1. Former Chief Justice of India Kamal Narain Singh no more
Tags: Person in news
Former Chief Justice of India Kamal Narain Singh, who remained Chief Justice of India (CJI) for the shortest period of 17 days, died at his residence in Prayagraj, Uttar Pradesh on 8 September 2022.
IMPORTANT FACTS -
- Justice Kamal Narain Singh was born on December 13, 1926 and was the 22nd Chief Justice of India.
- He was appointed as the Chief Justice of India on November 25, 1991 and retired on December 12, 1991.
- The Judges of the Supreme Court have to retire after attaining the age of 65 years.
ADDITIONAL INFORMATION -
Longest serving Chief Justice of India :
- The 16th Chief Justice of India, Yeshwant Vishnu Chandrachud, is the longest-serving Chief Justice. He was Chief Justice of India for over 7 years (February 1978 – July 1985).
2. Volker Türk appointed new UN High Commissioner for Human Rights
Tags: Person in news International News
United Nations Secretary-General Antonio Guterres has appointed Volker Turk of Austria as the next United Nations High Commissioner for Human Rights, following approval by the General Assembly on 8 September 2022.
IMPORTANT FACTS -
- Turk will succeed Michelle Bachelet of Chile, who served as High Commissioner from September 1, 2018 through August 31, 2022.
- United Nations High Commissioner for Human Rights
- The High Commissioner for Human Rights is the principal human rights official of the United Nations.
- The United Nations High Commissioner for Human Rights is accountable to the Secretary-General of the United Nations and is responsible for all the activities of OHCHR, as well as for its administration.
OHCHR :
- The Office of the UN High Commissioner for Human Rights (OHCHR) also known as the UN Human Rights Office , is mandated to promote and protect all human rights established in the UN Charter and in international human rights laws and treaties.
- The headquarters of the OHCHR: Geneva, Switzerland.
3. Britain's Queen Elizabeth dies at the age of 96
Tags: Person in news International News
Queen Elizabeth II, Britain's longest-reigning monarch, died on 8 September at Balmoral Castle in Scotland. Her age was about 96 years.
IMPORTANT FACTS -
- Queen Elizabeth ruled for 70 years, former Prince Charles will now be Britain's new monarch.
The Queen ascended the throne in 1952 and she witnessed a great social change.
During her reign there were 15 prime ministers, including Ms Truss, starting with Winston Churchill.
Queen Elizabeth II was born on 21 April 1926 in Mayfair, London.
Prince Philip, Duke of Edinburgh, was the husband of Queen Elizabeth II.
Queen Elizabeth became the longest-serving British monarch In 2015, surpassing her great-grandmother, Queen Victoria.
In June 2022, she overtook Thailand's King to become the world's second-longest reigning monarch.
King Bhumibol Adulyadej of Thailand ruled for 70 years and 126 days between 1927 and 2016.
Louis XIV of France is the longest reigning monarch in the world with 72 years and 110 days.
- In honour of Queen Elizabeth II, the Government of India has decided that on September 11, there will be a one-day state mourning across the country.
4. Nirmala Sitharaman inaugurates conference of Indian Council for Research on International Economic Relation
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Finance Minister Nirmala Sitharaman inaugurated a conference of Indian Council for Research on International Economic Relation in New Delhi on 8 September 2022.
The Indian Council for Research on International Economic Relations (ICRIER) is an autonomous, policy-oriented, non-profit think tank based in New Delhi.
Director of ICRIER : Dr Deepak Mishra .
5. Govt to establish 3 lakh Primary Agricultural Credit Societies in next 5 years: Amit Shah
Tags: place in news Summits Economics/Business Person in news
The Union Home and Cooperation Minister Amit Shah said that the central government has set a target to establish3 lakh Primary Agricultural Credit Societies (PACS) in the next 5 years.
He was speaking at the two-day (8 &9 September) National Conference of State Cooperation Ministers in New Delhi, on 8 September 2022.
He also said that a committee has been constituted to draft national cooperative policy for holistic development.
He said that every state will have representation in it and former Union Minister Suresh Prabhu will head the committee.
The Cooperation Minister said, currently there are 65 thousand active Primary Agricultural Credit Societies PACS in the country.
IMPORTANT FACTS -
Primary Agricultural Credit Societies (PACS) :
- Primary Agricultural Credit Societies are outside the Banking Regulation acts and they are regulated by the State governments not Reserve Bank of India.
- They are the third tier of the short term credit structure in the rural areas with State Cooperative Banks at the top with the District Central Cooperative Bank (DCCB) at the Middle and PACS at the bottom.
- The PACS are formed at the village level by the villagers. The members contribute to the capital of the societies.
- The PACS cannot accept the deposits of non-members nor can they provide loans to non-members.
- They provide loans only to their members only for agricultural and allied activities.
- There are 95995 PACS in India (source RBI) and around 65 thousands are active.
6. Govt extends tenure of the Company Law Committee by one year
Tags: committee Economics/Business Person in news
The Government of India has extended the tenure of the Company Law Committee by one year till 16 September 2023.
IMPORTANT FACTS -
- The committee was set up by the Union Corporate Affairs Ministry in 2019 and it was extended by the ministry last year by one year till 2022.
- The committee was set up by the government to examine and make recommendations to the government on various issues related to implementation of the Companies Act 2013 and Limited Liability Partnership Act 2008.
- It was an effort by the government to promote ease of living by providing ease of doing business to law-abiding corporates.
Chairman of the committee :
- The 11 member committee is chaired by the Union Corporate Affairs Secretary Tarun Bajaj.
- Union Minister for Corporate Affairs : Nirmala Sitharaman
7. SEBI fines Rana Kapoor Rs 2 Crore in the Yes Bank AT-1 Bond case
Tags: Economy/Finance Person in news
The Securities and Exchange Board of India (SEBI) has imposed a penalty of Rs 2 crore on the former Yes Bank managing director and chief executive officer, Rana Kapoor, in the tier-I bond mis-selling or AT-1 case involving the private lender on 7 September 2022.
IMPORTANT FACTS -
Why was it fined ?
- Yes Bank was found guilty by SEBI of selling the AT-1 bonds as Super FD (Fixed Deposit ) to the customer promising higher return and safety .
Penalty amount for others :
- SEBI imposed a monetary penalty of Rs 25 crore on Yes Bank, Rs 1 crore on Vivek Kanwar and Rs 50 lakh each on Ashish Nasa and Jasjit Singh Banga. Kanwar was the head of Yes Bank’s private wealth management team. The other two were his team members.
What is Additional Tier-1(AT-1) Bonds ?
- Under the Basel 3 norms the bank's regulatory capital has been divided into Tier-1 and Tier 11 capital.
Tier 1 Capital :
- Tier 1 Capital has been subdivided into Common equity capital 1 and Additional Tier 1
- Common equity capital consists of ordinary equity shares issued by the banks and on which banks can pay dividends.
- Additional Tier 1 capital consists of perpetual bonds which have no maturity date and carry interest rates.
- It is risky in the sense that if the bank's capital ratio falls below a minimum prescribed level then the banks can stop paying interest or cancel the bonds causing loss to the depositors.
- This what ultimately happened to the yes bank investor who bought these AT-1 bonds sold as Super FD by the bank .The Yes Bank stopped paying interest on these bonds and ultimately it was written off when the bank faced financial crisis.
- Tier 11 capital consists of unsecured subordinated debts with a maturity of at least five years.
ADDITIONAL INFORMATION -
SEBI :
- Securities Exchange Board of India (SEBI) was set up on 12 April 1988 and it was given statutory status by the SEBI Act 1992 on 30 January 1992.It comes under the Ministry of Finance, Government of India.
- It is the regulator of the Capital market and Commodities market in India.
- The first SEBI chairman was Dr S A Dave (1988-90)
- Madhabi Puri Buch is the current and 10th Chairperson of the SEBI.
- Headquarters: Mumbai
8. Adani to Export Power to Bangladesh
Tags: Economics/Business Person in news
Asia’s richest and world’s third richest person Gautam Adani has tweeted that it will export electricity from its coal fired power plant in Jharkhand to Bangladesh by Bijoy Dibosh (vijay divas), 16 Dec 2022.
IMPORTANT FACTS -
- Gautam Adani tweet came after he met the visiting Bangladesh Prime Minister Sheikh Hasina in New Delhi.
- Adani Power limited is setting up 1600 MW Godda Power Project in Jharkhand. It is also building a transmission line to evacuate the power to Bangladesh.
- Bangladesh is currently facing an acute shortage of power due to sharp increase in the price of coal, oil and natural gas in the world due to ongoing Russia-Ukraine conflict.
- 16 December is observed as victory day or Bijoy Diwas in Bangladesh as the Pakistan Army surrendered to Mukti Bahini and Indian Army leading to Independence of Bangladesh in 1971.
9. US President Joe Biden nominates Indian-American attorney Arun Subramanian to US District Judge in New York
Tags: Person in news International News
US President Joe Biden on September 6 nominated Indian-American attorney Arun Subramaniam to be the US District Judge for the Southern District of New York.
IMPORTANT FACTS -
- Subramaniam was the first South Asian judge to serve on the United States District Court for the Southern District of New York after being confirmed by the Senate.
Subramaniam did his Juris Doctor (JD) from Columbia Law School in 2004 and a BA from Case Western Reserve University in 2001.
Currently he is a partner at Susman Godfrey LLP in New York where he has worked since 2007.
Subramaniam also served as a law clerk for Justice Ruth Bader Ginsburg in the Supreme Court of the United States from 2006 to 2007.
The Indian-origin attorney has expertise in matters relating to the False Claims Act, public entities, trafficking in child pornography, consumers and persons injured by unfair means.
10. Legendary artist Ram Chandra Manjhi passes away
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In Bihar, the doyen of Bhojpuri folk theatre art “Launda Naach” and legendary artist Padma Shri Ram Chandra Manjhi passed away on 7 September.
IMPORTANT FACTS -
- 97-year-old Manjhi breathed his last at a hospital in Patna. He is called the Shakespeare of Bhojpuri.
He was battling heart blockage and infection.
Ramchandra Manjhi was a resident of Saran district and his last time was spent in poverty.
Ramchandra Manjhi joined the drama troupe of famous Bhojpuri artist Bhikhari Thakur at the age of 10.
He was a member of Bhikhari Thakur's dance troupe for 30 years.
He gave international recognition to Launda Naach.
A recipient of the Sangeet Natak Akademi Award, Manjhi was also a coveted Padma Shri awardee in the field of art.
President Ram Nath Kovind honoured him last year.
Launda Naach is a major Bhojpuri folk art form of Bihar consisting of song, dance, comedy, satire, parody and theatre.
In this art, men disguise themselves as women by wearing saris, blouses, long haired wigs during the performance.
