www.iasinsights.in ; www.iasgyaan.com posts Cabinet approvals as on 20th Feb 2018.
Cabinet approves New Bill to ban Unregulated Deposit Schemes and Chit Funds (Amendment) Bill, 2018
- In a major policy initiative to protect the savings of the investors, the Cabinet chaired has given its approval to introduce the following bills in the Parliament:-
- Banning of Unregulated Deposit Schemes Bill, 2018 in parliament &
- Chit Funds (Amendment) Bill, 2018
- The Banning of Unregulated Deposit Schemes Bill, 2018 will provide a comprehensive legislation to deal with the menace of illicit deposit schemes in the country through,
- complete prohibition of unregulated deposit taking activity;
- deterrent punishment for promoting or operating an unregulated deposit taking scheme;
- stringent punishment for fraudulent default in repayment to depositors;
- designation of a Competent Authority by the State Government to ensure repayment of deposits in the event of default by a deposit taking establishment;
- powers and functions of the competent authority including the power to attach assets of a defaulting establishment;
- designation of Courts to oversee repayment of depositors and to try offences under the Act; and
- Listing of Regulated Deposit Schemes in the Bill, with a clause enabling the Central Government to expand or prune the list.
Cabinet approves proposal for Mahanadi Water Disputes Tribunal
- Constitution of a Tribunal under Inter-State River Disputes Act, 1956
- The Tribunal shall determine water sharing among basin States on the basis of the
- overall availability of water in the complete Mahanadi basin,
- contribution of each State,
- the present utilization of water resources in each State and
- The potential for future development.
- As per provisions of the ISRWD(Inter-State River Water Disputes) Act, 1956 the Tribunal is required to submit its report and decision within a period of 3 years which can be extended to a further period not exceeding 2 years due to unavoidable reasons.
- With adjudication of dispute by the Tribunal, the long-pending dispute between States of Odisha and Chhattisgarh on Mahanadi river will come to a final settlement.
Cabinet approves methodology for auction of coal mines / blocks for sale of coal under the Coal Mines (Special Provisions) Act, 2015 and the Mines and Minerals (Development and Regulation) Act, 1957
- Opening up of commercial coal mining for private sector is the most ambitious coal sector reform since the nationalisation of this sector in 1973
- Methodology gives highest priority to transparency, ease of doing business and ensuring that natural resources are used for national development
- To bring efficiency into the coal sector by moving from an era of monopoly to competition
- Higher investment will create direct and indirect employment
- It will also lead to energy security through assured coal supply, accountable allocation of coal and affordable coal
- The entire revenue from the auction of coal mines for sale of coal would accrue to the coal bearing States.
Cabinet approves India-Morocco Cooperation Agreement in Railway Sector
- The Cooperation Agreement will enable technical cooperation in the following areas:-
- Training and staff development;
- Expert missions, exchange of experience and personnel; and
- Mutual technical assistance, including exchanging of experts.
Cabinet approves Agreement between India and Israel on Film Co-production
- Co-production of an Indian film with an international party means that Indian producer can access international funds and can collaborate on the script, talent and distribution at international level.
- Co-production of a film under this treaty will qualify it to be national production both in India and Israel.