CA-FC-Day-77.-2020-iastoppers
Flash Card

Day#77 Current Affairs Flash Cards [PRELIMS 2020]

Global Compact for Migration; Enforcement Directorate (ED); Treasury bills; National Legal Services Authority (NALSA); Petroleum and Natural Gas Regulatory Board (PNGRB);
By IASToppers
October 22, 2019

 

 

The Global Compact for Migration is framed in consistent with which goal target of 2030 Agenda for Sustainable Development?

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Answer:

  • The Global Compact for Migration is framed consistent with Target 10.7 of the 2030 Agenda for Sustainable Development in which member States committed to cooperate internationally to facilitate safe, orderly and regular migration and its scope is defined in Annex II of the New York Declaration.

Enrich Your Learning:

About Global Compact for Migration:

  • UN Global Compact on Migration will be the first inter-governmentally negotiated agreement under auspices of UN to cover all dimensions of international migration in holistic and comprehensive manner.
  • The purpose of Global compact of migration is to provide significant opportunity to improve governance on migration, address challenges associated with today’s migration, and strengthen contribution of migrants and migration to sustainable development.

Evolution of Global Compact for Migration:

Evolution of Global Compact for Migration

  • In adopting the New York Declaration for Refugees and Migrants, the 193 UN Member States recognized the need for a comprehensive approach to human mobility and enhanced cooperation at the global level.
  • Annex II of the New York Declaration set in motion a process of intergovernmental consultations and negotiations culminating in the planned adoption of the global compact for migration at an intergovernmental conference on international migration in 2018.
  • The process to develop this global compact for migration was started in April 2017. It was to reach international consensus at the UN in 2018.

 

 

One of the objectives of Petroleum and Natural Gas Regulatory Board (PNGRB) is to regulate the production of crude oil and natural gas. Right OR Wrong?

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Answer:

  • Wrong Statement.

Right Statement:

PNGRB has been mandated to regulate the refining, processing, storage, transportation, distribution, marketing and sale of petroleum, petroleum products and natural gas excluding production of crude oil and natural gas so as and to ensure uninterrupted and adequate supply of petroleum, petroleum products and natural gas in all parts of the country.

Enrich Your Learning:

PNGRB was constituted under The Petroleum and Natural Gas Regulatory Board Act, 2006.

Composition of PNGRB

  • The PNGRB consists of Chairperson, a Member (Legal) and three other members.
  • It also has power of civil court and bench comprising member (legal) and one or more members nominated by chairperson which decides on disputes arising among downstream companies or with outsiders.

Mandate:

Mandate

  • The Act provide for the establishment of PNGRB to protect the interests of consumers and entities engaged in specified activities relating to petroleum, petroleum products and natural gas and to promote competitive markets and for matters connected therewith or incidental thereto.

 

 

What is NALSA? and what are the functions of the National Legal Services Authority (NALSA)?

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Answer & Enrich Your Learning:

What is NALSA?

  • National Legal Services Authority (NALSA) provides for free legal aid to the poor and weaker sections of the society. It has been constituted under the Legal Services Authorities Act, 1987.
  • Its aim is to ensure that opportunities for securing justice are not denied to any citizen by reasons of economic or other disabilities.

Functions of NALSA:

  • NALSA identifies specific categories of marginalised and excluded groups and formulates various schemes for implementation of legal service programmes.
  • It provides services of free legal aid in civil and criminal matters for the poor and marginalised people who cannot afford the services of a lawyer in any court or tribunal.
  • It also organises Lok Adalats for amicable settlement of disputes.
  • It works in close coordination with various State Legal Services Authorities, District Legal Services Authorities and other agencies.

 

 

What are Treasury bills? and who can purchase them?

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Answer & Enrich Your Learning:

  • Treasury Bills are basically instruments for short term (maturities less than one year) borrowing by the Central Government. Treasury Bills were first issued in India in 1917.
  • At present, the active T-Bills are 91-days T-Bills, 182-day T-Bills and 364-days T-Bills.
  • The 91 day T-Bills are issued on weekly auction basis while 182 day T-Bill auction is held on Wednesday preceding Non-reporting Friday and 364 day T-Bill auction on Wednesday preceding the Reporting Friday.
  • In 1997, the Government had also introduced the 14-day intermediate treasury bills.
  • Auctions of T-Bills are conducted by RBI.
  • T-Bills are issued on discount to face value, while the holder gets the face value on maturity. The return on T-Bills is the difference between the issue price and face value. Thus, return on T-Bills depends upon auctions. When the liquidity position in the economy is tight, returns are higher and vice versa.

Who can purchase T-Bills?

  • Individuals, Firms, Trusts, Institutions and banks can purchase T-Bills.
  • The commercial and cooperative banks use T-Bills for fulfilling their SLR requirements.

 

 

Directorate of Enforcement is a specialized financial investigation agency. Its prime objective is to implement two key Acts. Which are these acts?

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Answer:

  • Foreign Exchange Management Act,1999 (FEMA): A Civil Law, with officers empowered to conduct investigations into suspected contraventions of the Foreign Exchange Laws and Regulations, adjudicate, contraventions, and impose penalties on those adjudged to have contravened the law.
  • Prevention of Money Laundering Act, 2002 (PMLA): A Criminal Law, with the officers empowered to conduct investigations to trace assets derived out of the proceeds of crime, to provisionally attach/ confiscate the same, and to arrest and prosecute the offenders found to be involved in Money Laundering.

Enrich Your Learning:

About ED:

  • Enforcement Directorate (ED) is a law enforcement agency and economic intelligence agency responsible for enforcing economic laws and fighting economic crime in India.
  • It is part of the Department of Revenue, Ministry of Finance.

Origin:

  • The origin of this Directorate goes back to 1 May 1956, when an ‘Enforcement Unit’ was formed, in Department of Economic Affairs, for handling Exchange Control Laws violations under Foreign Exchange Regulation Act, 1947.
  • In the year 1957, this Unit was renamed as ‘Enforcement Directorate’.

Composition:

  • It comprises officers of the Indian Revenue Service, Indian Police Service and the Indian Administrative Service.

Objectives:

  • The prime objective of the Enforcement Directorate is the enforcement of two key Acts- the Foreign Exchange Management Act 1999 (FEMA) and the Prevention of Money Laundering Act 2002 (PMLA).
  • Other objectives are primarily linked to checking money laundering in India.
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