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1.      The Enforcement of Security Interest and Recovery of Debts Laws (Amendment) Act, 2012:This Act seeks to amend the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and the Recovery of Debts Due to Banks and Financial Institutions Act, 1993. The Act proposes to provide for conversion of any part of debt into shares of a borrower company.  The Act proposes to include multi-state co-operative banks in the definition of banks in the existing Act. 2.       The Prevention of Money Laundering (Amendment) Act, 2012:  The Act expands the definition of offence under money laundering to include activities like concealment, acquisition, possession and use of proceeds of crime. The Prevention of Money Laundering Act, 2002 levies a fine up to Rs five lakh. The Act proposes to remove this upper limit. The Act proposes to introduce the concept … [Read more...] about Legislations enacted/ amended in 2013: A snapshot

The winter session of the Indian Parliament begins today. The legislative agenda includes 19 Bills currently pending in Parliament for consideration and passage. 14 new Bills are proposed to be introduced. Out of these one will also be taken up for consideration and passing.Two Bills will be withdrawn. These are The Drugs and Cosmetics (Amendment) Bill, 2013 and The Atomic Energy (Amendment) Bill, 1992.The Bills listed for consideration and passing are: The Constitution (122nd Amendment) (GST) Bill, 2014 The Bill was passed by Lok Sabha in May this year. It aims to tax both services and goods, with goods to be taxed by Centre and services to be taxed by States. GST will also subsume services tax, excise duties, stamp duties, entry tax and central sales tax.The Government had not faced any hurdles in getting the Bill passed as Congress staged a walk out and BJD and CPI (M) voted in favour of the Bill. Only AIADMK voted against the Bill with its 37 votes. The ease was dubbed as a … [Read more...] about Winter Session of the Parliament: Snapshot of the Legislative Agenda

FIREFIGHTERS, cops, and even the army have been drafted in after two enormous moors fires merged into one giant blaze. Fire chiefs declared a major incident on Saturday after two of the enormous fires joined together after a week of tearing across parts of the North. The fires - on Winter Hill and Scout Road near Bolton - joined due to increasing windspeed and Britain's scorching heatwave. Lancashire Fire and Rescue Service said 10 crews remained on the scene overnight, but the number was increased to 22 by 4.30am on Sunday. Greater Manchester Fire and Rescue Service claimed to have 28 fire engines tackling the moorland fires. There were an estimated 120 personnel on the moors, split between seven areas of wildfire in Tameside and Winter Hill, Bolton. The first moorland fire - on Saddleworth Moor - started on Sunday amid Britain's heatwave and has devastated surrounding land around Carrbrook. Residents were warned to keep windows and doors shut because of choking smoke that is filling … [Read more...] about Saddleworth Moor fire sees major incident declared as two blazes merge into one giant fire

Title X of the Dodd-Frank Act created the Consumer Financial Protection Bureau (“Bureau” or “CFPB”). This Bureau is focused solely on consumer financial protection. The Bureau has six primary functions,1 including the authority and responsibility to supervise covered persons for compliance with Federal consumer financial law2 and take appropriate enforcement action to address violations of same. The Bureau does not supervise covered persons for safety and soundness the way bank regulators do; rather, its sole stated interest is the protection of financial consumers in particular.One year old on July 21, 2012, this Bureau has spent its first year aggressively pursuing its mandate: to implement and enforce Federal consumer financial law. It has been actively issuing proposed and final regulations and guidance, as well as filing amicus briefs in various court proceedings. The Bureau has also been   conducting and participating in exams of covered parties. … [Read more...] about The Consumer Financial Protection Bureau – The New Sheriff in Town

Christopher Kennedy Lawford poses for a photograph in Encino, Calif., to promote his book, "Symptoms of Withdrawal: A Memoir of Snapshots and Redemption" in 2005. (AP Photo/Rene Macura, File)Christopher Kennedy Lawford appears at the LA Friendly House Luncheon in Beverly Hills, Calif., in 2012. (Photo by Todd Williamson/Invision for LA friendly House/File)Christopher Kennedy Lawford poses for a photograph in Encino, Calif., to promote his book, "Symptoms of Withdrawal: A Memoir of Snapshots and Redemption" in 2005. (AP Photo/Rene Macura, File) PROVIDENCE, R.I. — Author and actor Christopher Kennedy Lawford, who was born into political and Hollywood royalty, sank into substance abuse and addiction and rose to become a well-known advocate for sobriety and recovery, has died. Lawford died of a heart attack Tuesday in Vancouver, Canada, his cousin, former U.S. Rep. Patrick J. Kennedy, told The Associated Press. He was 63. Lawford was in Vancouver living with his girlfriend and … [Read more...] about Christopher Lawford, actor and Kennedy scion, dead at 63