Current Affair 1:

Unclaimed amount under Insurance Companies

 

Unclaimed amount refers to the amount of money that remains unpaid to the policyholders or beneficiaries in the form of survival claims, premium funds, maturity claims, death claims, etc.

Unclaimed amount for a period more than 10 years to be transferred to Senior Citizens Welfare Fund

 

The Insurance Regulatory and Development Authority of India (IRDAI) laid down the process to be followed by the insurers in case of unclaimed policy amount. 

As per the directions issued by IRDAI circular, all insurers with unclaimed amounts of policyholders for a period of more than 10 years as on 30 September, have to transfer such unclaimed amount to the Senior Citizens Welfare Fund (SCWF) on or before 01 March of the financial year.

 

 

The Government of India set up the Senior Citizens Welfare Fund (SCWF) through the provisions of the Finance Act, 2015, for promoting the welfare of Senior citizens.

More than 2.85 thousand crores of Unclaimed Insurance amount transferred to SCWF as of March 2023:

LIC accounts for 83 % of the total amount transferred to SCWF by Life Insurers

 

Out of the total unclaimed amount transferred to SCWF by Insurance companies, the highest proportion is by Life Insurers. Out of the total Rs. 2.85 thousand crores of unclaimed insurance amount transferred to SCWF; Life Insurers transferred Rs. 2.54 thousand crores i.e., 89% of the total. A major share of this is contributed by the largest life insurer i.e., the Life Insurance Corporation of India (LIC).

Current Affair 2:

One District, One Product’ (ODOP)

 

The ‘One District, One Product’ (ODOP) was launched by the Ministry of Food Processing Industries, to help districts reach their full potential, foster economic and socio-cultural growth, and create employment opportunities, especially, in rural areas.

It aims to do this by identifying, promoting, and branding a product from one district. The One District One Product scheme aims to turn every district in India, into an export hub through promotion of the product in which the district specializes.

The one district one product launch date is January 24, 2018, by the Uttar Pradesh Government, and due to its success, was later adopted by the Central Government.

This initiative is carried out with the ‘Districts as Exports Hub’ initiative by the Directorate General of Foreign Trade (DGFT), Department of Commerce.

Institutional mechanism in districts:

District Export Promotion Committees (DEPCs) to be constituted in each District. DEPCs may be headed by DM/Collector/DC/District Development Officer of the District.

The primary function of the DEPC is to prepare and act on District Specific Export Action Plans in collaboration with all the relevant stakeholders from the Center, State and the District.

Districts Export Action Plans include specific actions required to support local exporters / manufacturers in producing / manufacturing identified products in adequate quantity and with the requisite quality, for reaching potential buyers outside India, thereby creating economic value.

In the scheme, the ODOP product is identified by the state for a district. The criteria for ODOP identification are given below:

 

 

Ministry of Food Processing Industries has identified 135 unique products in 713 districts in 35 States/ UTs in One District One Product (ODOP) approach under Pradhan Mantri Formalisation of Micro Food Processing Enterprises (PMFME) scheme, which provides incentives to two lakh micro-enterprises with credit-linked subsidy over a five-year period from 2020-21 to 2024-25 with an outlay of Rs. 10,000 crores and helps create infrastructure and marketing of these One District One Focus Produce (ODOFP).

See one example:

Current Affair 3:

Pradhan Mantri Matsya Sampada Yojana (PMMSY)

 

News: 2nd Anniversary of Pradhan Mantri Matsya Sampada Yojana (PMMSY) celebrated

The Department of Fisheries, Ministry of Fisheries, Animal Husbandry and Dairying, Government of India is implementing Pradhan Mantri Matsya Sampada Yojana – A scheme to bring about Blue Revolution through sustainable and responsible development of fisheries sector in India at an estimated investment of Rs. 20050 crores for holistic development of fisheries sector including welfare of fishers. PMMSY is being implemented in all the States and Union Territories for a period of 5 years from FY 2020-21 to FY 2024-25.

 

 

The main motto of PMMSY is ‘Reform, Perform and Transform’ in the fisheries sector.

 

Current Affair 4:

High-level Political Forum on Sustainable Development (HLPF)

 

News:

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