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Goaltide Daily Current Affairs 2023

Jan 19, 2023

Current Affair 1:

SC: Chargesheet is not public document and cannot be published online or accessed through RTI

In Saurav Das vs. Union of India and Others, the petitioner filed a plea requesting to publish the chargesheets filed in cases on a public platform for easy access by the general public.

A bench comprising Justices MR Shah and CT Ravikumar dismissed the plea stating that chargesheet cannot be considered a “public document” as per the Evidence Act.

It added that the FIRs are published in the public domain for the interest of the accused so that the innocent accused is not harassed and can get relief from the competent court. However, with respect to chargesheets and their relevant documents, publishing them in the public domain will contradict the Scheme of CrPC and may violate the rights of the accused, victim, and/or the investigating agency. Further, the Bench noted that copies of the chargesheet and the relevant documents along with it do not fall under the ambit of the Right to Information Act.

Current Affair 2:

Additional Tier 1 Bonds (AT-1) bonds

News:

Additional Tier 1 Bonds (AT-1) bonds have several unusual features, which make them very different from normal bonds.

These bonds are perpetual and carry no maturity date. Instead, they carry call options that allow banks/issuers to redeem them after five or 10 years. But banks are not obliged to use this call (redeem) option and can opt to pay only interest on these bonds for eternity.

Banks issuing AT-1 bonds can skip interest payments for a particular year or even reduce the bonds’ face value, provided their capital ratios fall below certain threshold levels. These thresholds are specified in their offer terms.

If the RBI feels that a bank is tottering on the brink (called point of non-viability) and needs a rescue, it can simply ask the bank to cancel (write off) its outstanding AT-1 bonds without consulting its investors.

AT-1 bonds are risky but people invest as it offers higher interest rate. In case of Yes Bank crisis, AT-1 bonds worth Rs. 8400 were written down in March 2020. (This means now investors will not get any interest or principal in future on these bonds).

In the recent judgement, Bombay High Court quashed the 'write-off' of AT1 bonds because these bonds were meant for 'Institutional Investors' and were sold to 'Retail Investors' by the Yes Bank in the guise of 'Super Fixed deposit' or 'as safe as Fixed Deposit' without telling the risks of this bond.

In the Basel Norms, these bonds are treated as 'Tier 1' Capital because they are quite risky and have some features of equity and are junior/subordinate to all the debt and senior to only common equity/shares. This means that if a company goes bankrupt then first other debt will be paid and then only the priority of 'AT1' bonds will come and then common equity.

Banks, to raise capital and meet Basel III norms issue Additional Tier 1 bonds. After issuance of these bonds Banks 'Capital Adequacy Ratio (CAR)' will increase.

Current Affair 3:

World Heritage list in Danger

The General Conference of UNESCO adopted on 16 November 1972 the Recommendation concerning the Protection at National Level, of the Cultural and Natural Heritage.

The 55 properties which the World Heritage Committee has decided to include on the List of World Heritage in danger in accordance with Article 11 (4) of the Convention:

The Committee shall establish, keep up to date and publish, whenever circumstances shall so require, under the title of "List of World Heritage in Danger", a list of the property appearing in the World Heritage List for the conservation of which major operations are necessary and for which assistance has been requested under this Convention.

This list shall contain an estimate of the cost of such operations. The list may include only such property forming part of the cultural and natural heritage as is threatened by serious and specific dangers, such as the threat of disappearance caused by accelerated deterioration, large- scale public or private projects or rapid urban or tourist development projects; destruction caused by changes in the use or ownership of the land; major alterations due to unknown causes; abandonment for any reason whatsoever; the outbreak or the threat of an armed conflict; calamities and cataclysms; serious fires, earthquakes, landslides; volcanic eruptions; changes in water level, floods and tidal waves. The Committee may at any time, in case of urgent need, make a new entry in the List of World Heritage in Danger and publicize such entry immediately.

Recently, Ukraine’s Odesa designated as World Heritage in Danger site.

There is no Indian site in danger list:

Current Affair 4:

About Padma Awards

Padma Awards, which were instituted in the year 1954, is announced every year on the occasion of Republic Day except for brief interruption(s) during the years 1978 and 1979 and 1993 to 1997.

The award is given in three categories, namely,

Padma Vibhushan for exceptional and distinguished service;
Padma Bhushan for distinguished service of a high order; and
Padma Shri for distinguished service.

All persons without distinction of race, occupation, position or sex are eligible for these awards. However, Government servants including those working with PSUs, except doctors and scientists, are not eligible for these Awards.

The award seeks to recognize works of distinction and is given for distinguished and exceptional achievements/service in all fields of activities/disciplines. An illustrative list of the fields is as under:

Art (includes Music, Painting, Sculpture, Photography, Cinema, Theatre etc.)
Social work (includes social service, charitable service, contribution in community projects etc.)
Public Affairs (includes Law, Public Life, Politics etc.)
Science & Engineering (includes Space Engineering, Nuclear Science, Information Technology, Research & Development in Science & its allied subjects etc.)
Trade & Industry (includes Banking, Economic Activities, Management, Promotion of Tourism, Business etc.)
Medicine (includes medical research, distinction/specialization in Ayurveda, Homeopathy, Sidhha, Allopathy, Naturopathy etc.)
Literature & Education (includes Journalism, Teaching, Book composing, Literature, Poetry, Promotion of education, Promotion of literacy, Education Reforms etc.)
Civil Service (includes distinction/excellence in administration etc. by Government Servants)
Sports (includes popular Sports, Athletics, Adventure, Mountaineering, promotion of sports, Yoga etc.)
Others (fields not covered above and may include propagation of Indian Culture, protection of Human Rights, Wild Life protection/conservation etc.)

The award is normally not conferred posthumously. However, in highly deserving cases, the Government could consider giving an award posthumously.

The awards are presented by the President of India usually in the month of March/April every year where the awardees are presented a Sanad (certificate) signed by the President and a medallion.

The total number of awards to be given in a year (excluding posthumous awards and to NRI/foreigners/OCIs) should not be more than 120.

The award does not amount to a title and cannot be used as a suffix or prefix to the awardees’ name.

WHO DECIDES?

All nominations received for Padma Awards are placed before the Padma Awards Committee, which is constituted by the Prime Minister every year.

The Padma Awards Committee is headed by the Cabinet Secretary and includes Home Secretary, Secretary to the President and four to six eminent persons as members. The recommendations of the committee are submitted to the Prime Minister and the President of India for approval.