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MCA amends One Person Companies (OPCs) rules; revises paid up capital & Turnover threshold for Small CompaniesMinistry of Corporate Affairs (MCA) has amended the ‘Companies (Incorporation) Rules, 2014’ to make changes in the definition of One Person Companies (OPCs) Rules
- The new changes will be called as ‘Companies (Incorporation) Second Amendment Rules, 2021’
- They will come into force from April 1, 2021
- The decision to change the definition of OPCs was announced by Union Finance Minister, Nirmala Sitharaman during the presentation of Union Budget 2021-22.
- The Changes allow Non-Resident Indians (NRIs) to incorporate one person companies (OPCs) in India. Previously, NRI’s were not allowed to incorporate OPCs in India
- The residency period for being considered as a Resident in India has been reduced to 120 days from 182 days for NRIs.
- The rules regarding Voluntary conversion of OPCs unless they have completed two years from the date of inception has been omitted.
- The changes have also permitted OPCs to be converted into a Public company or Private Company at any time.
- The limitation of Paid up Capital & Turnover applicable for OPCs – paid up share capital of 50 Lakh Rupees & annual Turnover of INR 2 Crore rupees has been relaxed.
Change in Threshold of Paid-up capitals & Turnover:
MCA has also revised the limit of paid-up capital & Turnover of small companies under Companies Act , 2013
- The Threshold for paid-up capital has been changed from “not exceeding INR 50 Lakhs” to “Not Exceeding INR 2 Crores”.
- The Threshold for Turnover has been changed from “not exceeding INR 2 Crores” to “not exceeding INR 20 Crore”.
About Ministry of Corporate Affairs (MCA):
Union Minister – Nirmala Sitharaman (Rajya Sabha Member – Constituency – Karnataka)
Minister of State – Anurag Singh Thakur (Lok Sabha Member Constituency – Hamirpur(Himachal Pradesh))
<<Read Full News>>
MCA initiates process of Decriminalization of Compound Offences under LLP Act, 2008Based on the recommendations of the Company Law Committee (CLC) headed by Corporate Affairs Secretary, Rajesh verma, the Ministry of Corporate Affairs (MCA) has started the process of Decriminalization of Compound Offences under the Limited Liability Partnership (LLP) Act, 2008.
- 12 Offence have been proposed to be decriminalized & 1 provision (Section 73) containing criminal liability has been proposed to be omitted
- 12 decriminalized offences will be transferred to In-House Adjudication Mechanism (IAM) to free criminal courts from routine cases.
i.Objectives behind Decriminalization of Compoundable Offences:
- Removing fear of Criminal prosecutions for non-substantive minor & procedural omissions & commissions during normal business transactions.
- For ensuring Ease of doing business for law abiding LLPs.
ii.MCA has adopted three principles for the Decriminalization process.
New concepts for greater Ease of Doing Business:
MCA has initiated new concepts for greater Ease of Doing Business. They are
- Proposal for creating a new LLP class namely ‘Small LLP’ in line with the concept of Small Companies.
- MCA has proposed to allow LLPs to raise capital through issue of Non-Convertible Debentures (NCDs) from investors regulated by SEBI or RBI.
- Reduction of Additional Fee of INR 100 per day for delayed filing of forms, documents.
Cabinet Committee Gave In-Principle Approval for 100% Disinvestment of GoI Shareholding in RINL i.The Cabinet Committee on Economic Affairs (CCEA) gave in-principle approval for 100% strategic divestment of Indian Government’s shareholding in Rashtriya Ispat Nigam Limited (RINL).
ii.In addition to this it also gave approval for management control of RINL by way of privatization.
Reason of Privatization: RINL has been incurring losses for a few years.
The Government in the budget 2021-2022 stated that it has set a target of Rs 1.75 lakh crore from stake sale in public sector companies and financial institutions, including 2 Public Sector Banks and one General Insurance company. The disinvestment will begin from April 1 of FY 2021-2022.
About Rashtriya Ispat Nigam Limited(RINL):
i.It is a corporate entity of Visakhapatnam Steel Plant(Vizag Steel) and is a Navaratna PSE under the Ministry of Steel.
ii.It is the 1st shore based integrated steel plant in India.
Chairman-cum-Managing Director– Pradosh Kumar Rath
Headquarters– Visakhapatnam, Andhra Pradesh
<<Read Full News>>
ARAI and AIM-Niti Aayog signed a SOI to Boost Startup ecosystem in Mobility SectorOn 3rd February 2021, the Automotive Research Association of India (ARAI) signed a statement of intent (SOI) with Atal Innovation Mission (AIM) the flagship initiative of Niti Aayog to boost the start-up ecosystem in the mobility sector.
The objective of the partnership includes, to create mobility, electric mobility, transportation, sustainable development goats and digital infrastructure in cities and villages across India.
ARAI and AIM will collaborate under the Atal New India Challenge(ANIC) for the development of the technologies which were identified as the challenges or problem statements by the Ministry of Road Transport and Highways.
About Automotive Research Association of India (ARAI):
Automotive Research Association of India (ARAI) is an autonomous body under the Ministry of Heavy Industries and Public Enterprises, Government of India.
Director– Reji Mathai
Headquarters- Pune, Maharashtra
About Atal Innovation Mission (AIM):
Director– Ramanan Ramanathan
Headquarters– New Delhi
<<Read Full News>>
IIT – BHU Signs MoU with MoRTH for Scientific Up-gradation of Indian RoadsOn 4th February, 2021 Indian Institute of Technology – Banaras Hindu University (IIT-BHU) signed an Memorandum of Understanding (MoU) with Ministry of Road Transport and Highways (MoRTH) as a move to up-grade road construction in India, through scientific research.
– In November 2020, Ministry of Education requested all technical institutions in the country (including IITs & NITs) to provide technical supports to upgrade stretches of National Highways on voluntary basis.
About IIT – BHU:
Director– Prof. Pramod Kumar Jain
Location– Varanasi, Uttar Pradesh
Founded in 1919 as the Banaras Engineering College, later became the Institute of Technology, Banaras Hindu University in 1968.
Union Minister– Nitin Gadkari (Constituency – Nagpur, Maharshtra)
Minister of State(MoS)– Vijay Kumar Singh (Constituency – Ghaziabad, UP)
mParivahan app – Provides access to important documents like driving license, vehicle registration certificate in virtual format.
<<Read Full News>>
MUI urges Shipping Ministry to take note of ‘Neptune Declaration’Maritime Union of India (MUI) urged the Ministry of Ports, Shipping and Waterways of India to take note of “Neptune Declaration on Seafarer Wellbeing and Crew Change” while preparing the ‘Maritime India Vision 2030’.
i.The Neptune declaration initiated by Global Maritime Forum focuses on Recognition of seafarers as key workers by Governments of all countries in line with UN General Assembly resolution adopted on December 1, 2020.
- MUI has urged the Ministry of Shipping to permanently accord the status of ‘Key Workers’ to Indian seafarers.
- The status will enable the Indian seafarers to play an important role in the Global Supply Chain in the Future.
- It will also ensure the implementation of high-quality crew change protocols & Standard Operating Procedures (SOPs) supported by Indian Government.
- The declaration will ensure mental & physical well-being of the sea-farers during emergencies and crises like pandemic, war.
- Due to COVID-19 many seafarers across the world have been stranded working aboard ships beyond expiry of their contracts.
- In order to address this situation, the Neptune Declaration on Seafarer Wellbeing and Crew Change urges 4 main actions.
About Maritime Union of India (MUI):
General Secretary – Amar Singh Thakur
Headquarters – Mumbai, Maharashtra
<<Read Full News>>
2nd CCTNS Hackathon and Cyber Challenge 2020-21 of NCRB inaugurated in New Delhii.On 3rd February 2021, the 2nd Crime and Criminal Tracking Network & Systems (CCTNS) Hackathon and Cyber Challenge 2020-21 of the National Crime Records Bureau (NCRB) was inaugurated in New Delhi. The inauguration ceremony was presided over by the Union Home Secretary, Ajay Kumar Bhalla.
ii.The 2nd CCTNS Hackathon and Cyber Challenge 2020-21 is the continuation of the Hackathon & Cyber Challenge which concluded in March 2020.
iii.During the inauguration of the 2nd CCTNS Hackathon and Cyber Challenge 2020-21 the mobile application “Locate Nearest Police Station” was launched. This will improve the accessibility of the Police to the citizens.
About National Crime Records Bureau (NCRB):
Director– Ram Phal Pawar, IPS
Headquarters– New Delhi
<<Read Full News>>
Commerce Ministry Organised Udyog Manthan To Focus On Quality And Productivity in Indian IndustryOn 3rd February 2021, the Ministry of Commerce and Industry has organised Udyog Manthan under which a series of webinars were conducted on 45 sectors which includes pharma and electronics. Udyog Manthan focuses on quality and productivity in all the major sectors of manufacturing services. Udyog Manthan started on 4th January 2021 and concluded on 2nd March 2021.
Features of Udyog Manthan:
- The Udyog Manthan covers various sectors like pharma, medical devices, closed circuit camera, electronics system design and manufacturing, new and renewable energy, robotics, aerospace and defence.
- During the 4 week event, 18 webinars on sectors including toys, leather, furniture, and drones were organised.
- Each webinar were on issues related to quality of products and productivity in one sector.
Ministry of Commerce and Industry:
Union Minister– Piyush Goyal
Minister of State – Hardeep Singh Puri , Som Parkash
BANKING & FINANCE
RBI Issued Risk-Based Internal Audit (RBIA) Guidelines for Select NBFCs & UCBsi.On February 03, 2021 The Reserve Bank of India (RBI) issued guidelines on Risk-Based Internal Audit (RBIA) for selected Non-Banking Financial Companies (NBFCs) and Primary (Urban) Co-operative Banks (UCBs).
ii.The mentioned entities have to implement the RBIA framework by March 31, 2022.
iii.The guidelines also specified that these entities may also set up a committee of senior executives to formulate a suitable action plan.
Aim: To strengthen the quality and effectiveness of the internal audit system of selected entities.
<<Read Full News>>
IRDAI Releases Guidelines on Standard Vector Borne Disease Health Policyi.On February 3, 2021 Insurance Regulatory and Development Authority of India (IRDAI) issued guidelines on Standard Vector Borne Disease Health Policy to encourage all general and health insurers to offer this product. They will offer this product by 1st April, 2021.
ii.The product will offer a policy tenure of a year (12 Months).
iii.The nomenclature of the product should be in the name of the insurance company followed by “Mashak Rakshak”
Purpose– To make available Vector Borne Disease specific health insurance product for the public
About Insurance Regulatory and Development Authority of India (IRDAI):
Chairman – Subhash Chandra(C.) Khuntia
Headquarters – Hyderabad, Telangana
<<Read Full News>>
APPOINTMENTS & RESIGNATIONS
BCCI Secretary Jay Shah Elected as the New President of Asian Cricket CouncilOn 30th January 2021, Jay Shah, secretary of Board of Control for Cricket in India(BCCI) was elected as new President of Asian Cricket Council (ACC) at the Annual General Meeting of ACC which was held virtually due to the COVID-19 pandemic.
- Jay Shah(32 years) is the youngest administrator to be appointed as the President of ACC.
- He will succeed Nazmul Hasan Papon, the Chief of Bangladesh Cricket Board(BCB).
2020 Asia Cup:
i.The 2020 Asia Cup was postponed to June 2021 due to the COVID-19 pandemic.
ii.The tournament which was planned to be organised in Pakistan will be held in Sri Lanka or Bangladesh.
About Asian Cricket Council (ACC):
i.ACC was formed on 19th September 1983 as The Asian Cricket Conference in New Delhi.
ii.Founding members of ACC were Bangladesh, India, Malaysia, Pakistan, Singapore and Sri Lanka.
Members- 25 Associations.
About Board of Control for Cricket in India(BCCI) :
President- Sourav Ganguly
Headquarters- Wankhede Stadium, Mumbai, Maharashtra.
Ajay Singh Re-elected as President of Boxing Federation of India for 2nd TermAjay Singh has been re-elected as the president of Boxing Federation of India(BFI) for the second term after securing 37 votes in the general elections held on February 3, 2021 at Gurugram(Gurgaon), Haryana. Hemanta Kumar Kalita was elected as the secretary and Digvijay Singh as treasurer.
- Ajay Singh’s rival in the election was Ashish Shelar, MLA from Maharashtra and a former President of the Maharashtra Cricket Association who secured 27 votes.
The election was held in the presence of International Boxing Association (AIBA) observer Yury Zaystsev, Indian Olympic Association(IOA) observer Rakesh Gupta along with an observer from the sports ministry.
About Boxing Federation of India(BFI)
Headquarters– Gurugram(Gurgaon), Haryana
SCIENCE & TECHNOLOGY
Union Ministers Jointly Launched Unified Portal of Gobardhan to Promote GOBAR-DHAN Schemei.On February 3, 2021 Union Ministers jointly launched a ‘Unified Portal of Gobardhan’ to promote ‘Galvanizing Organic Bio-Agro Resources Dhan’ (GOBAR-DHAN) scheme, an initiative that aims to manage cattle and biodegradable waste and also help enhance farmers’ income.
ii.The portal also helps to track real time progress of the scheme.
iii.The unified portal was launched by Narendra Singh Tomar, Union Minister of Agriculture and Farmers Welfare and Rural Development; Dharmendra Pradhan, Union Minister of Petroleum,Natural Gas and Steel; Giriraj Singh, Union Minister of Fisheries, Animal Husbandry and Dairying; Union Minister for Jal Shakti, Shri Gajendra Singh Shekhawat and Union Minister of State, Jal Shakti, Shri Rattan Lal Kataria
Narendra Singh Tomar– Morena, Madhya Pradesh
Dharmendra Pradhan– Rajya Sabha, Madhya Pradesh
Giriraj Singh– Begusarai, Bihar
Gajendra Singh Shekhawat– Jodhpur, Rajasthan
Rattan Lal Kataria– Ambala, Haryana
<<Read Full News>>
Indian Navy’s IL 38SD Aircraft successfully fires ‘Combat Kh35E’ Anti-Ship Missiles during TROPEX-21On January 31, 2021, Indian Navy’s long-range maritime reconnaissance aircraft, Ilyushin 38SD successfully fired ‘Combat Kh35E’ anti-ship missile during the Theatre level Readiness and Operational Exercise 2021 (TROPEX-21) being carried out in the Indian Ocean Region (IOR).
- The Missile accurately hit the target and sank it.
- The successful launch underlines Indian Navy’s ability to carry out long range maritime strikes in the IOR.
- The IL38SD is a maritime patrol & anti-submarine aircraft developed by Soviet Union.
- It is a Biennial exercise which aims to test the combat readiness of the Navy with the assets of the Air Force, Army & Coast Guard.
- In January 2021, ‘Sea Vigil 21’ was conducted as a buildup to the TROPEX-21
About Indian Navy:
Chief of Naval Staff (CNS)– Admiral Karambir Singh
Integrated Headquarters of Ministry of Defence (Navy)– New Delhi
Pakistan successfully Test Fires Nuclear Capable Ballistic Missile ‘Ghaznavi’On February 3, 2021, Pakistan’s Army Strategic Forces Command (ASFC) successfully Test Fired the Nuclear-Capable Surface-to-Surface Ballistic Missile ‘Ghaznavi (Hatf-III)’.
- Ghaznavi has a range of 290 Kms & can carry both Nuclear & Conventional Warheads
- It was launched by ASFC as part of its Annual Field Training Exercise
- It is a Hypersonic Missile developed by National Development Complex (NDC), Pakistan.
- The missile has been tested in both Day & Night modes
ii.On January 20, 2021 Pakistan had test-fired Surface-to-Surface ballistic ‘Shaheen III’ which has a range of 2, 750 Kilometres.
Prime Minister – Imran Khan
Currency – Pakistani Rupee
Capital – Islamabad
<<Read Full News>>
Shooting : India tops Medals tally by bagging 11 Medals at First Asian Online Shooting ChampionshipIndia’s 24-Member Indian Shooting Contingent topped the Medals Tally by bagging 11 Medals – 4 Gold, 2 Silver & 5 Bronze Medals at the First Asian Online Shooting Championship organized by Kuwait Shooting Federation from January 29-30, 2021.
- The Indian Shooters participated in the online competition from the Dr Karni Singh Shooting Range, New Delhi.
- Around 274 Shooters from 22 members of the Asian Shooting Confederation (ASC) participated in the Competition.
- Saurabh Chaudhary won the Gold medal in 10m Air Pistol Men’s event
- Manu Bhaker bagged Bronze Medal in the 10m Air Pistol Women’s event trap event
- Madhya Pradesh’s Manisha Kheer bagged the Bronze Medal in the women’s Trap event.
Indian Medals Tally:
|Saurabh Chaudhary||Men’s 10m Air Pistol|
|Divyansh Singh Panwar||Men’s 10m Air Rifle|
|Kynan Chenai||Men’s Trap|
|Rajeshwari Kumari||Women’s Trap|
|Arjun Babuta||Men’s 10m Air Rifle|
|Shreyasi Singh||Women’s Trap|
|Manu Bhaker||Women’s 10m Air Pistol|
|Sarabjot Singh||Men’s 10m Air Pistol|
|Deepak Kumar||Men’s 10m Air Rifle|
|Prithviraj Tondaiman||Men’s Trap|
|Manisha Keer||Women’s Trap|
World Cancer Day 2021 – February 4 i.World Cancer Day is annually observed across the globe on 4th February to create awareness and educate the general public about the stigma around cancer and to reduce the preventable deaths.
ii.The World Cancer Day is a global uniting initiative led by the Union of International Cancer Control (UICC).
iii.The theme of the World Cancer Day for 2019 to 2021 is “I Am and I Will”.
iv.The theme of World Cancer Day 2021 is “I Am and I Will: “Together, all our actions matter”.
v.The World Cancer Day was established during the World Cancer Summit Against Cancer for the New Millennium held in Paris, France on 4th February 2000.
iv.The day also marks the signing of the Charter of Paris Against Cancer by Kōichirō Matsuura, General Director of UNESCO and Jacques Chirac, the French President.
About Union of International Cancer Control (UICC):
CEO- Cary Adams
Headquarters– Geneva, Switzerland
<<Read Full News>>
AP SEC launches ‘e-Watch’ app, to receive Complaints on Irregularities in Gram Panchayat ElectionAndhra Pradesh State Election Commissioner(AP SEC) N. Ramesh Kumar launched the ‘e-Watch’ app to receive complaints related to poll related irregularities. This launch comes ahead to the Gram Panchayat Elections of Andhra Pradesh state, that is planned to be held on February 21, 2021.
- The App is developed by SEC with the initial cooperation of Reliance Jio.
i.Poll related irregularities such as booth capturing can be informed by citizens through this app. The app is designed Fool proof with 100% transparency & User friendly.
ii.High secrecy will be maintained on the details of the complainant.
iii.A Call center was also set up in the state to address the Gram Panchayat polls related complaints.
About Andhra Pradesh:
Ugadi, the state festival of Andhra Pradesh, is called as the Telugu New Year.
Vishakhapatnam – City of Destiny
Piduguralla – Lime City of India
Arvind Kejriwal Delhi CM Launched “Switch Delhi” Campaign to Promote Electric Vehiclesi.On 4th February 2021, Arvind Kejriwal, the Chief Minister of Delhi, launched “Switch Delhi” a campaign to promote the use of Electric Vehicles and to encourage people to buy electric vehicles to reduce the pollution in Delhi.
ii.The government of Delhi has set a target of 25% of electric vehicles in the total registration in Delhi by 2024.
iii.As a part of this campaign he announced that the government of Delhi will hire only electric vehicles for other purposes in the next 6 weeks.
UNESCO Sites– Humayun’s Tomb, Qutb Minar and its Monuments, Red Fort Complex
Zoological park– National Zoological Park
<<Read Full News>>
Current Affairs Today (AffairsCloud Today)
|S.no||Current Affairs 5 February 2021|
|1||MCA amends One Person Companies (OPCs) rules; revises paid up capital & Turnover threshold for Small Companies|
|2||MCA initiates process of Decriminalization of Compound Offences under LLP Act, 2008|
|3||Cabinet Committee Gave In-Principle Approval for 100% Disinvestment of GoI Shareholding in RINL|
|4||ARAI and AIM-Niti Aayog signed a SOI to Boost Startup ecosystem in Mobility Sector|
|5||IIT – BHU Signs MoU with MoRTH for Scientific Up-gradation of Indian Roads|
|6||MUI urges Shipping Ministry to take note of ‘Neptune Declaration’|
|7||2nd CCTNS Hackathon and Cyber Challenge 2020-21 of NCRD inaugurated in New Delhi|
|8||Commerce Ministry Organised Udyog Manthan To Focus On Quality And Productivity in Indian Industry|
|9||RBI Issued Risk-Based Internal Audit (RBIA) Guidelines for Select NBFCs & UCBs|
|10||IRDAI Releases Guidelines on Standard Vector Borne Disease Health Policy|
|11||BCCI Secretary Jay Shah Elected as the New President of Asian Cricket Council|
|12||Ajay Singh Re-elected as President of Boxing Federation of India for 2nd Term|
|13||Union Ministers Jointly Launched Unified Portal of Gobardhan to Promote GOBAR-DHAN Scheme|
|14||Indian Navy’s IL 38SD Aircraft successfully fires ‘Combat Kh35E’ Anti-Ship Missiles during TROPEX-21|
|15||Pakistan successfully Test Fires Nuclear Capable Ballistic Missile ‘Ghaznavi’|
|16||Shooting : India tops Medals tally by bagging 11 Medals at First Asian Online Shooting Championship|
|17||World Cancer Day 2021 – February 4|
|18||Andhra SEC launches ‘e-Watch’ app, to receive Complaints on Irregularities in Gram Panchayat Election|
|19||Arvind Kejriwal Delhi CM Launched “Switch Delhi” Campaign to Promote Electric Vehicles|