Daily Current Affairs 27th July and 28th July

Cultural Property Agreement

Why in news?

Recently, The Government of India and the Government of the US signed the first ever 'Cultural Property Agreement.

About 

• The agreement aims to prevent and curb the illicit trafficking of antiquities from India to the USA.
• The Cultural Property Agreement (CPA) is aligned with the 1970 UNESCO Convention on the Means of Prohibiting and Preventing the Illicit Import, Export and Transfer of Ownership of Cultural Property, to which both countries are States party. 
• The Illicit trafficking of cultural property is a longstanding issue that has affected many cultures and countries throughout history.
• This agreement will allow "smooth repatriation" of historic artefact from the US to India.
• With this agreement, India joins the ranks of 29 existing US bilateral cultural property agreement partners.

About Antiquities and Art Treasure Act, 1972

• The Antiquities and Art Treasures Act, 1972 was created in accordance with the UNESCO 1970 Convention to regulate the internal and external dealing in antiquities in India. 
• Its purpose is to prevent the permanent export of India's treasures so as to preserve the country's cultural wealth.
• This Act also regulates the export trade in antiquities and art treasures, to prevent smuggling of and fraudulent dealings in antiquities. a. Sculptures in stone, terracotta, metals, ivory.
• The Act defines the term ‘Antiquity’ as any sculpture, coin, epigraphs of images, other crafts and art or piece of writing, things or articles separated from caves or structures or the articles, things etc.
• The Act prohibits any person for conducting business like selling or offering to sell any antiquity except in accordance with the terms and conditions of ‘License’ issued under the Act.

Prompt Corrective Action

Why in news?

Recently, The Reserve Bank of India issued a Prompt Corrective Action (PCA) Framework for Primary (Urban) Co-operative Banks (UCBs).

More about the news

• The Reserve Bank had issued as an early intervention tool for bringing about desired improvements in weak UCBs and UCBs which are experiencing financial stress.
• The framework has been suitably harmonised with similar frameworks applicable for Scheduled Commercial Banks and Non-Banking Financial Companies.

About Prompt Corrective Action (PCA)

• The RBI introduced the PCA framework in 2002 with the aim to check the problem of Non-Performing Assets (NPAs) in the Indian banking sector.
• PCA framework is one of such supervisory tools, which involves monitoring of certain performance indicators of the banks as an early warning exercise and is initiated once such thresholds as relating to capital, asset quality etc. are breached.
• The objective of the PCA framework is to enable supervisory intervention at appropriate time and require the supervised entity to initiate and implement remedial measures in a timely manner, so as to restore its financial health. 
• The PCA framework is also intended to act as a tool for effective market discipline.
• The RBI revised the provisions of the PCA framework in 2017. 
• Key features of the revised framework: 
  • Capital, asset quality and profitability continue to be the key areas for monitoring in the revised framework.
  • The PCA framework would apply without exception to all banks operating in India including small banks and foreign banks operating through branches or subsidiaries based on breach of risk thresholds of identified indicators.
  • In governance-related actions, the RBI can supersede the board under Section 36ACA of the Banking Regulation Act, 1949.
  • In the case of a default on the part of a bank in meeting the obligations to its depositors, possible resolution processes may be resorted to without reference to the PCA matrix.

Liquidity Coverage Ratio

Why in news?

Recently, the Reserve Bank of India (RBI) issued draft guidelines on Liquidity Coverage Ratio (LCR).

More about the news

• LCR refers to a stock of high-quality liquid assets (HQLA)-primarily government securities-that banks must maintain to tide over a hypothetical 30-day stress scenario in which outflows occur.
• The Liquidity Coverage Ratio (LCR) ensures banks maintain a buffer of easily liquefiable assets to cover potential withdrawal demands over a 30-day period.
• As per the guidelines, the RBI asked the banks to set aside a higher stock of liquid securities as a buffer on deposits amidst risk involving increased use of technology to transfer funds.
• The new regulations suggest that banks will need to apply additional risk weightings to deposits made through internet and mobile banking (IMB).
• This adjustment aims to address the challenges posed by the growing use of digital banking platforms, which have altered traditional deposit behaviours.
• The increased usage of technology has facilitated the ability to make instantaneous bank transfers and withdrawals, it has also led to a concomitant increase in risks, requiring proactive management

Model Skill Loan Scheme

Why in news?

Recently, the Government of India launched the revised Model Skill Loan Scheme.

About the scheme

• It is designed to provide financial support for skill development courses to the nation’s youth.
• The scheme aims to remove financial barriers to advanced skill education.
• The scheme is aimed at providing easy access to advanced-level skill courses, which potentially pose a significant financial barrier for many deserving students and candidates to gain futuristic and in-demand industry skills.
• The updated scheme offers collateral-free loans of up to Rs. 7.5 lakh and expands eligibility to include Non-Banking Financial Companies (NBFCs), NBFC-Micro Finance Institutions (NBFC-MFIs), and small finance banks. 
• This initiative is part of a broader effort to develop a future-ready workforce by facilitating access to high-cost, advanced skill courses essential for meeting emerging industrial demands.
• The revised Model Skill Loan Scheme builds upon the Credit Guarantee Fund Scheme for Skill Development (CCFSSD), launched in 2015, and aims to ensure a steady flow of affordable finance for low-income youth to pursue specialized skill courses.

Asian Disaster Preparedness Centre

Why in news?

Recently, India has taken over the Chair of Asian Disaster Preparedness Centre (ADPC) from People Republic of China.

About ADPC

• ADPC is an autonomous International Organization for cooperation in and implementation of disaster risk reduction and building climate resilience in Asia and the Pacific region.
• It was established in 1986 as a regional disaster preparedness center (DMC) in Asian Institute of Technology (AIT) in Bangkok, Thailand.
•  India and eight neighbouring countries viz. Bangladesh, Cambodia, China, Nepal, Pakistan, Philippines, Sri Lanka and Thailand are the founding members of ADPC.
• The vision of ADPC is "safer communities and sustainable development through disaster risk reduction" and its geographical remit is Asia and the Pacific. 
• In the current context it provides an excellent mechanism to address existing and the emerging negative impacts of natural hazard and climate change, continue to support global initiatives on 

• climate resilience, urban resilience, making humanitarian response to disasters more effective and giving support and direction for recovery and rehabilitation, building back better.

World Tariff Profiles 2024

Why in news?

Recently the WTO released the World Tariff Profiles 2024.

Key Highlights

• According to a report, India stood second just behind in the US among World Trade Organisation (WTO) members in the initiation and imposition of anti-dumping duties last year.
• While India increased the use of non-tariff measures in 2023, its average tariffs during the year came down to 17% from 18.1% in 2022.
• In 2023 India initiated 45 anti-dumping investigations last year and implemented duties in 14 cases.
• In total India has 133 anti-dumping measures which impact 418 products. In 2022 India was the top initiator of anti-dumping investigations at 29 among WTO members.

About World Tariff Profiles 2024

• World Tariff Profiles 2024 provides comprehensive information on the tariffs and non-tariff measures imposed by over 170 countries and customs territories. 
• It is a joint publication of the WTO, the International Trade Centre and UN Trade and Development (UNCTAD).
• In addition to tariff data, the profiles include statistics on non-tariff measures such as anti-dumping, countervailing measures, and safeguards, organized by economy and product group.
• The 2024 edition focuses on tariffs for critical electric vehicle (EV) minerals, including cobalt, graphite, and lithium, essential for EV batteries and renewable energy technologies.

Growth India Telescope

Why in news?

Recently, the GROWTH-India telescope at the Indian Astronomical Observatory in Ladakh recently captured a building-sized asteroid on its approach to Earth.

About Growth India Telescope

• The GROWTH-India Telescope is India's first fully robotic optical research telescope.
• It is located at the Indian Astronomical Observatory site at Hanle, Ladakh, situated at 4500 meters above mean sea level.
• It is one of the highest observatory sites in the world.
• It is a collaboration between the Indian Institute of Astrophysics, Bengaluru, and IIT Bombay. 
• The primary research focus of this telescope is time-domain astronomy: the study of explosive transients and variable sources in the universe.
• The telescope is part of a multilateral collaborative initiative known as the Global Relay of Observatories Watching Transients Happen (GROWTH) to observe transient events in the universe. 
• The GROWTH programme is a five-year project, funded by the National Science Foundation (NSF), a US government agency whose mission includes support for all fields of fundamental science and engineering, except for medical science.

Royal Bengal Tiger (Panthera Tigris)

Why in news?

According to the National Tiger Conservation Authority, a total of 628 tigers died in India during the past five years.

More about the news

• According to the National Tiger Conservation Authority (NTCA), 96 tigers died in 2019, 106 in 2020, 127 in 2021, 121 in 2022, and 178 in 2023.
  • National Tiger Conservation Authority (NTCA) is a statutory body under the Ministry of Environment, Forests and Climate Change.
  • It was established in 2005 following the recommendations of the Tiger Task Force.
• 349 people were killed in tiger attacks during this period, with Maharashtra alone recording 200 deaths.
• Reasons for death: Natural causes and other reasons like man-animal conflict, including poaching.
• The number of tigers in India stood at 3,682, around 75% of the global wild tiger population, in 2022.
• India launched Project Tiger on April 1, 1973, to promote tiger conservation. Initially, it covered nine tiger reserves spanning 18,278 square km.
• Currently, India has 55 tiger reserves covering more than 78,735 square km, nearly 2.4% of the country’s geographical area, of tiger habitat.

About Royal Bengal Tiger

• The Royal Bengal tiger is a subspecies of tiger (Pantheria tigris) inhabiting the hot and humid forests, and wetlands of India, Bangladesh, Bhutan, and Nepal.
• It ranks among the biggest wild cats alive today. It is considered to belong to the world’s charismatic megafauna.
• The Royal Bengal tigress delivers a litter of 4-5 cubs, their gestation period is 3 months.
• As per latest Tiger Census, there are a maximum of 3925 tigers in the country.
• Tiger census is held every four years in the country. It is conducted by NTCA in collaboration with the Wildlife Institute of India (WII).
• The Royal Bengal Tiger was declared the national animal of India in 1972 due to its significance in the country's culture, ecology, and biodiversity.
• Madhya Pradesh has the highest number of tigers in India followed by Karnataka, Uttarakhand.
• Habitat loss, prey depletion, poaching and human-wildlife conflicts are the major causes of population decline of tigers in the wild.
• The IUCN Red List of threatened species classifies Tigers as Endangered and Schedule I of the Wildlife Protection Act 1972.