Daily Current Affairs for UPSC CSE
Topics Covered
- Masala Bond
- Indian Council of World Affairs (ICWA)
- World Health Assembly
- Green Card
1 . Masala Bond
Context : On Friday, the Kerala Infrastructure Investment Fund Board issued Masala Bonds to raise funds from the overseas market.
About Masala Bond
- Masala Bonds are rupee-denominated bonds i.e the funds would be raised from overseas market in Indian rupees.
- According to RBI, any corporate, body corporate and Indian bank is eligible to issue Rupee denominated bonds overseas.
- Indian companies have been raising debt from overseas markets for decades including through bond offerings, those borrowings have been denominated in dollar or other currencies.
For what all purposes the proceeds of Rupee bonds can be used?
The proceeds can be used for all purposes except for the following:
- Real estate activities other than for development of integrated township / affordable housing projects;
- Investing in capital market and using the proceeds for equity investment domestically;
- Activities prohibited as per the Foreign Direct Investment (FDI) guidelines;
- On-lending to other entities for any of the above objectives; and
- Purchase of land.
Where can these bonds be issued and who can subscribe?
The Rupee denominated bonds can only be issued in a country and can only be subscribed by a resident of a country:
- that is a member of Financial Action Task Force (FATF) or a member of a FATF-Style Regional body; and
- whose securities market regulator is a signatory to the International Organization of Securities Commission’s (IOSCO’s) Multilateral Memorandum of Understanding (Appendix A Signatories) or a signatory to bilateral Memorandum of Understanding with the SEBI for information sharing arrangements; and
- should not be a country identified in the public statement of the FATF as:
- A jurisdiction having a strategic Anti-Money Laundering or Combating the Financing of Terrorism deficiencies to which counter measures apply; or
- A jurisdiction that has not made sufficient progress in addressing the deficiencies or has not committed to an action plan developed with the Financial Action Task Force to address the deficiencies.
- Residents of such countries can subscribe to the bonds, it can also be subscribed by multilateral and regional financial institutions where India is a member country.
What is the minimum maturity of such bonds?
- According to RBI, the minimum maturity period for Masala Bonds raised up to Rupee equivalent of USD 50 million in a financial year should be 3 years and for bonds raised above USD 50 million equivalent in INR per financial year should be 5 years.
- The conversion for such bonds will happen at the market rate on the date of settlement of transactions undertaken for issue and servicing of the bonds, including its redemption.
2 . Indian Council of World Affairs (ICWA)
Context : Addressing a gathering at the Indian Council of World Affairs Chief Executive of the Afghan High Peace Council, said Afghanistan would not compromise on fundamental issues with the Taliban, stating that the rebels would have to come clean about ties with Pakistan.
About Indian Council of World Affairs
- The Indian Council of World Affairs was established in 1943 by a group of Indian intellectuals as a think tank.
- It was registered as a non-official, non-political and non-profit organisation under the Registration of Societies Act 1860.
- By an Act of Parliament in 2001, the Indian Council of World Affairs has been declared an institution of national importance.
- The Vice President of India is the ex-officio President of ICWA.
- It is devoted exclusively for the study of international relations and foreign affairs.
- Historic international conferences like ‘Asian Relations Conference’ in 1947 under the leadership of freedom fighter Sarojini Naidu and ‘United Nations and the New World Order’ in 1994 have been held by this think tank in which world renowned dignitaries addressed huge gatherings of intellectuals.
- Scores of conferences, meetings and panel discussions have been organised by the Council in its elegant building called “Sapru House”.
3 . World Health Assembly
About World Health Assembly
- The World Health Assembly is the decision-making body of WHO.
- It is attended by delegations from all WHO Member States and focuses on a specific health agenda prepared by the Executive Board.
- The main functions of the World Health Assembly are to determine the policies of the Organization, appoint the Director-General, supervise financial policies, and review and approve the proposed programme budget.
- The Health Assembly is held annually in Geneva, Switzerland.
4 . Green Card
Context : US President Donald Trump has unveiled a new merit and points-based immigration policy that replaces the existing green cards with ‘Build America’ visa and substantially hikes the quota for young and highly-skilled workers from 12 to 57 per cent, a move likely to benefit thousands of Indian professionals
About Green Card
- Green Card is the unofficial nickname for the permit allowing immigrants to permanently live and work in the United States of America.
- The official name of the US Green Card is “Lawful Permanent Resident Card”.
- It even has a more bureaucratic name: Form I-551.
- Green Card holders are known as “Permanent Residents”.
- Those who have a Green Card are allowed to emigrate to the USA and stay there for as long as they like
Process of Getting Green Card
There are three ways to obtain the Green Card:
- Via the workplace
- Via a family reunion
- By winning the Green Card Lottery
- Getting a Green Card via the workplace or a family reunion can be a very lengthy, difficult process that may take several years.
- The quickest and easiest way to a US Green Card is by winning in the Green Card Lottery. All you need is a bit of luck.
About the New immigration rules
- The White House said the new immigration rule will protect American wages, promote American values, and attract the best and brightest talent from across the globe.
- Spouses and children of new immigrants will get preferential treatment over distant relatives who use family claims as a tool to get ahead in the queue.
- The existing immigration system accords preference to family ties. Under America’s new system, the well-educated who are capable of taking up relatively sophisticated jobs—Indian technology professionals, for example—will have it easier.
- The new immigration rules, once it comes into force, could end the agonising Green Card wait for thousands of Indian professionals. The average waiting period for them is more than a decade.
- Trump wants America’s new immigration system to bring in people who will expand opportunity for striving, low-income Americans instead of competing with low-income Americans.
- The new immigration plan makes no change to the number of green cards allocated each year. “But instead of admitting people through random chance, there will be simple, universal criteria for admission to the United States.
- Under the proposed reforms, immigrants will also be “required to learn English and to pass a civics exam prior to admission