Cabinet Allowed 100% FDI Under Automatic Route for White Label ATMs
- The Union Cabinet chaired by Prime Minister Narendra Modi permitted 100% Foreign Direct Investment (FDI) under the automatic route for white label ATM (WLA) operations on September 9, 2015. This would help in government’s objective of enhancing ATM networks in semi-urban and rural areas.
- This decision will ease and expedite foreign investment inflows in the activity and thus give a fillip to the government’s effort to promote financial inclusion in the country, including the Pradhan Mantri Jan Dhan Yojna. Till date, foreign investment in White Label ATM Operations (WLAO) was allowed through the government approval route.
Read Also – State Current Affairs October 2015 (Part 2).
Constitution of 21st Law Commission of India Approved
- The Union Cabinet chaired by the Prime Minister Narendra Modi, has given its approval on the Constitution of the 21st Law Commission of India on September 9, 2015, for a period of three years with effect from September 1, 2015 to August 31, 2018.
- The 21st Law Commission will consist of a full-time Chairperson; four full-time Members including a Member-Secretary” Secretary, Department of Legal Affairs as ex-off do Member; Secretary, Legislative Department as ex-offcio Member; and not more than five part-time Members.
- The Law Commission shall, on a reference made to it by the Central government or suo-motu, undertake research in law and review of existing laws in India for making reforms therein and enacting new legislations.
Union Government gave Nod to One Rank One Pension Scheme
- Union Defence Minister Manohar Parikkar in New Delhi announced about One Rank One Pension (OROP) scheme that Union government has given its nod on September 5, 2015 to implement it for ex-servicemen.
- Benefit under this scheme will be given with effect from July 1, 2014 and it will benefit all three defence services i.e., Army, Navy and Air Force. Pension will be re-fixed in every five years and future enhancements in rates of pension would be automatically passed to the past pensioners.
- However, Armed forces personnel who retire voluntarily would be not covered under OROP scheme. But, it will be applicable to personnel who have already retired prematurely. All arrears will be paid in four half-yearly installments and all widows will be paid arrears in one installment.
Cabinet Approved Reimbursement to Four Government Agencies
- The Union Cabinet on September 2, 2015 cleared reimbursement of ? 113 crore of losses on pulses imported between 2006-11 by four government agencies i.e., NAFED, MMTC, PEC and STC.
- Cabinet has also approved import of 5000 tonnes each of Tur and Urad Dal by MMTC for retail distribution to consumers by September 5 after the prices of both the pulses rose by more than 60% in the first week of July. Total production of pulses is estimated to have fallen to 17.38 million tonnes in 2014-15 crop year (July-June) from 19.25 million tonnes in the previous year due to deficient monsoon and nonseasonal rains.
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