DAILY PRELIMS NEWSLETTER (UPSC) |18 Feb 2021| RaghukulCS

Daily Prelims Newsletter For UPSC
| RaghukulCS

18 FEB 2021

Table Of Contents

Economy………………………………………………………………………………………………1

  • Securities and Exchange Board of India (SEBI)……………1

    Art and Culture…………………………………………………………………………………..1

    • Charminar ………………………………………………………………………..1

    International Relations………………………………………………………………………2

    • Financial Action Task Force…………………………………………….2
    • World Trade Organisation………………………………………………2
    • World Health Organisation ……………………………………………3
    News in Short……………………………………………………………………………………4
    • Maharaja Suheldev: ……………………………………………………….4
    • Coelacanth ………………………………………………………………………4

    Economy

    Securities and Exchange Board of India (SEBI)

    Why in News?

    Recently, the Securities Appellate Tribunal (SAT) stayed some of the orders passed by SEBI.

    About SEBI:

    • It is a statutory body established in 1992 under the provisions of the SEBI Act, 1992.
    • In April 1988, SEBI was stablished as a non-statutory body as the regulator of capital markets in India.
    • SEBI, due to its functions can be referred to as:
      • quasi-legislative-draft regulations,
      • quasi-judicial- conduct inquiries, pass rulings.
      • quasi-executive body- impose penalties.

    About Securities Appellate Tribunal

    • SAT is a statutory body established under the SEBI Act, 1992.
    • Composition: A Presiding Officer and Two other members.
    • The Presiding officer of SAT is appointed by the GoI in consultation with the Chief Justice of India or his nominee.
    • It has same powers as vested in a civil court.
    • Appeals against SAT’s decisions can be filed in the Supreme Court.
    • SAT can hear and dispose appeals against orders passes by
      • SEBI or by an adjudicating officer under the SEBI Act,1992.
      • Pension Fund Regulatory and Development Authority (PFRDA).
      • Insurance Regulatory Development Authority of India (IRDAI).

    Art and Culture

    Charminar

    Why in News?

    Recently, ASI in response to a RTI states that the Bhagya lakshmi temple near the Charminar came into existence after the merger of Hyderabad State with India i.e., post 1948.

    About Charminar:

    • Charminar is a gateway built to celebrate the foundation of Hyderabad city in 1591 A.D.
    • It was the first monument in the world constructed with lime mortar and granite.
    • It was built during Qutb Shahi Dynasty.

     About Qutb Shahi Dynasty:

    • The Qutb Shahi dynasty ruled in the Golconda Sultanate in from 1518 AD to 1687 AD having Hyderabad as its capital city.
    • After the collapse of Bahmani Sultanate, the Qutb Shahi dynasty was established in by QuliQutb Mulk who assumed the title of Sultan.
    • In 1636, Mughal emperor Shah Jahan forced the QutbShahis to recognize Mughal suzerainty.
    • This dynasty came to an end in 1687 when Mughal Emperor Aurangzeb seized Golconda fort and occupied the kingdom.
    • Golconda Fort, andQutb Shahi Tombs located in Hyderabad, were also created by them apart from Charminar.

    International Relations

    Financial Action Task Force

    Why in News?

    According to media reports, Pakistan is going to remain in FATF grey list until June, 2021.

    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: These countries 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.

    World Trade Organisation

    Why in News?

    Recently, Nigeria’s Ngozi Okonjo-Iweala became first women to be appointed as Director-General of the World Trade Organisation (WTO).

    Key Points about WTO:

    • The WTO is the successor organisation to the General Agreement on Tariffs and Trade (GATT).
    • The Uruguay Round (1986-94) of the GATT formed basis for WTO’s creation.
    • WTO began its operations on 1st January 1995.
    • WTO was established by ‘Marrakesh Agreement’ signed in Marrakesh, Morocco in 1994.
    • Key difference between GATT and WTO:
      • GATT mostly dealt with trade in goods, while the WTO cover trade in goods, services, and other intellectual properties.
    • India is a founder member of both GATT and its successor, the WTO.
    Governing Structure of WTO:
    • Ministerial Conference is the highest decision making authority of the WTO.
      • It is composed of representatives of all WTO members.
    • General Council is also composed of all WTO members
      • It reports to the Ministerial Conference.
    • The Dispute Settlement Body of WTO is a part of the General Council and is responsible for settling trade disputes between member states.

    NOTE: WTO has no criteria to define developing or developed countries. Its members currently self-designate as developing countries to receive ‘special and differential treatment’.

    World Health Organisation

    Why in News?

    Recently, U.S.A.has committed to pay over $200 million to WHO and it will continue to member a part of WHO.

    About WHO:

    • World Health Organization (WHO) is the United Nations specialized agency that looks into matters of public Health.
    • During it’s establishment in 1948, it became the first specialized agency of the UN to which every member subscribed.
    • Headquarters: Geneva, Switzerland.
    • It is an inter-governmental organization, presently having 194 member states.
    • India became a member of the WHO in 1948.
    • Funding of WHO:
      • WHO depends on donor funds – mainly from rich countries and foundations like the Bill and Melinda Gates Foundation.
      • It does not have secured funding from its member countries.

    Hence, currently most of WHO’s funding is tied to programs that donors choose, debilitating its ability to take independent actions. This is one of the criticism of WHO

    News in Short

    Maharaja Suheldev:

    • He was the erst while ruler of Shravasti in Bahraich district of UP, who ruled in the 11th century.
    • With guerrilla warfare he waged war against Mahmud Ghazni’s large army and killed the Ghaznavi general Ghazi Saiyyad Salar Masud.
    • Raja Suheldev is mentioned in ‘Mirat-i-Masudi’, a 17th century Persian-language biography of Salar Masud written during Jahangir period. 

    Coelacanth

    • Recently, fossils of coelacanth, a giant fishwas discovered.
    • The discovered fossil of Coelacanth is believed to be from Cretaceous era.
    • Coelacanths are deep-sea creatures, living in depths up to 2,500 feet below the surface.
    • They were thought to be extinct since 65 million years ago, but in 1938 a living Coelacanth was found off South Africa.
    • Coelacanth are regarded as an iconic example of a living fossil.
    • Living Fossilsare organisms that have remained unchanged from earlier geologic times and whose close relatives are mostly extinct.
    • IUCN Status: Critically Endangered

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