GS- 2 Papar
Topic covered- Statutory, regulatory and various quasi-judicial bodies.
Competition Law Review Committee
Context
Report of the Competition Law Review Committee submitted to Union Finance and Corporate Affairs Minister.
About the Competition Law Review Committee
- Government constituted a Committee constituted in October, 2018 to review competition law and to suggest ways to make the anti-trust law (Competition Act 2002) in sync with the changing business environment.
- It was headed by Injeti Srinavas and has 10 members in it.
Mandated of he committee
- To review the existing Competition law framework and make recommendations to further strengthen the framework to inter alia meet new economy challenges.
- To study other regulatory regimes/institutional mechanisms/government policies which overlap with the Competition Act.
- To look into international best practices in the competition fields, anti-trust laws, merger guidelines and handling cross border competition issues.
- To review the competition Act/Rules/Regulations in the view of changing business environment and bring necessary changes if required.
Key recommendations of the CLRC
- The key recommendations of the Competition Law Review Committee are-
- Introduction of a ‘Green Channel’ for combination notifications to enable fast-paced regulatory approvals for vast majority of mergers and acquisitions that may have no major concerns regarding appreciable adverse effects on competition.
- The aim is to move towards disclosure based regime with strict consequences for not providing accurate or complete information.
- Combinations arising out of the insolvency resolution process under the Insolvency and Bankruptcy Code will also be eligible for “Green Channel” approvals.
- Introducing a dedicated bench in NCLAT for hearing appeals under the Competition Act.
- Introduction of express provisions to identify ‘hub and spoke’ agreements as well as agreements that do not fit within typical horizontal or vertical anti-competitive structures to cover agreements related to business structures and models synonymous with new age markets.
- Additional enforcement mechanism of ‘Settlement & Commitments” in the interests of speedier resolution of cases of anti-competitive conduct.
- Enabling provisions to prescribe necessary thresholds, inter alia, deal-value threshold for merger notifications.
- CCI to issue guidelines on imposition of penalty to ensure more transparency and faster decision making which will encourage compliance by businesses.
- Strengthening the governance structure of CCI with the introduction of a Governing Board to oversee advocacy and quasi-legislative functions, leaving adjudicatory functions to the Whole-time Members.
- Merging DG’s Office with CCI as an ‘Investigation Division’ as it aids CCI in discharging an inquisitorial rather than adversarial mandate. However, functional autonomy must be protected.
- Opening of CCI offices at regional level to carry out non-adjudicatory functions such as research, advocacy etc. and interaction with State Governments and State regulators.
Way Forward
- According to the panel, the Green Channel route should be the de facto route for merger notification and approval for majority cases and the government can formulate detailed eligibility criteria in consultation with the CCI.
- The aim is to move towards disclosure based regime with strict consequences for not providing accurate or complete information.
- The mandatory 30-day timeline for completion of the first phase of review of combination cases should be included in the Act itself,
- The report said, adding that this timeline would continue to govern combinations that are not eligible for the proposed Green Channel.
- It further suggested that all permissible time exclusions from the 210-day timeline for merger assessments ought to be codified in the Act to provide certainty and transparency in the process.
Competition Commission of India
- Competition Commission of India (CCI) is a quasi-judicial statutory body of the Government of India responsible for enforcing The Competition Act, 2002 throughout India and to prevent activities that have an adverse effect on competition.
- It was established on 14 October 2003 and it became fully functional in May 2009.
- CCI consists of a Chairperson and 6 Members appointed by the Central Government.
- It is the duty of the Commission to eliminate practices having adverse effect on competition, promote and sustain competition.
- It protects the interests of consumers and ensures freedom of trade in the markets of India.
- The Commission is also required to give opinion on competition issues on a reference received from a statutory authority established under any law.
- To undertake competition advocacy, create public awareness and impart training on competition issues.
The Competition Act, 2002
- The Competition Act, 2002, as amended by the Competition (Amendment) Act, 2007, follows the philosophy of modern competition laws.
- The Act prohibits anti-competitive agreements, abuse of dominant position by enterprises and regulates combinations (acquisition, acquiring of control and M&A), which causes or likely to cause an appreciable adverse effect on competition within India.
GS- 3 Paper
Topic covered- Various Security forces and agencies and their mandate.
CORAS (Commandos for Railway Security)
Context
Minister of Railways and Commerce &Industry launched CORAS (Commando for Railway Security) of Indian Railways and new establishment manual for Railway Protection Force.
About CORAS
- To tackle the threats to Railway passengers or establishments, a special task force CORAS has been constituted.
- The unit is being envisaged as a responder for any situation pertaining to damage, disturbance, disruption of train operations, attack/hostage/hijack, disaster situations in railway areas.
- The commandos in CORAS are well trained in reputed institutions and are capable of meeting any precarious situation. This new unit will strengthen the Railway security.
- A new state-of-the-art facility will be built in Haryana’s Jagadhari city to train CORAS commandos.
- CORAS’ first deployment will be in naxal-hit Chattisgarh.
- They will also be deployed in areas where railway has major ongoing projects which need security like northeastern States and Jammu and Kashmir.
Background of CORAS (Commandos for Railway Security)
Vision Statement
- To develop world level capabilities of specialized responder for any situation pertaining to damage, disturbance, disruption of train operations, attack/hostage/hijack, disaster situations in railway areas.
- Following the doctrine of graded response, minimum effective force shall be used for providing fool proof security to Indian Railways and its users.
Salient Features
- Carved out from motivated and willing young staff of RPF/RPSF.
- With an average age between 30-35 years, CORAS will always be young and motivated staff.
- Very high physical standards to join CORAS.
- Commando Coys shall be deployed in Left Wing Extremism (LWE)/Insurgency/Terrorism affected Railway areas.
Composition
- It will be comprised of RPF and Railway Protection Special Force (RPSF) personnel.
- The CORAS is headed by the RPF DG and is armed with special uniforms with bullet-proof jackets, helmets and sophisticated weapons.
- There are 14 battalions of the RPSF and one of its battalion had been converted into CORAS.
Specialties
- The men of CORAS have been trained in the NSG academy and Greyhounds.
- Greyhounds specialises in anti-insurgency operations against Naxalites.
- CORAS commandos will be undergoing training programmes, including basic and advanced commando courses with specialisation in handling landmines and improvised explosive devices, hostage rescue, sniping and breaching.
Need
- Railway plays an important role in connecting nook and corner of the country.
- Commissioning of CORAS will address challenges to these ongoing projects as well as any challenging situation for Railway travellers.
- Keeping in mind the threat from disruptive forces, induction of CORAS was planned in Railway Protection Force.
- CORAS team will be provided best, most modern equipment and world class training.
GS- 3 Paper
Topics covered- Indian Economy and issues relating to planning, mobilization of resources, growth, development and employment.
One time Partial credit guarantee scheme to PSBs
Context
Government issues Scheme to provide a one-time partial credit guarantee to PSBs for purchase of pooled assets of financially sound NBFCs.
About the scheme
- In pursuance of the announcement made in the Union Budget 2019-20 presented by the Union Minister of Finance & Corporate Affairs the Government has issued a scheme regarding partial credit guarantee on 10.8.2019.
- The Scheme would enable the public sector banks (PSBs) to purchase pooled assets of financially sound NBFCs amounting to Rs. one lakh crore.
- The details of the Scheme launched in this respect are as below –
Name of the Scheme
- ‘Partial Credit Guarantee offered by Government of India (GoI) to Public Sector Banks (PSBs) for purchasing high-rated pooled assets from financially sound Non-Banking Financial Companies (NBFCs)/Housing Finance Companies (HFCs)’.
Objective
- To address temporary asset liability mismatches of otherwise solvent NBFCs/HFCs without having to resort to distress sale of their assets for meeting their commitments.
Validity of the scheme
- The window for one-time partial credit guarantee is offered by GoI.
- It will open from the date of issuance of the Scheme by the Government for a period of six months.
- Or, till such date by which Rupees One lakh crore assets get purchased by banks, whichever is earlier.
Significance
- The stress on NBFCs and HFCs is seen as a key reason for a slowdown in the economy, as it has caused reduced credit flow to small businesses and consumers.
- It is expected that this measure would provide liquidity to the NBFC Sector.
- In turn, enable NBFC Sector to continue to play their role in meeting the financing requirements of the productive sectors of economy including MSME, retail and housing.
For prelims-
Gallantry awards- 2019
Context
President of India, who is also the Supreme Commander of the Armed Forces, has approved 132 Awards to Armed Forces Personnel and members of Paramilitary Forces.
Highlights
- This year awards includes-
- Two Kirti Chakras,
- One Vir Chakra,
- 14 Shaurya Chakras,
- Eight Bar to Sena Medals (Gallantry),
- 90 Sena Medals (Gallantry),
- Five Nao Sena Medals (Gallantry),
- Seven Vayu Sena Medals (Gallantry)
- Five Yudh Seva Medals.
Kirti Chakra
- Sapper Prakash Jadhav, The Corps Of Engineers/First Battalion The Rashtriya Rifles (posthumous) – Army
- Shri Harshpal Singh, Dy Commandant – CRPF.
Vir Chakra
- Wing Commander Abhinandan Varthaman, Flying (Pilot) – Air Force.
History of Gallantry Awards
- Three gallantry awards, the Param Vir Chakra, the Maha Vir Chakra and the Vir Chakra were instituted by the Government of India on 26th January, 1950 which were deemed to have effect from the 15th August, 1947.
- Thereafter, other three gallantry awards, the Ashoka Chakra Class-I, the Ashoka Chakra Class-II and the Ashoka Chakra Class-III were instituted by the Government of India on 4th January, 1952, which were deemed to have effect from the 15th August, 1947.
- These awards were renamed as the Ashoka Chakra, the Kirti Chakra and the Shaurya Chakra respectively in January, 1967.
- These gallantry awards are announced twice in a year, on the occasion of the Republic Day and Independence Day.
- Order of precedence of these awards is the Param Vir Chakra, the Ashoka Chakra, the Mahavir Chakra, the Kirti Chakra, the Vir Chakra and the Shaurya Chakra.
Eligibility for the Gallantry Awards
- Officers and men and women of all ranks of the Naval, Military and Air Forces, of any of the Reserve Forces, of the Territorial Army, Militia and of any other lawfully constituted Armed Forces.
- Matrons, Sisters, Nurses and the Staff of the Nursing Services and other Services pertaining to Hospitals and Nursing, and Civilians of either sex serving regularly or temporarily under the orders, directions or supervision of any of the above-mentioned Forces.
- The Param Vir Chakra is awarded for most conspicuous bravery or some daring or pre-eminent act of valour or self-sacrifice, in the presence of the enemy, whether on land, at sea, or in the air.
- The Maha Vir Chakra is awarded for acts of conspicuous gallantry in the presence of the enemy whether on land, at sea or in the air.
- The Vir Chakra is awarded for acts of gallantry in the presence of the enemy, whether on land or at sea or in the air.
- The Ashoka Chakra is awarded for most conspicuous bravery or some act of daring or pre-eminent act of valour or self-sacrifice otherwise than in the face of the enemy.
- The Kirti Chakra is awarded for conspicuous gallantry otherwise than in the face of the enemy.
- The Shaurya Chakra is awarded for gallantry otherwise than in the face of the enemy.
- All the gallantry awards may be awarded posthumously.
- Persons recommended for the award shall not be involved in any adverse report or should not have been conveyed any displeasure or censure or given any punishment in a court martial proceedings or through administrative action.
