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Saturday, 25 January 2025

Doctrine of Merger

Doctrine of Merger

The Supreme Court (SC) recently emphasized the Doctrine of Merger.

About the Doctrine of Merger:

This doctrine was explained in the case of Kunhayammed v. State of Kerala (2000).

According to the doctrine, only one decree or operative order can govern a given subject matter at any given time. Therefore, when a superior court resolves a case—whether by setting aside, modifying, or confirming the lower court's decision—the superior court's order becomes the final, binding, and operative one, effectively merging the lower court's decision into it.

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Friday, 24 January 2025

RBI Revises Guidelines on Settlement of Borrowers' Dues by Asset Reconstruction Companies (ARCs)

RBI Revises Guidelines on Settlement of Borrowers' Dues by Asset Reconstruction Companies (ARCs)

The revised guidelines have been issued under the powers granted by the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). This Act addresses issues related to Non-Performing Assets (NPAs) and bad loans by empowering banks and financial institutions to recover defaulted loans through the auction of collateral assets, without needing court intervention.

Key Highlights of the Guidelines:

Board-Approved Policy Requirement for ARCs: Every ARC must have a policy for settling dues payable by borrowers, including eligibility criteria for one-time settlements and other related aspects.
Settlement of Accounts with Dues Exceeding Rs. 1 Crore: Such settlements can only proceed after a comprehensive evaluation by an Independent Advisory Committee (IAC), which will consist of financial and legal experts. The ARC's Board of Directors, including at least two independent directors, must review the IAC's recommendations and consider other recovery options.
Settlement of Accounts with Dues Rs. 1 Crore or Below: To expedite the resolution process, these cases can now be approved by a competent authority established under the board-approved policy.
Conflict of Interest Prevention: Officials involved in acquiring financial assets cannot participate in the approval of settlements to avoid conflicts of interest.

What are ARCs?

Definition: ARCs are financial institutions that purchase NPAs or bad assets from banks and financial institutions, enabling them to clean up their balance sheets.
Registration: ARCs are registered as companies by the RBI under the SARFAESI Act, 2002.

Thursday, 23 January 2025

Uttarakhand Cabinet Approves Manual for Uniform Civil Code (UCC)

Uttarakhand Cabinet Approves Manual for Uniform Civil Code (UCC)

Earlier this year, the Uttarakhand Assembly's UCC Bill received presidential assent, setting the stage for the state to potentially become the first in India to implement the UCC.

About UCC:

Meaning: The UCC aims to create a uniform set of personal laws for all citizens, irrespective of religion, gender, or caste, covering issues such as marriage, divorce, adoption, inheritance, and succession.
Constitutional Provisions: The Directive Principles of State Policy (Part IV), under Article 44, calls for the State to secure a UCC for all citizens across India.
Current Status: Currently, personal laws are governed by individual religious laws.
Goa: The state has provisions similar to the UCC under the Portuguese Civil Code of 1867.

Need for UCC:

UPSC Current Affairs January 2025 - Part 03

Additional News

Arctic-Boreal Zone: Research reveals that 34% of the Arctic-Boreal Zone is now a carbon source rather than a sink, with thawing permafrost and wildfires contributing to this shift.
Pollinators: The excessive use of nitrogen fertilizers reduces flower populations and harms pollinator insects like bees, which are critical for food crops and ecosystem health.
DRDO's Scramjet Engine Development: DRDO’s Hyderabad-based lab successfully conducted a 120-second ground test of a scramjet combustor, crucial for hypersonic missile systems.
Mission SCOT: The Prime Minister congratulated the team behind Mission SCOT, which aims to enhance space situational awareness by tracking objects in Low Earth Orbit.
Kalaripayattu: The traditional martial art of Kalaripayattu has been included for demonstration at the 38th National Games in Uttarakhand, replacing its competition section.
Pradhan Mantri Fasal Bima Yojana: Over 4.14 lakh bogus crop insurance claims have been identified under PMFBY in Maharashtra.
Australopithecus Diet: New research suggests that Australopithecus primarily relied on a plant-based diet, challenging previous assumptions about early hominin meat consumption.
Rash Behari Bose: January 21 marks the death anniversary of Rash Behari Bose, an important figure in India's freedom struggle, known for his leadership in the Ghadar Movement and the formation of the Azad Hind Fauj.

In October 2023, the Union government officially announced the formation of the National Turmeric Board (NTB).

National Turmeric Board (NTB) Overview:

SVAMITVA Scheme 2025

SVAMITVA Scheme

The Prime Minister distributed over 65 lakh property cards to property owners under the SVAMITVA Scheme.

About the SVAMITVA Scheme:

Nodal Ministry: Ministry of Panchayati Raj
Purpose: The scheme aims to foster the economic development of rural India by providing a 'Record of Rights' to households owning properties in populated areas of villages.
Type: Central Sector Scheme
Technology Implementation Agency: Survey of India

Key Activities:

BRICS: Nigeria Admitted as a "Partner Country"2025

BRICS: Nigeria Admitted as a "Partner Country"

Nigeria has been officially admitted as the 9th "partner country" of the BRICS grouping, joining Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Thailand, Uganda, and Uzbekistan.

About BRICS:

Total Members: 11
Formation: BRICS was originally formed in 2009 by Brazil, Russia, India, and China, with South Africa joining in 2010.
Other Full Members: Egypt, Ethiopia, Iran, Saudi Arabia, UAE, and Indonesia.
Three Pillars of Cooperation:
- Political and Security
- Economic and Financial
- Cultural and People-to-People Exchanges

BRICS collectively represents about 40% of the global population and approximately 37.3% of global GDP.

India has hosted the 4th (2012), 8th (2016), and 13th (2021) BRICS Summits.

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