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Supreme Court Judgment Analysis | NBCC vs. West Bengal Introduction This Supreme Court judgment deals with the civil appeal filed by NBCC (India) Ltd. against the State of West Bengal and others concerning the applicability and interpretation of the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act). Central to the case is whether registration under Section 8 of the MSMED Act is a mandatory precondition for invoking dispute resolution under Section 18. Case Overview and Facts NBCC, a government entity, entered into five construction contracts with Saket Infra Developers Pvt. Ltd. between 2015 and 2017 for projects in West Bengal. Saket Infra was registered as a small enterprise under the MSMED Act in 2016, after some of the contracts were executed. Disputes arose regarding payments, leading the enterprise to invoke Section 18 of the MSMED Act and approach the West Bengal Facilitation Council for arbitration. The appellant (NBCC) challenged the jurisdiction of th...

Indian Embassy in Laos Rescues 47 Nationals from  Cyber-Scam Centres in Golden Triangle SEZ In a significant and timely rescue operation, the Indian Embassy in Laos has successfully secured the release of 47 Indian nationals who were trapped in cyber-scam centres within the Golden Triangle Special Economic Zone (SEZ) in Bokeo Province, Laos. This operation, which highlights the Embassy's unwavering commitment to the safety and well-being of Indian citizens abroad, was carried out in close coordination with local Lao authorities. Discovery of the Situation The plight of the trapped Indian nationals came to light during a crackdown by Lao authorities on illegal activities in the Golden Triangle SEZ. This area, located near the borders of Thailand, Laos, and Myanmar, has gained notoriety as a hub for various illicit activities, including cyber scams targeting unsuspecting individuals worldwide. During this operation, Lao authorities identified and handed over 29 Indians to the Indian ...

India's Forex Reserves Reach Record High of USD 675 Billion India's foreign exchange reserves have surged to a record high of USD 675 billion, with a notable increase of over USD 50 billion in 2024 alone. The latest figures, released for the week ending August 2, show a rise of USD 7.533 billion, pushing the reserves to a new peak of USD 674.919 billion, surpassing the previous record of USD 670.857 billion.  What Are Foreign Exchange Reserves? Foreign exchange reserves (forex reserves) are assets held by a nation's central bank or monetary authority. They are typically held in reserve currencies such as the US Dollar, Euro, Japanese Yen, and Pound Sterling. These reserves are used to manage the exchange rate and ensure economic stability. Importance for Developing Economies For a developing nation like India, forex reserves play a crucial role in maintaining economic stability. Key functions include: - Buffer Against External Shocks: Adequate reserves help cushion the eco...

Delhi HC Constitutes Medical Board to Evaluate Health of Businessman Amit Katyal in Land for Job Scam The Delhi High Court has taken a significant step in the case of Amit Katyal, a businessman implicated in the land for job scam, by constituting a medical board to assess his health. Katyal, considered a close aide of former Railway Minister Lalu Prasad Yadav, had recently sought interim bail on medical grounds in connection with a money laundering case related to the scam. High Court's Decision On June 7, the bench of Justice Vikas Mahajan directed the Director of the All India Institute of Medical Sciences (AIIMS) to form a Medical Board. This board, comprising doctors from at least three different specialties relevant to Katyal's health conditions, will evaluate his medical status. The court ordered the Jail Superintendent to provide all necessary medical records to the board by June 11. Justice Mahajan highlighted the necessity of expert medical opinion before making any de...

Delhi HC Refuses to Suspend Sentence of Former BJP MLA Senger in Unnao Rape Victim's Father's Custodial Death Case The Delhi High Court on Friday dismissed the plea of former BJP MLA Kuldeep Singh Sengar, seeking suspension of his sentence during the appeal against his conviction. Sengar is currently serving a 10-year sentence in connection with the custodial death of the father of a rape victim from Unnao, Uttar Pradesh. He has been in custody since April 13, 2018. Background of the Case Kuldeep Singh Sengar, along with other accused, was convicted by the Tis Hazari Court in 2018. Sengar is also serving a life sentence for the rape of a minor, stemming from FIRs filed in 2018 at Police Station Makhi, Unnao. These cases were adjudicated by the District and Sessions Judge (West) at Tis Hazari Courts, Delhi. High Court's Ruling Justice Swarana Kanta Sharma dismissed Sengar’s plea for suspension of sentence during the pendency of the appeal. The High Court acknowledged that Se...

"Time to Build Strong Culture of Commercial Arbitration" - CJI Chandrachud Chief Justice of India DY Chandrachud emphasized the need for India to develop a robust culture of commercial arbitration. Delivering his address at the Supreme Court of the United Kingdom on Thursday evening, CJI Chandrachud highlighted the evolution of arbitration from a supplementary dispute resolution mechanism to a primary choice for commercial entities worldwide. He stressed that setting up effective arbitration institutions can significantly boost its practice in the Global South. Evolution and Importance of Commercial Arbitration Chief Justice Chandrachud noted that arbitration has evolved significantly, becoming the primary dispute resolution mechanism for commercial entities globally. "I firmly believe that now is the time for countries such as India to step up to the occasion to create and promote a culture of commercial arbitration. The robust institutionalization of arbitration will f...

RBI Governor Shaktikanta Das Announce Monetary Policy: Repo Rate Unchanged at 6.5% In a crucial announcement on Tuesday, Reserve Bank of India (RBI) Governor Shaktikanta Das revealed that the Monetary Policy Committee (MPC) has decided to keep the policy repo rate steady at 6.5 per cent. This decision comes as retail inflation continues to hover above the central bank's target of 4 per cent, amid ongoing economic uncertainties both domestically and globally. Decision Details The MPC's decision was made by a majority, with four out of six members voting to maintain the current repo rate. As a result: - The Standing Deposit Facility (SDF) rate remains at 6.25 per cent. - The Marginal Standing Facility (MSF) rate and the bank rate are steady at 6.75 per cent. Governor's Emphasis on Balanced Monetary Policy Governor Das, in his post-policy press conference, underscored the importance of a balanced approach in monetary policy. He reiterated the MPC's commitment to graduall...

Indian Oil and Sun Mobility Ink JV for Battery Swapping Business Indian Oil Corporation Ltd (IOCL) and Sun Mobility Pte Ltd, a Singapore-based entity, have signed a joint venture agreement to establish a battery swapping business in India. According to the exchange filing by IOCL, this new venture will be structured as a private limited company with a 50:50 collaboration between the two entities. Battery Swapping Business Model Battery swapping is an innovative alternative to traditional electric vehicle (EV) charging methods, involving the exchange of depleted batteries for fully charged ones. The joint venture aims to implement and operate a Battery-as-a-Service (BAAS) solution for two-wheelers, three-wheelers, and four-wheelers with a gross vehicle weight of less than two tonnes, referred to as Small Format Electric Vehicles (SFEVs). The business model includes retrofitting vehicles to convert them to SFEVs, utilizing docks and batteries that enable their functionality within the BA...

Supreme Court Refuses Bail to Manish Sisodia in Delhi  Excise Policy Case The Supreme Court on Tuesday declined to grant bail to Aam Aadmi Party (AAP) leader Manish Sisodia in connection with the alleged Delhi excise policy scam. The court has permitted Sisodia to revive his bail plea once the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) file their final chargesheets. Court Proceedings and Statements A vacation bench comprising Justices Aravind Kumar and Sandeep Mehta noted the Solicitor General Tushar Mehta's submission, representing the ED and CBI, that the final chargesheets will be filed by July 3. The bench stated, "We will not say anything. We will dispose with liberty to revive your prayers. We are not saying anything on merit, and all contentions are left open." Previous High Court Rulings Sisodia, represented by Senior Advocate Abhishek Singhvi, sought bail citing the prolonged trial delay despite his 15-month custody. Earlier, the Delhi...

Market Mayhem: Sensex and Nifty Plummet as NDA Falls  Short of 300-Seat Mark The stock market experienced a significant downturn on Tuesday as the Bharatiya Janata Party (BJP) struggled to secure a decisive lead in the ongoing national election results.  Election Results Impact Market Sentiment By 11 AM, it became clear that the BJP, on its own, was unlikely to cross the halfway mark, although it is certain that with allies, the National Democratic Alliance (NDA) will form the government at the center. The idea of a coalition government led by the BJP has led to widespread market anxiety and a sharp decline in stock indices. Sharp Decline in Sensex and Nifty Since the opening of trading on Tuesday, investor sentiment has been notably bearish. The Bombay Stock Exchange's benchmark Sensex plummeted by 3905.15 points, while the Nifty 50 index suffered a substantial drop, falling 1061.05 points by 11 AM. Sector-Wide Declines The decline in stocks was widespread, affecting various ...

Sensex and Nifty Reach Record Highs on Expectations of  M odi 3.0 The stock market opened with unprecedented gains on Monday, driven by exit polls predicting a decisive victory for the BJP-led NDA coalition. This surge in investor optimism propelled the Sensex and Nifty to new all-time highs. Sensex and Nifty Surge The Sensex soared by 1859.88 points, opening at a record 75,821.19, while the Nifty jumped 603.85 points, starting the day at 23,134.55. Remarkably, all 50 companies in the Nifty index saw advances, marking an exceptionally strong market performance. Leading the rally were Adani Ports, Adani Enterprises, Power Grid, Shriram Finance, and NTPC. Strong Economic Indicators The buoyant market sentiment was further supported by India's impressive Q4FY24 GDP growth of 7.8%, surpassing expectations and bringing the fiscal year's growth to a robust 8.2%. Varun Aggarwal, founder and managing director of Profit Idea, commented on the positive sentiments driven by the GDP growth...

GST Collection at Rs 1.73 Lakh Crore in May: A Year-on-Year Increase but a Drop from April The gross Goods and Services Tax (GST) collection for May 2024 stood at Rs 1.73 lakh crore, according to a release by the Ministry of Finance. This figure represents a 10% year-on-year growth, driven primarily by a significant increase in domestic transactions and a decrease in imports. Year-on-Year Growth in GST Collection The Ministry of Finance reported a 15.3% increase in domestic transactions and a 4.3% decrease in imports, contributing to the overall 10% year-on-year growth in GST collection for May 2024. After accounting for refunds, the net GST revenue for May 2024 is Rs 1.44 lakh crore, reflecting a 6.9% growth compared to the same period last year. Breakdown of GST Components for May In May, the Central Goods and Services Tax (CGST) was Rs 32,409 crore, the State Goods and Services Tax (SGST) was Rs 40,265 crore, and the Integrated Goods and Services Tax (IGST) was Rs 87,781 crore, incl...

WHO Representative Declares "Tobacco Industry Has Blood on Its Hands" on World No Tobacco Day On World No Tobacco Day, the WHO representative to India, Roderico H Ofrin, delivered a stark message in Delhi, accusing the tobacco industry of targeting young people and being responsible for the premature deaths of half of its users.  Targeting Youth for Profit "The tobacco industry has blood on its hands," Ofrin stated, highlighting how the industry designs and sells products that ultimately kill half of their users prematurely. He emphasized that to sustain their business, tobacco companies must continually recruit new users, primarily targeting the youth. "You have to start them young so that they can earn more because eventually, they'll stop if they get sick," he added. Report Findings: Hooking the Next Generation Ofrin referenced a WHO report titled "Hooking the Next Generation," which reveals that the tobacco and nicotine industry designs p...

Belarus Expresses Gratitude to India for Supporting Full Membership in SCO, Says Ambassador Mikhail Kasko Belarusian Ambassador to India, Mikhail Kasko, expressed gratitude towards India for its support in Belarus's endeavor to become a full member of the Shanghai Cooperation Organization (SCO). Ambassador Kasko emphasized Belarus's readiness to actively collaborate within the SCO framework, contributing significantly to various spheres of cooperation within the organization. Strengthening Cooperation within SCO Ambassador Kasko highlighted Belarus's strategic importance and its readiness to enhance interaction in political, economic, trade, scientific, cultural, and other areas as a full member of the SCO. He acknowledged India's support for Belarus's application for full-fledged membership in the organization, noting Belarus's willingness to contribute to the development of SCO cooperation, particularly in economics and security. Initiatives and Contributions ...

White House Focuses on Quad Achievements and H1B Visa Process Quad Progress Highlighted: In a recent press briefing, the White House emphasized the strides made by the Quad Alliance over the past three years. White House press secretary Karine Jean Pierre expressed President Biden's pride in the Quad's accomplishments and its shared vision of a free, open, and prosperous Indo-Pacific. Quad's Objectives: The Quad, comprising the United States, India, Japan, and Australia, aims to deliver concrete benefits across critical sectors for the Indo-Pacific region. Pierre highlighted the alliance's efforts in delivering tangible benefits to the region, emphasizing the importance of continued progress. I2U2 Initiative Emphasized: Shifting focus, Pierre addressed the I2U2 initiative, stressing its significance and President Biden's commitment to advancing innovative solutions. The initiative targets challenges such as food and energy security, space operations, water conservat...