The Law Commission recommended that gambling and betting on sports, including cricket, be allowed as regulated activities taxable under the direct and indirect tax regimes and used as a source for attracting foreign direct investment (FDI). The commission's report, 'Legal Framework: Gambling and Sports Betting including Cricket in India', recommends a number of changes in the law for regulating betting and generating tax revenues from it.
Law Commission of India works under the Ministry of Law & Justice.
2. Animals Declared As ‘Legal Persons’ In Uttarakhand
In a first, the Uttarakhand High Court accorded the status of ‘legal person or entity’ to the animals in the state. The HC stated that "they have a distinct persona with corresponding rights, duties and liabilities of a living person. The unique status was bestowed upon the state’s animals by a division bench of judges comprising Justice Rajiv Sharma and Justice Lokpal Singh while issuing a series of directions to prevent cruelty against animals.
In March 2017, the Uttarakhand High Court had accorded the status of 'living human entities' to the Ganga and Yamuna, the two most sacred rivers of India.
3. ISRO Successfully Carries Out Flight Tests For Crew Escape System
The Indian Space Research Organisation (ISRO) successfully carried out a flight test for a newly-designed Crew Escape System. According to ISRO, the first ‘Pad Abort Test’ demonstrated the safe recovery of the crew module in case of any exigency at the launch pad. It was launched from the Satish Dhawan Space Centre at Sriharikota, Andhra Pradesh. It was the first in a series of tests to ascertain the trustworthiness and efficiency of the Crew Escape System.
Dr. K Sivan is Chairman of ISRO.
ISRO stands for Indian Space Research Organization.
The Finance Ministry has kept the interest rates on small savings schemes, including NSC and PPF, unchanged for the July-September quarter. The move is aimed at matching the hardening interest rates in the banking sector. Interest rates for small savings schemes are notified on a quarterly basis.
5. NSG Becomes 1st Central Force To Opt for e-Ticketing Instead of Railway Warrant
The National Security Guard will be the first central paramilitary force to opt for e-ticketing instead of the railway warrant under an agreement signed with the IRCTC. A MoU was signed between the Indian Railway Catering and Tourism Corporation and the NSG at the headquarters of the special force (New Delhi). This system will eliminate the need for carrying railway warrants by the NSG personnel.
NSG is Federal Contingency World Class Zero Error Force to deal with anti-terrorist activities in all its manifestations.
It was established in 1984.
Sudeep Lakhtakia is the present Director General of NSG.
1. YES Bank Gets SEBI Nod To Launch Mutual Fund Business
Private lender YES Bank announced that it has received final regulatory approval from the Securities & Exchange Board of India (SEBI) to start mutual fund business. This approval is subsequent to the Reserve Bank of India's (RBI) approval. YES Asset Management (India), a wholly owned subsidiary of YES Bank, will launch fund offerings across the spectrum in both debt and equity markets over the next 6-12 months.
Yes Bank MD and CEO- Rana Kapoor.
Head office of Yes Bank- Mumbai.
YES BANK is India’s fifth largest Private Sector Bank (PSB).
ICICI Bank has announced that its mortgage loan portfolio crossed the Rs 1.5-trillion milestone, making it the largest private player in the segment, and the lender is targeting to grow it to Rs 2 trillion by FY20. At Rs 1.5 trillion, the mortgage loan-book is half of the bank's overall retail loan portfolio of around Rs 3 trillion.
ICICI Bank stands for Industrial Credit and Investment Corporation of India.
Headquarters of ICICI Bank: Mumbai.
Sandeep Bakhshi is the present whole-time director and chief operating officer (COO) of ICICI Bank.
3. 25 Countries In Global Banks’ ‘High Risk’ List
China, UAE, Cyprus and significantly, Mauritius, along with 21other countries have been tagged as “high-risk jurisdictions” by global banks acting as custodians for foreign funds which comprise the largest group of investors in the Indian stock market. Large investors and beneficial owners of these funds entering India through these high-risk jurisdictions will face close scrutiny while non-resident Indians and persons of Indian origin will run into new hurdles in participating in funds set up in these countries for trading on Indian exchanges. SEBI - registered foreign portfolio funds invest in India through 56 countries. Of these, 25 are now considered ‘high risk’.