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12th September Part-3: Daily News Analysis
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Rishab Arora
Graduate in Economics. Gold medal in Dissertation, Prepared various documents on Demonetisation and GST, Share-trading and many more

U
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Pls link it with econkmic survey...GVA concept and isues relating to it
  1. U.S. threatens sanctions on ICC, prosecution of officials (GS-2) (Page-13) S. The International Criminal Court (ICC) on Tuesday said that its work would continue undeterred" after Washington threatened to prosecute its officials if Americans are charged with war crimes committed in Afghanistan . "The ICC, as a court of law, will continue to do its work undeterred, in accordance with those principles and the overarching idea of the rule of law", the tribunal said in a statement. The Hague-based court's response comes a day after the United States threatened to arrest and sanction court officials should they move to charge any American who served in Afghanistan with war crimes "Outright dangerous' White House National Security Adviser John Bolton called the Hague-based rights body "unaccountable" and "outright dangerous" to the United States, Israel and other allies, and said any probe of U.S. service members would be "an utterly unfounded, unjustifiable investigation".


  2. "If the court comes after us, Israel or other U.S. allies, we will not sit quietly," said Mr. Bolton The U.S. is prepared to slap financial sanctions and criminal charges on officials of the court if they proceed against any Americans, he added. But in response, the ICC declared itself an "independent and impartial judicial institution". It also stressed that it would only investigate and prosecute crimes when the states will not or cannot do so. The Hague-based ICC was set up in 2002 with a jurisdiction to investigate and prosecute the world's worst crimes, including genocide, war crimes and crimes against humanity. * The court, however, does not have the capacity to arrest suspects and depends on member states for their cooperation. The United States has not signed up to the court and in 2002, its Congress passed a law enabling Washington to invade the Netherlands to liberate any U.S. citizen held by the court.


  3. The International Criminal Court (ICC) is an intergovernmental organization and international tribunal that sits in The Hague in the Netherlands The ICC has the jurisdiction to prosecute individuals for the international crimes of genocide, crimes against humanity and war crimes. The ICC is intended to complement existing national judicial systems and it may therefore only exercise its jurisdiction when certain conditions are met, such as when national courts are unwilling or unable to prosecute criminals or when the United Nations Security Council or individual states refer situations to the Court The ICC began functioning on 1 July 2002, the date that the Rome Statute entered into force. The Rome Statute is a multilateral treaty which serves as the ICC's foundational and governing document. States which become party to the Rome Statute, for example by ratifying it, become member states of the ICC. Currently, there are 123 states which are party to the Rome Statute and therefore members of the ICC.


  4. SC orders status quo on RBI's February 12 circular (GS-3) (Page-13) The Supreme Court on Tuesday ordered status quo on the implementation of a February 12 circular of the Reserve Bank of India which mandates insolvency proceedings for a debt servicing default beyond 180 days. A Bench of Justices Rohinton F. Nariman and Indu Malhotra transferred the cases against the RBI circular pending in various High Courts and agreed to hear them together in November. Meanwhile, the apex court ordered that insolvency proceedings should not commence against the defaulting power companies The circular, in a bid to efficiently realise bad loans, is part of a revised RBI framework. Power firms have argued that the provision was unfair as their debt repayment capacity was directly linked to revenue from power distribution companies and availability of coal, a natural resource closely regulated by the State. The circular had said the revised framework was meant for resolution of stressed assets in the economy."In view of the enactment of the Insolvency and Bankruptcy Code, 2016, it has been decided to substitute the existing guidelines with a harmonised and simplified generic framework for resolution of stressed assets," the RBl had said. If a resolution was not found by August 27, NPA accounts were to be sent to bankruptcy courts. Banks have exposure of about 1.74 lakh crore to stressed power assets.


  5. Bankruptcy court should be the final option: Rajan (GS-3) (Page-13) Former RBI Governor Raghuram Rajan is of the view that bankruptcy court should be the final option and loan renegotiation should be done under its shadow, not in it. "Banks and promoters have to strike deals outside of bankruptcy, or if promoters prove uncooperative, bankers should have the ability to proceed without them," he said in a note prepared for the Parliament Estimates Committee at the request of its chairman Dr. Murli Manohar Joshi Dr. Rajan's statement assumes significance in the backdrop of the ongoing resolution of 20 Power sector NPA accounts where there's a tussle on between the RBl and banks In a different context, the former RBI governor blasted those who were saying that the RBI was responsible for the slowdown in credit and the economy because of its push to recognise NPAs, calling such claims "ludicrous".


  6. Cleanup not the problem "Cleanup was part of the solution, not the problem," he said, pointing out how public sector banks had started soft-pedalling on loans to industry, agriculture and MSMEs since April 2014, well before the cleanup process began in the second half of fiscal 2015. (see graphs). This was even as they pushed hard on personal and housing loans, where the NPAs were low. "The slowdown is best attributed to over-burdened public sector bank balance sheets and growing risk aversion in public sector bankers," he said, pointing out that private banks had not slowed down on their lending to industry.Their aversion was also visible in the way they slowed down on accepting deposits relative to their private sector peers.


  7. Conceding that the RBI"should probably have raised more flags about the quality of lending in the early days of banking exuberance," Dr. Rajan said that with the benefit of hindsight, the RBl should not have agreed to forbearance He also defended the much-criticised asset quality review initiated by him during his tenure, saying that it was necessary because banks were simply not recognising bad loans, not following uniform procedures for recognition, and not making adequate provision for loans that had stayed as NPAs for a long time. Looking ahead, Dr. Rajan said that governance of public sector banks had to be improved by professionalising boards and depoliticising appointments by handing it over to the Banks Board Bureau. He suggested introduction of outside talent into top management of PSBs given the talent deficit they faced.