Goaltide Daily Current Affairs 2021
Current Affair 1:
What is the First Movers Coalition?
Half the low-carbon technologies the world needs to reach net zero by 2050 are still in development.
To accelerate their path to market, the World Economic Forum and US have launched the First Movers Coalition, with more than 30 members making purchasing commitments to drive demand.
It will operate across eight sectors, seven of which are responsible for more than a third of global carbon emissions.
Current Affair 2:
Environment Pollution Control Authority
The EPCA was constituted with the objective of protecting and improving the quality of the environment and preventing and controlling the environmental pollution in the National Capital Region, under the provisions of the Environment (Protection) Act, 1986. It was first constituted in 1988.
So, it is a permanent body?
NO. Though it has existed for 20 years, its term is extended by specific notifications issued by the Government of India. The latest notification is dated October 3, 2018, when it was reconstituted by including new members.
EPCA was reconstituted with 20 members after the expiry of its last tenure in 2018.
- The EPCA is also mandated to enforce Graded Response Action Plan (GRAP) in the city as per the pollution levels.
- The reason why EPCA is an authority, and not just an advisory committee, is because it has powers similar to those enjoyed by the Centre. Specifically, it can issue directions in writing to any person, officer or authority:
- If its directions are not followed, it has powers to file criminal complaints (under section 19 of the Act) before courts.
- The EPCA has been empowered to take Suo motu action as well as on the basis of complaints made by any individual, representative body or organisation functioning in the environmental issues sector.
- One of the EPCA’s important powers is the redressal of grievances through complaints.
Other powers of EPCA:
Others:
We have covered everything required for EPCA. Learn and enjoy.
Current Affair 3:
G-secs to ‘soon’ join global bond indices
The above is news from Indian Express. The following are some relevant points.
You can invest either in the bonds of a single institution (company or govt.) OR you can invest in a "Bond Index" where your money will be put in bonds of various institutions/Govts proportionately as per the weights of the different bonds in the "Bond Index". So, "bond index" basically includes several bonds.
There are several Global Bond Index and various Governments and Companies bonds are listed their and it helps in accessing cheaper funds from the huge number of investors abroad. But in India there are restrictions on "Capital Account Convertibility" (only partial capital account convertibility is allowed.) And hence there are restrictions on Foreign Portfolio Investors (FPIs) that how much Govt. securities they can purchase in a year. But the restrictions/Cap on purchase of Govt. securities by Non-Resident Indians (NRIs) [FPIs are institutions and NRIs are individuals] have recently been removed by RBI (under Fully Accessible Route) to allow such kind of securities to be included in the various global bond indices.
Now when an Investor (foreign entities or NRIs) wants to invest in Govt. of India bonds through the Global Bond Index (Govt. of India bonds will be included in this index) then the foreign investors will not require registration as FPIs (i.e., SEBI approval not required). Right now, when foreign entities or NRIs wants to purchase corporate bonds or Govt. bonds then they register as FPIs with SEBI and there is annual cap as how much they can invest in bonds. (Cap on NRIs purchasing govt. bonds removed under fully accessible route)
When foreign investors will purchase Govt. of India bonds from the Global bond index then Govt. of India will get funds in dollars and then it will convert in Rupee (for its spending in India) and after maturity of the bonds, Govt. of India will have to first convert rupee (which it will get through tax and other receipts) into dollars/foreign currency to repay to the investors. That is why there is a focus on our Forex Reserves that in case of volatility we will be able to withstand the pressure of repayment in dollars with $640 billion reserves. This investment by foreigners will be treated as Govt. of India external Debt.
Current Affair 4:
Departmentally Related Standing Committee
If you learn about basic about anybody, you will never forget. Read now.
These DRSCs replaced the earlier three Subject Committees constituted in August 1989. The 17 Departmentally Related Standing Committees were formally constituted with effect from April 1993. After experiencing the working of the DRSC system for over a decade, the system was re-structured in July 2004 wherein the number of DRSCs was increased from 17 to 24.
Ok, one thing you remember here, that DRSC, are mentioned in the Rules of House of both Lok Sabha (331C) and Rajya Sabha (268).
Composition:
Till 13th Lok Sabha, each of these Standing Committees used to consist of 45 members—30 nominated by the Speaker from amongst the members of Lok Sabha and 15 members nominated by the Chairman, Rajya Sabha from amongst the members of Rajya Sabha. However, with re-structuring of DRSCs in July 2004 each DRSC consists of 31 members—21 from Lok Sabha and 10 from Rajya Sabha.
Minister not to be a Member of the Committee:
A Minister is not eligible to be nominated as a member of any of the Standing Committees and if a member, after her/his nomination to any of the Standing Committees, is appointed a Minister, she/he ceases to be a member of the Committee from the date of such appointment.
Term of Office:
The term of office of the “members” of the committees shall not exceed one year. Thus, it is the term of office of the members and not that of the committees per se that is one year. Remember this small thing
The Committees do not consider the matters of day-to-day administration of the concerned Ministries/ Departments. The Committees also do not generally consider the matters which are under consideration by other Parliamentary Committees.
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