December 30&31

1) To make India as International Arbitration hub:

  • A high committee has been established to take the matter into consideration (BN SriKrishna former judge of SC)
  • Concerns:
    • Amendments to the laws to encourage International Commercial Arbitration
    • Making arbitration process speedy
    • Analysing the effectiveness of the arbitration mechanism
  • This move helps India’s position in Ease of Doing Business Ranking


2) Payment of Wages (Amendment) Ordinance, 2016:

  • Passed after fail in passing Payment of Wages amendment Bill in the parliament which is in urgency in the present situation where cash crunch has taken place
  • In previous Act (Payment of Wages Act, 1936) it is mandatory for every employer to take permission of employee to credit his or her income/salary in cheque or directly into bank account
  • Now through this Ordinance route which will be valid only for 6 months if this is not passed in the parliament says, employers are not required to get the nod from the employee to credit his salary into his account or give through cheque when the amount is above 18,000/-


3) Adding a second to our accurate watches like Atomic watches for accurate time, leap second

  • Why?
    • Irregular rotation of Earth on it’s own axis due to various factors like moon’s gravitation etc cause Astronomical time loses synch with Atomic time of our world. So adding this irregular time to our watches in intervals which is needed in accurate for astronomical purposes but in daily life this difference doesn’t make much differences


4) Base Erosion and Profit Sharing (BEPS)

  • Is the thing used by multinational companies to evade taxation by shifting their profits from high taxation countries to tax haven countries. Coined by OECD


5) Rashtriya Rail Sanraksha Kosh:

  • Non lapsable Rail safety fund used for various safety measures like track improvement, bridge rehabilitation, rolling stock replacement, human resource development, improved inspection system, and safety work at level crossing, among other things.
  • 25% of the fund will be released by Finance Ministry and rest will be acquired by imposing cess on train tickets

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