Goaltide Daily Current Affairs 2022

Jul 29, 2022

Current Affair 1:
India International Bullion Exchange (IIBX)

First of all, what is Bullion?

Bullion refers to physical gold and silver of high purity that is often kept in the form of bars, ingots, or coins. Bullion can sometimes be considered legal tender and is often held as reserves by central banks or held by institutional investors.


The country imports gold in the form of gold bars, which is governed by the RBI. According to the RBI circular, only the entities notified by the Directorate General of Foreign Trade (DGFT) are permitted to import gold to India after the issue of license by DGFT.

India's bullion market is one of the largest in the world, the second largest in terms of consumption and holds an important position globally, but it lacks organization and structure. A bullion spot exchange is expected to address these challenges and eliminate market inefficiencies.

Honorable Finance Minister Ms. Nirmala Sitharaman in the 2020 Union Budget gave a major boost to this aspiration by announcing the setting up of India International Bullion Exchange (IIBX) at International Financial Services Center (IFSC) at GIFT City in Gandhinagar, Gujarat, thus paving the way for India’s larger role as a global price-setter for bullion.

The launch of the India International Bullion Exchange (IIBX) in GIFT City will bring in the following changes:

  1. IIBX with its technology-driven solutions, will facilitate transition of Indian bullion market towards a more organised structure by granting qualified jewellers and bullion dealers a direct access to import gold directly through the exchange mechanism.
  2. Standardization of Gold pricing in India
  3. It will make India a global price-setter for bullion
  4. IIBX is India’s first International Bullion Exchange set up at International Financial Services Center (IFSC) at GIFT City

Current Affair 2:
Legal Contours of Artistic Nudity

The article is based on the FIR lodged against the famous actor Ranveer Singh for posing and publishing his nude photo shoot pictures on various social media portals.

The FIR has been lodged under Sections 292, 293 and 509 of the Indian Penal Code, 1860 (hereinafter referred to as "IPC") and Section 67A of the Information Technology Act, 2000.

This incident thus brings to the fore the much-debated question of artistic freedom vis-a-vis the fundamental right of freedom of speech and expression. Furthermore, it also makes the artists wonder when their artistic expressions might become an invitation for penal liabilities.

Learn about few legal contours regarding this news:

Article 19 of the Constitution ensures to all citizens the freedom of speech and expression subject to reasonable restrictions of sovereignty and integrity of India, security of the State, friendly relations with foreign states, public order, decency or morality or in relation to contempt of court, defamation or incitement to an offence.

A manifestation of these reasonable restrictions of 'decency and morality' can be found in the Sections 292 and 293 of the IPC and Section 67A of the IT Act.

See sections, just have a look:

In the light of these provisions, two questions that one is compelled to address in the case under study are:

1)Whether the representation can be considered as obscene i.e. a violation of the constitutional parameters of decency and morality?

2)Whether the representation can be considered in isolation from its circumstances and context?

Addressing the first issue, the IPC does not provide any definition for obscenity. In such a scenario, the courts have over time evolved certain tests to evaluate obscenity in such representations.

Coming to the second issue, a publication had to be judged for obscenity based on the isolated passages of work considered out of context. However, a more progressive approach was adopted while including the provision in the IPC. As per Section 292 of the Code, the representation is required to be seen 'as a whole.'

Something more:

The concept of obscenity under the IPC has its roots in the Obscene Publications Act, 1925. Section 292 IPC was introduced to give effect to Article 1 of the International Convention for Suppression of or Traffic in Obscene Publications signed by India in 1923 at Geneva. Time and again artists have been brought under the scanner of this Section, costing them both time and mental peace.


Current Affair 3:
Jute Production in India is low than Bangladesh

All information below is taken from National Jute board.

News is: India’s jute economy is faltering while Bangladesh’s is flourishing.

Some basic information about jute:

In which part of India Jute is Cultivated? 

The cultivation of jute in India is mainly confined to the eastern region of the country . The jute crop is grown in  nearly  83  districts  of seven states -  West Bengal ,  Assam ,  Orissa , Bihar , Uttar Pradesh , Tripura and Meghalaya . West Bengal alone accounts for over 50 percent raw jute production.

What type of Climate and Soil are required to grow Jute?   

Jute crop requires humid  climate  with  temperature  fluctuating between 24 degrees Celsius and 38 degree Celsius. Minimum  rainfall  required  for  jute  cultivation is  1000  mm . New  grey  alluvial  soil of  good  depth receiving  silt  from  annual  floods is most suitable  for  jute  growth. However, jute  is grown widely in sandy looms and clay loams.

How Jute is Cultivated? 

  1. Jute  is  generally  sown  during March  to May depending  on  the nature of  land  and atmospheric condition.
  2. About 90 to 100 days after sowing and jute  plants attain desired length from 8 to 12 feet high , are cut with stickles close to the ground .
  3. The stems are then made into bundles  and left on field for 3 to 4 days .
  4. These bundles are then steeped in water for retting for, about 3 weeks.
  5. During this period, fibers get loose from the stem of the plant and are separated manually.
  6. These fibers are washed thoroughly in clean water, dried under the sun, and made into bundles.

When the first Jute Mill was established in India?   

The first jute mill was established at Rishra (Bengal - now in West Bengal), on the river Hooghly near Calcutta in the year 1855, by Mr. George Aclend. Mr. George Ackland brought jute spinning machinery from Dundee (U.K). In 1959, the first power driven weaving factory was set up.

What are the advantages of using Jute fabrics over Polypropylene / Polyethylene?

  1. Jute is environment friendly and completely biodegradable, while synthetics possess a number of hazards. The toxic effects of synthetics are so serious - both the production and disposal aspects of it - that many western countries have banned it for use in packing of food products.
  2. Jute bags are indigenously processed products while synthetic bags are manufactured from polyester granules whose manufacture poses a number of hazards. The obnoxious gases, particles, and volatile organic compounds emitted create pollution and slow poisons the earth during its disposal.
  3. Jute bags have porosity, easily withstand high temperatures, and are much stronger than poly sacks.
  4. Jute bags can be recycled and reused and can be easily repaired.


Current Affair 4:
Adaptation fund under united nations framework convention on climate change (UNFCCC)

The Adaptation Fund (AF) was set up under the Kyoto Protocol of the United Nations Framework Convention on Climate Change (UNFCCC). It was established in 2001 and officially launched in 2007 at CoP 7 in Marrakech, Morocco.

  1. It aims to finance concrete projects and programmes that help vulnerable communities in developing countries that are Parties to the Kyoto Protocol to adapt to climate change.
  2. The Fund is financed in part by government and private donors, and also from a two percent share of proceeds of Certified Emission Reductions (CERs) issued under the Protocol’s Clean Development Mechanism (CDM) projects.
  3. The Adaptation Fund headquartered in Washington, USA is supervised and managed by the Adaptation Fund Board (AFB).
  4. The AFB is composed of 16 members and 16 alternates and holds periodic meetings throughout the year. The World Bank serves as trustee of the Adaptation Fund on an interim basis.
  5. Ministry of Environment, Forest & Climate Change, Govt. of India is the National Designated Authority (NDA) for Adaptation Fund and proposals are submitted with endorsement of NDA.
  6. NABARD has been accredited as National Implementing Entity (NIE) for Adaptation Fund in July 2012 and is the only NIE for India.

The NIEs are those national legal entities nominated by Parties (to the Kyoto Protocol) that are recognized by the Board as meeting the fiduciary standards established by the Board. The NIEs bear full responsibility for the overall management of the projects and programmes financed by the Adaptation Fund and have all financial, monitoring, and reporting responsibilities.

Current Affair 5:
UN declares healthy environment a human right

The United Nations General Assembly declared today that everyone on the planet has a right to a healthy environment, a move backers say is an important step in countering the alarming decline of the natural world.

In a resolution passed, the General Assembly said climate change and environmental degradation were some of the most pressing threats to humanity's future. It called on states to step up efforts to ensure their people have access to a "clean, healthy and sustainable environment."

The resolution is not legally binding on the 193 UN Member States. But advocates are hopeful it will have a trickle-down effect, prompting countries to enshrine the right to a healthy environment in national constitutions and regional treaties, and encouraging states to implement those laws.

Landmark resolution after 50 years

Some 50 years ago, the United Nations Conference on the Environment in Stockholm concluded with a resolution placing environmental issues at the global forefront.

Today, over 176 countries have adopted environmental framework laws on the basis of it. “From a foothold in the 1972 Stockholm Declaration, these rights have been integrated into constitutions, national laws and regional agreements. In October 2021, it was recognised by the UN Human Rights Council. Today’s decision elevates the right to where it belongs: Universal recognition

What was India’s stand?

India voted for the resolution and pointed out that the General Assembly resolutions do not create binding obligations. Only through conventions and treaties do state parties undertake obligations for such rights.  

The words’ ‘clean’, ‘healthy’ and ‘sustainable’ lack an internationally agreed definition. The text fails to refer to the foundational principle of equity in international environmental law, added the country’s representative.


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