Daily Current Affairs for UPSC Civil Services Exam – 19 July 2021

Daily Current Affairs for UPSC Civil Services Exam – 19 July 2021

In Today’s News:

  1. Vintage Motor Vehicles registration
  2. FATF review of India postponed.
  3. Great Barrier Reef.

1. Vintage Motor Vehicles registration

News Summary

Minister of Road Transport and Highways Shri Nitin Gadkari has said with an aim to preserve and promote the heritage of vintage vehicles, the registration process of Vintage Motor Vehicles has been formalized.

Prelims GS – Governance

Vintage Motor Vehicles registration – Salient features:
  • The Ministry of Road Transport and Highways has amended CMVR 1989, formalizing the registration process of vintage motor vehicles. This is aimed at preserving and promoting the heritage of old vehicles in India.
  • All 2/4 wheelers, 50+ years old, maintained in their original form, and which have not undergone any substantial overhaul, shall be defined as Vintage Motor Vehicles.
  • Application for registration/re-registration shall be made as per Form 20 and shall be accompanied by an insurance policy, fee, bill of Entry in case of imported vehicles, and old RC in case of an already registered vehicle in India.
  • The State Registering Authority shall issue a certificate of registration as per Form 23A, within 60 days.
  • Vehicles already registered can retain their original Registration Mark.  However, for fresh registration, the registration mark will be assigned as “XX VA YY*”, where VA stands for vintage, XX stands for State Code, YY will be a two-letter series and “8” is a number from 0001 to 9999 allotted by the State Registering Authority.
  • Fees for a new registration – Rs. 20,000 and subsequent re-registration – Rs. 5,000.
  • Vintage motor vehicles shall not be driven on roads for regular/commercial purposes.

Click here to view the official PIB release.

2. FATF review of India postponed.

News Summary

As per the officials of FATF, the review of India’s anti-money laundering and countering terrorist financing regime has been postponed for the second time on account of the pandemic and is expected to take place by next year.

Prelims GS – International Relations

FATF:
  • FATF refers to the Financial Action Task Force
  • FATF is the watchdog of global money laundering and terrorist financing.
  • FATF is an inter-governmental body and was established by the G-7 summit held in Paris in 1989.
  • There are 39 members in FATF.
  • India is a member of FATF.
  • Besides these, there are associate members and observer organizations.
  • It has some important associate members like the Eurasian Group on Combating Money Laundering and Financing of Terrorism (EAG ), Asia-Pacific Group on Money Laundering (APG), etc.

FATF has 2 lists. They are:

  • Greylist
  • Blacklist
Black List:
  • High-risk jurisdictions have significant strategic deficiencies in their regimes to counter money laundering, terrorist financing, and financing of proliferation.
  • For all countries identified as high-risk, the FATF calls on all members and urges all jurisdictions to apply enhanced due diligence, and, in the most serious cases, countries are called upon to apply counter-measures to protect the international financial system from money laundering,  terrorist financing, and proliferation financing (ML/TF/PF) risks emanating from the country.
  • This list is often referred to as the “blacklist”.
  • Eg: North Korea, Iran
Grey List:
  • Jurisdictions under increased monitoring are actively working with the FATF to address strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing.
  • When the FATF places a jurisdiction under increased monitoring, it means the country has committed to resolving swiftly the identified strategic deficiencies within agreed timeframes and is subject to increased monitoring.
  • This list is often referred to as the “grey list”.
  • Eg: Pakistan

Mini Insights

Mains GS2 – International Relations

Consequences of Greylist for the countries:
  • Economic sanctions will be imposed on the Greylist countries from the IMF, World Bank, and ADB.
  • Those countries cannot get loans easily from IMF, World Bank, ADB, and other organizations.
  • In these countries, there will be a reduction in international trade
  • Also, there will be an international boycott on these countries.

Click here to view the official website of FATF

3. Great Barrier Reef

News Summary

The Great Barrier Reef has been recommended by UNESCO World Heritage Committee to place it on the in-danger list.

Prelims GS – Geography

Great Barrier Reef:
  • The Great Barrier Reef is a site of remarkable variety and beauty on the northeast coast of Australia.
  • It contains the world’s largest collection of coral reefs, with 400 types of coral, 1,500 species of fish, and 4,000 types of mollusc.
  • It also holds great scientific interest as the habitat of species such as the dugong (‘sea cow’) and the large green turtle, which are threatened with extinction.
  • The Great Barrier Reef was designated a World Heritage Site in 1981.

Click here to know more about the Great Barrier Reef on the WHC UNESCO website.

 

 

 

 

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