| Topic |
Details |
| Report on GIFT IFSC (Indian Financial System Code) |
Expert Committee on developing GIFT IFSC as ‘Global Finance and Accounting Hub’ submits report to IFSCA |
| Background: The committee was formed following the Ministry of Finance notification; The notification classified book-keeping, accounting, taxation, and financial crime compliance as ‘financial services’ under the IFSC Act, 2019 |
| GIFT IFSC: Established as SEZ in 2015 in Gujarat; caters to customers outside the domestic economy; deals with flows of finance, financial products, and services across borders |
| Opportunities: Strong technology-driven outsourcing capabilities; large talent pool of skilled manpower in accounting, etc.; “Accounting and finance services” recognized as one of 12 Champion sectors in services for exports |
| Recommendations: Proposes new regulation for comprehensive definition of Bookkeeping, Accounting, Taxation, and Financial Crime Compliance Services; allows only registered companies or Limited Liability Partnerships to offer services |
| About IFSC Authority: Statutory body under IFSC Act, 2019; unified regulator for development and regulation of financial products, services, and institutions in IFSCs in India
|
| IOM Report: A Decade of Documenting Migrant Deaths |
International Organization for Migration (IOM) releases report “A Decade of Documenting Migrant Deaths” to mark ten years of IOM’s Missing Migrants Project (MMP) |
| MMP was launched in 2014 to document deaths and disappearances of people in the migration process towards an international destination
|
| Key Findings: More than one in three migrants from conflict-affected countries; over two-thirds of documented deaths are unidentified; major causes of migrant deaths include drowning, vehicle accidents, suffocation, inadequate shelter, healthcare, etc
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| What is Migration? Migration refers to the movement of persons away from their place of usual residence, either across an international border or within the State
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| Consequences of Migration: Intermixing of cultures, urban overcrowding and slum development, changes in resource-population ratio, brain drain from poorer to developed countries for better economic opportunities
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| Initiatives: Global Compact for Safe, Orderly and Regular Migration (GCM) under UN; India’s measures like Pravasi Bharatiya Bima Yojana, pre-departure orientation training for migrants
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| About IOM: Intergovernmental organization under the UN; provides services and advice on migration to governments and migrants; established in 1951 as Intergovernmental Committee for European Migration (ICEM) to resettle people displaced by World War II; It has 175 member states including India. It is headquartered in Geneva, Switzerland
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