News: Sri Lanka’s economic recovery will depend on the reforms undertaken with the IMF’s support, but the government will not ignore the country’s poor.
About International Monetary Fund (IMF):
The International Monetary Fund (IMF) is an international financial institution, headquartered in Washington, D.C., consisting of 190 countries. Its stated mission is “working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.”
Formed in 1944, started on 27 December 1945, at the Bretton Woods Conference primarily by the ideas of Harry Dexter White and John Maynard Keynes, it came into formal existence in 1945 with 29 member countries and the goal of reconstructing the international monetary system.
It now plays a central role in the management of balance of payments difficulties and international financial crises. Countries contribute funds to a pool through a quota system from which countries experiencing balance of payments problems can borrow money.
The organization’s objectives stated in the Articles of Agreement are: to promote international monetary co-operation, international trade, high employment, exchange-rate stability, sustainable economic growth, and making resources available to member countries in financial difficulty.
IMF funds come from two major sources: quotas and loans.
Quotas, which are pooled funds of member nations, generate most IMF funds.
The size of a member’s quota depends on its economic and financial importance in the world. Nations with greater economic significance have larger quotas.
The quotas are increased periodically as a means of boosting the IMF’s resources in the form of special drawing rights.
About Special Drawing Rights:
Special drawing rights (SDRs) are supplementary foreign exchange reserve assets defined and maintained by the International Monetary Fund (IMF).
SDRs are units of account for the IMF, and not a currency per se.
They represent a claim to currency held by IMF member countries for which they may be exchanged.
SDRs were created in 1969 to supplement a shortfall of preferred foreign exchange reserve assets, namely gold and U.S. dollars.
SDRs are allocated by the IMF to countries, and cannot be held or used by private parties.
The value of a SDR is based on a basket of key international currencies reviewed by IMF every five years.
The weights assigned to each currency in the XDR basket are adjusted to take into account their current prominence in terms of international trade and national foreign exchange reserves.
The XDR basket has consisted of the following five currencies: U.S. dollar 41.73%, euro 30.93%, renminbi (Chinese yuan) 10.92%, Japanese yen 8.33%, British pound sterling 8.09%.
News: Martial skills Nihang youth displaying their skills on the concluding day of the Baisakhi mela in Talwandi Sabo.
Vaisakhi also pronounced Baisakhi, marks the first day of the month of Vaisakh and is traditionally celebrated annually on 13 April and sometimes 14 April as a celebration of spring harvest primarily in Northern India.
Vaisakhi as a major Sikh festival marks the birth of the Khalsa order by Guru Gobind Singh, the tenth Guru of Sikhism, on 13 April, 1699.
Later, Ranjit Singh was proclaimed as Maharaja of the Sikh Empire on 12 April 1801 (to coincide with Vaisakhi), creating a unified political state, Vaisakhi was also the day when Bengal Army officer Reginald Dyer orders his troops to shoot into a protesting crowd, an event which would come to be known the Jallianwala Bagh massacre; the massacre proved influential to the history of the Indian independence movement.
3. E – DAR PORTAL
News: A web portal designed by the government in consultation with insurance companies will provide instant information on road accidents with a few clicks and help accelerate accident compensation claims, bringing relief to victims’ families.
About E – Dar Portal:
The Ministry of Roads, Transport and Highways (MoRTH) has developed the portal named ‘e-DAR’ (e-Detailed Accident Report).
A web portal designed by the government in consultation with insurance companies will provide instant information on road accidents with a few clicks and help accelerate accident compensation claims, bringing relief to victims’ families.
Digitalised Detailed Accident Reports (DAR) will be uploaded on the portal for easy access.
The web portal will be linked to the Integrated Road Accident Database (iRAD). From iRAD, applications to more than 90% of the datasets would be pushed directly to the e-DAR.
Stakeholders like the police, road authorities, hospitals, etc., are required to enter very minimal information for the e-DAR forms. Thus, e-DAR would be an extension and e-version of iRAD.
The court, in its detailed order, recorded that e-DAR portal would conduct multiple checks against fake claims by conducting a sweeping search of vehicles involved in the accident, the date of accident, and the First Information Report number.
The portal would be linked to other government portals like Vaahan and would get access to information on driving licence details and registration of vehicles.
For the benefit of investigating officers, the portal would provide geo tagging of the exact accident spot along with the site map. This would notify the investigating officer on his distance from the spot of the incident in the event the portal is accessed from any other location.
Details like photos, video of the accident spot, damaged vehicles, injured victims, eye-witnesses, etc., would be uploaded immediately on the portal.
Apart from the state police, an engineer from the Public Works Department or the local body will receive an alert on his mobile device and the official concerned will then visit the accident site, to examine it, and feed the required details, such as the road design.
Hotspots for accidents would also be identified so as to obtain solutions to avoid accidents at these hotspots.
4. CYCLOPEAN WALL OF RAJGIR
News: Bihar government has sent a fresh proposal to the Archaeological Survey of India to get the 40 km long Cyclopean wall, a more than 2,500 years old structure at Rajgir, listed in the UNESCO World Heritage Site. It was built before 3rd century BC, to protect the ancient city of Rajgir from invaders.
About the Cyclopean Wall:
The Cyclopean Wall of Rajgir is a 40 km (25 mi) long wall of stone which encircled the ancient city of Rajgriha (present-day Rajgir), in the Indian state of Bihar, to protect it from external enemies and invaders.
It is among the oldest examples of cyclopean masonry in the world.
The wall is a type of stonework built with massive limestone boulders, roughly filled together with minimal clearance between adjacent stones and no use of mortar.
The boulders typically seem unworked, but some may have been shaped with a hammer.
It was erected by the rulers of the Brihadratha (rawani) Dynasty using massive undressed stones.
The walls are also mentioned in Buddhist works.
Only some portions of it remain. Most of the original structure has disappeared with time.
The wall is currently designated as a national monument, and the Bihar Archaeological Department has recommended to the Archaeological Survey of India that it should be included in the list of UNESCO World Heritage Sites, which was achieved in 1987.