Bills and Acts Current Affairs

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Lok Sabha passes Payment & Settlement Systems (Amendment) Bill, 2014

Lok Sabha has passed Payment & Settlement Systems (Amendment) Bill, 2014. It will amend Payment and Settlement Systems Act, 2007. It aims to bring India’s banking payment system in synchronization with international practices.

Key facts

  • It seeks improve the payment and settlement systems by increasing transparency and stability of Indian financial market.
  • It has provision to protect funds collected from the customers by the payment system providers and to extend the Act to cover trade repository and legal entity identifier issuer. A Legal Entity Identifier will be a unique ID associated with a single corporate entity.
  • It mentions that the decision of the court, tribunal or any authority will not impact the settlement which had become final prior to the issuance of the order.
  • It will ensure that if a system participant becomes insolvent, the dues of people whose money is with it would be cleared first. Norms of banking as well as companies laws would not be applicable till such dues are cleared.


Cabinet nod to amend Indian Trusts Act, 1882

The Cabinet has given nod for introduction Indian Trusts (Amendment) Bill, 2014. It amends the section 20 and 20A of the Indian Trusts Act, 1882.

This bill aims to provide greater autonomy and flexibility to trustees in taking investment decisions of trust money.  This amendment will enable the Central Government to notify securities or class of securities for investment by trusts and will remove the outdated provisions occurring in section 20 of the Indian Trusts Act, 1882.

Earlier, in 2009 then UPA government had introduced a bill for amendments in 2009, but the legislation lapsed.


Lok Sabha passes school of Planning & Architecture Bill 2014

Lok Sabha has passed School of Planning and Architecture Bill, 2014. It was passed by a voice vote. This bill seeks to convert three Schools of Planning and Architecture (SPA) into centres of excellence and enable them to confer degrees on students.

The bill also proposes to set up a council for the SPAs similar to IITs and NITs to advise the central government on policy matters in the field of architecture and planning.

Its passage will benefit students of SPA Bhopal and Vijayawada who are still awaiting their degrees. In order to confer degrees, an institute has to be made a deemed university by an act of parliament.

About Schools of Planning and Architecture (SPA)

  • The Schools of Planning and Architecture (SPAs) are a group of autonomous public institutes of higher education under Ministry of Human Resource Development, Government of India.
  • At present, the SPAs lists three institutes located at Bhopal, Delhi and Vijayawada.
  • They were established with the objectives of providing quality Architecture and physical planning education.
  • The SPAs primarily offer undergraduate, postgraduate, doctoral and executive education programmes.
  • SPA at Delhi was established in 1948. SPA’s at Bhopal and Vijayawada were established in 2008.