20th DEC, 2022

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NATIONS ADOPT FOUR GOALS, 23 TARGETS FOR 2030 IN LANDMARK UN
BIODIVERSITY AGREEMENT

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The 15th Conference of Parties (COP 15) to the
UN Convention on Biological Diversity

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adopted the “Kunming-Montreal Global
Biodiversity Framework” (GBF).
The main objective of COP15 was to adopt
an ambitious and balanced global
biodiversity framework to replace the Aichi

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Biodiversity Targets, which expired in 2020.
The framework’s 4 overarching global goals:
Goal A- substantially increasing the area of
natural ecosystems, by 2050, the extinction
rate and risk of all species are reduced tenfold.

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Genetic diversity of wild and
domesticated animals to be maintained.

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Goal B- restore the decline of biodiversity
by 2050.
Goal C- ensuring traditional knowledge associated with genetic resources is protected.
Goal D- Adequate means of implementation, including financial resources, progressively closing the biodiversity finance gap of

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$700 billion per year.
COP 15 also agreed to establish within GBF, a multilateral fund for the equitable sharing of benefits between providers and users

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of Digital sequence information (DSI), to be finalized at COP16 in Türkiye in 2024.
DSI is an emerging aspect of synthetic biology which involves certain functional genetic sequences being shared by different means.

CARBON MARKETS AND THEIR OPERATION

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Recently, Parliament passed the Energy Conservation (Amendment) Bill, 2022 which
empowered the Government to establish carbon markets in India and specify a
carbon credit trading scheme.
Carbon Markets:
These are trading systems in which carbon credits are sold and bought.
One tradable carbon credit equals one tonne of carbon dioxide or the
equivalent amount of a different greenhouse gas reduced, sequestered or avoided.
Article 6 of the Paris Agreement provides for carbon markets to fulfil NDC targets.
2 types of Carbon Markets
Voluntary markets
Carbon credits here are called Verified Emission Reductions (VER).
A corporation looking to compensate for its unavoidable GHG emissions purchases carbon credits from an entity engaged in
projects that reduce, remove, capture, or avoid emissions.
Compliance markets
Set up by policies at the government level, they mostly operate under a principle of a ‘cap-and-trade” system.
Issues with the Bill
Lack of clarity on the trading mechanism- whether it will be akin to the cap-and-trade schemes.
No clarity on whether certificates under already existing schemes would also be interchangeable and tradable, i.e., Renewable
Energy Certificates etc.

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GOVT NOTIFIES SIX INSURANCE REGULATIONS OF IRDAI

With the aim to boost Insurance penetration (4.2% compared to the world
average of 6.3%) in India, the government has notified new rules.
RELATED NEWS
Recently the government launched first-ever
About Rules
‘Surety Bond Insurance’ for infrastructure
A Corporate Agent (CA) can tie up with 9 insurers (earlier 3) and Insurance projects.
Marketing Firms (IMF) can tie up with 6 insurers (earlier 2).
The Surety Bond Insurance is a risk transfer
Raises Regulatory Sandbox (RS) experimentation period from 6 months to tool for the Principal and shields the

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upto 36 months. Principal from the losses that may arise in
RS is a framework which provides a testing environment to the companies case the contractor fails to perform their
to enable them to test their innovative products, technologies. contractual obligation.
The requirement of prior approval from IRDAI for raising, ‘ Others form of
Capital’ is dispensed with. FINTECHS STILL AWAIT CLARITY

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These include subordinated debt and/or preference shares.
The experience and qualification requirements have been made flexible for
ON DIGITAL LENDING NORMS

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Appointed Actuary (AA). RBI’s Digital Lending norms became effective
on December 1. However, the Fintech industry is
AA main role is to carry out a regular valuation of the reserves held to pay
awaiting clarity on several Issues before
future policy benefits.
compliance.
The period for considering State/Central Government premium dues for
This issue pertains to:
calculation of solvency position has been increased from 180 to 365 days.

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FLDG (First Loss Default Guarantee)- It is a
To promote ease of doing business, the process of setting up an insurance
lending model between Fintechs and
company has been made simpler.
regulated entities, wherein fintech

INDIA TO BUILD 1,700-KM 'FRONTIER HIGHWAY'

guarantees a certain percentage of
compensation to lenders in case of a default.
EYEING CHINA

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Specific guidelines are needed for FLDG
agreement between Regulated Entity (RE)
Recently, India and China

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and Non-RE.
troops clashed along the
Data Storage- Clarity is needed for creation
Yangtze river in Tawang
of an Self-Regulatory Organisation (SRO),
sector in Arunachal Pradesh.
management and storage of customer data,
There are certain areas and restrictions on customer engagement

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along the LAC in the several issues, etc.
Tawang Sector that are Earlier, RBI issued norms for digital lending
areas of differing

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to protect consumers from breaches of data
perception and China privacy, unfair business conduct, charging of
reportedly has been exorbitant interest rates, and unethical
building infrastructure recovery practices by fintech players.
on its side.
It provided that all loan disbursals/

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It is part of the Chinese Salami Slicing tactic or Cabbage strategy. repayments are to be executed only
It is a strategy of acquiring new territories, at the expense of its neighbours between bank accounts of borrower and
,under this China tests the other claimants through aggressive actions, RE.
then back off when it meets significant resistance. Cooling off/ look-up period to exit digital
In this context ,the government will construct NH-913 new frontier highway in loan by paying principal and proportionate
Arunachal Pradesh within the next five years. annual percentage rate without any penalty
shall be provided.
It will boost seamless movement of defence forces and equipment to the
Guidelines are applicable to all RE i.e.,
border.
Commercial banks, Primary (urban)
It will also cater to developmental needs and well-being of people living in cooperative banks, Non- Banking Financial
border areas. Companies (NBFCs), etc
Other Programs for improving border infrastructure - FinTech is broadly used to describe emerging
Vibrant Villages Programme: technological innovations in the financial
services sector, with an ever-increasing
Construction of village infrastructure, housing, tourist centers, road reliance on information technology.
connectivity.
Most prominent FinTech innovations can
The Border Area Development Programme: be categorised into Payments, Clearing &
Settlement, Deposits, Lending, capital
Balanced development of border areas and promotion of a sense of security raising, market provisioning, Investment
among the border population. Management, and Data Analytics & Risk
Smart Fencing in India (CIBMS). Management.

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LOK SABHA PASSED THE ANTI-MARITIME PIRACY BILL, 2019

The Bill seeks to comply with UN Convention on the Law of
the Sea ,1982( India ratified in 1995).
It enables Indian authorities to take action against piracy on
the high seas that is beyond EEZ (200 nautical miles).
Need of Bill
Currently, India does not have a domestic legislation on

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maritime piracy.
More than 90 per cent of the country's trade is taking
place through sea routes.
Rise in incidence of Piracy in the Indian ocean. Proximity to
Gulf of Aden (one of hotspots of piracy) is also a concern.

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Key Provisions

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Any illegal act of violence, detention or destruction against a ship, aircraft, person or property, for
Defines Piracy private purposes, by the crew or passengers of a private ship or aircraft.
Extra-territorial It applies to the sea beyond the Exclusive Economic Zone (EEZ), i.e., beyond 200 nautical miles from
Jurisdictions India’s coastline.

For committing acts of piracy –

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life imprisonment or
Punishment
death, if the act of piracy causes or seeks to cause death.
If assisting piracy acts, up to 14 years of imprisonment and a fine.

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Accused can be transferred to any country for prosecution with which India has signed an extradition
Extraditable offenses
treaty.

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Sessions Courts as notified by central govt after consultation with the Chief Justice of the
Designated Court
concerned HC.

ALSO IN NEWS

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Lok Sabha has passed a Bill to give tribal status to Betta-Kuruba community.

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The community has been living in Chamarajnagar, Kodagu and Mysuru districts of Karnataka.
Community involves collection of forest produce and bamboo.
Betta-Kuruba community They have their own dialect with no script, use primitive hunting tools and follow animism.
in ST category

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Compensation cess is levied on ‘demerit’ goods like pan masala, cigarettes and tobacco products,
aerated water, caffeinated beverages, coal etc.
GST Compensation Cess was introduced by the government to compensate for the possible
revenue losses suffered by states.
Initially it was levied only for the first 5 years of the GST regime – from July 1st, 2017 to July 1st,
2022 to ensure states revenues grew 14% annually.
GST Compensation Cess The levy of cess was to end on June 30,2022 but further extended till March 2026 to repay the
loans taken in the last two fiscal years to make up for the shortfall in their revenue collection.
Residents from Jaisalmer (Rajasthan) are demanding the Oran land to be declared as
community-conserved sacred spaces against its current status of wastelands.
Orans are sacred spaces, which are rich in biodiversity and usually include a water body.
The orans are habitats of the great Indian bustard, desert cat, etc.
Orans are also spaces where herders take their livestock for grazing and are places for
Oran land communal congregations, festivals, and other social events.

December 19 is celebrated annually to mark the defeat of Portuguese colonial forces and
liberation of Goa in 1961.
Operation Vijay
December 18 and 19, 1961 saw a military operation, named “Operation Vijay” leading Goa’s
Goa Liberation Day Annexation to India.

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The Centre has told the Supreme Court that a ban imposed by certain coastal States (Tamil Nadu,
Odisha, Kerala,etc) on purse seine fishing is not justified.
The argument for the ban is given as the mode of fishing draws in not only the targeted fish but
also at-risk varieties, including turtles.
About Purse seine Fishing:
A fish seine is a horizontal net that has floats holding the top line of the net at the water's
surface.
Purse seine fishing
The net extends down in the water due to weights placed on the net's bottom line.

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The weighted line can then be pulled, so that the net acts like a purse.

NTH to set up EV battery testing facilities in Mumbai, Kolkata.

NTH a subordinate office under the administrative control of Department of Consumer Affairs.

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It was established in 1912.
NTH is a laboratory of national importance in the field of testing, quality evaluation.

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It ensures the quality of almost all sorts of industrial and consumer products except drugs, arms.
National Test House (NTH) The NTH has now six regional Laboratories located in the Eastern, Western, Southern, Northern,
North West and North East of the country.

Google India has teamed up with the Indian Institute of Science (IISc) for this initiative.
It aims to build an artificial intelligence/machine learning (AI/ML) model to collect language

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samples from 773 districts across India.
It will be an AI-based language model that can understand diverse Indian languages and dialects.
Potential use of such datasets is in building apps in areas such as health, agriculture, and
Project Vanni
financial inclusion.

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Researchers at IISc, Bangalore have developed germ-destroying air filters which can inactivate
99.24% germs using ingredients like polyphenols and polycationic polymers.

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It was funded by SERB and SERB-Technology Translation Awards (SERB-TETRA) Funds.
SERB is a statutory body established under SERB Act, 2008 to
Promote basic research in emerging areas of Science and Engineering, and
Science and Engineering Provide financial assistance to persons engaged in such research, academic institutions, industrial

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Research Board (SERB) concerns and other agencies.
SERB-TETRA is a scheme for catalysing technology transition in academic settings.

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Moonlighting refers to full-time employee of a company taking up extra jobs, usually without the
knowledge of employers.
The working model of work from home (WFH) is said to have promulgated moonlighting
among the white-collar professionals in India.

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Government stand:
As per Industrial Employment (Standing Orders) Act 1946, workmen shall not at any time
work against the interest of the industrial establishment in which he is employed.
Moonlighting
And shall not take any employment in addition to his job in the establishment, which may
adversely affect the interest of his employer.
Rwanda (Kigali)
London's High Court ruled Britain's plan to send migrants to Rwanda is lawful.
Political Boundaries:
landlocked republic lying south of the Equator in east-central Africa.
Rwanda is bounded to the north by Uganda; east by Tanzania; south by Burundi, and west by
the Democratic Republic of the Congo and Lake Kivu.
Geographical Feature:
Its dominant feature is a chain of mountains that runs on a
north-south axis and forms part of the Congo-Nile divide.
Places in News Most of the country’s rivers are found on the eastern side of
the Congo-Nile divide.
River Kagera is the major eastern river.
Largest Lake: Lake kivu.
Highest Point: Mount Karisimbi

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