31 JULY 2017
1. Institute of Chartered Accountants of India (ICAI)
- It is a statutory body established in 1949 by an Act of Parliament, viz. The Chartered Accountants Act, 1949 for regulating the profession of Chartered Accountancy in the country.
- The Institute, functions under the administrative control of the Ministry of Corporate Affairs.
- The ICAI is the second largest professional body of Chartered Accountants in the world in terms of membership, after American Institute of Certified Public Accountants.
- Bank of India and the Securities and Exchange Board of India in formulating and enforcing such standards..
- The affairs of the ICAI are managed by a Council in accordance with the provisions of the Chartered Accountants Act, 1949 and the Chartered Accountants Regulations, 1988. The Council constitutes of 40 members of whom 32 are elected by the Chartered Accountants and remaining 8 are nominated by the Central Government generally representing the Comptroller and Auditor General of India, Securities and Exchange Board of India, Ministry of Corporate Affairs, Ministry of Finance and other stakeholders.
- Its functions include:
1) Regulate the profession of Accountancy
2) Education and Examination of Chartered Accountancy Course
3) Continuing Professional Education of Members
4) Conducting Post Qualification Courses
5) Formulation of Accounting Standards
6) Prescription of Standard Auditing Procedures
7) Laying down Ethical Standards
8) Monitoring Quality through Peer Review
9) Ensuring Standards of performance of Members
10) Exercise Disciplinary Jurisdiction
11) Financial Reporting Review
12) Input on Policy matters to Government
2. Central Pollution Control Board
- It is a statutory organisation under the Ministry of Environment, Forest and Climate Change (MoEF&CC). It was established in 1974 under the Water (Prevention and Control of Pollution) Act, 1974. CPCB is also entrusted with the powers and functions under the Air (Prevention and Control of Pollution) Act, 1981. It serves as a field formation and also provides technical services to the Ministry of Environment and Forests under the provisions of the Environment (Protection) Act, 1986. It Co-ordinates the activities of the State Pollution Control Boards by providing technical assistance and guidance and also resolves disputes among them. It is the apex organisation in country in the field of pollution control, as a technical wing of MoEF. The board is led by its chairman, who is nominated by the Central Government. The current acting chairman is Shri S.P. Singh Parihar IAS .
- CPCB has its head office in New Delhi, with seven zonal offices and 5 laboratories. The board conducts environmental assessments and research. It is responsible for maintaining national standards under a variety of environmental laws, in consultation with zonal offices, tribal, and local governments. It has responsibilities to conduct monitoring of water and air quality, and maintains monitoring data. The agency also works with industries and all levels of government in a wide variety of voluntary pollution prevention programs and energy conservation efforts. It advises the central government to prevent and control water and air pollution. It also advises the Governments of Union Territories on industrial and other sources of water and air pollution. CPCB along with its counterparts the State Pollution Control Boards (SPCBs) are responsible for implementation of legislation relating to prevention and control of environmental pollution.
- The board has approximately 500 full-time employees including engineers, scientists, and environmental protection specialists.
3. Petroleum And Explosives Safety Organisation (PESO)
- It is the department formed by Government of India to control and administer the usage of explosives, petrol stations in India.
- It was formerly known as Department of Explosives, and has completed 100 years in 1998.
- It functions under Department of Industrial Policy & Promotion, Ministry of Commerce and Industry.
- The agency issues licenses for Operation of Petrol Stations under Form XIV, Licenses to operate Petroleum Product Transportation vehicles, Licenses for Refineries, Petrochemical Complexes, etc.
- The Department is headed by Chief Controller of Explosives and is headquartered at Nagpur, Maharashtra.
- The agency has framed various rules like Petroleum Rules 2002 for the safe operation of petrol stations, Explosive Rules 2008, Gas Cylinder Rules 2004( applicable to all states), and Stative & Mobile Pressure Vessels (Unfired) 1981 for LPG Vessels.
- Sivakasi is a city and municipality in Tamil Nadu.
- The town is known for its fire cracker, match and printing industries.
- The industries in Sivakasi employ over 25,000 people with an estimated turn over of Rs. 20 billion (US$310 million).
5. Sankalp Parva
- Prime Minister Narendra Modi urged Indians to celebrate August 15, 2017 asSankalp Parva, or Day of Resolve, to do something constructive for the country, with a deadline of August 2022 as the time ofSiddhi, or attainment of that ideal.
- Pointing out that five years from now, India will celebrate 75 years of Independence, the Prime Minister said, “We must make 2017 our Year of Resolve. In this month of August, we have to come together and resolve: Filth – Quit India; Poverty – Quit India; Corruption – Quit India; Terrorism – Quit India; Casteism – Quit India; Communalism – Quit India. The need for today is not ‘Do or Die’, instead it is to resolve, to come together.”
- Mr. Modi termed August the “month of revolutions”, given its association with important events in India’s struggle for Independence.
- “Just as the five years from 1942 to 1947 were decisive for the country’s Independence, these five years from 2017 to 2022 can and must play a decisive role for the future of India,” Mr. Modi said.
6. Public Accounts Committee (PAC)
- The Public Accounts Committee (PAC) is a committee of selected members of Parliament, constituted by the Parliament of India, for the auditing of the revenue and the expenditure of the Government of India.
- The PAC is formed every year with a strength of not more than 22 members of which 15 are from Lok Sabha, and 7 from Rajya Sabha.
- None of the 22 members shall be a minister in the government.
- The Chairman is appointed by the Speaker of Lok Sabha.
- Since 1967, the chairman of the committee is selected from the opposition.
- Its chief function is to examine the audit report of Comptroller and Auditor General (CAG) after it is laid in the Parliament.
- CAG assists the committee during the course of investigation and is known as its friend, philosopher and guide.
7. Article 142 of The Constitution Of India
- It deals with enforcement of decrees and orders of Supreme Court and unless as to discovery, etc
- The Supreme Court in the exercise of its jurisdiction may pass such decree or make such order as is necessary for doing complete justice in any cause or matter pending before it, and any decree so passed or orders so made shall be enforceable throughout the territory of India in such manner as may be prescribed by or under any law made by Parliament and, until provision in that behalf is so made, in such manner as the President may by order prescribe.
- Subject to the provisions of any law made in this behalf by Parliament, the Supreme Court shall, as respects the whole of the territory of India, have all and every power to make any order for the purpose of securing the attendance of any person, the discovery or production of any documents, or the investigation or punishment of any contempt of itself.
- Lobbying is the act of attempting to influence the actions, policies, or decisions of officials in their daily life, most often legislators or members of regulatory agencies.
- Lobbying is done by many types of people, associations and organized groups, including individuals in the private sector, corporations, fellow legislators or government officials, or advocacy groups (interest groups).
- Professional lobbyists are people whose business is trying to influence legislation, regulation, or other government decisions, actions, or policies on behalf of a group or individual who hires them.
- The ethics and morality of lobbying are dual-edged. Lobbying is often spoken of with contempt, when the implication is that people with inordinate socioeconomic power are corrupting the law (twisting it away from fairness) in order to serve their own interests.
- In contrast, another side of lobbying is making sure that others’ interests are duly defended against others’ corruption, or even simply making sure that minority interests are fairly defended against mere tyranny of the majority.
- For example, a medical association may lobby a legislature about increasing the restrictions in smoking prevention laws, and tobacco companies lobby to reduce them: the first regarding smoking as injurious to health and the second arguing it is part of the freedom of choice.
9. Sovereign Gold Bond (SGB) Scheme
- Sovereign Gold Bonds (SGBs) are government securities denominated in grams of gold.
- It was first introduced in 2015.
- Minimum investment in the bond is 1 gram.
- The bonds can be bought by Indian residents or entities and is maximum investment has been increased from 500 grams to 4 kg for individuals, HUF and to 20 kg for Trusts in July 2017.
- The Sovereign Gold Bonds is available both in demat and paper form.
- The tenor of the bond is for a minimum of 8 years with option to exit in 5th, 6th and 7th years.
- They carry sovereign guarantee both on the capital invested and the interest.
- Bonds can be used as collateral for loans.
- Bonds would be allowed to be traded on exchanges to allow early exits for investors who may so desire.
- Capital gain tax arising on redemption of SGB to an individual has been exempted.
- The Bonds are issued by the Reserve Bank of India on behalf of the Government of India.
- The bonds are distributed through banks and designated post offices
- Bullion is gold, silver, or other precious metals in the form of coins, ingots, or bars.
- Typically bullion is used for trade on a market.
- The word bullion comes from the French Minister of Finance under Louis XIII, Claude de Bullion.
- The value of bullion is typically determined by the value of its precious metals content, which is defined by its purity and mass.
11. National Housing Bank
- It is a wholly owned subsidiary of Reserve Bank of India (RBI) set up in 1988 under the National Housing Bank Act, 1987.
- NHB is an apex financial institution for housing.
- NHB has been established with an objective to operate as a principal agency to promote housing finance institutions both at local and regional levels and to provide financial and other support incidental to such institutions and for matters connected therewith.
- NHB registers, regulates and supervises Housing Finance Company (HFCs), keeps surveillance through On-site & Off-site Mechanisms and co-ordinates with other Regulators.
12. NHB Residex
- NHB Residex from the National Housing Bank is a set of benchmarks that aims to track housing price indicators across Indian cities.
- It is designed by a technical advisory committee comprising Government representatives, lenders and property market players.
- Originally flagged off in July 2007, the index was discontinued in 2015 and was refurbished and re-introduced in July 2017.
- It now sports enhanced city coverage (rising from 26 to 50, to be eventually raised to 100), a new base year (2012-13) and new data sources (with data from banks and home finance companies and market surveys).
- The NHB Residex currently offers two sets of quarterly Housing Price Indices (HPIs) across the cities it tracks.
- List prices of under-construction property, collated through a survey of developers, are captured in the ‘Market HPI’.
- Data reported by banks and finance companies that extend home loans, is collated into the‘Assessment HPI’.
- While these two datasets have been released for 50 cities from 2013 to 2017, indices on resale homes, rental values, land prices and building materials are awaited.