Cabinet approves New Bill to ban Unregulated Deposit Schemes and Chit Funds (Amendment) Bill, 2018 ; 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:-
    1. Banning of Unregulated Deposit Schemes Bill, 2018 in parliament &
    2. 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,
    1. complete prohibition of unregulated deposit taking activity;
    2. deterrent punishment for promoting or operating an unregulated deposit taking scheme;
    3. stringent punishment for fraudulent default in repayment to depositors;
    4. designation of a Competent Authority by the State Government to ensure repayment of deposits in the event of default by a deposit taking establishment;
    5. powers and functions of the competent authority including the power to attach assets of a defaulting establishment;
    6. designation of Courts to oversee repayment of depositors and to try offences under the Act; and
    7. 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
    1. overall availability of water in the complete Mahanadi basin,
    2. contribution of each State,
    3. the present utilization of water resources in each State and
    4. 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:-
    1. Training and staff development;
    2. Expert missions, exchange of experience and personnel; and
    3. 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.

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