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- Why in News?
- India is not expected to ratify the UN High Seas Treaty at the ongoing United Nations Ocean Conference in France, according to experts and officials. Despite strong diplomatic efforts from the host nation France and encouragement from other international stakeholders, India is likely to delay its decision.
- About the UN High Seas Treaty:
- Officially known as the Agreement on the Conservation and Sustainable Use of Marine Biological Diversity of Areas Beyond National Jurisdiction (BBNJ), the treaty aims to protect marine biodiversity in international waters—regions outside national boundaries. It builds upon the 1982 UN Convention on the Law of the Sea (UNCLOS), which first defined the concept of high seas. Covering nearly two-thirds of the world’s oceans, the treaty introduces a legal framework to address gaps in ocean governance.
- Key Provisions:
- It includes the creation of Marine Protected Areas, Environmental Impact Assessments, fair access to Marine Genetic Resources, and support for capacity building and technology transfer to developing nations.
- Why in News?
- India Post Payments Bank (IPPB) has been honored with the 2024–25 Digital Payments Award by the Ministry of Finance for its impactful role in promoting inclusive, technology-led, and citizen-centric banking. This recognition highlights IPPB’s efforts in expanding digital financial services to the remotest parts of India.
- About IPPB:
- Established under the Department of Posts, Ministry of Communications, IPPB is fully owned by the Government of India. It utilizes the vast postal network of around 1.55 lakh post offices to offer doorstep banking across rural and urban India.
- What is a Payments Bank?
- A payments bank provides essential banking services such as deposits, withdrawals, fund transfers, and bill payments, mainly through digital platforms. While it can accept deposits up to ₹2 lakh, it is not permitted to issue credit cards or offer loans. These banks are designed to boost financial inclusion, especially among underserved and unbanked populations.
- Why in News?
- India has announced the imposition of five-year anti-dumping duties on the import of aluminium foil, Pretilachlor (a herbicide), and Acetonitrile (a solvent), originating from China, Russia, and Taiwan. This decision aims to protect domestic industries from unfair trade practices and price distortions caused by cheaper imports.
- Understanding Anti-Dumping Duty:
- An anti-dumping duty is a trade remedy used by governments to counteract the dumping of foreign goods at unfairly low prices. Dumping occurs when manufacturers export products at prices significantly lower than their normal domestic value, potentially harming local industries.
- In line with the provisions of the General Agreement on Tariffs and Trade (GATT), countries are permitted to take corrective measures against such practices. India’s move reflects its commitment to ensuring a level playing field for domestic producers by curbing market disruptions caused by underpriced imports. This step is also expected to reinforce the stability of affected sectors.