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UPSC Daily Current Affairs : 25-June-2020

Topic Covered :

  1. Pakistan to continue in FATF's 'Grey List' for failing to check funding to LeT, JeM

  2. Cabinet opens space assets for all

  3. Pratyush and Mihir

  4. Order of the Nine Angles

  5. Cabinet clears ordinance to bring cooperative banks under RBI supervision & Other reforms


PAKISTAN TO CONTINUE IN FATF'S 'GREY LIST' FOR FAILING TO CHECK FUNDING TO LET, JEM

Why in news?

  • The global terror financing watchdog, FATF, on Wednesday decided to keep Pakistan in the "Grey List" as it has failed to check flow of money to terror groups like the LeT and the JeM.


Highlights:

  • The decision was taken at the Financial Action Task Force's third and final plenary held virtually due to the Covid-19 pandemic. 

  • The plenary was held under the Chinese Presidency of Xiangmin Liu. 

  • The FATF decision comes on a day the US Country Reports on Terrorismslammed Pakistan as a safe harbour for "regionally focused terrorist groups" and allowing LeT and JeM to operate from its soil. 

  • With Pakistan's continuation in the 'Grey List', it will be difficult for the country to get financial aid from the IMF, World Bank, ADB and the European Union, thus further enhancing problems for the nation which is in a precarious financial situation. 

  • If Pakistan fails to comply with the FATF directive by October, there is every possibility that the global body may put the country in the 'Black List' along with North Korea and Iran. 

  • India has been maintaining that Pakistan extends regular support to terror groups like LeT, JeM and Hizbul Mujahideen, whose prime target is India, and has urged FATF to take action against Islamabad. 

Background:

  • Pakistan was placed on the 'Grey List' by the FATF in June 2018 and continues to be in the list since then as it has failed to comply with the tasks given by the FATF to stop terror financing. 

About FATF :

  • The FATF is an inter-governmental body established in 1989 to combat money laundering, terrorist financing and other related threats to the integrity of the international financial system. 

  • The FATF currently has 39 members including two regional organisations -- the European Commission and Gulf Cooperation Council. 

  • India is a member of the FATF consultations and its Asia Pacific Group.


Source : TOI ( https://timesofindia.indiatimes.com/world/pakistan/fatf-continues-pakistan-in-grey-list-in-virtual-meeting/articleshow/76585233.cms )


CABINET OPENS SPACE ASSETS FOR ALL 

Why in news?

  • In a historic decision, the Union Cabinet on Wednesday decided to open up the country’s space assets for all with an aim to boost the private sector’s participation in the entire range of space activities and also approved setting up of a new space board called Indian National Space Promotion and Authorisation Centre (IN-SPACe).


Highlights:

  • The reforms will boost private sector participation as well.

  • This will not only result in an accelerated growth of this sector but will enable Indian Industry to be an important player in global space economy.

  • With this, there is an opportunity for large-scale employment in the technology sector and India becoming a Global technology powerhouse.

  • The new board will provide a level-playing field to private companies to use India’s space infrastructure and will also hand-hold, promote and guide the private industry in space activities through encouraging policies and a friendly regulatory environment. 

  • ISRO will continue to function like earlier and these reforms will allow the parent organisation to focus more on research and development activities, new technologies, exploration missions and human spaceflight programme. 

  • Another recently formed New Space India Ltd (NSIL) will see its role extended. “It will endeavour to re-orient space activities from a ‘supply driven’ model to a ‘demand driven’ model, thereby ensuring optimum utilisation of our space assets.

  •  ISRO, NSIL and the space board will supplement each other’s work and not work at cross-purposes.

  • While Isro will continue to take all key decisions on space activities, projects and missions, NSIL and IN-SPACe will help facilitate and regulate these activities, and fulfil demands of the private sector