Centre notifies CAA rules; and SC raps SBI to release data on Electoral bonds

Have you checked out our YouTube and Instagram channels yet? Follow us to get the same sharp analyses you love, on your social media.

Market Watch

• The Sensex closed down 616.75 points at 73,502.64, while the Nifty ended lower by 160.80 points at 22,332.70.
• All sectoral indices ended in the red, with auto, capital goods, FMCG, oil & gas, bank, Information Technology, realty, metal, and power down 0.5-1% each.

Centre notifies CAA rules, here’s what it means

The Ministry of Home Affairs in India has notified Citizenship Amendment Act (CAA) rules. It was already speculated that the CAA rules would be notified before the imposition of the election code of conduct. The exact nature of the rules remains unclear as official notification has not yet been released.

What does the notification of the law mean? Notification of rules clarifies law interpretation and provides administrative regulations. An online portal will detail rules, procedures, documents, and contacts.

Flashback: The law was largely opposed because it, for the first time, made religion a test of granting citizenship.

• The law grants citizenship to non-Muslim migrants from Bangladesh, Pakistan and Afghanistan, who had come to India before December 2014.
• Since its enactment in December 2019, the CAA has led to widespread protests and over a hundred fatalities due to protests and police action.
• It was interpreted as anti-muslim due to their exclusion but the Centre has reasoned that citizenship is being granted to persecuted minorities from the three Muslim-dominant countries.

What does the BJP gain from this? The upcoming Lok Sabha election, particularly in West Bengal, is expected to see the Citizenship Amendment Act (CAA) emerge as a major issue. The BJP, aiming to consolidate lower caste Hindu votes, has promised to implement the CAA, a key election pledge in previous polls. However, opposition leaders, including Chief Minister Mamata Banerjee, have opposed its implementation, citing concerns over discrimination.

• This was also one of the key electoral promises by the BJP ahead of 2019. Out of these promises, the BJP has implemented the Citizenship Amendment Act, constructed the Ram Mandir, and abrogated Article 370. It has however maintained silence on the implementation of the Uniform Civil Code and has failed to address farmer discontent.

Clip du jour

Here's a compilation from the best moments at the Oscars

Hi, I’m Gaurav Jeyaraman, the editor of this newsletter. We’d like to hear some feedback on our newsletter: what works and what doesn’t work? WhatsApp me directly and tell me what you think.

SC raps SBI to release data on Electoral bonds

Furnish details or face contempt: These are the two options before the State Bank of India (SBI) as the Supreme Court rejected its plea for an extension until June 30 to disclose electoral bond details.

The intrigue: The?Supreme Court has made it clear that it does not want the list of donors matched with political parties, it merely wants the list of donors with the denomination of bonds purchased. In simple terms, we may not get details of the donors and their specific contributions to political parties.

What happened in the court: Senior Advocate Harish Salve, representing SBI, noted that collating and crosschecking the names and bond numbers was designed to maintain secrecy and prevent leaks, and would take additional time to complete.

• Chief Justice DY Chandrachud highlighted that the bank had the necessary KYC records and that details were kept in a sealed cover, suggesting the information should be readily accessible and disclosed without needing a “matching exercise.”
• The SBI's application for more time was opposed by the Association for Democratic Reforms (ADR), which argued that the request was a last-minute attempt to delay public disclosure before the upcoming Lok Sabha elections.

Why SBI seeking more time does not make sense: It was pointed out by many that SBI could easily retrieve the data which was asked for by the Supreme Court.??

• Interestingly, last week SBI removed the?FAQs on Electoral bonds from its website which outlines the KYC details collected and its internal account used for parking money.

ICYMI

• After a massive build-up by media to Prime Minister Narendra Modi’s ‘announcement’, he tweeted about the successful completion of DRDO's Mission Divyastra.
• Who won what at the 96th Academy Awards? Full details of the Oscars.
• How did PM Modi help to avert a 'potential nuclear attack' on Ukraine by contacting Russia's Putin?
• A new Election Commissioner is to be appointed by 15 March following the surprise resignation of Arun Goel. (Bonus: Timeline of events leading up to Goel’s resignation)
• A woman from Hyderabad was found murdered in Australia.
• Mumbai’s newest infrastructure upgrade: Coastal road project. Go from Worli to Marine Drive in 8 minutes but there’s a catch.
• France to ‘help its citizens die’ with medical assistance.
• After Gyanvapi now, the Madhya Pradesh High Court has ordered an ASI survey at the Bhojshala Temple.
• In the latest edition of honey-trapped officers, a Mumbai Dockyard officer was caught passing secrets to Pakistan.