Current Affair 1:

Global Biodiversity Framework (GBF) Fund

News:

The first council meeting of the Global Biodiversity Framework Fund (GBFF) took place recently.

About:

The Global Biodiversity Framework (GBF) Fund was launched at the Seventh Assembly of the Global Environment Facility (GEF) on 24 August, 2023.

The Fund was ratified by 186 countries and launched at the Seventh GEF Assembly in Vancouver, Canada in August 2023.

The GBF Fund is uniquely dedicated to support the implementation of the Kunming-Montreal Global Biodiversity Framework, its goals and its targets.

The Fund also provides the opportunity for a greatly enhanced involvement of Multilateral Development Banks and Development Finance Institutes, which will facilitate the mainstreaming of biodiversity necessary to implement the Framework.

About Kunming-Montreal Global Biodiversity Framework:

The Kunming-Montreal Global Biodiversity Framework (GBF), with four goals and 23 action-oriented targets, was adopted on December 19 at the Fifteenth meeting of the Conference of Parties on the Convention of Biological Diversity (CBD) or COP15.

The Kunming-Montreal Global Biodiversity Framework has four long-term goals for 2050 related to the 2050 Vision for biodiversity.

Current Affair 2:

Importance for Voluntary Carbon Market in Agriculture Sector

First we will read about Voluntary Carbon Market (VCM) and hen VCM in agriculture sector.

Now read about VCM in agriculture sector:

Current Affair 3:

Struck down of the Scheme of Electoral Bonds (EBs)

The Supreme Court (SC) of India in its landmark judgment on 15 February 2024 struck down the Scheme of Electoral Bonds (EBs) finding it ‘Unconstitutional.’

In order to allow and give effect to the same scheme, the Parliament in 2017 made amendments to the three principal legislations that regulate the electoral process and finance in India;

1. Sections 29 (C) of the Representation of People’s Act (RPA),
2. 13 (A) of Companies Act (CA) and
3. 182 (1) & (3) of Income Tax Act (ITA) were amended through the Finance Bill, 2017.

The SC while holding the Scheme of EBs as unconstitutional has also declared the amendments made to these legislations as unconstitutional.

Current Affair 4:

Financial Intelligence Unit – India (FIU-IND)

News:

Financial Intelligence Unit – India (FIU-IND) was set by the Government of India vide O.M. dated 18th November 2004 as the central national agency responsible for receiving, processing, analyzing and disseminating information relating to suspect financial transactions.

FIU-IND is an independent body reporting directly to the Economic Intelligence Council (EIC) headed by the finance minister.

 

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