GS Paper I- History and Geography of the World and Society.

India Contributes $50,000 To UN Youth Envoy’s Office.

Background

  • India has contributed $50,000 to UN Secretary General Antonio Guterres’s Office of Envoy on Youth to help with its mission of involving young people in the world body’s goals.
  • Paulomi Tripathi, a First Secretary in India’s UN Mission, handed over the contribution on 12th January, 2018 to the Youth Envoy, Jayathma Wickramanayake.

 

Highlights Of The Development-

  • The contribution is voluntary with no strings attached and is in addition to the regular payments India makes to the UN’s general and peacekeeping budgets.
  • Wickramanayake tweeted that home to 350 million young people, India, is an important partner to UN and they really look forward to working with India.
  • She thanked India’s Permanent Representative Syed Akbaruddin for his leadership and the support extended to the Office of the UN Youth Envoy.
  • The Youth Envoy’s mission is to promote the engagement of youth and advocate for them across all the four pillars of the UN’s work – sustainable development, human rights, peace and security and humanitarian action.

Sources- The Tribune.

 

GS Paper II- International Relations.

India, UK Ink Pacts On Illegal Migrants’ Return.

Background

  • India and the UK have signed two agreements on return of Indians, who are living in Britain as illegal migrants, and sharing criminal records and intelligence.
  • The development comes close on heels of India seeking UK’s help in early extradition of liquor tycoon Vijay Mallya from Britain to face the law at home in connection with cases of fraud and money laundering amounting to around Rs. 9,000 crores.
  • The memorandums of understanding (MOUs) were signed by UK’s Minister of Immigration Caroline Nokes and India’s Minister of Home Affairs Kiren Rijiju on 11th January, 2018.

Highlights Of The Development-

  • The new deals reflect increased co-operation between the two countries, which already enjoy a close relationship, according to a British government release issued on 14th January, 2018.
  • According to the statement, the MoU on criminal records exchange will lead to British and Indian law enforcement bodies sharing criminal records information, fingerprints and intelligence.
  • This will assist the police in protecting the public from known criminals, including sex offenders and also allow the courts in both countries to access more information to support tougher sentencing decisions.
  • The agreement on returns paves the way for a quicker and more efficient process for documenting and returning Indian nationals who have no right to be in the UK to India.
  • This has proven difficult in the past due to some Indians not having the required paperwork or travel documentation for them to be accepted back in their home country.
  • The official release added that the agreement commits both countries to taking a more flexible approach to verifying the identity and nationality of individuals, which will help speed up the returns process.

Sources- The Hindu Business Line.

 

GS Paper III- Economic Development.

India INX Lists IRFC’s Green Bonds—1st Debt Security At IFSC.

Background

  • BSE’s India International Exchange (India INX) on 13thJanuary, 2018 listed Indian Railway Finance Corporation’s (IRFC) green bonds on its debt listing platform—the global securities market.
  • With this, IRFC green bonds have become the first debt security to be listed on an exchange at International Financial Services Centre (IFSC) in Gujarat’s GIFT city.
  • IRFC had last year raised $500 million from the 10 year green bond from investors in Asia, Europe and offshore US through listing on the London Stock Exchange (LSE).

 

Highlights Of The Development-

  • Listing the bond on India INX at an event organised by the BSE, railway minister Piyush Goyal said, that India is the fastest-growing economy in the world and our need to raise funds is a continuous process.
  • He added that to have a platform to tap global investors by issuing bonds in any currency is the first of its kind in India and India INX as India’s first international exchange at IFSC Gift city, Gandhinagar has yet again been a pioneer in this. In a country like India, this will make global investors and funds more accessible to Indian and foreign issuers at a fraction of cost that is being incurred today by issuers.
  • The bonds have an annual yield of 3.835%. We are excited to be the first issuer to list on BSE’s India International Exchange. Such a listing platform from India INX will now help us to tap global investors from India going forward, IRFC chairman B.N. Mohapatra said.
  • India INX’s Global Securities Market (GSM) segment, India’s first debt listing platform, allows raising funds in any currency of choice by both foreign and Indian issuers from investors across the globe.

Sources- Livemint.