✍️ CRR Cash Reserve Ratio is the minimum fraction of total deposits of a bank’s customers that banks have to hold as reserves with the central bank. ✍️ SLR Statutory Liquidity Ratio is the ratio of liquid assets to the net demand and time liabilities. ✍️ LAF Liquid Adjustment Facility is a tool to allow banks to borrow money through repurchase agreements. It consists of repo and reverse repo operations. ✍️ MSF Marginal Standing Facility allows scheduled banks to borrow funds overnight from RBI against approved government securities. ✍️ MSS Market Stabilization Scheme is a monetary policy intervention by RBI to withdraw excess liquidity by selling government securities in the economy. ✍️ OMO Open Market Operations refers to the buying and selling of government securities in the open market so as to expand or contract the amount of money in the banking system. ✍️ REPO Repo...
The idea for a Constituent Assembly for drafting a constitution for India was first provided by Bal Gangadhar Tilak in 1895. In 1934, the demand for a constituent assembly was raised for the first time, which later became an Official Demand in 1935. This demand was accepted in August 1940 offer by the British.
The constituent assembly was formed on the recommendation of the Cabinet Mission which visited India in 1946
The first meeting of Constituent Assembly was held on December 9, 1946— its temporary president was Dr Sacchidanand Sinha
The second meeting was held on December 11, 1946. Its president was Dr Rajendra Prasad.
The Objectives Resolution was passed under the chairmanship of J.L. Nehru.on 13 December 1946.
The Draft of Indian Constitution was presented in October 1947. President of the Drafting Committee was Bhim Rao Ambedkar
The total time consumed to prepare the draft was 2 years, 11 months, 18 days.
The Constituent Assembly was the First Parliament of Independent India.
The Indian Constitution was enacted on November 26, 1949, and put into force on January 26, 1950.
On that day, the Constituent Assembly ceased to exist, transforming itself into the Provisional Parliament of India until a new Parliament was constituted in 1952
Functions performed by Constituent Assembly
Enacting of ordinary laws
Adopted national flag- 22-07-1947
Adopted national anthem- 24-01-1950
Adopted national song- 24-01-1950
Elected Dr Rajendra Prasad first President of India: 26-01-1950
Facts about the constituent assembly
Had 11 sessions over 2 years, 11 months and 18 days
Constitution makers visited 60 countries.
Total expenditure - Rs 64 lakh
Major Committees
Union Powers Committee - Jawaharlal Nehru
Union Constitution Committee - Jawaharlal Nehru
Provincial Constitution Committee - Sardar Patel
Drafting Committee - Dr. B.R. Ambedkar
Advisory Committee on Fundamental Rights and Minorities - Sardar Patel
This committee had Two sub-committees:
(a) Fundamental Rights Sub-Committee - J.B. Kripalani
(b) Minorities Sub-Committee - H.C. Mukherjee
Rules of Procedure Committee - Dr. Rajendra Prasad
States Committee (Committee for Negotiating with States) - Jawaharlal Nehru
Steering Committee - Dr. Rajendra Prasad
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