India Current Affairs - 2019
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Indian Prime Minister living upto his image of a man of action and less rhetoric, successfully unveiled and launched the Pradhan Mantri Jan Dhan Yojana, within 15 days of its formal announcement from the Red Fort on independence day.
The scheme is said to eradicate financial untouchability and will be a game-changer to bring about financial inclusion in the country. The scheme will provide bank accounts to every Indian family. The first day saw a humungous outpour of public to get their accounts opened.
The scheme ultimately plans to wipe out poverty and bring benefits of our economic prosperity and growth to every Indian.
As an initial incentive to attract people the government which has set a huge target of opening 7.5 crore bank accounts by January 15, 2015. To get the ball rolling, an additional advantage is added for everyone who gets an account opened before the said date, will get an additional insurance of Rs. 30,000 apart from the Rs.1 lakh accident cover. This will also enable the account holders to get the transfer payments for any welfare scheme or government work to directly be transferred to the bank accounts rather than any regional or rural banks which ultimately led to corruption at various levels. An overdraft facility of Rs.5000 will also be given to the account holders. The beneficiaries will also get a Rupay ATM debit card.
The scheme was simultaneously launched in 20 states by their respective CMs. 600 programmes and 77,852 camps were being organized in di
The Central government has decided to increase the powers of SEBI to make it effective in dealing with fraudulent schemes of money-pooling and lending.
Under the new, Securities Laws Amendment Act,
• The capital market regulator can pass orders of arresting the defaulters, attaching the properties and can get access to all data records of such individuals or companies.
• The act empowers capital markets watchdog Sebi to take action against all unregulated money-pooling schemes involving Rs 100 crore or more.
• There will be special SEBI courts to speeden the investigation and trials in such matters.
• The law has 57 clauses to amend many sections of the existing and toothless SEBI Act.
This new Act is widely been welcomed due to springing up of the Ponzi schemes which have duped the investors in India.
SEBI Chief U K Sinha said that with the new powers it will become harder for offenders to evade law and prolong the cases registered for years making the legislation ineffective and toothless. The usual practice of ignoring SEBI orders will come to a stop and a big change will be seen in making the system more clean and corruption-free. The recovery and disgorgement powers will help in arranging refund of money to investors.
The Securities and Exchange Board of India which has been set up by the Securities and Exchange Board of India Act, 1992 works on the principle of protecting the interests of the investors and regulating the securities markets. It has various divisions and departments which carry out its work of the registration, supervision, compliance monitoring and inspections of all market intermediaries in respect of all segments of the markets viz. equity, equity derivatives, debt and debt related derivatives.
One scam which recently made headlines was the Saradha Scam in West Bengal.