1.Financial Stability Development Council (FSDC)
Why in News?
- Our Finance Minister has held a review meeting with the Financial Stability Development Council (FSDC) recently.
- Financial Stability and Development Council (FSDC) is an apex-level body constituted by the government of India.
- It is an autonomous body dealing with macro prudential and financial regularities in the entire financial sector of India.
- The new body envisages strengthening and institutionalizing the mechanism of maintaining financial stability, financial sector development, and inter-regulatory coordination along with monitoring macro-prudential regulation of economy.
- Chairperson: The Union Finance Minister of India
- Governor Reserve Bank of India (RBl)
- Finance Secretary and/ or Secretary, Department of Economic Affairs (DEA),
- Secretary, Department of Financial Services (DFS)
- Secretary, Ministry of Corporate Affairs
- The Chairperson may invite any person whose presence is deemed necessary for any of its meeting(s).
- Financial Stability, Financial Sector Development, Inter-Regulatory Coordination
- Financial Literacy, Financial Inclusion,
- Macro prudential supervision of the economy including the functioning of large financial conglomerates
- Coordinating India’s international interface with financial sector
2.‘No Money for Terror’ Ministerial Conference
Why in News?
- The Union Minister of State for Home Affairs led the Indian delegation at the ‘No Money for Terror’ Ministerial Conference in Melbourne, Australia.
- The minister proposed four points for inclusion in the resolution at the conference:
- Terrorism is the single biggest threat to peace, security and development.
- Nations must expedite the finalisation of a Comprehensive Convention on International Terrorism under the United Nations.
- FATF Standards must be effectively enforced and UN listings/FATF should not be politicised.
- Initiate discussion on Countering Financing of Radicalisation (CFR), which would prevent radicalisation – an essential prerequisite of terrorism.
- The minister also declared that India would host the next ‘No Money for Terror’ Conference in 2020.
No Money for Terror Conference:
- The conference is organised by Financial Intelligence Units (FIUs) of over 100 countries jointly called The Egmont Group.
- Recognising the importance of international cooperation in the fight against money laundering and financing of terrorism, a group of FIUs met a few years ago at the Egmont Arenberg Palace in Brussels, Belgium, and decided to establish an informal network of FIUs for the stimulation of international co-operation.
- The Egmont Group was created to provide FIUs around the world a forum to exchange information confidentially to combat money laundering, financing of terrorism and other predicate offences.
Why in News?
- The Principal Secretary to PM holds a high-level meeting on Cyclone ‘Bulbul’ with the States of Odisha, West Bengal and Andaman and Nicobar Islands.
- Coastal Odisha is likely to witness wind speed of 70-80 kmph gusting up to 90 kmph accompanied by heavy to very heavy rain.
- Similar situation is likely to prevail in coastal West Bengal.
- Further sea conditions will be very rough and it is advised by the India Meteorological Department (IMD) that fishing operations are to be completely suspended.
- The cyclone is steadily gathering intensity over the Bay of Bengal and is expected to turn into a very severe cyclonic storm.
- It is unclear as of now whether the cyclone will make landfall in India. It might skirt Odisha and head towards West Bengal and Bangladesh.
- It is expected to bring rainfall over the Andaman and Nicobar Islands, north coastal Odisha and coastal West Bengal.
- Bulbul may also cause damage to thatched houses, partial damage to communication and power lines, major damage to coastal crops and uprooting of trees.
- Cyclone Bulbul is the seventh named storm of the unusually active 2019 North Indian Ocean cyclone season.The season has seen Cyclone Pabuk (South China Sea-Andaman Sea), Cyclone Fani (Bay of Bengal), Cyclone Vayu (Arabian Sea), Cyclone Hikka (Arabian Sea), Cyclone Kyarr (Arabian Sea) and Cyclone Maha (Arabian Sea).
- Bulbul was named by Cyclone Bulbul comes around seven months after Cyclone Fani struck Odisha. Cyclone Fani was the strongest storm to hit the state since the devastating 1999 Super Cyclone that killed thousands of people.