News In Shorts 21 June 2024

Limbless Amphibian

• Recently, a newly discovered limbless amphibian, the striped caecilian (Ichthyophis spp), has been found within the vast area of Kaziranga National Park and Tiger Reserve.

Caecilians:

• About: Caecilians, which are limbless amphibians mainly found in underground burrows, remain among the least researched species of amphibians.
• Features: Caecilians have smooth, cylindrical bodies adorned with a ringed or striped pattern, hence earning the name “striped.”
  • These amphibians are primarily fossorial (burrowing), spending the majority of their lives underground or in leaf litter, which makes them challenging to study. 
  • They are carnivorous, feeding on small invertebrates found in soil and leaf litter. 
  • Caecilians typically have poor eyesight and rely on chemoreception, detecting chemicals in the environment to locate prey. 
  • These creatures are renowned for their distinctive reproductive strategies, which may involve live births or egg-laying. Some species exhibit parental care, with adults protecting eggs or young offspring.
• Habitat: They are predominantly located in tropical regions across Africa, Asia, and the Americas. Their habitats typically include underground burrows or moist soil environments.
• Significance: Kaziranga authorities highlight that caecilians represent ancient lineages crucial for understanding evolution and intercontinental speciation.

The Resolve Tibet Act

• Recently, the United States Congress passed the Promoting a Resolution to Tibet-China Dispute Act, better known as the Resolve Tibet Act. 

Key Provisions of the Act:

• Countering Chinese Disinformation: The Resolve Tibet Act authorises the use of funds to counter Chinese disinformation about Tibet “including disinformation about the history of Tibet, the Tibetan people, and Tibetan institutions, including that of the Dalai Lama.
• Challenging Chinese Claims: The act disputes China’s claim that Tibet has historically been part of China.
  • It calls for China to engage in direct and meaningful dialogue with the Dalai Lama or his representatives, along with democratically elected Tibetan leaders, without conditions, to reach a resolution that addresses differences.
• International Obligations: Underlining the right of the Tibetan people to self-determination and human rights, the act makes a note of China’s duty as a signatory of two covenants — the International Covenant on Civil and Political Rights and the International Covenant on Economic, Social and Cultural Rights — that advocate the same.
• Recognition of Tibetan Identity: The Resolve Tibet Act seeks to recognise and address the multi-faceted socio-cultural identity of the Tibetan people, in particular their “distinct historical, cultural, religious, and linguistic identity.”
• Defining Boundary: It amends the TPA to define the exact geographical areas part of the Tibetan Autonomous Region.

Liberalised Remittance Scheme (LRS)

• Currently, credit card transactions abroad are not counted as LRS and are exempt from the 20% tax collection at source. 
  • The RBI is working with banks for potential LRS changes. 

Liberalised Remittance Scheme:

• About: Introduced in 2004, the Reserve Bank of India allows all resident individuals, including minors, to freely remit up to USD 2,50,000 per financial year (April – March) for any permitted current or capital account transactions.
• Part of FEMA: LRS is part of the Foreign Exchange Management Act (FEMA) 1999 which lays down the guidelines for outward remittance from India.
• Eligibility: The scheme excludes corporations, partnership firms, Hindu Undivided Families (HUFs), Trusts, etc. 
  • While there are no limits on the frequency of remittances under LRS, once a resident individual makes a remittance of up to USD 2,50,000 during the financial year, they cannot make further remittances under this scheme.
• Usage of Remitted Funds: Remitted funds can be used for travel, medical expenses, education, gifts, and supporting relatives. 
  • They can also be invested in international shares, debt instruments, or used to buy property abroad.
  • Individuals can maintain foreign currency accounts with overseas banks for permissible transactions.
• Prohibited Transactions : Transactions are prohibited for purposes listed in Schedule-I, such as buying lottery tickets or restricted items under Schedule II of the Foreign Exchange Management (Current Account Transactions) Rules, 2000. 
  • Trading in foreign exchange overseas. 
  • Remittances to countries identified by the Financial Action Task Force (FATF) as “non-cooperative countries and territories”.
  • Remittances to individuals or entities identified by the Reserve Bank as posing significant terrorism risks.
• Mandatory Requirement: Residents must provide their Permanent Account Number (PAN) for all LRS transactions conducted through Authorised Persons.