Reserve Bank of India Act Amended

Reserve Bank of India Act Amended

“The government has decided to bring the provisions of amended RBI Act regarding constitution of MPC into force on June 27, 2016 so that statutory basis of MPC is made effective,” according to a finance ministry statement.

“The rules governing the procedure for selection of members of Monetary Policy Committee and terms and conditions of their appointment and factors constituting failure to meet inflation target under the MPC framework have also been notified on June 27, 2016.”

The six-member Committee — tasked with bringing “value and transparency to monetary policy decisions” — will comprise three members from RBI, including the Governor, who will be the ex-officio chairperson, a Deputy Governor and one officer of the central bank.

The other three members will be appointed by the Centre on the recommendations of a search-cum-selection committee.

“These three members of MPC will be experts in the field of economics or banking or finance or monetary policy and will be appointed for a period of four years and shall not be eligible for re-appointment,” according to the statement.

 

Apex Court upheld employer’s decision of sacking conductor who collected fare from 78 passengers without issuing tickets

Apex Court upheld employer’s decision to sack him for collecting fares from 78 passengers without issuing tickets as it amounted to misconduct. The Apex Court observed “Where the person deals with public money or is engaged in financial transactions or acts in a fiduciary capacity, the highest degree of integrity and trustworthiness is a must and unexceptionable,”

The Corporation asserted that the conduct of the conductor amounted to criminal breach of trust.

Apex Court dismissed judgment of Trial Court and held that it was not the amount of money involved that decides a person’s punishment but the mental make-up and the type of public duty performed by him.

 

Madras High Court directed State Government to constitute expert committee in order to prevent illegal layouts

The Madras High Court  directed the State government to constitute an expert committee to seek measures to be taken to prevent illegal layouts.

A public interest litigation was filed seeking authorities to prevent giving approval for conversion of agricultural lands into residential layouts without following mandatory procedures laid down in Government Orders.

The Bench directed the government to set up the committee and complete the exercise in three months.

Public Interest Litigation Filed in order to preserve ecology of High Court of Madras

The Madras High Court directed the Registrar General of the court to file a status report on the issue of re – planting trees and preventing flow of drainage into a pond located nearby its Madurai Bench.

A  Public Interest Litigation petition was moved by a lawyer in this regard seeking constitution of a committee headed by a sitting High Court judge to conduct a detailed study and provide suggestions to preserve the environment and ecology of the Madurai Bench.

 

Madras High Court sought report of blood tests of inmates of illegal homes in order to determine their parentage.

The Madras High Court Bench has directed a team of female doctors to take blood samples of inmates of an unauthorised girls’ home run by Tiruchi-based Mose Ministries following allegations that some of the inmates were trafficked.

The court desired to take blood samples of the inmates as well as those who had claimed to be their parents after many years and conduct DNA tests.

The Court has also ordered for making enquiries with doctors and nurses employed at hospitals  near here to find out the modus operandi adopted by the home for procuring the children since the home had claimed that the children were actually abandoned at the doorsteps, a locality which is quiet infamous for female infanticide, since 1994.

About the Author

-

Vakilno1 is a group of Law Enthusiasts and Legal Experts in India with a passion to provide the latest info and articles on Indian Legal System

 

 

 

 

 

 

Leave a comment

You must be Logged in to post comment.