[Prelims Spotlight] Foreign remittance, e-way bill, Economic and Social Council (ECOSOC)

Here are 2 Back2Basics collections from today’s news items

B2B #1: From news- India highest recipient of remittances

Foreign remittance

  1. A remittance is a transfer of money by a foreign worker to an individual in his or her home country
  2. Money sent home by migrants competes with international aid as one of the largest financial inflows to developing countries
  3. Workers’ remittances are a significant part of international capital flows, especially with regard to labour-exporting countries
  4. In 2014, $436 billion went to developing countries, setting a new record. Overall global remittances totaled $582 billion in 2015
  5. Some countries, such as India and China, receive tens of billions of US dollars in remittances each year from their expatriates and diaspora
  6. In 2014, India received an estimated $70 billion and China an estimated $64 billion

 

B2B #2: From news- Intra-State e-way bills: phase 3 to start Apr. 25

What is e-way bill?

  1. The E-way bill, short form for electronic way bill, is a document to be generated online under the GST system, when goods of the value of more than ₹50,000 are shipped inter-State or intra-State
  2. The E-way bill must be raised before the goods are shipped and should include details of the goods, their consignor, recipient and transporter
  3. For a comprehensive readClick here

 

As a part of revision for Prelims 2018, Here’s a Factoid to brush up your concepts

Name : Economic and Social Council (ECOSOC)

Recently in News because : India Has Been Re-Elected To The UN’s Principal Organ, the Economic and Social Council (ECOSOC) for Another Three-Year Term

Objective : ECOSOC is the United Nations’ central platform for reflection, debate, and innovative thinking on sustainable development

Members : The Council’s 54 member Governments are elected by the General Assembly for overlapping three-year terms. Seats on the Council are allotted based on geographical representation with fourteen allocated to African States, eleven to Asian States, six to Eastern European States, ten to Latin American and Caribbean States, and thirteen to Western European and other States

Headquarters : New York

Year Founded : ECOSOC is one of the six main organs of the United Nations established by the UN Charter in 1945

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