Daily Prelims Newsletter|26 Jun 2021|RaghukulCS

Daily Prelims Newsletter For UPSC
| RaghukulCS

26 June 2021-Saturday

Table Of Contents

Science and Technology

  • Yellow Fungus

Economy

  • National Company Law Appellate Tribunal (NCLAT)
  • Non-Banking Financial Companies (NBFC)

Art and Culture

  • Sant Kabir Das

International Relations

  • Financial Action Task Force (FATF)
  • Shanghai Cooperation Organisation (SCO) 

Science and Technology

Yellow Fungus

Why in News?

Yellow Fungus was in news recently.

About Yellow Fungus:

  • Yellow fungus, (also called mucor septic), initially develops by the presence of moulds (a type of fungi) in the environment.
  • Key symptoms include unnecessary fatigue, rashes, burning sensation on skin etc.
  • Humidity levels below 30-40% are known as apt condition for growth of fungus.
  • It may not start by infecting the lungs, but it invades internal organs of the body and affects the entire functioning.
  • Potential Causes:
    • Prolonged use of steroids,
    • Contaminated environment,
    • Uncontrolled diabetes,
    • Unhygienic habits,
    • Lesser immunity,
    • Comorbidities, etc
  • The treatment for Covid-19 done with steroids and immunosuppressants leave the body with weak immunity.
  • Symptoms:
    • Weight loss, reduced appetite, lethargy, etc.
  • If not detected in time, symptoms can turn more severe including pus leakage, sunken eyes, organ failure, slow healing of wounds etc.

Treatment:

  • Till date, the only known treatment for yellow fungus is Amphotericin-B injection, an antifungal drug also being used to treat black fungus.

Prevention:

  • Maintaining hygiene, not consuming stale food, keeping the humidity in the room in check, etc

Economy

National Company Law Appellate Tribunal (NCLAT)

Why in News?

The NCLAT recently concluded its hearings in a case involving claims for payments by hotels from hospitality giant Oyo Group.

About NCLAT:

  • The NCLAT was constituted under Companies Act, 2013.
  • It acts as appellate tribunal:
    • against the orders of the National Company Law Tribunal (NCLT).
    • against the orders passed by NCLT(s) under Insolvency and Bankruptcy Code, 2016 (IBC).
    • against the orders passed by Insolvency and Bankruptcy Board of India under IBC.
    • against any direction or decision made by Competition Commission of India (CCI).
  • The chairperson and members of the NCLATis appointed in consultation with the Chief Justice of India (CJI).
  • Appeals against decisions of NCLAT lies with Supreme Court of India.

Related information:

  • NCLT or National Company Law Tribunal is a quasi-judicial body which adjudicates issues pertaining to the companies in the country.
  • It is formed under Companies Act, 2013.

Non-Banking Financial Companies (NBFC)

Why in News?

The Reserve Bank of India (RBI) has decided to prescribe guidelines on distribution of dividend by NBFCs to infuse greater transparency and uniformity in this practice.

About NBFCs:

  • NBFCs are registered under the Companies Act, 1956.
  • It is engaged in the business of loans and advances, acquisition of shares/stocks/bonds/debentures/securities issued by GoI or state or local authority or other similar marketable securities.
  • NBFC does not include any institution whose principal business is that of agriculture, industrial nature, purchase or sale of any goods (other than securities) or providing any services and sale/purchase/construction of immovable property.

Features of NBFCs:

  • NBFCs cannot accept demand deposits;
  • NBFCs do not form part of the payment and settlement system and hence they cannot issue cheques drawn on itself.

Deposits made in an NBFC are not covered under Deposit insurance facility of Deposit Insurance and Credit Guarantee Corporation.

Art and Culture

Sant Kabir Das

Why in News?

Recently, Sant Kabir Das Jayanti was observed on 24th June 2021.

About Sant Kabir:

  • He was born in Varanasi, UP in 15th
  • He was a mystic poet, saint, social reformer, and a proponent of the Bhakti Movement of that period.
  • Kabir’s legacy is still going on through a sect called“Panth of Kabir”, a religious community which considers him as the founder.
  • Even though his early life was in a Muslim family, but he was strongly influenced by his guru, the bhakti leader Ramananda.
  • His writings had a great influence on the Bhakti movement and includes titles like
    • Kabir Granthawali,
    • Anurag Sagar,
    • Bijak, and,
  • His verses are also included in Sikhism’s scripture Guru Granth Sahib, the major part of which was collected by the fifth Sikh guru, Guru Arjan Dev.
  • He was best known for his couplets, ‘Kabir KeDohe‘.
  • His works were written in the Hindi

International Relations

Financial Action Task Force (FATF)

Why in News?

Despite its attempts, Pakistan remains on FATF Grey List after

About FATF:

  • It is an inter-governmental body established in 1989 on the initiative of the G7
  • Headquarter: Paris, France (in OECD Headquarter)
  • India became member of FATF in 2010.
  • Key functions:
    • Combat Money Laundering
    • Combat terrorist financing
    • Combat threats to the integrity of international financial system.
  • The FATF Plenary is the highest decision-making body of the FATF. It meets three times per year.

Blacklist and Grey list:

  • Blacklist:Also knowns as Non-Cooperative Countries or Territories (NCCTs).
    • These countries were found to support terror funding and money laundering activities.
    • Blacklist is revised regularly, adding, or deleting entries.
  • Grey List: Thesecountries were found to be safe haven for supporting terror funding and money laundering activities.
    • The inclusion here serves as a warning to the country that it may enter the blacklist.
  • Countries in the grey list may face:
    • Economic sanctions from IMF, World Bank, etc.
    • Problem in getting loans from IMF, World Bank, and other countries.
    • Reduction in international trade, etc.

    Shanghai Cooperation Organisation (SCO)

    Why in News?

    NSA Ajit Doval has proposed an action plan against Pakistan-based terror groups Lashkar-e-Taiba (LeT) and Jaish-e-Mohammad (JeM) as part of the SCO NSAs meet.

    About SCO:

    • SCO is a permanent inter-governmental international organisation.
    • It is a Eurasianpolitical, economic and military organisation striving to maintain peace, security and stability in the region.
    • It was created in the year 2001.
    • SCO’s official languages are Russian and Chinese.
    • Members States:
    • China, Kyrgyzstan, Kazakhstan, Russia, Tajikistan, Uzbekistan, India, and Pakistan.
    • SCO has two Permanent Bodies:
      • SCO Secretariat in Beijing,
      • Executive Committee of the Regional Anti-Terrorist Structure (RATS) in Tashkent (Uzbekistan).
    • The Chairmanship of SCO is rotated every year by Member States.

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