Bills and Acts Current Affairs

US House of Representatives passes bill for greater defence ties with India

The US House of Representatives has passed amendments to the National Defence Authorisation Act (NDAA)-2017 to enhance the country’s defence cooperation with India.

The bill seeks to bring India at par with US’s NATO (North Atlantic Treaty Organization) allies for technology and equipment sale.

Key facts

  • It also seeks to open a special office in the Pentagon dedicated exclusively to the US-India Defence Technology and Trade Initiative (DTTI).
  • Once it gets assent of President, these provisions will liberalise the sale of a wide range of defence technologies to India, bypassing legislative approvals.
  • It also seeks to promote greater defence trade and encourage additional military cooperation between the India-US.
  • A similar kind of bill named US-India Defence Technology and Partnership Act is under the consideration in the US Senate as well.
  • It seeks to promote greater defence trade and encourage additional military cooperation between the United States and India.

US-India Defence Relations

Defence trade between the US and India is one of the strongest areas of the bilateral economic relationship. Over the past 10 years it has risen from $300 million to over $14 billion.

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Parliament passes Insolvency and Bankruptcy Code Bill, 2016

The Parliament has passed the Insolvency and Bankruptcy Code Bill, 2016. It was first passed in Lok Sabha and later in Rajya Sabha in the month of May, 2016.

The code seeks to ensure time-bound settlement of insolvency, faster turnaround of businesses and create a unified data base of serial defaulters.

Key facts

  • The Code will consolidate and amend existing laws related to insolvency resolution and reorganization of corporate persons, partnership firms and individuals in a time bound manner.
  • It provides for setting up Insolvency and Bankruptcy Board of India (IBBI) to regulate professionals, agencies and information utilities (IUs) engaged in resolution of insolvencies of companies.
  • It also provides for establishment of National Companies Law Tribunal (NCLT) and Debt Recovery Tribunals (DRT) as nodal adjudicating authorities for resolution of insolvency, liquidation and bankruptcy.
  • As per the code, in case of insolvency the interest of the workers must be fully protected and they should be given dues for 24 months.
  • The code seeks to give a push to the ease of doing business in the country.

For more details: Insolvency and Bankruptcy Code Bill, 2016

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