NITI Aayog Takes First Policy Step For Net Zero Goals; New Criminal Laws Come Into Effect From Today

NITI Aayog Sets Up Multi-Sectoral Committees For Net Zero Goals

Three years after India declared net-zero 2070 goals, the NITI Aayog has announced the formation of dedicated multi-sectoral committees to prepare a transition plan for achieving the target, the Business Standard reported. 

This is the first time a policy-level intervention has been initiated towards the net-zero goal. The NITI Aayog’s six working groups are focused on macroeconomic implications of transition, climate finance, critical minerals, and sectoral committees on transport, industry, buildings, power, and agriculture. The reports by these groups, due in October 2024, will be collated by the NITI Aayog, which will prepare a consolidated report. The NITI Aayog report is expected to become a policy handbook for all central ministries for drafting climate-resilient and adaptive policies. Read More

Three New Criminal Laws Come Into Effect From Today, July 1

Three new criminal laws will be implemented nationwide from today (July 1) amid the Centre’s reassurances that the criminal justice system is prepared to deal with the changes, the Business Standard reported.

The Bharatiya Nyaya Sanhita (BNS), Bharatiya Nagarik Suraksha Sanhita (BNSS), and the Bharatiya Sakshya Adhiniyam will replace the colonial-era Indian Penal Code, 1860, the Code of Criminal Procedure, 1973, and the Indian Evidence Act, 1872, respectively.  Some of their highlights include allowing people to report incidents by electronic communication without a physical visit to a police station, ‘zero’ FIR at any police station regardless of jurisdiction, and a free copy of the FIR to the victim (all under Section 173 of BNSS) and an individual has the right to inform a person of his choice if he or she is arrested (Section 36 BNSS). More here 

Companies That Bought Electoral Bonds Likely To Face Tax Notices

 The 1,300 entities that bought electoral bonds potentially face questions from tax authorities on deductions that were made on these contributions with the Supreme Court having scrapped the scheme in February this year, the Economic Times reported. 

A few companies have already received notices for deductions claimed for political contributions made through electoral bonds. Prominent companies such as Infosys, Embassy Group, Megha Engineering, Aditya Birla Group, JSW Steel, Torrent Pharma, Lupin, Bharti Airtel and Alembic Pharmaceuticals Ltd had bought the bonds. The Supreme Court had on February 15 held the scheme to be unconstitutional. The scheme had raised Rs 16,518 crore for political parties since it was notified in January 2018. India Inc has flagged the matter to the finance ministry seeking intervention, possibly in the upcoming budget. More here 

Credit Card Repayment Through Third Party Fintech Apps Likely To Be Hit From Today

Beginning today, credit card users will be unable to make repayments on third party fintech applications for banks that have not come on board Bharat Bill Payments System (BBPS), the Business Standard reported.

Many players that Business Standard spoke to said they would pause credit card payments for banks that have not gone live. The fintechs that will be impacted include Cred, Paytm, Phonepe and Amazon Pay, among others. Fintech executives said some firms may process credit card transactions for non-compliant banks, but doing so would be a violation of RBI norms. HDFC Bank, ICICI Bank, and Axis Bank, among a few other major credit card issuers in the country, have not activated BBPS yet. More here 

Navy Develops New Explosive That Packs Double The Power Of TNT

India has successfully developed and certified a new explosive that is 2.01 times more lethal than standard TNT (Trinitrotoluene), the Economic Times reported.

The high-performance explosive is one of the most powerful non-nuclear explosives in the world. The new formulation, which has been certified after extensive testing by the Navy, has the potential to revolutionise bombs, artillery shells and warheads by significantly improving their destructive power without increasing weight. It is also likely to have tremendous export potential as forces across the world look to add lethality to existing weapon systems. SEBEX 2 has been evaluated, tested and certified by the Navy under its Defence Export Promotion Scheme. More here 

India Mops Up Declining Mobile Phone Exports From China, Vietnam

India is fast bridging the gap with China and Vietnam in terms of mobile phone exports, the Economic Times reported.

While FY24 mobile exports from China and Vietnam fell 2.78 per cent and 17.6 per cent, respectively, from the year before, exports from India surged 40.5 per cent, officials told ET, citing global trade data. Further, the officials added that India has captured nearly 50 per cent of the reduction in corresponding mobile phone exports from China and Vietnam. This suggests that the objective of gaining a bulk of the supply chain shift from China has been met. The total cumulative reduction in exports from both countries amounted to US $9.4 billion. More here