Current Affair 1:

What’s 5 Eyes, intel alliance?

 

The Five Eyes Alliance is characterised by a unique multilateral arrangement where partner countries share a wide range of intelligence, united by common principles of rule of law, robust human rights, and a shared language.

This alliance plays a crucial role in safeguarding their shared national interests by facilitating information exchange.

The Five Eyes, often referred to as FVEY, constitutes a coalition consisting of five intelligence agencies:

1. United States
2. United Kingdom
3. Australia
4. New Zealand
5. Canada

Historical roots and evolution

The origins of the alliance trace back to World War II when the UK and the US decided to share intelligence after successfully breaking German and Japanese codes.

The UKUSA agreement, which Canada joined in 1949, and later New Zealand and Australia in 1956, solidified the alliance.

Functioning of the Five Eyes Alliance:

The Five Eyes countries engage in intelligence gathering and security cooperation, aligning closely in recent years due to shared interests, such as addressing the rise of China.

They maintain this closeness through the Five Eyes Intelligence Oversight and Review Council, an entity that facilitates the exchange of views, best practices, and annual in-person meetings among non-political intelligence oversight and review agencies of the member countries.

Current Affair 2:

India, US, UAE & Israel announce joint space venture

 

News:

A new joint space venture was launched by the I2U2 group — a forum of the US, Israel, the United Arab Emirates (UAE) and India, on the sidelines of the ongoing 78th United Nations General Assembly session in New York.

The project, which will use space-based observation data and capabilities of the four I2U2 partner countries, aims to create a unique space-based tool for policymakers, institutions, and entrepreneurs, enabling their work on environmental and climate change challenges and furthering their cooperation in the applications of space data for the greater good of humanity.

I2U2 aims to strengthen technological and private sector cooperation in six key areas:

The US, Israel, the UAE and India are all also part of the Artemis Accords, according to the group’s joint statement. India signed these Accords in June, during Prime Minister Narendra Modi’s official state visit to the US.

 

Current Affair 3:

RBI has published draft guidelines for classification of Wilful Defaulters

 

News:

Earlier RBI did not have a specific timeline within which a borrower should be declared a wilful default once a loan has turned NPA (i.e. a default has happened)

1. Wilful defaulters are those (Individuals & Companies) who have the ability to pay a bank’s (or NBFCs) dues but do not or divert bank funds. A wilful defaulter means a borrower or a guarantor who has committed wilful default and the outstanding amount is Rs 25 lakh and above.
2. The lender shall examine the ‘wilful default’ aspect in all accounts with outstanding amount of Rs 25 lakh and above or as may be notified by the RBI from time to time, and complete the process of classification/ declaring the borrower as a wilful defaulter within six (6) months of the account being classified as NPA. Evidence of wilful default needs to be examined by an Identification Committee, to be set up by lenders.
3. Wilful defaulter are Individuals and in case of company, its Promoters and Directors at the time of default and in case of any entity (other than company), persons who are managing the company.
4. No additional credit facility be granted by any lender to a wilful defaulter or any entity with which a wilful defaulter is associated.
5. Wilful defaulters will not be eligible for restructuring of credit facility.
6. In case the said guarantor refuses to comply with the demand made by the lender, such guarantor shall also be considered for classification as a wilful defaulter
7. Any (borrower) account included in List of Wilful Default (LWD), where the lender has entered into a compromise settlement with the borrower, will be removed from the list of LWD only when the borrower has fully paid the compromise amount.
8. Wilful default norms have been revised after a review of the instructions and consideration of various judgments and orders from the Supreme Court and High Courts, as well as representations and suggestions received from banks and other stakeholders.

Current Affair 4:

How Namakkal and its precious soil helped put Chandrayaan-3 on moon?

 

The mud in Tamil Nadu’s Sithampoondi is expensive, rare and has played a key role in the success of ISRO’s mission to the moon.

The earth caves make a valley-like structure at the cross-junction of three villages –Sithampoondi, Kunnamalai, and Dhasampalayam – in the state’s Namakkal district. About two decades ago, the land here was mostly flat, and the gorge was filled with soil. Now, half of its soil, almost 50 tonnes, is in Bengaluru and utilised by ISRO.

Its similarity to lunar soil made it the perfect testing ground for Chandrayaan-III, Pragyan Rover, Vikram Lander, and other past missions.

Until then, ISRO purchased a few kilograms of such soil from NASA. But each kilo cost $150, and that was back in 2008-09. Importing large quantities of soil would have increased project costs by another Rs 40-50 crore.

 

 

<< Previous Next >>