Here are 3 Back2Basics collections from today’s news items
B2B #1: From news- India takes US steel tariff issue to WTO’s safeguards committee
WTO dispute settlement mechanism
- Dispute settlement is regarded by the World Trade Organization (WTO) as the central pillar of the multilateral trading system, and as the organization’s “unique contribution to the stability of the global economy
- A dispute arises when one member country adopts a trade policy measure or takes some action that one or more fellow members considers to a breach of WTO agreements or to be a failure to live up to obligations
- The operation of the WTO dispute settlement process involves the parties and third parties to a case and may also involve the DSB panels, the Appellate Body, the WTO Secretariat, arbitrators, independent experts, and several specialized institutions
- The General Council discharges its responsibilities under the DSU through the Dispute Settlement Body (DSB)
- Like the General Council, the DSB is composed of representatives of all WTO Members
- By joining the WTO, member countries have agreed that if they believe fellow members are in violation of trade rules, they will use the multilateral system of settling disputes instead of taking action unilaterally
- This entails abiding by agreed procedures (Dispute Settlement Understanding) and respecting judgments, primarily of the Dispute Settlement Body (DSB), the WTO organ responsible for the adjudication of disputes
B2B #2: From news: Bharat-22 ETF offer may worth Rs 10,000 crore
Exchange traded fund (ETF)
- Exchange Traded Funds (ETFs) are mutual funds listed and traded on stock exchanges like shares
- The ETF simply copies an index and endeavors to accurately reflect its performance
- In an ETF, one can buy and sell units at a prevailing market price on a real-time basis during market hours
- There are four types of ETFs already available — Equity ETFs, Debt ETFs, Commodity ETFs and Overseas Equity ETFs
- The Bharat 22 ETF to be offered now allows the Government to park its holdings in selected PSUs in an ETF and raise disinvestment money from investors at one go
- It tracks the specially made S&P BSE Bharat 22 Index, managed by Asia Index Private Limited
- This index is made up of 22 PSU stocks and with a few private sector companies
B2B #3: From news: Law Commission for simultaneous polls
Law Commission of India
- Law Commission of India is an executive body established by an order of the Government of India
- Its major function is to work for legal reform
- Its membership primarily comprises legal experts, who are entrusted a mandate by the Government
- The Commission is established for a fixed tenure and works as an advisory body to the Ministry of Law and Justice
- Justice Balbir Singh Chauhan, a former judge of the Supreme Court was appointed Chairman of the 21st Law Commission on 10 March
- This post was lying vacant since September 2015. 66-year old Justice Chauhan is currently heading the Cauvery River Water Disputes Tribunal
- One of the key issues pending before the Law Commission is a call on amending the Indian Penal Code (IPC) amid allegations of abuse and arbitrary use of the law
As a part of revision for Prelims 2018, Here’s a Factoid to brush up your concepts
Name: Kavach (KVx) series laser walls
Defence Forces: Army
Module Type: Tech Misc.
Brief Intro:
1.The hi-tech Kavach (KVx) series laser walls immediately alert the nearest outpost about intrusion attempts and triggers action from a Quick Response Tool(QRT), which is IoT device, developed by CRON Systems, a Delhi-based defence IoT company. 2.CRON Systems has developed Kavach laser walls after working with our jawans on ground and thoroughly understanding their needs and challenges.It takes five KVx-series walls, connected with infra-red, to secure a kilometre-long stretch. Each wall is connected with a quick response tool (QRT), an IoT device, to help jawans respond to alerts.