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News for the Day (3rd September, 2024)

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 03-Sep-2024

CURRENT AFFAIRS

SHAMBHU BORDER

Why in News?

The Supreme Court forms neutral panel for talks with farmers at Shambhu border.

Shambhu Border

  • Shambhu is a village in the Patiala district, Punjab, India, near its border with Haryana. 

Map representing Shambhu Border

Neutral High-Powered Committee

  • Aim: To reach out to the agitating farmers at the Shambhu border to impress upon them to immediately remove their tractors/trolleys, tents and other accessories etc. from and near the National Highway so as to enable the civil and police administration of both the States to open the National Highway.
  • Composition of Bench: Justices Surya Kant and Ujjal Bhuyan 
  • Committee Members
    • Chaired By: Former Punjab and Haryana High Court judge Justice (Retd.) Nawab Singh, to talk to farmers protesting at the Shambhu border.
    • Other Members
      • Retired IPS officer- BS Sandhu
      • Dr Devinder Sharma
      • Professor Ranjit Singh Ghumman
      • Sukhpal Singh, Agricultural Economist, Punjab Agricultural University, Ludhiana
  • Special Invitee: Baldev Raj Kamboj, Vice-Chancellor, CCS, Haryana Agricultural University.

SUPREME COURT

Why in News?

Supreme Court questions bulldozer justice as it will lay down ‘pan-India’ norms for due process.

Due Process in Constitution

  • It stands for rationality and fairness in the treatment before law.  
  • Any inequality involved in the procedure of law will stand invalid. 

Supreme Court

  • It is the highest judicial court and the final court of appeal under the Constitution of India, the highest Constitutional court, with the power of judicial review.
  • India is a federal State and has a single and unified judicial system with three tier structure, i.e. Supreme Court, High Courts and Subordinate Courts.

Brief History of the Supreme Court of India

  • The promulgation of Regulating Act of 1773 established the Supreme Court of Judicature at Calcutta as a Court of Record, with full power & authority.
  • The Supreme Courts at Madras and Bombay were established by King George – III in 1800 and 1823 respectively.
  • After India attained independence in 1947, the Constitution of India came into being on 26 January 1950. 
  • The Supreme Court of India also came into existence and its first sitting was held on 28 January 1950.
  • The law declared by the Supreme Court is binding on all Courts within the territory of India.
  • It has the power of judicial review – to strike down the legislative and executive action contrary to the provisions and the scheme of the Constitution.

History of Formation of Supreme Court of India

Constitutional Provisions of Supreme Court of India

  • The Indian Constitution provides for a provision of Supreme Court under Part V (The Union) and Chapter IV (The Union Judiciary).
  • Articles 124 to 147 in Part V of the Constitution deal with the organisation, independence, jurisdiction, powers and procedures of the Supreme Court.
  • The Indian Constitution under Article 124(1) states that there shall be a Supreme Court of India constituting of a Chief Justice of India (CJI) and, until Parliament by law prescribes a larger number, of not more than seven other Judges.
  • The Jurisdiction of the Supreme Court of India can broadly be categorised into original jurisdiction, appellate jurisdiction and advisory jurisdiction. 
  • However, there are other multiple powers of the Supreme Court.

Composition of Supreme Court

  • Strength: 34 judges including CJI, appointed by the President
  • Eligibility: Indian Citizen; High Court judge for 5 years/Advocate for 10 years/Distinguished jurist
  • Tenure: Until age 65 (unless resigns/impeached by President)
  • Salaries: Determined by Parliament
  • Impeachment: By President on Parliament's approval with a special majority

Right to Liberty

Why in News?

  • The Supreme Court granted bail to former Aam Aadmi Party (AAP) communication in-charge Vijay Nair after nearly 23 months of incarceration in a money laundering case linked to the Delhi excise policy scam.
  • A Bench headed by Justice Hrishikesh Roy said liberty was “sacrosanct” and needs to be respected in cases involving even stringent laws.

Article 21: Protection of Life and Personal Liberty

  • No person shall be deprived of his life or personal liberty except according to procedure established by law.
  • This fundamental right is available to every person, citizens and foreigners alike.
  • Article 21 provides two rights:
    • Right to life
    • Right to personal liberty

List of rights that Article 21:

  • Right to privacy
  • Right to go abroad
  • Right to shelter
  • Right against solitary confinement
  • Right to social justice and economic empowerment
  • Right against handcuffing
  • Right against custodial death
  • Right against delayed execution
  • Doctors’ assistance
  • Right against public hanging
  • Protection of cultural heritage
  • Right to pollution-free water and air
  • Right of every child to a full development
  • Right to health and medical aid
  • Right to education
  • Protection of under-trials

PARAOLYMPICS

Why in News?

  • Para badminton player Nitesh Kumar wins Gold in men's singles SL3 at Paris Paralympics 2024.

Important Abbreviation

  • "SL" stands for "Standing / Lower": SL3: athletes competing standing with a lower limb impairment and balance problems walking or running. 

Nitesh Kumar

India’s Semiconductor Mission

Why in News?

  • Cabinet approves one more semiconductor unit in Sanand, Gujarat under India Semiconductor Mission (ISM).

About India’s Semiconductor Mission

  • Launched: 2021
  • Ministry: Ministry of Electronics and IT (MeitY).
  • It is part of the comprehensive program for the development of sustainable semiconductor and display ecosystem in the country.
  • Aim: To provide financial support to companies investing in semiconductors, display manufacturing and design ecosystem.

Law Commission of India

Why in News?

The Union Government sets up the 23rd Law Commission for a period of three years from 1st September 2024 to 31st August 2027.

About the Law Commission of India

  • It is neither a Constitutional body nor a statutory body.
  • It is an executive body established by an order of the Government of India. 
  • It is established for a fixed tenure (three years) and works as an advisory body to the Ministry of Law and Justice.

History of the Law Commission in India

  • First Law Commission
    • It was established in 1834 under the Charter Act of 1833 under the Chairmanship of Lord Macaulay. 
    • It recommended codification of the Penal Code and the Criminal Procedure Code.
  • Thereafter, the second, third and fourth Law Commissions were constituted in 1853, 1861 and 1879 respectively.
  • The Indian Code of Civil Procedure, the Indian Contract Act, the Indian Evidence Act, the Transfer of Property Act. etc. are products of the first four Law Commissions.

Functions of Law Commission

  • To identify laws that have become obsolete and can be repealed.
  • Carry out audits of laws that affect the poor and give its views on any law.
  • To suggest such legislations as might be necessary to implement the Directive Principles.
  • To attain the objectives set out in the Preamble of the Constitution.
  • To examine the impact of globalization on food security, unemployment.
  • To recommend measures for the protection of the interests of the marginalized.

General Knowledge

1. Security Exchange Board of India (SEBI) 

  • It is a statutory body established on 12th April 1992 in accordance with the provisions of the Securities and Exchange Board of India Act, 1992. 

Powers and Functions of SEBI

  • It is a quasi-legislative and quasi-judicial body which can draft regulations, conduct inquiries, pass rulings and impose penaties.
  • It functions to fulfil the requirements of three categories –
    • Issuers:  By providing a marketplace in which the issuers can increase their finance.
    • Investors: By ensuring safety and supply of precise and accurate information.
    • Intermediaries: By enabling a competitive professional market for intermediaries.
  • Through Securities Laws (Amendment) Act, 2014, SEBI is now able to regulate any money pooling scheme worth ₹ 100 cr. or more and attach assets in cases of non-compliance.
  • SEBI Chairman has the authority to order "search and seizure operations".
  • SEBI board can also seek information, such as telephone call data records, from any persons or entities in respect to any securities transaction being investigated by it.
  • SEBI perform the function of registration and regulation of the working of venture capital funds and collective investment schemes including mutual funds.
  • It also works for promoting and regulating self-regulatory organizations and prohibiting fraudulent and unfair trade practices relating to securities markets.

How SEBI came into Existence?

  • Before SEBI came into existence, Controller of Capital Issues was the regulatory authority; it derived authority from the Capital Issues (Control) Act, 1947. 
  • In April, 1988 the SEBI was constituted as the regulator of capital markets in India under a resolution of the Government of India. 
  • Initially SEBI was a non-statutory body without any statutory power. 
  • It became autonomous and given statutory powers by SEBI Act 1992. 
  • The headquarters of SEBI is situated in Mumbai. The regional offices of SEBI are located in Ahmedabad, Kolkata, Chennai and Delhi. 

2. Money Laundering

  • It is concealing or disguising the identity of illegally obtained proceeds so that they appear to have originated from legitimate sources. 
  • It is frequently a component of other, much more serious, crimes such as drug trafficking, robbery or extortion.
  • According to the International Monetary Fund (IMF), global Money Laundering is estimated between 2 to 5% of World GDP. 

 How Money Laundering works? 

  • It involves three steps:  placement, layering and integration:
    • Placement puts the "dirty money" into the legitimate financial system. 
    • Layering conceals the source of the money through a series of transactions and bookkeeping tricks. 
    • In the case of integration, the now-laundered money is withdrawn from the legitimate account to be used for criminal activities. 

 Money Laundering can take several forms, some of them are: 

  • Structuring also called as Smurfing 
  • Bulk Cash Smuggling 
  • Cash intensive Businesses 
  • Trade based Laundering 
  • Shell companies 
  • Round tripping 
  • Gambling 
  • Black salaries 
  • Tax amnesties 
  • Transaction laundering 

Steps Taken by Government of India to Prevent Money Laundering 

  • Criminal Law Amendment Ordinance (XXXVIII of 1944): It covers proceeds of only certain crimes such corruption, breach of trust and cheating and not all the crimes under the Indian Penal Code.  
  • The Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976: It covers penalty of illegally acquired properties of smugglers and foreign exchange manipulators and for matters connected therewith and incidental thereto.  
  • Narcotic Drugs and Psychotropic Substances Act, 1985: It provides for the penalty of property derived from, or used in illegal traffic in narcotic drugs. 
  •  Prevention of Money-Laundering Act, 2002 (PMLA)  
  • It forms the core of the legal framework put in place by India to combat Money Laundering.  
  • The provisions of this act are applicable to all financial institutions, banks (Including RBI), mutual funds, insurance companies, and their financial intermediaries. 
  • PMLA (Amendment) Act, 2012 Adds the concept of ‘reporting entity’ which would include a banking company, financial institution, intermediary etc. 
  •  PMLA, 2002 levied a fine up to Rs 5 lakh, but the amendment act has removed this upper limit. 
  •  It has provided for provisional attachment and confiscation of property of any person involved in such activities.  
  • Financial Intelligence Unit-IND: It is an independent body reporting directly to the Economic Intelligence Council (EIC) headed by the Finance Minister. 
  • Enforcement Directorate (ED): 
  • It is a law enforcement agency and economic intelligence agency responsible for enforcing economic laws and fighting economic crime in India. 
  • One of the main functions of ED is to Investigate offences of money laundering under the provisions of Prevention of Money Laundering Act, 2002(PMLA). 
  •  It can take actions like confiscation of property if the same is determined to be proceeds of crime derived from a Scheduled Offence under PMLA, and to prosecute the persons involved in the offence of money laundering. 
  • India is a full-fledged member of the FATF and follows the guidelines of the same. 

Some of the Global efforts to Combat Money Laundering are as follows

  • The Vienna Convention: It creates an obligation for signatory states to criminalise the laundering of money from drug trafficking. 
  •  The 1990 Council of Europe Convention: It establishes a common criminal policy on Money Laundering.  
  • G-10’s Basel Committee statement of principles: It issued a “statement of principles” with which the international banks of member states are expected to comply. 
  •  The International Organization of Securities Commissions (IOSCO): It encourages its members to take necessary steps to combat Money Laundering in securities and futures markets. 
  •  IMF: It has pressed its 189 member countries to comply with international standards to thwart terrorist financing.  

EMINENT PERSONALITIES IN THE NEWS TODAY

Name Designation Image
R.N. Ravi Governor of Tamil Nadu 
Dr. V. Anantha Nageswaran Chief Economic Advisor to Government of India
Ashwini Vaishnaw Union Minister of Information and Broadcasting of India
Pinarayi Vijayan

Chief Minister

Kerala
Benjamin Netanyahu Prime Minister of Israel