Current Affairs – November, 2013

Latest Current Affairs November, 2013 with Current Affairs, news summary on current events of National and International importance of November, 2013 for Banking, SSC, CLAT, UPSC, State PCS, IBPS, Railways and other Competitive Examinations.

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Register all records of equitable mortgages with CERSAI: RBI to NBFCs

All Non-Banking Finance Companies (NBFCs) have been advised by the RBI to file and register the records of all equitable mortgages created in their favour on or after March 31, 2011 with the Central Registry of Securitization Asset Reconstruction and Security Interest of India (CERSAI). Furthermore, the RBI has also asked regulators to register the records with the CERSAI as and when equitable mortgages are created in their favour.

Why did RBI ask NBFCs to keep records of equitable mortgage deals?

The Central Registry of Securitization Asset Reconstruction and Security Interest of India (CERSAI) has been set up by the Government of India to keep records of all mortgage deals. Although it stipulated in the SARFAESI Act that it is mandatory for banks and financial institutions notified under the Act to file the details of all mortgages created in their favor, it doesn’t cover those institutions which are not notified in the Act.  So, in order to expand its effectiveness RBI has asked all the financial institutions to record every mortgage deals. As per RBI, this will help to reduce the possibility of frauds as information will be available.

CBI will get functional autonomy but is under norms of executive: Fin Min

As per Finance Minister P Chidambaram, who chaired the Group of Ministers on the issue of imparting autonomy to CBI, government will give functional autonomy to it but the agency would be governed by the general rules of the executive government. He reminded that CBI is part of executive government and that it is bound by the general principles which apply to all domains of executive government. He avoided to make any remarks on the proposed abolition of section 13(1)(d) of the Prevention of Corruption Act which deals with pecuniary advantages taken by a government.

What does Section 13(1)(d) of the Prevention of Corruption Act say?

The Prevention of Corruption Act, 1988 is a federal law enacted by the Parliament of India to combat corruption in government agencies and public sector businesses in India.

Section 13(1)(d) in The Prevention Of Corruption Act, 1988, a public servant is said to commit the offence of criminal misconduct, if he

(i) by corrupt or illegal means, obtains for himself or for any other person any valuable thing or pecuniary advantage; or

(ii) by abusing his position as a public servant, obtains for himself or for any other person any valuable thing or pecuniary advantage; or

(iii) while holding office as a public servant, obtains for any person any valuable thing or pecuniary advantage without any public, interest.

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