Daily Current Affairs : 20/6/2019

Daily Current Affairs for UPSC CSE

Topics Covered

1. ReCAAP ISC
2. Dispute Resolution Committee
3. Libra
4. Site / Monument of national importance 
5. Facts for Prelims : Predatory Pricing, Hydrotherapy clinic

1 . ReCAAP ISC

About ReCAAP

• The Regional Cooperation Agreement on Combating Piracy and Armed Robbery against Ships in Asia (ReCAAP) is the first regional government-to-government agreement to promote and enhance cooperation against piracy and armed robbery against ships in Asia.
• The ReCAAP Agreement was launched in November 2006 with 14 Asian Contracting Parties including North, Southeast, and South Asian countries ( India, Japan, China, Brunei, Bangladesh, Cambodia, South Korea, Laos, Myanmar, Philippines, Singapore, Sri lanka, Thailand, Vietnam)
• It has 20 Contracting Parties today, including Europe (Norway, the Netherlands, Denmark, and the United Kingdom), Australia, and the United States.
• The ReCAAP Information Sharing Centre (ReCAAP ISC) was established / headquartered in Singapore in 2006.
• At the 12th Governing Council Meeting in 2018, the Council announced that ReCAAP ISC has met the criteria to be a Centre of Excellence for information sharing in combating piracy and armed robbery against ships at sea.

Vision

• To be the information hub for combating piracy and armed robbery against ships in Asia.

Mission

• To enhance regional cooperation through information sharing, capacity building and cooperative arrangements in combating piracy and armed robbery against ships.

2 . Dispute Resolution Committee for solar/wind sector

About the Dispute Resolution Committee

• A three member Dispute Resolution Committee (DRC) will be set up consisting of eminent persons of impeccable integrity.
• The upper age for the DRC members shall be 70 years. The Committee members of DRC shall be chosen from the eminent persons located in NCR of Delhi so as to avoid expenditure on Air Travel & accommodation. The selection of DRC Members would be such that there is no conflict of interest involved.
• The mechanism of Dispute Resolution Committee (DRC) will be applicable for all solar/ wind Schemes/ Programmes/ Projects being implemented through/ by Solar Energy Corporation of India/ National Thermal Power Corporation.
• The DRC will consider following kinds of cases:
  • All cases of appeal against decisions given by SECI on Extension of Time requests based on terms of contract
  • All requests of Extension of Time not covered under the terms of contract

3 . Libra

Context : There is a new cryptocurrency called Libra, courtesy Facebook which announced on Tuesday that it will be rolled out by 2020. 

How cryptocurrency works

• It is a virtual currency, which users buy and store in any of several available digital wallets, and use it for transactions on a decentralised network that is not controlled by one bank or a government. Bitcoin is among the best known cryptocurrencies.
• Cryptocurrency is powered by a technology called blockchain, which functions like an open ledger that gets updated in real time.
• Each transaction on a blockchain network is preserved, and reversing it is impossible. Because data are encrypted, cryptocurrency is supposed to be secure and anonymous. From a digital wallet, however, it is possible for stored coins or currency to be stolen.
• For Libra, Facebook announced a dedicated wallet app called Calibra, which will be built into WhatsApp and Messenger as well, to let users store and use Libra coins.

Features of Libra

• The values of most cryptocurrencies, such as Bitcoin, tend to fluctuate against real currencies. The plan is to ensure Libra is stable and give users confidence.
• Libra will be backed by a reserve of assets designed to “give it intrinsic value” and ensure stability. These assets includes securities and fiat currencies (like dollar, pound).
• Libra’s website says the cryptocurrency will be backed by “short-term government securities in currencies from stable and reputable central banks.” However, the “value of the one Libra in any local currency may fluctuate”, cautions the page.
• Libra is planned as a “global currency” for use anywhere in the world without transaction fees.
• It will target those who are unbanked, who are believed to number around 1.7 billion across the world. What remains a question, however, is how and why someone without access to formal banking would jump to cryptocurrency.
• Libra will be controlled by the Libra Association, a non-profit based in Geneva. Facebook will have a leadership role for 2019, but will later become one of many members of the association. 
• The currency: Libra will be a digital currency backed by a reserve of real assets, including bank deposits. Facebook will aim for stability in prices and stresses that privacy concerns will be addressed.
• The wallet: Calibra will store Libras. It will be available as a standalone app, also within Messenger and WhatsApp.

Concerns

• Concerns are raised regarding user privacy and the involvement of facebook

4 . Site / Monument of National Importance

Context : An ancient site at Sadikpur Sinauli with chariots, swords and other objects pointing to the presence of a warrior class around 4,000 years ago in Uttar Pradesh’s Baghpat district could be declared a site of national importance soon.

What is Site / Monument of National Importance

• A monument or a site is declared to be of National Importance by the Archaeological Survey of India provided it meets the following requirements:
  • The monument or archaeological site is not less than 100 years old.
  • It has special historical, archaeological or artistic interest, making it worthy of declaration as of national importance.
  • It qualifies under specified provisions of definition of the Ancient Monuments and Archaeological Sites and Remains Act, 1958.
  • The interested public do not have major objections to such declaration.
  • The authenticity and integrity of the ancient monument or archaeological site and remains have not been damaged.
  • It is free from major encumbrances.
• The central government maintains national monuments, while the state government maintains state monuments.

5 . Facts for Prelims

Hydrotherapy Treatment for Elephants

• India has opened its first specialised hydrotherapy treatment for elephants suffering from arthritis, joint pain and foot ailments,
• It is situated in the banks of Yamuna in Mathura near the Wildlife SOS’ Elephant Conservation and Care Centre (ECCC)

Predatory Pricing

• Predatory pricing is the pricing of goods or services at such a low level that other firms cannot compete and are forced to leave the market.