Daily Current Capsules – 13th December

2019

Environment Conservation/Prelims Factoids

Greta Thunberg named Time magazine's person of the year

Relevance IN – Prelims ( about Greta Thunberg and awareness campaign

initiated by her )

What’s the NEWS

Teen activist lauded by magazine for starting an environmental campaign

which became a global movement

Know! more about her and the campaign associated with her

Greta Thunberg, the teen activist from Sweden who has urged immediate

action to address a global climate crisis, was named Time magazine’s

person of the year for 2019. She is the youngest person to have ever

received the accolade.

Thunberg, 16, was lauded by Time for starting an environmental

campaign in August 2018 which became a global movement, initially

skipping school and camping out in front of the Swedish parliament to

demand action.

In the 16 months since, she has addressed heads of state at the UN, met

with the pope, sparred with the president of the United States and inspired

4 million people to join the global climate strike on September 20, 2019,

in what was the largest climate demonstration in human history

Greta Thunberg also gave a speech at the United Nations Climate Action

Summit this year. The speech was widely appreciated worldwide. Explain

that Greta suffers from Asperger syndrome. Time Maganize said that she

has managed to attract worldwide attention, changed millions of vague

ideas, called for immediate change, and turned an idea into a global

movement.

Know! about Fridays for Future (FFF) campaign initiated by Greta

Thunberg

The school strike for the climate also known variously as Fridays for

Future (FFF), Youth for Climate, Climate Strike or Youth Strike for

Climate, is an international movement of school students who take time

off from class to participate in demonstrations to demand action to

prevent further global warming and climate change.

Publicity and widespread organising began after Swedish schoolgirl Greta

Thunberg staged a protest in August 2018 outside the Swedish Riksdag

(parliament), holding a sign that read "Skolstrejk för klimatet" ("School

strike for the climate")

A global strike on 15 March 2019 gathered more than one million

strikers. Around 2200 strikes were organised in 125 countries.

On 24 May 2019, the second global strike took place, in which 1600

events across 150 countries drew hundreds of thousands of protesters.

The events were timed to coincide with the 2019 European Parliament

election

Social Justice/State Specific

AP Cabinet clears Disha Act

Relevance IN – Prelims ( about the Disha act) + Mains ( GS II Social issues)

What’s the NEWS

The Andhra Pradesh Cabinet has approved the draft Disha Act that

provides for harsher punishments, including death sentence, to those

guilty of heinous crimes against women.

Know! more about Disha act

The Disha act calls for speedy trial within 14 days and judgment within

21 days in case of heinous crimes against women such as acid attacks and

rape, in the presence of conclusive evidence.

The Cabinet, accepted the draft, which calls for completion of trial in 21

days and awarding death sentence in rape cases.

Currently, there is a four-month trial period for such serious offences

against women. The act reduces the period to just 21 days.

The Act would cover sexual offences against women and children, acid

attacks and harassment of women.

The government will set up special courts in districts to try the cases

related to attacks, sexual offences on children and women.

Sexual abuse and attacks on children would attract 354(F), with

punishments ranging from 14 years in jail to life term.

The current sentence for those convicted of sexual abuse on children is 3-

5 years of jail term. The act has increased the punishment to a minimum

of 10 years of jail term, which can be extended to life imprisonment

depending on the severity of the case.

The Government also decided to slap cases on people who slander

women in the social media. First time offenders could face two-year jail

term, while a repeat offence could attract double the punishment.

Economic Development

Rajya Sabha passes International Financial Services Centres Authority Bill, 2019

Relevance IN – Prelims ( about IFSC) + Mains ( GS III economic development)

What’s the NEWS

The Rajya Sabha passed the International Financial Services Centres

(IFSCs) Authority Bill, 2019 towards setting up a unified authority to

regulate all financial services in IFSCs in the country

The Lok Sabha has already passed Bill and will become a law after the

President’s assent.

The bill will be applicable to all the International Financial Services

Centres in India, which were set up under the Special Economic Zones

Act, 2005.

Know! about IFSC

An IFSC caters to customers outside the jurisdiction of the domestic

economy. Such centres deal with flows of finance, financial products and

services across borders. London, New York and Singapore can be

counted as global financial centres.

The first IFSC in India has been set up at GIFT City in Gujarat’s

Gandhinagar. IFSCs can be set up in an SEZ or as an SEZ after approval

from the Centre.

IFSCs would also provide Indian companies easier access to global

financial markets and also enable the development of financial markets in

India.

In a path breaking reform, both Houses pass International Financial

Services Authority Bill, 2019.

Know! about the unified financial regulator for IFSCs

International Financial Services Centres Authority

The International Financial Services Centres Authority will comprise nine

members including a Chairperson, all of whom will be appointed by the

Union government

It will set up world class unified regulator for international financial

services combining powers and functions of RBI, SEBI, IRDAI And

PFRDA

According to the Bill, the authority comprise a chairperson, and one

member each nominated by the Reserve Bank of India (RBI), the

Securities Exchange Board of India (SEBI), the Insurance Regulatory and

Development Authority of India (IRDAI) and the Pension Fund

Regulatory and Development Authority(PFRDA).

There will also be two members from the central government and full-

time or part-time members.

Apart from regulating all financial services and products, the authority

can also recommend any other financial products to the central

government.

Currently, the banking, capital markets and insurance sectors in IFSC are

regulated by multiple regulators such as RBI, SEBI and IRDAI.

All members will have a term of three years, subject to their

reappointment.

Know! about Performance Review Committee

The authority will be required to constitute a Performance Review

Committee, which will review its functioning. The committee will

comprise at least two members of the Authority.

The committee will be required to submit a report of its findings to the

authority at least once every year.

The committee will review whether the authority has followed the

provisions of the applicable laws while exercising its powers and

performing its functions.

It will also review the regulations made by the Authority, and evaluate

whether they promote transparency and best practices of governance.

Know! about International Financial Services Centres Authority Fund

The International Financial Services Centres Authority Bill, 2019 has

also proposed setting up of the International Financial Services Centres

Authority Fund.

All grants, fees, charges and sums received by the authority from

different sources, as decided by the centre, will be credited to the fund.

The fund will be utilized to give salaries, allowances and other

remuneration to the members and employees of the Authority and for

other expenses incurred by the Authority.

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