June 2019

1. Generalized System of Preferences(GSP) - unilateral, non-reciprocal and non-discriminatory

benefits extended by some developed nations to developing countries.

United States of America (USA) {providing preferential duty-free entry for up to 4,800 products
from 129 designated beneficiary countries and territories} has withdrawn India’s GSP benefits
wef June 2019

Top 4 items to be hit = Organic Chemicals, Plastics, Leather

2. DRAFT COPYRIGHT (AMENDMENT) RULES, 2019 - released DPIIT .

Copyright -It is a form of intellectual property that grants the creator of an original creative work
an exclusive legal right to determine whether and under what conditions this original work may
be copied and used by others, usually for a limited term of years.

The exclusive rights are not absolute but limited by limitations and exceptions to copyright law,
including fair use. A major limitation on copyright on ideas is that copyright protects only the
original expression of ideas, and not the underlying ideas themselves.

Copyright is applicable to certain forms of creative work. Some, but not all jurisdictions require
"fixing" copyrighted works in a tangible form.

Exception - Criticism/review, reporting, academic and research purpose.

Creative Commons License = free distribution of an otherwise copyrighted work

Berne Convention - related to copyright, India is a signatory

3. EXCHANGE OF INFORMATION BETWEEN INDIA AND MARSHALL ISLANDS = exchange of

information, including banking and ownership information, between the two countries for tax
purposes. Enable tax avoidance.
4. SPECIAL ECONOMIC ZONES (AMENDMENT) BILL, 2019 - provide flexibility to the central
government to include ‘trusts’ in the definition of a ‘person’, in a bid to facilitate investments in
these zones.

5. MULTILATERAL Convention On BEPS = outcomes of the OECD/G20 project, India is a member,

tackle base erosion and profit shifting (BEPS)

The Convention enables countries to implement the tax treaty related changes to achieve anti-
abuse BEPS outcomes through the multilateral route without the need to bilaterally re-negotiate
each such agreement

6. Governing Council of NITI Aayog = Premier body tasked with evolving a shared vision of
national development priorities, sectors and strategies with the active involvement of States in
shaping the development narrative = PM+ all CM of States and Union Territories with
Legislatures + Lt. Gov of Anda & Nico Island + 4 Union Ministers as ex-officio members + 3
Union Ministers as Special Invitees.

7. Financial Stability and Development Council (FSDC):Chairperson - Finance Minister, Members-

Heads of the financial sector regulatory authorities (RBI, SEBI, IRDA & PFRDA) + Finance
Secretary and/or Secretary, Department of Economic Affairs (Union Finance Ministry)+
Secretary, Department of Financial Services + Chief Economic Adviser.

FSDC replaced High Level Coordination Committee on Financial Markets (HLCCFM)

Set up by Recommendations of Raghuram Rajan Committee in 2008.

8. Thorium - Thorium has to be converted to Uranium-233 in a reactor before it can be used as

fuel.

Department of Atomic Energy (DAE) has planned the use of large deposits of Thorium available
in the country as a long-term option.

Fast Breeder Reactor (FSB) to be used = Breeder reactor creates more fissile material than it
consumes
9. Blockchain
10. COAL SUPPLY RATIONALIZATION SCHEME- Coal linkage of a Thermal Power Plant (TPP) of an
Independent Power Producer (IPP) may be transferred from one Coal Company to another based
on the availability during the fi scal and future coal production plan of the coal company.
Objective - reduce the landed cost of coal due to reduction in transportation cost. Savings
achieved to be passed on to the Discom/consumer of power.

11. RBI directions - Domestic Scheduled Commercial Banks lend 18% of the Adjusted Net Bank
Credit (ANBC) or Credit Equivalent to Off-Balance Sheet Exposure (CEOBE),whichever is higher,
towards agriculture.

12. Defence - FDI under automatic route upto 49% and beyond 49% through Government route .

Technology Development Fund (TDF) = participation of public/private industries especially

MSMEs, through provision of grants, so as to create an eco-system for enhancing cutting edge
technology capability for defence application.

Strategic Partnership in the Defence = participation of the private sector in manufacture of

major Defence platforms and equipment in 4 selected segments viz. Submarines, Fighter
Aircraft, helicopters and Armored Fighting vehicles/Tanks.