Prelim Bits 07-04-2023 | UPSC Daily Current Affairs

Basohli Painting

The world famous Basohli Paintings from the Union Territory of Jammu and Kashmir has received the Geographical Indication (GI) Tag.

• The world-famous Basohli paintings are from Kathua district of Union Territory of Jammu and Kashmir.
• It is the first independent GI-tagged product from Jammu region.
• Basohli - Basohli painting is a school of Pahari miniature painting.
• The art developed in the mountainous regions of Basohli between the 17^th and 19^th centuries.
• Basohli painting is known for its own bold and flamboyant style.
• It has a unique style of miniature paintings that witnessed a fusion of mythology and traditional folk art.
• Phases - The early paintings that flourished under Sangram Pal.
• Early phase of Basohli paintings depict Krishna as the protagonist, specifically in the Rasmanjari series.
• The latter phase of Basohli paintings matured under the patronage of Kirpal Singh and explicitly depict the religious affiliation of the ruler to Vaishnavism.
• The paintings in this phase were more sophisticated, with an emphasis on naturalism.
• The ‘Gita Govinda series’ by Manaku holds great importance in the latter phase.
• Features - Bright and bold colours like red, yellow, and blue were used in the borders, as well as for the generally flat background.
• Prominent nose and lotus-shaped eyes are distinguishing facial features.

References

1. Kashmir Life - GI Tagging For Basohli Painting
2. Tribune India - GI tagging for Basohli paintings in Kathua district
3. Indian Culture - Basohli Paintings

E-Waste (Management) Rules, 2022

E-Waste (Management) Rules came into force from April, 2023.

• Ministry - Ministry of Environment, Forest and Climate Change
• Application - These rules will apply to every manufacturer, producer, refurbisher, dismantler and recycler of e-waste.
• Not applied to - These rules will not applicable to
  1. Waste Batteries as covered under the Battery Waste Management Rules, 2022;
  2. Packaging Plastics as covered under the Plastic Waste Management Rules, 2016;
  3. Micro Enterprise as defined in the Micro, Small and Medium Enterprises Development Act, 2006:
  4. Radio-active Wastes as covered under the provisions of the Atomic Energy Act, 196;
• Procedure for storage of e-waste - Every manufacturer, producer, refurbisher and recycler may store the e-waste for a period not exceeding 180 days.
• These rules will be applicable to solar photo-voltaic modules or panels or cells.
• Responsibilities - Every Manufacturer, Producer, Refurbisher and Recycler have to collect e-waste generated and ensure its recycling or disposal.
• Extended Producer Responsibility - All producers shall fulfil their extended producer responsibility obligation with the help of third-party organisations.
• The extended producer responsibility shall lie entirely on the producer only.
• The Central Pollution Control Board (CPCB) will generate extended producer responsibility certificate.
• Reduction in the use of hazardous substances - Every producer of electrical and electronic equipment and their components make sure that it doesn’t contain hazardous substances.
• It do not contain Lead, Mercury, Cadmium, Hexavalent Chromium, polybrominated biphenyls and polybrominated diphenyl ethers beyond a maximum concentration value of 0.1 % by weight.

References

1. The Hindu - Unpacking the new set of e-waste rules
2. CPCB - E-waste Rules, 2022 - pdf

International Finance Corporation (IFC)

The International Finance Corporation (IFC) to stop support investments in new coal-powered electricity projects.

• The International Finance Corporation (IFC) is the private sector arm of The World Bank founded in 1956.
• IFC provides financing for private enterprise investments in developing countries.
• It also provides advisory services to encourage the development of private enterprise in nations.  
• The IFC funds banks and other financial institutions that in turn lend to other projects (financial intermediaries).
• In 2020, IFC launched the Green Equity Approach (GEA) to increase their clients climate lending and reduce their exposure to coal- related projects.
•  Originally it required clients to reduce their exposure by half by 2025, and to zero by 2030.
• In this new update to its GEA policy said that it will no longer allow financial intermediary clients to support new coal projects.

India sources about three-fourths of its electricity from coal.

The IFC has reportedly lent close to $5 billion to almost 88 financial institutions in India.

References

1. The Hindu - IFC to stop funding new coal-powered projects
2. IE - IFC has issued an update to its GEA policy

Urban Infrastructure Development Fund

Union Budget 2023-24 has announced the setting up of the Urban Infrastructure Development Fund (UIDF)

• It was established through priority sector lending shortfall.
• Agency - It will be managed by the National Housing Bank.
• Usage - It will be used by public agencies to create urban infrastructure in Tier 2 and Tier 3 cities.
  1. Tier II cities are those which have a population range of 50,000 to 100,000
  2. Tier III cities are classified as those with a population of 20,000 to 50,000.
• The Fund would be operationalised broadly along the lines of the existing Rural Infrastructure Development Fund.
• Features of UIDF - It provides basic services and encourage projects with lower carbon footprints.
• All cities and towns will be enabled for 100% mechanical desludging of septic tanks and sewers to transition from manhole to machine-hole mode.
• Enhanced focus will be provided for scientific management of dry and wet waste.
• The cities will be incentivized to improve their credit worthiness for municipal bonds.

References

1. The Hindu - Guidelines for UIDF likely to be released
2. PIB - Urban Infrastructure Development Fund (UIDF)

Application Supported by Blocked Amount

SEBI has approved a framework for Application Supported by Blocked Amount (ASBA)-like facility for trading in the secondary market.

• Application Supported by Blocked Amount (ASBA) was introduced by Securities and Exchange Board of India (SEBI) in 2008.
• ASBA is an application containing an authorization to block the application money in the bank account, for subscribing to an initial public offering (IPO).
• ASBA gives an explicit authorisation to a Self-Certified Syndicate Bank (SCSB) to block the application money in the bank account for subscribing to an issue (IPO).
• SCSBs are SEBI authorized banks that confirm to the conditions laid by SEBI and capable of providing ASBA services to its customers.
• Such blocked funds cannot be used for any other purposes but debited only on allotment.
• Once the allotment is finalised, based on the number of shares allotted, the ASBA bank account will be debited.
• If there is balance funds, it will be released for regular use.
• In Secondary Market - SEBI has introduced (ASBA)-like facility for trading in the secondary market
• ASBA in secondary market trading will ensure that clients will continue to earn interest on the blocked funds in their savings account till the debit takes place.
• The facility is based on blocking of funds for trading in the secondary market through UPI (unified payments interface).
• Investors and stock brokers can choose either direct settlement with Clearing Corporation (CC) or direct settlement through UPI.

References

1. IE - SEBI approves ASBA-like facility for trading in secondary market
2. Live Mint - ASBA-like facility for investors to trade in secondary market