GUJARAT
U.K. to partner for developing GIFT City
The United Kingdom (UK) has entered into a strategic partnership to develop India’s GIFT
City.
GIFT – Gujarat International Finance Tec-City is India’s first international financial services
centre. It is located in Gandhinagar of Gujarat.
India and the U.K. also signed off on a new infrastructure finance and policy partnership to
support India execute its National Infrastructure Pipeline that envisages investments worth
$1.4 trillion.
INTERNATIONAL
UK-India Economic and Financial Dialogue
Finance Minister Nirmala Sitharaman leads the Indian delegation in the 10th Round of
Ministerial UK – India Economic and Financial Dialogue (EFD). It reached several agreements
to deepen the economic relationship – focusing on financial services, infrastructure and
sustainable finance.
The Dialogue, among other things, covered sharing of experiences on coronavirus response,
to enable both countries to be enriched by experiences of the other.
Other issues discussed include collaboration in the G20 on finance track matters,
international tax list (including the development of inclusive consensus-based solution on
the taxation of the digital economy), furthering of Financial Services Collaboration with
special emphasis on Fin-Tech and GIFT City, the establishment of an annual India-UK
Financial Market Dialogue, infrastructure development, sustainable finance with a focus on
green finance.
It was also decided to establish India – UK Sustainable Finance Forum. India – UK economic
ties are significant as together they are two of the world’s top seven economies with a
combined GDP of over $5 trillion.
India – UK trade has more than doubled since the first Economic and Financial Dialogue
(EFD) in 2007, with bilateral investment supporting over half a million jobs across both
countries.
Typhoon Molave: Vietnam
Recently, Vietnam has been hit by one of its biggest storms in two decades – Typhoon
Molave. Vietnam is prone to natural disasters in the rainy season between June and
November.
Vietnam is prone to natural disasters in the rainy season between June and November, with
central coastal provinces commonly impacted, but the storms have notably worsened in
recent years.
Typhoon is a regionally specific name for a strong "tropical cyclone".
Tropical cyclones are known as ‘typhoons’ in the northwest pacific ocean, hurricanes in the
North Atlantic Ocean, Willy-willies in north-western Australia and Tropical Cyclones in the
Indian Ocean Region.
A tropical cyclone is a generic term used by meteorologists to describe a rotating, organized
system of clouds and thunderstorms that originates over tropical or subtropical waters and
has closed, low-level circulation.
Tropical cyclones rotate counterclockwise in the Northern Hemisphere. These are
measured by the Saffir-Simpson Hurricane Wind Scale.
NATIONAL
Gilgit-Baltistan a part of India, says MEA
Stating that it is intended to camouflage the illegal occupation of the region by Islamabad,
India criticized Pakistan for its attempt to accord provincial status to the “so-called Gilgit-
Baltistan”.
Union Territories of Jammu and Kashmir (J and K) and Ladakh, including the area called
'Gilgit-Baltistan', are an integral part of India legally complete & irrevocable accession of J
and K to India in 1947,
MEA also highlighted that Government of Pakistan had no locus standi on territories
"illegally and forcibly" occupied by it & that the latest move would not be able to hide the
"grave" human rights violations in these Pakistan-occupied territories.
Pakistan has announced holding elections for the legislative assembly of Gilgit-Baltistan by
this month.
The Gilgit-Baltistan Order of 2018 provided for administrative changes, including authorising
the Prime Minister of Pakistan to legislate on an array of subjects.
Patents (Amendment) Rules
The Patents (Amendment) Rules, 2020, came into effect on October 19 2020. And now
Patents (Amendment) Rules, 2020 have further streamlined for the better usage.
The amendments relate to the requirements associated with the filing of Form 27 and the
submission of verified English translation of priority documents; those are not in the English
language.
If the priority document is available in WIPO’s digital library, the applicant would not be
required to submit the same in the Indian Patent Office (IPO).
Where a patent is granted to two or more persons, such persons may file a joint Form-27.
The patentee would be required to provide ‘approximate revenue/value accrued’.
The patentee will not be required to file Form-27 in respect of a part or fraction of the
financial year.
Draft Coastal Shipping Bill
The Shipping Ministry has formed a Coastal Shipping Bill in lieu of the Merchant Shipping
Act, 1958. The bill is in accordance with the PM's vision for augmenting people's
participation and transparency in governance.
The coastal shipping and coastal waters definition has been expanded, and it is planned to
do away with the need of trading licence for Indian flag vessels for trading in coastal areas.
The drafted Bill seeks to create a competitive environment and reduce transportation costs,
at the same time encouraging Indian vessels to increase their share in coastal shipping.
The Bill even proposes the integration of coastal maritime transport with inland waterways.
There is also a provision for a National Coastal and Inland Shipping Strategic Plan.
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