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Insights Daily Current Events, 30 November 2015

Insights Daily Current Events, 30 November 2015

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Paper 2 Topic: Important International institutions, agencies and fora, their structure, mandate.

India re-elected as Member of International Maritime Council

India has been re-elected to the Council of the International Maritime Organization (IMO).

  • India was elected to the IMO council under Category ‘B’ at the 29th session of the Assembly of the IMO held recently in London.
  • India ranks amongst the top twenty ship owning countries of the world in terms of Gross Tonnage as well as Deadweight.

About IMO:

  • The IMO is the United Nations specialised agency with responsibility for the safety and security of shipping and the prevention of marine pollution by ships.
  • It has 171 Member States and three Associate Members.
  • The IMO’s primary purpose is to develop and maintain a comprehensive regulatory framework for shipping and its remit today includes safety, environmental concerns, legal matters, technical co-operation, maritime security and the efficiency of shipping.
  • IMO is governed by an assembly of members and is financially administered by a council of members elected from the assembly.
  • The IMO’s structure comprises the Assembly, the Council, the Maritime Safety Committee, the Marine Environment Protection Committee, the Legal Committee, the Technical Cooperation Committee, and the secretariat, headed by a Secretary-General.

IMO council:

  • The IMO Council acts as the IMO’s Governing Body. It has a crucial role to play in deciding various matters in relation to the global shipping industry, including its work programme strategy and budget.
  • Members of the Council consist of 40 member states, elected by its Assembly including 10 members in category A with the largest interest in providing international shipping services; 10 members in category B with the largest interest in international seaborne trade and 20 members in category C with special interests in maritime transport or navigation.
  • India has been one of the earliest members of the IMO, having ratified its Convention and joined it as a member-state in the year 1959.

sources: pib, imo.

 

Paper 3 Topic: indigenization of technology and developing new technology.

Interceptor boat commissioned

The Indian Coast Guard (ICG) has commissioned an interceptor boat into its fleet to enhance its vigil along the coast in Bay of Bengal. The boat is named ICGS C-422.

About the vessel:

  • ICGS C-422 is among the 36 interceptor boats being built for the Coast Guard. It has been designed and built indigenously by M/s. Larsen and Toubro Ltd.
  • The 27.80-m-long boat can achieve a maximum speed of 45 knots. It is equipped with two diesel engines and will have an endurance of 500 nautical miles. It is also fitted with state-of-the-art communication and navigational equipment.
  • The interceptor boat is capable of undertaking multifarious tasks such as surveillance, interdiction, search and rescue and coordinated operations with sea and air units, sources said.

sources: the hindu.

 

Paper 2 Topic: Appointment to various Constitutional posts, powers, functions and responsibilities of various Constitutional Bodies.

16 CAG reports to be tabled in winter session

The Comptroller and Auditor-General of India has submitted 16 performance and compliance audit reports on various sectors to the Union Finance Ministry, and they will be tabled in Parliament this winter session.

  • The reports include the audit report on paddy procurement and milling for the Central pool.

About CAG:

  • The Comptroller and Auditor General (CAG) of India is an authority, established by the Constitution of India under article 148.
  • CAG audits all receipts and expenditure of the Government of India and the state governments, including those of bodies and authorities substantially financed by the government.
  • The CAG is also the external auditor of Government-owned corporations and conducts supplementary audit of government companies, i.e., any non-banking/ non-insurance company in which the state and Union governments have an equity share of at least 51% or subsidiary companies of existing government companies.
  • The reports of the CAG are taken into consideration by the Public Accounts Committees (PACs) and Committees on Public Undertakings (COPUs), which are special committees in the Parliament of India and the state legislatures.
  • The CAG enjoys the same status as a judge of Supreme Court of India in Indian order of precedence.
  • Appointment: CAG is appointed by the President of India following a recommendation by the Prime Minister. On appointment, he/she has to make an oath or affirmation before the President of India.
  • Removal: The CAG can be removed only on an address from both house of parliament on the ground of proved misbehaviour or incapacity. The CAG vacates the office on attaining the age of 65 years age even without completing the 6 years term.

sources: the hindu, cag.

 

Paper 2 Topic: Statutory, regulatory and various quasi-judicial bodies.

IRDA pulls up life insurers for not highlighting projected rate of return

The Insurance Regulatory and Development Authority (IRDA) has pulled up life insurers for not highlighting the projected rate of return in their traditional product benefit illustrations.

  • IRDA had directed insurers to follow the guidelines and incorporate scenarios taking investment returns of 4% and 8% into account in benefit illustrations in all advertisements “with equal prominence in font size, at the same place and in the same page”.
  • But, some of the advertisements containing illustrations being released in the market are not in tune with the regulations’ spirit. And because of this, prospective policyholders are unable to get a clear picture of the possible returns they stand to earn.

About IRDAI:

  • Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous body which regulates and develops the insurance industry in India.
  • It was constituted by an act of parliament called Insurance Regulatory and Development Authority Act, 1999.
  • The IRDA Act allows private players to enter the insurance sector in India.

sources: et, irdai.