Alternative Investment Funds (AIFs) Latest News

Recently, the Reserve Bank of India (RBI) released revised draft directions regarding investments made by Regulated Entities (REs) in Alternative Investment Funds (AIFs).

About Regulated Entities (REs)

• Regulated Entities (REs) are institutions that operate under the supervision of financial regulators like RBI, SEBI, IRDAI, etc.
• They are responsible for:
  • Maintaining financial stability,
  • Ensuring compliance with regulations,
  • Preventing financial crimes such as fraud and money laundering.
• Examples include Scheduled Commercial Banks, NBFCs, Insurance Repositories, etc.

What are Alternative Investment Funds (AIFs)?

• AIFs are privately pooled investment vehicles established in India that collect capital from sophisticated Indian and foreign investors.
• These are regulated by SEBI under the SEBI (Alternative Investment Funds) Regulations, 2012.
• AIFs can be formed as LLPs, companies, trusts, or other permissible entities.
• They invest in a wide range of asset classes and are usually preferred by High Net-Worth Individuals (HNIs) and institutional investors.

Categories of AIFs (as per SEBI Regulations)

Alternative Investment Funds (AIFs) FAQs

Q1: What are Alternative Investment Funds (AIFs)?
Ans: AIFs are privately pooled investment vehicles that collect funds from investors to invest as per a defined strategy, regulated by SEBI.

Q2: Are AIFs open to all investors?
Ans: No, AIFs are typically for high-net-worth individuals (HNIs), with a minimum investment requirement of ₹1 crore.

Source: TH

Overseas Citizen of India Latest News

The Union Home Minister and Minister of Cooperation launched the new Overseas Citizen of India (OCI) Portal in New Delhi recently.

About Overseas Citizen of India

The Overseas Citizenship of India (OCI) Scheme was introduced by amending the Citizenship Act, 1955, in August 2005. 

Who can be an Overseas Citizenship of India? 

• The Central Government may, subject to such conditions and restrictions as may be prescribed, on an application made in this behalf, register as an OCI a foreign national
  • who was a citizen of India at the time of, or at any time after, 26th January, 1950; 
  • who was eligible to become a citizen of India on 26th January, 1950; 
  • who belonged to a territory that became part of India after 15th August, 1947;
  • who is a child or a grandchild or a great grandchild of such a citizen;
  • who is a minor child of such persons mentioned above; 
  • who is a minor child and whose both parents are citizens of India or one of the parents is a citizen of India- is eligible for registration as an OCI cardholder. 
• Besides, a spouse of foreign origin of a citizen of India or a spouse of foreign origin of an OCI Cardholder and whose marriage has been registered and subsisted for a continuous period of not less than two years immediately preceding the presentation of the application is also eligible for registration as an OCI cardholder. 
• However, no person who or either of whose parents or grandparents or great-grandparents is or had been a citizen of Pakistan, Bangladesh, or such other country as the Central Government may, by notification in the Official Gazette, specify, shall be eligible for registration as an OCI Cardholder.
• The foreigner has to be ordinarily resident of India to be eligible to apply for OCI registration in India.
  • 'Ordinarily resident' will mean a person staying in a particular country or in India for a continuous period of 6 months.

Overseas Citizenship of India Benefits

• Multi-purpose, multiple entries, and a lifelong visa for visiting India. 
• Exemption from foreigner registration obligation for any length of stay in India. 
• Equivalence to NRIs in respect of economic, financial, educational fields. An exception in the matter of acquisition of agricultural and plantation properties. 
• Equality with NRIs for intercountry adoption. 
• Offer similar domestic airfare charges to OCI cardholders as of a resident Indian national. 
• Equality with an Indian national for entry fees to national parks and wildlife sanctuaries. 
• The OCI cardholder professionals have the opportunity to pursue the profession in pursuance of the provisions contained in the relevant act, such as Doctors, Dentists, Nurses, Pharmacists, Advocates, Architects and Chartered Accountants. 
  • However, these professionals are required to appear for the All India Pre-Medical test or any such other relevant test for eligibility towards admission in fulfilment of the provisions contained in the applicable act. 

What Are All Overseas Citizenship of India Cardholders Not Entitled to?

• OCI is not to be misconstrued as 'dual citizenship'. OCI does not confer political rights to vote;
• to be a member of a Legislative Assembly or of a Legislative Council or of the Parliament of India;
• to hold Indian constitutional posts such as that of the President, Vice President, Judge of the Supreme Court or High Court etc.;
• He/she cannot normally hold employment in the Government;
• to undertake any Missionary work, Mountaineering and Journalism work without prior permission of the Govt. of India;
• OCI card holders shall also require Protected Area Permit (PAP)/Restricted Area Permit (RAP) to visit any place which falls within the Protected/Restricted Area notified by the Government as in the case of any other foreigner.

Renunciation of Overseas Citizenship of India

• If any overseas citizen of India of full age and capacity makes in the prescribed manner a declaration renouncing his overseas citizenship of India, the declaration shall be registered by the Central Government, and; upon such registration, that person shall cease to be an OCI.
• Where a person ceases to be an overseas citizen of India under subsection (1), every minor child of that person registered as an OCI, shall thereupon cease to be an OCI.

Cancellation of Registration as Overseas Citizenship of India

• The Central Government may, by order, cancel the registration granted under sub-section(1) of section 7A if it is satisfied that
  • The registration as an OCI was obtained by means of fraud, false representation, or the concealment of any material fact.
  • The OCI has shown disaffection towards the Constitution of India as by law established.
  • The OCI has, during any war in which India may be engaged, unlawfully traded or communicated with an enemy or been engaged in, or associated with, any business or commercial activity that was to his knowledge carried on in such a manner as to assist an enemy in that war.
  • The OCI has, within five years after registration, been sentenced to imprisonment for a term of not less than two years.
  • It is necessary to do so in the interest of the sovereignty and integrity of India, the security of India, friendly relations of India with any foreign country, or in the interests of the general public.

Overseas Citizen of India FAQs

Q1: Can OCI live in India permanently?

Ans: Yes, OCI cardholders can reside in India permanently.

Q2: Can OCI apply for Aadhaar?

Ans: OCI cardholders who have stayed in India for more than 182 days in twelve months can get an Aadhaar. 

Q3: Does OCI pay tax in India?

Ans: OCI cardholders have to pay income tax in India on the income generated in the country.

Source: PIB

Udanti Sitanadi Tiger Reserve Latest News

Recent camera trap images from Chhattisgarh's Udanti Sitanadi Tiger Reserve (USTR) have captured a promising resurgence in wildlife activity, showing extensive use of the forest by carnivores, herbivores, and omnivores alike.

About Udanti Sitanadi Tiger Reserve

• It is located in the Gariaband and Dhamtari Districts of Chhattisgarh. 
• It was established by joining the regions represented by Sitanadi and Udanti wildlife sanctuaries. 
• The drainage system of the reserve consists of Mahanadi as the main river, along with Udanti, Sitanadi, Indravan, and Pairi Rivers as tributaries.
• The location of the reserve is strategic since it also connects with the Kanker and North Kondagaon forest divisions, forming a contiguous forest corridor to Indravati Tiger Reserve in the Bastar region.
• Total Area: 1872 sq.km.
• There are 19 named mountains in the reserve. Deo Dongri is the highest point. The most prominent mountain is Atānga Dongar.
• Flora: 
  • The forest types of USTR are "Tropical Peninsular Sal Forest and Southern Tropical Dry Deciduous Mixed Forest" (Champion & Seth, 1968).
  • The ground is covered with a maze of grass, plants, bushes, and saplings.
• Fauna: 
  • Along with the Indravati Tiger Reserve, the Udanti Sitanadi Tiger Reserve is an important refuge for the last few herds of the highly endangered Wild Buffalo.
  • Apart from the tiger, other endangered and rare species are the Indian Wolf, Leopard, Sloth Bear, and Mouse Deer.

Udanti Sitanadi Tiger Reserve FAQs

Q1: In which state is Udanti Sitanadi Tiger Reserve?

Ans: Chhattisgarh

Q2: Which river flows through Udanti-Sitanadi Tiger Reserve?

Ans: The drainage system of the reserve consists of Mahanadi as the main river, along with Udanti, Sitanadi, Indravan, and Pairi Rivers as tributaries.

Q3: What is the total area of the Udanti Sitanadi Tiger Reserve?

Ans: 1872 sq.km.

Source: TOI

e-Zero FIR Initiative Latest News

The Indian Cybercrime Coordination Centre (I4C) has launched the e-Zero FIR initiative, which automatically converts financial cybercrime complaints over ₹10 lakh into First Information Reports (FIRs).

What is the e-Zero FIR Initiative?

• The e-Zero FIR initiative is a new mechanism where financial cybercrime complaints involving fraud above ₹10 lakh are automatically converted into FIRs if reported via the 1930 helpline or the National Cybercrime Reporting Portal (NCRP).
• This system has been launched on a pilot basis in Delhi by the Indian Cybercrime Coordination Centre (I4C) under the Ministry of Home Affairs (MHA).
• Objective: The initiative aims to speed up investigations into large-scale cyber frauds and ensure swift action against cybercriminals.
• Rationale: It addresses the longstanding grievance of victims who face delays in FIR registration and difficulty recovering stolen money.
• Legal framework: The system is aligned with the provisions of Sections 173(1) and 1(ii) of the newly enacted Bharatiya Nagarik Suraksha Sanhita (BNSS).
• The e-Crime Police Station of Delhi has been officially notified for e-FIR registration and case transfer under these legal provisions.

How Does the System Work?

• Complaints of financial cybercrime losses above ₹10 lakh, once filed through 1930 or NCRP, will automatically trigger a Zero FIR at the e-Crime Police Station, Delhi.
• This Zero FIR is immediately routed to the relevant territorial cybercrime police station, based on the complainant's location.
• Victims are required to visit the cybercrime police station within 3 days to get the Zero FIR converted into a regular FIR.

Integration of Key Platforms

• The process involves integration of: I4C’s National Cybercrime Reporting Portal (NCRP), Delhi Police’s e-FIR System, and National Crime Records Bureau’s (NCRB) Crime and Criminal Tracking Network & Systems (CCTNS).
• This interlinking of databases facilitates real-time processing, auto-routing, and nationwide interoperability for cybercrime cases.

About Zero FIR

• A Zero FIR can be registered at any police station, regardless of the place of the crime.
• It ensures that jurisdictional issues do not delay investigation and provides legal urgency for prompt action.
• Introduced following the Justice Verma Committee recommendations post the Nirbhaya case (2012), it reinforces victim-centric policing and quick redressal.

e-Zero FIR Initiative FAQs

Q1: What is the e-Zero FIR Initiative?
Ans: The e-Zero FIR allows victims to file an FIR at any police station, irrespective of jurisdiction, especially in cases of sexual assault, cybercrime, and urgent threats.

Q2: Who launched the e-Zero FIR system?
Ans: It was part of initiatives under the Ministry of Home Affairs and Digital Police Portal, integrated with the Crime and Criminal Tracking Network and Systems (CCTNS).

Q3: Is e-Zero FIR legally valid?
Ans: Yes, it is a legally valid FIR, and once transferred to the correct jurisdiction, it proceeds like a regular FIR.

Source: TH

Directorate General of Foreign Trade (DGFT) Latest News

The Government of India has updated its import policy for gold and silver to align customs tariffs with trade regulations, as notified by the Directorate General of Foreign Trade (DGFT).

About Directorate General of Foreign Trade (DGFT)

• The Directorate General of Foreign Trade (DGFT) is an attached office of the Ministry of Commerce and Industry.
• It is responsible for the formulation and implementation of India’s Foreign Trade Policy (FTP).
• Headquartered in New Delhi, it operates through a network of 24 regional offices.
• Before 1991, DGFT was known as the Chief Controller of Imports & Exports (CCI&E).
• Post-liberalisation, it was restructured as DGFT to act as a trade facilitator.

Key Functions of DGFT

• Implements India’s Foreign Trade Policy (Exim Policy) by issuing various schemes, licenses, and notifications.
• Issues the Importer Exporter Code (IEC)—a 10-digit unique code mandatory for all Indian importers and exporters.
• Regulates transit of goods across Indian borders as per bilateral treaties.
• Grants permissions for free export items listed in Schedule 2 of the export policy.
• Sets standard input-output norms to define the quantity of inputs allowed for the export of a specified quantity of output.
• Facilitates regional trade promotion, especially with neighbouring countries.

Directorate General of Foreign Trade (DGFT) FAQs

Q1: What is the Directorate General of Foreign Trade (DGFT)?
Ans: The DGFT is an attached office under the Ministry of Commerce and Industry responsible for formulating and implementing India’s Foreign Trade Policy (FTP).

Q2: What are the main functions of DGFT?
Ans: It handles export and import licensing, promotion of exports, trade facilitation, and implementation of export promotion schemes.

Source: TH

Market Infrastructure Institutions Latest News

To further strengthen the governance mechanism at market infrastructure institutions (MIIs), regulator SEBI recently released comprehensive guidelines for internal audit mechanisms at such establishments, along with the prescribed composition of the audit committee.

About Market Infrastructure Institutions

• A MII is a financial entity that provides essential infrastructure for running the daily operations in the Stock Market/Capital Markets. 
• The MII primarily consists of the following 3 entities from the Stock Market: 
  • Stock Exchanges (including Commodity Exchanges) 
  • Clearing House/Clearing Corporation 
  • Depository Organization 
• The MIIs help to efficiently trade the financial securities, which in turn helps in the economic growth of the country. 
• These entities provide platforms and mechanisms for trading, clearing, settlement, record keeping, storage of securities, etc. 
• Any disruption in the operations of these institutions can adversely impact the functioning of the entire financial system. 
• The MIIs are separate corporate entities that are in the business to earn a profitfor their services. 
• But these are also the first-line regulators in the market and have to follow strong corporate governance standards. 
• The Securities and Exchange Board of India (SEBI) is the main regulatory body for the capital markets in India. 
  • So, every MII in the stock market has to be registered with SEBI. 
  • The regulatory guidelines primarily include responsibilities for safeguarding the interests of the investors.

Market Infrastructure Institutions FAQs

Q1: What is a market infrastructure institution?

Ans: A MII is a financial entity that provides essential infrastructure for running the daily operations in the Stock Market/Capital Markets. 

Q2: What are the three key entities that make up the Market Infrastructure Institutions?

Ans: Stock Exchanges, Clearing Corporations, and Depository Organizations

Q3: Why is the proper functioning of MIIs crucial to the economy?

Ans: It ensures smooth capital market operations, aiding economic growth.

Source: ET

Nineveh Latest News

During recent excavations in the ancient metropolis of Nineveh, archaeologists came across large parts of a monumental relief, including King Assurbanipal (668 to 627 BC), the last ruler of the Assyrian Empire, accompanied by two important deities and other figures.

About Nineveh

• It was one of the most important sites in northern Mesopotamia and became the capital of the Assyrian Empire under King Sennacherib in the late 8th century BCE.
• It is situated on the east bank of the Tigris River within the modern city of Mosul, Iraq. 
• It was the oldest and most populous city of the ancient Assyrian empire.
• The area was settled as early as 6000 BCE and, by 3000 BCE, had become an important religious centre for worship of the goddess Ishtar.
• It came directly under Assyrian rule during the reign of Shamashi Adad I (r. 1813-1791 BCE) but was most fully developed during the Neo-Assyrian Empire (912-612 BCE) by Sennacherib (r. 705-681 BCE).
• Prior to its fall, however, Nineveh was the largest urban center in the world, ornamented by gardens, statuary, parks, and a zoo, and was regarded as a great cultural center. 
• The city was destroyed in 612 BCE by a coalition led by Babylonians and Medes, which toppled the Assyrian Empire.

Nineveh FAQs

Q1: What is the significance of Nineveh?

Ans: Nineveh was one of the most important sites in northern Mesopotamia and became the capital of the Assyrian Empire under King Sennacherib in the late 8th century BCE.

Q2: What modern city lies near the ruins of ancient Nineveh?

Ans: Mosul, Iraq

Q3: Who destroyed Nineveh?

Ans: After Nineveh fell to the Medes and Babylonians in 612 BC, the city was destroyed and never regained its earlier significance.

Source: MSN

Mullaperiyar Dam Latest News

The Supreme Court recently directed Tamil Nadu and Kerala to resolve contentious issues related to the Mullaperiyar dam with expert intervention.

About Mullaperiyar Dam

• It is a masonry gravity dam situated on the Periyar River in Thekkady, Idukki district, in Kerala.
• It is located 881 m above sea level, in the Western Ghats mountains.
• The dam is built at the confluence of the Mullayar and Periyar rivers.
• It is one of the oldest dams in India. Its construction began in 1887 and was completed in 1895. 
• The construction was carried out by the British Corps of Royal Engineers under the leadership of Pennycuick.
  • The dam was constructed with limestone and “Surkhi" (burnt brick powder and a mixture of sugar and calcium oxide).
• The dam has a height of 53.6 meters (176 feet), a length of 365.7 meters (1,200 feet), and a storage capacity of 443 million cubic meters (11.5 billion cubic feet). 
• It created anartificial lake and reservoir that covers an area of 8.5 sq.km
• The dam is surrounded by the Periyar National Park, a renowned biodiversity hotspot that is home to numerous endangered species of animals and birds. 
• The dam's primary function is to transfer water from the Periyar River to the Vaigai River basin in Tamil Nadu for irrigation and power generation purposes.
• Although the dam is located in Kerala, it is operated and maintained by the neighbouring state of Tamil Nadu.
  • It was according to a 999-year lease agreement made during British rule, that the operational rights were handed over to Tamil Nadu.
• In recent years, there has been a long-standing dispute between Kerala and Tamil Nadu over the safety of the dam. Kerala has been demanding that the dam be strengthened or decommissioned, while Tamil Nadu has opposed any such move.

Mullaperiyar Dam FAQs

Q1: The Mullaperiyar Dam is located in which state?

Ans: It is located in Thekkady, Idukki district, in Kerala.

Q2: In which year was the construction of the Mullaperiyar Dam completed?

Ans: 1895

Q3: Despite being located in Kerala, the Mullaperiyar Dam is operated and maintained by which state?

Ans: Tamil Nadu

Source: TH

National Investigation Agency (NIA) Latest News

The National Investigation Agency (NIA) has recently arrested two individuals, including one alleged militant, in connection with violence in Manipur.

About the National Investigation Agency (NIA)

• The NIA was established under the National Investigation Agency Act, 2008, following the 26/11 Mumbai terror attacks.
• It is the primary counter-terrorism agency of India with powers to investigate and prosecute offences affecting India's sovereignty, security, and integrity.

Key Features of the NIA

• Jurisdiction: It applies across India and to Indian citizens abroad. It also extends to offences committed on Indian ships and aircraft, and to crimes outside India that affect Indian citizens or interests.
• Powers and Mandate:
  • Can investigate Scheduled Offences listed in the Act (e.g., Unlawful Activities Prevention Act, Arms Act, Explosives Act).
  • Can initiate investigations on orders from the Central Government when a Scheduled Offence is suspected.
  • Can prosecute cases in Special NIA Courts.
  • Can coordinate with state police forces.
  • Can conduct extraterritorial operations with international legal cooperation.
• Headquarters: Located in New Delhi, with zonal offices in Guwahati and Jammu.
• Leadership: Headed by a Director-General (DG), typically a senior Indian Police Service (IPS) officer.

National Investigation Agency (NIA) FAQs

Q1: What is the National Investigation Agency (NIA)?
Ans: The NIA is India's central counter-terrorism law enforcement agency, established under the NIA Act, 2008, to investigate and prosecute offences affecting the sovereignty, security, and integrity of India.

Q2: Under which ministry does the NIA function?
Ans: The NIA operates under the Ministry of Home Affairs, Government of India.

Q3: Can NIA operate outside India?
Ans: Yes, under a 2019 amendment, the NIA has been empowered to investigate terror-related offences committed outside Indian territory if they affect Indian interests.

Source: TH

GS1’s New Generation QR Codes Latest News

GS1, a global standards organisation, has announced that new generation QR codes will be globally implemented by 2027.

What is GS1?

• GS1 (Global Standards One) is a non-profit international organisation that develops global data standards for efficient product identification, supply chain transparency, and consumer safety.
• GS1 introduced barcodes nearly 50 years ago and now operates in over 100 countries, including GS1 India.

Features of the New QR Code System

• The next-gen QR codes will offer greater data capacity, supporting enhanced product traceability, real-time inventory management, consumer transparency, and product authentication and safety.
• Initially, dual codes (traditional 1D barcode + new QR code) will appear on packaging to ensure compatibility with older Point-of-Sale (POS) systems.
• Eventually, when retail infrastructure is fully upgraded, only the QR code will be used.

What Is a Barcode?

• A barcode is a machine-readable visual representation of data, using a pattern of lines (1D) or dots/squares (2D).
• It allows quick identification of products, patients, shipments, and records.
• Originally developed in 1973 by George Laurer and Norman Joseph Woodland.
• Also known as Universal Product Code (UPC).

What Is a QR Code?

• QR Code (Quick Response Code) is a 2D barcode that stores more data than traditional barcodes.
• Developed in 1994 by Masahiro Hara, QR codes store information both horizontally and vertically.
• Widely used in UPI payments, ticketing, supermarkets, and product authentication.

GS1’s New Generation QR Codes FAQs

Q1: What is GS1 India?
Ans: GS1 India is a not-for-profit organisation under the Ministry of Commerce and Industry that develops and manages global barcoding standards.

Q2: What are New Generation QR Codes?
Ans: These are digital QR codes developed by GS1 to provide authentic product information, enhance supply chain traceability, and prevent counterfeiting.

Source: TH