1. Centre appoints Justice Ashok Bhushan as the full-time chairperson of NCLAT.
- Centre has appointed Justice Ashok Bhushan as the full-time chairperson of National Company Law Appellate Tribunal (NCLAT).
- Justice Ashok Bhushan is a retired Supreme Court judge. He retired from the Supreme Court in July this year.
- The post of NCLAT chairperson was lying vacant since the retirement of then chairperson Justice S J Mukhopadhaya, in March 2020.
- Justice Bhushan has been appointed for four years or till he attains the age of 70 years, or until further orders.
- Chief Justice of the Manipur High Court, Justice Ramalingam Sudhakar, has been appointed as the full-time chairperson of the National Company Law Tribunal (NCLT).
- He has been appointed for a period of five years, or till he attains the age of 67 years, or until further orders. NCLT’s first chairperson, Justice M M Kumar, retired in January 2020.
2. GST collections reach ₹1.30-lakh crore in October.
- GST collections have reached ₹1.30-lakh crore in October and this is the second highest level since the introduction of GST in 2017.
- Highest level (₹1.40-lakh crore) was reached in April 2021. As per Finance Minister, the revenues for October were 24% higher than the GST revenues in October 2020.
- During October, revenues from import of goods were 39% higher than October month of last fiscal.
- Revenues from domestic transactions (including import of services) were 19 % higher than October month of last fiscal.
3. Anti-dumping duty on seamless tubes, pipes from China extended for 5 years.
- Anti-dumping duty on seamless tubes, pipes from China has been extended for 5 years by Finance Ministry.
- Directorate General of Trade Remedies (DGTR) in the Ministry of Commerce and Industry had earlier recommended the continuation of anti-dumping duty for five years.
- DGTR has given recommendation in final findings on the sunset review investigations initiated by it in February this year. The final findings came out on July 31 this year.
- Anti-dumping duty was to expire on May 16, 2021. But it was later extended to October 31, 2021.
- ISMT and Jindal Saw Ltd had filed the application for initiation of sunset review investigation on the imports from China.
It is imposed by customs authorities over normal customs duty in order to prevent cheaper export of goods from a country to another country.
It is recommended by the Directorate General of Trade Remedies (DGTR) and imposed by the Ministry of Finance.
Topic: Banking System
4. The provisions of revised PCA framework to be effective from January 1, 2022.
- The provisions of the revised prompt corrective action (PCA) framework will be effective from January 1, 2022.
- As per the revised PCA framework, stressed banks may be prohibited from the expansion of credit portfolio. They may be asked to restrict outsourcing activities.
- However, they will be allowed to invest in government securities/other high-quality liquid investments.
- In the revised framework, RBI said it would monitor three key areas — capital, asset quality and leverage. Breach of any risk threshold may result in invocation of PCA. Under the current framework, RBI also monitors profitability.
- Revised framework also contains the resolution of a PCA bank by Amalgamation or Reconstruction (under Section 45 of Banking Regulation/BR Act 1949).
- Section 45 of Banking Regulation/BR Act 1949 enables the Reserve Bank to reconstruct or amalgamate a bank.
5. Bank of Baroda signs MoU with NCDEX e Markets Ltd (NEML).
- Bank of Baroda has signed a Memorandum of Understanding (MoU) with NCDEX e Markets Ltd (NEML).
- Bank of Baroda has signed MoU to become clearing bank for handling financial transactions in the NeML market place and procurement/auction platform.
- The partnership will help NEML members to further their agriculture businesses.
NEML is an online commodities spot market and services company. It is a wholly-owned subsidiary of agricultural commodity exchange, NCDEX.
Bank of Baroda was founded in 1908. Its chairman is Hasmukh Adhia. It is headquartered in Vadodara.
6. RBI authorizes Bandhan Bank as agency bank.
- RBI has authorized Bandhan Bank as agency bank for undertaking government business.
- RBI has also authorized other banks as agency bank. In May 2021, RBI has issued guidelines that authorize scheduled private sector banks as agency banks for conduct of government business.
- Bandhan Bank will now be able to handle transactions related to the collection of State taxes and revenue receipts such as GST and VAT.
- It will also be able to handle transactions related to collection of stamp duty and pension payments on behalf of the Central and the State governments.
Bandhan Bank is a Kolkata based private sector bank. Dr. Anup Kumar Sinha is its current chairman. Chandra Shekhar Ghosh is its MD & CEO.
7. Sharad Sharma appointed as Non-Executive Director of Yes Bank.
- Sharad Sharma has been appointed as Non-Executive Director of Yes Bank.
- The appointment is with effect from November 1. He was the Managing Director of State Bank of Mysore from August 2012 to April 2016.
- Yes Bank is a Mumbai based Indian private sector bank founded in 2004. Prashant Kumar is its MD and CEO.
8. RBI extends the validity of its directions for Kapol Co-operative Bank.
- RBI has extended the validity of its directions for Kapol Co-operative Bank by six months up to April 30, 2022.
- RBI had placed Kapol Co-operative Bank under Directions with effect from the close of business on March 30, 2017, for six months.
- The validity of direction was extended many times since then. Kapol Co-operative Bank is based in Mumbai.