CLAT 2025 Current Affairs Weekly Round Up (January 1-7, 2024, Week 1) PDF

1st th to 7 January 2024: Weekly Current Affairs Round Up Polity and Constitution  Constitution of the Sixteenth Finance Commission The Government of India, in adherence to Article 280(1) of the Constitution, has established the Sixteenth Finance C...

1st th to 7 January 2024: Weekly Current Affairs Round Up Polity and Constitution  Constitution of the Sixteenth Finance Commission The Government of India, in adherence to Article 280(1) of the Constitution, has established the Sixteenth Finance Commission, appointing Dr. Arvind Panagariya, former Vice-Chairman of NITI Aayog and Professor at Columbia University, as its Chairman. Specific terms of reference have been outlined, including the distribution of tax proceeds between the Union and States, principles governing grants- in-aid to States, and measures to bolster State funds for local bodies like Panchayats and Municipalities. The Commission has also been tasked with reviewing disaster management financing arrangements under the Disaster Management Act, 2005, and making recommendations for improvements. The Commission has been requested to make its report available by 31st October, 2025.  Finance Commission Article 280 of the constitution of India provides for a Finance Commission. It acts as a quasi-judicial body Constituted by the President of India every fifth year or at such earlier time as he considers necessary. The First Finance Commission was constituted vide Presidential Order dated 22.11.1951 under the chairmanship of Shri K.C. Neogy on 6th April, 1952. The Constitution of India envisages the Finance commission as the “balancing wheel of fiscal federalism in India”.  Composition and Qualification of Members Comprises Chairman and 4 members appointed by the PRESIDENT Hold office for such a period as specified by the President. Chairperson and members are eligible for reappointment. Chairman: Person having experience in public affair Members: 1) Judge of a high court or qualified to be appointed as one. 2) Specialized knowledge of finance and accounts of the government. 3) Wide experience in financial matters and in administration 4) Special knowledge of economics. REASON BEHIND THE CONSTITUTION PROVIDE FOR SHARING OF TAX PROCEEDS Under the federal structure envisaged in the Constitution, most of the taxation powers are with the Centre but the bulk of spending is done by the states. Such a federal structure requires transfer of resources from the Centre, which levies and collects the big taxes such as income tax and indirect taxes like excise and customs, to the states.  Miscellaneous Facts 14th Finance Commission (2015-2020) Chaired by – Mr. Y.V Reddy (former RBI Governor) Govt. accepted recommendations of 14th FC Increase the devolution of tax receipts from center to states from 32% to 42%. 15th Finance Commission (2020-2025) Chaired by – N. K. Singh First Finance Commission post rollout of GST regime. The recommendation of the commission will commence from 1st April 2020 to 31st March 2025.  Places of Worship Act 1991 The Allahabad High Court's recent stance in the Gyanvapi case suggests that the Places of Worship Act, 1991 does not clarify “religious character of any place of worship” and can only be determined in a trial, based on documentary and oral evidence, on a case-to-case basis. The Places of Worship Act,1991 bars the conversion of religious sites into places of worship for a different religion or sect. It also mandates preserving the religious identity of any place of worship as it stood on 15th August, 1947. The disputed site at Ayodhya was exempted from the Act. Due to this exemption, the trial in the Ayodhya case proceeded even after the enforcement of this law.  The Gyanvapi case is a legal battle concerning the ownership and religious identity of Varanasi's Gyanvapi complex, housing both a mosque and a temple. Hindu plaintiffs argue that the entire area, including the mosque site, was originally a temple dedicated to Swayambhu Lord Adi Vishweshwar. They claim that this temple, once on the Gyanvapi plot, was demolished by Emperor Aurangzeb in 1669.  PM National Relief Fund PMNRF was instituted in 1948 by then Prime Minister Jawaharlal Nehru, to assist displaced persons from Pakistan. The fund is currently used to provide support to people affected by natural and man-made disasters. This includes natural disasters like floods, cyclones, and earthquakes, and man-made disasters like major accidents, acid attacks, and riots. The fund consists entirely of public contributions and does not get any budgetary support. The corpus of the fund is invested with banks in fixed deposits. Disbursements are made with the approval of the Prime Minister. All donations towards the PMNRF are notified for 100% deduction from taxable income under Section 80G of the Income Tax Act, 1961.  Peace Pact with ULFA The pro-talks faction of the United Liberation Front of Assam (ULFA) signed a tripartite peace deal with the Centre and the Assam government recently. Background: From the 19th century, Assam's rich culture faced challenges due to an influx of migrants drawn by its thriving tea, coal, and oil industries. This influx, compounded by Partition and then refugees from East Pakistan, heightened insecurity among the indigenous population. Resource competition sparked a six-year mass movement, culminating in the 1985 Assam Accord aiming to address the issue of foreigners in the state.  Origin of ULFA: ULFA was formed in 1979, advocating for an independent Assam through armed struggle against the Indian state. Over a decade, ULFA recruited and trained members in Myanmar, China, and Pakistan, resorting to abductions and executions to establish a sovereign Assam. In 1990, the government's Operation Bajrang resulted in the capture of a large number of ULFA rebels. Terms of Pact ULFA to: Renounce violence and disband their organization. Join the democratic process. Surrender weapons and camps. Government to: Address ULFA's concerns regarding Assamese identity, culture, and land rights. A ₹1.5 lakh crore investment for Assam's holistic development  Assam Accord It was a tripartite accord signed between the Government of India, State Government of Assam and the leaders of the Assam Movement in 1985. The signing of the Accord led to the conclusion of a six-year agitation that was launched by the All Assam Students’ Union (AASU) in 1979, demanding the identification and deportation of illegal immigrants from Assam. It sets a cut-off of midnight of 24th March 1971, for the detection of illegal foreigners in Assam.  National Legal Services Authority NALSA was founded in 1995 under the Legal Services Authorities Act of 1987 to monitor and review the effectiveness of legal aid programs and to develop rules and principles for providing legal services under the Act. Free Legal Aid: Article 39A of the Constitution of India provides that State shall secure that the operation of the legal system promotes justice on a basis of equal opportunity. Articles 14 and 22(1) also make it obligatory for the State to ensure equality before law and a legal system which promotes justice on a basis of equal opportunity to all. What are Legal Services Institutions at Various Levels? National Level: NALSA was constituted under the Legal Services Authorities Act, 1987. The Chief Justice of India is the Patron-in-Chief. Present Executive Chairman: Justice Sanjiv Khanna. State Level: State Legal Services Authority. It is headed by the Chief Justice of the State High Court who is its Patron-in-Chief. District Level: District Legal Services Authority. The District Judge of the District is its ex-officio Chairman.  Taluka/Sub-Division Level: Taluka/ Sub-Divisional Legal Services Committee. It is headed by a senior Civil Judge. High Court: High Court Legal Services Committee Supreme Court: Supreme Court Legal Services Committee. Supreme Court judge Justice BR Gavai has been nominated as the Chairman of the Supreme Court Legal Services Committee (SCLSC), succeeding Justice Sanjiv Khanna. Environment and Science & Technology  Kunming-Montreal Global Biodiversity Framework The Kunming-Montreal Global Biodiversity Framework (GBF) was adopted during the fifteenth meeting of the Conference of the Parties (COP)-15 of CBD following a four year consultation and negotiation process. This historic Framework, which supports the achievement of the Sustainable Development Goals and builds on the Convention’s previous Strategic Plans, sets out an ambitious pathway to reach the global vision of a world living in harmony with nature by 2050.  30 by 30 Target: The declaration made a reference to the '30 by 30' target which is a key proposal being debated at the COP15, that would afford 30% of the Earth’s land and oceans protected status by 2030. Main Targets: The framework consists of four goals for 2050 and 23 targets for 2030. The four goals are: 1)Conserve and restore biodiversity. 2) Ensure sustainable use of biodiversity. 3) Share benefits fairly and equitably. 4) Enable transformative change.  Biodiversity Credits Biodiversity Credits or bio-credits are increasingly being pushed as a means for financing work on the various targets set under the Kunming-Montreal Global Biodiversity Framework (KMGBF). The KMGBF, established at the 15th Conference of Parties (CoP15) of the Convention on Biological Diversity (CBD), sets forth ambitious targets for biodiversity conservation, sustainable utilization, and equitable benefit sharing.  UN Convention on Biodiversity CBD is a legally binding treaty to conserve biodiversity that has been in force since 1993 and has been ratified by 196 nations. It sets out guidelines for countries to protect biodiversity, ensure sustainable use, and promote fair and equitable benefit sharing. It aims at achieving a historic deal to halt and reverse biodiversity loss on par with the 2015 Paris Agreement on climate change. The CBD Secretariat is based in Montreal, Canada. The Parties (Countries) under CBD, meet at regular intervals and these meetings are called Conference of Parties (COP). India enacted Biological Diversity Act in 2002 for giving effect to the provisions of the CBD.  XPoSat Recently, the Indian Space Research Organisation (ISRO) has launched its first X-ray Polarimeter Satellite (XPoSat) to study X-ray polarization and its cosmic sources, like Black holes, Neutron stars, and Magnetars. The mission is propelled by the PSLV-C58 rocket in Low Earth Orbit. The satellite carries two main payloads, POLIX (Polarimeter Instrument in X-rays) and XSPECT (X-ray Spectroscopy and Timing). Entirely built by two Bengaluru-based institutes—ISRO’s UR Rao Satellite Centre and Raman Research Institute.  XPoSat is only the world's second mission dedicated to X-ray polarization in the medium X-ray band. NASA's Imaging X-ray Polarimetry Explorer (IXPE), launched in 2021, was the first such mission by a space agency. XPoSat will be India's third space-based observatory, following the recently launched solar mission Aditya-L1 and AstroSat, which was launched in 2015. AstroSat is the first dedicated Indian astronomy mission aimed at studying celestial sources in X-ray, optical and UV spectral bands simultaneously. It was launched in September, 2015 onboard PSLV-C30 from Satish Dhawan Space Centre, Sriharikota. Mission operations center at ISTRAC Bengaluru manages the task of operating AstroSat.  Aditya L1 into Orbit The Indian Space Research Organisation (ISRO) is set to perform a crucial maneuver to bind Aditya-L1, aiming to place it into orbit around the Lagrangian point (L1), located approximately 1.5 million km from Earth. The launch was conducted using the PSLV-C57 rocket. Placing a satellite in the halo orbit around the L1 point allows continuous observation of the Sun without occultation or eclipse, providing an advantage in monitoring solar activities. Aditya-L1 carries seven payloads to observe the photosphere (the visible surface of the Sun), chromosphere (the second layer between the photosphere and the corona) and the corona (outermost layers of the Sun).  The L1 point is home to the Solar and Heliospheric Observatory Satellite (SOHO), an international collaboration project of National Aeronautics and Space Administration (NASA) and the European Space Agency (ESA). The three collinear Lagrange points (L1, L2, L3) were discovered by the Swiss mathematician Leonhard Euler around 1750, a decade before the Italian-born Joseph-Louis Lagrange discovered the remaining two. The first known objects at Lagrange points were the Trojan asteroids at L4 and L5 in the Jupiter-Sun system. The first Trojan asteroid was discovered in 1906. Trojan Asteroid  Wetland City Accreditation The Ministry of Environment, Forest and Climate Change (MoEF&CC) has recently submitted three nominations from India for the Wetland City Accreditation (WCA). The WCA is a voluntary accreditation system established by the Ramsar Convention during the Conference of the Contracting Parties (COP) 12, 2015 to recognize cities that have taken exceptional steps to safeguard their urban wetlands. The WCA is valid for 6 years. The nominated cities include Indore (Madhya Pradesh), Bhopal (Madhya Pradesh), and Udaipur (Rajasthan). The ongoing Amrit Dharohar initiative by MoEF&CC aligns with WCA goals, promoting the conservation values of Ramsar Sites.  MeitY Launches ERNET India’s Web Portal Ministry of Electronics & IT has recently unveiled ERNET, India's new integrated web portal for educational institutes, offering domain registration, DNS (Domain Name System), and value-added services. The portal includes Website as a Service (WaaS) and Learning Management as a Service (LMaaS), allowing users to create customized websites and Learning Management Systems using various templates. The ERNET India is a not-for-profit scientific society under MeitY. It is the exclusive domain registrar for all the education & research institutes having ‘ac.in’, ‘edu.in’ & ‘res.in’ as domain name.  Square Kilometer Array Observatory (SKAO) Project Union Cabinet approves Rs 1,250 Cr for India's participation in Square Kilometer Array Observatory (SKAO) Project. SKAO is an intergovernmental organisation dedicated to radio astronomy, headquartered in United Kingdom. Two SKA telescopes will be at radio-quiet sites in South Africa and Australia. They will operate as one large unit. They are expected to be operational by 2029. Objectives of SKAO: oUnderstand about the birth of Universe. oDetect Gravitational Waves. oUnderstand the evolution of Galaxies, Dark matter and Cosmic Magnetism.  India joined SKAO in 2012 as an Associate Member and has actively participated in the pre-construction phase of the SKA telescopes. In 2022, the National Centre for Radio Astronomy, Pune and SKAO signed cooperation agreement. Significance for India: oWill allow Indian astronomers direct access to the best radio astronomy facility in the world in the future. oAlso, it will drive growth of technologies several key areas, ranging from antennas and electronics to data and software, including areas like artificial intelligence. Economics and Agriculture  Special Assistance to States for Capital Investment Scheme Context: Out of the Rs 1,67,518.6-crore special assistance (loan) allocated by the Centre under the Scheme for Special Assistance to States for capital expenditure/investment, Uttar Pradesh (UP) has been the highest recipient over the last four years. The Scheme for Special Assistance to States for Capital Expenditure was launched in FY 2020-21 in the wake of Covid-19 Pandemic. Objectives of the Scheme: The scheme is expected to have a higher multiplier effect on the economy by stimulating demand and creating jobs.  Capital Expenditure Capital Expenditure (Capex): It refers to the funds allocated by the government for the acquisition, construction, or improvement of physical assets such as infrastructure, buildings, machinery, and equipment. The capital expenditure presented in the budget does not include the spending by the government on creating capital assets through grants-in- aid to states and other agencies. These grants are classified as revenue expenditure in the budget, but they also contribute to the creation of fixed assets such as roads, bridges, schools, hospitals, etc. Therefore, to capture the true extent of public investment by the central government, a concept of ‘effective capital expenditure’ has been introduced.  PMLA Notice to Offshore Crypto Firms The Financial Intelligence Unit India (FIU-IND) has issued show cause notices to 9 offshore cryptocurrency and virtual digital assets service providers (VDA SPs) including Binance, Kucoin, Huobi for not being compliant with the requisite provisions of the Prevention of Money Laundering Act (PMLA). The Financial Intelligence Unit-India (FIU-IND) performs the same functions as FinCEN in the USA. Under the Finance Ministry, this was set up in 2004 as the nodal agency for receiving, analyzing and disseminating information relating to suspect financial transactions.  The agency is authorized to obtain: 1. Cash transaction reports (CTRs) 2. Suspicious transaction reports (STRs) 3. Cross border wire transfer reports These reports are obtained from private and public sector banks every month. This happens under the Prevention of Money Laundering Act, 2002 (PMLA). PMLA is an Indian law enacted in 2002 to prevent money laundering and related offenses. Money laundering involves making illegally obtained funds appear legitimate or "clean" by integrating them into the financial system. It was enacted in a 2002 response to India’s global commitment (including the Vienna Convention) to combat the menace of money laundering.  Liquid Nano Urea It is urea in the form of a nanoparticle. It is a nutrient (liquid) to provide nitrogen to plants as an alternative to the conventional urea. Urea is a chemical nitrogen fertilizer, white in colour, which artificially provides nitrogen, a major nutrient required by plants. It is developed to replace conventional urea and it can curtail the requirement of the same by at least 50%. Nano liquid urea was launched in June 2021 by the Indian Farmers and Fertiliser Cooperative (IFFCO). It has been indigenously developed at IFFCO- Nano Biotechnology Research Centre, Kalol, Gujrat in line with Atmanirbhar Bharat and Atmanirbhar Krishi.  DRDO India’s Defence Research and Development Organisation (DRDO) commemorated its 66th Foundation Day on January 1, 2024, marking a significant journey of innovation and self-reliance in the country’s defence sector. Year: 1958 Chairman DRDO Dr Samir V Kamat paid floral tributes to the Missile Man of India and former President Dr APJ Abdul Kalam. The theme for the Defence Research and Development Organisation's (DRDO) 66th Foundation Day was "Aatmanirbharta" (self-reliance) in defense production. DRDO is the R&D wing of the Ministry of Defence, Government of India. Its motto is "Balasya mulam vigyanam", which means "The source of strength is Science". International Relations  India started a 4 Year term as a member of United Nations Statistical Commission It was established in 1947 (HQ: New York) and is the highest body of the global statistical system. It brings together the Chief Statisticians from member states from around the world. Functions: It is the highest decision-making body for international statistical activities, responsible for setting statistical standards and the development of concepts and methods, including their implementation at the national and international levels. India was a member of the Statistical Commission last in 2004 and the country is returning to the UN agency after a gap of two decades.  Red Sea and Panama Canal Recent attacks on ships in the Red Sea trade route and the ongoing drought problem at the Panama Canal have raised worries about global trade disruptions. Chemical tanker MV Chem Pluto was struck by a drone attack, approximately 200 nautical miles off Gujarat's coast. MV Chem Pluto is a Liberia-flagged, Japanese- owned, and Netherlands-operated chemical tanker. It had started its journey carrying crude from Al Jubail, Saudi Arabia and was expected to arrive in New Mangalore, India. It is believed to have been carried out by Houthi rebels based in Yemen, citing protest against Israel’s actions in Gaza. Houthi rebels are also engaged in a decade-long civil conflict with Yemen's government. Impact on India: Concerns arise for Indian oil importers and exporters of key commodities like basmati and tea due to disruptions in this critical trade route.  Panama Canal Issue Issue: Due to drought conditions, shipping through the 51-mile stretch of the Panama Canal has decreased by over 50%. A naturally occurring El Nino climate pattern associated with warmer-than- usual water in the central and eastern tropical Pacific Ocean is contributing to Panama's drought. While the Bab-el-Mandeb Strait that leads to the Suez Canal in the Red Sea region connects Asia to Europe, the 100-year-old Panama Canal connects the Atlantic and Pacific Oceans. Both these routes are among the busiest in the world. The canal was built by the United States between 1904 and 1914, and it was officially opened on August 15, 1914. It is owned and administered by the Republic of Panama since the oversight of the Canal was transferred from the United States to Panama in 1999. Ben Gurion Tunnel Recently, there has been renewed interest in the Ben Gurion Canal Project, a proposed 160-mile-long sea-level canal that would connect the Mediterranean Sea with the Gulf of Aqaba, bypassing the Suez Canal.  India-Italy Migration and Mobility Agreement Recently, the Union Cabinet granted ex-post facto approval to the Migration and Mobility Agreement between India and Italy. The agreement is set to strengthen cooperation on issues related to irregular migration while bolstering people-to-people ties between India and Italy. It facilitates mobility for various segments, including students, skilled workers, businesspersons, and young professionals, fostering exchange and collaboration. Temporary Residence for Indian Students: Graduates seeking professional exposure in Italy post-academic or vocational training can secure temporary residency for up to 12 months. Reserved Quotas for Workers: The agreement outlines quotas for non-seasonal and seasonal Indian workers, with a reserved quota range over the years 2023- 2025 under the existing Flows Decree. The Italian government's annual "Flow Decree" (Decreto Flussi) sets the maximum number of non-EU citizens who can enter Italy for work and self-employment.  Pegasus Software Recent reports by Amnesty International point to its (Pegasus) utilization in targeting the phones of two prominent Indian journalists, prompting inquiries into potential government involvement. Amnesty International is a global movement of more than 10 million people who are committed to creating a future where human rights are enjoyed by everyone. Pegasus spyware is a highly invasive mobile surveillance tool that can secretly infiltrate and monitor smartphones, collecting data and information from various apps and sources. It was developed by the Israeli cyber-intelligence firm NSO Group, which claims to sell it only to government agencies for fighting crime and terrorism.  Lithium Deal with Argentina Ministry of Mines, Government of India through the state-owned Khanij Bidesh India Ltd (KABIL), has entered into a draft exploration and development agreement with Argentinan miner CAMYEN for possible acquisition and development of five-odd lithium blocks. The company has also entered into a non-disclosure agreement with Chilean miner ENAMI for “possible exploration, extraction, processing and commercialisation” of the mineral. Lithium is an alkali mineral, also called ‘white gold’. It is soft, silvery- white metal, the lightest metal of the periodic table. Major Properties: High Reactivity, Low Density, Excellent Electrochemical Properties.  Lithium triangle made up of Argentina, Chile, and Bolivia—contain roughly half the world's known lithium. Months after lithium reserves were discovered in Jammu & Kashmir (Reasi), Rajasthan (Degana-Nagaur), and Karnataka (Mandya), it is now being reported that a reserve of the cosmic mineral has been discovered in Jharkhand as well. Lithium is a critical component of the energy transition and is used in electric vehicles, cellphones, and rechargeable batteries for laptops. EV carmakers prefer lithium-ion batteries because they're lightweight and can be quickly recharged. India UAE Joint Exercise “Desert Cyclone” 2024 India and UAE will hold 'Desert Cyclone 2024' joint military exercise in Rajasthan from 2nd January to 15th January, 2024. The exercise aims to enhance interoperability by learning & sharing best practices in Urban Operations. It is also expected to not only strengthen the defense ties between India and the UAE but also contribute to the broader goal of fostering regional peace and security. India has also been a regular participant at the biennial International Defence Exhibition (IDEX) in Abu Dhabi.  Qatari Court Decision on Indian Naval Personnel Qatar has commuted the death sentence for eight Indian Navy veterans and turned that into a “varying quantum” of jail terms. The jailed former Indian Navy personnel in Qatar have been given 60 days to appeal against the varying prison terms. Commutation of a death sentence refers to the reduction or change of a death penalty to a less severe punishment. The eight Indians, whose death sentences are commuted, now qualify for repatriation to India. This falls under the 2015 Bilateral Agreement with Qatar, permitting prisoners to serve their terms in their home country.  BRICS Expansion Recently, during the 15th BRICS summit held in Johannesburg, it was announced that the existing five-member BRICS grouping, consisting of Brazil, Russia, India, China, and South Africa, had taken a significant step by inviting six new countries to join. These new invitees are Iran, Saudi Arabia, and the United Arab Emirates (UAE) from West Asia; Egypt and Ethiopia from Africa; and Argentina from Latin America. NOTE: Argentina has formally withdrawn from the expansion of the BRICS bloc. New far-right president Javier Milei has followed through on an election promise to reverse the country's decision to join.  History of BRICS The acronym "BRIC" was initially formulated in 2001 by economist Jim O'Neill, of Goldman Sachs, in a report named “Building Better Economic BRIC” on growth prospects for the economies of Brazil, Russia, India, and China. In 2006, leaders of the BRIC countries met on the margins of a G-8 (now called G-7) summit in St. Petersburg, Russia, and BRIC was formalized that year. Shortly afterward, in September 2006, the group was formalized as BRIC during the 1st BRIC Foreign Ministers’ Meeting, which met on the sidelines of the General Debate of the UN Assembly in New York City.  History of BRICS BRIC started as an informal grouping in 2006 on the margins of the G8 outreach summit. Originally the first four were grouped as "BRIC" before the induction of South Africa in 2010. South Africa was invited to join BRIC in December 2010, after which the group adopted the acronym BRICS.  Important BRICS Summit Year Summit Host Importance 2009 Yekaterinburg, Russia First Summit 2011 Sanya, China S Africa attended the first summit 2012 New Delhi, India First Summit in India 2014 Fortaleza, Brazil New Development Bank; Contingency Reserve Arrangement 2016 Goa, India 2018 Johannesburg, South Africa BRICS PartNIR (Partnership for New Industrial Revolution) IR 4.0 2019 Brasilia, Brazil First city to hold two BRICS Summit 2021 New Delhi, India (Virtual) 2022 China (Virtual) Beijing Declaration 2023 South Africa  BRICS Summit 2022 About: BRICS Summit 2022 was convened under the Chairmanship of President Xi Jinping of China on 23-24 June 2022, in a virtual format. BRICS 2022 theme: XIV BRICS Summit was held under the theme “Foster High-quality BRICS Partnership, Usher in a New Era for Global Development”.  New Development Bank NDB is headquartered in Shanghai. At the Fourth BRICS Summit in New Delhi (2012) the possibility of setting up a new Development Bank was considered to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging economies, as well as in developing countries. During the Sixth BRICS Summit in Fortaleza (2014) the leaders signed the Agreement establishing the New Development Bank (NDB). Fortaleza Declaration stressed that the NDB will strengthen cooperation among BRICS and will supplement the efforts of multilateral and regional financial institutions for global development thus contributing to sustainable and balanced growth.  All the Five countries contributed equally: 20 Billion Dollars Each First President of NDB: KV Kamath Present President: Marcos Prado Troyjo Membership Expanded: Bangladesh Uruguay UAE Egypt Headquarters: Shanghai, China First Regional Office: Johannesburg (South Africa) Other regional offices: Sao Paulo (Brazil); Moscow (Russia); GIFT City (India: To be opened) Union Minister of Finance & Corporate Affairs and India’s Governor for the New Development Bank (NDB) chaired the 7th Annual Meeting of Board of Governors of NDB (New Development Bank). Theme for the Annual Meeting was “NDB: Optimizing Development Impact”. Asian Infrastructure and Investment Bank (NOT A BRICS Initiative) Former Reserve Bank of India (RBI) governor Urjit Patel has been appointed vice president of the Beijing based Asian Infrastructure Investment Bank (AIIB). Jin Liqun is currently the President of the AIIB. Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank with a mission to improve social and economic outcomes in Asia and beyond. The bank started operations in 2016. China is the largest shareholder with 26.61 % voting shares in the bank followed by India (7.6%), Russia (6.01%) and Germany (4.2 %).  Contingency Reserve Arrangement Considering the increasing instances of global financial crisis, BRICS nations signed BRICS Contingent Reserve Arrangement (CRA) in 2014 as part of Fortaleza Declaration at Sixth BRICS summit. The BRICS CRA aims to provide short-term liquidity support to the members through currency swaps to help mitigating BOP crisis situation and further strengthen financial stability. The initial total committed resources of the CRA shall be one hundred billion dollars of the United States of America (USD 100 billion). It would also contribute to strengthening the global financial safety net and complement existing international arrangements (IMF).  IBSA IBSA Trilateral Ministerial Commission held recently. IBSA or G3 grouping was formalized and named the IBSA Dialogue Forum through Brasilia Declaration in 2003. Members are democracies and major economies from three different continents, facing similar challenges. It is based on the spirit of South-South Cooperation or SSC (collaboration among developing countries.). India will be hosting the 6th IBSA Summit on the side-lines of the G20 Summit in November 2022. IBSA Fund for poverty and hunger alleviation developing countries on a demand driven basis. IBSA Business Forum was launched in 2005 and CII coordinates India's participation.  India, Pakistan conduct Annual Exchange of List of Nuclear Installations India and Pakistan has exchanged a list of their nuclear installations that cannot be attacked in case of an escalation in hostilities. The Non-nuclear aggression agreement is a bilateral and nuclear weapons control treaty between India and Pakistan, on the reduction (or limitation) of nuclear arms. Both pledged not to attack or assist foreign powers to attack on each others nuclear installations and facilities. The treaty was drafted in 1988, and signed by PM Rajiv Gandhi and his counterpart Benazir Bhutto on 21 December 1988; it entered into force on January 1991.  Starting in January 1992, India and Pakistan have annually exchanged lists of their respective military and civilian nuclear-related facilities. Need for the treaty: In 1986-87, the massive exercise, ‘Brasstacks’ was carried out by the Indian Army, raising fears of an Indian attack on Pakistan’s nuclear facilities. The treaty barred its signatories from carrying out a surprise attack (or to assist foreign powers to attack) on each other’s nuclear installations and facilities. The treaty provides a confidence-building security measure environment. Society and Culture  PM-JAY PM-JAY is the world’s largest health insurance scheme fully financed by the government. Launched in 2018, it offers a sum insured of Rs.5 lakh per family for secondary care and tertiary care. Health Benefit Packages covers surgery, medical and day care treatments, cost of medicines and diagnostics. Beneficiaries: It is an entitlement-based scheme that targets the beneficiaries as identified by latest Socio-Economic Caste Census (SECC) data.  The National Health Authority (NHA) under the Ministry of Health and Family Welfare has provided flexibility to States/UTs to use non- Socio-Economic Caste Census (SECC) beneficiary family databases with similar socio-economic profiles for tagging against the leftover (unauthenticated) SECC families. Funding: The funding for the scheme is shared – 60:40 for all states and UTs with their own legislature, 90:10 in Northeast states and Jammu and Kashmir, Himachal and Uttarakhand and 100% Central funding for UTs without legislature. Ayushman Bharat Digital Mission: It aims to provide digital health IDs for all Indian citizens to help hospitals, insurance firms, and citizens access health records electronically when required.  Socio-economic Caste Census SECC was conducted for the first time since 1931. Also conducted in 2011. SECC is meant to canvass every Indian family, both in rural and urban India, and ask about their: 1) Economic status, so as to allow Central and State authorities to come up with a range of indicators of deprivation, permutations, and combinations of which could be used by each authority to define a poor or deprived person. 2) It is also meant to ask every person their specific caste name to allow the government to re-evaluate which caste groups were economically worst off and which were better off. SECC has the potential to allow for a mapping of inequalities at a broader level.  Difference between Census and SECC The Census provides a portrait of the Indian population, while the SECC is a tool to identify beneficiaries of state support. W.W.M. Yeatts, Census Commissioner for India for the 1941 Census, had pointed out that “the census is a large, immensely powerful, but blunt instrument unsuited for specialized inquiry.”  Viksit Bharat Sankalp Yatra Recently, the number of Pradhan Mantri Kisan Samman Nidhi (PM- Kisan) scheme beneficiaries has declined by more than 20%, decreasing from a peak of 10.47 crore in April-July 2022 to 8.12 crore. The government's proactive measures, particularly the "saturation drive" initiated under the Viksit Bharat Sankalp Yatra, have added 34 lakh farmers back to the list of beneficiaries. It is a nationwide campaign to raise awareness through outreach activities to achieve saturation of schemes of Govt. of India across the country covering all Gram Panchayats, Nagar Panchayats and Urban Local Bodies.  PM Kisan Samman Nidhi Yojana (PM-Kisan) Financial Benefits: Financial benefit of Rs 6000/- per year in three equal installments, every four month is transferred into the bank accounts of farmers’ families across the country through Direct Benefit Transfer (DBT) mode. Scope of the Scheme: The scheme was initially meant for Small and Marginal Farmers (SMFs) having landholding up to 2 hectares but scope of the scheme was extended to cover all landholding farmers. It is a Central Sector Scheme with 100% funding from the Government of India. It is being implemented by the Ministry of Agriculture and Farmers Welfare. PM-KISAN Mobile App: It was developed and designed by the National Informatics Centre in collaboration with the Ministry of Electronics and Information Technology. Miscellaneous News  Indian Prime Minister inaugurated the newly constructed Maharishi Valmiki International Airport in Ayodhya. Maharishi Valmiki, also known as Adi Kavi (the first poet), is revered as the author of the ancient Indian epic, the Ramayana. He is celebrated as a revered sage and a significant figure in Hindu mythology and literature. Defence Minister of India, inaugurated Samvid Gurukulam Girls Sainik School in Vrindavan, Uttar Pradesh. This significant step reflects the government's commitment to providing equal opportunities for girls in the field of defence. Kerala Government has launched K-SMART (Kerala Solutions for Managing Administrative Reformation and Transformation) application, which will bring all services of the three-tier local self- government institutions on a unified digital platform.  Kyrgyzstan has officially declared the Snow Leopard(Panthera uncia) as its national symbol, signifying its commitment to conservation and ecological balance. World Braille Day, celebrated annually on 4th January, since 2019, is observed to raise awareness of the importance of Braille as a means of communication in the full realization of the human rights for blind and partially sighted people. Braille (named after its inventor in 19th century France, Louis Braille) is used by blind and partially sighted people to read the same books and periodicals as those printed in a visual font. Trade Policy Tools for Climate Action is a publication by the WTO Secretariat that examines trade policies that governments can consider as part of their strategies for climate change mitigation and adaptation.  The KLI-SOFC project extends submarine cable connectivity from Kochi to eleven Lakshadweep Islands, including Kavaratti, Agatti, and Minicoy. The project aims to provide high-speed wireline broadband connectivity through FTTH and 5G/4G Mobile networks to the Lakshadweep Islands population. Funded by the Universal Services Obligation Fund (USOF), Department of Telecommunication. Indian Navy Marine Commandos (MARCOS) successfully thwarted a pirate hijacking attempt on a Liberian-flagged vessel in the North Arabian Sea. MARCOS, formally the Marine Commando Force (MCF), is the Indian Navy’s elite special forces unit formed in 1987. It is modelled on the US Navy SEALS and has its Motto: ‘The few, The fearless’. MARCOS operates by sea, air, and land, collaborating with the Indian Army, especially in Kashmir. Stay LAWgical & Stay Ahead with VIDHIGYA