Relevance IN - Prelims (about ADB and AIIB) + Mains (GS II international organisations - Important International institutions, agencies and fora- their structure, mandate.)
What's the NEWS

• The Government of India and the Asian Development Bank (ADB) signed a $1.5 billion loan that will support the government's response to the novel coronavirus disease (COVID-19) pandemic.

• Focuses on immediate priorities such as disease containment and prevention, as well as social protection for the poor and economically vulnerable sections of the society, especially women and disadvantaged groups.

• The CARES Programme is provided as the first support to meet the immediate requirements of the government.

• Founded in 1966, is owned by 68 members-49 from Asia-pacific region, the Asian Development Bank's (ADB) headquarter is in Manila, Philippines.
• The Asian Development Bank's primary mission is to foster growth and cooperation among countries in the Asia-Pacific Region.
• The Asian Development Bank provides assistance to its developing member countries, the private sector, and public-private partnerships through grants, loans, technical assistance, and equity investments to promote development.
• The Asian Development Bank's primary mission is to foster growth and cooperation among countries in the Asia-Pacific Region.
• The two largest shareholders of the Asian Development Bank are the United States and Japan.
• Although the majority of the Bank's members are from the Asia-Pacific region, the industrialized nations are also well-represented.
• Regional development banks usually work in harmony with both the International Monetary Fund (IMF) and the World Bank in their activities.

• The Asian Infrastructure Investment Bank (AIIB) has passed the proposal for financing $500-million project in India to strengthen country's national health care systems.
• The scope of funding will also include the purchase of equipment and detection capacity as country battles COVID-19 pandemic.

• The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank with a mission to improve social and economic outcomes in Asia.
• Headquartered in Beijing, it began operations in January 2016 and have now grown to 102 approved members worldwide.
• China is the largest contributor to the AIIB , contributing USD 50 billion, half of the initial subscribed capital. India is the second-largest shareholder, contributing USD 8.4 billion.
• 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 %).
• By investing in sustainable infrastructure and other productive sectors in Asia and beyond, will better connect people, services and markets that over time will impact the lives of billions and build a better future.

Relevance IN - Prelims (about Pitch black) + Mains ( GS II Bilateral relations)
What's the NEWS

• Australia's premier multilateral air combat training exercise Pitch Black 2020 scheduled from July 27 to August 14 has been cancelled due to the COVID-19 situation
• The next edition of Pitch Black is scheduled in 2022.

• In the last edition of Pitch Black in 2018, the Indian Air Force took part in the exercise for the first time and deployed fighter aircraft
• The exercise provides a unique opportunity for exchange of knowledge and experience with these nations in a dynamic warfare environment
• It also provides IAF an opportunity for engagement with different personnel
• The exercise is an opportunity to interact with forces from across the globe

• The defence and strategic engagement with Australia has steadily gone up in recent years especially on the bilateral front with naval cooperation at the forefront.
• The bilateral naval exercise AUSINDEX early last year saw participation of the largest Australian contingent ever to India with over 1,000 personnel.
• The Mutual Logistics Support Agreement (MLSA) has been long pending and is expected to be concluded soon
• A broader maritime cooperation agreement including the Maritime Domain Awareness (MDA) to elevate the existing strategic partnership also on the pipeline
• Australia also made a pitch for trilateral cooperation among India, Australia and Indonesia to "identify new ways that our three countries can collaborate to be the best possible custodians of the Indian Ocean.
• The defence cooperation between India and Australia is underpinned on the Memorandum on Defence Cooperation 2006, the Joint Declaration on Security Cooperation 2009 and the bilateral Framework for Security Cooperation 2014.

• Exercise Pitch Black is a biennial warfare exercise hosted by the Royal Australian Air Force (RAAF).
• The exercise is normally held in Northern Australia, primarily at RAAF Bases
• The aim of the exercise is to practice Offensive Counter Air (OCA) and Defensive Counter Air (DCA) combat, in a simulated war environment.
• It traditionally consists of a 'red team' and a 'blue team' based at separate locations, with one attacking the other.

Relevance IN - Prelims (about IFSC and IFSCA - objective + benefits) + Mains (GS III Economic developments)
What's the NEWS

• The finance ministry has established the International Financial Services Centres Authority (IFSCA) through a notification
• The body will be headquartered in Gandhinagar in Gujarat, as per the notification.

• The government has established a unified authority to regulate all financial services in International Financial Services Centres (IFSCs) in the country.
• Currently, the banking, capital markets and insurance sectors in IFSC are regulated by multiple regulators such as Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI) and Insurance Regulatory
• The notification brings into effect certain provisions of the IFSCA Act, 2019, related to its functioning
• The main function of the authority will be to regulate financial products such as securities, deposits or contracts of insurance, financial services, and financial institutions which have been previously approved by any appropriate regulator in an IFSC.
• As per the Act, the regulators include SEBI, RBI, IRDAI and the The Pension Fund Regulatory and Development Authority.

• The IFSCA consists of 9 members that are appointed by the Government of India with a term of three years.
• The IFSCA will comprise a chairperson, and one member each nominated by the regulators (SEBI, RBI, IRDAI and the The Pension Fund Regulatory and Development Authority.)
• There will also be two members from the central government and full-time or part-time members.

• Gujarat International Finance Tec-City Co. Ltd is being developed as the country's first international financial services centre (IFSC).
• An IFSC caters to customers outside the jurisdiction of the domestic economy.
• Such centres deal with flows of finance, financial products and services across borders.
• IFSC is a jurisdiction that provides financial services to resident and non-resident Indians in foreign currencies.
• GIFT IFSC will be a deemed foreign territory dealing in foreign currency.
• The units in IFSC will be recognised as non-resident entity under the FEMA regulations of Reserve Bank of India.

• Fund-raising services for individuals, corporations and governments
• Asset management and global portfolio diversification undertaken by pension funds, insurance companies and mutual funds
• Wealth management
• Global tax management and cross-border tax liability optimization
• Risk management operations such as insurance and reinsurance
• Merger and acquisition activities among trans-national corporations

Relevance IN - Prelims (about World Intellectual Property day + about WIPO) + Mains ( GS III issues relating to intellectual property rights)

Know! all about World Intellectual Property day

• The event was established by the World Intellectual Property Organization (WIPO) in 2000 to "raise awareness of how patents, copyright, trademarks and designs impact on daily life" and "to celebrate creativity, and the contribution made by creators and innovators to the development of societies across the globe
• 26 April was chosen as the date for World Intellectual Property Day because it coincides with the date on which the Convention Establishing the World Intellectual Property Organization entered into force in 1970.
• Every year, April 26 marks World Intellectual Property Day, when thousands of people around the globe celebrate the role that intellectual property (IP) rights play in encouraging innovation and creativity.
• This year's World IP Day has taken a closer look at green innovation and sustainable technology, under the timely theme "Innovate for a Green Future".

World Intellectual Property Organization

• The World Intellectual Property Organization (Headquartered in Geneva, Switzerland) is one of the 15 specialized agencies of the United Nations (UN).
• WIPO currently has 193 member states
• WIPO was created to promote and protect intellectual property (IP) across the world by cooperating with countries as well as international organizations.
• It began operations on 26 April 1970 when the convention entered into force, a date commemorated annually as World Intellectual Property Day, which raises awareness of the importance of IP.
• Unlike most UN organizations, WIPO does not rely heavily on assessed or voluntary contributions from member states; 95 percent of its budget comes from fees related to its global services.

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