- Current Affairs March 2020
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Current Affairs March 2020 - Bills & Acts
1 - Cabinet approved Companies (Second Amendment) Bill, 2019
Union Cabinet approved the Companies (Second Amendment) Bill, 2019 to amend the Companies Act, 2013. The Bill would also further ease of living for law abiding corporates.
The Bill would remove criminality under the Act in case of defaults which can be determined objectively and which, otherwise, lack the element of fraud or do not involve larger public interest. This would also lead to further de-clogging of the criminal justice system in the country. Earlier, the Companies (Amendment) Act, 2015 amended certain provisions of the Act to remove difficulties faced in implementation of various provisions of the Act.
2 - Lok Sabha passed IIIT Laws (Amendment) Bill, 2020
Lok Sabha passed the Indian Institutes of Information Technology Laws (Amendment) Bill, 2020. It will amend the principal acts of 2014 and 2017 and grant statutory status to five IIIT in Public Private Partnership mode at Surat, Bhopal, Bhagalpur, Agartala and Raichur and declare them as Institutions of National Importance along with already existing 15 IIIT under the Indian Institutes of Information Technology (Public-Private Partnership) Act, 2017.
The Act was enacted in pursuance of a scheme approved by the Government to set up twenty Indian Institutes of Information Technology in Public-private Partnership mode.
3 - Parliament passed Insolvency and Bankruptcy Code (Amendment) Bill 2020
The Parliament has passed the Insolvency and Bankruptcy Code (Amendment) Bill 2020. The amendments are aimed at streamlining the insolvency resolution process and to protect last-mile funding and boost investment in financially-distressed sectors.
The Insolvency and Bankruptcy Code, which came into force in 2016, has been amended thrice. The latest changes pertain to various sections of the IBC as well as introduction of a new section.
4 - Parliament approved Mineral Laws (Amendment) Bill, 2020
The Parliament has passed the Mineral Laws (Amendment) Bill, 2020 for amendments in Mines & Mineral (Development and Regulation) Act 1957 and The Coal Mines (Special Provisions) Act, 2015. The Bill provides relaxation to companies which do not possess any prior coal mining experience in India to participate in auction of coal/lignite blocks.
The Bill also permits removal of the end use restriction that would allow wider participation in auction of coal mines for a variety of purposes. The Bill also allows prospecting licence-cum-mining lease (PL-cum-ML) for coal/lignite which increases the availability of coal & lignite blocks.
5 - Rajya Sabha passed Central Sanskrit Universities Bill, 2019
The Rajya Sabha passed the Central Sanskrit University Bill 2019. It will provide Central University status to three universities in India - Rashtriya Sanskrit Vidyapeeth Tirupati, Rashtriya Sanskrit Sansthan and Sri Lal Bahadur Shastri Rashtriya Sanskrit Vidyapeeth.
The Bill will give a boost to Post Graduate, Doctoral and Post Doctoral education and Research in the field of Sanskrit and Shastraic education. It will also help in enhancing the opportunities for imparting education in the field of Indian Philosophy, Yoga, Ayurveda and Naturopathy.
6 - Lok Sabha passed Appropriation Bill
The Lok Sabha passed the Appropriation Bill 2020-21. The bill authorises the government to draw over ₹110.4-lakh crore from the Consolidated Fund of India for its working as well as implementation of its programmes and schemes.
This completed two-thirds of the exercise for approval of the Budget for 2020-21. Speaker Om Birla applied ‘guillotine’ on demands of grants for various ministries. Once the Speaker applies the guillotine, all the outstanding demands for grants, whether discussed or not, are put to vote at once and passed.
7 - Lok Sabha passed Institute of Teaching and Research in Ayurveda Bill 2020
Lok Sabha passed the Institute of Teaching and Research in Ayurveda Bill 2020.
The bill aims at establishment of an Institute of Teaching and Research in Ayurveda in Jamnagar, Gujarat. It will be a centre for promotion of quality and excellence in education, research and training in the field of Ayurveda and allied disciplines.
Ayurveda treatment would also be now brought under the Insurance cover. The global market for Ayurvedic products is estimated to reach around 10 billion US dollar by 2022.
8 - Rajya Sabha passed National Commission for Indian System of Medicine Bill 2019
Rajya Sabha passed both the National Commission for Indian System of Medicine Bill 2019 and the National Commission for Homoeopathy Medicine Bill 2019. The two bills aim at providing a quality and affordable medical education system ensuring high quality medical professionals in Indian System of Medicine and Homeopathy, in all parts of the country.
Commission will also ensure adoption of latest medical research in the work of such professionals. Indian system of medicine will be promoted as the allopathic system is costlier. There will be constitution of separate boards and provision of adequate funds for further development of the alternative medicine system.
9 - Lok Sabha passed Aircraft (Amendment) Bill, 2020
Lok Sabha passed the Aircraft (Amendment) Bill, 2020. The amendments would fulfill the requirements of the International Civil Aviation Organization (ICAO).
Amendments will enable the three regulatory bodies in the Civil Aviation sector in India, namely Directorate General of Civil Aviation, Bureau of Civil Aviation Security and Aircraft Accident Investigation Bureau to become more effective, which will lead to enhancement in the level of safety and security of aircraft operations in the country.
10 - Parliament passed Finance Bill, 2020
The Parliament passed the Finance Bill, 2020. The Bill will give effect to the financial proposals made by the Central Government in Union Budget 2020, for the financial year 2020-21.
Salient Features:
Enforcement of revised personal income tax rates for those who do not avail of any tax incentives.
The Bill removes the liability of companies to pay a tax of 15% on dividends distributed by it to its shareholders. The same will now be taxable in the hands of the recipient, under the dividend income head.
TDS of 1% will be levied on e-commerce transactions.
11 - MoS Home introduced Rashtriya Raksha University Bill, 2020
Minister of State for Home G. Kishan Reddy introduced the Rashtriya Raksha University Bill, 2020 and The National Forensic Sciences University Bill, 2020 in the Lok Sabha. The Bill proposes to establish the Rashtriya Raksha University by upgrading the Raksha Shakti University, Gandhinagar, Gujarat. The new university is proposed to be a multi-disciplinary university to create new knowledge through research.
The National Forensic Sciences University will be an institution of national importance to achieve excellence in the field of forensic science in conjunction with applied behavioural science studies, law, criminology and other allied areas and technology.