1. International Criminal Court

1.International Criminal Court: The U.S. President recently signed an executive order imposing sanctions on the International Criminal Court over investigations of Israel, a close U.S. ally.

• About ICC: Founded in 2002 to prosecute individuals responsible for the world’s worst crimes.

oEstablished by the Rome Statute (17 July 1998), which defines the ICC’s jurisdiction, structure, and functions. The Rome Statute came into force on 1 July 2002.

• Mandate & Jurisdiction:

oCore Crimes: Investigates and prosecutes genocide, war crimes, crimes against humanity, and the crime of aggression.

oComplementary Role: Acts as a court of last resort, stepping in only when national courts fail to prosecute.

oJurisdiction: The offence must occur in a Rome Statute member country → Perpetrator's country of origin must be an ICC member → ICC acts only if national courts are unable or unwilling to prosecute → Only applies to crimes committed after 1 July 2002.

• Members: 125 countries are ICC members, but China, India, Israel, Russia, and the U.S. are not part of it, funded by member state contributions and voluntary donations from governments, organizations, and individuals.
• Structure of the ICC: 18 judges, each from a different member country, elected for non-renewable nine-year terms.
• Security Council Role: The UN Security Council can refer cases to the ICC if they fall outside its jurisdiction (Article 2 of the Rome Statute).

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2. TROPEX Exercise

2.TROPEX Exercise: Indian Navy’s biennial Theatre Level Operational Exercise (TROPEX) is currently underway in the Indian Ocean Region from January to March.

• About TROPEX: Conducted with participation from Indian Navy, Army, Air Force, and Coast Guard, focusing on war-fighting skills and maritime security.
• Key aspects: Combat operations, cyber & electronic warfare, live weapon firings, Joint Work Up Phase, and Amphibious Exercise (AMPHEX).
• Objectives: Validate operational concepts, forward deployment, and interoperability with other Services→ Enhance joint planning, precise targeting, and combat effectiveness.→ Ensure credible maritime security response to conventional, asymmetric, and hybrid threats.

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3. Repo Rate

3.Repo Rate: RBI’s Monetary Policy Committee (MPC) reduced the repo rate by 25 basis points (bps) to 6.25% due to easing inflation and global growth concerns.

• About Repo Rate: Interest rate at which the central bank (RBI) lends money to commercial banks.
• Purpose: Used to regulate liquidity in the economy.
• Process: Commercial banks borrow from RBI against government securities (e.g., treasury bills).

oThe borrowed amount is repaid with interest as per the repo rate.

• Impact: Increase in repo rate: Controls inflation by making borrowing costlier.

oDecrease in repo rate: Boosts liquidity by reducing borrowing costs.

oAffects loan EMIs, deposit returns, and financial markets.

• About Reverse Repo Rate: Interest rate at which RBI pays commercial banks for parking excess funds, regulates cash flow in the market.

oProcess: RBI borrows from banks and pays interest as per the reverse repo rate.

oImpact: Increase in reverse repo rate: Encourages banks to deposit more, reducing market liquidity (used to control inflation).

oLower reverse repo rate: Discourages deposits, increasing liquidity.

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4. National Commission for Safai Karamcharis (NCSK)

4.National Commission for Safai Karamcharis (NCSK): Union Cabinet recently approved the extension of National Commission for Safai Karamcharis (NCSK) for three years till March 31, 2028.

• About NCSK: Set up as a statutory body in 1994 under the National Commission for Safai Karamcharis Act, 1993.
• Non-statutory Status: The Act lapsed in 2024, making the Commission non-statutory, but its scope expanded under The Prohibition of Employment as Manual Scavengers and Their Rehabilitation Act, 2013.
• Key Mandate: Recommend specific action plans to eliminate inequities for safai karamcharis → Study and evaluate social & economic rehabilitation programmes for safai karamcharis
• and scavengers → Investigate non-implementation of programmes, schemes, and laws related to safai karamcharis → Take up such matters with the relevant authorities for resolution.

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5. External Capital Framework

5.External Capital Framework: RBI Governor Sanjay Malhotra announced that the Economic Capital Framework (ECF) is under review to determine risk provisioning and surplus distribution.

• About: The ECF guides how the RBI manages financial reserves, risk provisioning, and surplus transfers to the government.
• Bimal Jalan Committee Recommendations: Suggested reviewing the ECF every five years, with recommendations valid from June 2019 – June 2024.

oRecommended maintaining a 5.5–6.5 per cent ratio of the balance sheet as a contingency risk buffer, RBI is evaluating whether modifications are needed to address changing financial conditions.

• Effect of CRB Adjustments on Future Dividends:

oHigher CRB → More reserves, less surplus for government transfers.

oLower CRB → Frees up funds, increases dividend payments.

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6. Forward Trading

6.Forward Trading: The Reserve Bank of India has recently decided to allow forward contracts in Government Securities (G-secs).

• About forward trading in G-secs: Contract to buy/sell G-secs at a predetermined price on a future date.
• Purpose: Hedge against interest rate fluctuations and speculate on future price movements of G-secs.
• Objective: To develop the market and help financial institutions hedge interest rate risks.
• Benefit for Investors: Long-term investors (e.g., insurance funds) can manage interest rate risks across cycles.
• Impact on Derivatives Pricing: Enhances efficient pricing of derivatives using bonds as underlying instruments.
• Expansion of Interest Rate Derivatives by RBI: Over the years, RBI has introduced various interest rate derivative products, including Interest Rate Swaps (IRS), Interest Rate Options (IRO), Interest Rate Futures (IRF), and Interest Rate Swaptions & Forward Rate Agreements (FRA)

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7. National Pharmaceutical Pricing Authority (NPPA)

7.National Pharmaceutical Pricing Authority (NPPA): It fixes ceiling prices for drugs under Schedule-I of the Drugs (Prices Control) Order, 2013 (DPCO, 2013).

• About NPPA: It is a regulatory body control by the government agency and regulating prices of pharmaceutical drugs and medical devices to ensure affordability.
• Establishment: Constituted on 29th August 1997 as an attached office under the Department of Pharmaceuticals (DoP), Ministry of Chemicals & Fertilizers.
• Power: An independent Regulator for pricing of drugs and to ensure availability and accessibility of medicines at affordable prices.
• Drug Price Control Order (DPCO):

oIt is an order issued by the Government of India under Essential Commodities Act, 1955 to regulate the prices of drugs. 

oIt provides for the list of price-controlled drugs, Procedures for fixation of prices of drugs, method of implementation of prices fixed by Govt., and penalties for contravention of provisions etc. 

• Recent Developments: Support for Domestic Manufacturing under Production Linked Incentive (PLI) Scheme for Pharmaceuticals, approx. 54 anti-cancer drugs are being manufactured under the scheme.
• Government Health Schemes & Financial Assistance:

oAyushman Bharat Pradhan Mantri Jan Arogya Yojana (AB-PMJAY): Provides ₹5 lakh per family per year for hospitalisation to 60 crore beneficiaries.

oJan Aushadhi Kendras: Provide quality medicines at 50-80% lower prices than branded medicines.

oAffordable Medicines and Reliable Implants for Treatment (AMRIT): Offers medicines, implants, and surgical disposables at up to 50% discount via AMRIT Pharmacy stores.

oRashtriya Arogya Nidhi (RAN) & Health Minister’s Discretionary Grant (HMDG): Cancer patients (BPL families) receive up to ₹15 lakh assistance under Health Minister’s Cancer Patient Fund (RAN).

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