Daily Prelims Newsletter(UPSC)|25 May 2021 | RaghukulCS

Daily Prelims Newsletter For UPSC
| RaghukulCS

25 May 2021

Table Of Contents

Polity and Governance
  • PM CARES 
  • Competition Commission of India (CCI) 
Governmental Initiatives
  • SWAMIH Fund 
International Relations 
  • International Atomic Energy Agency (IAEA) 

Polity and Governance

PM CARES

Why in News?

A plea was recently filed in the Supreme Court seeking a direction to utilise the PM-CARES fund for immediate procurement of vaccines and establishing oxygen plants, generators and other medical equipment for the country.

About PM CARES:

  • The Prime Minister’s Citizen Assistance and Relief in Emergency Situations (PM-CARES) Fund was set up to accept donations and to provide relief during the Covid-19 pandemic, and other similar emergencies.
  • It was set up as a public charitable trust registered on March 27, 2020.
  • The donations to fund can also avail 100% tax exemption.
  • The Prime Ministeris its ex-officio Chairman andex-officio Trustees include Defence Minister, Home Minister and Finance Minister.
  • The contributions to the PM – CARES Fund will alsoqualify as CSR Expenditure.

Related Information: Prime Minister’s National Relief Fund (PMNRF):

  • It was constituted in 1948 by PM Nehru, to assist displaced persons from Pakistan.
  • Presently,the fund is used to tackle natural calamities like floods, cyclones, and earthquakes.
  • The fund is entirely constituted of public contributions and does not receive any budgetary support.
  • It accepts voluntary contributions from Individuals,Trusts, Organizations, Companies, and Institutions etc.
  • Disbursements from the fund are made with the approval of the Prime Minister.

 

Competition Commission of India (CCI)

Why in News?

Recently the 12thAnnual Day of the Competition Commission of India (CCI) was observed.

About CCI:

  • It is a Statutory Bodyresponsible for enforcing the objectives of the Competition Act, 2002.
  • It was established by GoIin 2003, but it became fully functional onlyin 2009.
  • Composition: A Chairperson and 6 Members appointed by the GoI.

Functions of CCI:

  • Eliminate practices having adverse effects on competition,
  • Promote and sustain competition,
  • Protect interests of consumers and ensure freedom of trade in the markets of India.

Competition Commission of India (CCI)

Why in News?

Recently the 12thAnnual Day of the Competition Commission of India (CCI) was observed.

About CCI:

  • It is a Statutory Bodyresponsible for enforcing the objectives of the Competition Act, 2002.
  • It was established by GoIin 2003, but it became fully functional onlyin 2009.
  • Composition: A Chairperson and 6 Members appointed by the GoI.

Functions of CCI:

  • Eliminate practices having adverse effects on competition,
  • Promote and sustain competition,
  • Protect interests of consumers and ensure freedom of trade in the markets of India.

Governmental Initiatives

SWAMIH Fund

Why in News?

Recently, the GoI’s Special Window for Affordable & Mid-Income Housing (SWAMIH) completed its first residential project.

About SWAMIH Fund:

  • It is a government backed fund set up as a Category-II Alternate Investment Fund (AIF) debt fund registered with SEBI.
  • It was launched in 2019.
  • It was formed to complete construction of stalled, RERA-registered affordable and mid-income category housing projects which are stuck due to paucity of funds.
  • The Sponsor of SWAMIH Fund is the Secretary, Department of Economic Affairs, Ministry of Finance, on the behalf of the GoI.

Related Information: Alternative Investment Fund (AIF)

  • AIF is any fund established or incorporated in India which is a privately pooled investment vehicle collecting funds from sophisticated investors, either Indian or foreign, for investing it in accordance with a defined investment objective for the benefit of its investors.

Categories of AIFs:

Category-I AIFs:

  • Funds are invested in businesses which have the potential to grow financially like Start-ups, MSMEs, etc.
  • The government pushes for investments in these ventures as they have a positive externality impact on the economy with regards to output and job creation.
  • For example- Infrastructure Funds, Venture Capital Funds and Social Venture Funds.

 

Category-II AIFs:

  • Funds which are invested in equity and debt securities. Funds not already included under Category I and III are also included.
  • No concession is given by the government for investment made for Category-II AIFS.
  • For example- Real Estate Funds, Debt Fund, Private Equity Funds.

 

Category-III AIFs:

  • These funds give returns under a short period of time. They use complex and diverse trading strategies to achieve their investment goals.
  • No concession or incentive is given towards these funds specifically by the government.
  • For example- Hedge Funds, Private Investment in Public Equity Funds, etc.

International Relations

International Atomic Energy Agency (IAEA)

Why in News?

The speaker of Iran’s parliament statedthe three-month monitoring deal between Tehran and the IAEA has expired and its access to images from inside some Iranian nuclear sites would cease.

About IAEA:

  • The IAEA is a UN agency working as the international centre for cooperation in the nuclear/atomic field.
  • It works with its member countries and many other partners to promote peaceful uses of nuclear technologies.
  • In 1957, it was set up as the world’s “Atoms for Peace” organization within the United Nations.
  • It reports to both the UN General Assembly and Security Council.
  • It has headquarters in Vienna, Austria.

Key functions:

  • Promote the safe, secure and peaceful use of nuclear technologies in the globe.
  • Promote the peaceful use of nuclear energy,
  • Inhibit nuclear energy’s use for any military purpose, also including nuclear weapons.

The IAEA has three chief areas of work:

  • Safety and security
  • Science and technology
  • Safeguards and verification

Other important aspects of IAEA:

  • India is a founding member of the IAEA, i.e., joined it in 1957.
  • Presently, IAEA functions as an autonomous organisation within the United Nations system.
  • Funding of IAEA:Contributions and donations from non-members.

Note: IAEA is not specialised agency of UN.

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