India paid tribute to Bhagat singh on his birth anniversary.
India
paid homage to the revolutionary freedom fighter Bhagat Singh on his 113th
birth anniversary .
It
was on this day in 1907, Bhagat Singh was born in Banga village of Lyallpur
district of undivided Punjab province.He fought against British rule for the
country's independence and was hanged in Lahore jail at the age of 23, along
with Rajguru and Sukhdev.
PM
of India Modi paid tribute to Bhagat Singh and highlighted his contributions to
India's freedom Modi described him the great freedom fighter as symbol of
bravery and courage.
Modi
said another beautiful aspect of Shaheed Bhagat Singh's life was that he very
well understood the importance of teamwork, be it dedication towards Lala
Lajpat Rai, or his attachment with Chandrashekhar Azad, Sukhdev and Rajguru and
other freedom fighters.
Modi
paid tributes to Bhagat Singh on his birth anniversary. In a tweet,he said, his
saga of valor will continue to inspire the countrymen for ages.
Around
20000 manual scavengers missing government aid.
In
India Out of 63,246 persons identified as manual scavengers between 2013 to
March 31 this year, one time cash payment of Rs 40,000, as a rehabilitation
measure stipulated under law, could be paid to only 43,407 as in case of the
rest details like bank accounts and addresses provided by the states have been
found to be incomplete.
▶These facts find space in the response of the Union
ministry of social justice and empowerment (MSJE) in the report of the
parliamentary standing committee which was tabled in Parliament in the recently
concluded monsoon session.
▶Based on the information shared on other
rehabilitation measures the committee also notes that a “small fraction” of
just 9,563 manual scavengers or their dependents have so far opted for skill
development training. The MSJE has said it plans to provide training to 15,000
beneficiaries during 2020-21.
Association
of World Election Bodies:
ECI
to host an international webinar on ‘Issues, Challenges and Protocols for
Conducting Elections during COVID-19: Sharing Country Experiences’.
▶The webinar is on the occasion of the Election
Commission completing one year of chairmanship of the Association of World
Election Bodies (A-WEB).
▶Over 120 delegates from 45 countries across the
world will participate in the Webinar.
Association
of World Election Bodies (A-WEB):
▶It is the largest association of Election Management
Bodies (EMBs) Worldwide.
▶ ECI is closely associated with A-WEB. The name A-WEB
was suggested by the ECI of India.
▶The organisation provides training programmes to
election officials of member countries upon request and also offers support
during the election cycle to boost election management capacity.
▶ The India A-WEB Centre is located in New Delhi.
▶ A-WEB was established in South Korea in 2013.
▶ The current chairman of the organisation is India’s
Chief Election Commissioner Sunil Arora.
Dumping
of pharma materials from China.
Indian
Govt. has initiated a probe into alleged dumping of a pharma raw material,
Ceftriaxone Sodium Sterile, from China. Nectar Life Sciences and Sterile India
have filed an application before the Commerce Ministry's investigation arm
Directorate General of Trade Remedies (DGTR) .
The
domestic manufacturers sought a probe into matter. The applicants have
contended that material injury is being caused to the domestic industry due to
dumped imports from China. They requested imposition of anti-dumping duty on
the import.
AIR
correspondent reports, the directorate will determine the existence, degree and
effect of alleged dumping in respect of the product from China. If DGTR finds
that there is dumping of the product which is impacting domestic manufacturers,
it will recommend the amount of anti-dumping duty.
While
DGTR recommends the duty, the Finance Ministry imposes it. In international
trade parlance, dumping happens when a country or a firm exports an item at a
price lower than the price of that product in its domestic market.
Agreement to extend strategic cooperation.
Indian
PM Modi and his Japanese counterpart SUGA Yoshihide have expressed mutual
intention to further strengthen the Indo-Japan relationship based on principles
of trust and shared values.
▶Both the leaders agreed that the bilateral Special
Strategic and Global Partnership between the two countries have made great
advances over the last few years. Interacting over a phone call Modi
congratulated Mr.Yoshihide on his appointment as the Prime Minister of Japan
and wished him success in achieving his goals.
▶The two leaders concurred that the partnership
between the two countries is even more relevant in today’s times given the
global challenges, including that of the COVID-19 pandemic.
▶They emphasized that the economic architecture of a
free, open and inclusive Indo-Pacific region must be premised on resilient
supply chains, and in this context, welcomed cooperation between India, Japan
and other like-minded countries.
▶Appreciating the progress made in the economic
partnership between the two countries, the two leaders welcomed the
finalization of the text of the agreement pertaining to specialized skilled
workers.
Modi
extended an invitation to Prime Minister Suga to visit India for the Annual
Bilateral Summit, after improvement of the situation caused by the global
COVID-19 pandemic.
RBI decides to extend borrowing facility
to banks till March 2021.
Amid
the ongoing economic woes created by the COVID-19 pandemic, the Reserve Bank
has decided to extend by six months the enhanced borrowing facility provided to
banks to meet the shortage of liquidity till March 31, 2021.
▶As a temporary measure, the RBI had increased the
borrowing limit for scheduled banks under the marginal standing facility (MSF)
scheme from 2% to 3% of their net demand and time liabilities (NDTL) with
effect from March 27, 2020.
▶With a view to providing comfort to banks on their
liquidity requirements as also to enable to continue to meet LCR requirements,
RBI decided to continue with the MSF relaxation for a further period of six
months, i.e., up to March 31, 2021.
▶This dispensation, it added, provides increased
access to funds to the extent of ₹1.49 lakh crore, and also qualifies as
high-quality liquid assets (HQLA) for the liquidity coverage ratio (LCR).
▶Under the MSF, banks can borrow overnight at their discretion
by dipping into the statutory liquidity ratio (SLR).
Prescription
of time frame for liquidation of defaulter-members’ assets.
Markets
regulator SEBI directed the exchanges and clearing corporations to initiate
measures for liquidating assets of defaulter members within six months of
declaring the entities concerned as defaulters.
The
watchdog directed that required measures be taken before the appropriate court
of law to liquidate moveable and immoveable assets not in possession of stock exchanges
and clearing corporations.
The
recovery of assets would help in meeting the obligations of clients, stock
exchanges and clearing corporations, the Securities and Exchange Board of India
(SEBI) said in a circular.
A
recognised stock exchange acts as a first-level regulator in the securities
market, insofar as trading on its platform by its members is concerned.
World
Bank Loan to India.
The
World Bank has recently clarified that the USD 1 billion loan that it has
provided to India in May 2020 to deal with Covid-19 comes with a condition of
Universal Eligibility in Procurements.
▶ The Indian Government has also asked all its
production units and other major establishments to remove preferential
references in tenders and ensure that contractors explicitly agreed to comply
with the relevant provisions of the World Bank’s Guidelines.
▶This would mean that all Preferential Market access
policies shall not be applicable on purchases made while implementing the
national project.
▶The preferential market access policies include
Public Procurement (Preference to Make in India) Order, Micro Small &
Medium Enterprises (MSME) Policy, and certain benefits to start-ups. It will be
a setback to the Make in India and Atmanirbhar initiative.
The
Loan will be Funded and Operated in Two Phases:
▶The First Phase is an immediate allocation of USD
750 million for fiscal year 2020. It will be implemented countrywide through
the Pradhan Mantri Garib Kalyan Yojana (PMGKY)
to
benefit vulnerable groups, particularly migrants and informal workers.
▶The Second phase is a USD 250 million second tranche
that will be made available for fiscal year 2021. It would deepen the social
protection package, whereby additional cash and in-kind benefits based on local
needs will be extended through state governments and portable social protection
delivery systems.
About World Bank Group
▶There are 189 member countries; the World Bank Group
is a unique global partnership which consists of five development institutions.
▶They are International Bank for Reconstruction and Development (IBRD), International Development Association (IDA), The International Finance Corporation (IFC), The Multilateral Guarantee Agency (MIGA) and The International Centre for the Settlement of Investment Disputes (ICSID)
▶ India is not a member of ICSID.
Scientists
find evidence on virus feeding microorganisms.
Scientists
have found the first compelling evidence that two groups of ecologically
important marine microorganisms could be eating viruses -- catching their
"prey" and engulfing them, an advance that may lead to a better
understanding of the flow of organic matter in the oceans.
▶The scientists explained that the predominant model
of the role of viruses in the marine ecosystem is that of the "viral
shunt," where microbes infected with viruses lose a substantial fraction
of their chemicals back to the pool of dissolved organic matter.
▶However, the current study noted that the viral
shunt could be complemented by a link in the marine microbial food web which
may constitute a "sink of viral particles in the ocean."
▶The tiny single-celled organisms were first
discovered twenty years ago, and until now, their food sources were a puzzle,
as their feeding apparatus is too small for bacteria, but ample for viruses,
the researchers said.
▶In the current research, they found that every
single one of the choanozoan and picozoan genomes were associated with viral
sequences from bacteria-eating viruses called phages, but mostly without any
bacterial DNA.
▶"Future research might consider whether
protists that consume viruses accumulate DNA sequences from their viral prey
within their own genomes, or consider how they might protect themselves from
infection," Dr.Brown said.
Sports
Authority of India’s Mission Olympic Cell (MOC) on Monday sanctioned ₹40 lakh
for weightlifter MirabaiChanu’s two-month training in Kansas, USA.
▶The decision was taken during MOC’s virtual meeting,
held to discuss financial proposals of over ₹1.5 crore in six sports —
shooting, badminton, boxing, para sports, weightlifting and hockey which are
part of the Target Olympic Podium Scheme (TOPS).
▶The committee also approved the proposal of shooters
to procure ammunition so that they can train at their home ranges. Anjum
Moudgil and Mairaj Ahmad Khan’s proposals for equipment and training were also
cleared.
Focus on upsc mains:
Financial
Crimes Enforcement Network (FinCEN).
Over
2100 Suspicious Activity Reports (SARs) were recently filed by banks with the
United
States
Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN).
▶It identify at least USD 2 trillion in transactions
between 1999 and 2017 flagged as possible evidence of money laundering or other
criminal activity by compliance officers of banks and financial institutions.
About FinCEN:
▶It was set up in 1990.
▶ It serves as the leading global regulator in the
battle against money laundering.
▶ It collects and analyzes information about
financial transactions in order to combat domestic and international money
laundering, terrorist financing, and other Financial crimes.
About
Suspicious Activity Report (SAR):
▶It is a document filed by banks and financial
institutions to report suspicious activity to the USA FinCEN.
▶ These are meant to red flag, within 30 days of the
transaction’s occurrence: criminal funds or any form of dirty money; insider
trading; potential money laundering; terror financing; any transaction that
raises suspicion.
▶These are used to detect crime but cannot be used as
direct evidence to prove legal cases.
▶There are details of banking transactions that give
a clear indication of round-tripping, money laundering or dealings with
shell-like entities.
▶It shares SARs with law-enforcement authorities
including FBI, US Immigration and Customs.
Advantages:
▶ The FinCEN Files highlight the dangers
correspondent banking pose.
▶ The term correspondent bank refers to a financial
institution that provides services to another one—usually in another country.
▶It acts as an intermediary or agent, facilitating
wire transfers, conducting business transactions, accepting deposits, and
gathering documents on behalf of another bank.
▶ Individuals and companies being probed by Indian
agencies in different cases are part of the SAR flagged to FinCEN.
▶ Like, transactions of Indian entities named in
scams such as the 2G scam, the Agusta Westland scandal, and etc. cases have all
been listed with the FinCEN.
About
Indian Scenario:
▶ The Financial Intelligence Unit-India (FIU-IND)
performs the same functions as FinCEN in the USA.
▶ Under the Finance Ministry, this was set up in 2004
as the nodal agency for receiving,analyzing and disseminating information
relating to suspect financial transactions.
▶ The agency is authorized to obtain are Cash
transaction reports (CTRs), Suspicious transaction reports (STRs) and Cross
border wire transfer reports
▶ These reports are obtained from private and public
sector banks every month.
▶This happens under the Prevention of Money
Laundering Act, 2002 (PMLA).
▶ It is mandatory for banks in India to furnish a
monthly CTR to the FIU on:
▶ All transactions over Rs. 10 lakh or its equivalent
in foreign currency or a series of integrally connected transactions that add
up to more than Rs. 10 lakh or its equivalent in foreign currency.
▶The STRs and CTRs are analysed by FIU. Suspicious or
doubtful transactions are shared with agencies like the Enforcement
Directorate, the Central Bureau of Investigation and the Tax Authority for the
purpose of launching probes to check possible instances of money laundering,
tax evasion and terror financing.
▶FIU’s 2017-2018 annual report reveals that it had
received a record number of 14 lakh STRs following demonetization which was
three times the number of STRs filed in the Previous Year.
Way Ahead:
▶The clear Message for Agencies in India is that
their cases of financial fraud and corruption are being flagged by the FinCEN.
▶There is a need to have Regular Information exchange
between financial regulators to track and nullify the efforts for money
Laundering.
▶It has in many cases of Indian Entities and
Individuals Mentioned their Financial History of alleged Irregularities.
