IAS Gyan

Daily News Analysis

National Financial Reporting Authority:

22nd July, 2020 Society
  • Administered by the Ministry of Corporate Affairs.
  • Regulates the auditing standards in the country.
  • Established under Companies act -2013.
  • Oversees the Quality of Service provided by the accounting and audit professions.
  • Composed of one Chairperson, three full-time Members and one Secretary.
  • Quasi Judicial Body
  • An Independent Regulator to regulate the Accounting and Auditing Profession.

Special Economic Zone

  • SEZ refers to a specially demarcated territory usually known as ‘deemed foreign territory ‘with tax holidays, exemption from duties for export and import, world level economic and social infrastructure for production and augmentation of export activities within the territory.
  • The Special Economic Zones Act, 2005 provided statutory status to SEZ.

Performance of the SEZ policy:

  • Out of 355 notified SEZs,230 SEZs are operational.
  • Exports from SEZ stands at 1,60,699 crores in 2018-19.
  • Employment in SEZ stands at 19,96,610 in 2018-19.


Mine Ploughs:

  • The Ministry of Defence (MoD) signed an Rs 557-crores contract with Bharat Earth Movers Limited (BEML) for procurement of 1,512-mine plough (MP) for the Indian army’s main battle tank T-90.
  • Mine ploughs help tanks to clear minefields and minimize risks to men and machines.
  • T-90 tanks are Russian origin tanks and are the main tanks of Indian Army.


Passex (Passage Exercise):

  • Exercise between US Navy and Indian Navy.
  • Will happen in Malacca Strait.
  • Participation: USS Nimitz (CVN 68), US Navy's nuclear-powered aircraft carrier and world's largest warship armed with F/A-18F Super Hornets as well as F/A-18E Super Hornets and four Indian ships: INS Shivalik, INS Sahyadri, INS Kamorta and INS Rana.
  • Passage exercise can take place anytime unlike the pre planned maritime exercise.
  • Indian Nay had also conducted similar exercise with French and Japanese Navy.