PIB March important updates

PIB updates for mains 

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Cabinet approves Establishment of National Financial Reporting Authority 📚

 {Economic Policy}

 In news  

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the proposal for establishment of National Financial Reporting Authority (NFRA) and creation of one post of Chairperson, three posts of full-time Members and one post of Secretary for NFRA.

 National Financial Reporting Authority  National Financial Reporting Authority (NFRA) is a body proposed in Companies Act 2013 for the establishment and enforcement of accounting and auditing standards and oversight of the work of auditors.

 Impact  

The decision is expected to result in improved foreign/domestic investments, enhancement of economic growth, supporting the globalisation of business by meeting international practices, and assist in further development of audit profession. 

Background 

The concept and composition of the National Financial Reporting Authority (NFRA) was originally introduced by the Companies Act, 2013. 

The Union Cabinet on 1st March, 2018 approved the proposal for establishing the National Financial Reporting Authority (NFRA).

 The establishment of NFRA as an independent regulator for the auditing profession will improve the transparency and reliability of financial statements and information presented by listed companies and large unlisted companies in India. 

Why is it required?  

The government is quite clear that the need for such a body is all the more important after several financial accounting scams, the most recent of which was the Punjab National Bank scam

What lies ahead?  

Apart from setting the rules and regulations governing the audit sector, the NFRA will have the power to debar erring auditors or audit firm for up to 10 years and impose significant fines on them. According to Section 132 of the Companies Act, 2013, the NFRA will have powers to impose a fine of not less than ₹1 lakh, but the amount can extend up to five times of the fees received in case of individuals.

 The government has to set the rules that will stipulate the jurisdiction of the NFRA. Specifically, it has to set a limit on the size of an unlisted company that comes under the purview of the NFRA.

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Trafficking of Persons (Prevention, Protection and Rehabilitation) Bill, 2018  

 The Union Cabinet chaired by Prime Minister Shri Narendra Modi has approved the Trafficking of Persons (Prevention, Protection and Rehabilitation) Bill, 2018 for introduction in the Parliament. 

Key point  

The NIA will receive financial aid under Nirbhaya fund for safety of women in order to set up a cell for investigating human trafficking. 

The Bill broadly has the following features  

•  Addresses the issue of trafficking from the point of view of prevention, rescue and rehabilitation. 
•  Aggravated forms of trafficking, which includes trafficking for the purpose of forced labour, begging, trafficking by administering chemical substance or hormones on a person for the purpose of early sexual maturity, trafficking of a woman or child for the purpose of marriage or under the pretext of marriage or after marriage etc.  
• Punishment for promoting or facilitating trafficking of person which includes producing, printing, issuing or distributing unissued, tampered or fake certificates, registration or stickers as proof of compliance with Government requirements; or commits fraud for procuring or facilitating the acquisition of clearances and necessary documents from Government agencies. 
•  The confidentiality of victims/ witnesses and complainants by not disclosing their identity. 
• Further the confidentiality of the victims is maintained by recording their statement through video conferencing (this also helps in trans-border and inter-State crimes).  
• Time bound trial and repatriation of the victims – within a period of one year from taking into cognizance. 
•  Immediate protection of rescued victims and their rehabilitation.
•  The Victims are entitled to interim relief immediately within 30 days to address their physical, mental trauma etc. 
• and further appropriate relief within 60 days from the date of filing of charge sheet.
•   Rehabilitation of the victim which is not contingent upon criminal proceedings being initiated against the accused or the outcome thereof. 
•  Rehabilitation Fund created for the first time. 
• To be used for the physical, psychological and social well-being of the victim including education, skill development, health care/psychological support, legal aid, safe accommodation, etc.  Designated courts in each district for the speedy trial of the cases.  
• The Bill creates dedicated institutional mechanisms at District, State and Central Level. 
• These will be responsible for prevention, protection, investigation and rehabilitation work related to trafficking.
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•   National Investigation Agency (NIA) will perform the tasks of Anti-Trafficking Bureau at the national level present under the MHA.
•   Punishment ranges from rigorous minimum 10 years to life and fine not less than Rs. 1 lakh. 
•  In order to break the organized nexus, both at the national and international level, the Bill provides for the attachment & forfeiture of property and also the proceeds for crime. 
•  The Bill comprehensively addresses the transnational nature of the crime.
•   The National Anti-Trafficking Bureau will perform the functions of international coordination with authorities in foreign countries and international organizations; international assistance in investigation; facilitate inter-State and trans-border transfer of evidence and materials, witnesses and others for expediting prosecution; facilitate inter-state and international video conferencing in judicial proceedings etc. 

Background   

• Trafficking in human beings is the third largest organized crime violating basic human rights. 
• There is.no specific law so far to deal with this crime.  
• Accordingly, the Trafficking of Persons (Prevention, Protection and Rehabilitation) Bill, 2018 has been prepared.
•   The Bill addresses one of the most pervasive yet invisible crimes affecting the most vulnerable persons especially women and children. 

Swadesh Darshan Scheme – Ministry of Tourism 

 In news 

 A total amount of Rs. 5638.87 crore was sanctioned with release of Rs. 2148.17 crore since 2014-15 till date under the Swadesh Darshan Scheme of Ministry of Tourism. 

India’s rich cultural, historical, religious and natural heritage provides a huge potential for development of tourism and job creation in the country. 

Highlights  

 Under the Swadesh Darshan scheme, thirteen thematic circuits have been identified, for development namely: North-East India Circuit, Buddhist Circuit, Himalayan Circuit, Coastal Circuit, Krishna Circuit, Desert Circuit, Tribal Circuit, Eco Circuit, Wildlife Circuit, Rural Circuit, Spiritual Circuit, Ramayana Circuit and Heritage Circuit. 

There is a great scope and need to develop tourist circuits on specific themes to attract the tourists having special interest in visiting such places.

 This can be achieved only through an integrated approach by providing engaging experiences for distinct categories of tourists i.e. Domestic and International.  Various themes which are unique and specific to the area can include beaches, culture, heritage, wildlife etc.

  Such theme-based tourist circuits should be developed in a manner that supports communities, provides employment and fosters social integration without comprising upon the environmental concerns and provides unique experiences to the tourists. 

Scheme Objectives   

To position tourism as a major engine of economic growth and job creation;  Develop circuits having tourist potential in a planned and prioritized manner;  Promote cultural and heritage value of the country to generate livelihoods in the identified regions;

 Tourist Circuit   

Tourist Circuit is defined as a route having at least three major tourist destinations which are distinct and apart.

  Circuits should have well defined entry and exit points. A tourist who enters should get motivated to visit most of the places identified in the circuit. 

 A Circuit could be confined to a State or could be a regional circuit covering more than one State/Union Territory. 

These circuits may have one dominant theme and other sub-themes.  

Projects under the scheme shall be under the following identified themes; Ecotourism, Wildlife, Buddhist, Desert, Spiritual, Ramayana, Krishna, Coastal, Northeast, Rural, Himalayan, Tribal and Heritage. 

Nari Shakti Puraskar 

  Every Year, Ministry of Women & Child Development celebrates International Women Day on 8th March. 

The significance of the International Women’s Day lies in our re-affirmation of improve the condition of women, especially those at the margins of our society and empower them to take rightful place in society. 

Objectives  

Provide an opportunity to the current generation to understand the contribution of women in building of society and the nation. 

Awards 

The award is named after eminent women in Indian history, and is given in the following categories:

  Devi Ahilya Bai Holkar Award: named after Ahilyabai Holkar, 18th-century ruler of Malwa kingdom  Kannagi Award: named after Kannagi, a legendary Tamil woman  

Mata Jijabai Award: named after Mata Jijabai, mother of Shivaji, who founded the Maratha Empire in the 17th century

  Rani Gaidinliu Zeliang Award: named after Rani Gaidinliu, a 20th-century Naga spiritual and political leader  

Rani Lakshmi Bai Award: named after Rani Lakshmi Bai, the Queen of Jhansi  Rani 

Rudramma Devi Award (for both men and women): named after Rudrama Devi, a 13th-century ruler of Deccan Plateau 

Ex Samvedna

A Multilateral Air Force exercise, ‘Ex Samvedna’, is being spearheaded by Indian Air Force and conducted by Southern Air Command (SAC) from 12-17 Mar 18. 

‘Samvedna’ means ‘Empathy’ and will ensure better understanding and sharing of response procedures between a number of friendly neighbouring nations. 

Highlights 

  It is a multilateral Air force exercise being spearheaded by Indian Air Force and conducted by Southern Air Command (SAC). 

 It is the first composite Human assistance and disaster relief (HADR) Air exercise in the South Asian region and would be focused on practicing Air Force centric HADR solutions in a Multi-national cooperative Disaster Management environment.

  Air Forces of Bangladesh, Sri Lanka, UAE and Myanmar have already committed resources and personnel for the exercise. Few other Air Forces from the region are also expected to join in. 

 This exercise would help in putting in place a basic framework for conduct of Joint Air HADR operations, which will be further refined during subsequent exercises. 

This exercise is expected to lead to more coordinated and efficient HADR Air operations in the entire South Asian region when the need arises. 

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