Can OCI Holders Be Exempted from FEMA Norms?

• FEMA is an enactment that deals primarily with the provisions relating to cross-border trade and payments
• It defines the procedures, formalities, and dealings of all foreign exchange transactions in India.
• It was introduced in 1999 as a replacement for the earlier Foreign Exchange Regulation Act (FERA).
• FEMA''s head office is known as Enforcement Directorate and is situated in Delhi.
• Primary objective: To help facilitate external trade and payments in India.
• Other objectives:
• To help orderly development and maintenance of the foreign exchange market in India.
• To facilitate transactions involving a foreign exchange or foreign security and payments from outside the country to India only through an authorized person.
• To encourage dealings in foreign exchange under the current account through an authorized person.
• To authorize the Reserve Bank of India to subject capital account transactions to a number of restrictions.
• Applicability:
• It is applicable to all parts of India.
• It is also equally applicable to the offices and agencies located outside India but managed or owned by an Indian Citizen.
• FEMA is applicable to the following entities and transactions
• Any citizen of India residing in the country or outside (NRI);
• Any overseas company that is owned 60% or more by an NRI (Non-Resident Indian);
• Any Associate Branches or subsidiaries, outside India, of companies or bodies corporate, registered or incorporated in India;
• Exports of any goods and services from India;
• Imports of goods and services to India;
• Banking, financial, and insurance services provided outside India;
• Cross-border sale, purchase, and exchange of any kind (i.e. Transfer).

Overseas Citizens of India (OCI)

• OCI Scheme was introduced by amending the Citizenship Act 1955 in August 2005.
• The Scheme provides for registration as OCI of all Persons of Indian Origin (PIOs) who were citizens of India on 26th January 1950 or thereafter or were eligible to become citizens of India on 26th January 1950, except those who were or had been a citizen of Pakistan, Bangladesh or such other country as the Central Government may, by notification in the Official Gazette, specify.
• OCI is entitled to:
• Multiple entry, multipurpose, life-long visa for visiting India;
• exempted from registration with Foreign Regional Registration Officer or Foreign Registration Officer for any length of stay in India;
• general ''parity with Non-Resident Indians in respect of all facilities available to them in economic, financial, and educational fields except in matters relating to the acquisition of agricultural or plantation properties;

Towards sustainability: Arunachal’s Apatanis use a unique, integrated cultivation method; it needs encouragement

• The Apatani are a tribal group of people living in the Ziro valley in Arunachal Pradesh.
• They speak a local language called Tani and worship the sun and the moon.
• They have major festivals like Dree, Myoko, Yapung and Murung.
• Dree is celebrated with prayers for a bumper harvest and prosperity of all humankind and Myoka celebrates friendship similar to modern friendship day.
• They have been practising integrated rice-fish farming in their mountain terraces of Arunachal Pradesh.
• Apatanis principally use three rice varieties: Emeo, Pyape and Mypia.

Global mpox cases crosses 85,000, toll rises to 93 in a year: WHO

• Monkeypox is caused by the monkeypox virus which belongs to the orthopoxvirus genus.
• The virus is normally seen in African countries.
• Sub-genus:There are two clades of monkeypox virus, the West African clade and the Congo Basin (Central African) clade.
• Transmission:Monkeypox is a viral zoonosis (a virus transmitted to humans from animals), for example, bites of infected rodents and squirrels and is also transmitted from one person to another by close contact with lesions, body fluids, respiratory droplets and contaminated materials such as bedding.
• Incubation period:The incubation period (the period between exposure to an infection and the appearance of the first symptoms) of monkeypox is usually from 6 to 13 days but can range from 5 to 21 days.
• Symptoms:Fever, rash and swollen lymph nodes and may lead to a range of medical complications.
• There is no effective vaccine available for Monkeypox infection.

Fluorescent carbon nanomaterial-based immunosensor from natural sources can help early detection of cancer

• It is a factor that promotes angiogenesis or the formation of new blood vessels, which involves migration, growth, and differentiation of endothelial cells that line the inside wall of blood vessels.
• It is upregulated in many tumors and hence gives indications of the probability of cancers.
• Scientists fabricated an immunosensor based on the fluorescence phenomenon of biogenic carbon quantum dots, a new class of carbon nanomaterials, for the detection of the biomarker Vascular Endothelial Growth Factor (VEGF).
• The sandwiched immunosensor was fabricated using a fluorescent nanomaterial (Carbon quantum dots) synthesized from a natural source, employing a green microwave-assisted method.
• This was followed by conjugating with a detection antibody, human immunoglobulin G (IgG).

Endothelium

• The endothelium is a monolayer of endothelial cells and constitutes the inner cellular lining of the blood vessels (arteries, veins and capillaries) and the lymphatic system.
• The endothelium is a major player in the control of blood fluidity, platelet aggregation and vascular tone.
• It is a major factor in the regulation of immunology, inflammation and angiogenesis, and an important metabolizing and endocrine organ.

Indian Railways imparts training to more than 15000 Candidates under Rail Kaushal Vikas Yojana

• It is a skill development scheme with a special focus on providing training for jobs that are relevant to the Railways.
• It is a sub-scheme under Pradhan Mantri Kaushal Vikas Yojana (PMKVY).
• Nodal Ministry: Ministry of Railway.
• The training is imparted in fourteen (14) industry-relevant technical trades such as Electrician, Welder, Machinist, Fitter etc.
• The training is provided free of cost to the candidates and there is no provision for providing employment under this scheme.
• Participants will be selected from applications received online, following a transparent mechanism based on marks in matriculation.
• Eligibility Criteria: Candidates, who had passed class X and are aged between 18 and 35 are eligible to apply.
• After the end of the program, trainees have to pass a standardized assessment followed by a certificate in the allotted trade by the National Rail and Transportation Institute.

India probing alleged export subsidisation of a chemical by three countries

• It is a specific form of duty that the government imposes to protect domestic producers by countering the negative impact of import subsidies.
• CVD is thus an import tax by the importing country on imported products.
• Why is CVD imposed?
• Foreign governments sometimes provide subsidies to their producers to make their products cheaper and boost their demand in other countrie
• To avoid flooding the market in the importing country with these goods, the government of the importing country imposes CVD, charging a specific amount on the import of such goods.
• The duty nullifies and eliminates the price advantage enjoyed by an imported product.
• The duty raises the price of the imported product, bringing it closer to its true market price
• The World Trade Organization (WTO) permits the imposition of CVD by its member countries.
• Who administers CVD in India?
• The countervailing measures in India are administered by the Directorate General of Anti-dumping and Allied Duties (DGAD), in the commerce and industry ministry’s department of commerce.
• While the department of commerce recommends the CVD, the department of revenue in the finance ministry acts upon the recommendation within three months and imposes such duties.

Anti-dumping duty (AD)

• It is a protectionist tariff that a domestic government imposes on foreign imports that it believes are priced below fair market value.
• Dumping is a process wherein a company exports a product at a price that is significantly lower than the price it normally charges in its home (or its domestic) market.

Countervailing duty v/s Anti-dumping duty;

• AD is imposed to prevent low-priced foreign goods from damaging the local market. On the other hand, CVD will apply to foreign products that have enjoyed government subsidies, which eventually leads to very low prices.
• While the AD duty amount depends on the margin of dumping, the CVD amount will completely depend upon the subsidy value of the foreign goods.

Turkey earthquake: 2000-year-old Roman-era Gaziantep castle destroyed by quake

• It is located on a hilltop in southern Turkey’s city of Gaziantep.
• It is a UNESCO World Heritage site.
• It was first built by the Hittite Empire as an observation point and later built into a main castle by the Roman Empire in the 2nd and 3rd century AD.
• The castle underwent further expansion and renovation under the Byzantine emperor Justinianus (called the "Architect of Castles") between 527 and 565 AD.
• The Ottomans repaired the castle over time, but it got a second full overhaul by Egyptian Sultan Qaitbay in 1481.
• The castle took its final shape in 2000 and has been renovated many times.
• Features:
• The castle has the shape of an irregular circle.
• It has 12 towers that house living quarters for soldiers and various other chambers such as stables, prison cells, storerooms for treasure troves, or barracks for troops.
• The walls are made from stone and span 1200 meters in circumference.

Decline in migratory bird species this year at Saman Bird sanctuary

• The Saman Bird Sanctuary in the Mainpuri district of Uttar Pradesh is a seasonal oxbow lake on the Ganges floodplain.
• It is designated as Ramasar wetland in 2019.
• It is heavily reliant on the arrival of the south-westerly monsoon in July and August, which provides the vast majority of annual rainfall.
• The Sanctuary regularly provides refuge to over 50,000 waterbirds
• It is an important wintering site for many migrating birds including the greylag goose (Anser anser), with over 1% of the South Asian population present during winter.
• Vulnerable species including the sarus crane and greater spotted eagle are also found in this wetland.

Key Initiatives under Infrastructure and Investment in Budget 2023

Support to State Governments for Capital Investment:

• Last year, the Government of India launched a Scheme Special Assistance to States for Capital Investment for 2022-23.
• Under this Scheme, financial assistance is provided to the State Governments in the form of a 50-year interest-free loan for capital investment projects.
• The loan provided under the scheme will be over and above the normal borrowing ceiling allowed to the States.
• Budget 2023: The scheme will be continued for one more year with a significantly enhanced outlay of ` 1.3 lakh crore.

Infrastructure Finance Secretariat:

• The newly established Infrastructure Finance Secretariat will assist all stakeholders for more private investment in infrastructure, including railways, roads, urban infrastructure, and power, which are predominantly dependent on public resources.

Harmonized Master List of Infrastructure:

• What is it? It acts as a guide to all agencies involved in the field of infrastructural development and financing in the country.
• The list is updated by a committee, chaired by Secretary, Department of Economic Affairs, consisting of chief economic adviser, representative from Niti Aayog, Department of Revenue, and other key government agencies.
• Budget 2023: It will be reviewed by an expert committee for recommending the classification and financing framework.

Making Cities ready for Municipal Bonds:

• What is a Municipal Bond? It is a debt instrument issued by municipal corporations or associated bodies in India.
• The funds raised are used to finance socio-economic development projects.
• It was first issued in 1997 by Bangalore local body for infrastructure development projects.
• Municipal bonds are exempted from tax provided the buyer adheres to the rules laid by the municipal corporations. The interest is also exempted from taxes.
• Budget 2023: Cities will be incentivized to improve their credit worthiness for municipal bonds.

Urban Infrastructure Development Fund( UIDF):

• A UIDF will be established through the use of priority sector lending shortfall.
• Purpose: The fund will be used by public agencies to create urban infrastructure in tier-2 and tier-3 cities.
• It will be managed by the National Housing Bank.
• It will be established on the lines of the Rural Infrastructure Development Fund (RIDF).
• States will be encouraged to leverage resources from the grants of the 15th Finance Commission, as well as existing schemes, to adopt appropriate user charges while accessing the UIDF.

Urban Sanitation:

• All cities and towns will be enabled for 100 percent mechanical desludging of septic tanks and sewers to transition from manhole to machine-hole mode.
• Enhanced focus will be provided for the scientific management of dry and wet waste.

FM Sitharaman lists the ''saptarishi'' of Union Budget 2023

• It will be launched to skill lakhs of youth within the next three years.
• The scheme will emphasize on-job training, industry partnership, and alignment of courses with the needs of the industry.
• The scheme will also cover new-age courses for Industry 4.0, like coding, Artificial Intelligence, robotics, mechatronics, IOT, 3D printing, drones, and soft skills.
• What is Pradhan Mantri Kaushal Vikas Yojana?
• It is the flagship scheme of the Ministry of Skill Development & Entrepreneurship (MSDE) implemented by the National Skill Development Corporation.
• Objective: To enable a large number of Indian youth to take up industry-relevant skill training that will help them in securing a better livelihood.
• Under the scheme, individuals with prior learning experience or skills will also be assessed and certified under Recognition of Prior Learning (RPL).

National Apprenticeship Promotion Scheme:

• It was launched in August 2016 to promote apprenticeship training in the country.
• It provides stipend support to the apprentices, undertakes capacity building of the apprenticeship ecosystem, and provides advocacy assistance to support rapid growth.
• The government of India will share 25% of the prescribed stipend subject to a maximum of Rs. 1500 per month per apprentice with the employers.
• Budget 2023: Direct Benefit Transfer under a pan-India National Apprenticeship Promotion Scheme will be rolled out to provide stipend support to 47 lakh youth in three years.

Skill India digital platform:

• A unified Skill India digital platform will be launched to focus on formal skilling as per demands.
• It will provide access to entrepreneurship schemes, and link job-seekers with employers, including MSMEs.
• It will prepare the younger generation for international jobs. For this, 30 Skill Indian International Centres will be set up across the nation.