A significant milestone has been achieved in international trade with the arrival of the first shipment under the United Nations ‘Transports Internationaux Routiers’ (TIR) convention via Iran’s Chabahar Port from Afghanistan to India. Marking a new era in reducing trade barriers, India became a member of the TIR Convention on June 15th, 2017.
The TIR is a global treaty facilitating the seamless movement of goods across nations. Under this agreement, goods can be packed into a TIR carnet and sealed within freight compartments, eliminating the need for physical inspections of the contents, thus allowing shipments to pass through countries without being opened at borders.
Authorized Operators and Role of FICCI
Internationally, more than 34,000 operators are authorized to deploy the TIR system, and around 1.2 million TIR carnets were issued worldwide in 2017. The Federation of Indian Chambers of Commerce and Industry (FICCI) was appointed by the Central Board of Indirect Taxes & Customs (CBIC), Department of Revenue, Ministry of Finance, Government of India as National Issuing & Guaranteeing Association for its operation in India.
| Fact | Details |
|---|---|
| Worldwide Management of TIR System | The International Road Transport Union (IRU), Geneva |
| Overseeing of TIR System | United Nations Economic Commission for Europe (UNECE) |
Pink Tax: A Cost Disparity
Pink Tax is a term that refers to the additional cost women often incur for products specifically designed and marketed towards them, compared to equivalent male or generic products. An unfortunate reality in various sectors, like beauty and toys, this gender-pricing discrepancy burdens women with higher costs.
Amchang Wildlife Sanctuary: A Rich Ecosystem
Located on the eastern fringe of Guwahati, Assam, the Amchang Wildlife Sanctuary hosts a diverse species range, from mammals like the Chinese pangolin and Flying fox to rare butterflies and varied bird species. This ecological gem extends from the Brahmaputra River in the north to the forested hills of Meghalaya in the south.
Tackling Liquidity Issues with Foreign Exchange Swaps
The Reserve Bank of India (RBI) has decided to infuse rupee liquidity into the system through long-term foreign exchange buy/sell swaps, aiming to augment liquidity management. Under this mechanism, banks sell US dollars to the RBI and agree to repurchase them at the end of the swap period.
Quality of Living Rankings – 2019 by Mercer
The annual Quality of Living Rankings released by global consulting leader Mercer, ranks cities based on their living standards. In the 2019 ranking, Vienna, Austria topped the list, while in India, Hyderabad and Pune jointly obtained the highest rank at 143.
Growth Projection of Small Finance Banks (SFBs)
According to a report by Investment Information and Credit Agency (ICRA), Small Finance Banks (SFBs), designed to ensure financial inclusion, are expected to grow at 25-30% over the medium term.
Dealing with Pink bollworm Attack on Cotton Crops
Cotton crops across West, Central, and Southern parts of India are currently facing a severe threat from the pest Pink bollworm. Researchers are proposing measures like shortening the cotton season and implementing crop rotations to combat this pest, which has become resistant to existing biotech solutions.