Yen green bonds

• JPY 61.1 billion worth of Japanese Yen green bonds were recently issued by REC Limited.

Context:

• The Ministry of Power’s Maharatna Central Public Sector Enterprise (CPSE), REC Limited, has accomplished a noteworthy milestone with the issuance of its first Japanese Yen (JPY) 61.1 billion (about Rs 3,500 crore) in green bonds.

About:-

• It is the first time that REC Limited has issued Yen Bonds, its eleventh foray into the foreign bond market, and the first Yen Green Bond issued by an Indian PSU.
• These bonds have terms of five, five and a quarter, and ten years. They are a part of the $10 billion global medium-term notes program.
• The Reserve Bank of India’s (RBI) criteria for external commercial borrowings, REC Limited’s green finance framework, and pertinent clearances would all be followed in the allocation of bond issuance proceeds towards qualifying green projects.
• This is the first Indian PSU to issue Yen Green Bonds.
• In South and Southeast Asia, this is the largest Euro-Yen issuance to date.
• It is the biggest issue from India denominated in yen.
• It is the biggest non-sovereign Yen issue from South and Southeast Asia in history.

About green bonds:

• Green bonds are financial products created especially to raise money for initiatives that will help the environment and/or the climate.
• Like conventional bonds, green bonds provide investors with fixed or variable interest rates.
• They provide a forum for investors to participate in ethical behavior, impacting bond issuers’ business plans.

Advantages:

• Favorable Effect on the Environment Draws Investment as an Alternative to Bank Loans: Green bonds are a useful instrument for lowering capital costs and minimizing asset-liability mismatches.

Scheme for Residential Education for Meritorious Scheduled Caste (SC) Students (SHRESHTA) Scheme

Instructions for Residential Private Schools interested in joining the Scheme for Residential Education for Meritorious Scheduled Caste (SC) Students (SHRESHTA) were recently released by the Central Board of Secondary Education (CBSE).

Background:

• The official announcement states that private residential schools up to class 12 that have been open for at least five years and have a pass percentage of at least 75 in class 10 and 12 over the previous three years are eligible.

About SHRESHTA Scheme:-

• Start date: December 2021.
• Ministry: Department of Empowerment and Social Justice.
• Goal: to guarantee admission to the nation’s top private residential schools for deserving boys and girls from the SC.

Salient Features:-

• Since Scheduled Castes have historically suffered from injustice in a hierarchical system, education is the most effective means of empowering them as a group. For this reason, the plan was created specifically for them.
• The program will give deserving SC students and the impoverished pupils an even playing field.
• With the help of residential high schools that offer top-notch instruction and grant-in-aid institutions managed by non-governmental organizations, it seeks to expand the scope of government development interventions and close the service-deficit gaps in areas where Scheduled Castes (SCs) are overrepresented in the workforce.

Windfall Tax

ECONOMY

• The windfall tax on petroleum crude was recently reduced by the Indian government from 2,300 rupees per tonne to 1,700 rupees per tonne.

Context:

• According to the directive, the cut will take effect on January 16.

About Windfall Tax:-

• The purpose of windfall taxes is to tax the gains that an organization makes from an outside, occasionally unheard-of event.
• A “windfall” is an unanticipated increase in profits.
• These are gains that cannot be linked to any deliberate actions taken by the company, such as growing its clientele or implementing an investment plan.
• For instance: The mining, oil, and gas sectors are the most frequently subject to windfall gains tax.
• It is usually imposed retroactively as a one-time tax above and beyond the regular tax rates.
• It can be utilized as an additional source of income for the government as well as to finance social welfare programs.

Need for Windfall Tax:-

• to reduce the nation’s growing trade deficit caused by increased coal, gas, and oil prices.
• to redistribute the unanticipated profits that producers receive at the expense of consumers when prices are high.
• to pay for social assistance programs.
• as an additional source of income for the government.

Guru Gobind Singh

The tenth Sikh Guru’s Prakash Parv, or Guru Gobind Singh Jayanti, was recently observed.

Context:

• A major Sikh holiday honoring the birth anniversary of the tenth and final Sikh Guru, Guru Gobind Singh Ji, is called Guru Gobind Singh Jayanti, or Prakash Utsav.
• This year, on January 17, it was observed.

About Guru Gobind Singh:-

• born on 5 January 1671.
• Demise: October 21, 1708.
• The tenth and final Guru of Sikhism was him.
• At nine years old, in 1676, he became a Guru after his father, the ninth Guru, Guru Tegh Bahadur Ji, was slain by Aurangzeb.
• Among other titles, he is venerated as Bar do Alam Shah (ruler of both worlds), Shah-e-Shahenshah (emperor of emperors), Mard Agamra (man without parallels), and Sarbans Dani (the gracious donor, who sacrificed his all).
• In 1699, he established the Khalsa Panth, a Sikh society committed to bravery, selflessness, and service.
• Kesh (uncut hair), Kangha (comb), Kirpan (sword), Kaccha (undergarment), and Kara (steel bracelet) are the five Ks that he introduced.
• In addition to being a warrior, poet, philosopher, and heavenly messenger,
• He finished the Guru Granth Sahib Ji in its current, final shape.
• The esteemed khalsa Vani “Waheguru Ji Ka Khalsa, Waheguru Ji Ki Fateh” was created by Guru Gobind Singh Ji.

Commission for Air Quality Management (CAQM)

ENVIRONMENT AND ECOLOGY

The Commission for Air Quality Management (CAQM) recently gave the NGT a draft action plan that would be implemented on January 2, 2024.

Background:-

• Its goal is to make the National Capital Region (NCR) and its environs healthier places to breathe.
• The multi-sectoral plan that CAQM is proposing identifies accountable nodal agencies, provides precise timelines, and details.
• Reducing industrial pollution, limiting air pollution from diesel generator sets, and addressing emissions from thermal power plants (TPP) are some of the plan’s main objectives.

About Commission for Air Quality Management (CAQM):-

• Establishment: in 2020.
• In October 2020, an ordinance was passed to create it.
• Headquarters: Delhi. (CAQM)
• The Environment Pollution (Prevention and Control) Authority (EPCA) is replaced by the commission.
• The National Capital Region’s air pollution is to be addressed by the EPCA, an organization mandated by the Supreme Court to carry out various actions.
• The Environment Ministry notified it in 1998 in accordance with the Environment Protection Act of 1986.

Objectives of CAQM:-

• Regarding the management of air quality in the National Capital Region and its surrounding areas. (Air Pollution and Delhi)
• For improved coordination, investigation, detection, and resolution of issues pertaining to the air quality index, as well as for issues related to or incidental to it.

Powers of the CAQM:-

• The Commission’s decisions regarding air pollution will take precedence over any other legal provisions.
• Regarding air pollution, the Commission’s authority will also take precedence over that of any other organization.
• To “protect and improve the quality of air in the National Capital Region,” the Commission will have the authority to take action, give instructions, and consider complaints.
• It will also establish guidelines for air quality and the emission or discharge of environmental pollutants, as well as coordinate state actions against air pollution.
• In addition, it will be allowed to impose restrictions on companies operating in any given region, conduct sporadic site inspections, including factories, and, in the event of non-compliance, shut down an industry or turn off its water and electricity supplies.
• Additionally, it will be keeping an eye on the steps the States are taking to avoid stubble burning.

Merits of CAQM:-

• A multi-sectoral, public participative, multi-state dynamic entity is envisioned by the permanent Commission as an effective mechanism to combat pollution on a war footing.
• More Teeth: State governments will now be required to control air quality in accordance with the Commission’s recommendations.
• Consolidated Approach: With regard to the multi-sector plan, which includes industry, power plants, agriculture, transportation, residential development, and construction, the commission will have the authority to collaborate with pertinent state and federal administrations.
• Penal Powers: Failing to comply with regulations may result in a fine of up to Rs 1 crore, five years in prison, or both.
• Supreme Court Relieved: Through a variety of cases pertaining to pollution, the Center aims to relieve the Supreme Court of the burden of continuously monitoring pollution levels.