the maximum are from Pakistan (7,782), followed by Afghanistan (795), the US (227), Sri Lanka (205), Bangladesh (184), Nepal (167) and Kenya (185).

Indian Government brings bills to extend the tenure of ED and CBI

Tags: National News

The  Government of India has introduced two bills, the Central Vigilance Commission (Amendment) Bill 2021 and Delhi Special Establishment (Amendment) Bill 2021 in the Lok Sabha which seek to replace theThe Central Vigilance Commission (Amendment) Ordinance, 2021  and The Delhi Special Police Establishment (Amendment) Ordinance, 2021  promulgated on 14 November  2021. 

  • The bill was introduced by the Minister of State for Personnel and Training Dr. Jitendra Singh.

 Central Vigilance Commission (Amendment) Bill 2021 

  • It amends the Central Vigilance Commission Act, 2003.  
  • The 2003 Act provides for the constitution of a Central Vigilance Commission to conduct inquiries into offences  committed under the Prevention of Corruption Act, 1988. 
  • Under the 2003 Act, the Director of Enforcement is appointed by the Central government, on the recommendation of a committee.
  • This Committee is chaired by the Central Vigilance Commissioner, and includes the Secretaries from the Ministries of Home affairs, and Personnel, and the Revenue Department. 
  • The Director of Enforcement has a tenure of minimum two years.
  • The bill provides that the tenure of the Director may be extended by up to one year at a time, till the completion of five years from the initial appointment.  Such extensions may be granted in public interest, on the recommendation of the Committee.

Delhi Special Establishment (Amendment) Bill 2021 

  • It amends the Delhi Special Police Establishment Act, 1946.
  • The Central Bureau of Investigation (CBI) was set up under this act .
  • The Act provides for the appointment of the Director of the Delhi Special Police Establishment (Central Bureau of Investigation). 
  • The Director is appointed by the Central government on recommendation of a Committee consisting of the: (i) Prime Minister (Chairperson), (ii) Leader of Opposition in Lok Sabha, and (iii) Chief Justice of India (CJI) or a judge of the Supreme Court nominated by the CJI
  • Under the Act, the Director has a tenure of minimum two years.
  • The bill permits extension of the tenure by up to one year at a time, till the completion of five years from the initial date of appointment.

Central Bureau of Investigation (CBI)

The CBI (the premier investigating agency of the Central Government) was set up in 1963 by a resolution of the Ministry of Home Affairs.

  • Now, this department comes under the administrative control of the Department of Personnel and Training (DoPT) of the Ministry of Personnel, Public Grievances and Pensions.
  • The Santhanam Committee on Prevention of Corruption (1962–1964) recommended the establishment of the CBI.
  • Headed by a Director, CBI:
    • provides assistance to the Central Vigilance Commission and Lokpal.
    • coordinates investigations on behalf of Interpol Member countries.
  • The CBI has jurisdiction to investigate offences pertaining to 69 Central laws, 18 State Acts and 231 offences in the IPC.
  • CBI is one of the 26 Indian Government Organisations which are exempted from the provisions of Section 24 of the Right to Information Act.
  • Headquarters: CGO Complex, New Delhi
  • Motto: Industry, Impartiality, Integrity
  • Director-General: Subodh Kumar Jaiswal

 

Enforcement Directorate

  • The Directorate of Enforcement (ED) is a law enforcement agency and economic intelligence agency (under the Department of Revenue, Ministry of Finance) responsible for enforcing economic laws and fighting economic crime in India.
  • On 1st May 1956, an ‘Enforcement Unit’ was formed, in the Department of Economic Affairs, for handling Exchange Control Laws violations under Foreign Exchange Regulation Act, 1947. In the year 1957, this Unit was renamed as ‘Enforcement Directorate’.
  • The prime objective of the Enforcement Directorate is the enforcement of two key Acts of the Government of India
    • The Foreign Exchange Management Act 1999 (FEMA) and
    • The Prevention of Money Laundering Act 2002 (PMLA)

Sage National Billiards & Snooker Champions 2021

Tags: Sports News

88th NATIONAL BILLIARDS & SNOOKER CHAMPIONSHIP 2021, was hosted by SAGE University in association with the Sports and Youth Welfare Department MP & MP Billiard & Snooker Association in Bhopal

The Championship was organized by the Billiards and Snooker Federation of India (BSFI), the governing body for cue sports in India. 

Ladies’ 6-Red Snooker Champion:

Vidya Pilai of Karnataka beats Varsha Sanjeev in the finals.

Mens’ 6-Red Snooker Champion:

Shrikrishna of PSPB beats Manan Chandra in the finals.

Indian Navy Day, 4th December

Tags: Important Days

Indian Navy Day is celebrated every year on December 4 to commemorate the attack on the Karachi harbour during the India-Pakistan war 1971 under operation Trident. 

Operation Trident:

  • Operation Trident was an offensive operation launched by the Indian Navy on the night of 4–5 December on Pakistan's port city of Karachi during the Indo-Pakistani War of 1971.
  • Operation Trident saw the first use of anti-ship missiles in combat in the region and inflicted heavy damage on Pakistani vessels and facilities .

Please Rate this article, so that we can improve the quality for you -

★ ★ ★ ★ ★

Search By Tags

Reports INDEX Environment Festivals place in news committee Russia-Ukraine Sports National Economy/Finance International Relations Government Schemes Popular Defence Books and Authors Science and Technology Summits Economics/Business Awards Person in news State News Important Days Sports News International News National News

Popular Blogs

Monthly Archive

serach-testwale
x