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Amid stalled ceasefire negotiations and continued hostilities, Israel’s Security Cabinet has approved a new military plan aiming to capture the entirety of Gaza and maintain a presence for an unspecified duration, increasing pressure on Hamas for hostage release and a ceasefire on Israeli terms.
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Under India's Insolvency and Bankruptcy Code (IBC), when a company cannot repay its debts, a structured process called the Corporate Insolvency Resolution Process (CIRP) allows for either its revival through a resolution plan or liquidation. The recent Supreme Court judgment cancelling JSW Steel’s resolution plan for Bhushan Power & Steel Ltd (BPSL) has brought attention to serious procedural lapses and legal violations in high-value insolvency cases.
The Supreme Court rejected JSW Steel’s plan and ordered liquidation of BPSL for several serious reasons:
This ruling could change how insolvency resolutions work in India, especially for large deals:
Fact Box:About Non-Performing Assets (NPAs)
About National Company Law Tribunal (NCLT)
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PYQ:Q: Consider the following statements: (2018) Non-performing assets (NPAs) decline in value when-
Which of the above statements are correct?
Solution: (c) |
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In a landmark case, the central government has taken a strong position before the Supreme Court regarding the taxation of online games under the Goods and Services Tax (GST) framework. The Centre has argued that it makes no difference whether a game is based on skill or chance when it comes to tax classification. The core argument is that any form of betting on an outcome, regardless of whether the underlying game is skill-based or chance-based, should be treated as gambling for tax purposes.
TaxationTraditionally, the online gaming industry had been paying GST at 18 per cent, treating its activity as a service. This interpretation was disputed by the GST authorities, who chose to characterise the activity as betting and gambling, thereby subject to 28 per cent GST. |
India’s Online Gaming Sector
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India is set to conduct a nationwide civil defence mock drill, aimed at testing emergency preparedness in the wake of rising border tensions and the terror attack in Pahalgam that killed 26 civilians on April 22.
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As the global biodiversity crisis intensifies, conservation efforts around the world are facing criticism for sidelining Indigenous Peoples and Local Communities (IPLCs). In this backdrop, India’s Forest Rights Act (FRA), 2006, offers a unique legal framework that integrates biodiversity conservation with the rights and traditional knowledge of Adivasis and other forest-dependent communities.
Despite progressive laws like FRA, India's biodiversity governance still faces major issues:
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After Independence, India promised to reorganise states on linguistic lines. But the Marathi-speaking population was denied a unified state, even as states like Andhra were formed based on language. This led to a mass movement demanding a “Samyukta Maharashtra” (United Maharashtra) with Mumbai as its capital.
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India has temporarily appointed Parameswaran Iyer, the current Executive Director at the World Bank, as its nominee to the International Monetary Fund (IMF) following the premature exit of K V Subramanian. This development comes just ahead of a crucial IMF board meeting, where key decisions about loans to Pakistan—including a USD 1.3 billion climate resilience loan and a review of a USD 7 billion bailout package—will be taken.
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The United States has raised concerns at the World Trade Organization (WTO) about India’s Production Linked Incentive (PLI) scheme for speciality steel, questioning its compatibility with WTO rules. The US argued that the scheme promotes increased steel production despite global overcapacity in the metal, potentially distorting the international market.
PLI scheme for Specialty Steel
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A new study published in the journal Cell reports the successful genome sequencing of the saola (Pseudoryx nghetinhensis), a critically endangered species native to the Annamite Mountains of Vietnam and Laos. Often dubbed the "Asian unicorn" due to its extreme rarity and elusive nature, the saola remains one of the least understood large mammals on Earth.
About Saola (Pseudoryx nghetinhensis)
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A drug originally developed to treat diabetes, and now prescribed for weight loss, may have yet another significant application: stopping, perhaps even reversing, liver disease.
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Kerala has witnessed the tragic deaths of three children due to rabies in the past month, despite them being vaccinated. This has sparked concern about vaccine efficacy, wound care awareness, and public health response.
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India declared the Indus Waters Treaty (IWT) of 1960 to be in ‘abeyance’, in response to Pakistan’s continued support for cross-border terrorism, especially after the Pahalgam terror attack. The move signals a temporary suspension of cooperation under the treaty, aimed at pressuring Pakistan without officially terminating the treaty.
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For the first time since 1931, the upcoming Census will record caste-wise data of all Indians, going beyond the current classification into SC, ST, and religious groups. This move is seen as an attempt to bring greater precision to affirmative action policies and social justice planning, but it raises significant concerns over implementation, categorisation, and the potential political consequences.
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