Daily Current Capsules

28th September 2020

Prelims Factoids

Shanti Swarup Bhatnagar Prize

Relevance IN - Prelims ( about Shanti Swarup Bhatnagar Prize)

What's the NEWS

• The names of 12 scientists who received the country's highest science award Shanti Swarup Bhatnagar Prize for 2020 were announced during the foundation day of the Council for Scientific and Industrial Research (CSIR)

• The Shanti Swarup Bhatnagar Prize for Science and Technology (SSB) is a science award in India given annually by the Council of Scientific and Industrial Research (CSIR) for notable and outstanding research, applied or fundamental, in biology, chemistry, environmental science, engineering, mathematics, medicine and Physics.
• The prize recognizes outstanding Indian work (according to the view of CSIR awarding committee) in science and technology.
• It is the most coveted award in multidisciplinary science in India.
• The award is named after the founder Director of the Council of Scientific & Industrial Research, Shanti Swarup Bhatnagar. It was first awarded in 1958.
• Any citizen of India engaged in research in any field of science and technology up to the age of 45 years is eligible for the prize.
• The prize comprises a citation, a plaque, and a cash award of ₹5 lakh (US$7,000).In addition, recipients also receive Rs. 15,000 per month up to the age of 65 years.

Social Issues
National Child Labour Project (NCLP) Scheme


Relevance IN - Prelims ( about NCLP + about Pencil Portal + Child Labour act) + Mains ( GS II Social Issues + government policies and interventions)

What's the NEWS

• On the basis of available data and the data uploaded as on date on Pencil Portal since its launch in 2017, the total number of children mainstreamed through Special Training Centers set up under National Child Labour Project (NCLP) Scheme, is 13.63 lakh, since the inception of the scheme.

• The Ministry of Labour and Employment is implementing the NCLP Scheme since 1988 for rehabilitation of child labourers.

• Under the NCLP, the children in the age group of 9-14 years are rescued/ withdrawn from work and enrolled in the NCLP Special Training Centres, where they are provided with bridge education, vocational training, mid-day meal, stipend, health care, etc. before being mainstreamed into formal education system.

• The children in the age group of 5-8 years are directly linked to the formal education system through a close coordination with the Samagra Shiksha Abhiyan.

• The Child Labour (Prohibition & Regulation) Amendment Act, 2016 which came into force with effect from 1.9.2016, provides for complete prohibition of work or employment of children below 14 years of age in any occupation and process and prohibition of adolescents in the age group of 14 to 18 years in hazardous occupations and processes.
• The Amendment Act also provides for stricter punishment for employers for violation of the Act and has made the offence as cognizable.
• However, in exception to the above provision of the Act, certain exceptions have been made where a child:-
• helps his family or family enterprises, which is other than any hazardous occupations or processes set forth in the Schedule of the amended Act, after his school hours or during vacations;
• where the child works as an artist in an audiovisual entertainment industry, including advertisement, films, television serials or any such other entertainment or sports activities except the circus, subject to certain conditions and safety measures and also that no such work under the clause affects the school education of the child.

• The Platform for Effective Enforcement for No Child Labour (PENCIL) has been launched by the Ministry of Labour and Employment, Government of India.
• PENCIL is an electronic platform that aims at involving Centre, State, District, Governments, civil society and the general public in achieving the target of child labour free society.

• Child Tracking System
• Complaint Corner
• State Government
• National Child Labour Project and
• Convergence.

• The Districts will nominate District Nodal Officers (DNOs) who will receive the complaints and within 48 hours of receiving, they will check the genuineness of the complaint and take the rescue measures in coordination with police, if the complaint is found to be genuine.

• India has ratified the two Core Conventions of International Labour Organization (ILO), Convention 138 regarding admission of age to employment and Convention 182 regarding worst forms of Child Labour in June 2017 which shows the country's commitment to a child labour free nation.
• The National Child Labour Project Scheme (NCLPS) started in 1988 has the basic objective of suitably rehabilitating the children withdrawn from employment thereby reducing the incidence of child labour in areas of known concentration of child labour.

Economy

IFSCA Committee submits interim report on development of international retail business

Relevance IN - Prelims ( about IFSC and IFSCA) +Mains ( GS III Economic development)

What's the NEWS

• The International Financial Services Centres Authority (IFSCA) Expert Committee on international retail business development in the IFSC has submitted its interim report to the Chairperson of the IFSCA.

Interim report highlights

• The interim report covers a number of suggestions aimed at swift and efficient development of international retail businesses in the IFSC, and focuses mainly on the banking vertical.
• Other key business verticals, i.e., insurance, asset management, and capital markets, will be covered in reports that the committee plans to release subsequently.
• The Expert Committee has been constituted by the IFSCA with an aim to suggest how to develop international retail business in International Financial Services Centre (IFSC)

The committee suggests that the IFSC can aim at:

• Becoming a gateway to India growth story for international investors and business
• Providing Indian diaspora and individuals from Asia and Africa with a comprehensive range of financial services from the IFSC.
• Serving domestic residents availing liberalized remittance scheme.

• The Government of India had constituted the IFSCA with Shri I Srinivas as its Chairperson earlier this year to develop and regulate the financial services market in the IFSC in India.
• Apart from channelizing India's offshore business to the IFSC located at GIFT City and making it the gateway for India centric international financial services, the objective is to make it a global hub for international financial services on the lines of London, Hong Kong, Singapore, and Dubai.

Connect the dots ( inception of IFSCA)

• The finance ministry has established the International Financial Services Centres Authority (IFSCA) through a notification.
• With this, 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 and Development Authority of India (IRDAI).
• 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 Pension Fund Regulatory and Development Authority.
• The IFSCA will comprise a chairperson, and one member each nominated by the regulators mentioned earlier. There will also be two members from the central government and full-time or part-time members.

International Financial Services Centres (IFSCs

• 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. London, New York and Singapore can be counted as global financial centres.
• Many emerging IFSCs around the world, such as Shanghai and Dubai, are aspiring to play a global role in the years to come.

• The aim is to develop a world class smart city that becomes a global financial hub with the development of an International Financial Services Centre.
• The government is also trying to bring back the financial services and transactions that are currently carried out in offshore financial centres by local corporate entities and overseas branches or subsidiaries of financial institutions (FIs) to India.

• 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.

• GIFT City has two zones -domestic and special economic zone (SEZ). All rupee-denominated transactions can be undertaken from GIFT domestic area.

Health Sector
NPPA caps price of Liquid Medical Oxygen and Medical Oxygen cylinders
Relevance IN - Prelims ( about NPPA ) + Mains ( GS II Issues relating to development and management of Social

Sector/Services relating to Health, Education, Human Resources

What's the NEWS

• The national drug pricing regulator NPPA has capped the price of medical oxygen cylinders and liquid medical oxygen for six months

Know! about the recommendations given by the Empowered Group 2

• The issue related to availability, including pricing of oxygen, has been under the continued consideration of Empowered Group 2, Government of India.
• It recommended the National Pharmaceutical Pricing Authority (NPPA) to consider capping the ex-factory price of liquid medical oxygen in order to ensure its supply to fillers at reasonable prices

• The Empowered Group 2 also requested NPPA to consider a cap for ex-factory price of oxygen in cylinders in order to ensure supply of oxygen cylinders from fillers at reasonable prices
• The Ministry of Health & Family Welfare delegated powers under Section 10(2) (l) of Disaster Management Act, 2005 to NPPA to take all necessary steps to immediately regulate the availability and pricing of liquid medical oxygen (LMO) and medical oxygen in cylinders

• NPPA decided to invoke extraordinary powers in public interest, under Para 19 of Drugs Price Control Order (DPCO), 13 and under Section 10(20) (l) of Disaster Management Act, 2005 to deal with the emergent situation arising due to the pandemic

National Pharmaceutical Pricing Authority (NPPA)

• It is an independent body of experts under the Ministry of Chemicals and Fertilizers, formed in the year 1997 so as to implement and enforce the provisions of the Drugs Prices Control Order (DPCO) for regulating medicine prices in accordance with the powers delegated to it.
• NPPA is delegated with the powers to exercise the functions of the Central Government in respect of various paragraphs of the Drug Price Control Orders (DPCO) - DPCO, 1995 and now DPCO, 2013.
• The functions of NPPA include fixation and revision of prices of scheduled drugs (those medicines included in Schedule I of the DPCO which are subject to price control)
• Monitoring of prices of decontrolled drugs and formulations, Implementation and enforcement of the provisions of DPCO in accordance with the powers delegated, Monitoring the availability of drugs, identify shortages, taking remedial steps, etc.
• The organization is also entrusted with the task of recovering amounts overcharged by manufacturers for the controlled drugs from the consumers.
• All the powers of Government of pricing according to Essential Commodities Act have been delegated to it. Under DPCO, 2013 the powers to Review are vested with the Government.

Agriculture
Principal Market Yard

Relevance IN - Prelims ( about Principal Market Yard)

What's the NEWS

• To nullify the negative impact of the Agricultural Bill on Farmers' Produce Trade and Commerce (Promotion and Facilitation), Punjab government is planning to declare the entire state as a ‘Principal Market Yard'.

• According to Punjab Agriculture Produce Market Committee (APMC) Act, there are three types of yards under the Punjab Mandi Board (PMB) - Principal Market Yard, Sub Yard and Purchase centres.
• These yards are notified by the PMB in a specific area in certain acres.
• As per APMC Act, the PMB has 151 principal market yards, 287 sub yards and over 1,400 small mandis or purchase centres.
• Declaring the entire state as Principal Market Yard would mean the purchaser has to pay the same taxes outside the PMB yards even in a private trade area.
• Anybody who is purchasing from farmers anywhere, either in PMB yards or outside, has to pay the same taxes as in PMB mandis

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