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The scheme was to be invoked by December 2020 and implemented within 90 days for retail borrowers and 180 days for corporate borrowers.
By March 2021, 0.9% of total bank advances (loans) were under restructuring.
z MSMEs had the highest restructure ratio at 1.7%.
z Corporate borrowers had a restructured ratio of 0.9% of total advances.
z 0.7% of total retail advances were restructured. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
z 0.7% of total retail advances were restructured.
¾ Suggestions: Balance Sheet Stress: z Banks need to reinforce their capital and liquidity positions to fortify themselves against potential balance sheet stress.
Policy Support: z Sustained policy support and simultaneous increased fortification of capital and liquidity buffers by financial entities is important. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
Financial Needs: z Stronger capital positions, good governance and efficiency in financial intermediation can be the touchstones of this endeavour so that financing needs of productive sectors of the economy are met while the integrity and soundness of banks and financial institutions are secured on an enduring basis.
Non-Performing Asset ¾ NPA refers to a classification for loans or advances that are in default or are in arrears on scheduled payments of principal or interest. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
¾ In most cases, debt is classified as non-performing, when the loan payments have not been made for a minimum period of 90 days.
¾ Gross non-performing assets are the sum of all the loans that have been defaulted by the individuals who have acquired loans from the financial institution.
¾ Net non-performing assets are the amount that is realized after provision amount has been deducted from the gross non-performing assets. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
Capital Adequacy Ratio ¾ It is the ratio of a bank’s capital in relation to its risk weighted assets and current liabilities.
It is also known as Capital-to-Risk Weighted Asset Ratio (CRAR).
¾ It is decided by central banks to prevent commercial banks from taking excess leverage and becoming insolvent in the process.
Provisioning Coverage Ratio ¾ It refers to the prescribed percentage of funds to be set aside by the banks for covering the prospective losses due to bad loans. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
CURRENT AFFAIRS JULY 2021 45 Note: www.drishtiIAS.com New Norms for Independent Directors Why in News The Securities and Exchange Board of India (Sebi) has approved stricter norms related to appointment of independent directors and decided to introduce a framework for accredited investors along with other measures.
¾ Sebi is a statutory body established in accordance with the provisions of the Securities and Exchange Board of India Act, 1992. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
The basic functions of the Sebi is to protect the interests of investors in securities and to promote and regulate the securities market.
Key Points ¾ Independent Directors: Independent directors can be appointed only through a special resolution passed by shareholders.
A special resolution requires 75% of votes in favour to be passed.
The regulator has also elaborated and strengthened the disclosure requirements for the skills required to be an independent director. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
The nomination and remuneration committee of the board of directors, which decides on appointments and compensation, and the audit committee should have two-thirds independent directors compared to a simple majority now.
z All related party transactions (between a company and its related entities) shall be approved by only independent directors on the audit committee.
Also, a listed company will be required to disclose the resignation letter of an independent director. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
z Also, there will be a one-year cooling period for an independent director transitioning to a whole-time director in the same company/ holding/ subsidiary/ associate company or any company belonging to the promoter group.
¾ Accredited Investors: Sebi has approved this new category of wealthy, well-informed investors who will be allowed to invest in riskier products, not usually allowed to individuals. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
Independent Director ¾ An Independent Director (also sometimes known as an outside director) is a director on a board of directors representing minority shareholders and who does not have a pecuniary relationship with the company or related persons, except for sitting fees.
¾ Their role is to take a stand unambiguously and independently to have a check and balance on the whims of majority shareholders that may expose the company to unwarranted risks. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
¾ The Companies Act, 2013 has mandated all listed public companies to have at least one-third of the total Directors to be independent.
¾ Their role requires them to be clinical while businesses expect them to be practical, that’s the tight rope they walk on.
These entities (accredited investors) could be individuals, family trusts, proprietorships, etc. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
They will be given the flexibility to invest the less than minimum amount mandated in Sebi rules and also to some extent get relaxation from regulatory requirements.
They will enhance the attractiveness of alternative investment funds (AIFs). | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
z AIF means any fund established in India which is a privately pooled investment vehicle which collects funds from sophisticated investors, whether Indian or foreign, for investing it in accordance with a defined investment policy for the benefit of its investors. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
¾ Other Important Changes Undertaken: To provide easy access to investors to participate in public and rights issues by using various payment avenues, Sebi has also decided to permit banks, other than scheduled banks, to act as a banker to such issues.
z Unlike initial and follow-up public offering, the rights issue is not open for the general public but only to existing shareholders of the company. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
Sebi also increased the maximum reward amount for an informant who blows the whistle on insider trading to Rs 10 crore from Rs 1 crore now.
z Insider trading involves trading in a public company’s stock by someone who has non- public, material information about that stock for any reason. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
46 CURRENT AFFAIRS JULY 2021 Note: www.drishtiIAS.com The regulator has also approved amendments to its mutual fund regulations which requires asset management companies (AMCs) to use more funds in riskier schemes (New funds).
z Currently, AMCs have to invest only 1% of the amount raised in a new fund offer, or Rs 50 lakh, whichever is lower.
The new norms will be effective from 1st January, 2022. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
¾ Significance: The changes seek to strengthen the corporate governance practices as well as attract more investors.
It will help maintain the interest of minority shareholders in the corporate boardroom where their representation is minimal.
This should hopefully result in truly ‘independent’ independent directors and not those with merely a semblance of independence. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
Ministry of Cooperation: A New Push to Co-operatives Why in News Recently, a separate ‘Ministry of Co-operation’ has been created by the Central Government for realizing the vision of ‘Sahkar se Samriddhi’ (Prosperity through Cooperation) and to give a new push to the cooperative movement.
¾ The Government has signaled its deep commitment to community based developmental partnership.
It also fulfils the budget announcement made by the Finance Minister in 2021. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
Key Points ¾ Significance of Ministry of Cooperation: It will provide a separate administrative, legal and policy framework for strengthening the cooperative movement in the country.
It will help deepen Co-operatives as a true people based movement reaching upto the grassroots.
It will work to streamline processes for ‘Ease of doing business’ for co-operatives and enable development of Multi-State Co-operatives (MSCS). | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
¾ About ‘Co-operatives’: According to the International Labour Organisation (ILO), a cooperative is an autonomous association of persons united voluntarily to meet their common economic, social and cultural needs and aspirations through a jointly owned and democratically controlled enterprise.
There are many types of cooperatives such as Consumer Cooperative Society, Producer Cooperative Society, Credit Cooperative Society, Housing Cooperative Society and Marketing Cooperative Society. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
The United Nations General Assembly had de clared the year 2012 as the International Year of Cooperatives.
India is an agricultural country and laid the foundation of World’s biggest cooperative movement in the world.
In India, a Co-operative based economic develop ment model is very relevant where each member works with a spirit of responsibility. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
¾ Constitutional Provisions Related to Cooperatives: The Constitution (97th Amendment) Act, 2011 added a new Part IXB right after Part IXA (Municipals) regarding the cooperatives working in India.
The word “cooperatives” was added after “unions and associations” in Article 19(1)(c) under Part III of the Constitution.
This enables all the citizens to form cooperatives by giving it the status of fundamental right of citizens. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
A new Article 43B was added in the Directive Principles of State Policy (Part IV) regarding the “promotion of cooperative societies”.
Co-operative Movement in India ¾ Co-operative Movement in Pre-Independence Era: The Cooperatives were first started in Europe and the British Government replicated it in India to mitigate the miseries of the poor farmers, particularly harassment by moneylenders. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
The term Cooperative Societies came into existence when the farmers of Pune and Ahmednagar (Maharashtra) spearheaded an agitation against the money lenders who were charging exorbitant rates of interest.
British government came forward and passed three acts- the Deccan Agricultural Relief Act (1879), CURRENT AFFAIRS JULY 2021 47 Note: www.drishtiIAS.com the Land Improvement Loan Act (1883) and the Agriculturists Loan Act (1884). | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
z The first credit cooperative society was formed in Banking in 1903 with the support of the Government of Bengal.
It was registered under the Friendly Societies Act of the British Government.
But the enactment of the Cooperative Credit Societies Act, 1904 gave Cooperative a definite structure and shape.
In 1919, cooperation became a provincial subject and the provinces were authorised to make their own cooperative laws under the Montague- Chelmsford Reforms. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
z The categorization carried on to the Government of India Act, 1935.
In 1942, the Government of British India enacted the Multi-Unit Cooperative Societies Act to cover Cooperative Societies with membership from more than one province.
¾ Co-operative Movement in Post-Independence Era: After independence, cooperatives became an integral part of Five-Year Plans. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
In 1958, the National Development Council (NDC) had recommended a national policy on cooperatives and also for training of personnel and setting up of Co-operative Marketing Societies.
National Cooperative Development Corporation (NCDC), a statutory corporation, was set up under National Cooperative Development Corporation Act ,1962.
In 1984, Parliament of India enacted the Multi- State Cooperative Societies Act to remove the plethora of different laws governing the same types of societies. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
The Government of India announced a National Policy on Co- operatives in 2002.
¾ Importance of Cooperatives: It provides agricultural credits and funds where state and private sectors have not been able to do very much.
It provides strategic inputs for the agricultural- sector; consumer societies meet their consumption requirements at concessional rates.
It is an organization for the poor who wish to solve their problems collectively. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
It softens the class conflicts and reduces the social cleavages.
It reduces the bureaucratic evils and follies of political factions; It overcomes the constraints of agricultural development; It creates a conducive environment for small and cottage industries.
¾ Challenges: Mismanagement and Manipulation: z A hugely large membership turns out to be mismanaged unless some secure methods are employed to manage such co-operatives. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
z In the elections to the governing bodies, money became such a powerful tool that the top posts of chairman and vice-chairman usually went to the richest farmers who manipulated the organization for their benefits.
Lack of Awareness: z People are not well informed about the objectives of the Movement, rules and regulations of co-operative institutions.
Restricted Coverage: z Most of these societies are confined to a few members and their operations extended to only one or two villages. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
Functional Weakness: z The Co-operative Movement has suffered from inadequacy of trained personnel.
Output Pact: OPEC+ Why in News Recently, the United Arab Emirates (UAE) pushed back against a plan by the Organization of the Petroleum Exporting Countries (OPEC+) Plus group to extend the global pact to cut oil production beyond April 2022. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
Key Points ¾ The Output Pact & Fluctuating Oil Price: The OPEC+ group of countries had, in April 2020, entered into a two-year agreement (Output Pact), which entailed steep cuts in crude production to deal with a sharp fall in the price of oil as a result of the Covid-19 pandemic.
48 CURRENT AFFAIRS JULY 2021 Note: www.drishtiIAS.com z The price of Brent crude hit an 18-year low of under USD 20 per barrel in April 2020 as economic activity around the world crashed as countries dealt with the pandemic. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
In November 2020, the prices started rising and in July 2021, they were USD 76.5 per barrel mainly due to the steady rollout of vaccination programmes around the world.
OPEC+, however, maintained lower levels of production despite crude oil prices reaching pre-Covid levels, with Saudi Arabia, notably, announcing a further cut in production of 1 million barrels per day for the February-to-April period, which helped boost rising prices even further. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
z The OPEC+ group ran into sharp criticism from developing economies, including India, for deliberately maintaining low supply levels to raise prices.
In April, OPEC+ agreed to gradually increase crude production, including a phased end to Saudi Arabia’s 1 million barrel per day cut in production by July. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
¾ UAE’s Objection: UAE agreed that there was a need to increase crude oil production from August 2021, but did not agree to a condition by the OPEC Joint Ministerial Monitoring Committee (JMMC) that the two-year production agreement be extended by six months.
The UAE’s key objection to the existing agreement is the reference output used to calculate the total production apportioned to each oil-exporting country. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
z The baseline production level reference used in the current agreement was not reflective of the UAE’s production capacity and, therefore, led to the UAE being apportioned a lower share of total production of crude oil.
z UAE would be open to extending the agreement if baseline production levels were reviewed to be fair to all parties. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
¾ Impact of OPEC+ conflict on India: Delayed Relief: z If the UAE and other OPEC+ nations do not reach an agreement to increase production in August, expected relief in the form of lower crude oil prices could be delayed.
High Domestic Prices: z India is currently facing record-high prices of petrol and diesel.
High crude prices have led to Indian oil marketing companies hiking the price of petrol by about 19.3% and that of diesel by about 21% since the beginning of 2021. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
Slow Recovery: z The high price of crude oil was slowing down the economic recovery of developing economies post the pandemic.
Inflation: z The high prices might also increase the Current Account Deficit and put inflationary pressure on the Indian economy. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
nnn CURRENT AFFAIRS JULY 2021 49 Note: www.drishtiIAS.com India Rejects OIC’s Proposal Why in News Recently, the Ministry of External Affairs rejected the Organisation of Islamic Cooperation’s (OIC) proposal to assist a dialogue between India and Pakistan.
¾ Earlier in December 2020, India also rejected the criticism of its Kashmir policy by the OIC. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
Key Points ¾ OIC’s Stand: Offered to arrange a meeting between India and Pakistan and proposed to send a delegation to Jammu & Kashmir in line with resolutions of the OIC council of foreign ministers.
z Pakistan has repeatedly sought to raise the Kashmir issue at the OIC against the backdrop of India’s dramatically improved relations with several key players in West Asia and in the Islamic organisation, including Saudi Arabia, the United Arab Emirates, Bahrain, Qatar, Indonesia and Bangladesh. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
¾ India’s Response: The OIC should be watchful that their platform is not subverted by “vested interests” such as Pakistan to interfere in internal affairs of India or for anti-India propaganda through biased and one-sided resolutions. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
India & OIC ¾ India’s relationship with OIC as an organisation: At the 45th session of the Foreign Ministers’ Summit in 2018, Bangladesh, the host, suggested that India, where more than 10% of the world’s Muslims live, should be given Observer status, but Pakistan opposed the proposal. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
International Relations z India Rejects OIC’s Proposal z India-EU Meet on Agriculture z Vietnam’s First Honorary Consul General in India z India’s Tibet Policy z BHIM - UPI Launched in Bhutan z St. Queen Ketevan’s Relics: Georgia z Assasination of Haiti’s President z India-Nepal Rail Services Agreement (RSA) z Stand-Off on GERD z G20 Foreign Ministers Meeting z India Joins OECD/G20 Inclusive Framework Tax Deal z 7th Edition of Indian Ocean Naval Symposium z Road Ahead for Afghanistan after US Exit Highlights 50 CURRENT AFFAIRS JULY 2021 Note: www.drishtiIAS.com In 2019, India made its maiden appearance at the OIC Foreign Ministers’ meeting, as a “guest of honour”. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
z This first-time invitation was seen as a diplomatic victory for India, especially at a time of heightened tensions with Pakistan following the Pulwama attack.
¾ Criticism of India’s Policies by OIC: It has been generally supportive of Pakistan’s stand on Kashmir, and has issued statements criticising the alleged Indian “atrocities” in the state/Union Territory. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
z In 2018, the OIC General Secretariat had “expressed strong condemnation of the killing of innocent Kashmiris by Indian forces in Indian- occupied Kashmir”.
z It described the “direct shooting at demon strators” as a “terrorist act”, and “called upon the international community to play its role in order to reach a just and lasting solution to the conflict in Kashmir”. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
OIC has criticised the Government of India over the Citizenship (Amendment) Act, 2019, and the Babri Masjid verdict of the Supreme Court.
OIC has also criticised the Indian government for what it called “growing Islamophobia” in India.
¾ India’s Response: India has always maintained that OIC has no locus standi in matters strictly internal to India including that of Union Territory of Jammu & Kashmir which is an integral and inalienable part of India. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
¾ India’s relationship with OIC member countries: Individually, India has good relations with almost all member nations.
Ties with the UAE and Saudi Arabia, especially, have improved significantly in recent years.
z The Crown Prince of Abu Dhabi (UAE) was a special chief guest at the 68th Republic Day celebrations in 2017.
The OIC includes two of India’s close neighbours, Bangladesh and Maldives. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
z Indian diplomats say both countries privately admit that they do not want to complicate their bilateral ties with India on Kashmir.
India-EU Meet on Agriculture Why in News Recently, a Virtual meeting between India’s Union Minister for Agriculture & Farmers Welfare and a Member of the European Commission (EC), Agriculture was held.
¾ The strong momentum of the India-European Union (EU) relations especially since the last India-EU Summit in July, 2020 was acknowledged. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
¾ Earlier, Indian Prime Minister participated in the India- European Union (EU) Leaders’ Meeting.
Key Points ¾ Major Discussions: EU Common Agricultural Policy (CAP): z Launched in 1962, it is a partnership between agriculture and society, and between Europe and its farmers.
z It is a common policy for all EU countries.
It is managed and funded at European level from the resources of the EU’s budget. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
z It aims to support farmers, improve agricultural productivity, ensure a stable supply of affordable food, safeguard EU farmers, tackle climate change and the sustainable management of natural resources etc.
EU Farm to Fork Strategy: z It is at the heart of the European Green Deal aiming to make food systems fair, healthy and CURRENT AFFAIRS JULY 2021 51 Note: www.drishtiIAS.com environmentally-friendly.
It aims to accelerate transition to a sustainable food system. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
z Reforms were undertaken by the EU in the CAP as well as the Farm to Fork Strategy to make agriculture green as well as sustainable.
The EU has also set a target of bringing 25% of the area in the EU under Organic Farming by 2030.
G20 Agriculture Ministers’ Meeting 2021: z It is one of the ministerial meetings organized as part of the G20 Leaders Summit 2021, which will be hosted by Italy in October 2021. z It will focus on three broad, interconnected pillars of action: People, Planet, Prosperity. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
z Both India-EU are looking forward to bilateral cooperation at the summit.
United Nations Food System Summit 2021: z The United Nations (UN) Secretary General has called for the first ever UN Food Systems Summit to be held in September 2021 to strategize the actions for positive change in Agri-food systems in the world to realize the vision of the 2030 Agenda for Sustainable Development.
z The EU and India are looking forward to strengthening their cooperation at the summit. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
¾ India’s Stand: Dominance of Small Farmers: z 70% of its rural households still depend primarily on agriculture for their livelihood, with 82% of farmers being small and marginal.
Highlighted the recent initiatives to Increase Farmers Income: z Agriculture Infrastructure Fund with a corpus of Rs One Lakh Crore for development of farm gate and agriculture marketing infrastructure in rural areas. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
z Scheme of formation of 10000 Farmer Produce Organizations (FPOs) to help small and marginal farmers in marketing of agricultural produce.
Explained Steps to Make Agriculture Sustainable and Environment Friendly: z Encouragement of application of Nano-urea.
z Organic Farming under the Pramparagat Krishi Vikas Yojana. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
Maximum Residual Limit (MRL) of Tricyclazole: z Raised the issue of fixing the Maximum Residual Limit (MRL) of Tricyclazole used in rice crop which has been a concern for India and is affecting India’s Basmati Rice Exports to the EU.
The MRL is the maximum concentration for a pesticide on a crop or food commodity resulting from the use of pesticide according to Good Agricultural Practices (GAP), which is expressed in ppm. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
Tricyclazole is a fungicide used for the control of rice blast but it is not approved for use in the EU.
Vietnam’s First Honorary Consul General in India Why in News Vietnam has appointed Honorary Consul General of Vietnam in Bangalore to promote trade, economics, investment, tourism, educational and cultural cooperation between Vietnam and the State of Karnataka.
¾ Industrialist N.S.
Srinivasa Murthy based in Bengaluru has been appointed as Honorary Consul General of Vietnam for Karnataka. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
52 CURRENT AFFAIRS JULY 2021 Note: www.drishtiIAS.com ¾ He is the first honorary consul general of Vietnam from India.
The appointment is for a period of three years.
Key Points ¾ India-Vietnam Relations: History of Cultural Ties: Cultural and economic links between India and Vietnam date back to the 2nd century.
z Both the countries have agreed to have various commemorative activities in the year 2022, to mark the 50th anniversary of the establishment of diplomatic relations between the two countries. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
Anti-Imperialist Struggle: z Even before official diplomatic ties were established in 1972, India supported Vietnam’s anti-colonial struggle during its independence movement.
z During the Cold War period, India supported Hanoi’s “Four Points” for resolving the Vietnam conflict (American war in Vietnam).
z India also supported Vietnam during the Kampuchea crisis (Cambodian–Vietnamese War) in the late 1970s. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
Look East Policy: The relationship was further strengthened when India, in the early 1990s, initiated its “Look East Policy” with the specific objective of economic integration and political cooperation with Southeast Asia and East Asia.
z In 2014, the ‘Look East Policy’ was graduated into an ‘Act East Policy’.
Comprehensive Strategic Partnership (CSP): The strategic partnership was elevated to comprehensive strategic partnership in 2016, given the new security challenges of the 21st century. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
¾ Defence Cooperation: Sale of military equipment to Vietnam: Negotiations for four large patrol vessels and BrahMos short- range cruise missiles are going on.
Training Vietnam’s armed forces in military equipment: Kilo-class submarines & Sukhoi aircraft.
Military exercises: VINBAX, IN-VPN BILAT.
¾ Geostrategic Convergence: India and Vietnam have their shared apprehension of an aggressive China. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
China’s virtually claiming the whole South China Sea as its territory and its assertiveness in the Indian Ocean.
China complained about Indian cooperation for the exploration for oil in Vietnamese waters, especially in light of the disputed political status of the Spratly Islands. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
India and Vietnam have agreed to strengthen their strategic partnership “in line with India’s Indo- Pacific Oceans Initiative (IPOI) and the ASEAN’s Outlook on Indo-Pacific to achieve shared security, prosperity and growth for all in the region.” ¾ Regional Cooperation: India and Vietnam closely cooperate in various regional forums such as ASEAN, East Asia Summit, Mekong Ganga Cooperation, besides UN and WTO. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
Vietnam has supported India’s bid to become a permanent member of the UN Security Council and join the Asia-Pacific Economic Cooperation (APEC).
¾ Economic Cooperation: Trade and economic relations for mutual benefit, which have significantly improved over the years particularly after the ASEAN- India Free Trade Agreement was signed.
India is now among the top ten trading partners of Vietnam. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
India is investing in development and capacity assistance for Vietnam through quick impact projects (QIP), proposals in the area of water resource management in Vietnam’s Mekong Delta region, Sustainable Development Goals (SDGs), and digital connectivity.
¾ Science and Technology Cooperation: India and Vietnam have signed the Framework Agreement on cooperation in: z Exploration and uses of outer space for peaceful purposes, IT cooperation, Cyber Security.
z Uses of Atomic Energy for Peaceful Purposes. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
z Uses of Atomic Energy for Peaceful Purposes.
Vietnam has been a large recipient of training programs under Indian Technical and Economic Cooperation (ITEC) programs.
A proposal to set up a Centre for Satellite Tracking and Data Reception and an Imaging facility in Vietnam under ASEAN-India Cooperation mechanism is under consideration. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
CURRENT AFFAIRS JULY 2021 53 Note: www.drishtiIAS.com India’s Tibet Policy Why in News Recently, some Chinese nationals protested against the celebration of the birthday of the Dalai Lama in India.
¾ The Dalai Lama and Tibet is one of the major irritants between India and China relations.
¾ China considers the Dalai Lama a separatist, who has great influence over Tibetans.
India seeks to use Tibetan card in order to counter China’s continuing aggression at the Line of Actual Control. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
Key Points ¾ Background of India’s Tibet Policy: For centuries, Tibet was India’s actual neighbour, as most of India’s boundaries and the 3500km LAC is with the Tibetan Autonomous Region, and not the rest of China.
In 1914, it was Tibetan representatives, along with the Chinese that signed the Simla convention with British India that delineated boundaries.
However, after China’s full accession of Tibet in 1950, that China repudiated the convention and the McMahon line that divided the two countries. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
Further, in 1954, India signed an agreement with China, agreeing to recognize Tibet as “Tibet region of China”.
In 1959, following the Tibetan uprising, the Dalai Lama (spiritual leader of Tibetan people) and many of his followers fled to India.
Former Prime Minister Jawahar Lal Nehru gave him and Tibetan refugees shelter, and helped in setting up the Tibetan government in exile. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
The official Indian policy is that the Dalai Lama is a spiritual leader, and the Tibetan community in India, with more than a lakh exiles, is not allowed to undertake any political activity.
¾ Shift in India’s Tibet Policy: In the event of increasing tensions between India and China, there has been a shift in India’s Tibet Policy.
This shift in the policy, earmarks the Indian government actively managing with the Dalai Lama in public forums. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
For Example, z In 2014, Prime Minister of India (PM) had invited the head of the Tibetan government in exile in India, Lobsang Sangay, to his swearing in ceremony.
However, he did not invite him in 2019 after being re-elected for a second five-year term, to ensure a smooth passage for a second informal summit between him and Chinese president Xi Jinping.
z Recently, the Prime Minister of India (PM) wished the Dalai Lama in the first such public acknowledgement since 2013, the first time as PM. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
The shift in India’s Tibet policy is majorly focused on symbolic aspects, but there are many challenges pertaining to India’s Approach to Tibet Policy.
¾ Challenges Associated with India’s Approach to Tibet Policy: Changes in Tibetan Demography: Over the past few decades, China is promoting people from mainland China to migrate into Tibet.
z China is increasing suppression of the Tibetan populations’ links to the Dalai Lama and pouring in investment, infrastructure projects in the region. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
Tibetans Against Each Other: As India-China tensions grow and turn violent after the Galwan valley clash, China has begun to raise Tibetan Militia groups.
z Further, the Indian Army trains the Tibetan Special Frontier Force, which could lead to Tibetans fighting each other in the future.
Issue of Tibetan Citizenship: The Indian government doesn’t give citizenship to Tibetans born in India after the cut-off year of 1987. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
54 CURRENT AFFAIRS JULY 2021 Note: www.drishtiIAS.com z This has created a sense of dissatisfaction amongst the youth of the Tibetan community.
z Further, in the past few years, the US has also increased its role, by accepting more Tibetan refugees.
This will impact India’s role as a sole entity arguing about the future of Tibetian refugee.
Question of Dalai Lama’s Succession: The 86 years old Dalai Lama is not only the spiritual leader, but the political leader of the community worldwide. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
z The Dalai Lama asserts that his successor could be a living incarnation, in a specific area in India or even in another country like Taiwan.
BHIM - UPI Launched in Bhutan Why in News The Union Minister of Finance of India along with her counterpart, the Finance Minister of Bhutan has jointly launched Bharat Interface for Money-Unified Payments Interface (BHIM-UPI) in Bhutan. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
¾ The payment system was launched by NPCI International Payments Ltd. (NIPL), the international arm of National Payment Corporation of India (NPCI), in partnership with the Royal Monetary Authority (RMA) of Bhutan.
Key Points ¾ About: Bhutan is the first country to adopt UPI standards for its Quick Response (QR) code, and the first country in our immediate neighbourhood to accept mobile based payments through the BHIM App. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
It is also the second country after Singapore to have BHIM-UPI acceptance at merchant locations.
Bhutan will also become the only country to both issue and accept RuPay cards as well as accept BHIM-UPI.
¾ Bharat Interface for Money-Unified Payments Interface (BHIM-UPI): BHIM is developed by the National Payment Corporation of India (NPCI).
It is an initiative to enable fast, secure, reliable cashless payments through the mobile phone. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
BHIM is based on Unified Payment Interface (UPI) to facilitate e-payments directly through banks.
It is interoperable with other Unified Payment Interface (UPI) applications, and bank accounts.
z Unified Payments Interface (UPI) is an instant real-time payment system, allowing users to transfer money on a real-time basis, across multiple bank accounts without disclosing details of one’s bank account to the other party. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
¾ Advantages: The simple, safe, cost-effective mobile-based payments system has become one of the most prominent forms of digital payments.
The payment infrastructures of the two countries are seamlessly connected and will benefit a large number of tourists and businessmen from India who travel to Bhutan each year.
z This will enhance the ease of living and ease of travelling through cashless transactions at the touch of a button. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
In 2020, UPI enabled commerce worth USD 457 billion, which is equivalent to approximately 15% of India’s GDP.
RuPay Card Scheme ¾ RuPay is the first-of-its-kind domestic Debit and Credit Card payment network of India.
¾ The name, derived from the words ‘Rupee and ‘Payment’, emphasises that it is India’s very own initiative for Debit and Credit Card payments.
¾ The card can also be used for transactions in Singapore, Bhutan, UAE, Bahrain and Saudi Arabia. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
National Payments Corporation of India (NPCI) ¾ NPCI, an umbrella organisation for operating retail payments and settlement systems in India, is an initiative of Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
CURRENT AFFAIRS JULY 2021 55 Note: www.drishtiIAS.com ¾ It is a “Not for Profit” Company under the provisions of Section 25 of Companies Act 1956 (now Section 8 of Companies Act 2013), with an intention to provide infrastructure to the entire Banking system in India for physical as well as electronic payment and settlement systems.
St. Queen Ketevan’s Relics: Georgia Why in News Recently, India has gifted one part of the holy relics of 17th century St. Queen Ketevan to the Georgian government. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
¾ These relics were gifted on the first ever visit of India’s External Affairs Minister to independent Georgia.
¾ Georgia is a strategically important country situated at the intersection of Eastern Europe and Western Asia.
Key Points ¾ About: Queen Ketevan was from Kakheti, a kingdom in eastern Georgia.
It is believed that, she was killed in 1624 in Shiraz (modern day Iran) for not converting to Islam.
The parts of her remains were brought to Goa by Augustinian monks in 1627. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
The relics of the martyred Queen Ketevan were found by the Archaeological Survey of India (ASI) in 2005 in the ruins of the Church of St. Augustine in Goa.
Many historical, religious and spiritual sentiments of the Georgian people are attached to St. Queen Ketevan.
Church of St. Augustine ¾ Church of St. Augustine is a ruined church complex located in Goa.
¾ The church was completed in 1602 by Augustinian monks who landed in Goa in 1587. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
¾ The church was abandoned in 1835 after the Portu guese government of Goa began evicting many reli gious orders in Goa under its new repressive policies.
¾ The subsequent neglect caused the vault of the church to collapse in 1842.
¾ It is a part of the Churches and convents of Goa, which is a UNESCO World Heritage Site.
Caucasus ¾ Mountain system and region lying between the Black Sea (west) and the Caspian Sea (east) and occupied by Russia, Georgia, Azerbaijan, and Armenia. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
Assasination of Haiti’s President Why in News Recently, Haiti’s President Jovenel Moise was assassinated at his private residence in Port-au- Prince, Haiti.
Key Points ¾ About Haiti: Haiti is a country in the Caribbean Sea that includes the western third of the island of Hispaniola and such smaller islands as Gonâve, Tortue (Tortuga), Grande Caye, and Vache.
The capital is Port-au- Prince. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
The capital is Port-au- Prince.
Its population is almost entirely descended from African slaves, won independence from France in 1804, making it the second country in the Americas, after the United States, to free itself from colonial rule.
z It is the world’s first independent Black-led republic.
z The nation underwent about two centuries of Spanish colonial rule and more than a century of French rule. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
56 CURRENT AFFAIRS JULY 2021 Note: www.drishtiIAS.com Over the centuries, however, economic, political, and social difficulties as well as a number of natural disasters have beset Haiti with chronic poverty and other serious problems.
It is the Western Hemisphere’s poorest country, has a painful history of foreign interventions, economic exploitation and dictatorial rule.
¾ Recent Instability: Haiti’s latest instability revolves around a dispute over Jovenel Moise’s presidency. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
He was elected in 2016 to a five-year term, but because of contention over election results, he did not take office until the next year.
z Under Jovenel Moise’s administration, the political and economic situation in Haiti further deteriorated.
Jovenel Moise insisted that it entitled him to another year in power — a claim that Haiti’s opposition rejected.
In February 2021, when Moïse’s opponents said his term ended, they declared their Supreme Court Judge as interim president. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
Jovenel Moise called it a coup attempt, and 23 opponents were arrested.
At the same time there has been a surge in kidnappings, rapes and killings as rival gangs battle each other and the police for control of Haiti’s streets.
The human rights activists have accused Jovenel Moise’s government of having ties to the gangs.
z So far this year, at least 278 Haitians have been killed in gang-related violence. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
The unprecedented level of violence and subsequent displacements is creating a host of secondary issues.
India-Nepal Rail Services Agreement (RSA) Why in News India and Nepal have signed a Letter of Exchange (LoE) to the India-Nepal Rail Services Agreement (RSA) 2004.
¾ It will allow all authorized cargo train operators to utilize the Indian railway network to carry Nepal’s container and other freight - both bilateral between Indian and Nepal or third country from Indian ports to Nepal. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
The authorized cargo train operators include public and private container trains Operators, automobile freight train operators, special freight train operators or any other operator authorized by Indian Railways.
Key Points ¾ About Rail Services Agreement (RSA), 2004: The Rail Services Agreement was executed in 2004 between the Ministry of Railways, Government of India and the Ministry of Commerce, the Govt. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
of Nepal for introduction of freight train services between these two countries to and from Birgunj (Nepal) via Raxaul (India).
The agreement guides movement between India and Nepal by rail.
The Agreement shall be reviewed every five years and may be modified (through Letters of Exchange) by the Contracting Parties by mutual consent.
In the past, there have been amendments to RSA through LoE on three occasions. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
z First such amendment was in 2004. z Second LoE was signed in 2008 at the time of introduction of bilateral cargo between the two countries which required introduction of new customs procedures.
z Third LoE was signed in 2016 enabling rail transit traffic to/from Visakhapatnam Port in addition to existing provision of rail transportation through Kolkata/Haldia Port. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
¾ Benefits of the Latest Agreement: Allow Market Forces to Operate: This liberalization will allow market forces (such as consumers and CURRENT AFFAIRS JULY 2021 57 Note: www.drishtiIAS.com buyers) to come up in the rail freight segment in Nepal, and is likely to increase efficiency and cost- competitiveness, eventually benefiting the Nepalese consumer. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
Reduce Transportation Cost: The liberalisation will particularly reduce transportation costs for automobiles and certain other products whose carriage takes place in special wagons and will boost rail cargo movement between the two countries.
Enhance Regional Connectivity: Wagons owned by Nepal Railway Company will also be authorized to carry Nepal-bound freight (inbound and outbound on Kolkata/Haldia to Biratnagar/Birganj routes) over the Indian Railways network as per IR standards and procedures. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
z The signing of this LoE marks another milestone in India’s efforts to enhance regional connectivity under the “Neighbourhood First” policy.
¾ Other Connectivity Project: Nepal being a landlocked country, it is surrounded by India from three sides and one side is open towards Tibet which has very limited vehicular access.
India-Nepal has undertaken various connectivity programs to enhance people-to-people linkages and promote economic growth and development. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
MoUs have been signed between both the governments for laying an electric rail track linking Kathmandu with Raxaul in India.
India is looking to develop the inland waterways for the movement of cargo, within the framework of trade and transit arrangements, providing additional access to sea for Nepal calling it linking Sagarmatha (Mt.
Everest) with Sagar (Indian Ocean). | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
Everest) with Sagar (Indian Ocean).
Neighbourhood First Policy ¾ It is part of India’s foreign policy that actively focuses on improving ties with India’s immediate neighbours which is being termed as Neighbourhood first policy in the media.
¾ It was started well by inviting all heads of state/ heads of government of South Asian countries in the inauguration of PM Narendra Modi first term and later held bilateral talks with all of them individually which was dubbed as a mini SAARC summit. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
¾ In the second swearing-in ceremony in 2019, India had invited the heads of BIMSTEC countries.
In 2019, India and Nepal have jointly inaugurated a cross-border petroleum products pipeline.
z Pipeline carries petroleum products from Motihari in India to Amlekhgunj in Nepal.
z This is South Asia’s first cross-border petroleum products pipeline. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |
Stand-Off on GERD Why in News Recently, Ethiopia has started the second phase of filling a Grand Ethiopian Renaissance Dam’s (GERD) reservoir on the upper Blue Nile, which raised tensions from Sudan and Egypt ahead of an upcoming UN Security Council meeting on the issue.
¾ Ethiopia had previously announced it would proceed to the second stage of filling in July, with or without a deal. | https://docs-lawep.s3.us-east-2.amazonaws.com/thematic2f/pw_2/1721909124088.pdf | https://www.drishtiias.com/images/pdf/Monthly%20Current%20Affairs%20Consolidation%20(July%202021)%20%E2%80%93%20Part%20IF.pdf | Brunei Darussalam |