- June 29, 2017
- Posted by: Vinoba
- Category: All Posts, June 2017
- Neeru Chadha becomes first Indian woman to be member of International Tribunal for the Law of the Sea
Source: The Hindu
In a significant victory for India at the UN, international law expert Neeru Chadha has won a crucial election to a top UN judicial body that deals with disputes related to the law of the sea, becoming the first Indian woman to be appointed as a judge at the tribunal.
- Chadha, an eminent lawyer and the first Indian woman to become the chief legal adviser in the ministry of external affairs, is elected for a nine-year term from 2017 to 2026.
- Chadha is only the second woman to be judge of ITLOS in its two decades of existence, where there have been a total of 40 judges.
- The Hamburg-based ITLOS, established in 1996, is one of dispute settlement mechanisms under the UN Convention on the Law of the Sea (UNCLOS) that entered into force in 1994.
- The Tribunal is composed of 21 independent members who are elected from among persons enjoying the highest reputation for fairness and integrity and of recognised competence in the field of the law of the sea.
- The tribunal is based in Hamburg, Germany.
- The Tribunal has the power to settle disputes between party states. Currently, there are 161 parties.
- India is also a signatory to this convention.
- What’s up with Bosphorus?
Source: The Hindu
A sudden change in the colour of the Bosphorus Strait that divides the continents of Europe and Asia in Turkey’s largest city Istanbul since the weekend has alarmed some residents.
- It is a natural strait connecting the Black Sea to the Sea of Marmara, thus being a very strategic waterway.
- It’s length is 32 kilometers (20 miles) in the north to south direction. Bosphorus strait separates the European part from the Asian part of Istanbul.
Reason behind colour change:
- The cause was a surge in numbers of the micro-organism Emiliania huxleyi.
- One of the most successful life-forms on the planet, Emiliania huxleyi is a single-celled organism visible only under a microscope. Its astonishing adaptability enables it to thrive in waters from the equator to the sub-Arctic.
- Cabinet approves Interest Subvention to banks on Short-Term crop loan to farmers
The government has approved the Interest Subvention Scheme (ISS) for farmers for the year 2017-18. This will help farmers getting short term crop loan up to Rs. 3 lakh payable within one year at only 4% per annum. The Government has earmarked a sum of Rs. 20,339 crore for this purpose.
- The Interest Subvention Scheme will continue for one year and it will be implemented by NABARD and RBI.
- The objective of the scheme is to make available at ground level, agricultural credit for Short Term crop loans at an affordable rate to give a boost to agricultural productivity and production in the country.
- The interest subvention will be given to Public Sector Banks (PSBs), Private Sector Banks, Cooperative Banks and Regional Rural Banks (RRBs) on use of own funds and to NABARD for refinance to RRBs and Cooperative Banks.
Interest subvention scheme:
- The scheme has been running since 2006-07. Under this, the farmers can avail concessional crop loans of upto Rs.3 lakh at 7% rate of interest. It also provides for an additional subvention of 3%. Prompt Repayment within a period of one year from the date of advance.
- As a measure to check distress sale, post-harvest loans for storage in accredited warehouses against Negotiable Warehouse Receipts (NWRs) are available for upto 6 months for KCC holding small & marginal farmers. During the year 2016-17, the volume of short term crop loan lent stood at Rs.6,22,685 crore, surpassing the target of Rs. 6,15,000 crore.
- Government mulls Bill to deal with financial sector crisis, protect consumers
The Union Cabinet has approved the proposal to introduce a Financial Resolution and Deposit Insurance Bill, 2017.
Highlights of the Bill:
- The Bill would provide for a comprehensive resolution framework for specified financial sector entities to deal with bankruptcy situation in banks, insurance companies and financial sector entities.
- The Bill when enacted, will pave the way for setting up of the Resolution Corporation. It would lead to repeal or amendment of resolution-related provisions in sectoral Acts as listed in Schedules of the Bill.
- It will also result in the repealing of the Deposit Insurance and Credit Guarantee Corporation Act, 1961 to transfer the deposit insurance powers and responsibilities to the Resolution Corporation.
- The Resolution Corporation would protect the stability and resilience of the financial system; protecting the consumers of covered obligations up to a reasonable limit; and protecting public funds, to the extent possible.
- The bill also seeks to give comfort to the consumers of financial service providers in financial distress. It also aims to inculcate discipline among financial service providers in the event of financial crises by limiting the use of public money to bail out distressed entities.