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Aircraft (Amendment) Bill

Prelims - Economy

1. The Aircraft (Amendment) Bill, 2020 has been passed by the Parliament.

2. it gives statutory powers to the Directorate General of Civil Aviation (DGCA), the Bureau of Civil Aviation Security and the Aircraft Accident Investigation Bureau.

3. It enhances the fine for violations from ₹10 lakh to ₹1 crore to improve aircraft safety and to address several regulatory shortcomings that were highlighted by aviation watchdogs viz.

a. International Civil Aviation Organisation (ICAO) by the United Nations and,

b. Federal Aviation Authority of the U.S.

4. As the aviation sector grows, the bill becomes important to bring regulations in line with international requirements.

Source: The Hindu

National Council for Transgender Persons

Prelims – Polity

1. National Council for Transgender Persons is a statuary body under the Transgender Persons (Protection of Rights), Act, 2019.  

2. The Council will assess the impact of various policies and are free to decide on the modalities and redressal of their grievances of transgender persons.

3. National Council for Transgender Persons is funded by the central government from its budget.

Source: PIB

LTCG tax

Prelims – Economy

1. A Parliamentary panel on Finance has recommended the abolition of long-term capital gains (LTCG) tax for all investments in startups that are made through collective investment vehicles.

2. It includes funds such as angel funds, alternate investment funds and investment Limited Liability Partnerships.

3. Businesses are stressed for liquidity and valuations have softened due to the Covid-19 pandemic.

4. Pricing guidelines prescribed under the various laws and regulations by SEBI, Income Tax Act, Companies Act, FEMA should be made more consistent for facilitating large-scale investments.

Source: The Economic Times

Ayurveda Bill 2020

Prelims – Science and Technology

1. The Institute of Teaching and Research in Ayurveda Bill 2020 has been passed by Parliament.

2. It provides for the establishment of Institute of Teaching and Research in Ayurveda (ITRA) in Gujarat, and to confer the status of Institution of National Importance (INI) to it.

3. It will provide autonomy to the institute to develop patterns of teaching in undergraduate and postgraduate education in Ayurveda and Pharmacy.

4. The synergies among the different constituent institutions will help ITRA to demonstrate high standards of such education and to emerge as an institution to the entire AYUSH Sector.

5. ITRA will be the first institution with INI status in the AYUSH sector. It will enable the institution to be independent and innovative in deciding course content and pedagogy.

6. Global interest in health solutions based on traditional wisdom is high and ITRA is poised to take Ayurveda education to new heights.

Source: PIB

Djibouti Code of Conduct

Prelims – Miscellaneous

1. India has joined the Djibouti Code of Conduct/ Jeddah Amendment, DCOC/JA, as Observer.

2. DCOC/JA is a grouping on maritime matters comprising 18 member states adjoining the Red Sea, Gulf of Aden, the East Coast of Africa and Island countries in the Indian Ocean Region.

3. The DCOC, established in January 2009, is aimed at the repression of piracy and armed robbery against ships in the Western Indian Ocean Region, the Gulf of Aden and the Red Sea.

4. Along with India, Japan, Norway, the UK and the US also joined as Observers to the DCOC/JA.

Source: AIR