What is the News ?

Balsams, belonging to the genus Impatiens, are currently putting on a vibrant display of blooms in Munnar, offering a captivating visual treat to tourists.

Facts About:

• Locally referred to as Kasithumba and Onappovu.
• Commonly known as 'touch-me-not' due to its seed dispersal mechanism.
• Various names used for these plants include balsams, touch-me-nots, and jewel weeds.

Distribution:

• Natively found in tropical, sub-tropical, and northern temperate regions worldwide.
• Predominantly present in India, China, Africa, and scattered regions of Europe and North America.
• India boasts 220 balsam species, with 135 of them thriving in the southern Western Ghats.
• The Western Ghats, including Anamudi, its highest peak, host diverse wild balsam varieties.
• Typically, balsams complete their life cycle between June and December.
• These fleshy, herbaceous plants are often found in pockets within forested areas.
• They thrive in humid habitats and complete their life cycle during the rainy season.
• Balsams are recognized as significant indicators of climate change.

What is the News ?

In addition to the eight previously identified pangolin species, researchers have recently found a ninth variety, which is currently given the temporary name "Manis mysteria.

Facts About:

Scientists have recently made a significant discovery in the world of wildlife by identifying a previously unknown ninth species of pangolin.

• This newly found pangolin variety has been tentatively named "Manis mysteria."

Origins from Confiscated Scales: The origins of this remarkable discovery trace back to the examination of pangolin scales that were seized in China's Yunnan province during the years 2015 and 2019.

• These scales provided vital clues leading to the identification of the new species.

Ancient Divergence: Research indicates that "Manis mysteria" took a distinct evolutionary path around five million years ago, separating from its Philippine and Malayan pangolin relatives.

• This long separation in the evolutionary timeline highlights its unique characteristics.

Distinctive Features of Pangolins: Pangolins are known for their distinctive characteristics, including protective keratin scales that cover their bodies and a diet primarily consisting of ants and termites.

• They hold the distinction of being the only mammals with such specialized scales.

Defensive Behavior: One of the most intriguing aspects of pangolins is their ability to curl up into a tight, defensive ball when they feel threatened.

• This remarkable behavior helps protect them from potential predators.
• Grave Threats to Pangolins: Unfortunately, all species of pangolins face severe threats to their survival.
  • Each species is currently listed on the IUCN Red List of Threatened Species, a concerning designation that highlights their vulnerable status.
  • For instance, the Indian pangolin is specifically categorized as "Endangered," underlining the urgent need for conservation efforts to safeguard these unique creatures.

What is the News ?

The National Bank for Agriculture and Rural Development (NABARD) has just released its first-ever social bonds, amounting to a total of Rs 1,040.50 crore.

Facts About:

• Social bonds, or social impact bonds (SIBs), are a type of bond used to raise funds for projects with positive social outcomes.
• These projects tackle various societal issues like healthcare, education, affordable housing, poverty reduction, and environmental sustainability.

Notable Example in India:

• In 2020, the Pimpri Chinchwad Municipal Corporation (PCMC) in Pune, Maharashtra, partnered with the United Nations Development Programme (UNDP) to create India's first Social Impact Bond (SIB).

Key Features of NABARD's Social Bonds:

• NABARD's social bonds are the first externally certified AAA-rated Indian Rupee-denominated SIBs. They have received 'AAA' ratings from CRISIL and ICRA.
• The initial bond size was ?1,000 crore, with the option to accept oversubscriptions up to ?2,000 crore, totaling up to ?3,000 crore.
• Each bond has a face value of ?1 lakh.
• Maturity period: 5 years
• Coupon Rate: 7.63 percent

Sustainability Bond Framework:     

• NABARD has introduced a Sustainability Bond Framework to finance and refinance green and social projects.
• Eligible social projects include basic infrastructure, essential services, affordable housing, job creation, food security, socioeconomic advancement, and empowerment.
• Projects focused on energy efficiency, such as green buildings, energy storage, and smart grids, are also eligible for funding through these bonds.

What is the News ?

The Ministry of Home Affairs (MHA) has made changes to the regulations for Non-Governmental Organizations (NGOs) registered under the Foreign Contribution Regulation Act (FCRA). They now require these NGOs to furnish information about assets, both movable and immovable, that have been established using foreign funds in their annual returns.

Facts About:

• FCRA is a law governing foreign contributions, especially monetary donations, to NGOs and entities in India.
• Originally passed in 1976 and significantly amended in 2010.
• Aims to prevent foreign organizations from influencing India's politics, society, economy, or religion for harmful purposes.
• Administered by the Ministry of Home Affairs (MHA).
• Defines 'foreign contribution' as donations, currency, or securities from foreign sources.
• Allows individuals, associations, companies, and others to receive foreign contributions with FCRA registration.
• Funds must be used for the intended purpose, with a maximum of 20% for administrative expenses.
• Requires NGOs to open a designated bank account with the State Bank of India, Delhi.
• Registration is mandatory for NGOs and can be renewed if they meet requirements.
• Cancellation is possible for false statements or illegal activities.
• Suspension and fund-freezing authority were also granted to the Ministry.
• Challenges to government orders can be filed in the High Court.

What is the News ?

The RoDTEP scheme, which initially lasted until September 30, 2023, will now continue until June 30, 2024, with the same rates for products that are already being exported.

Facts About:

• The RoDTEP Scheme, officially known as the Scheme for Remission of Duties and Taxes on Exported Products, plays a crucial role in helping Indian exporters.
• It became operational on January 1, 2021, replacing the earlier export incentive program called Merchandise Exports from India (MEIS).
• This change was necessary because the World Trade Organization (WTO) found that the MEIS scheme violated WTO rules by providing export subsidies for a wide range of goods.
• How it Works: Under the RoDTEP Scheme, exporters receive a rebate based on a percentage of the value of their exports (known as FOB or Freight On Board value).

This rebate is given in the form of a transferable duty credit/electronic scrip (e-scrip), and the details of these credits are maintained digitally by the Central Board of Indirect Taxes and Customs (CBIC).

The RoDTEP Committee, which operates within the Department of Revenue, is responsible for reviewing and recommending the maximum rates for different export sectors under this scheme.

• Main Objective: The primary goal of the RoDTEP Scheme is to offer comprehensive support to exporters by refunding the duties and taxes incurred during the production and distribution of exported products.

Importantly, it covers taxes, duties, and levies imposed at the central, state, and local levels, which are not reimbursed through other existing mechanisms.

• Financial Support: In the fiscal year 2023-24, the Indian Government has allocated a substantial budget of Rs. 15,070 crores to support the RoDTEP Scheme.
• Engaging with Stakeholders: The RoDTEP Committee has recently started its work by collaborating with Export Promotion Councils (EPCs) and Chambers of Commerce.