[CA] March 06, 2020

GLOBAL BUSINESS SUMMIT Prime Minister, Mr. Narendra Modi, to address inaugural session of the Economic Times Global Business Summit today. Prime Minister shall be addressing delegates from across the world. Broad theme of Global Business Summit 2020 is  ‘Collaborate to Create: Sustainable Growth in a Fractured World’. LLP SETTLEMENT SCHEME 2020 Ministry of Corporate Affairs (MCA) has introduced a scheme namely “LLP Settlement Scheme, 2020” for Limited Liability Partnership (LLPs) by allowing a one-time condonation of delay in filing statutorily required documents with the Registrar of Office (ROC). Simply, the scheme is providing a three-month window from Mar 16, 2020 to June 13, 2020 to LLPs for completing delayed filings of four forms which were due for filing till Oct 31, 2019. SC ALLOWS CRYPTOCURRENCY Supreme Court has lifted ban on trading in virtual currency, cryptocurrency and bitcoins by cancelling the Reserve Bank of India (RBI) 2018 circular that barred banks from serving companies dealing in cryptocurrency exchanges. ICC T20 WORLD CUP Australia and India to meet each other in the finals in the ICC T20 World Cup (Women’s Cricket) in Sydney. Australia defeated South Africa to enter into its sixth consecutive finals. Meanwhile India made into its first final by surpassing England when the match was dropped due to rain. COVID – 19 IN INDIA Number of persons affected with COVID -19 in India increased to 30. Prime Minister, Mr. Narendra Modi’s visit to Brussels for India – EC Summit has been rescheduled. Meanwhile, Delhi Government has ordered to close all the Primary schools till March 31, 2020. 8 NEW AGRO PROCESSING CLUSTERS FOR TN The Centre’s Inter – Ministerial Approval Committee (IMAC) has approved eight agro – processing clusters to be established at a cost of Rs. 230 crore in Theni, Dindigul, Krishnagiri, Thiruvanamalai, Salem, Cuddalore,  Villupuram and Maduraik districts. CHRONICLES OF CHANGE CHAMPIONS Union Ministry of Women & Child Development, released a book, titled “Chronicles of Change Champions” at an event held in New Delhi. The book is a compilation of 25 innovative initiatives taken at the State and District levels under the Prime Minister’s flagship scheme of Beti Bachao Beti Padhao (BBBP). It captures the convergent approach adopted at the grassroots level and provides insight into the unique manner of community engagement by the District Administration and frontline workers. MERGER OF BANKS The government has approved a scheme for the amalgamation of 10 state-owned banks into four. After the process is complete, India will have 12 PSBs instead of 27 back in 2017. New mergers include: ·       Punjab National Bank, Oriental Bank of Commerce and United Bank of India will combine to form the nation’s second-largest lender. ·       Canara Bank and Syndicate Bank will merge. ·       Union Bank of India will amalgamate with Andhra Bank and Corporation Bank. ·       Indian Bank will merge with Allahabad Bank. Committees: Narasimham committee (1991 and 1998) suggested merger of strong banks both in public sector and even with the developmental financial institutions and NBFCs. Khan committee in 1997 stressed the need for harmonization of roles of commercial banks and the financial institutions. Verma committee pointed out that consolidation will lead to pooling of strengths and lead to overall reduction in cost of operations. Prepared by K. M. Senthil Kumar