Second report on cross border lending

Why in the discussion?
The Insolovency Law Committee-ILC, set up for the recommendation of the amendment in the Indian Bankruptcy and Bankruptcy Code, 2016 by the Ministry of Corporate Affairs, submitted its second report to the government. 
Committee recommendations
  • ILC has recommended the implementation of the United Nations Commission on International Trade Law (UNCITRAL) draft law for cross border loan repatriation, since it includes comprehensive provisions for dealing with cross border debt relief issues. 
  • The Committee has also recommended certain provisions for resolving any discrepancy between the provisions relating to domestic lending capacity and proposed border crossings.
UNCITRAL
  • The UNCITRAL draft law has been implemented in about 44 countries. Therefore, it has been included in the best traditions on international level to deal with issues related to cross border borrowing. 
  • It is beneficial for the inclusion of provisions related to domestic processes and protection of people's interests.
  • Other features include creating more confidence among foreign investors, reliably connecting with the domestic lending law and establishing a strong mechanism for international cooperation.
  • This format law includes four major principles of cross border 
    debt relief , such as:  1. Direct access to foreign lending businessmen and foreign lenders to participate in the domestic lending process against a violating debtor or launching it. 
    2. The provision of recognition and improvement of foreign processes. 
    3. To maintain cooperation between the domestic and foreign courts and the lending businessmen. 
    4. Coordination between two or more creditworthiness processes in different countries. 
India needs cross border loan framework
  • Under the bankruptcy and bankruptcy code, the requirement of cross border loan framework arises from the fact that many Indian companies have a global identity and many foreign companies have presence in many countries including India.
Conclusion
  • India's bankruptcy and bankruptcy code, the inclusion of cross border debt relief clauses in 2016 would be a major step and thus India's bankruptcy law would be more mature.
preliminary examination

Prelims Facts: October 23, 2018

Bepicolombo: Mission Mercury
  • Recently, the European Space Agency (ESA) and Japan Aerospace Exploration Agency (JAXA) successfully launched a space shuttle for Bipicolmbo, a joint operation for the nearest planet Mercury to the Sun.
  • This spacecraft will reach the Mercury planet in 2025. 
  • This is the first campaign for Mercury of European and Japanese Space Agencies.
  • It is also the first mission to send two spacecraft to take measurements of the planet and its environment at the same time.
  • These artificial satellites will also collect Venus statistics.
  • The two types of spacecraft are as follows:
♦  European Space Agency (ESA)  , the Mercury Planetary Orbiter (MPO). 
♦  Japan Aerospace Exploration Agency (JAXA)  Mercury Magnetosferik Orbiter (MMO or 'Mio').
Green Climate Fund
  • Recently, Green Climate Fund (GCF) has approved more than $ 1 billion for 19 new projects.
  • Green Climate Fund was established in 2010 under the UNFCCC (United Nations Framework Convention for Climate Change) in the Conference of Conferences in Cancun, Mexico (COP-16).
  • GCF aims to help developing countries in limiting or reducing greenhouse gas emissions, which facilitate the adaptation of the effects of climate change with resources funded by developed countries and various public and private sources.
  • NABARD and SIDBI will act as National Implementation Unit (NIE) for Green Climate Fund (GCF).
Kumbh Mela
  • Kumbh Mela is the largest and peaceful mass of pilgrims on earth, during which the participants bath or dive in the holy river Ganges.
  • Kumbh Mela belongs to the representative list of UNESCO's intangible cultural heritage of humanity.
  • This fair is held in four different cities of India, hence it involves various social and cultural activities, which make it a culturally diversified festival.
  • This fair is organized after the recurrence of Prayagraj (Ganges, Yamuna and the mythological Saraswati), Haridwar (on the Ganges), Ujjain (on Shipra) and Nasik (on Godavari) every four years and the caste, creed or sex Regardless of millions of people participate in it.

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