Daily Current Affairs 15 & 16 December, 2024 International Affairs 1. S Korea Prez Impeached Context: South Korean President Yoon Suk Yeol Impeached Impeachment of the President in India Impeachment is the removal of the President from office if he has violated the Constitution. There is a proper procedure given under the Constitution of India, in which Parliament possesses the right to perform this activity. So far, not even a single President of India has been impeached. Read more>> 2. US-Indian Relations Under Trump Context: President of IMD Business School, David Bach added that under the Donald Trump US will make relations with India transactional. Also read: International Institute for Management Development (IMD) 3. New Zealand, India to Operate Free Trade Agreement Context: New Zealand has taken a fresh initiative to revive multi-lateral meetings under the FTA mechanism with India to enhance bilateral trade relations between the two nations. Key Highlights: Regional Comprehensive Economic Partnership 4. UK-India Free Trade Agreement Context: India and the UK are most likely going to resume discussions regarding their proposed Free Trade Agreement (FTA) in the period from April to June, which is the first quarter of the UK’s fiscal year. Key Highlights: 5. Morocco Emerging as Gateway to Defence Exports of India. Context: An Indian delegation was recently in Rabat for the India-Morocco defence industry seminar focussed on opportunities in the defence sector. Key Highlights: National affairs 1. Violation of IP Laws Context: According to industry experts, AI web crawlers and spiders are causing performance issues on the web. Highlights: Intellectual Property Laws Read more>> 2. COP16 Meeting on Desertification Context: UN-Sponsored COP16 Meeting on Desertification: Towards Global Approach Highlights: UN Convention to Combat Desertification (UNCCD) Also read: COP29: Takeaways and Stand of India 3. Lothal: Indus Valley Civilization Context: Plans have made by Union union ports, shipping, and waterways minister Sarbananda Sonowal to develop an exclusive destination for domestic and foreign tourists at Lothal in the state of Gujarat. Lothal was a beautiful town of the Indus Valley civilization that conveyed a glimpse of Harappan times. Key Highlights: 4. MFN treatment for India by Switzerland Context: The cessation of MFN treatment for India by Switzerland in terms of their double tax avoidance agreement does not adversely affect trade from January 1 as told by officials. Know about: MFN treatment for India by Switzerland 5. Regularizing Overfishing though WTO framework Context: India is pushing for the use of a “per capita distribution of subsidies” criteria in order to discipline subsidies that result in overfishing and overcapacity under a World Trade Organisation (WTO) framework. Highlights: World Trade Organization World Trade Organization framework for addressing overfishing through the Agreement on Fisheries Subsidies Know more about WTO? 6.  Places of Worship Act Context: Supreme Court’s Interim Order on Places of Worship Disputes Highlights: Know about: Places of Worship Act, 1991 7. Carbon Markets Context: COP29, the ongoing climate conference in Azerbaijan’s capital Baku, has given a fillip to the idea of using carbon markets to curb carbon emissions by approving standards that can help in the setting up of an international carbon market as soon as the coming year. Understanding Carbon Markets Know about: COP29: Takeaways and Stand of India Read more>> 8. ‘Jalvahak’ scheme  Context: The government on Sunday (December 15, 2024) unveiled a major policy for cargo promotion, ‘Jalvahak’, to boost long haul cargo movement via inland waterways across National Waterways (NW) on rivers Ganga, Brahmaputra and Barak. Key Highligts: Banking/Finance 1. Challenges in the Cybersecurity Framework of Banks in India Context: Banks will likely not meet the January 1 date for implementing a cybersecurity framework as defined by Sebi for their multinational lenders with custody and investment banking departments. The Securities and Exchange Board of India’s (SEBI) Cybersecurity and Cyber Resilience Framework (CSCRF) It is a set of guidelines and standards to improve the cybersecurity of SEBI-regulated entities (REs). This framework was introduced on August 20, 2024.  3. Foreign Portfolio Investments in Indian Equities Context: Foreign portfolio investors (FPIs) invested $982 million in Indian equities during 2024, boosted by $13,357 million in the primary market through IPOs and QIB. FPI stands for Foreign Portfolio Investment, which is a type of invest in securities and financial assets in another country. FPIs are a way to invest in overseas economies.  4. Sebi Regulations Context: The Securities and Exchange Board of India (Sebi) has notified a raft of changes to the listing obligation and disclosure requirements (LODR) regulations in areas such as related party transactions (RPTs), promoter reclassification, and secretarial audit. Details of the Changes made by SEBI: Key Terms: The Listing Obligations and Disclosure Requirements (LODR) are a set of regulations that govern how listed companies communicate information, meet compliance requirements, and adhere to corporate governance norms.   Related Party Transactions (RPTs) It is a transaction between related parties which involves transfer of resources, services or obligations between them regardless of whether a price is charged. A secretarial audit is a audit that ensures a company is following the laws and regulations set by the Securities and Exchange Board of India (SEBI) and other governing bodies. Also know about: Securities and Exchange Board of India (SEBI) Economy Editorials 1. New Role for RBI Governor Context: The appointment of Y V Reddy as the new central bank governor is a signal of continuity and change. His appointment is somewhat similar to that of Shaktikanta Das, who had taken over from D Subbarao in 2008. The task of the new governor is different from Subbarao, who took over the role just before the collapse of Lehman Brothers Holdings. Summary of the Editorial Read more>> 2. Investment and Current Account Deficit of India Context: Know about: Comparing GVA and GDP Read more>> 3. Economic conditions and of MSMEs Context: Micro, Small, and Medium Enterprises (MSMEs) are crucial to India’s economy, driving employment and local growth, but face challenges like limited access to credit and formalization. Despite efforts to boost their contribution to GDP, the sector has struggled, especially due to the impact of COVID-19. Agri Business