Daily current Affairs: Prelims

Fugitive economic offender

Why in news?

A special Prevention of Money Laundering Act (PMLA) court declared jeweller Nirav Modi as a fugitive economic offender (FEO).Nirav Modi is the second person to be declared a fugitive under the FEO act after Vijay Mallya.

Key highlights:

Fugitive Economic Offenders Act (FEOA) became a law on July 31, 2018.
To deter economic offenders from avoiding the process of Indian law by remaining outside the jurisdiction of Indian courts.
To ensure that fugitive economic offenders return to India to face the action in accordance with law.
FEO is defined as an individual who has committed offences involving an amount of 100 crore rupees or more and
It has ran away from India to avoid criminal prosecution.
A special court will be established under the Prevention of Money-laundering Act, 2002 to declare a person as a Fugitive Economic Offender.
Special courts can direct the Central government to seize assets of fugitive economic offender including those that are proceeds of the crime.
Appeals against the orders of the special court will lie before the High Court.

Neutral Alcohol

Why in news?

Anticipating shortage of domestic supplies, Alcohol manufacturers have written to NITI Aayog asking for reduction in import duty to make it cost-effective for them to import Extra Neutral Alcohol (ENA) from global markets.

Key highlights:

Extra Neutral Alcohol (ENA) is a colourless food-grade alcohol that does not have any impurities. It has a neutral smell and taste, and typically contains over 95 per cent alcohol by volume.
It is derived from different sources — sugarcane molasses and grains.

Application:

ENA is the primary raw material for making alcoholic beverages such as whisky, vodka, gin, cane, liqueurs, and alcoholic fruit beverages.
ENA also serves as an essential ingredient in the manufacture of cosmetics and personal care products such as perfumes, toiletries, hair spray, etc.
Given its properties as a good solvent, ENA also finds industrial use and is utilised in the production of some lacquers, paints and ink for the printing industry, as well as in pharmaceutical products such as antiseptics, drugs, syrups, medicated sprays.

Malaria drop is sharpest in India

Why in news?

Global scenario:

Globally, there were 228 million cases of malaria in 2018, down from 251 million cases in 2010.
WHO region-wise, the highest estimated cases of all malaria forms were in Africa, at 93% of the cases (213 million) followed by South-East Asia (7.9 million).
Nigeria had the highest burden of all malaria cases, at 24%.

Deaths:

In 2018 there were 4,05,000 deaths from malaria globally, compared to 4,16,000 in 2017 and 5,85,000 in 2010.
More than 85% of the global malaria deaths in 2018 were concentrated in the 20 countries of WHO’s African region and India.
Africa had the highest number of deaths due to malaria in 2018, at 3,80,000.

Bharat Bond Exchange Traded Fund (ETF)

Why in news?

The Cabinet approved the launch of Bharat Bond Exchange Traded Fund or ETF, which would be be the first corporate bond ETF in the country.
ETFs invest in a basket of securities representing an index, security or commodity and are traded on the stock exchange like any security listed on the exchange.
Bharat Bond ETF will be a basket of bonds issued by central public sector enterprises and Will invest in a portfolio of bonds of CPSE, CPSU, CPFI or any other government organisation

Features of the Bharat ETF:

ETF to be basket of bonds issued by CPSE/CPSU/CPFI/any Govt organisation
Bonds to be tradable on exchanges
Small unit size ₹1,000
Transparent NAV (Periodic live NAV during the day)
Transparent Portfolio (Daily disclosure on website)
Low cost (0.0005%)
Fund to provide additional money for CPSUs, CPSEs and other government organizations
Each ETFs to have fixed maturity date
Will invest in a portfolio of bonds of CPSE, CPSU, CPFI or any other government organisation
For now, it will have two maturity series: 3 and 10 years