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Insights Daily Current Events, 11 June 2015

Insights Daily Current Events, 11 June 2015

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Ordinance to help litigants in cheque bounce cases

The Union cabinet recently cleared an ordinance which would help lakhs of persons battling cheque bounce cases far away from their place.

This is the 14th ordinance of the Modi government in a little over a year.

In view of the urgency to create a suitable legal framework for determination of the place of jurisdiction for trying cases of dishonour of cheques under section138 of the Negotiable Instruments Act, the Government has decided to amend the law through the Negotiable instruments (Amendment) Ordinance, 2015.

The Negotiable Instruments (Amendment) Ordinance, 2015:

The ordinance will amend the Negotiable Instruments Act, 1881.

It will enable filing of cheque bounce cases in the place where the cheque was presented for clearance or payment and not the place of issue. It

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provides for filing of cases only by a court within whose local jurisdiction the bank branch of the payee, where the payee delivers the cheque forpayment is situated.

It has been provided that if more than one prosecution is filed against the same drawer of cheques before different courts, upon the said fact havingbeen brought to the notice of the court, the court shall transfer the case to the court having jurisdiction as per the new scheme of jurisdiction.

The main objective of the ordinance is to ensure that a fair trial is conducted keeping in view the interests of the complainant by clarifying the territorialjurisdiction for trying the cases for dishonour of cheques.

The Supreme Court, in 2014, had passed a judgment that if a cheque was received from someone and it bounces, then the jurisdiction for initiating action liesin the State where it was issued. However, this judgment was not payeefriendly and hence the government had to come out with this solution.

Benefits:

The clarification of jurisdictional issues may be desirable from the equity point of view as this would be in the interests of the complainant and wouldalso ensure a fair trial.

The clarity on jurisdictional issue for trying the cases of cheque bouncing would increase the credibility of the cheque as a financial instrument.

This would help the trade and commerce in general and allow the lending institution, including banks, to continue to extend financing to the economy,without the apprehension of the loan default on account of bouncing of a cheque.

Section 138 of the NI Act:

The Section 138 of the NI Act deals with the offence pertaining to dishonour of cheque for insufficiency, etc., of funds in the drawers account on whichthe cheque is drawn for the discharge of any legally enforceable debt or other liability.

It provides for penalties in case of dishonour of cheques due to insufficiency of funds in the account of the drawer of the cheque.

The object of the NI Act is to encourage the usage of cheque and enhancing the credibility of the instrument so that the normal business transactions andsettlement of liabilities could be ensured.

The Negotiable Instruments (Amendment) Bill, 2015 was introduced in Lok Sabha in May, 2015 and was passed by Lok Sabha. However, since the RajyaSabha was adjourned sine die on 13th May, 2015, the Bill could not be discussed and passed by that House and the Bill could not be enacted.

Sources: The Hindu, PIB, BS.

INS Vikrant undocked at Cochin shipyard



The maiden indigenous aircraft carrier INS Vikrant was undocked recently at the Stateowned Cochin shipyard. The undocking is part of the second phaseof work on the carrier, which is expected to be over by 2017.

INS Vikrant:

The basic design of the indigenous aircraft carrier was done by the Indian Navy’s Directorate of Naval Design, which was developed into detaileddesign by the design team of CSL.

It will be India’s largest aircraft carrier after induction.

The successful completion of the aircraft carrier puts India in the elite group of four nations – the US, Russia, the UK and France – in the worldcapable of designing and constructing aircraft carriers.



Sources: The Hindu, PIB.



India richer by 349 new species

According to the list of new discoveries by the Botanical Survey of India (BSI) and the Zoological Survey of India (ZSI), 349 new species of flora and faunawere discovered in the past one year — 173 species and genera of plants and 176 species of animals.

Of the new plants, some of the significant findings include nine new taxa of wild Musa (bananas), four species of black plum (jamun), three species ofwild gingibers and 10 species of orchids.

Details:

Western Ghats accounted for 22% of the new discoveries, while the Eastern Himalayas and the northeastern States each accounted for 15% of thespecies found.

In Arunachal Pradesh alone, 25 species of seed plants were discovered.

176 new species were added to the list of animals of India. These include 93 species of insects, seven species of collembolans, 12 species each ofarachnidan and crustacean and one species of mollusca. Two species of reptiles have also been located for the first time in the country — one in TamilNadu and another in Madhya Pradesh.

As in the previous year, insects outnumbered other animal groups this year also.

A large number of amphibians and fish have made it to the list with 24 and 23 new species respectively. While most of the new species of amphibianswere discovered from the Western Ghats, majority of fish species were from northeast India.

Apart from the new species, the BSI has also added 105 new records and ZSI 61 ‘new records.’ Animals and plants that are found elsewhere in theworld but have been spotted in India for the first time are called ‘new records.’

Scientists of both BSI and ZSI agree that the Western Ghats and the northeast are biodiversity hotspots where most new species were found.

In India, 96,891 species of animals and 47,791 species of plants have been recorded so far.

Sources: The Hindu.

Statuettes open a window to ancient Peru

Researchers in Peru have discovered a trio of statuettes they believe were created by the ancient Caral civilisation some 3,800 years ago.

Details:



The mud statuettes were found inside a reed basket in a building in the ancient city of Vichama in northern Peru. Researchers say they were probablyused in religious rituals performed before breaking ground on a new building.

Two of the figures, a naked man and woman painted in white, black and red, are believed to represent political authorities.

The third, a woman with 28 fingers and red dots on her white face, is believed to represent a priestess.

The research team also unearthed two mud figurines of women’s faces wrapped in cloth.

Caral is one of the most ancient cities of the Americas, and a wellstudied site of the Caralor Norte Chico civilization. It was a large settlement in the Supe Valley, near Supe,Barranca province, Peru, some 200 km north of Lima. It was inhabited between roughly2600 BCE and 2000 BCE.

Peru lies on the Pacific coast of South America just south of the Equator.

Sources: The Hindu, Wiki.

Motor Vehicle Agreement

The Union Cabinet has approved signing of the Bangladesh, Bhutan, India and Nepal(BBIN) Motor Vehicle Agreement for the Regulation of Passenger, Personal andCargo Vehicular Traffic amongst BBIN.

The agreement will be signed on 15th June at the BBIN Transport Minister’s meetingin Thimpu, Bhutan. This agreement is similar to the SAARC Motor Vehicle Agreement(MVA) draft with minor changes.

Each participating country will bear its own costs arising from implementation of thisagreement.

Benefits:

Signing of the BBIN agreement will promote safe, economical efficient andenvironmentally sound road transport in the subregion and will further help eachcountry in creating an institutional mechanism for regional integration.



BBIN countries will be benefited by mutual cross border movement of passenger andgoods for overall economic development of the region.

The people of the four countries will benefit through seamless movement of goodsand passenger across borders.

Sources: PIB.

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1. Question 1 of 3

1. Question



With reference to INS Vikrant, consider the following statements:

1. It is built by Cochin Shipyard for the Indian Navy

2. Vikrant is powered by General Electric nuclear reactors

Which of the above statements is/are correct?

Correct

Solution: a)

http://en.wikipedia.org/wiki/INS_Vikrant_%282013%29

Incorrect

Solution: a)


2. Question 2 of 3

2. Question

Consider the following statements

1. A biodiversity hotspot is a biogeographic region with a significant reservoir of biodiversity that is under threat from humans

2. Western Himalayas with its rich biodiversity is considered as a major biodiversity hotspot in South Asia

Which of the above statements is/are correct?

Correct

Solution: a)

http://en.wikipedia.org/wiki/Biodiversity_hotspot

http://www.thehindu.com/scitech/energyandenvironment/indiaricherby349newspecies/article7302626.ece





Incorrect

Solution: a)


http://www.thehindu.com/scitech/energyandenvironment/indiaricherby349newspecies/article7302626.ece

3. Question 3 of 3

3. Question

With reference to Inca Civilization of Peru, consider the following statements:

1. It developed in the third century AD in and around Peru

2. The Incas considered their king, the Sapa Inca, to be the “son of the sun”

3. It was destroyed by the Portugal conquerors

Which of the above statements is/are INCORRECT?

Correct

Solution: c)

http://en.wikipedia.org/wiki/Inca_Empire

Incorrect

Solution: c)


http://www.thehindu.com/sci-tech/energy-and-environment/india-richer-by-349-new-species/article7302626.ece




http://www.thehindu.com/sci-tech/energy-and-environment/india-richer-by-349-new-species/article7302626.ece




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