UPSC PIB Summary Analysis Mar02

Navika Sagar Parikrama – Tarini

• INSV Tarini entered Cape Town (South Africa) during its maiden voyage to circumnavigate the globe.
• This is the first-ever Indian circumnavigation of the globe by an all-women crew.
• The vessel is skippered by Lieutenant Commander Vartika Joshi.
• The crew comprises Lieutenant Commanders Pratibha Jamwal, P Swathi, and Lieutenants S Vijaya Devi, B Aishwarya and Payal Gupta.
• The voyage is expected to be finished around March 2018.

Cabinet approves Establishment of National Financial Reporting Authority

• The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the proposal for establishment of National Financial Reporting Authority (NFRA).
• It also approved for creation of one post of Chairperson, three posts of full-time Members and one post of Secretary for NFRA.
• The decision aims at establishment of NFRA as an independent regulator for the auditing profession which is one of the key changes brought in by the Companies Act, 2013.
• The jurisdiction of NFRA for investigation of Chartered Accountants and their firms under section 132 of the Act would extend to listed companies and large unlisted public companies, the thresholds for which shall be prescribed in the Rules. 
• The Central Government can also refer such other entities for investigation where public interest would be involved.
• The inherent regulatory role of ICAI as provided for in the Chartered Accountants Act, 1949 shall continue in respect of its members in general and specifically with respect to audits pertaining to private limited companies, and public unlisted companies below the threshold limit to be notified in the rules.
• The Quality Review Board (QRB) will also continue quality audit in respect of private limited companies, public unlisted companies below prescribed threshold and also with respect to audit of those companies that may be delegated to QRB by NFRA. 

Fugitive Economic Offenders Bill, 2018

• The Union Cabinet has approved the proposal of the Ministry of Finance to introduce the Fugitive Economic Offenders Bill, 2018 in Parliament. 
• The Bill would help in laying down measures to deter economic offenders from evading the process of Indian law by remaining outside the jurisdiction of Indian courts.
• The cases where the total value involved in such offences is Rs.100 crore or more, will come under the purview of this Bill.

Salient features of the Bill:

• Application before the Special Court for a declaration that an individual is a fugitive economic offender;
• Attachment of the property of a fugitive economic offender;
• Issue of a notice by the Special Court to the individual alleged to be a fugitive economic offender;
• Confiscation of the property of an individual declared as a fugitive economic offender resulting from the proceeds of crime;
• Confiscation of other  property belonging to such offender in India and abroad, including benami property;
• Disentitlement of the fugitive economic offender from defending any civil claim; and
• An Administrator will be appointed to manage and dispose of the confiscated property under the Act.

EESL to install energy-efficient LEDs across all airports in India

• Energy Efficiency Services Limited (EESL), a joint venture of PSUs under the Ministry of Power signed a Memorandum of Understanding (MoU) with the Airports Authority of India (AAI) for installing energy-efficient LED lights at airports, buildings and facilities owned by AAI across India.
• EESL will make the entire upfront investment of Rs. 24.41 crore on the project.
• The MoU is signed under the Buildings Energy Efficiency Programme (BEEP).

To ace UPSC current affairs section, read more PIB articles here.