- Current Affairs June 2020
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Current Affairs June 2020 - Bills & Acts
1 - Union Cabinet approved amendment to Essential Commodities Act
The Union Cabinet approved amendments to the Essential Commodities Act. With the amendment to Essential Commodities Act, commodities like cereals, pulses, oilseeds, edible oils, onion and potatoes will be removed from list of essential commodities. This will remove fears of private investors of excessive regulatory interference in their business operations.
The freedom to produce, hold, move, distribute and supply will lead to harnessing of economies of scale and attract private sector/foreign direct investment into agriculture sector. It will help drive up investment in cold storages and modernization of food supply chain.
2 - Cabinet approved 'The Farming Produce Trade and Commerce (Promotion and Facilitation) Ordinance, 2020'
The Union Cabinet has approved the "Farming Produce Trade and Commerce (Promotion and Facilitation) Ordinance, 2020". Currently, there are restrictions for farmers in selling agri-produce outside the notified APMC market yards. The Ordinance will create an ecosystem where the farmers and traders will enjoy freedom of choice of sale and purchase of agri-produce.
The ordinance basically aims at creating additional trading opportunities outside the APMC market yards to help farmers get remunerative prices due to additional competition. It will pave the way for creating One India, One Agriculture Market.
3 - Cabinet approved ‘The Farmers (Empowerment and Protection) Agreement on Price Assurance and Farm Services Ordinance, 2020’
The Union cabinet approved the "Farmers (Empowerment and Protection) Agreement on Price Assurance and Farm Services Ordinance, 2020". Indian Agriculture has certain weaknesses such as weather dependence, production uncertainties and market unpredictability. The ordinance will transfer the risk of market unpredictability from the farmer to the sponsor.
The ordinance will empower farmers for engaging with processors, wholesalers, aggregators, large retailers, exporters, etc., on a level playing field without any fear of exploitation. It will act as a catalyst to attract private sector investment for building supply chains for supply of Indian farm produce to global markets.
4 - Government promulgates ordinance to amend Insolvency & Bankruptcy Code
The government promulgated an ordinance to amend the Insolvency and Bankruptcy Code (IBC) wherein fresh insolvency proceedings will not be initiated for defaults on account of the coronavirus pandemic. Sections 7, 9 & 10 of the IBC 2016 are suspended with respect to defaults arising on or after 25th March for a period of six months, extendable up to a maximum of one year.
Under the IBC, an entity can seek insolvency proceedings against a company even if the default is only one day. This is subject to the minimum threshold of Rs 1 crore.
5 - President Kovind promulgated Banking Regulation (Amendment) Ordinance 2020
President Ram Nath Kovind has promulgated the Banking Regulation (Amendment) Ordinance, 2020. It will allow RBI to supervise all co-operative banks. The ordinance will bring government banks, including 1,482 urban cooperative banks and 58 multi-state cooperative banks, under supervisory powers of RBI.
The Ordinance also amends Section 45 of the Banking Regulation Act to enable making of a scheme of reconstruction or amalgamation of a banking company. It will help protect the banking system and secure proper management, even without making an order of moratorium, so as to avoid disruption of the financial system.
6 - Electricity (Amendment) Bill 2020 to be tabled in Parliament
Union Minster for Power, R K Singh, informed that the Electricity (Amendment) Bill 2020 will be introduced in the coming session of Parliament. The Bill aims to bring in refoms to make the sector consumer centric and make it more transparent.
The Electricity (Amendment) Bill 2020 will follow broad objectives like ensuring consumer centricity, promoting Ease of Doing Business, enhancing sustainability of the power sector; and promoting green power.