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ForumIAS™ Featured Daily News March 20 : Criminal Law Amendment, Food Security, Repo rate cuts

edited March 2013 in Featured
1. Lok Sabha passes the Anti-Rape Bill Criminal Law Amendment Bill 2012 whose specific provisions can be summarized as below:-
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2. The Food Security Bill got cabinet approval, with the latest provisions of
-monthly quota of coarse grains, wheat and rice for Rs.1, 2 and 3 per kg respectively.
- The bill will cost Rs. 1,30,000 crore as opposed to the current Rs. 90,000 cost of the Food subsidy Bill.
- The food prices (of Rs 1,2 ,3) would be reviewed every three years

Criticism of the Bill By Shri Sharad Pawar - He logically asked why would a poor farmer grow wheat and rice when he cold get it for Rs2 & 3, which is below the cost of producing it?


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3. European Union backs Italy's ambassador Daniele Mancini saying that the Indian Supreme Court order violates Vienna Convention


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4. In the mid term review of monetary policy, RBI raised reduced the repo rate under Liquidity Adjustment facility (LAF) by 25 basis points ( 100 basis points = 1 %) from 7.75% to 7.5%. RBI has retained the Cash Reserve Ratio unchanged. Cash Reserve Ratio is the portion of deposits that banks have to mandatorily maintain with the RBI

Analysis:- Why is the RBI reluctant to ease monetary policy? Because of its concerns about headline inflation and Current Account Deficit. Easing monetary policy releases more money in the market, and increase inflation. The RBI believes that inflation, especially Food Inflation is partly caused by the Govt's Minimum Support Price Policy increases. However it has recognized the govt. efforts at fiscal consolidation (no populist announcements in Budget etc.) and hence the easing monetary policy.
*No good deed goes unpunished*

Comments

  • edited March 2013
    The New Panchsheel?
  • IE addition
    1.India Egypt ink 7 pacts,asks India to increase its investment in the Suez Canal free trade zone project.Agrees on the palestinian issue and also agrees on finding peaceful resolution of issue through dialogue in Syria.
    Pacts included setting up centre of excellence in IT at Al Azhar University,MoU in cyber security,cooperation in IT,setting up solar energy plant.

    2.China President's 5 point proposal to improve its ties with India(much like our panchsheel :) )

    -China and India should maintain strategic communication and keep the bilateral relations on the "right track".
    -Both countries must harness each other's comparative strengths and expand win-win
    cooperation in infrastructure, mutual investment and other areas.
    -India and China should strengthen cultural ties and constantly increase the mutually-expanding friendship between the two countries.
    -The two countries should expand co-ordination and collaboration to jointly safeguard legitimate rights and interests of developing countries and tackle global challenges.
    -Both should accommodate each other's core concerns and properly handle problems and differences existing between the two countries

    3.The MCA (Ministry of corporate affairs) guidelines ask company websites to give details on finances, shareholders, pending litigations, audit committees etc

    * The guidelines are voluntary at present, but would be made mandatory after evaluating the response from the companies
    * The guidelines come in the wake of the rising number of 'vanishing' companies and 'ponzi' schemes
    * Several of them have stopped filing statements with ROC (Registrar of Companies) and stock exchanges after raising funds from the public

    4.Cyprus Parliament rejects the International bailout package that had sought to tax bank depositors to pay a big part of the bill.
    *Your* tears! *Your* blood! Your *pathetic* lives forged into something of worth
  • Lot happened in a day. My RSS reader was flooded.
    Prelims : 2/5; Mains : 0/2; Interview : 0; Remainder : 1+1 (Tired but not; Retired) / Medical Science / Kolkata / Nihilist extraordinaire | Thanks a lot...
  • Thanks @zaphod_phi :-)
    *No good deed goes unpunished*
  • Was hoping someone could put something here from The Hindu :-)
    *No good deed goes unpunished*
  • edited March 2013
    @Neyawn Your wish is my command! :)

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