Daily : April 15, 2017

Dr. (Ms.) Mukulita Vijayawargiya took charge as Whole Time Member, IBBI

Dr. (Ms.) Mukulita Vijayawargiya took charge as Whole Time Member, IBBI

Question: When was the Insolvency and Bankruptcy Board of India established?
a) October 1, 2016
b) October 2, 2016
c) August 15, 2015
d) May 15, 2014
Ans: (a)

  • Dr. (Ms.) Mukulita Vijayawargiya took charge as Whole Time Member of the Insolvency and Bankruptcy Board of India on 13th April, 2017.
  • She will look after Administrative Law Wing. She will also take care of Information Technology, Limited Insolvency Examination, National Insolvency Examination, Finance and Accounts and Communication.
  • Dr. Vijayawargiya was a member of Bankruptcy Law Reforms Committee based on which, the Insolvency and Bankruptcy Code, 2016 has been framed. She played a key role in drafting the Insolvency and Bankruptcy Code, 2016 as Additional Secretary in the Legislative Department, Ministry of Law & Justice.
  • Dr. Vijayawargiya has vast experience of 35 years in various fields of law. She has served as a member of Indian Legal Service and was associated with drafting/vetting of more than 100 legislative proposals in the legislative department.
  • Her previous assignment was Additional Secretary in the Legislative Department, Ministry of Law & Justice, Government of India.
  • It is notable that the Insolvency and Bankruptcy Board of India was established on October 1, 2016 in accordance with the provisions of The Insolvency and Bankruptcy Code, 2016.

Reference:
http://pib.nic.in/newsite/PrintRelease.aspx?relid=161011
http://www.ibbi.gov.in/

Cabinet approves implementation of Supreme Court’s Judgment on Target Plus Scheme

Cabinet approves implementation of Supreme Court’s Judgment on Target Plus Scheme

Question: FIEO is a related to …
(a) Export
(b) Import
(c) Investment
(d) Urban Planning
Ans: (a)

  • On 12th April, 2017, the Union Cabinet chaired by Prime Minister Shri Narendra Modi approved the implementation of Supreme Court’s Judgment dated 27th October 2015 regarding Target Plus Scheme (TPS) 2004-09.
  • The revenue implication under the TPS arising from the Supreme Court’s Judgment is about Rs. 2700 crore.
  • All the applicant exporters eligible as per provisions of the initially notified TPS Scheme under FTP for the year 2005-06 will be benefitted by this decision.
  • The scheme has been discontinued w.e.f. 01.04.2006. However the claims which were denied as a result of retrospective Notification will be settled now as per direction of the Supreme Court.
  • It is notable that in the case of DGFT v/s Kanak Exports & Ors., the Supreme Court gave verdict on the Target Plus Scheme for Export Promotion on 27.10.2015. It held that the notifications related to the Target Plus Scheme could not be applied retrospectively and they would be effective only from the date of their issue.
  • With regard to the question above, FIEO is the apex body of the export promotion councils, commodity boards and export development authorities in India. It was set up in 1965.
  • FIEO’s direct members contribute more than 70% of India’s exports.

Reference:
http://pib.nic.in/newsite/PrintRelease.aspx?relid=160977

Cabinet approves the Signing and Ratification of MoU for BIMSTEC Grid Interconnection

Cabinet approves the Signing and Ratification of MoU for BIMSTEC Grid Interconnection

Question: The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) is a regional organization comprising … Member States.
(a) seven
(b) nine
(c) five
(d) ten
Ans: (a)

  • On 12th April, 2017, the Union Cabinet chaired by the Prime Minister Shri Narendra Modi approved the proposal of the Ministry of Power for Signing of “Memorandum of Understanding for Establishment of the BIMSTEC Grid Interconnection”.
  • It will be signed among member states of BIMSTEC at the upcoming 3rd BIMSTEC Energy Ministers’ Meeting to be held in Nepal shortly.
  • This MoU will provide a broad framework for the Parties to cooperate towards the implementation of grid interconnections for the trade in electricity with a view to promoting rational and optimal power transmission in the BIMSTEC region. This MoU will facilitate:
  • the optimization of using the energy resources in the region for mutual benefits on non-discriminatory basis subject to laws, rules and regulations of the respective Parties;
  • the promotion of efficient, economic, and secure operation of power system needed through the development of regional electricity networks;
  • the necessity of optimization of capital investment for generation capacity addition across the region; and
    power exchange through cross border interconnections.
  • Background:
    It is notable that the “Plan of Action for Energy Cooperation in BIMSTEC” was formulated in the first BIMSTEC Energy Ministers’ Conference held in New Delhi in October, 2005. It was decided that a Task Force led by Thailand, with representatives of member countries, will give a report on draft MoU for grid interconnections. MoU for establishment of BIMSTEC Grid Interconnection was finalized by the Task Force on 16th Mar 2015.

Reference:
http://pib.nic.in/newsite/PrintRelease.aspx?relid=160976

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