Prelims 2020

7th August 2020 Daily Current Flash Cards

Kumaun Himalaya; Insolvency and Bankruptcy Board of India (IBBI); What Is Insolvency?; What Is Bankruptcy?; Difference between Insolvency & Bankruptcy; Indian Technical and Economic Cooperation (ITEC); National Board for Wildlife; Milne Ice Shelf; Ellesmere Island.
By IASToppers
August 07, 2020

 

 

 

Recently, Ellesmere Island was seen news. It is located in which of the Ocean? a) Artic Ocean OR b) Atlantic Ocean

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Answer: Artic Ocean

Enrich Your Learning:

Milne Ice Shelf

Why in news?

  • Recently, the last fully intact Milne Ice Shelf in the Canadian Arctic has collapsed.

About Milne Ice Shelf:

  • The Milne Ice Shelf is a fragment of the former Ellesmere Ice Shelf.
  • It is located in the Nunavut,
  • It is the second largest ice shelf in the Arctic Ocean.
  • It is situated on the north-west coast of Ellesmere Island.

Location of Ellesmere Island:

  • Ellesmere Island is located in the Canadian territory of Nunavut.
  • It is considered part of the Queen Elizabeth Islands, with Cape Columbia being the most northerly point of land in Canada.
  • It is the world’s tenth largest island and Canada’s third largest island.
  • The Arctic Cordillera mountain system covers much of Ellesmere Island, making it the most mountainous in the Arctic Archipelago.
  • The Arctic willow is the only woody species to grow on Ellesmere Island.

 

 

 

Which river separates India from Nepal and is the major river in Kumaun Himalaya?

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Answer: The Kali River

Enrich Your Learning:

Kumaun Himalaya:

Why in news?

  • A recent Study said that the localized strain and partial melts in shear zones may control seismicity in Kumaun Himalaya.

Highlights of the Study:

  • A study by the Scientists from Wadia Institute of Himalayan Geology suggests, in Kumaun Himalaya, partial melting of the crust is caused by activation of a tabular to sheet like, planar or curvi-planar zone composed of rocks that are more strainedthan rocks adjacent to the zone (major shear zones), instead of continuous zone of mid-crustal partial melts.
  • Study also suggests that brittle deformation of these shear zones/ thrust planes may still control exhumation and seismicity in this region of the Himalaya.
  • Study agreed with the fact that one uniform mechanism cannot explain the evolution of the Himalayan metamorphic core.

About Kumaun Himalaya:

  • Kumaun Himalayas is a west-central section of the Himalayas in northern India, from the Sutlej River east to the Kali River.
  • It is bounded on the north by Tibet, on the east by Nepal, on the south by the Uttar Pradesh, and on the west by the Garhwal region.
  • It lies largely within the state of Uttarakhand, northwest of Nepal.
  • Nanda Devi is the highest peak of Kumaun Himalayas.
  • Glaciers and snowmelt of Kumaun, feed the headstreams of the Ganges River in torrents that rush through gorges and steep-sided ravines.
  • It is home to a famous Indian Army regiment, the Kumaon Regiment.
  • Important Towns of Kumaon are Nainital, Almora, Pithoragarh, Champawat, Bageshwar, Mukteshwar and Ranikhet.
  • The Kumaon region consists of a large Himalayan tract, together with two submontane strips called the Terai and the Bhabar.
  • The chief trees are the Chir Pine, Himalayan Cypress, Pindrow Fir, Alder, Sal and Saindan.
  • Limestone, sandstone, slate, gneiss and granite constitute the principal geological formations.

Key facts:

  • Wadia Institute of Himalayan Geology, Dehradun is an autonomous institute under the Department of Science and Technology (DST), Govt. of India.
  • The Kali River Valley of Kumaun marks the international border between India and Nepal, which experiences intense seismic and landslide events.

 

 

 

National Board for Wildlife is a statutory board constituted by the Central Government under_______. a) Wildlife (Protection) Act, 1972 (WLPA) OR b) Prevention of Cruelty to Animals Act, 1960

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Answer: Wildlife (Protection) Act, 1972 (WLPA)

Enrich Your Learning:

National Board for Wildlife:

  • NBW is a statutory board constituted by the Central Government under the Wildlife (Protection) Act, 1972 (WLPA).
  • It is chaired by the Prime Ministerand has 47 members including the Prime Minister.
  • Its role is advisory in natureand advises the Central Government on framing policies and measures for conservation of wildlife in the country.

Functions and Power:

  • The primary function of the Board is to promote the conservation and development of wildlife and forests.
  • It has power to review all wildlife-related mattersand approve projects in and around National Parks and Sanctuaries.
  • No alternation of boundaries in National Parks and Wildlife Sanctuariescan be done without approval of the NBWL.
  • It adjudicates on industrial projects, road diversionsor the like that could encroach into Protected Areas or eco-sensitive zones of forests.

Key facts:

  • The standing committee of NBW is chaired by the Minister of Environment Forest and Climate Change.
  • The standing committee approves all the projects falling within protected wildlife areas or within 10 km of them.

 

 

 

Indian Technical and Economic Cooperation (ITEC) programme is fully funded by the Government of India. True OR False.

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Answer: True.

Enrich Your Learning:

Indian Technical and Economic Cooperation (ITEC):

  • ITEC is a bilateral assistance programme launched by the Government of India in1964.
  • ITEC is administered by the Ministry of External Affairs.
  • ITEC programme is essentially bilateral in nature.
  • ITEC is fully funded by the Government of India.
  • Under ITEC and its sister programme SCAAP (Special Commonwealth African Assistance Programme): 161 countries in Asia, Africa, East Europe, Latin America, the Caribbean as well as Pacific and Small Island countries are invited to share in the Indian developmental experience.

ITEC/SCAAP has following components:

  • Training (civilian and defence) in India of nominees from ITEC partner countries;
  • Projects and project related activities such as feasibility studies and consultancy services;
  • Deputation of Indian experts abroad;
  • Study Tours;
  • Gifts/Donations of equipment at the request of ITEC partner countries; and
  • Aid for Disaster Relief.

Salient Features:

  • It is a demand-driven, response-oriented programme that focuses on addressing the needs of developing countriesthrough innovative technological cooperation between India and the partnering nation.
  • ITEC resources have also been used for cooperation programmes conceived in regional and inter-regional context.
  • Assistance under ITEC covers thesix areas of training for civil and defence personnel, projects and project related activities such as consultancy services, study tours, donation of equipment, deputation of Indian experts in the partner nation and aid for disaster relief.
  • Personnel training under ITECcovers a wide and varied range of sectors such as banking, IT and computers, personnel management and administrative and scientific areas.

 

 

Mention any two functions of the Insolvency and Bankruptcy Board of India (IBBI).

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Answer:

  • IBBI provides a market-determined and time bound mechanism for orderly resolution of insolvencyand orderly exit, wherever required.
  • It writes and enforces rules for transactions, namely, corporate insolvency resolution, corporate liquidation, individual insolvency resolution and individual bankruptcy under the Code.

Enrich Your Learning:

Insolvency and Bankruptcy Board of India (IBBI):

  • IBBI was established in 2016in accordance with the provisions of the Insolvency and Bankruptcy Code, 2016.
  • It has been set up by the code to regulate professionals, information utilities (IUs) and agencies engaged in the resolution of insolvencies of companies.
  • It is a unique regulator as it regulates a profession as well as transactions.
  • It functions under Ministry of Commerce.

Members:

  • It has a chairman and 10 members.
  • 3 members from Central Govt. officers not below the rank of Joint Secretary or equivalent.
  • One nominated member from the 
  • 5 members nominated by the Central Government; of these, 3 shall be whole-time members.
  • More than half of the directors of its board shall be independent directors.

Functions:

  • It seeks to consolidate and amend laws relating to reorganisationas well as insolvency resolution of corporate persons, partnership firms and individuals in a time-bound manner.
  • IBBI act as a regulator for overseeing insolvency proceedingsand entities such as Insolvency Professionals (IP), Insolvency Professional Agencies (IPA) and Information Utilities (IU) in India.
  • IBC covers Individuals, Companies, Partnership firms and Limited Liability Partnerships and handles cases under it using tribunals’ namely National company law tribunal (NCLT) and Debt recovery tribunal (DRT).

What Is Insolvency?

  • Insolvency is a state of financial distress in which a person or business is unable to pay their debts.

What Is Bankruptcy?

  • Bankruptcy is a legal proceeding carried out to allow individuals or businesses freedom from their debts, while simultaneously providing creditors an opportunity for repayment.

Difference between Insolvency & Bankruptcy:

  • Insolvency is a state of economic distress, whereas bankruptcy is a court order that decides how an insolvent debtor will deal with unpaid obligations (that usually involves selling assets to pay the creditors).
  • Thus, an individual/entity can be insolvent without being bankrupt and insolvency can lead to bankruptcy if the insolvent individual/entity is unable to overcome the financial catastrophe.
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Daily Current Flash Cards 2020 Prelims 2020
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