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

Adesina Receives 2017 World Food Prize Laureate Award.

Background-

  • Nigeria’s former Minister of Agriculture and rural development, Akinwunmi Adesina has received the 2017 World Food Prize Award.
  • Adesina who is also the current President of the African Development Bank received the award at the event held on 19th October, 2017 at the Iowa in the United States.
  • The event had in attendance representative from 50 countries in the world’s agriculture community.

 

 

Highlights Of The Development–

  • Drawn to action in terms of policy reform, financial innovation and enhanced agricultural production, Dr. Adesina organized the 2006 Africa Fertilizer Summit, and as part of the Rockefeller Foundation; led a major expansion of commercial bank lending to farmers as Vice President of the nascent Alliance for a Green Revolution in Africa (AGRA); and as Minister of Agriculture in Nigeria, introduced the E-Wallet system which broke the back of corrupt elements that had controlled the fertilizer distribution system for 40 years, earning him the reputation as the “farmer’s Minister.” His reforms over five years led to dramatic increases in Nigerian food production and farm incomes.
  • The representative of United States Vice President, Mike Pence while congratulating Adesina said leaders who are committed to fighting global hunger like Adesina are needed globally.
  • Two former African presidents including Nigeria’s former president Olusegun Obasanjo and other top Nigerian officials were at the event to honour Adesina.
  • Kim Reynolds, Governor, State of Iowa speaking on Adesina’s feat said the honour is being bestowed on Adesina for inspiring young people and promoting food security.
  • Dr. Adesina has been heralded as “Africa’s Norman Borlaug,” and for the past 25 years has passionately spearheaded major policies of comprehensive support for millions of farmers across the continent, including access to financing and credit, access to agricultural technologies such as improved seeds and fertilizers and investment in agriculture from both the public and private sectors.

Sources- Channelstv, The World Food Prize.

 

GS Paper II- Governance, Polity.

Meghalaya Election Department Enters Limca Book Of Records.

Background

  • The Meghalaya Election Department has entered Limca Book of Records for the formation of the biggest human logo comprising young voters in the state.
  • The logo formation was part of Mission Unite (U and I towards Enrolment) as part of the Special drive to enroll young and left out voters in the age categories of 18 to 21 years held in July, 2017 at the Jawaharlal Nehru Sports Complex.

 

Highlights Of The Development-

  • It is a result of the combined effort of the election officials and the network of schools and nodal teachers — especially the young and future voters. With this recognition we hope the young will actually play a more pro active role in the overall electoral process.
  • A total of 2,870 students, 113 schools, three colleges, logo size – 120ft x 75ft in the age group of 18 and 19 enrolled as new voters and formed a 75 feet x 120 feet size human logo.
  • Limca Book of Records official Garima Manon congratulated Kharkongor for the record on maximum number of enrolled young and future voters forming human logo formation in one single venue.
  • Manon said the event will feature in the forthcoming Limca Book of Records 2018 edition to be published on November, 2017.
  • The Limca Book of Records will hand a certificate to Kharkongor by November (2017) end.
  • Election to the 60-member state assembly is scheduled to be held in February-March 2018.

Sources- Business-Standard.

 

GS Paper III- Economic Development.

Government Makes ID-Checks Mandatory For Cash Transactions Above Rs 50,000.

 

Background

  • The government has made it mandatory for banks and financial institutions to check the original identification documents of individuals dealing in cash above the Rs 50,000 threshold as part of the stepped up war against black money.
  • The Department of Revenue under the administrative control of the Finance Ministry has issued a notification making an amendment to the Prevention of Money-laundering (Maintenance of Records) Rules.
  • The new rule now requires the reporting entity to compare the copy of the officially valid identification document produced by the client with the original and record it on the copy. The Prevention of Money Laundering Act (PMLA) forms part of the legal framework put in place by the government to combat money laundering and generation of black money.

Highlights Of The Development-

  • The PMLA and its rules impose obligation on reporting entities like banks, financial institutions and intermediaries such as stock brokers to verify the identity of clients, maintain records and furnish information to the Financial Intelligence Unit of India (FIU-IND).
  • According to Rule 9, every reporting entity shall at the time of commencement of an account-based relationship, identify its clients, verify their identity and obtain information on the purpose and intended nature of the business relationship.
  • Intermediaries like stock brokers, chit fund companies, cooperative banks, housing finance institutions and non-banking finance companies are also classified as reporting entities. The biometric identification number Aadhaar and other official documents are required to be obtained by the reporting entities from anyone opening a bank account as well as for any financial transaction of Rs 50,000 and above.
  • This is also required for all cash dealings of more than Rs 10 lakh or its equivalent in foreign currency, cash transactions where forged or counterfeit currency notes have been used and all suspicious transactions.
  • All cross- border wire transfers of more than Rs 5 lakh in foreign currency and purchase and sale of immovable property valued at Rs 50 lakh or more also fall under this category, according to the reporting rules.
  • The notification states in case the officially valid document furnished does not contain updated address, a utility bill like electricity, telephone, post-paid mobile phone, piped gas or water bill which is not more than two months old can be considered as a proof of address.

Sources- Businesstoday.