Merchanting Trade Transactions
Why in news?
- The Reserve Bank of India (RBI) has issued the revised guidelines for Merchanting Trade Transactions (MTT) under the Foreign Exchange Management Act (FEMA), 1999.
About:
- In Indian Context, the trade is called Merchanting Trade when, the supplier of goods will be resident in one foreign country.
- The buyer of goods will be resident in another foreign country
- The merchant or the intermediary will be resident in India.
Key facts
- Merchanting transaction is one which involves shipment of goods from one foreign country to another foreign country involving an Indian Intermediary. Hence, It is also called Intermediary Trade.
- According to revised guidelines, for a trade to be classified as merchanting trade, goods acquired shall not enter the Domestic Tariff Area. Also, the entire MTT shall be completed within an overall period of nine months.
Jeevan Raksha Padak
Why in news?
- President Ram Nath Kovind has approved the conferment of Jeevan Raksha Padak Series of Awards – 2019 on 54 persons.
Key facts:
- This includes Sarvottam Jeevan Raksha Padak to seven, Uttam Jeevan Raksha Padak to eight and Jeevan Raksha Padak to 39 persons.
- Five awards are posthumous. Jeevan Raksha Padak series of awards are given to a person for meritorious act of human nature in saving the life of a person.
- The award is given in three categories – Sarvottam Jeevan Raksha Padak, Uttam Jeevan Raksha Padak and Jeevan Raksha Padak.
- Persons of all walks of life are eligible for these awards. The award can also be conferred posthumously.
- The decoration of the award is presented to the awardee in due course by the Ministry, organizations or state government to which the awardee belongs.
Tatrakshak medals
Why in news?
- The President of India has approved Tatrakshak Medals to the personnel of the Indian Coast Guard for their act of conspicuous gallantry/meritorious service on the occasion of Republic Day 2020.
About:
- He awarded three Tatrakshak Medals (Gallantry) and two Tatrakshak Medal (Meritorious Service) to the Indian Coast Guard personnel for their act of conspicuous gallantry and distinguished/meritorious service.
- These awards are being given to the personnel of Indian Coast Guard on Republic Day and Independence Day every year, since January 26, 1990 onwards.