Current Affairs For Bank, IBPS Exams - 14 May, 2015

Current Affairs for BANK, IBPS Exams

14 May 2015

Lok Sabha passes the bill to amend the NI Act, 1881

Lok Sabha on 13 May 2015 passed The Negotiable Instruments (Amendment) Bill, 2015 by a voice vote. The Bills amends the Negotiable Instruments Act, 1881 in order to make cheque-bounce filing of cases more convenient for check payees (person who receives the cheque).

Key facts

The bill adds provision to specify the territorial jurisdiction of the courts in cases related to bouncing of cheques which was not present in the parent Act.
It says that cases in this regard need to be filed only in a court in whose jurisdiction the bank branch of the payee lies.
It also adds provision related to more than one case is filed against the same person before different courts for bouncing of cheques. In this matter, the case will be transferred to the court that has appropriate jurisdiction.
The bill also amends the definition of cheque. Now it defines it as cheque in the electronic form which is signed in a secure system with a digital signature or using electronic system and drawn in electronic medium using any computer resource.

About Negotiable Instruments Act, 1881

The Act defines bills of exchange, promissory notes, cheques and creates penalties for issues such as bouncing of cheques. It also specifies circumstances under which complaints for cheque bouncing can be filed.

Audio-Visual Co-Production Agreement between India and Republic of Korea

The Union Cabinet gave its approval for entering into an Audio-Visual Co-Production Agreement between India and the Republic of Korea (RoK) and to complete internal ratification procedure, to enable the agreement to come into force.
Cooperation between the film industries of the two countries will not only promote export of Indian films but would also act as a catalyst towards creating awareness about India and its culture. This will help in increasing bilateral trade between both countries.

The following benefits are expected to accrue, from the proposed agreement on a Government-to-Government basis:

i. Producers from both countries would get an opportunity to pool their creative, artistic, technical, financial and marketing resources to co-produce films.
ii. It will lead to exchange of art and culture among the two countries and create goodwill and better understanding among the peoples of both the countries.
iii. Co-productions would provide an opportunity to create and showcase the 'soft power' of India.
iv. It would lead to generation of employment among artistic, technical as well as non-technical personnel engaged in the arena of film production including post-production and its marketing, thus adding to the country's GDP.
v. The utilization of Indian locales for shooting raises the visibility / prospects of India as a preferred film shooting destination across the globe.

Approval to amend the Benami Transactions (Prohibition) Act, 1988

As a sequel to the announcement in the Budget, the Union Cabinet, has given its approval to amend the Benami Transactions (Prohibition) Act, 1988 by moving of the Benami Transactions (Prohibition) (Amendment) Bill, 2015 in Parliament.
The Bill provides for attachment and confiscation of benami properties and also fine with imprisonment. This is one more initiative to fight the menace of black money inside the country.
The Department of Revenue in consultation with the Legislative Department has amended the Benami Transactions (Prohibition) Act, 1988.

Cabinet approval to agreement between the India and Mongolia on the transfer of sentenced persons

The Union Cabinet gave its approval for signing of an agreement between India and Mongolia on the transfer of sentenced persons. Signing and ratification of the agreement on transfer of sentenced persons between India and the Mongolia will enable sentenced persons to be near their families, and would help in the process of their social rehabilitation.
Once the agreement is signed and ratified, Mongolian convicted prisoners can be transferred to their home country and prisoners of Indian origin can be brought to India, to serve the remaining part of their sentence.

Union Minister for Agriculture launches the website of Multi-State Cooperative Societies

A portal for Multi State Cooperative Societies, http:/mscs.dac.gov.in was launched, by Union Minister for Agriculture Shri Radha Mohan Singh; this website would provide easy access of information relating to the status of the societies to the applicants as well as to the general public.
Initially the website shall facilitate access of information like status of applications, notices, orders, certificates issued to the societies and contact details of officers. The website shall also provide link to the websites of the offices of State Registrars of Cooperative Societies. Subsequently the website shall be upgraded to inducting other web enabled services for the applicants as well as for the registered societies

Noted writer Suchitra Bhattacharya passes away

Celebrated writer Suchitra Bhattacharya, many of whose books had been made into cult Bengali films including "Dahan", passed away. Suchitra penned over 20 novels, including Dahan, Kachher Manush, Hemonter Pakhi, Alik Sukh, most turning into bestsellers in Bengali literature and was popular among the new generation of women as well as others. She had received several literary awards.