Latest news with #SpecialAct
Time of India
5 days ago
- Time of India
Cofeposa upheld, no bail to Kannada actor Ranya Rao for one year
Bengaluru: The advisory board under the Directorate of Revenue Intelligence (DRI) has upheld the invocation of Conservation of Foreign Exchange and Prevention of Smuggling Activities (Cofeposa) Act against jailed Kannada actor Ranya Rao . The board Thursday issued directions not to allow Ranya to file a bail petition for one year from the date of her arrest as per provisions of Cofeposa Act. Following the directive, DRI conveyed the information to jail authorities. Earlier, Rao was granted bail by a special court. However, since the case was registered under a special law, she was not released from prison. You Can Also Check: Bengaluru AQI | Weather in Bengaluru | Bank Holidays in Bengaluru | Public Holidays in Bengaluru Central Economic Intelligence Bureau (CEIB), a nodal agency under the ministry of finance, had invoked Cofeposa Act against the actor and other accused in the gold smuggling case, based on DRI's recommendation. As per the provisions of Cofeposa Act, she will have to remain in custody for up to one year. On May 20, the special court for economic offences granted conditional bail to Ranya and to second accused Tarun Raju. She had sought bail on grounds that DRI failed to submit a chargesheet within 60 days. Taking this into consideration, the court had granted bail. Taking cognisance of the development, the advisory board looked into the matter and upheld invoking of Special Act against Ranya. The actor was arrested on March 3 in connection with a gold smuggling case and has been in jail for the past four months. — IANS
Korea Herald
07-07-2025
- Business
- Korea Herald
Flexible work hour system, AI industry support
The Korea Herald republishes a weekly legislative report by local law firm DR & AJU LLC to provide the latest information on bills approved, proposed, pending and set to be promulgated. — Ed. Proposed Bill: Partial Amendment to the Labor Standards Act Proposed by Rep. Kim So-hee (People Power Party) ● The bill would extend the maximum application period for flexible and selective work-hour systems to one year. It would also allow the labor and management to choose the unit period for calculating extended work hours from weekly, monthly, quarterly, semi-annual or annual options. Proposed Bill: Special Act for the Promotion of the Artificial Intelligence Industry and Advancement to Global Leadership Proposed by Rep. Choi Min-hee (Democratic Party of Korea) ● This bill seeks to establish a comprehensive support system for the artificial intelligence industry to advance the country's position as a global leader in the field. In particular, it proposes that the government designate and support AI mega clusters, implement policies to foster and attract a competent workforce, designate AI data center special zones and build necessary infrastructure. Pending Bill: Partial Amendment to the Commercial Act Proposed by Rep. Lee Jung-mun (Democratic Party of Korea) ● This bill would expand the scope of directors' duty of loyalty to include not only the company but also its shareholders and would limit the voting rights of the largest shareholder to 3 percent when appointing audit committee members. Competent Authority: Ministry of the Interior and Safety ● Effective Tuesday, the amended law now requires large credit cooperatives to appoint a full-time auditor and undergo external audits each fiscal year to strengthen their management and oversight. ● The draft amendment would significantly expand the scope of the data portability right, which had previously been limited to specific sectors such as health care and telecommunications. For queries about the bills, contact cr@ sj_lee@
Korea Herald
20-06-2025
- Business
- Korea Herald
Korea lays out lifelong support plan for science, tech talent
In a bid to bolster its science and technology capabilities, South Korea's new administration approved a major policy revision to provide lifelong, full-cycle support for students and professionals in science, technology, engineering and mathematics, or so-called STEM fields. The enforcement decree of the Special Act on supporting science and engineering fields was amended and passed during a Cabinet meeting on Thursday, the presidential office said. The revised decree aims to lay a legal foundation for government-led support for STEM talent, from primary school students to senior researchers. "The revision is a fast-tracked fulfillment of the government's promise to nurture science and technology talent and will significantly contribute to building a national growth system centered on science and technology," said Ha Jung-woo, senior presidential secretary for AI and Future Planning on Thursday. The amended decree includes key initiatives, such as focusing on early engagement with programs and content designed to spark interest in science and mathematics among elementary and middle school students, so that they are encouraged to pursue higher education in STEM. Integrated degree programs and customized education in partnership with industry and research institutes are included to support university students and graduates Ha, former head of Naver's AI innovation, emphasized the urgency of enhancing Korea's competitiveness in artificial intelligence. 'The next three to five years may prove to be a golden window in the AI era. I've joined with the determination to contribute all I can to strengthen Korea's AI capabilities with the experience and capabilities I have gained over time,' he said. He highlighted the importance of building a comprehensive value chain across infrastructure, data centers and semiconductors, and stressed the need to create a virtuous cycle in which startups can develop innovative services and grow globally. The revised decree also includes provisions to attract international STEM talent. 'The revision strengthens strategies to recruit global experts and incentivizes their return or long-term stay in Korea,' Ha noted. Asked about the recent trend of students gravitating toward medical school over science and engineering — largely due to salary prospects — Ha acknowledged that the issue cannot be solved through compensation increases alone. 'This is directly tied to corporate labor costs,' he said. 'We're seeking solutions from a long-term, multi-agency perspective involving the ministries of education, welfare, and science and ICT.'
Korea Herald
24-02-2025
- Business
- Korea Herald
Support for SMEs, semiconductors
Proposed Bill: Partial Amendment to the Act on Sale of Building Units Proposed by Rep. Eom Tae-young (People Power Party) ● This amendment alleviates the consent rate required to change the use of partially constructed hotels and accommodation facilities from the current 100 percent to 80 percent. It also grants unit purchasers who do not agree to the change of use the right to request contract termination. Proposed by Rep. Kim Woni (Democratic Party of Korea) ● This bill grants small and medium-sized enterprise cooperatives the right to request consultations on trade conditions when entering into transaction contracts with non-SME business operators, aiming to prevent unfair trade practices by large companies against SMEs. Pending Bill: Special Act on Strengthening Competitiveness and Promoting Innovative Growth in the Semiconductor Industry Proposed by Rep. Lee Chul-gyu (People Power Party) ● This bill enhances semiconductor industry competitiveness by enabling swift infrastructure support and exempting research and development workers in the semiconductor industry from the 52-hour weekly work limit with mutual agreement. Promulgated Bill: Act on the Allocation and Trading of Greenhouse-gas Emission Permits Competent Authority: Ministry of Environment ● This bill expands the range of emission permit traders, currently limited to business entities eligible for allocation, market makers, and emission trading brokers, to include banks, insurance companies, investment traders, and collective investment entities. Competent Authority: Ministry of Land, Infrastructure and Transport ● This amendment allows the disclosure of construction company names where fatal accidents have occurred at their construction sites, aiming to enhance construction companies' responsibility for safety management. — The Korea Herald republishes a weekly legislative report by local law firm DR & AJU LLC to provide the latest information on bills approved, proposed, pending and set to be promulgated. -- Ed.
