Ministry of Law and Justice

Establishment of National Judicial Infrastructure ( 21 MAR 2022 )

As per the information made available by the High Courts, as on 28.02.2022 there are 20,814 Court Halls and 18,319 Residential Units available for Judicial Officers/Judges in the country against the working strength of 19,350 Judges/Judicial Officers of District and Subordinate Courts and sanctioned strength of 24,520 as on 28.02.2022. There is presently a vacancy of 5,170 Judicial Officers. As the available infrastructure also includes court halls leased from Centre/ States and rented buildings, the aim is to shift all the court halls to judiciary owned buildings and to match the Judicial Infrastructure with sanctioned strength of judges.
The Registry of Supreme Court of India has compiled data on the status of judicial infrastructure and court amenities.  A proposal has been received from Chief Justice of India for setting up of National Judicial Infrastructure Authority of India (NJIAI) for arrangement of adequate infrastructure for courts, as per which there will be a Governing Body with Chief Justice of India as Patron-in-Chief. 
The other salient features of the proposal are that NJIAI will act as a Central body in laying down the road map for planning, creation, development, maintenance and management of functional infrastructure for the Indian Court System, besides identical structures under all the High Courts. The proposal has been sent to the various State Governments/UTs, as they constitute an important stakeholder, for their views on the contours of the proposal to enable taking a considered view on the matter.
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Ministry of Information & Broadcasting

Doordarshan’s News Content will now be available in Australia ( 21 MAR 2022 )

In what will further strengthen the mutual friendly relations between India and Australia, India's public broadcaster Prasar Bharati has signed a Memorandum of Understanding with Special Broadcasting Service (SBS), Australia's public service broadcaster on March 21, 2022, to boost co-operation in the field of broadcasting.

This will expand the reach of DD News, DD India and multiple language services of DD News amongst the Indian Diaspora in Australia. Through this MoU, the two broadcasters will explore opportunities in co-production and joint broadcasting of programmes spanning across multiple genres. They will also exchange programmes (Radio and Television content) in the fields of culture, education, science, entertainment, sports, news, travel, music and arts.

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Ministry of Corporate Affairs

 Appointment of Government Nominees in the Appellate Authority (March 17, 2022)

In exercise of the powers conferred by sub section (1) of section 22A of the Chartered Accountants Act, 1949 (38 of 1949), section 22A of the Cost and Works Accountants Act, 1959 (23 of 1959) and section 22A of the Company Secretaries Act, 1980 (56 of 1980), Ministry of Corporate Affairs vide its notification dated March 17, 2022 appointed two members; Shri Praveen Garg (Retd. IAS) and Shri Anand Mohan Bajaj (Additional Secretary-Department of Economic Affairs) in the Appellate Authority.

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Ministry of Commerce & Industry

Commerce ministry notifies import policy on fruit flies for biotech R&D as free ( 21 MAR 2022 )

In a major relief to the biotech companies which are into research and development (R&D) by importing organisms, the ministry of commerce and industry has notified the import of fruit flies for the purpose of R&D as free, subject to the approval of Institutional Biosafety Committee (IBSC) in accordance with the revised procedures from the Department of Biotechnology (DBT).

The Ministry, in a notification earlier this month, said that the import of only Drosophila Melanogaster, a species of fly which is used for biological research in genetics, microbial pathogenesis and others, as free subject to IBSC approval. The decision is as per the provisions of the “Revised simplified procedures/guidelines on import, export and exchange of GE organisms and products thereof for R&D purpose” notified by the DBT through a notification on January 17, 2020.

“The import of ‘Drosophila melanogaster’ which does not fall under the provisions of aforesaid Revised Simplified Procedures would require an import authorisation from DGFT,” said the notification. The policy has earlier kept it as restricted for imports.

According to experts, the fruit fly is one of the most used test beds for R&D in cell biology, physiology and neuroscience. It is also considered to be favourite to researchers, due to its lower cost of maintenance and experimentation, among others.

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GST

After Imposing 30% Crypto Tax And 1% TDS, Indian Govt Working To Bring Crypto Under GST Ambit ( MAR 21 , 2022 )
While the Indian government has already imposed 1% TDS on crypto transactions and 30% tax on income from crypto, the GST Council  is now working on classifying cryptocurrency as goods or services to bring it under the ambit of the Goods and Services Tax (GST) law; in turn, planning to levy on the entire value of transactions.
As reported by PTI,  the decision is expected to be taken during the 47th GST Council Meeting. The meet will take place at the end of March or beginning of April 2022.
While the GST slabs have not been defined for crypto so far, the crypto entities are currently paying 18% GST on the services they provide.
As per the government’s proposition, from April 1 onwards, a 30% income tax (I-T) plus cess and surcharges will be imposed on crypto transactions similar to winning money from horse races, lottery and other related transactions.

RBI

No fears of stagflation, RBI to remain supportive of growth: Shaktikanta Das ( MAR 21, 2022 )

The Reserve Bank of India (RBI) Governor Shaktikanta Das on Monday said that the central bank and the monetary policy committee see no fears of stagflation in India. Das added that the MPC has sufficient cushions from inflation target of 4 per cent +/- 2 per cent annually, however, inflation has to be watched over quarters.

Das, while addressing an industry meet organised by CII, said that the RBI will continue to ensure adequate liquidity to support the economy, which is facing many headwinds in the form of soaring crude oil and key commodity prices following the Russian invasion of Ukraine.

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Word of the Day

Stagflation : Stagflation is characterized by slow economic growth and relatively high unemployment—or economic stagnation—which is at the same time accompanied by rising prices (i.e. inflation). The term "stagflation" was first used in the 1960s during a time of economic stress in the United Kingdom by politician Iain Macleod while he was speaking in the House of Commons. 

Market Today ( as on 21.03.2022 )

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