1. FINFLUENCERS WILL REQUIRE REGISTRATION OR LICENCE FROM SEBI, IRDAI
TAG: GS 3: ECONOMY
THE CONTEXT: In a bid to safeguard consumer interests, the Advertising Standards Council of India (ASCI) has tightened its guidelines for financial social media influencers also known as “finfluencers.”
EXPLANATION:
- The revised guidelines by ASCI comes at a time when SEBI has raised concerns about finfluencers spreading misleading advice regarding investments and stock trading.
- In its revised guidelines, ASCI said that ‘finfluencers’ can now offer investment-related advice only after being registered with the Securities and Exchange Board of India (SEBI).
- The self-regulatory body has also tightened guidelines for influencers who endorse products making health and nutrition-related claims.
- It has said that such influencers must hold relevant qualifications such as medical degrees or certification in nursing, nutrition, dietetics, physiotherapy or psychology.
- They should prominently display their registration number alongside name and qualifications.
- For other financial advice, influencers must possess appropriate credentials such as a licence from the IRDAI and be a qualified as a chartered accountant, hold a company secretaryship, among others.
- The self-regulatory body added that health and financial influencers must give proper disclosure about their qualifications and registration details on all types of promotional material.
- These disclosures should be superimposed on the visuals prominently and upfront, or mentioned as the opening remark in the video.
- Moreover, they are expected to adhere to all disclosure prerequisites as stipulated by financial sector regulators from time to time.
Advertising Standards Council of India (ASCI):
- It was established in 1985 under Section 25 of the Companies Act, 1956.
- It has been defined as a “voluntary, self-regulatory council” which has been registered as a non-profit company.
- The ASCI team consists of a Board of Governors, members of the Consumer Complaints Council and a Secretariat.
- The Board of the ASCI consists of a governor and 16 members, which comprise of members of reputable firms including media agencies, advertisers and other individuals involved with the advertising business.
- The Secretariat consists of 5 members and is headed by the Secretary General.
- The ultimate mission of the ASCI is to promote truthfulness, honesty, public decency, societal standards and to oppose hazardous products.
- The objectives of the ASCI include to “monitor, manage and promote” standards with respect to advertising practices in the country, with a view to ensure the following:
- That advertising claims are presented with truthfulness and honesty, and that no misleading and false claims are made.
- That the advertisements are not made and presented in a manner which is offensive to the general public in India, and that the standards of public agency are followed.
- That no advertisement is made in respect of products or services regarded as hazardous or unacceptable to individuals or to the society.
- That no unfair means are used by anyone player in the market, and that advertisements are made in a competitive manner.
2. UDGAM PORTAL
TAG: GS 3: ECONOMY
THE CONTEXT: The Reserve Bank of India (RBI) recently unveiled a centralised Web Portal UDGAM (Unclaimed Deposits Gateway to Access information) as part of its statement on Development and Regulatory Policies.
EXPLANATION:
- The web portal will aid users to identify their unclaimed deposits/ accounts and enable them to either claim the deposit amount or make their deposit accounts operative at their respective banks.
- Reserve Bank Information Technology Pvt. Ltd. (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and participating banks have collaborated on developing the portal.
- It allows users to search their unclaimed deposits across multiple banks in one place.
- For now, customers of the seven banks listed on the portal, including State Bank of India, Punjab National Bank, Central Bank of India, Dhanlaxmi Bank, South Indian Bank, DBS Bank, and Citibank can start using the UDGAM portal. The search facility for remaining banks on the portal would be made available in a phased manner by October 15, 2023.
- The UDGAM portal only allows users to access the details of the bank account, not the actual funds.
- The proceedings to access unclaimed deposits then continue at the concerned branch of the bank where the deposit is sitting.
- The launch comes months after the RBI started work in April on an AI-enabled web portal that helped users locate unclaimed deposits sitting in bank accounts.
- The RBI said all the bank deposits unclaimed for ten years are transferred to the Depositor Education and Awareness (DEA) Fund.
- Unclaimed deposits, which are 10 years or more, in the public sector banks (PSBs), grew by over 70% between December 2020 and February 2023. Moreover, PSBs transferred INR 35,012 Cr in such deposits to the DEA Fund as of February 2023.
3. INS VINDHYAGIRI
TAG: GS 3: INTERNAL SECURITY, DEFENCE
THE CONTEXT: Recently, The President launched INS Vindhyagiri a frigate, in the series of Project 17A (Alpha) frigates built by the Indian Navy at Kolkata-based Garden Reach Shipbuilders and Engineers (GRSE).
EXPLANATION:
- President said that Project 17A, under which INS Vindhyagiri was developed, reflects the country’s commitment to self-reliance and technological advancement as well as indigenous innovation for developing state-of-the-art technology.
- Following the launch, Vindhyagiri will join its two sister ships INS Nilgiri, INS Udaygiri, at the Outfitting Jetty at GRSE, to progress remaining activities and equipment trials, in the run-up to their delivery and commissioning.
INS Vindhyagiri:
- Vindhyagiri, named after the mountain range in Karnataka, is the sixth ship of the Project 17A program.
- These warships are follow-ons of the Project 17 Class Frigates (Shivalik Class), with improved stealth features, advanced weapons and sensors and platform management systems.
- Vindhyagiri’, a technologically advanced Frigate, pays a befitting tribute to the distinguished service of its predecessor, the erstwhile INS Vindhyagiri, the Leander Class ASW Frigate.
- The old Vindhyagiri in its nearly 31 years of service from July 1981 to Jun 2012, had witnessed various challenging operations and multinational exercises.
- The newly christened Vindhyagiri stands as a symbol of India’s determination to embrace its rich naval heritage while propelling itself towards a future of indigenous defence capabilities.
What is Project 17A of the Indian Navy?
- Project 17 Alpha frigates (P-17A) were launched by the Indian Navy in 2019. Project 17A Frigates are the follow-on class of the Project 17 (Shivalik Class) Frigates, with improved stealth features, advanced weapons and sensors and platform management systems.
- The project was launched by the defence forces of India to construct a series of stealth guided-missile frigates, which are currently being constructed by two companies – Mazagon Dock Shipbuilders (MDL) and Garden Reach Shipbuilders & Engineers (GRSE).
- Under the Project 17A program, a total of four ships by Mazagon Dock Ltd (MDL) and three ships by GRSE are under construction. The project’s first five ships have been launched by the MDL and GRSE between 2019 and 2022.
- The ships have been named as INS Nilgiri, INS Himgiri, INS Udaygiri, INS Dunagiri, INS Taragiri, INS Vindhyagiri and INS Mahendragiri after the names of hill ranges in India.
- Project 17A ships have been designed in-house by the Indian Navy’s Warship Design Bureau, the pioneer organization for all warship design activities.
- These guided-missile frigates have been constructed with a specific stealth design, which has radar-absorbent coatings and is low-observable which can make its approach undetectable for the enemies. The new technology also reduces the infrared signals of the ship.
4. SIGNIFICANCE OF THE SULINA CHANNEL FOR UKRAINE GRAIN TRADE
TAG: GS 2: INTERNATIONAL RELATIONS
THE CONTEXT: The Danube delta has provided Ukraine with an alternative passage for its grain after Russia withdrew from the Black Sea grain deal.
EXPLANATION:
- The Sulina Channel is particularly significant in this ‘new’ trading route.
- The deal, which was brokered by the UN and Turkey, used to provide grain-carrying cargo ships a safe route to and from the Ukrainian Black Sea ports of Odessa, Chornomorsk, and Pivdennyi.
DANUBE RIVER
- The Danube is the second largest river of Europe.
- It has historically been crucial for the movement of freight.
- The river starts to expand out into its delta around Tulcea, Romania, some 80 km from the sea.
- This delta has three main channels: Chilia, Sulina, and St. George.
- Only the Sulina Channel, which has been dredged and straightened, is deep and wide enough for the freight transportation.
- It flows through the Germany, Austria, Slovakia, Hungary, Croatia, Serbia, Bulgaria, Romania, Moldova, Ukraine.
- The Danube River is the second-longest river in Europe after the Volga.
SULINA CHANNEL
- Sulina is situated at the mouth of the Danube.
- Sulina Channel is the distributary of Danube with a length of 63 km.
- The Sulina Channel is situated in the eastern part of Romania, near the town of Sulina.
- It connects major Ukrainian ports on the river to the Black Sea, lying completely within the borders of Romania.
CONSTRAINTS OF THE ROUTE
- Russia has desisted from attacking NATO-controlled territories.
- Though continued targeting of Ukrainian ports and grain facilities on the Danube can be crippling.
- Ukraine has historically not used the Danube for grain exports.
- They relied instead on its rail network and Black Sea ports.
- This has meant that the capacity of Ukrainian ports to handle the volume of grain suddenly coming their way is fairly limited.
- Another problem, given the sheer traffic on the Channel, has been congestion at its mouth.
- Boats are having to wait for days before they can enter the Channel, causing major delays in shipping.
- One solution is to transport the grain from Ukraine to Romania via rail and use Romanian ports instead.
- This would lead to considerable loss of revenue in the form of loading fees and other expenses for Ukraine.
5. INTERNATIONAL CROPS RESEARCH INSTITUTE FOR THE SEMI-ARID TROPICS (ICRISAT)
TAG: GS 3: ECONOMY, AGRICULTURE
THE CONTEXT: ICRISAT’s World Vegetable Centre in Hyderabad is helping farmers in crop diversification.
EXPLANATION:
- The World Vegetable Centre under the aegis of ICRISAT is helping farmers from Telangana and across India in diversifying their crop production.
- Recently, the centre has invited the farmers to the centre and made them aware of several strategies like grafting, staking etc.
- Demonstrations were also organised on how to put these strategies to use for better crop production.
- The aim behind the outreach to farmers is to bridge their knowledge gap and encourage them to take up vegetable farming.
- The centre has also been promoting home gardening, urban/semi-urban vegetable cultivation and marketing.
- The centre is also looking at collaborating with the government of Telangana to start home gardens in communities located in Hyderabad.
- According to the centre, the current average daily consumption of vegetables stands at 86 grams in India. This is significantly less compared to FAO standard of daily consumption of 200 grams of vegetables.
- Promotion of vegetable farming by the centre can help reduce the supply-demand gap which can increase the daily consumption of vegetables.
World Vegetable Centre
- The World Vegetable Center (WorldVeg) was established in 1971 as the Asian Vegetable Research and Development Center (AVRDC) in Taiwan.
- The World Vegetable Center conducts research and builds networks.
- It carries out training and promotion activities to raise awareness of the role of vegetables for improved health and global poverty alleviation.
- The Center’s research and development work focuses on breeding improved vegetable lines.
- It also aims at developing and promoting safe production practices, reducing postharvest losses, and improving the nutritional value of vegetables.
- It aims for healthier lives and more resilient livelihoods through greater diversity.
International Crops Research Institute for the Semi-Arid Tropics (ICRISAT)
- It is an international organization which conducts agricultural research for rural development.
- Its headquarters is in Patancheru (Hyderabad, Telangana).
- It was founded in 1972 by a consortium of organisations convened by the Ford and the Rockefeller foundations.
- Its charter was signed by the FAO and the UNDP.
- It is a non-profit, non-political public international research organization that conducts agricultural research for development in Asia and sub-Saharan Africa.
- It has been awarded the 2021 Africa Food Prize, for its work that has improved food security across 13 countries in sub-Saharan Africa.
