1. DANCING FROGS OF WESTERN GHAT
TAG: GS 3: ENVIRONMENT AND ECOLOGY
THE CONTEXT: Dancing frogs of Western Ghat are among the most threatened amphibians globally.
EXPLANATION:
- According to the Wildlife Trust of India, Dancing frogs are the most threatened amphibian genus of India.
- The world is facing a critical Amphibian crisis with 41 percent of species on the brink of extinction.
- The Western Ghats, a biodiversity hotspot spread across Kerala, Karnataka and Tamil Nadu is rich in amphibian diversity.
- About Dancing frogs:
- Dancing frogs belong to the Micrixalus genus and there are about 24 frog species in this family. It is also known as the Kottigehar dancing frog.
- The dancing frogs are endemic to the Western Ghats
- IUCN Status: Critically Endangered
- Only the males dance.
- Habitats: Their preferred habitats are shola grasslands, myristica swamps and evergreen forests within the Western Ghats, where they mainly reside near slow-moving perennial streams.
- Breeding:
- The males stretch up their hind legs one at a time and wave their webbed toes in the air in a rapid motion akin to a dance.
- This is to attract mates as well as ward off competition, probably preferred because their mating calls are drowned out by the gurgling of the streams.
- This act is called “foot flagging” and gives the species their name.
- Threats: They are threatened by invasive species like the mosquito fish, land use change, variation in temperature and humidity, extreme weather events such as floods and excess rainfall, infectious diseases, water pollution, light pollution, and infrastructure projects such as dams.
2. ELECTORAL BOND
TAG: GS 2: POLITY
THE CONTEXT: The Supreme Court fixed October 31 for hearing a slew of petitions challenging the electoral bonds scheme.
EXPLANATION:
- A petition filed in the Supreme Court against the legality and transparency of Electoral bonds.
- The petition is filed on the basis of two main issues concerning the electoral bonds scheme:
- The legalisation of anonymous donations to political parties.
- The violation of citizens’ right to information about the funding of political parties, promoting corruption.
- The above two issues are violating Articles 19, 14 and 21 of the Constitution.
Electoral bond:
- An electoral bond is like a promissory note that can be bought by any Indian citizen or company incorporated in India from select branches of State Bank of India.
- The bonds are similar to bank notes that are payable to the bearer on demand and are free of interest.
- An individual or party will be allowed to purchase these bonds digitally or through cheque.
- The electoral bond will be valid only for fifteen days.
When was the electoral bond introduced?
- The electoral bond scheme was first announced during the 2017 budget session.
- It was notified in January 2018 as a source of political funding by way of money bills introducing amendments in the Finance Act and the Representation of the People Act.
Use of electoral bond:
- Using electoral bonds is quite simple.
- The bonds will be issued in multiples of Rs 1,000, Rs 10,000, Rs 100,000 and Rs 1 crore (the range of a bond is between Rs 1,000 to Rs 1 crore).
- A donor with a KYC-compliant account can purchase the bonds and can then donate them to the party or individual of their choice.
- Now, the receiver can encash the bonds through the party’s verified account.
Eligibility for foreigners:
- The Finance Act, 2016 was amended the Foreign Contribution Regulation Act, 2010, to allow foreign companies with subsidiaries in India to fund political parties in India.
Tax exemption:
- Donations made under an electoral bond scheme by companies and even foreign entities enjoy 100% tax exemption, while identities of the donors are kept confidential both by the bank as well as the recipient political parties.
Benefits:
- Electoral bonds are a more transparent tool than cash because the contributor acquires them after providing the bank with their KYC information.
- The short 15-day life of these bonds limits the potential for abuse.
- Political parties must provide the Election Commission with information about contributions made through electoral bonds. As a result, the bonds contribute to the improvement of India’s electoral financing system.
Challenges:
- It is an obscure funding system which is unchecked by any authority.
- There is no cap on how much a company or individual can donate to a political party.
- Anonymity of donors under the scheme makes the process opaque instead of meeting its aim of bringing about transparency.
- The bonds are sold via a government-owned bank (SBI), leaving the door open for the government to know exactly who is funding its opponents.
- It violates the Right to Information of Citizens.
- By allowing foreign companies it effectively exposing Indian politics and democracy to international lobbyists.
3. PROMPT CORRECTIVE ACTION FRAMEWORK
TAG: GS 3: ECONOMY
THE CONTEXT: RBI extends prompt corrective action framework to government NBFCs.
EXPLANATION:
- The Reserve Bank of India has decided to extend the ‘prompt corrective action (PCA) framework for non-banking financial companies (NBFCs)‘ to government NBFCs.
- The PCA Framework for NBFCs came into effect from October , 2022.
Prompt Corrective Action (PCA) framework:
Reserve Bank of India had introduced a Prompt Corrective Action Framework (PCA) for Scheduled Commercial Banks in 2002 and the same has been reviewed from time to time based on the experience gained and developments in the banking system.
Objective:
- The objective of the PCA Framework is to enable supervisory intervention at appropriate time and require the supervised entity to initiate and implement remedial measures in a timely manner, so as to restore its financial health.
- The framework is also intended to act as a tool for effective market discipline. It does not preclude the apex bank from taking any other action as it deems fit at any time in addition to the corrective actions prescribed in the Framework.
PCA framework for NBFCs:
- NBFCs have been growing in size and have substantial interconnectedness with other segments of the financial system.
- Accordingly, it has now been decided to put in place a PCA Framework for NBFCs to further strengthen the supervisory tools applicable to NBFCs.
- The PCA Framework for NBFCs, as contained in the enclosed Annex, comes into effect from October 1, 2022, based on the financial position of NBFCs.
Actions taken under PCA framework:
4. PM CARES FUND
TAG: GS 2: POLITY, GOVERNANCE, SOCIAL JUSTICE.
THE CONTEXT: State of Rajasthan alleged that there is discrimination in the treatment of the CM Relief Fund as compared to the PM CARES Fund in the context of Corporate Social Responsibility (CSR).
EXPLANATION:
- The State of Rajasthan had raised concerns over excluding the CM Cares Fund as a CSR activity under Schedule 7 of the Companies Act, 2013, while the PM Cares Fund enjoys such recognition.
- An original suit filed by the State of Rajasthan under Art 131 of the Constitution challenging the Union of India challenging the exclusion of CM Relief Fund from CSR Activity.
- State of Rajasthan formed a separate Rajasthan CMRF COVID-19 Mitigation Fund (CMRF). This fund functioned as a specialized account within the Chief Minister Relief Fund, with a clear focus on addressing the negative consequences of COVID-19.
- However, the Ministry of Corporate Affairs did not include in Schedule VII of the Companies Act, 2013 and therefore any contribution to such funds shall not qualify as admissible CSR Expenditure.
About PM CARES fund:
- The Prime Minister’s Citizen Assistance and Relief in Emergency Situation (PM-CARES) Fund has been set up to provide relief to those affected by any kind of emergency or distress situation.
- PM CARES Fund has been registered as a Public Charitable Trust. The trust deed of PM CARES Fund has been registered under the Registration Act, 1908 at New Delhi on 27th March, 2020.
- Prime Minister is the ex-officio Chairman of the PM CARES Fund and Minister of Defence, Minister of Home Affairs and Minister of Finance, Government of India are ex-officio Trustees of the Fund.
- The fund consists entirely of voluntary contributions from individuals/organizations and does not get any budgetary support. The fund will be utilized in meeting the objectives as stated above.
- Donations to PM CARES Fund would qualify for 80G benefits for 100% exemption under the Income Tax Act, 1961.
- Donations to PM CARES Fund will also qualify to be counted as Corporate Social Responsibility (CSR) expenditure under the Companies Act, 2013
- PM CARES Fund has also got exemption under the FCRA and a separate account for receiving foreign donations has been opened. This enables PM CARES Fund to accept donations and contributions from individuals and organizations based in foreign countries.
Corporate Social Responsibility(CSR):
- Corporate Social Responsibility is a management concept whereby companies integrate social and environmental concerns in their business operations and interactions with their stakeholders.
- All businesses that have a net worth of at least Rs 500 crore, a revenue of at least Rs 1 billion, or a net profit of at least Rs 5 crore are expected to devote 2% of their annual profits, on average, to CSR initiatives.
- According to the updated CSR regulations, businesses may put aside CSR expenses that exceed the minimum 2% requirement in any fiscal year against mandatory expenses for up to three financial years.
Chief Minister’s relief fund:
- The Chief Minister’s relief fund aims at providing immediate relief to the people in distress in the State as well as in the country.
- The Chief Minister Relief fund provides financial assistance to the people affected by the major natural calamities like flood, drought, fire accident etc.
- It also provides financial assistance to the economically weaker citizens for treatment of some of the major diseases.
- This fund was specifically designed to counter the adverse impacts of COVID-19 and had a separate account for funds.
5. MULTINATIONAL SECURITY MISSION OF UNITED NATION
TAG: GS 2: INTERNATIONAL RELATION
Context: Haiti approached the United Nations seeking urgent help to combat deadly gang violence.
Explanation:
- Haiti has experienced a surge in violence over the past year as armed groups (G-9) took control of large parts of the country, including the capital Port-au-Prince.
- Haiti has approached the United Nations seeking urgent help to combat deadly gang violence in the country.
- The United Nations Security Council (UNSC) has approved international intervention in the form of multi-national security mission (MSS) to restore security, protect critical infrastructure and control spiralling violence in the country.
- The multi-national security mission (MSS) will not be operated by the United Nations.
- However, Kenya has volunteered to lead the force. Other countries like the Bahamas, Jamaica and Antigua and Barbuda have also offered support.
Multinational security mission:
- A multinational security mission is a military or police operation that is conducted by two or more countries.
- Multinational security missions are often carried out under the auspices of an international organization, such as the United Nations or the North Atlantic Treaty Organization (NATO).
- Multinational security missions can be used for a variety of purposes:
- Maintaining or restoring peace and security in a conflict zone.
- Protecting civilians from harm.
- Promoting democracy and human rights.
- Combating terrorism and other transnational crimes.
- Providing humanitarian assistance.
- Multinational security missions can be complex and challenging. Multinational missions must coordinate the efforts of different countries, which can be a challenge.
- However, multinational security missions can be an effective way to address global security challenges. By working together, countries can bring more resources and expertise to bear on a problem.
Examples of multinational security missions:
- The United Nations peacekeeping mission in the Democratic Republic of the Congo (MONUSCO)
- The NATO-led International Security Assistance Force (ISAF) in Afghanistan
- The European Union-led Operation Atalanta to combat piracy off the coast of Somalia
- The African Union Mission in Somalia (AMISOM)
About “G9 and Family”:
- The “G9 and Family” (G9 fanmi e alye) is a criminal federation of over a dozen gangs based in Port-au-Prince, Haiti.
- It was founded in June 2020 by former police officer turned gang leader Jimmy Chérizier, alias “Barbecue.”
- The G9 has emerged as one of the most powerful gangs in Haiti, and controls large swaths of territory in the capital city.
- The group has been accused of a wide range of crimes, including murder, kidnapping, extortion, and drug trafficking.
- The G9 has also been linked to Haitian politics and has been accused of carrying out assassinations and other attacks on behalf of politicians. The group has also been accused of manipulating elections.
What is the United Nations Stabilisation Mission in Haiti (MINUSTAH)?
- The United Nations Stabilisation Mission in Haiti (MINUSTAH) was a peacekeeping operation established by the United Nations Security Council on April 30, 2004, to help Haiti recover from a rebellion and coup that had ousted President Jean-Bertrand Aristide.
- The mission was authorized to use all necessary means to protect civilians and promote political stability.
- MINUSTAH was deployed to Haiti on June 1, 2004, and remained in the country for over 13 years. During its time in Haiti, MINUSTAH played a significant role in helping to stabilize the country and support the democratic process.
- The mission also helped to improve security conditions and provide humanitarian assistance to the Haitian people.
