Sarat Chandra IAS Academy

Important Terms in 26th September -2020 News


Insurance Regulatory and Development Authority of India or the IRDAI:

  • The IRDAI is the apex body responsible for regulating and developing the insurance industry in India.
  • It is an autonomous body.
  • It was established by an act of Parliament known as the Insurance Regulatory and Development Authority Act, 1999. Hence, it is a statutory body.
  • The IRDAI is headquartered in Hyderabad in Telangana. Prior to 2001, it was headquartered in New Delhi.


Asian Infrastructure Investment Bank (AIIB):

The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank with a mission to improve social and economic outcomes in Asia.

  • It is established by the AIIB Articles of Agreement (entered into force Dec. 25, 2015) which is a multilateral treaty. The Parties (57 founding members) to agreement comprise the Membership of the Bank.
  • It is headquartered in Beijing and began its operations in January 2016.
  • The members to Bank have now grown to 97 approved members worldwide.
  • By investing in sustainable infrastructure and other productive sectors in Asia and beyond, it will better connect people, services and markets that over time will impact the lives of billions and build a better future.
  • To foster sustainable economic development, create wealth and improve infrastructure connectivity in Asia by investing in infrastructure and other productive sectors.
  • To promote regional cooperation and partnership in addressing development challenges by working in close collaboration with other multilateral and bilateral development institutions.
  • To promote investment in the public and private capital for development purposes, in particular for development of infrastructure and other productive sectors.


Quadrilateral Security Dialogue (QUAD):

  • It is the grouping of four democracies –India, Australia, the US, and Japan.
  • All four nations find a common ground of being democratic nations and also support the common interest of unhindered maritime trade and security.
  • The Quad is billed as four democracies with a shared objective to ensure and support a “free, open and prosperous” Indo-Pacific region.
  • The idea of Quad was first mooted by Japanese Prime Minister Shinzo Abe in 2007. However, the idea couldn’t move ahead with Australia pulling out of it, apparently due to Chinese pressure.
  • Finally, on November 12, 2017, India, Australia, the US and Japan, came together and formed this “quadrilateral” coalition.


Public Accounts Committee (PAC): 

  • Public Accounts Committee was introduced in 1921 after its first mention in the Government of India Act, 1919 also called Montford Reforms. It is existing in the Indian Constitution since then.
  • It is one of the parliamentary committees that examine the annual audit reports of CAG which the President lays before the Parliament of India. Those three reports submitted by CAG are:
  1.  Audit report on appropriation accounts
  2. Audit report on finance accounts
  3. Audit report on public undertakings
  • The Public Accounts Committee examines public expenditure.
  • That public expenditure is not only examined from a legal and formal point of view to discover technical irregularities but also from the point of view of the economy, prudence, wisdom, and propriety.
  • The sole purpose to do this is to bring out cases of waste, loss, corruption, extravagance, inefficiency, and nugatory expenses.


Foreign Contribution (Regulation) Act (FCRA), 2010:

  • Foreign funding of voluntary organizations in India is regulated under FCRA act and is implemented by the Ministry of Home Affairs.
  • The Acts ensures that the recipients of foreign contributions adhere to the stated purpose for which such contribution has been obtained.
  • Under the Act, organisations require to register themselves every five years.


Narcotics Control Bureau:

  • It was constituted by the Government of India in 1986 under the Narcotic Drugs and Psychotropic Substances Act, 1985.
  • It is the apex coordinating agency under the Ministry of Home Affairs.
  • The National Policy on Narcotic Drugs and Psychotropic Substances is based on Article 47 of the Indian Constitution which directs the State to endeavour to bring about prohibition of the consumption, except for medicinal purposes, of intoxicating drugs injurious to health.
  • Drug abuse control is the responsibility of the central government.

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