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Business Standard
an hour ago
- Business Standard
States will be at whims of governor if nod to Bills withheld: Supreme Court
The Supreme Court on Wednesday said that the power of the governor to permanently withhold assent to bills would leave the state government, which is elected with majority, at his 'whims and fancies'. 'Would we not be giving total powers to the governor to sit in over an appeal. The government elected with the majority will be at (the) whims and fancies of (the) governor,' Chief Justice of India(CJI), Justice B R Gavai, said. The court was hearing the maintainability of the reference made by President Droupadi Murmu under Article 143. The reference was concerning the April 8 ruling of the top court that set timelines for governors and the President to grant assent to bills passed by the legislature. In the April 8 judgment, a bench of Justice J B Pardiwala and Justice R Mahadevan invoked its special powers under Article 142 of the Constitution to fix deadlines for the President and governors to act on state bills. Replying to the query of the CJI, Solicitor General Tushar Mehta, appearing for the Centre, told the Constitution Bench of CJI B R Gavai, Justice Surya Kant, Justice Vikram Nath, Justice P S Narasimha, and Justice Atul S Chandurkar that everyone derives power from the Constitution. On the powers of the governor under Article 200, Mehta said the governor has four options- assent to the bill, withhold assent, reserve the bill for consideration of the President or send it back to the legislature. He said that when the governor withholds assent, the bill falls through. Article 200 of the Indian Constitution outlines the governor's powers regarding assent to bills passed by the state legislature. If a bill is returned, the legislature can pass it again with or without amendments, and the governor is then bound to give assent. The bench, however, remarked that the governor has to communicate his or her decision and that the focal point of the debate would be whether withholding is temporary or permanent. Mehta said the power to withhold is to be used rarely and only in the first instance, as it leads to the death of the bill. 'The governor is not just a postman. He represents the Union of India, appointed by the President. The President is elected by the entire nation by way of the entire election and that is also a way of democratic expression,' Mehta said. After the April 8 judgment, the President invoked Article 143(1) of the Constitution of India to consult the Supreme Court. This Article, commonly referred to as the power of 'Presidential Reference', empowers the President of India to seek the Supreme Court's opinion on questions of law or fact of public importance. President Murmu, on May 13, posed 14 questions to the Supreme Court of India on several aspects of law, including the ambit of the powers under Article 142. In response, the states of Kerala and Tamil Nadu filed an application questioning the maintainability of the reference. It urged the Supreme Court to return the reference unanswered and said it was an attempt by the Centre to indirectly overrule binding judgments without disclosure. Meanwhile, the central government supported the reference, arguing that the power of governors and the President to act on bills cannot be bound by judicial timelines. The hearing will continue on Thursday.
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Business Standard
an hour ago
- Business Standard
Black box to sandbox: Framework needed for safe AI adoption in finance
The Monetary Authority of Singapore (MAS) introduced "FEAT" (fairness, ethics, accountability, and transparency) principles in 2018 Business Standard Editorial Comment Mumbai Listen to This Article The Reserve Bank of India's (RBI's) Framework for Responsible and Ethical Enablement of Artificial Intelligence (FREE-AI) committee released its final report last week, proposing guidelines for the responsible use of artificial intelligence (AI) in the financial sector. The framework is anchored around seven guiding 'sutras' or principles — trust, people first, innovation, fairness, accountability, explainability, and resilience — and is backed by 26 actionable recommendations across six pillars — infrastructure, policy, capacity, governance, protection, and assurance. The report arrives at a critical juncture. A World Economic Forum study (2025) estimates that global AI investment in finance could reach $97 billion
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Business Standard
2 hours ago
- Business Standard
US examines equity stake in chip makers for CHIPS Act cash grants: Report
US Commerce Secretary Howard Lutnick is looking into the government taking equity stakes in Intel and other chipmakers in exchange for grants under the CHIPS Act, which aims to spur factory-building in the US, two sources said. As part of a plan to revive US manufacturing - a key Trump agenda - Lutnick said earlier on Tuesday the US government wants an equity stake in Intel in exchange for cash grants approved by the administration of former President Joe Biden. Now Lutnick wants to expand that plan to other companies, according to a White House official and a person familiar with the situation. The Trump administration has recently made unusual deals with US companies, including allowing AI chip giant Nvidia to sell its H20 chips to China in exchange for the US government receiving 15 per cent of those sales. The Pentagon is slated to become the largest shareholder in a small mining company to boost output of rare earth magnets. The government's intervention in corporate matters has worried critics who say President Donald Trump's actions create new categories of corporate risk and that a bad bet could mean a hit to taxpayer funds. Much of the funding under the CHIPS Act has not yet been dispersed for companies such as Micron, Taiwan Semiconductor Manufacturing Co, Samsung and Intel. TSMC and Intel declined to comment. Micron, Samsung and the White House did not respond to requests for comment on whether Lutnick is considering more stakes. The two sources told Reuters on Tuesday that Treasury Secretary Scott Bessent is also involved in the CHIPS Act discussions, but that Lutnick is driving the process. The Commerce Department oversees the $52.7 billion CHIPS Act money. Lutnick has been pushing the equity idea, the sources said, adding that Trump likes the idea. White House Press Secretary Karoline Leavitt confirmed earlier that Lutnick was working on a deal with Intel to take a 10 per cent government stake. "The president wants to put America's needs first, both from a national security and economic perspective, and it's a creative idea that has never been done before," she told reporters. Speaking on CNBC, Lutnick said the US wants a return on its "investment". "We'll get equity in return for that ... instead of just giving grants away," he said. Trump has previously said he wanted to kill the CHIPS Act program. Lutnick's comments suggested any stake would be non-voting, meaning it would not enable the US government to tell the company how to run its business. His comments came a day after SoftBank Group agreed to invest $2 billion in Intel, which has struggled to compete after years of management blunders. "The Biden administration literally was giving Intel money for free and giving TSMC money for free, and all these companies just giving the money for free, and Donald Trump turned it into saying, 'Hey, we want equity for the money. If we're going to give you the money, we want a piece of the action for the American taxpayer'," Lutnick said. South Korean presidential advisor Kim Yong-beom said neither the government nor the potentially affected companies have heard about such a plan. He added that foreign companies like Samsung needed "predictability" for their US investments. A Korean chip industry official, meanwhile, said it would be hard for chipmakers to accept US government equity stakes, and some may either decide not to invest or delay investments unless Washington provides incentives like increasing funding. Taking lawmaker questions in Taipei on Wednesday and asked whether the US government could take a stake in TSMC, Taiwan Economy Minister Kuo Jyh-huei said his ministry would consult with the company, which he pointed out was private and not a state-owned enterprise. "We will also discuss with the National Development Council, as it is a shareholder of TSMC. We will thoroughly understand the underlying meaning of the US Commerce Secretary's remarks, but this will require some time for discussion and assessment," Kuo said.
