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Insights Learning (I-Learning) TEST 1 : 17-23 July 2017


I-Learning Test 1: 17-23 July 2017


  1. FX Global Code

fx global code



  • It is a set of global principles of good practice in the foreign exchange market.
  • It provides a common set of guidelines to promote the integrity and effective functioning of a fair, open and robust wholesale foreign exchange market.


This is because forex market involves diverse set of Market Participants, who should be able to confidently and effectively transact at competitive prices that accurately reflects available market information and in a manner that conforms to acceptable standards of behaviour.


It was developed through a partnership between central banks and market Participants.   


The Global Code does not impose legal or regulatory obligations on Market Participants, nor does it substitute for regulation, but rather it is intended to serve as a supplement to any and all local laws, rules and regulations by identifying global good practices and processes.

Recent Developments:

Public and private sector representatives from the foreign exchange committees of several international FX trading centres recently (May 2017) agreed to form a Global Foreign Exchange Committee (GFXC).

One of the core objectives of the GFXC will be to promote and maintain the FX Global Code.



  1. BRICS Think Tank Council (BTTC), BRICS Universities League and BRICS Network University


brics think tank

BRICS Think Tanks Council (BTTC):

  • It was proposed at a 2013 meeting of BRICS and confirmed at the eThekwini Summit (Durban, South Africa).  
  • The BTTC comprises the Observer Research Foundation (ORF) (India) apart from think tanks from individual BRICS countries such as Institute for Applied Economic Research (IPEA) (Brazil).
  • Purpose is to form a platform for the exchange of ideas among researchers, academia and think tanks, to convene the BRICS Academic Forum, and to present policy recommendations and guidance to the BRICS leaders for consideration.

BRICS Universities League:

  • It is a consortium of leading research universities from BRICS countries.
  • Initiated in Shanghai in 2013, the League aims to become a platform for academic and expert cooperation, comparative research, and international educational projects.
  • The League is expanding to attract more and more outstanding BRICS universities to participate in its activities.
  • The BRICS Universities League has performed as a strategic pillar for the BRICS cooperation.

BRICS Network University:

NU is a consortium of the universities, elaborating Master and PhD programmes in different disciplines.

It was established in 2015 in BRICS meeting at Moscow.

NU follows principles of:

  • Openness, which enables various universities to join the network respecting national criteria.
  • Focus on educational programmes that can be supplemented with network research and innovation projects.


  1. Historic Urban Landscape Initiative – UNESCO



Adopted in 2011 by UNESCO, it is the first such instrument (set of recommendations) on the historic environment issued by UNESCO in 35 years.


  • It is an international working group comprising ICOMOS, IUCN and ICCROM (as Advisory Bodies to the 1972 World Heritage Convention) and other partner organizations.
  • These partners include organizations like OWHC (Organization of World Heritage Cities), the Aga Khan Trust for Culture, the World Bank, UN-Habitat, UNEP, and individual experts etc.


  • The Recommendation on the Historic Urban Landscape will not replace existing doctrines or conservation approaches of UNESCO.
  • It is an additional tool to integrate policies and practices of conservation of the built environment into the wider goals of urban development in respect of the inherited values and traditions of different cultural contexts.
  • This tool, which is a “soft-law” to be implemented by Member States on a voluntary basis.


UNESCO recommends that Member States and relevant local authorities identify within their specific contexts the critical steps to implement the Historic Urban Landscape approach, which may include survey, participatory planning, assessing vulnerability of such landscapes and then integrate a wider conservation practice into the natural landscape. 

You may read more at the source.



  1. PGS-India (Participatory Guarantee System of India)


partcipatory gs


  • At present, the consumers do not have any method to check the authenticity of the organic food products due to the absence of a regulatory framework.
  • To enforce standards, FSSAI has come out with draft regulations for organic food products to ensure the authenticity of organic foods.
  • For e.g. organic food products must carry a certification mark or a quality assurance mark provided by the notified certification bodies.

So, organic foods will have to comply with the government’s provisions under the National Programme for Organic Production (NPOP) or the Participatory Guarantee System for India (PGS-India) run by the Agriculture Ministry or any other standards notified by FSSAI.


  • The PGS is an internationally applicable organic quality assurance system [like ISO 9000] implemented and controlled by the committed organic farmer-producers through active participation, along with the consumers, in the process based on verifiable trust.
  • The integrity base upon which PGS-India programme is built, is rooted in the idea that producers can be trusted and that the organic guarantee system can be an expression and verification of this trust.
  • It is not an “inspection raj” certification system but, rather, one that is based on personal integrity and peer pressure. Integrity is honesty when no one is looking over your shoulder to see what you are doing.

Note: Related NPOP has been covered in Insights Current Events.



  1. Important Disciples of Gautam Buddha


  • Sariputta was one of two chief male disciples of Gautama Buddha along with Moggallana. Their important counterparts were bhikkhunis Khema and Uppalavanna, Buddha’s two chief female disciples. They were to maintain the order of monks and nuns.
  • Moggallana attained enlightenment shortly after joining the Sangha. As a teacher, he became known for his psychic powers, which he used extensively in his teaching methods.
  • Khema was a queen of King Bimbisara. Her conversion was one of the rare cases where the Buddha used his psychic powers to make a change in the heart of another.
  • Buddha’s disciples also include kings like Prasenajit of Kosala, Bimbisara and Ajatasatru of Magadha.  
  • Two other important disciples include Ananda who was Gautama Buddha’s cousin and personal attendant, and Mahakasyapa, who was the convener of First Buddhist Council.