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  • RBI says no Foreign Investment cap on Sovereign Green Bonds

    green bond

    The sovereign green bonds issued by the Indian government will not have any restrictions on foreign investment, the Reserve Bank of India (RBI) said.

    What are Sovereign Green Bonds?

    • A bond is an instrument to raise debt.
    • Since 2007, a market for bonds specifically self-labeled or designated as ‘green’ has emerged.
    • This label differentiates a green bond from a regular bond, which signifies a commitment to exclusively use funds raised to finance or re-finance “green” projects, assets, or business activities.
    • When these bonds carry guarantees related to the repayment of principal and payment of interest by the sovereign or the government, they are called sovereign green bonds (SGrB).

    How are the projects for green bonds selected?

    • A project is classified “green” on the basis of four key principles. These include-
    1. Encouraging energy efficiency in resource utilisation
    2. Reducing carbon emissions and greenhouse gases
    3. Promoting climate resilience and
    4. Improving natural ecosystems and biodiversity, especially in accordance with SDG (Sustainable Development Goals).

    When is the first sovereign green bond likely to be issued? 

    • In her Budget speech early this year, Finance Minister announced that sovereign green bonds will be issued for mobilising resources for green infrastructure.
    • The proceeds will be deployed in public sector projects that help in reducing the carbon intensity of the economy.
    • These green bonds would be available in 5-year and 10-year tenure.

    How are they different from conventional government bonds?

    • Government bonds or government securities (G-Secs) are normally categorised into two — Treasury Bills and dated or long-term securities.
    • These bonds carry coupon rates and are tradable in the securities market.
    • SGrB is one form of dated security. It will have a tenor and interest rate.
    • Money raised through SGrB is part of overall government borrowing.

    Who are likely to be the buyers of these bonds? 

    • Both domestic and international investors are expected to be interested in SGrB.
    • However, one thinking is foreign investors may be slightly hesitant due to currency risk.

     

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  • PM named 21 Andaman Islands after Param Vir Chakra recipients

    param vir chakra

    Prime Minister named 21 largest unnamed islands of Andaman & Nicobar Islands after India’s 21 Param Vir Chakra awardees.

    Note: Earlier, Ross Island was renamed Netaji Subhash Chandra Bose Dweep by the Prime Minister during his visit to the Island in 2018. Neil Island and Havelock Island were also renamed Shaheed Dweep and Swaraj Dweep.

    Here’s the full list of 21 islands renamed after Param Vir Chakra awardees:

    1. Dhan Singh Island after Lieutenant Colonel (then Major) Dhan Singh Thapa
    2. Tarapore Island after Lt Col Ardeshir Burzorji Tarapore
    3. Karam Singh Island after Lance Naik (Hony. Captain) Karam Singh
    4. Bana Island after Naib Subedar Bana Singh
    5. Ekka Island after Lance Naik Albert Ekka
    6. Khetrapal Island after 2nd Lt Arun Khetrapal
    7. Pandey Island after Lt Manoj Kumar Pandey
    8. Hoshiar Island after Major Hoshiar Singh
    9. Shaitan Island after Major Shaitan Singh
    10. Jadunath Island after Nayak Jadunath Singh
    11. Yogender Island after Subedar Major (Hony. Captain) Yogendra Singh Yadav
    12. Hamid Island after Company Quartermaster Havildar (CQMH) Abdul Hamid
    13. Rane Island after 2nd Lt Rama Raghoba Rane
    14. Ramaswamy Island after Major Ramaswamy Parameswaran
    15. Batra Island after Captain Vikram Batra
    16. Joginder Island after Subedar Joginder Singh
    17. Salaria Island after Captain G S Salaria (then Major)
    18. Piru Island after Company Havildar Major Piru Singh
    19. Somnath Island after Major Somnath Sharma
    20. Sekhon Island after Flying Officer Nirmaljit Singh Sekhon
    21. Sanjay Island after Subedar Major (then Rifleman) Sanjay Kumar

    About Param Vir Chakra (PVC)

    • The PVC is India’s highest military decoration, awarded for displaying distinguished acts of valour during wartime.
    • Till now, the medal has been awarded 21 times, of which 14 were posthumous and 16 arose from actions in Indo-Pakistani conflicts.
    • Of the 21 awardees, 20 have been from the Indian Army, and one has been from the Indian Air Force.
    • Major Somnath Sharma of the Kumaon Regiment was the first recipient.
    • Others wartime gallantry awards are Mahavir Chakra, Vir Chakra; and peacetime gallantry awards include- Ashok Chakra, Kirti Chakra and Shaurya Chakra.

    History of gallantry awards in India

    • The history of present-day Indian gallantry awards can be traced back to the rule of the East India Company.
    • The first formal award was instituted by Lord William Bentinck in 1834 as the Order of Merit, later renamed the Indian Order of Merit in 1902.
    • During the First World War, the British awards system was adopted and continued through the Second World War.
    • Post-independence, new awards were instituted on 26 January 1950, with retroactive effect from 15 August 1947.
    • The PVC is equivalent to the Victoria Cross in the United Kingdom and the Medal of Honor in the United States.

     

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  • Excavations reveal Buddhist monastery complex at Bharatpur of Bengal

    buddh

    Recent excavations at Bharatpur in West Bengal’s Paschim Bardhaman district have revealed the presence of a Buddhist monastery.

    Bharatpur Buddhist Monastery Complex

    • The Kolkata Circle of the Archeological Survey of India (ASI) started excavating the site in the second week of January and a structural complex of a monastery has now been partially exposed.
    • The site was initially excavated almost fifty years ago between 1972 and 1975 when archeologists from ASI found a Buddhist stupa at the site.

    Uniqueness of this site

    • This place hosts a large stupa along with a monastery complex and black and red ware pottery from the Chalcolithic or Copper Age.
    • In other sites across West Bengal, such as Karnasubarna in Murshidabad, Moghalamari in Paschim Medinipur and Jagjivanpur in Malda, archeologists have found only smaller votive stupas.
    • Further excavation is likely to shed more light to understand the earliest occupation of the site and its continuity till the establishment of a Buddhist monastery.

    Key findings

    • In the 1970s when the site was excavated along with the stupa, five beautiful seated sculptures of the Buddha in Bhumisparsha Mudra -with all five fingers of the right hand extended to touch the ground — were found.
    • These miniature sculptures, each about 30 cm in height, were most likely used for worship in the monastery.

    Back2Basics: Mudras of Buddha

    buddh

    (1) Dharmachakra Mudra

    • It is also called as the gesture of ‘Teaching of the Wheel of Dharma’ that describes one of the most important moments in the Buddha’s life as he performed the Dharmachakra mudra in his first sermon in Sarnath after he attained enlightenment.
    • It is performed with the help of both the hands which are held against the chest, the left facing inward, covering the right facing outward.

    (2) Dhyan Mudra

    • It is also known as Samadhi or Yoga Mudra.
    • It is performed with the help of two hands, which are placed on the lap and place the right hand on the left hand with stretched fingers (thumbs facing upwards and other fingers of both the hand resting on each other.)
    • This is the characteristic gesture of Buddha Shakyamuni, Dhyani Buddha Amitabh and the Medicine Buddha.

    (3) Bhumisparsa Mudra

    • This gesture is also known as ‘touching the Earth’, which represents the moment of the Buddha’s awakening as he claims the earth as the witness of his enlightenment.
    • It is performed with the help of the right hand, which is held above the right knee, reaching toward the ground with the palm inward while touching the lotus throne.

    (4) Varada Mudra

    • This mudra represents the offering, welcome, charity, giving, compassion and sincerity.
    • It is performed with the help of both the hands in which palm of right hand is facing forward and fingers extended and left hand palm placed near centre with extended fingers.

    (5) Karana Mudra

    • It signifies the warding off of evil which is performed by raising the index and the little finger, and folding the other fingers.
    • It helps in reducing sickness or negative thoughts.

    (6) Vajra Mudra

    • This gesture denotes the fiery thunderbolt that symbolises the five elements—air, water, fire, earth, and metal.
    • It is performed with the help of right fist and left forefinger, which is placed by enclosing the erect forefinger of the left hand in the right fist with the tip of the right forefinger touching (or curled around) the tip of the left forefinger.

    (7) Vitarka Mudra

    • It signifies the discussion and transmission of the teachings of the Buddha.
    • It is performed by joining the tips of the thumb and the index fingers together while keeping the other fingers straight, which is just like the Abhaya Mudra and Varada Mudra but in this mudra the thumbs touch the index fingers.

    (8) Abhaya Mudra

    • It is a gesture of fearlessness or blessing that represents the protection, peace, benevolence, and dispelling of fear.
    • It is performed with the help of right hand by raising to shoulder height with bent arm, and the face of palm will be facing outward with fingers upright whereas the left hand hanging down while standing.

    (9) Uttarabodhi Mudra

    • This denotes the supreme enlightenment through connecting oneself with divine universal energy.
    • It is performed with the help of both the hands, which are placed at the heart with the index fingers touching and pointing upwards and the remaining fingers intertwined.

    (10) Anjali Mudra

    • It is also called Namaskara Mudra or Hridayanjali Mudra that represents the gesture of greeting, prayer and adoration.
    • It is performed by pressing the palms of the hands together in which the hands are held at the heart chakra with thumbs resting lightly against the sternum.

     

    Answer this PYQ from CSP 2014 in the comment box:

    Q.Lord Buddha’s image is sometimes shown with a hand gesture called ‘Bhumisparsha Mudra’. It symbolizes-

    a) Buddha’s calling of the Earth to watch over Mara and to prevent Mara from disturbing his meditation

    b) Buddha’s calling of the Earth to witness his purity and chastity despite the temptations of Mara

    c) Buddha’s reminder to his followers that they all arise from the Earth and finally dissolve into the Earth and thus this life is transitory

    d) Both the statements ‘a’ and ‘b’ are correct in this context

     

    [wpdiscuz-feedback id=”i3wwnob4og” question=”Please leave a feedback on this” opened=”1″]Post your answers here.[/wpdiscuz-feedback]

     

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  • Places in news: Jagannath Puri Temple

    Odisha Governor’s suggestion that foreigners and non-Hindus should be allowed to enter Puri’s famed Jagannath temple has not gone down well with traditionalists and political leaders alike.

    Why in news?

    • It has been the practice for centuries — even though there is no clearly articulated reason for it.
    • Some historians believe that multiple attacks on the Temple by foreign invaders might have led the servitors to impose restrictions on the entry of non-Hindus.
    • Others have said that this was the practice from the time the Temple was built.
    • In 1984, the servitors famously opposed the entry of Indira Gandhi inside the Temple, saying she had married a non-Hindu.

    About Jagannath Temple

    • The Jagannath Temple is an important Vaishnavite temple dedicated to Jagannath, a form of Sri Krishna in Puri in Odisha.
    • The present temple was rebuilt from the 10th century onwards, on the site of an earlier temple, and begun by Anantavarman Chodaganga Deva, the first king of the Eastern Ganga dynasty.
    • The Puri temple is famous for its annual Ratha Yatra, or chariot festival, in which the three principal deities are pulled on huge and elaborately decorated temple cars.

    Its architecture

    • With its sculptural richness and fluidity of the Oriya style of temple architecture, it is one of the most magnificent monuments of India.
    • The huge temple complex covers an area of over 400,000 square feet and is surrounded by a high fortified wall.
    • This 20 feet high wall is known as Meghanada Pacheri.
    • Another wall known as kurma bedha surrounds the main temple.

    The temple has four distinct sectional structures, namely:

    1. Deula, Vimana or Garba griha (Sanctum sanctorum) where the triad deities are lodged on the ratnavedi (Throne of Pearls). In Rekha Deula style;
    2. Mukhashala (Frontal porch);
    3. Nata mandir/Natamandapa, which is also known as the Jagamohan (Audience Hall/Dancing Hall), and
    4. Bhoga Mandapa (Offerings Hall)

  • Assam’s Charaideo Maidams nominated for UNESCO tag

    maidam

    The Centre has decided to nominate Assam’s Charaideo Maidams — the Ahom equivalent of the ancient Egyptian pyramids — for the UNESCO World Heritage Centre this year.

    Why in news?

    • The nomination has attained significance at a time when the country is celebrating the 400th birth anniversary of Lachit Barphukan.

    Charaideo Maidams

    • The Charaideo maidams represents the late medieval (13th-19th century CE) mound burial tradition of the Tai Ahom community in Assam.
    • The Ahoms preferred to place the departed family members at Charaideo where the first king Sukapha was laid to rest.
    • The historical chronicles inform that wives, attendants, pet animals and huge quantity of valuables were buried with the departed kings.
    • The Charaideo Maidams enshrine the mortal remains of the members of the Ahom royalty, who used to be buried with their paraphernalia.
    • After the 18th century, the Ahom rulers adopted the Hindu method of cremation and began entombing the cremated bones and ashes in a Maidam at Charaideo.
    • Out of 386 Maidams explored so far, 90 royal burials at Charaideo are the best preserved, representative of and the most complete examples of mound burial tradition of the Ahoms.

    Architecture details

    • Architecturally it comprises a massive underground vault with one or more chambers having domical superstructure.
    • It is covered by a heap of earthen mound and externally it appears a hemispherical mound.
    • At the top of the mound a small open pavilion chow-chali is provided.
    • An octagonal dwarf wall encloses whole maidam.

     

    Ahoms Dynasty

    • The Ahom, also known as the Tai-Ahom, are an ethnic group from Assam and Arunachal Pradesh in India.
    • This ethnic group is made up of interbred descendants of the Tai people, who first came to Assam’s Brahmaputra valley in 1228, and indigenous people who later joined them.
    • Sukaphaa, the Tai group’s leader, and his 9000 supporters founded the Ahom empire (1228–1826 CE), which ruled over part of modern-day Assam’s Brahmaputra Valley until 1826.
    • Charaideo, more than 400 km east of Guwahati, was the first capital of the Ahom dynasty founded by Chao Lung Sukaphaa in 1253.
    • The current Ahom people and culture are a mix of the ancient Tai people and culture, as well as indigenous Tibeto-Burman people and cultures that they assimilated in Assam.

     

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  • What is Liquefied Natural Gas (LNG), and how it impacts the climate?

    lng

    The EU is weaning itself off piped Russian gas by rapidly expanding imports of liquefied natural gas (LNG) from US.

    What is Liquefied Natural Gas or LNG?

    • LNG is natural gas reduced to a liquid state (liquefaction) through intense cooling to around -161 degrees Celsius (-259 Fahrenheit).
    • It is constituted almost wholly of methane — a potent greenhouse gas and can be transported around the world by ship.
    • This liquid gas is 600 times smaller than the original volume and is half the weight of water.
    • After arriving at its destination, the cargo is regasified in a floating terminal and redistributed through pipelines.

    Economic feasibility of LNG

    • High cost of liquefaction: despite LNG’s export potential, the high cost of liquefaction and producing LNG has limited its market.
    • Losses: Between 10-25% of the energy of the gas is being lost during the liquefaction process.
    • Costly transport: The cooling, liquefying and transport processes, as well as the post-transport regasification procedures, also require a lot of energy.

    What’s the climate impact of LNG?

    • Emission: With LNG creating almost 10 times more emissions than piped gas by one estimate, its rapid expansion will likely compromise climate targets.
    • Risks of methane leakages: Methane loss across the supply chain risks also contributes to LNG’s high emissions.
    • Huge carbon equivalence: Meanwhile, LNG emits 14 times as much carbon as solar power when producing the equivalent amount of energy, and 50 times as much carbon as wind power.

     

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  • What are Additional Tier-1 (AT-1) Bonds?

    The Bombay High Court has quashed the write-off of Additional Tier-1 (AT1) bonds worth Rs 8,400 crore issued by Yes Bank Ltd, bringing relief to investors.

    What are AT1 bonds?

    • AT-1, short for Additional Tier-1 bonds, are a type of unsecured, perpetual bonds that banks issue to shore up their core capital base to meet the Basel-III norms.
    • AT-1 bonds are complex hybrid instruments, ideally meant for institutions and smart investors who can decipher their terms and assess if their higher rates compensate for their higher risks.
    • They carry a face value of ₹10 lakh per bond.
    • There are two routes through which retail folk have acquired these bonds — initial private placement offers of AT-1 bonds by banks seeking to raise money; or secondary market buys of already-traded AT-1 bonds based on recommendations from brokers.

    Why are they important?

    AT-1 bonds have several unusual features lurking in their fine print, which make them very different from plain bonds.

    • One, these bonds are perpetual and carry no maturity date. Instead, they carry call options that allow banks to redeem them after five or 10 years. But banks are not obliged to use this call option and can opt to pay only interest on these bonds for eternity.
    • Two, banks issuing AT-1 bonds can skip interest payouts for a particular year or even reduce the bonds’ face value without getting into hot water with their investors, provided their capital ratios fall below certain threshold levels. These thresholds are specified in their offer terms.
    • Three, if the RBI feels that a bank is tottering on the brink and needs a rescue, it can simply ask the bank to cancel its outstanding AT-1 bonds without consulting its investors. This is what has happened to YES Bank’s AT-1 bond-holders who are said to have invested ₹10,800 crore.

     

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  • What are Hakku Patras or Title Deeds?

    hakku patra

    PM has distributed Hakku Patra (land title deeds) to five Lambani (Banjara) tribes, a nomadic Scheduled Caste group, during a launch programme in Karnataka.

    What are Hakku Patras?

    • A title deed is a property ownership document, and the bearer of the document owns the land.
    • The title deeds enable owners to avail of bank loans with the said document.
    • They will also be eligible to buy or sell land to which the title deed is granted by the government.
    • This Hakku Patra will secure the future of thousands of people living in the “Tandas” (Lambani habitats) in Kalaburagi, Bidar, Yadgiri, Raichur and Vijayapura districts.

    Benefits of Hakku Patra 

    Hakku Patra, like every legal property document, offers a great set of benefits.

    • It makes one the legitimate owner of your land or property by giving an up-to-date and official record of who owns the land.
    • The individual does not have to research as the government issues the document.
    • It is a state-guaranteed document.
    • Hakku Patra registration resolves all types of disputes regarding the ownership or rights over the land.
    • The document helps in preventing any encroachment via trespassing on the boundaries.

    Who are the Banjaras?

    • The Banjara, also known as Lambadi, Gour Rajput, Labana, are a historically nomadic trading caste who may have origins in the Mewar region of what is now Rajasthan.
    • According to the National Informatics Centre, the name Banjara /Banjari probably had come from two different sources: ‘Banijya’ – trade or ‘Banachara’, the forest dwellers.
    • Their principal group’s name Laban/Labana is derived from the Sanskrit word lavanah, meaning salt as they were salt traders.
    • Although considered a tribal group given the life they lead, the Banjaras are a key scheduled caste sub-group in Karnataka.
    • Despite the community adopting a multitude of languages, Banjara is used throughout India, although in Karnataka the name is altered to Banijagaru.

    Questions of a political move 

    • The Scheduled Castes and Scheduled Tribes together make up nearly 24 per cent of the state population, becoming an important group for political parties.
    • The expenses incurred for the programme were funded by the state exchequer.

     

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  • What constitutes a Trademark Violation?

    trademark

    The Delhi High Court dismissed a case of trademark infringement brought by the global fast food chain against a Delhi-based restaurant.

    What is a trademark?

    • A trademark is a symbol, design, word or phrase that is identified with a business.
    • When a trademark is registered, its owner can claim “exclusive rights” on its use.
    • The Trademark Act, 1999, governs the regime on trademark and its registration.
    • The Act guarantees protection for a trademark that is registered with the Controller General of Patents, Designs, and Trademarks, also known as the trademark registry.
    • A trademark is valid for 10 years, and can be renewed by the owner indefinitely every 10 years.

    Violation of trademark

    • Using a registered trademark without authorization of the entity that owns the trademark is a violation or infringement of the trademark.
    • Using a substantially similar mark for similar goods or services could also amount to infringement.
    • In such cases, courts have to determine whether this can cause confusion for consumers between the two.
    • There are several ways in which a trademark can be infringed. However, the trademark owner has to show that the trademark has a distinct character-
    1. Deceptive similarity: The law states that a mark is considered deceptively similar to another mark if it nearly resembles that other mark, confusing the consumer in the process. Such deception can be caused phonetically, structurally or visually.
    2. Passing off: Say, a brand logo is misspelt in a way that’s not easy for the consumer to discern. The Supreme Court has ruled that passing off is a “species of unfair trade competition or of actionable unfair trading by which one person, through deception, attempts to obtain an economic benefit of the reputation which other has established for himself in a particular trade or business”.

     

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  • In news: National Export Co-operative Society

    The first consignment expected to be exported by the first-ever National Export Co-operative Society.

    Why in news?

    • The Union Cabinet on January 11 approved the setting up Multi-State Seed Society, Multi-State Organic Society and Multi State Export Society.

    What is National Export Co-operative Society (NECS)?

    • The society will have an authorised share capital of ₹2,000 crore with the area of operation all over the country.
    • It will be registered under the Multi-State Cooperative Societies (MSCS) Act, 2002.
    • It will have its registered office in Delhi.
    • The Society’s registration will be complete in the next few days and the first consignment will be exported in three months.
    • It will work as an export house for handicrafts, handlooms, khadi and other products, ensuring enhancement of income of the cooperative member entrepreneurs.

    Funding of NECS

    • Leading cooperatives like IFFCO, KRIBHCO, NAFED, Amul and National Cooperative Development Corporation (NCDC) will be the promoters of the Society.
    • They will contribute ₹100 crore each.

    Working of NECS

    • The Society will be different from the Export Promotion Council under the Ministry of Commerce.
    • This Society will provide end-to-end services to the cooperatives.
    • It will open foreign bank accounts and complete all the formalities, including necessary permissions for exporting a product.
    • The dividends will be shared with the manufacturer instantly and without any brokerage fee.
    • The Society will hire consultants in foreign countries who will help expand its footprint across continents.

    Why need cooperatives for export promotion?

    • Cooperatives contribute 28.80% in fertilizer production, 35% in fertilizer distribution, 30.60% in sugar production and 17.50% in milk in the national economy.
    • However, their contribution to exports is negligible.
    • Society will benefit the smallest of farmer or artisan who has a good product but does not have access to the right platform.
    • Through this Society, they will get access to international market and good returns too.
    • Once a product has been tested for international standards, the packaging and export will be done by the Society.

     

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