India removes export curbs on formulations from Paracetamol
Context :
The Centre has permitted the export of formulations (medicinal products) made from Paracetamol. However, the restriction on export of Paracetamol Active Pharmaceutical Ingredients (APIs) will continue.
- The API is the part of any drug that produces the intended effects.
Key Points :
- Paracetamol and its formulations were among the 13 APIs and their formulations that figured in the March 3,2020 notification by the Directorate General of Foreign Trade (DGFT).
- The formulations made from Paracetamol, including FDC (Fixed Dose Combinations), under any ITCHS code have been made free for export with immediate effect.
- FDC: Two or more drugs contained in a single dosage form, such as a capsule or tablet.
- An example of a FDC HIV drug is Atripla (a combination of efavirenz, emtricitabine, and tenofovir disoproxil fumarate). By reducing the number of pills a person must take each day, fixed-dose combination drugs can help improve adherence to an HIV treatment regimen.
- ITCHS codes are better known as Indian Trade Clarification (ITC) and are based on the Harmonized System (HS) of Coding.
- These were adopted in India for import-export operations.
- Indian custom uses an eight digit ITC (HS) code to suit the national trade requirements.
- FDC: Two or more drugs contained in a single dosage form, such as a capsule or tablet.
- The decision allowing export of formulations made from Paracetamol has come after permitting shipment of antimalarial drug Hydroxychloroquine (HCQ) to the United States (US) and several other countries.
- The Pharmaceutical Export Promotion Council (Pharmexcil) of India wanted the Centre to resume export of Paracetamol APIs too.
- The Pharmaexcil was established in 2004 by the Ministry of Commerce and Industry, Government of India, to promote pharma exports.
Kisan Rath Mobile App
Context :
Agriculture Ministry launched Kisan Rath Mobile App. The main aim of the app is to facilitate transportation of food grains, and the National Informatics Centre develops it. The central government to ensure farmers and traders can find transport for Agriculture and Horticulture produce.
Kisan Rath App :
- The Kisan Rath App will greatly facilitate farmers’ FPOs and Cooperatives in the country to find a suitable transport facility to transfer their agriculture produce from the farm gate to markets.
- The Government has exempted random selection of test samples, subsequent batch testing after the expiry validity of test reports, updating of CMVR, COP & Type approval applicable to Tractors, Power Tillers, Combine Harvesters and other self-propelled agricultural machinery till 31.12.2020.
- Testing of tractors as per revised BIS Standard IS 12207-2019 and Implementation of new technical critical specifications of 51 agricultural machineries has also been deferred till 31.12.2020.
- During lockdown period, the Government has agreed to extend the validity of the license of Seed dealers which are expired or going to be expired till 30.09.2020.
- The validity of import permissions till September 2020 after consideration of the requirement of seed/planting material of the importing parties. They extend the validity of all pack-houses, processing units and treatment facilities whose validity is expiring up to 30th June 2020 for a period of one year without a physical inspection of such facility through a simplified procedure to facilitate the export of agriculture products.
World heritage day
Context :
Every year, 18th April is celebrated Worldwide as World Heritage Day to create awareness about Heritage among communities.
The theme of World Heritage Day 2020 is “Shared Culture’, ‘Shared heritage’ and ‘Shared responsibility”.
Key facts:
- There are a total of 38 heritage sites in India.
- India ranks sixth in the largest number of heritage sites in the world.
Background:
In 1982, the International Council on Monuments and Sites (ICOMOS) announced, 18 April as the “World Heritage Day”, approved by the General Assembly of UNESCO in 1983, with the aim of enhancing awareness of the importance of the cultural heritage of humankind, and redouble efforts to protect and conserve the human heritage.
What is a World Heritage site?
A World Heritage site is classified as a natural or man-made area or a structure that is of international importance, and a space which requires special protection.
These sites are officially recognised by the UN and the United Nations Educational Scientific and Cultural Organisation, also known as UNESCO. UNESCO believes that the sites classified as World Heritage are important for humanity, and they hold cultural and physical significance.
Key facts:
- The list is maintained by the international World Heritage Programme administered by the UNESCO World Heritage Committee, composed of 21 UNESCO member states which are elected by the General Assembly.
- Each World Heritage Site remains part of the legal territory of the state wherein the site is located and UNESCO considers it in the interest of the international community to preserve each site.
- To be selected, a World Heritage Site must be an already classified landmark, unique in some respect as a geographically and historically identifiable place having special cultural or physical significance.
source : pib
Special Drawing Rights: IMF
Context :
Recently, the Finance Minister of India opposed a general allocation of new Special Drawing Rights (SDR) by the International Monetary Fund (IMF) because it might not be effective in easing Covid-19 driven financial pressures.
- The Finance Minister was concerned that such a major liquidity injection could produce potentially costly side-effects if countries used the funds for irrelevant purposes.
- The new SDR allocation will provide all 189 members with new foreign exchange reserves with no conditions.
Key Points :
- The SDR is neither a currency nor a claim on the IMF. Rather, it is a potential claim on the freely usable currencies of IMF members. SDRs can be exchanged for these currencies.
- The SDR serves as the unit of account of the IMF and some other international organizations.
- The currency value of the SDR is determined by summing the values in U.S. dollars, based on market exchange rates, of a SDR basket of currencies.
- The SDR basket of currencies includes the U.S. dollar, Euro, Japanese yen, pound sterling and the Chinese renminbi (included in 2016).
- The SDR currency value is calculated daily (except on IMF holidays or whenever the IMF is closed for business) and the valuation basket is reviewed and adjusted every five years.
- Quota (the amount contributed to the IMF) of a country is denominated (expressed) in SDRs.
- Members’ voting power is related directly to their quotas.
- India’s Foreign exchange reserves also incorporate SDR.
Source : the hindu
Liquidity Boost to NBFCs
Context :
The Reserve Bank of India (RBI) has announced a host of measures to provide liquidity support to Non Banking Financial Companies (NBFCs), apart from giving them certain benefits for loans extended to the commercial real estate sector.
Key Points :
- TLTRO 2.0
- The RBI would conduct Targeted Long-term Repo Operations (TLTRO 2.0) for an aggregate amount of Rs 50,000 crore, in installments of appropriate sizes.
- The banks have to invest the funds availed under TLTRO 2.0, in investment grade bonds, commercial paper, and non-convertible debentures of NBFCs.
- RBI stipulated that small and mid-sized NBFCs and Micro Finance Institutions (MFIs) should receive at least 50% of these funds.
- The investments made by banks under this facility would be classified as ‘Held-to-Maturity’ (HTM), even in excess of 25% of the total investment permitted to be included in the HTM portfolio.
- Held to Maturity securities are securities that companies purchase and intend to hold until they mature.
- This will help in easing the liquidity problem faced by NBFCs and MFIs to some extent.
- NBFCs are facing liquidity pressure since banks have not extended any repayment moratorium to these entities even if NBFCs have to provide the same for their borrowers.
- Refinance facility: The RBI has also decided to provide a special refinance facility of ₹50,000 crore to National Bank for Agriculture and Rural Development (NABARD), Small Industries Development Bank of India (SIDBI) and National Housing Bank (NHB) to enable them to meet sectoral credit needs. This would comprise:
- ₹25,000 crore to NABARD for refinancing Regional Rural Banks (RRBs), cooperative banks and Microfinance Institutions (MFIs).
- ₹15,000 crore to SIDBI for on-lending/refinancing.
- ₹10,000 crore to NHB for supporting Housing Finance Companies (HFCs).
- Extension of loans to the Real Estate Sector: The RBI has allowed extension of the loans by NBFCs to delayed commercial real estate projects by a year without restructuring.