The Cabinet has approved Judicial Standards and Accountability Bill. The bill will provide a mechanism for inquiry into the complaints against the Judges of the Supreme Court and the High Courts.Briefing media after the Cabinet meeting, Information & Broadcasting Minister Ambika Soni said that the proposed Judicial Standards and Accountability Bill has been given a go ahead with some amendments.The Bill lays down judicial standards and requires the judges of the Supreme and the High Courts to declare their assets and liabilities. The Bill seeks to replace the Judges Inquiry Act, 1968 while retaining its basic features. She also said that a five-member National Judicial Oversight Committee will be set up.The committee will be headed by a retired Chief Justice of India, appointed by the President and have a serving judge of the Supreme Court and a serving High Court judge both nominated by the Chief Justice of India, the Attorney General and an eminent person nominated by the President.This marks a change from the earlier proposal in which the committee was to be headed by the Vice President and do have the Chief Justice of India, a High Court judge and two distinguished jurists not involved in regular practice of law.The Bill provides for complaints to be made to the Oversight Committee which will then be sent to a three-member scrutiny panel for investigations. The investigations will have to be completed in three months time and the report submitted to the Apex Oversight Committee.In another decision, the Cabinet approved payment of 77 days of bonus for Railway employees. This will cost exchequer over 1065 crore rupees. Nearly 13 lakh Non-Gazetted Railway employees will benefit.The cabinet has also approved an expenditure of upto 3,000 crore rupees during the 11th plan for the setting up of 13 new Central Universities and conversion of three state universities into central universities.