TPS 18 DAILY CURRENT AFFAIRS Date:

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1 TPS 18 DAILY CURRENT AFFAIRS Date: Economy Ponzi Scam/Ponzi Scheme Insolvency and Bankruptcy Board of India (IBBI) International Relations The Universal Declaration of Human Rights (UDHR) Terms Related to WTO Doha Round/ Doha Development Agenda Dispute Settlement Mechanism Aggregate Measurement of Support (AMS) G-33 Countries and Interest Groups in WTO Campaign to Abolish Nuclear Weapons (ICAN) UN Treaty on the Prohibition of Nuclear Weapons Syrian Peace Talks Geneva Peace Talks Astana Talks Geography Mahanadi Environment Khelo India Scheme Social Sector Central Adoption Resource Authority (CARA) ECONOMY 1.1. PONZI SCAM/PONZI SCHEME Stories of fast and rich returns from investments in cryptocurrencies create fears to regulatory organizations about a possible e-ponzi scams. What is it? A Ponzi scheme is a fraudulent investing scam promising high rates of return with little risk to investors. The Ponzi scheme generates returns for older investors by acquiring new investors. This is similar to a pyramid scheme and works until the business fails to achieve the returns expected. NEO IAS , , Page 1

2 1.2. THE INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (IBBI) The Insolvency and Bankruptcy Board of India (IBBI) notifies Regulations for handling of Grievances and Complaints. More about the organization The Insolvency and Bankruptcy Board of India was established on October 1, 2016 in accordance with the provisions of The Insolvency and Bankruptcy Code, Regulatory oversight It is a unique regulator: regulates a profession as well as transactions. It has regulatory oversight over the Insolvency Professionals, Insolvency Professional Agencies and Information Utilities. Functions It writes and enforces rules for transactions, namely, corporate insolvency resolution, corporate liquidation, individual insolvency resolution and individual bankruptcy under the Code It handles the cases using two tribunals like NCLT (National company law tribunal) and Debt recovery tribunal. Composition IBBI will have 10 members, including representatives from the Ministries of Finance and Law, and the Reserve Bank of India. 2. INTERNATIONAL RELATIONS 2.1. THE UNIVERSAL DECLARATION OF HUMAN RIGHTS Human Rights Day is celebrated on the 10 th December every year to commemorate the Universal Declaration of Human Rights (UDHR). More about UDHR The Universal Declaration of Human Rights (UDHR) is a declaration adopted by the United Nations General Assembly on 10 December 1948 Paris. The Declaration consists of thirty article. It is not legally binding, however it has been instrumental in raising awareness and importance of human rights all around the globe. he Declaration was the first step in the process of formulating the International Bill of Human Rights, which was completed in 1966 The International Bill of Human Rights consists of o Universal Declaration of Human Rights o International Covenant on Economic, Social and Cultural Rights o the International Covenant on Civil and Political Rights and its two Optional Protocols. NEO IAS , , Page 2

3 2.2. TERMS RELATED TO WTO There are series of news on The World Trade Organisation s (WTO) Buenos Aires meeting. Several terminologies used in WTO negotiations comes up in these news. Some of them are: DOHA ROUND/DOHA DEVELOPMENT AGENDA Context Developing countries stand against developed countries agenda to introduce new issues into the Doha Round. Developing countries demand resolution of outstanding issues such as the ones relating to food security and protection of poor farmers before taking up new topics. What is it? The Doha Round is the latest round of trade negotiations among the WTO membership. Its aim is to achieve major reform of the international trading system through the introduction of lower trade barriers and revised trade rules. The Round was officially launched at the WTO s Fourth Ministerial Conference in Doha, Qatar, in November The work programme covers about 20 areas of trade. The Round is also known semiofficially as the Doha Development Agenda. There are significant differences between developed and developing nations on the issues discussed under Doha Round DISPUTE SETTLEMENT MECHANISM Context an overwhelming majority of the WTO members have questioned efforts by the U.S. to block the appointment of judges to WTO. Dispute Settlement Bodies of WTO The General Council convenes as the Dispute Settlement Body (DSB) to deal with disputes between WTO members. The DSB is made up of all member governments, usually represented by ambassadors or equivalent. The DSB establish dispute settlement panels and refer matters to arbitration The Appellate Body: It is a standing body of seven persons that hears appeals from reports issued by panels. The Appellate Body can uphold, modify or reverse the legal findings and conclusions of a panel AGGREGATE MEASUREMENT OF SUPPORT (AMS) Context Recently India and China jointly submitted a proposal to the World Trade Organisation (WTO) calling for the elimination - by developed countries - of the most trade-distorting form of farm subsidies, known in WTO parlance as Aggregate Measurement of Support (AMS) or Amber Box support. More about AMS The AMS means annual level of support (subsidies) expressed in monetary terms, provided for an agricultural product in favour of the producers (product specific) of the NEO IAS , , Page 3

4 basic agricultural product and non-product specific support provided in favour of agricultural producers in general. As per the WTO provision, AMS is a trade distorting subsidy. Since it distorts trade by directly influencing production and price in an economy, the AMS is categorized as a reducible, non permissible or non-exempted subsidy G-33 COUNTRIES AND INTEREST GROUPS IN WTO The G33 coalition seeks a complete exemption from commitments to reduce subsidies, such as minimum support prices, to implement poverty alleviation programme. Interest Groups in WTO G33 The G33 (or the Friends of Special Products in agriculture) is a coalition of developing countries, established prior to the 2003 Cancun ministerial conference, that have coordinated during the Doha Round of World Trade Organisation negotiations, specifically in regard to agriculture. Despite the name, there are currently 48 member nations. Groups Cairns group Description Composed of agricultural exporting nations lobbying for agricultural trade liberalization. G-10 Coalition of countries lobbying for agriculture to be treated as diverse and special because of non-trade concerns G-20 Coalition of developing countries pressing for ambitious reforms of agriculture in developed countries with some flexibility for developing countries G-33 Also called "Friends of Special Products" in agriculture Coalition of developing countries pressing for flexibility for developing countries to undertake limited market opening in agriculture G-90 Coalition of African, ACP and least-developed countries Cotton-4 SVEs NAMA 11 Paragraph-6 Countries Friends of Ambition Main African cotton producers - Benin; Burkina Faso; Chad; Mali Small and vulnerable economies Group of developing countries seeking flexibilities to limit market opening in industrial goods trade In favour of reducing the number of new bindings they would have to contribute and to increase the average target from 27.5%. (Except Macao, China) Seeking to maximize tariff reductions and achieve real market access NEO IAS , , Page 4

5 2.4. CAMPAIGN TO ABOLISH NUCLEAR WEAPONS (ICAN), International Campaign to Abolish Nuclear Weapons (ICAN), the group that won this year s Nobel Peace Prize received the prize in Nobel Peace Prize Ceremony in Oslo. (The Nobel prizes in literature, physics, chemistry, medicine and economics are awarded at a separate ceremony in Stockholm.) More about ICAN The International Campaign to Abolish Nuclear Weapons (ICAN) is a coalition of non-governmental organizations in more than hundred countries promoting adherence to and implementation of the United Nations nuclear weapon ban treaty. ICAN served as the civil society coordinator for several nuclear non-proliferation conferences. ICAN main office is located in Geneva, Switzerland. ICAN has partners in India as well UN TREATY ON THE PROHIBITION OF NUCLEAR WEAPONS The Treaty on the Prohibition of Nuclear Weapons prohibits States Parties from developing, testing, producing, manufacturing, acquiring, possessing, or stockpiling nuclear weapons or other nuclear explosive devices. ICAN campaigned for a UN Treaty on the Prohibition of Nuclear Weapons, adopted by 122 nations in July The Treaty will enter into force 90 days after the fiftieth instrument of ratification, acceptance, approval, or accession has been deposited. The treaty is not signed by and would not apply to any of the states that already have nuclear arms. The Treaty on the Prohibition of Nuclear Weapons does not contain a verification regime. Review Conference: The first conference to review the status of the Treaty will convene after a period of five years following its entry into force. Subsequent review conferences will be held every six years SYRIAN PEACE TALKS The Syrian government s delegation returned to Geneva for Geneva Peace Talks - 4 on for the resumption of talks with UN mediator after more than a week s absence. Geneva talks and Astana Talks are important peace negotiations with regard to Syrian Peace process GENEVA PEACE TALKS The Geneva peace talks are peace negotiations between the Syrian government and the Syrian opposition under the auspices of the United Nations. Its fourth round of talk is going on in Geneva ASTANA TALKS Astana process is related to Syrian peace talks. Turkey, Russia and Iran are sponsoring it. NEO IAS , , Page 5

6 The Kazakh officials are offering Astana as a neutral venue and "a natural home" for peace negotiations on Syria. Its 7 th Round concluded recently in October, GEOGRAPHY 3.1. MAHANADI The opposition parties criticized the Centre for failing to form a tribunal to resolve the Mahanadi water row between Odisha and Chhattisgarh. For prelims, knowing more about Mahanadi is more important. More about Mahanadi river Mahanadi has a total course of 858 kilometres (533 mi). Among the peninsular rivers, in water potential and flood producing capacity, it ranks second to the Godavari. The river flows through the states of Chhattisgarh and Odisha. The Mahanadi basin extends over states of Chhattisgarh and Odisha and comparatively smaller portions of Jharkhand, Maharashtra and Madhya Pradesh It is bounded by the Central India hills on the north, by the Eastern Ghats on the south and east and by the Maikala range on the west. Hirakud dam is a major reservoir in Mahanadi. Paradeep Port is at the confluence of Mahanadi and Bay of Bengal. It flows through of Raipur city, Sambhalpur and Cuttack. 4. GOVERNMENT INTERVENTIONS 4.1. KHELO INDIA SCHEME Why in News? Union Minister of State for Youth Affairs and Sports said the government will launch a Khelo India programme at a cost of 1,756 crore for the period to More about the scheme Objective The Programme aims at mainstreaming sport as a tool for individual development, community development, economic development and national development. Features It has an unprecedented Pan Indian Sports Scholarship scheme, which would cover 1,000 most talented young athletes each year across select sports disciplines. NEO IAS , , Page 6

7 Each athlete selected under this scheme shall receive an annual scholarship worth Rs lakh for 8 consecutive years. The Programme aims to promote 20 universities across the country as hubs of sporting excellence. The Programme also aims at creating an active population with healthy life-style. The Programme would cover about 200 million children in the age group of under a massive national physical fitness drive. 5. SOCIAL SECTOR 5.1. CENTRAL ADOPTION RESOURCE AUTHORITY (CARA) News papers reported the case of a threeyearold orphan and physically challenged boy in Andhra Pradesh when a U.S.based couple adopted him. They adopted him after getting noobjection certificate from Central Adoption Resource Authority. More about CARA Central Adoption Resource Authority (CARA) is a statutory body of Ministry of Women & Child Development. It functions as the nodal body for adoption of Indian children and is mandated to monitor and regulate in-country and inter-country adoptions. CARA is designated as the Central Authority to deal with inter-country adoptions in accordance with the provisions of the Hague Convention on Inter-country Adoption, 1993, ratified by Government of India in CARA primarily deals with adoption of orphan, abandoned and surrendered children through its associated /recognised adoption agencies. NEO IAS , , Page 7

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