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PRELIM FACTS 20-07-2018

FACT # 1

State Banks (Repeal And Amendment) Bill, 2017

 

Why in news? Parliament has approved the bill to merge six subsidiary banks with the State Bank of India by clearing the State Banks (Repeal and Amendment) Bill, 2017.

 

State Banks (Repeal and Amendment) Bill, 2017:

  • Repeal: 
    • It seeks to repeal the two Acts: (i) State Bank of India (Subsidiary Banks) Act, 1959, and (ii) State Bank of Hyderabad Act, 1956.
    • These Acts established the State Bank of Bikaner, State Bank of Mysore, State Bank of Patiala, State Bank of Travancore, and State Bank of Hyderabad.
    • These banks were subsidiaries of the State Bank of India (SBI).
  • Amendments to the SBI Act, 1955:  
    • The Bill seeks to amend the State Bank of India Act, 1955 to remove references related to subsidiary banks.
    • These references include: (i) the definition of a subsidiary bank in the 1955 Act, and (ii) powers of SBI to act as an agent of the RBI for a subsidiary bank.
  • Benefits:
    • rationalisation of resources
    • reduction of costs
    • better profitability
    • lower cost of funds leading to better rate of interest for public at large
    • improved productivity and customer service

 

FACT # 2

Special Remission For Prisoners

 

Why in news? Union Cabinet has approved to grant Special Remission to Prisoners as part of commemoration of 150th birth anniversary of Mahatma Gandhi to be observed in 2019.

Special remission for prisoners:

  • This is an amnesty scheme which will be run during the year-long celebrations to mark the 150th birth anniversary of Mahatma Gandhi, beginning October 2.
  • Under this scheme the following will be done:
    • Women and transgender convicts above 55 and male convicts over 60 who have completed half of their prison sentences will be released.
    • However, prisoners convicted of heinous crimes, such as dowry death, rape, human trafficking and under POTA, UAPA, TADA, money laundering law and FEMA among others will not be covered.
    • Eligible prisoners will be released in three phases.
    • The first phase of release will be on October 2, 2018, the second on April 10, 2019, the anniversary of Champaran satyagrah, and the third on October 2, 2019.
    • Physically challenged convicts with 70% disability and more who have completed half of their jail term will be released.
    • Terminally-ill convicts and prisoners who have completed two-thirds of their actual sentence will also be released.
    • The special remission will not be given to prisoners sentenced to death or whose sentence has been commuted to life imprisonment.

 

FACT # 3

Institute Of Chartered Accountants Of India 

Why in news? Government has approved MoU between the ICAI and Bahrain Institute of Banking and Finance to work together to develop a mutually beneficial relationship in the best interest of members, students and their organizations.

Institute of Chartered Accountants of India:

  • ICAI is the national professional accounting body of India.
  • It was established on 1 July 1949 as a statutory body under the Chartered Accountants Act, 1949 enacted by the Parliament to regulate the profession of Chartered Accountancy in India.
  • ICAI is the second largest professional Accounting & Finance body in the world.
  • ICAI is the only licensing cum regulating body of the financial audit and accountancy profession in India.
  • It recommends the accounting standards to be followed by companies in India to National Advisory Committee on Accounting Standards (NACAS) and sets the accounting standards to be followed by other types of organisations.
  • ICAI is solely responsible for setting the Standards on Auditing (SAs) to be followed in the audit of financial statements in India.
  • It also issues other technical standards like Standards on Internal Audit (SIA), Corporate Affairs Standards (CAS) etc. to be followed by practicing Chartered Accountants.
  • It works closely with the Government of India, Reserve Bank of India and the Securities and Exchange Board of India in formulating and enforcing such standards.

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