Banking Affairs 7th March 2017 | Financial Affairs 7th March 2017

1. West Bengal Clinical Establishment Bill passed

• The West Bengal Clinical Establishments Bill, 2017 was passed by the state legislative assembly with full support.
• The Bill aims to regulate the private hospitals and bring transparency, end harassment of patients and take necessary steps to stop medical negligence in health institutes.
• It was replaces the West Bengal Clinical Establishments Bill, 2010. The state will set up a 13 member West Bengal Clinical Establishment Regulatory Commission which will monitor private healthcare facilities.

2. Kerala tops in GST registrations

• Kerala has achieved the maximum number of registrations under the Goods and Services Tax (GST) regime with at least 60% of an estimated 2.5 lakh traders migrating to the new platform.
• Its record becomes even more significant considering the fact that these registrations are complete in all respects, including the crucial provision of digital signatures.

3. ‘Carriage by Air’ amendment bill passed by Rajya Sabha

• A bill that would enhance compensation for air travelers in case of death, injury, lost baggage or even inordinate delay in flights was passed by the Rajya Sabha on 6^th March 2017.
• The ‘Carriage by Air ‘ Bill, 2015’, was passed by the Upper House with changes. It was cleared by the Lok Sabha in December 2015.

4. U.N. imposes harsh new sanctions on North Korea over its nuclear program

North Korea faces harsh new U.N. sanctions to starve it of money for its nuclear weapons program following a unanimous Security Council vote on 8^th March 17 on a resolution drafted by the United States and Pyongyang’s ally China.

 

 

5. Germany wants greater collaboration with India in farm technology

Germany has a lot to offer India in terms of technology in agriculture, as well as skill creation, but “proper and predictable’’ policy interventions are required for transferring technology.

“German companies have invested large amounts in India. In the last few years there have been a number of agreements in areas such as food safety standards, risk management and seed development. With a reliable regulatory framework there could be closer cooperation.” said Arnd Nenstiel, Chairman, German Agribusiness Alliance, at a seminar on financing of agriculture

6. NPAs at record high of Rs 6.8 lakh crore

• Public Accounts Committee (PAC) chief K V Thomas hopes ‘naming and shaming’ such corporate houses may help financial institutions get back their money. Out of the Rs 6.8 lakh crore of Non-Performing Assets of public sector banks, a whopping 70% are those of big corporate houses.

 
7. Rs 10,000 penalty for bank branches refusing to exchange soiled notes: RBI

• RBI has clarified that currency notes, which have messages scribbled on it are legal tender. Bank branches that refuse to exchange soiled notes from people will have to pay a penalty of Rs 10,000.
• RBI, stated that notes cease to be legal tender if message scribbled on it is political in nature. According to RBI’s Clean Note Policy 1999, no banks can deny to exchange soiled or mutilated currency notes.
• The restriction for exchanging soiled notes is that if one exchanges more than 20 notes or notes worth Rs 5,000 in a day, then banks will levy service charges.

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