SWIFT India has appointed ex-SBI chief Arundhati Bhattacharya as the new chairman of its board.

SWIFT India is a joint venture of top Indian public and private sector banks and SWIFT (Society for Worldwide Interbank Financial Telecommunication). The company was created to deliver high quality domestic financial messaging services to the Indian financial community. Bhattacharya said the venture has a huge potential to contribute significantly to the financial community in many domains.

What is SWIFT?

The SWIFT is a global member-owned cooperative that is headquartered in Brussels, Belgium. It was founded in 1973 by a group of 239 banks from 15 countries which formed a co-operative utility to develop a secure electronic messaging service and common standards to facilitate cross-border payments. It carries an average of approximately 26 million financial messages each day. In order to use its messaging services, customers need to connect to the SWIFT environment.

Functions:

SWIFT does not facilitate funds transfer: rather, it sends payment orders, which must be settled by correspondent accounts that the institutions have with each other.

The SWIFT is a secure financial message carrier — in other words, it transports messages from one bank to its intended bank recipient.

Its core role is to provide a secure transmission channel so that Bank A knows that its message to Bank B goes to Bank B and no one else. Bank B, in turn, knows that Bank A, and no one other than Bank A, sent, read or altered the message en route. Banks, of course, need to have checks in place before actually sending messages.

Significance of SWIFT:

Messages sent by SWIFT’s customers are authenticated using its specialized security and identification technology. Encryption is added as the messages leave the customer environment and enter the SWIFT Environment. Messages remain in the protected SWIFT environment, subject to all its confidentiality and integrity commitments, throughout the transmission process while they are transmitted to the operating centre (OPCs) where they are processed — until they are safely delivered to the receiver.

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Global Compact for Migration

The global compact on migration was adopted recently at an intergovernmental conference in Marrakesh, Morocco by 164 UN Member States. Alongside, the UN also launched the Migration Network to support the compact’s implementation at country level.

About the Marrakesh Compact on Migration:

In the New York Declaration for Refugees and Migrants, adopted in September 2016, the General Assembly decided to develop a global compact for safe, orderly and regular migration.

The Global Compact for Safe, Orderly and Regular Migration (GCM) sets out a common, comprehensive approach to international migration.

The GCM is a voluntary, non-binding document that introduces no additional obligations to states. It is a global agreement setting out a common framework, shared principles and best practices on international migration.

It aims at cooperation between states and promotes measures to strengthen regular migration pathways, to tackle irregular migration, and to protect human rights of migrants among other objectives.

The compact includes 23 objectives and a set of possible actions for each one, from which governments can draw in responding to the issue.

Notably, the Global Compact establishes a United Nations mechanism allowing Governments and companies to contribute technical, financial and human resources for implementing it.

The global compact is framed consistent with target 10.7 of the 2030 Agenda for Sustainable Development in which member States committed to cooperate internationally to facilitate safe, orderly and regular migration.

Opposition:

The US quit negotiations early on, in December 2017, and was followed by Hungary seven months later. Dominican Republic, Australia, Austria, Bulgaria, Israel, Poland, the Czech Republic and Slovakia also refused to sign the document.

Why is it being opposed?

States with a restrictive migration agenda, such as Hungary, consider the symbolic act of approving the GCM as a sign that they are promoting migration.

Those that have rejected it fear it will turn into common practice, or even common law. While not legally binding, it should be a politically guiding framework, which sets out ground rules for the long term.

Some states that have rejected the GCM are especially worried about human rights references within the document. In their view, an emphasis on human rights contradicts what matters for them: securing borders.

Need for a global compact:

Over 250 million migrants worldwide account for 3% of the world’s entire population, but contribute 10% of the global gross domestic production (GDP). Migrants remittance is huge contributor to their home countries’ development.

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Comptroller and Auditor General Rajiv Mehrishi has become the Vice-Chair of the UN Panel of Auditors.

About UN Panel of Auditors:

The United Nations Panel of Auditors consists of External Auditors of the United Nations and its agencies.

The United Nations General Assembly in 1959 established the Panel of External Auditors, comprising the individual external auditors of the United Nations system, who are also Heads of Supreme Audit Institutions.

Presently, the panel consists of 11 countries — India, Germany, Chile, Canada, France, Italy, Philippines, Ghana, Indonesia, Switzerland and United Kingdom. Currently, the panel is chaired by the Comptroller and Auditor General of the UK.


Functions of the Panel of External Auditors:

Panel Members share experiences and methodologies so as to ensure uniformity of external audit practices throughout the United Nations system.

Panel Members provide independent assurance to Member States and other stakeholders in relation to the proper use of the Organizations’ resources as well as their economic, efficient and effective use.
They also play a significant role in assisting the Organizations to improve their operations and their internal control activities.

The findings and recommendations of Panel Members are taken seriously, and the status of recommendations is closely monitored to ensure timely and effective implementation.

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Indian Ports Association (IPA) Under the Guidance of Ministry of Shipping launched the Port Community System ‘PCS1x’.

Significance:

The platform has the potential to revolutionize maritime trade in India and bring it at par with global best practices and pave the way to improve the Ease of Doing Business world ranking and Logistics Performance Index (LPI) ranks.


About PCS 1x:

‘PCS 1x’ is a cloud based new generation technology, with user-friendly interface.

This system seamlessly integrates stakeholders from the maritime trade on a single platform.
The platform offers value added services such as notification engine, workflow, mobile application, track and trace, better user interface, better security features, improved inclusion by offering dashboard for those with no IT capability.

Another major feature is the deployment of a world class state of the art payment aggregation solution which removes dependency on bank specific payment Eco system.

Other Features:

It is an initiative that supports green initiatives by reducing dependency on paper.
It has been developed endogenously and is a part of the ‘Make in India’ and ‘Digital India’


Indian Ports Association (IPA):

IPA was constituted in 1966 under Societies Registration Act, with the idea of fostering growth and development of all Major Ports which are under the supervisory control of Ministry of Shipping.

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The Government has Approved a Slew of Measures Under the National Pension Scheme (NPS).

Changes Approved in the National Pension System:

Mandatory contribution by the Central Government enhanced by 4 percent from the existing 10 percent to 14 percent for employees covered under NPS Tier-I

Central government employees will be provided with freedom of choice for selection of Pension Funds and pattern of investment.

Payment of compensation for non-deposit or delayed deposit of NPS contributions during 2004-2012
Contribution by Government employees under Tier-II of NPS will now be covered under Section 80 C for deduction up to Rs 1.50 lakh for the purpose of income tax at par with schemes such as General (PF), Contributory PF, Employees PF and Public PF, with lock-in period of 3 years.

The entire withdrawal will now be exempt from income tax as the tax exemption limit for lump sum withdrawal on exit has been enhanced to 60 percent.

Implications:

The move is set to benefit around 36 lakh subscribers, including approximately 18 lakh Central government employees covered under NPS. It will cost the exchequer Rs 2,840 crore in the current financial year.

What is National Pension System (NPS)?

National Pension System (NPS) is a government-sponsored pension scheme. It was launched in January 2004 for government employees. However, in 2009, it was opened to all sections.

The scheme allows subscribers to contribute regularly in a pension account during their working life. On retirement, subscribers can withdraw a part of the corpus in a lumpsum and use the remaining corpus to buy an annuity to secure a regular income after retirement.

This system is managed by PFRDA (Pension Fund Regulatory and Development Authority).

Who can join NPS?

Any Indian citizen between 18 and 60 years can join NPS. The only condition is that the person must comply with know your customer (KYC) norms.

Can a Non Resident Indian (NRI) join NPS?

Yes, an NRI can join NPS. However, the account will be closed if there is a change in the citizenship status of the NRI.

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Floating Solar Plants- Significance, Potential, Challenges and Solutions - OnlineEdge

Context: A 50MW floating solar plant will be set up in the country’s largest reservoir Rihand dam in Sonbhadra district in UP.

 Floating solar plants- significance:

Floating solar plants are considered an alternate option to tackle land availability issues. The concept involves setting up solar panels on floats placed on dams, lakes and similar water bodies.

Floating solar makes intuitive sense in geographies with high land costs and poor availability. Floating solar is a definite reprieve for states that are a significant market for more renewable energy but with little land to spare, as is the case with Uttar Pradesh.

The global floating solar market is driven by Asian countries, with China and Japan being home to bulk of the existing operational capacity of 259 MW.

Challenges:

In India, floating solar is likely to face challenges scaling up to the level of ground-mounted plants.

Cost: Despite being land neutral, the cost of the floating systems including anchoring, installation, maintenance and transmission renders the overall cost of the floating solar systems are much higher than the land based systems at this initial stage of development.

Technical issues: Besides the two major issues of corrosion and instability, other issues like the long term impact of moist environment on modules, cables, safe transmission of power through the floats to the nearest feeder point, the environmental impact on the water body and the marine life etc needs to be addressed and – make the system cost effective.

What ails floating solar?

Non-availability of floats in India makes it an expensive option.

Project costs higher by 30%-50%than ground mounted solar.

Dependent on European or Chinese suppliers.

Facts for Prelims:

The largest floating solar plant to date is a 2MW one in Vishakhapatnam. Another is a 500-kWh plant built by the Kerala State Electricity Board at the Banasura Sagar Dam.

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