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- The Rajya Sabha has recently approved the Oilfields (Regulation and Development) Amendment Bill, 2024, through a voice vote, ushering in significant reforms to India's oil and gas exploration laws.
- Overview of the Oilfields (Regulation and Development) Amendment Bill, 2024:
- This bill aims to amend the Oilfields (Regulation and Development) Act, 1948, with the objective of enhancing investment in oil and gas exploration and production. It establishes a framework for regulating the exploration and extraction of natural gas and petroleum resources.
- Key Changes in the Bill:
- The bill broadens the definition of mineral oils to now encompass petroleum and natural gas.
- It includes naturally occurring hydrocarbons, coal bed methane, and shale gas/oil within the definition of mineral oils, while explicitly excluding coal, lignite, and helium from this category.
- Provisions for mining leases are updated to cover various activities, including exploration, prospecting, production, processing, and disposal of mineral oils.
- Prospecting, which refers to the early phase of oil and gas field discovery, is defined as assessing potential petroleum reserves over large regions.
- The bill introduces a petroleum lease in place of the existing mining lease, covering similar activities. However, any mining leases issued under the previous Act will remain valid.
- The central government is empowered to establish rules regarding lease grants, terms and conditions, including the area and duration of leases, as well as the conservation and development of mineral oils. It will also regulate production methods and the collection of royalties, fees, and taxes.
- The government will have the authority to regulate matters such as mergers of petroleum leases, sharing production and processing facilities, environmental obligations of lessees, emission reductions, and alternative dispute resolution mechanisms concerning petroleum lease grants.
- The bill seeks to decriminalize several provisions of the 1948 law, replacing criminal penalties with civil penalties, adjudication by an authority, and the option to appeal against its decisions.
- For rule violations, the bill proposes raising fines from the current Rs 1,000 to Rs 25 lakh, with penalties for unauthorized exploration, prospecting, or production set at Rs 25 lakh. Continued violations will incur a daily penalty of Rs 10 lakh.
- In case of disputes, an officer of the rank of joint secretary or higher will be appointed by the central government to adjudicate penalties. Appeals can be filed with the Appellate Tribunal under the Petroleum and Natural Gas Regulatory Board Act, 2006.
- The Lok Sabha has recently approved the Banking Laws (Amendment) Bill, 2024, through a voice vote.
- Overview of the Banking Laws (Amendment) Bill, 2024:
- The bill brings about important reforms aimed at strengthening governance within the banking sector and improving customer convenience. It proposes amendments to five key laws: the Reserve Bank of India Act, 1934; the Banking Regulation Act, 1949 (BR Act); the State Bank of India Act, 1955; the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970; and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980.
- Key Highlights of the Bill:
- The bill allows bank account holders to nominate up to four individuals for their accounts, with the option to have successive or simultaneous nominations. However, locker holders will be limited to successive nominations only.
- It revises the definition of "substantial interest" in relation to directorships, increasing the threshold from ₹5 lakh to ₹2 crore.
- The tenure for directors (excluding chairpersons and full-time directors) in cooperative banks will be extended from 8 to 10 years, in line with the Constitution (Ninety-Seventh Amendment) Act, 2011.
- It permits directors of Central Cooperative Banks to serve on the board of a State Cooperative Bank.
- The bill provides more flexibility for banks in determining the remuneration for statutory auditors.
- It also updates the regulatory reporting dates for banks, moving them to the 15th and last day of each month, replacing the previous schedule of the second and fourth Fridays.
- The bill proposes that unclaimed dividends, shares, and interest or redemption of bonds be transferred to the Investor Education and Protection Fund (IEPF), allowing individuals to claim transfers or refunds from the fund and thereby protecting investors' interests.
- Recently, it was reported in Parliament that approximately 1.45 crore registrations have been completed under the PM Surya Ghar Muft Bijli Yojana, with 6.34 lakh installations already finished.
- About the PM Surya Ghar Muft Bijli Yojana:
- Launched on February 15, 2024, the PM Surya Ghar Muft Bijli Yojana is a government initiative designed to provide free electricity to households across India. The scheme offers subsidies for the installation of solar panels on residential rooftops.
- Key features of the scheme include:
- A subsidy covering up to 40% of the cost of solar panel installation.
- The scheme will enable one crore families to receive up to 300 units of free electricity every month, leading to potential savings of up to Rs 18,000 annually.
- The government estimates that the scheme will save Rs 75,000 crore per year in electricity costs.
- With an allocation of Rs 75,021 crore, the scheme is set to run until FY 2026-27.
- Benefits of the Scheme:
- Free electricity for eligible households.
- Significant savings on electricity costs for the government.
- Promotes the use of renewable energy sources.
- Contributes to a reduction in carbon emissions.
- Eligibility Criteria:
- The household must be an Indian citizen.
- The household must own a roof suitable for installing solar panels.
- The household must have a valid electricity connection.
- The household must not have received any other subsidy for solar panel installation.
- Under the scheme, Distribution Companies (DISCOMs) are designated as State Implementation Agencies (SIAs) and are responsible for facilitating key processes such as providing net meters, conducting inspections, and ensuring timely commissioning of installations. DISCOMs will also receive incentives for surpassing baseline targets in the installation of grid-connected rooftop solar capacity, with a financial outlay of Rs 4,950 crore dedicated to this incentive component.
- The Union government recently informed the Lok Sabha that factors such as “increased awareness, broader publicity, and enhanced training of police personnel” have contributed to the rising number of cases being filed under the Scheduled Castes and Scheduled Tribes (Prevention of Atrocities) Act.
- About the Scheduled Castes and Scheduled Tribes (Prevention of Atrocities) Act, 1989:
- The Act was enacted to prevent atrocities against members of the Scheduled Castes (SCs) and Scheduled Tribes (STs) by individuals who are not part of these groups. It stipulates punishments for offences committed against SCs and STs and authorizes the Central Government to frame rules for the effective enforcement of the Act.
- The Act is implemented by State Governments and Union Territory Administrations, which receive central assistance under the Centrally Sponsored Scheme for better implementation of the Act's provisions.
- Offences Under the Act:
- The Act does not cover crimes committed between SCs and STs or between STs and SCs.
- It includes 37 offences that involve patterns of behaviour that degrade the self-respect and dignity of SCs and STs. These offences include denial of economic, democratic, and social rights, as well as the exploitation and misuse of the legal system.
- Investigation:
- All offences under the Act are cognizable.
- Investigations into offences must be conducted by an officer of at least the rank of Deputy Superintendent of Police (DSP).
- Investigations must be completed within 30 days, and the investigation report should be submitted directly to the Director of State Police.
- Special Courts:
- The Act mandates the establishment of Special Courts to hear cases related to atrocities against SCs and STs.
- These courts, set up with the concurrence of the Chief Justice of the High Court, are to be established in each district to ensure a speedy trial.
- Special Courts will conduct trials on a day-to-day basis and will have a designated Public Prosecutor or a lawyer with at least seven years of practice to handle cases in these courts.
- Punishment:
- The Act prescribes a minimum sentence of six months of imprisonment, with a maximum sentence of five years and a fine. In certain cases, the minimum term can be one year, and the maximum penalty can range from life imprisonment to the death penalty.
- Section 4 deals with the neglect of duties by public servants, stating that if a public servant who is not a member of the SC or ST fails to perform duties under the Act, they can be sentenced to up to six months in prison.
- Immediate Relief:
- Under the Scheduled Castes and Scheduled Tribes (Prevention of Atrocities) Rules, 1995, the District Magistrate, Sub-Divisional Magistrate, or other Executive Magistrates are responsible for providing immediate relief to victims and their families.
- This relief may include cash, food, water, clothing, shelter, medical aid, transportation, and other essential services necessary for the well-being of the victims.