News in Shorts: 31 August 2024

Solar Energy Corporation of India Ltd (SECI) attains Navratna Status

About Criteria for grant of Navratna status to CPSEs

• The CPSEs which are Miniratna I, Schedule ‘A’ and have obtained ‘excellent’ or ‘very good’ MOU rating in three of the last five years 
• CPSEs should have a composite score of 60 or above in following six selected performance indicators are eligible to be considered for grant of Navratna status.                                                                                                               

• Criteria for grant of Miniratna status to CPSEs
  • Miniratna Category-I status: The CPSEs which have made profit in the last three years continuously, pre-tax profit is Rs.30 crores or more in at least one of the three years and have a positive net worth are eligible to be considered for grant of Miniratna-I status.
  • Miniratna Category-II status: The CPSEs which have made profit for the last three years continuously and have a positive net worth are eligible to be considered for grant of Miniratna-II status.

Cyclone Asna

About Cyclone Asna: 

• This is the first cyclonic storm in the Arabian Sea in August since 1976. 
  • Between 1891 and 2023: Only three cyclonic storms formed in the Arabian Sea during August (in 1976, 1964, and 1944), according to the IMD.
• Naming: The name Asna has been given by Pakistan.
• Path : The deep depression over the Kachchh coast and adjoining areas of Pakistan and the Northeast Arabian Sea 
  • It moved westward and intensified into cyclonic storm ‘Asna’ and lay centred at 1130 hours over the same region, 190 km west-northwest of Bhuj (Gujarat).
• Usual Path: Tropical cyclones generally do not cross the equator due to the Coriolis effect, which is responsible for the rotation of cyclones. 
  • The Coriolis effect is weakest at the equator and increases as you move towards the poles. 
  • This weak effect near the equator makes it difficult for cyclones to cross from one hemisphere to the other.
• Deep Depression vs Cyclone: A deep depression is a low-pressure system with wind speeds ranging from 52 kmph to 61 kmph, while a cyclone has wind speeds between 63 kmph and 87 kmph.
• Geographically Rare: It is considered geographically rare because it originated over land in Rajasthan, an area far from the typical oceanic origins of cyclones. 
  • The system then moved into the Arabian Sea, which generally sees fewer cyclones compared to the Bay of Bengal, particularly during the month of August.
• Minimum Temperature Requirement: A sea surface temperature of 27 degrees Celsius and above is needed for a low-pressure system to intensify into a cyclone.
  • Currently, the sea surface temperature in the Bay of Bengal is 28-30 degrees Celsius. 
  • It is around 27-28 degrees Celsius in the Arabian Sea
  • It’s colder (below 26 degrees Celsius) in the west-central Arabian Sea and very warm (above 32 degrees Celsius) in the Gulf of Aden.
  • The Tropical Cyclone Heat Potential is high in the central Bay of Bengal but low in the northern and central Arabian Sea.
• Movement: In the southern hemisphere, cyclones rotate clockwise. 
  • The Coriolis effect causes cyclones to rotate counterclockwise in the northern hemisphere and clockwise in the southern hemisphere.
• Eye of Cyclone: The eye of a cyclone is the calmest part. 
  • It is characterised by relatively clear skies and light winds, while the most intense and destructive winds occur in the eyewall surrounding the eye.

Samudra Pratap

• Samudra Pratap’ is the first indigenously developed Pollution Control Vessel of the Indian Coast Guard (ICG).
  • The Ship has been built by Goa Shipyard Limited (GSL) for the Indian Coast Guard (ICG). 
  • It is for the first time that these vessels are being designed and constructed indigenously. 
• Objective: The vessel will help to check the oil spillage in the country’s sea coast.
• Features: 
  • ‘Samudra Pratap’ boasts a length of 114.5 meters, a breadth of 16.5 meters, and a displacement of 4,170 tons. 
  • The vessel will be manned by 14 officers and 115 sailors and is equipped with state-of-the-art technology for pollution control. 
  • It features side-sweeping arms to contain oil spills while in motion, an advanced radar system for oil spill detection, and facilities to recover and store various types of oil.
    • It has an oil recovery rate of 300 tonnes per hour, and a storage capacity of 300 tonnes in onboard tanks, which can be extended to 1,000 tonnes using inflatable barges.

Dispute Resolution Scheme (e-DRS)

About Dispute Resolution Scheme, 2022 (e-DRS)

• Section 245MA : This initiative, established under section 245MA of the Income-tax Act, 1961, will allow taxpayers to resolve disputes electronically through Dispute Resolution Committees (DRCs).
  • Section 245MA of the Act also provides for the constitution of Dispute Resolution Committees (DRC).
• AIM: To reduce litigation and provide relief to eligible taxpayers
• Scheme Working:
  • Eligibility: Taxpayers who meet certain conditions specified in section 245MA can apply for dispute resolution. 
    • This includes cases where the disputed amount does not exceed Rs. 10 lakh and the taxpayer’s income for the relevant year is below Rs. 50 lakh. 
    • The dispute must not involve information from searches or international agreements.
  • Application Process: Taxpayers can apply electronically using Form No. 34BC on the Income Tax Department’s e-filing portal. 
    • Applications must be submitted within one month of receiving the specified order. 
  • Dispute Resolution Committees (DRC) Function: The DRC, established in all 18 regions across the country, can modify orders, reduce penalties, or waive prosecution. 
    • They are required to decide within six months of receiving the application.

Pacific Islands Forum

About Pacific Islands Forum (PIF):

• Formations: Formed in 1971, PIF is an intergovernmental organisation which consists of 18 member states located in the Pacific region. 
• Members: Australia and New Zealand are among the wealthiest and largest countries which are part of the organisation
  • Other member states are: Cook Islands, Federated States of Micronesia, Fiji, French Polynesia, Kiribati, Nauru, New Caledonia,, Niue, Palau, Papua New Guinea, Republic of Marshall Islands, Samoa, Solomon Islands, Tonga, Tuvalu, and Vanuatu.
• AIM: The PIF aims to push for economic growth, enhance political governance and security for the region, and strengthen regional cooperation. 
• Vision: PIF vision is for a resilient Pacific region of peace, harmony, security, social inclusion and prosperity, that ensures all Pacific peoples can lead free, healthy and productive lives

Key Highlights of the Meeting

• Climate change is high on the agenda: Several PIF members are among the world’s worst-affected countries, especially due to rising sea levels.
  • World Meteorological Organization (WMO) report: It revealed that faster-than-average sea level rise, ocean warming, and acidification are threatening the Pacific Islands. 
  • The South West Pacific was worst hit by sea level rises, in some places by more than double the global average in the past 30 years
  • To tackle these challenges: PIF members have been pushing to raise funds for climate action. 
  • Notably, the Pacific Resilience Facility (PRF) — a regional financing facility established by PIF — is currently $380 million short of its $500 million target
• China-US tussle under the spotlight: Another issue which is being widely discussed at the summit is the ongoing tussle between China and the US for influence over the region
  • The Asian country signed security and policing agreements with the Solomon Islands, in particular, setting off alarm bells in Australia and the US.