What the Union cabinet approved on Thursday: All you need to know

From re-promulgation of ordinance to improve ease of doing business to $75-billion swap arrangement between India and Japan, the Union Cabinet took some major decisions

Repromulgation of ordinance to improve ease of doing business

• The Union Cabinet on Thursday approved re-issuance of an ordinance to improve ease of doing business, declog the NCLT and prescribe strong action against non-compliant companies
• A Bill to replace an earlier ordnance was passed by the Lok Sabha in the winter session and is pending in the Rajya Sabha.The Ordinance was brought with a view to declog special courts and the National Company Law Tribunal (NCLT). It will also reduce the burden on the NCLT and special courts and improve ease of doing business in the country

Repromulgation of triple talaq ordinance

• The Union Cabinet on Thursday cleared a proposal to re-promulgate the ordinance making the practice of instant triple talaq a criminal offence, sources said. The earlier Ordinance was to expire on January 22. The first Ordinance was issued in September last year. A Bill to convert the first Ordinance into a law is pending in the Rajya Sabha where the Opposition has been resisting its passage

India-Japan $75-bn swap arrangement to curb volatility 

• A proposal for a $75-billion bilateral swap arrangement between India and Japan, a move aimed at enhancing the RBI’s ability to manage exchange rate volatility. In a release, the government said the Cabinet chaired by Prime Minister Narendra Modi has approved the proposal for entering into an agreement for the bilateral swap arrangement (BSA) between India and Japan. The arrangement authorises the RBI to sign the agreement for bilateral swap arrangement between the RBI and the Bank of Japan for a maximum amount of $75 billion
• The swap arrangement is an agreement between India and Japan to essentially exchange and re-exchange a maximum amount of $75 billion for domestic currency, for the purpose of maintaining an appropriate level of balance of payments for meeting short-term deficiency in foreign exchange," the release said

Ordinance to allow panel to run scam-tainted MCI reissued
 

• The Cabinet gave a go ahead to re-issuance of an ordinance to allow a committee run the scam-tainted Medical Council of India, sources said. A Bill to convert an earlier ordinance into a law is pending Parliament's approval. While the National Medical Commission (NMC) Bill 2017 that seeks to overhaul the medical education system in India and replace MCI is yet to be passed by Parliament, the term of MCI's elected body members ends shortly. To overcome the situation, the government had recently issued an ordinance to supersede MCI and give its powers to a board of governors (BoG)