Goaltide Daily Current Affairs 2022

Aug 22, 2022

Current Affair 1:
About Textiles Committee


The Textiles Committee has been established under the Textiles Committee Act, 1963, (No. 41 of 1963), of the Indian Parliament. It replaced the erstwhile Cotton Textiles Fund Committee, constituted under the Cotton Textiles Fund Ordinance, which was promulgated by section 72 of the Government of India Act, 1935.

It has been formed to ensure the quality of textiles and textile machinery both for internal consumption and export purpose.

The Committee is tasked with the functions of establishing laboratories for the testing of textiles and textile machinery and providing for their inspection and examination, besides other functions which flow from the main objective of ensuring quality of textiles products and textiles machinery.

Current Affair 2:
Supreme Court Declares Section 3(2) Of Benami Transactions Prohibition Act as Unconstitutional


The Supreme Court on Tuesday declared that Section 3(2) of the Benami Transactions (Prohibition) Act 1988 as unconstitutional on the ground of being manifestly arbitrary.

Section 3(2) prescribes that whoever enters into any benami transaction shall be punishable with imprisonment for a term which may extend to three years or with fine or with both.

"Section 3(2) of the unamended 1988 Act is declared as unconstitutional for being manifestly arbitrary. Accordingly, Section 3(2) of the 2016 Act is also unconstitutional as it is violative of Article 20(1) of the Constitution", the bench declared.

The Court further held that Benami Transactions (Prohibition) Amendment Act 2016 cannot be applied retrospectively. The Court held that the 2016 amendment cannot be held as merely procedural.

The 2016 amendment, which came into force with effect from November 1, 2016, expanded the scope of "benami transactions" to add other transactions which qualify as benami, such as property transactions where:

(i) the transaction is made in a fictitious name, (ii) the owner is not aware of denies knowledge of the ownership of the property, or (iii) the person providing the consideration for the property is not traceable.

The amendment also enhanced the punishment for benami transactions from rigorous imprisonment up to three years to seven years, and a fine which may extend to 25% of the fair market value of the benami property. Also, the amendment act added a provision for confiscation of the property obtained as result of benami transaction.


Current Affair 3:
National Seed Association of India


National Seed Association of India (NSAI) is the apex body representing the seed industry of the world’s fifth largest seed economy, playing a leadership role by engaging with the national and state governments for pursuing its main agenda of working towards providing an enabling and favourable policy environment for the growth of the seed industry.

NSAI aims to redefine the Indian seed industry by creating a convergence of farmers, Seed Industry, and the government.

“Our work ranges from quality seeds circulation, the formation of legislation & policies, preserving farmers' rights, etc. Being a recognized partner of government, we steer national and international policy decisions that take the nation ahead of the time through the sustainable growth of agriculture”.

NSAI collaborates with different governmental bodies & institutions like State Ministers, Ministry of Agriculture, Ministry of Environment, and ICAR, etc to form the best policies for the upliftment of Indian agriculture, seed industry, and farmers.

Current Affair 4:
Circular Bioeconomy


The bioeconomy is an economic model based on the consumption of biological resources for the production of food and feed, products and energy. In a circular bioeconomy, biological resources are renewable, sustainably managed, recovered and reused as much as possible. This economic model is gaining momentum as a way to deliver society’s needs while responding to sustainability issues.

A circular bioeconomy offers a conceptual framework for using renewable natural capital to transform and manage our land, food, health and industrial systems, with the goal of achieving sustainable wellbeing in harmony with nature.

While the circular bioeconomy needs advanced technology and innovation as well as traditional knowledge to succeed, it ultimately relies on biodiversity as its true engine. This is because biodiversity determines the capacity of biological systems to adapt and evolve in a changing environment, and therefore is crucial for ensuring the resilience and sustainability of our biological resources.


<< Previous Next >>

Send To My Bookmarks