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Current Affairs – 20-12-2017

1. MAJOR BILLS TO BE TABLED IN THE WINTER SESSION

The Motor Vehicles (Amendment) Bill, 2016

  • It seeks to amend the Motor Vehicles Act, 1988 by incorporating clauses to introduce third-party insurance, enhance road safety, and develop a framework for regulating taxi aggregators like Ola, Uber, and Meru.
  • The Bill proposes to set a ceiling for third party insurance in case of an accident.
  • The Bill caps liability at Rs.10 lakh in the case of fatalities, and Rs.5 lakh for grievous injuries.
  • A solatium fund is to be instituted to compensate victims of hit-and-run accidents.

The Financial Resolution and Deposit Insurance (FRDI) Bill

  • The FRDI Bill is aimed at insuring the money of a bank’s depositors in case the bank would have to be liquidated.
  • The FRDI Bill proposes the setting up of a Resolution Corporation, “whose direction and management vests with the Board, subject to the terms and conditions of the Act”.
  • A ‘Corporation Insurance Fund’ is the financial vehicle which will be used to garner insurance inflows.
  • The bail-in clause has emerged as the major bone of contention with depositors.
  • This gives banks the authority to issue securities in lieu of the money deposited.

The Representation of the People (Amendment) Bill, 2017

  • This Bill seeks to assimilate the Indian Diaspora into the democratic process by allowing them to cast their votes through postal or e-ballots.
  • If the Representation of the People (Amendment) Bill, 2017 is passed by Parliament, it has the potential to make a tangible difference in electoral politics.
  • This is because parties would also have to accommodate the interests of NRIs, which may be far removed from those of their compatriots.
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