Daily Archive: May 22, 2018

Law Commission likely to submit Common Civil Code draft by August

New Delhi: After triple talaq, halala and polygamy, now the jinn of the Common Civil Code is likely to come out of the bottle. Law Commission will submit the draft of Common Civil Code before the government by August. Commission Chairman Justice B S Chauhan met the delegation of All India Muslim Personal Law Board. While similar meetings were earlier held with former law minister advocate Salman Khurshid, former Law Minister Advocate Ashwini Kumar and former union minister Arif Mohammed Khan.

A 17-member delegation led by Vice President All India Muslim Personal Law Board and President Jamat-e-Islami Hind Maulana Jalaluddin Umri met Law Commission Chairman at his office. The meeting continued for one and a half hour in which various aspects were discussed at length.

It must be recalled that Law Commission by forming 16 questions had taken advice from them as to what could be the draft of Common Civil Code.

According to reliable sources, Modi government has asked the Law Commission to submit the draft soon, so that further action could be taken. According to Inquilab answers to the shariah laws related to 3 issues like adoption, distribution of inheritance and right on children in case of divorce, have been sought.

Maulana Jalaluddin Umri said that the answers to the questions raised by Law Commission will be given if the questions are received in written form.

New RBI rules on bad loans cause SBI to post worst quarterly loss at Rs 7718 crore

State Bank of India (SBI) reported its deepest-ever quarterly loss on Tuesday, far beyond analyst estimates, as the country’s biggest lender set aside more provisions for bad loans after a change in banking regulation.

Net loss for the three months ended March 31 was Rs 7718 crore ($1.13 billion), versus an average Rs 1285 crore loss from 16 analyst estimates complied by Thomson Reuters. The result also compared with a restated net loss of Rs 3442 crore in the same period a year earlier.

Banks saw soured loans and provisions surge in the quarter after the Reserve Bank of India (RBI) in February eliminated half a dozen loan restructuring schemes to hasten the clean-up of near-record levels of bad debt. Most state-run banks that have reported quarterly earnings so far have posted losses.

SBI’s bad-loan provisions for the quarter more than doubled from a year earlier to Rs 28096 crore. Gross bad loans as a percentage of total loans rose to 10.91% from 10.35% three months earlier and 6.90% a year prior, the lender said in a statement.

Net interest income for the quarter fell 5.2% to Rs19974 crore.

Shares of the lender rose as much as 6.2% after the results, when the BSE Sensex was 0.1% higher.

SBI shares were trading 5.2% up at Rs 257.85 on BSE in afternoon trade.