IASTODAY DAILY CAPSULES -General Studies-02

IFSCA becomes member of IOSCO.

Source: PIB

News

  • The International Financial Services Centres Authority (IFSCA) has become an Associate Member of the International Organization of Securities Commissions (IOSCO).

IOSCO

  • The IOSCO is the international organization that brings together the world’s securities regulators, covering more than 95% of the world’s securities markets, and is the global standard setter for the securities sector.
  • IOSCO works closely with the G20 and the Financial Stability Board (FSB) in setting up the standards for strengthening the securities markets. The IOSCO Objectives and Principles of Securities Regulation have been endorsed by FSB as one of the key standards for sound financial systems.
  • The membership of IOSCO would provide IFSCA the platform to exchange information at the global level and regional level on areas of common interests.
  • IOSCO platform would enable IFSCA to learn from the experiences and best practices of the regulators of other well established financial centres.

The IOSCO’s membership is a significant milestone in connecting IFSCA with the regulators of securities markets globally and would contribute immensely towards the development and regulation of the financial products, financial services and financial institutions at the Gujarat International Finance Tec-City International Financial Services Centre.

All serving employees to get “Disability Compensation” , if they get disabled in the line of duty: Dr Jitendra Singh.

Source: PIB

News

  • In a significant New Year announcement, Union Minister of State (Independent Charge) Development of North Eastern Region (DoNER), MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space, informed of the government decision to extend “Disability Compensation” for all serving employees, if they get disabled in the line of duty while performing their service and are retained in service in spite of such disablement.

Disability Compensation

  • New order will particularly provide a huge relief to young Central Armed Police Force (CAPF) personnel like  CRPF, BSF, CISF, etc since disability in performance of duties is generally reported in their case due to constraints of job requirement as well as hostile or difficult work – environment.
  • Pertinent to mention that this new order will remove an anomaly in service rules, considering the hardship faced by the employees, since as per the earlier OM, the provisions of disability benefits under Central Civil Services(CCS) (EOP) Rules did not provide such compensation to those government servants who were appointed on or after 1.1.2004 and covered under National Pension  System (NPS).
  • With the new order issued by the Department of Pensions in the Ministry of Personnel, the employees covered under NPS will also get benefits under Rule (9) of Extra Ordinary Pension (EOP).
  • If a government servant gets disabled while performing his duties and this disablement is attributed to government service, in that case if he is still retained in the service in spite of disablement, a lump sum compensation will be paid to him by arriving at the capitalized value of the disability element, with reference to the Commutation Table in force from time to time.
  • In another employee-friendly decision, the Ministry of Personnel recently did away with minimum qualifying service of 10 years for pension, if a government servant is incapacitated due to bodily or medical infirmity and retired from government service. Accordingly, Rule 38 of CCS (Pension) Rules was amended to provide Invalid Pension at  50% of the last pay, even if the employee had not completed minimum qualifying service of 10 years.
  • In yet another reform in the Pension Rules, a decision was also taken to amend the rule and provide pension at enhanced rate to the family of an employee who died during service before completing the requisite service of minimum 7 years. As a result, now the family pension of 50% of the last pay is also admissible to the family of employees who die even before completing 7 years of service.

Trump extends freeze on H-1B, other work visas; Indian IT professionals to be hit

News

  • US President Donald Trump has extended the freeze on the most sought-after H-1B visas by Indian IT professionals, along with other types of foreign work visas and green cards to protect American workers, saying that the reasons for which he had imposed such restrictions amidst the pandemic has not changed.

Freeze on H-1B visas

  • The freeze on various categories of work visas was ordered by Trump through two proclamations.
  • Restricting immigration has been a focus of the Trump administration since its first days when it issued the travel ban on seven Muslim-majority countries, and it has continued into Trump’s final year in office as the White House uses the coronavirus pandemic as cover.
  • The H-1B visa is a non-immigrant visa that allows US companies to employ foreign workers in specialty occupations that require theoretical or technical expertise. The technology companies depend on it to hire tens of thousands of employees each year from countries like India and China.
  • It would also impact a large number of Indian IT professionals who are seeking renewal of their H-1B visas.

Continuing a 30-year practice, India, Pakistan exchange list of nuclear installations

News

  • Continuing a 30-year practice, India and Pakistan exchanged a list of their nuclear installations under a bilateral arrangement that prohibits the two countries from attacking each other’s atomic facilities.

List of nuclear installations

  • The two countries exchanged the list of nuclear installations and facilities covered under the Agreement on the Prohibition of Attack against Nuclear Installations and Facilities between India and Pakistan, the Ministry of External Affairs (MEA) said.
  • This was done simultaneously through diplomatic channels in New Delhi and Islamabad.
  • The exchange of the list came amid frosty ties between the two countries over the Kashmir issue as well as cross-border terrorism.
  • The agreement was signed on December 31, 1988 and it came into force on January 27, 1991.
  • The pact mandates the two countries to inform each other of the nuclear installations and facilities to be covered under the agreement on the first of January of every calendar year.

This is the 30th consecutive exchange of the list with the first one taking place on January 1, 1992.

India lodges protest with Pakistan over vandalisation of temple in Khyber Pakhtunkhwa

News

  • India has lodged a protest with Pakistan over the vandalisation of a Hindu temple in Karak district in the northwest Pakistani province of Khyber Pakhtunkhwa.
  • The protest was conveyed to Pakistan through diplomatic channels.
  • The temple was vandalised by a mob, protesting against its expansion work.

IASTODAY DAILY CAPSULES -General Studies-03

Massive wildfire engulfs large parts of Dzuko valley on Nagaland-Manipur border

News

  • A large area of the Dzuko valley, situated on the border of Nagaland and Manipur, has been engulfed in a massive wildfire raging for the last few days.

Massive wildfire

  • With the fire gradually spreading towards Manipur, in the direction of Mt. Iso, the state government has sought the assistance of the National Disaster Response Force (NDRF) to bring the situation under control.
  • The state has also requisitioned the Army and the paramilitary forces to assist firefighters in putting out the raging wildfire. Mt. Iso is the highest peak in Manipur.
  • In 2018, a similar fire at the valley triggered tension after Nagaland villagers allegedly detained 15 trekkers from Manipur.

Dzuko valley is known for its scenic beauty, attracting tourists from around the world. The valley is home to ‘Dzuko Lilies’ that aren’t found anywhere else.

Sri Lanka calls for joint patrols to resolve fishing issues with India

News

  • Sri Lanka has called for joint patrols to address the issue of illegal fishing in the northern waters of the country while India insisted on the early release of its fishermen arrested for allegedly poaching in the island nation’s territorial waters, as the two countries held a meeting of the joint working group on fisheries.

Resolve fishing issues

  • During a virtual meeting of the Sri Lanka-India Joint Working Group (JWG) on Fisheries held last month for the fourth time, the two sides discussed the issues related to fishermen.
  • During the meeting, the Sri Lankan delegation underlined the need to address the matter of illegal fishing in its waters by Indian fishermen, which resulted in loss of livelihood and damage to fishing equipment of local fishermen.
  • The Indian side elaborated details in regard to the legal action taken against such practices and the initiatives to encourage South Indian fishermen to engage in deep sea fishing and alternative livelihood,” it said.
  • The Sri Lankan delegation conveyed the need to further enhance the joint patrolling and operationalisation of the hotline between the Law enforcement authorities of the two countries to ensure effective results.
  • The Indian delegation called on the Sri Lankan Government to ensure the early release of recently arrested fishermen by Sri Lankan authorities.
  • The Sri Lankan side assured to facilitate the release of arrested fishermen early, once the legal procedures are completed.

Fishermen from both countries are arrested frequently for inadvertently trespassing into each other’s waters.