INDIA’S FOREIGN POLICY
INDIA, U.S TO LAUNCH A SEMICONDUCTOR SUB-COMMITTEE
- India and the United States signed a memorandum of understanding (MoU) that will pave the way for creating a semiconductor sub-committee under the Commercial Dialogue between the U.S. Department of Commerce and India’s Ministry of Electronics and Information Technology (MeitY) and the Ministry of Commerce.
- The Key features of the Commercial Dialogue included creating “reliable supply chains, diversifying and friend shorting (Sourcing of material from countries with similar social and political values), facilitating climate and clean technology cooperation, inclusive digital growth, talent development, post-pandemic economic recovery, and a focus on cooperation”.
AUSTRALIA, INDIA SIGN AUDIOVISUAL COPRODUCTION AGREEMENT
- India and Australia have signed an audiovisual Coproduction agreement under which private, quasi government or governmental agencies of the two countries enter into contracts to produce films together.
- About Australia:
- Capital-canberra 2. Prime minister-Anthony Albanese 3. Currency-Australian Dollor
PUBLIC AWARENESS AND GENERAL ADMINISTRATION
- The Union Finance Ministry has amended the Prevention of Money Laundering (Maintenance of Records) Rules for widening the scope of know your Customer (KYC) norms to include Politically Exposed Persons (PEPs), non-profit organisations (NPOs) and those dealing in virtual digital assets (VDA) as reporting entities. The decision has been taken ahead of the expected Financial Action Task Force assessment of India
- PEPs as individuals who have been entrusted with prominent public functions by a foreign country, including the heads of States of governments, senior politicians, senior government or judicial or military officers, and important political party officials.
- “In such cases, transactions of 10 lakh and above will have to be reported to the Financial Intelligence Unit, “Non-profit organisations formed for religious or charitable purposes, and registered as trust or society, too have been added to the list. Another key decision is the lowering of ownership threshold from 25% to 10%, thereby treating any individual or group holding 10% ownership in a reporting entity as a “beneficial owner” for the purpose of PMLA rules.
