Current Affairs 3rd June 2016 - Banking, SSC, UPSC Affairs

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Sweden has been voted as the best country in the world when it comes to serving the interests of its people and contributing to the common good of humanity while India figured low at 70th position on a list of 163 nations. According to the 'Good Country' 2015 index which seeks to measure how countries contribute to the global good, Sweden, relative to the size of its economy, does more "good" and less harm than any other country. The report ranked a total of 163 countries taking 35 different UN and World Bank indices into account, including global contributions to science, culture, peace and security, climate change and health and equality. The top ten best countries included Sweden, Denmark, the Netherlands, the UK, Germany, Finland, Canada, France, Austria and New Zealand whereas Libya was ranked as the least "good" country in the world. India figured at 70th position overall, three places below China, with the best ranking (27th) in International peace and security and the worst (124th) in prosperity and equality category.While the country stood at 37th position in health and wellbeing and 62nd in science and technology, it was ranked 119th in culture, 106th in climate and 100th in world order. The Good Country Index is pretty simple: to measure what each country on earth contributes to the common good of humanity, and what it takes away, relative to its size.The biannual index was founded by Simon Anholt, a British government adviser whose aim is "to find ways of encouraging countries to collaborate and co-operate a lot more, and compete a bit less. In 2014, Ireland had topped the first Good Country Index, outranking 130 other countries.

CR Sasikumar has taken over as Managing Director of State Bank of Travancore (SBT), one of the associate banks of State Bank of India (SBI). Sasikumar started his career as a probationary officer with SBI in 1978 and has since held several key assignments. Prior to the present posting in SBT, he was Deputy Managing Director, Inspection & Management Audit, at SBI Corporate Centre in Hyderabad. The management of non-performing assets (NPAs) and achieving a growth of ₹12,000 crore in advances and ₹16,000 crore in deposits, which the bank has set as its policy objective for 2016-17.  

The Energy and Resources Institute (TERI) and a subsidiary of Indian Farmers Fertiliser Cooperative Limited (IFFCO) on 2 June 2016 signed a pact to work together in empowering farmers by providing them information about efficient use of natural resources to help them increase their productivity. TERI and IFFCO Kisan Sanchar Limited (IKSL) on Thursday signed a Memorandum of Understanding to work together with the objective to empower farmers and people living in rural India with pertinent and high quality information and services through affordable communication network in a sustainable manner. TERI has the expertise in developing knowledge based sustainable solutions in the field of agriculture and rural electrification to mitigate impact of climate change and promoting efficient use of natural resources. IKSL has extensive experience in broadcasting informal messages to rural communities, this is the first time that the organisation will venture into enlightening rural households as part of its mandate. The partnership will include creating awareness about benefits of clean lighting and cooking solutions, providing information on energy solutions and community level solutions that improve energy conditions in schools, public health centres. The partnership will provide bio-based products such as pesticides and fertilizers and awareness about efficient use of natural resources to farmers in order to support increased productivity with increased sustainability. The partnership will also include training and capacity building for energy entrepreneurs and technicians at a village level for providing clean energy, promotion of integrated pest and nutrient management of various crops, promotion of bio-pesticide and bio-fertilizer amongst others.

Singapore International Arbitration Centre (SIAC) in June 2016 signed a Memorandum of Agreement (MoA) with Gujarat International Finance Tec-City Company Limited (GIFTCL) and GIFT SEZ Limited (GIFT SEZ) to establish a representative office in India. The representation office will be located in the Gujarat International Finance Tec-City (GIFT City). The center will be instrumental in resolving international commercial disputes. It will also promote SIAC's arbitration services to Indian users. Highlights of the Memorandum of Agreement (MoA) : The signatories will collaborate to promote the use of arbitration, mediation, and other dispute resolution mechanisms.The mechanisms include the Arb-Med-Arb service, which is a process where a dispute is first referred to arbitration before mediation is attempted.SIAC and the Singapore International Mediation Centre (SIMC) will collaborate with the Indian companies to resolve international commercial disputes in India's International Financial Services Centre in GIFT-City (IFSC-GIFT). International Arbitration Centre (IAC) : IAC is a centre where the disputes are handled that arises due to commercial agreements in sectors like insurance, shipping, construction, private equity and other trades.Arbitration is a form of alternative dispute resolution (ADR). It is a technique for the resolution of disputes outside the courts.Since they are different from litigations, they turn up to be less time taking and are done in private between the lawyers representing the aggrieved parties.The parties to a dispute refer it to arbitration agree to be bound by the arbitration decision.  

India on 2 June 2016 announced its plan to double the investment in Clean Energy Research in next five years. At present, India is investing 72 million US dollars in Clean Energy Research and it seeks to double it to 145 million dollars. This announcement was made by the Union Minister for Science & Technology and Earth Sciences Dr Harsh Vardhan who led the Indian delegation at the 7th Clean Energy Ministerial (CEM7) and the inaugural Mission Innovation (MI) Meet.The CEM7 and MI meet was held at San Francisco, the US from 1 and 2 June 2016. The announcement was made along with other MI partner countries who also released plans to double the clean energy research and development funding over the next five years. New joint collaborations with MI Countries With the UK, India announced to expand India’s collaboration by setting up a Joint Virtual Clean Energy Centre to address the challenges in solar energy. With the US, Minister announced to launch a new Research Track on Smart Energy Grids and Energy Storage under the Indo-US Partnership to Advance Clean Energy Research (PACE-R). Global Cooling Challenge launched : It was launched by Dr. Harsh Vardhan at CEM7. The challenge will accelerate the introduction of super-efficient air conditioners which can reduce the energy demand from 60 GW of energy to 40 GW, a saving of over 30%. In terms of cost saving, it will lead to saving of 2.8 billion dollars in consumer energy bills and and GHG reductions of 20 million tons of CO2 equivalent. Mission Innovation (MI) : Mission Innovation (MI) was launched on 30 November 2015 by 20 participating countries, including India, at the United Nations Climate Change Conference 2015 (COP21) in Paris-Le Bourget, France.Mission seeks to accelerate public and private global clean energy innovation ushering in an era of Clean Energy Revolution.India is a Founding Member of the Steering Committee of the Mission Innovation and also a Member of the two sub-groups : Joint Research and Capacity Building and Private Sector Engagement.Department of Biotechnology under the Ministry of Science and Technology is coordinating the national efforts towards the Mission. India’s achievements in the field of Clean Energy : India has successfully implemented the world’s largest LED lighting programme. This programme has seen India lead the way by driving 12% of global LED demand at present, up from 0.1% a couple of years ago.

The Indian Boxing Council (IBC) was granted affiliation by the Commonwealth Boxing Council (CBC) on 2 June 2016. The affiliation was unanimously endorsed by CBC. IBC is a licensing body for professional boxers in India which has Vijender Singh among others on its roster. The IBC so far conducted two fight cards and will hold its biggest event on 16 July 2016 in which Vijender Singh competes for the WBO Asia title. The CBC will formally register Raja as a Director in its Annual General Meeting scheduled in December 2016. Indian Boxing Council (IBC) : It is a National Boxing Governing body that sanctions professional boxing matches and awards national and subordinate championship titles. It is the first time in India where there is an opportunity for the Boxers to be professional. It also aims to promote and serve the sport of boxing, to implement fair, scientific and objective computerised systems.And also to establish uniform safety measures and uniform procedures for the protection of professional boxers as well as the conduct of championship match. The organization aspires to encourage and support amateur boxing as being a foundation for professional boxing. It also wants to showcase boxing as an activity that improves health, physical fitness, sportsmanship and also encourages a positive lifestyle for young people around the country.

Noted actor Tom Alter has resigned from his post as head of the acting department in the Film and Television Institute of India (FTII). Alter emailed his resignation, citing preoccupation with other commitments that preventetd him from devoting time to the FTII assignment, FTII director Bhupendra Kainthola told PTI on 2 June 2016. According to sources in the premiere institute which has witnessed unrest on the campus on various issues during the last one year, a strained relationship with the students also contributed to Alter's decision to resign.

Two Indian-origin women on 1 June 2016 featured on the Forbes' second annual list of America's wealthiest and most successful self-made women include 60 trailblazers. It is list of women who crashed ceilings through invention and innovation. India-born Neerja Sethi ranked 16th on 'America's Richest Self-made Women' list while president and CEO of Arista Networks Jayshree Ullal is ranked 30th. Forbes ranked Diane Hendricks as number one. She is the owner of largest wholesale distributor, ABC Supply. She is now worth 4.9 billion US Dollars that is 1.2 billion US Dollars more than 2015 when she was ranked second. The Other notable names on the list include TV czar Oprah Winfrey (2), Facebook's chief operating officer Sheryl Sandberg (14), pop icon Taylor Swift, Alex + Ani jewellery brand founder Carolyn Rafaelian, actress-turned-entrepreneur Jessica Alba (42), Hewlett Packard CEO Meg Whitman (6), designer Tory Burch (19), singer Madonna (25), Yahoo CEO Marissa Mayer (33), singer Celine Dion (37) and pop icon Beyonce (56). The categories in which the Richest Self-made Women are categorized are, Youngest, NewComers, Technology, Entertainment and Founders. Neerja Sethi : The 61 year old Sethi assets account for a net worth of 1.1 billion US Dollars. Her company employs more than 25000 people and boasts a recent market cap of 3.6 billion US Dollars. Sethi, co-founded IT consulting and outsourcing firm Syntel with her husband Bharat Desai.She is the current the vice president of corporate affairs and a role since the company's inception. Jayshree Ullal : The 55 year old Jayashree Ullal was born in London and raised in New Delhi. She became president and CEO of Arista Networks in 2008, when it had no revenues and fewer than 50 employees. The company reported 838 million US Dollars in revenue in 2015, after going public in June 2014.  

Odisha became the first state in the country to give transgender people social welfare benefits – such as a housing, pension and food grains. This move seeks to give the transgender community in the state same benefits as those living below the poverty line (BPL) in order to improve their overall social and economic status. Benefits to transgender community  : Members of the transgender community will be given BPL cards that will allow them to access benefits under various government welfare programmes. Henceforth they will get benefits such as free housing, pensions loans to start up their own businesses and 100 days of paid work annually. They would also be entitled 5 kg of food grains every month under National Food Security Act. Issues faced by transgender community :  Due to social exclusion, most transgender people are in very bad social and economic conditions. Many of them face ostracism and discrimination, as well as verbal, physical and sexual abuse. They also lack of access to education and employment opportunities, ending up into organised groups, forced begging or demanding money. Supreme Court Judgement  : In a landmark judgment in April 2014, Supreme Court had recognised transgender as a legal third gender and called on the government to ensure their equal treatment. The apex court had recognised them as a marginalised group and directed government authorities to implement policies and schemes to improve their socio-economic status. It also had directed government that all identity documents must recognise the third gender and certain number of public sector jobs, seats in schools and colleges must be allocated to third-gender applicants.

Johnson & Johnson has acquire Vogue International for $3.3 billion, adding brands such as OGX shampoos and FX hair styling products to its consumer portfolio that includes Neutrogena and Clean & Clear. Vogue's hair care products have gained popularity, helped by colorful packaging that makes them stand out in drugstore aisles.  The privately held company has focused on increasing its presence in drug stores and is spending more on buying shelf space than on consumer advertising.  Buyout firm Carlyle Group LP acquired a 49 percent stake in the company in 2014. Vogue's products are sold in the United States and in 38 other countries, Johnson & Johnson  on 3 June 2016. The transaction, slated to close in the third quarter, is not expected to have an impact on the company's 2016 sales or earnings forecasts. 

Senior IPS officer Navin Agarwal was appointed chief of National Anti-Doping Agency (NADA), working for dope-free sports.  Agarwal is a 1986 batch IPS officer of Jammu and Kashmir cadre.  The Appointments Committee of Cabinet has approved Agarwal's appointment as Chief Executive Officer/Director General of NADA, an order issued by Department of Personnel and Training. He has been appointed to the post for five years.Agarwal is presently working in his cadre state Jammu and Kashmir .

Prime Minister Narendra Modi and Afghanistan President Ashraf Ghani jointly inaugurated the Afghan-India Friendship Dam in Herat province in Western Afghanistan. The dam was inaugurated during PM Narendra Modi’s first stop to Afghanistan as part of his five- nation tour which will also take him to Qatar, Switzerland, US and Mexico. The Afghan-India Friendship Dam was earlier known as Salma Dam. It is built on the river Chist-e-Sharif in western Herat neighbouring Iran and is earth and rock fill dam. It is a multipurpose project built to generate 42 MW of power, irrigate 75000 hectares of land, water supply and other benefits to the people of Afghanistan.  By irrigating 75000 hectares of land it is expected to significantly boost the agricultural economy of the province. Central Public Sector Unit M/s. WAPCOS under the aegis of Union Ministry of Water Resources, River Development and Ganga Rejuvenation. The height of the Dam is 104.3 metres, length 540 metres and width at the bottom is 450 metres. The gross capacity of the dam is 633 Million M3. All equipment and material required for the dam were transported from India to Iran’s Bander-e-Abbas port via sea route. It was further transported by road to Islam Kila border post at Iran-Afghanistan border and then further 300 km by road from the border post to the site. India has a strategic partnership with Afghanistan and is implementing number of infrastructure projects worth 2 billion dollars to help rebuild the country’s infrastructure. As part of India’s goodwill diplomacy it has been supporting an Afghanistan-led, Afghanistan-owned, broad-based and inclusive process of peace and reconciliation. India is also advocating the need for a sustained and long-term commitment to Afghanistan by the international community. Herat province : It lies on the ancient trade routes of the Middle East, Central and South Asia. Roads from Herat to Turkmenistan, Iran, and other parts of Afghanistan are considered strategically important.

Innovation centres in the country doubled to 16 in the six-month period till February this year, to leapfrog India into top 5 globally when it comes to innovation, a report by consulting major Capgemini. India has been rising in the ranks of favourite destinations to open innovation centers. Our previous research identified eight innovation centres in India in July 2015. India has since seen eight more innovation centers open their doors .India has leapfrogged to top 5 global locations for innovation centre . Bengaluru added four of the eight new innovation centres to emerge as the fifth global hub for innovation in a list led by Silicon Valley, London, Paris and Singapore .The new innovation centres opened in the last few months include top brands like Apple , Airbus and Visa . Other global companies who have checked-in into the country to house their centres of innovation include engineering company TriMas Corporation campus in Delhi for packaging solutions and food ingredient Puratos' centre in Mumbai.  Airbus' Bizlab intends to bring together startups and its internal entrepreneurs, while Visa will house 1,000 developers who will work on next generation payment solutions .The report comes amid a growing thrust on innovative startups and ease of doing business by the Government.  Globally, the financial services industry leads the rest of the pack in opening new innovation centres, it said, adding that 42 per cent of the leading financial organisations had innovation centres in February 2016 as compared to 28 per cent in July 2015.  Financial sector constituted 24 per cent of the newly opened innovation centres, ahead of 21 per cent from electronics and IT and 16 per cent from the manufacturing sector .A bulk 55 per cent of the new innovation centres globally operate as startup accelerators, while 33 per cent of them are in-house innovation labs .There has been a shift in the focus area on innovation to internet of things from the earlier big data .

Country's largest private sector lender ICICI Bank has cut its marginal cost of funds-based lending rate (MCLR) by 0.05 per cent, to take it at par with the rates offered by SBI and HDFC Bank .This will help reduce the rate of interest to new borrowers .  Under the new rate structure effective today, the bank will give out overnight loans to new borrowers at 8.95 per cent, while the one-year MCLR , to which its housing loans are linked, now comes down to 9.15 per cent.  Changes have also been effected in the one-month, three-month and six-month MCLR, a table on the bank's website showed.  RBI introduced the MCLR system from April 1 this year for faster transmission of its policy actions by the lenders. Banks are given the leeway to review their MCLR once a month.  The overnight MCLRs of banks are lower by over 0.30 per cent from their base rate, from where they have migrated to the new system. 

Power Finance Corp has acquired over 23 per cent stake in Shree Maheshwar Hydel Power Corp by invoking pledged shares and partially converting debt into equity.  Upon invocation of pledged shares and partial conversion of sub debt, the total shareholding of PFC (Power Finance Corporation) in Shree Maheshwar Hydel Power Corporation Ltd (SMHPCL) stands 13,18,46,779 equity shares of Rs 10 each representing 23.32 per cent of paid up equity share capital of SMHPCL . PFC is one of the lenders of Shree Maheshwar Hydel Power Corporation Ltd and have given a loan of Rs 700 crore to​ SMHPCL along with guaranteeing Rs 400 crore to the bond holders of SMHPCL.  SMHPCL has defaulted in repaying the loan to PFC and now PFC is enforcing its legal rights as per the pledge deed dated November 30, 2006....and subordinate loan agreement dated September 29, 2006, by invoking the shares pledged by the promoters of SMHPCL in favour of PFC and by partial converting sub debt loan into equity shares .Accordingly PFC had served pledge invocation notice dated May 19, 2015 and conversion notice dated December 18, 2015 and May 27, 2016 on SHMPCL . Further the board of SMHPCL has also "approved allotment of 6,61,00,000 equity shares of Rs 10 each to PFC consequent upon partial conversion of sub debt loan to SMHPCL to the extent of Rs 66.10 crore .

N.K.Chari, the new Managing Director of State Bank of Mysore, assumed office on May 30. Prior to his new position, he was the Deputy Managing Director of State Bank of India. Mr. Chari, a postgraduate in commerce from Delhi University, joined State Bank of India as a Probationary Officer in September 1978. He served as the Chief Operating Officer in National Banking Group, the retail branch network of State Bank of India. He has also headed the Mid Corporate Vertical of State Bank of India. Prior to that, he was the Chief General Manager of State Bank of India, Chandigarh Circle, covering the four states of Jammu and Kashmir, Himachal Pradesh, Punjab, Haryana and the Union Territory of Chandigarh with over 1,000 branches.He has also served as the Managing Director of Nepal SBI Bank Limited for four years from 2007.

India and Tunisia have signed two MoUs for co-operation in Information Technology and promotion of traditional handicrafts. The MoUs were signed after the delegation level talks between the two countries in the presence of Vice President Mohammad Hamid Ansari and Tunisian Prime Minister Habib Essid in Tunis. The two sides also discussed the issue of spreading tide of terrorism and decided to enhance co-operation in counter terrorism. Mr. Ansari also invited 350 Tunisian citizens to India for training in different institutes over the next five years. The Vice President is scheduled to call on President Beji Caid El Sebsi today. He will also deliver a lecture at the Al Dhiyafa University and will return to India on Saturday.

Argentina (1st) and Belgium (2nd) continue to hold on to the top two spots in the latest FIFA rankings, with Colombia rounding up the top three. World champions Germany are fourth in the table with European Championship holders Spain now sixth. India have fallen down one spot to 163, while England have been replaced in the top 10 by Austria. Northern Ireland created history by rising to 25th in the rankings, their best-ever position, ahead of the ‘Green and White Army’s’ debut in the Euros in the summer.  Slovakia were the biggest mover of the month, gaining 68 points to climb eight positions to 24th in the rankings, while Madagascar rose 29 positions to rise to 108th in the rankings. Besides, Rwanda had the biggest drop in points, dropping 16 places due to a deficit of 69 points this month. FIFA rankings List :  1.Argentina 2.Belgium 3.Colombia 4.Germany 5.Chile 6.Spain 7.Brazil 8.Portugal 9.Uruguay 10.Austria

German Parliament, Bundestag, on 2 June 2016 passed a resolution recognising the massacre of Armenians by Ottoman forces during First World War (1915) as genocide. The motion was put forward for voting by Chancellor Angela Merkel's governing coalition of right and left and the opposition Greens. It was passed with support from all the parties in Parliament with only one abstention and one vote against. Effect of the resolution : The passage of the resolution resulted in creation of tensions between Germany and Turkey.The Turkish President Recep Tayyip Erdogan said that this decision will seriously impact Turkish-German relations. Turkey denies the killings, started in 1915 and continued till 1917, as genocide and terms it as victims of civil war and unrest.The Armenian president and foreign minister welcomed the vote and thanks lawmakers of the country.Armenia termed the decision as a valuable contribution to the international recognition and condemnation of the Armenian genocide. Armenians Genocide by Ottoman forces : The Armenian Genocide also known as the Armenian Holocaust/Massacres was the Ottoman government's systematic extermination of its minority Armenian subjects inside their historic homeland, which lies within the present-day Republic of Turkey. The estimations project the number of vitims between 1.5 lakh and three lakh. The genocide was carried out during and after World War I and implemented in two phases: 1. The wholesale killing of the able-bodied male population through massacre and subjection of army conscripts to forced labour 2.It was followed by the deportation of women, children, the elderly and infirm on death marches leading to the Syrian Desert.The event is viewed as the first genocide of 20th century by several scholars.  

Union Ministry of Corporate Affairs (MCA) has notified the constitution of the National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT) with immediate effect on 1 June 2016.  Justice SJ Mukhopadhaya, Judge (Retd.), Supreme Court of India appointed as the Chairperson of the NCLAT while Justice MM Kumar, Judge (Retd.) appointed as the President of the NCLT.Initially, NCLT will have eleven Benches, two at New Delhi and one each at Ahmedabad, Allahabad, Bengluru, Chandigarh, Chennai, Guwahati, Hyderabad,Kolkata and Mumbai. With the constitution of the NCLT, the Company Law Board (CLB) constituted under the Companies Act, 1956 stands dissolved.Both the NCLT and NCLAT were constituted under the Companies Act, 2013 which replaced the Companies Act, 1956. The Act came into force on 12 September 2013. National Company Law Tribunal (NCLT) : NCLT will exercise and discharges such powers and functions that were conferred on it through the Companies Act, 2013 or any other law for the time being in force. The President shall be a person who is or has been a Judge of a High Court for five years. A person shall not be qualified for appointment as a Judicial Member unless he— (a) is, or has been, a judge of a High Court; or (b) is, or has been, a District Judge for at least five years; or (c) has, for at least ten years been an advocate of a court. National Company Law Appellate Tribunal (NCLAT) : NCLAT constituted to hear appeals against the orders of the Tribunal (NCLT). 1. The chairperson shall be a person who is or has been a Judge of the Supreme Court or the Chief Justice of a High Court. 2.A Judicial Member shall be a person who is or has been a Judge of a High Court or is a Judicial Member of the Tribunal for five years. 3.A Technical Member shall be a person of proven ability, integrity and standing having special knowledge and experience, of  not less than twenty-five years, in law, industrial finance, industrial management or administration, industrial reconstruction, investment, accountancy, labour  matters, or such other disciplines related to management, conduct of affairs, revival, rehabilitation and winding up of companies. The President of the NCLT and the chairperson and Judicial Members of the NCLAT will be appointed after consultation with the Chief Justice of India.  

India has signed a Memorandum of Understanding (MoU) with the United States to enhance cooperation in energy security, clean energy and climate change. The MoU will boost energy ties between the two countries through increased bilateral engagement. The objective of the MoU is to boost energy ties between the two countries through increased bilateral engagement and further joint initiatives. It intends to increase incentives for innovation including R&D and voluntary and mutually-agreed technology transfer, as well as the deployment of clean energy technologies. It also seeks to contribute to a global effort to curb the rise in greenhouse gas (GHG) emissions and enhance resilience to the impacts of climate change. Under the MoU, the priority initiatives are US-India Energy smart Cities Partnership, greening the grid, promoting Energy Access through Clean Energy (PEACE) expansion. It also includes energy efficiency including space cooling, energy security, renewable energy, clean energy finance and US-India partnership for Climate Resilience etc.

Dr. R Seetharaman, Group CEO of Doha Bank, has been honoured with the 2016 Green Economy Visionary Award. He has been awarded with this award for his contribution in environment-friendly activities and thereby promoting green economy for nearly two decades. The award was bestowed upon him by Mohammed Jarrah Al-Sabah, Chairman of Union of Arab Banks at the 2016 Union of Arab Banks (UAB) International Banking Summit held in Rome. Dr. R Seetharaman :  In 2015, business magazine Forbes had ranked Seetharaman sixth in the Forbes’ Top Indian Leaders in the Arab World 2015 list. R Seetharaman is a recipient of multiple doctorates, first in Global Governance from the European University (2013) and the second in Green Banking and Sustainability from Sri Sri University (2015). He also has received an honorary degree (Doctorate of Laws) from the Washington College. He was named CEO of Doha Bank in September 2007. Since then, he has overseen the bank’s expansion from its base in Qatar to the UAE, India, Singapore and China and other countries. Doha Bank was incorporated in 1978 and commenced its banking business including its International Banking services in Doha, Qatar in March 1979.

 India on 1 June 2016 joined the Hague Code of Conduct (HCoC) against Ballistic Missile Proliferation as its 138th subscribing state. India joined it by notifying HCoC Central Contact, Vienna, through diplomatic channels. India’s joining the Code signals its readiness to further strengthen global non-proliferation objectives. Its subscription reinforces its support for international missile non-proliferation. This will also help to increase transparency and strengthen security. Hague Code of Conduct against Ballistic Missile Proliferation (HCOC) : The HCOC is a voluntary mechanism that has built a broad international predisposition against ballistic missile proliferation. It also promotes transparency and confidence building, including through the Subscribing States’ commitment to submit pre-launch notifications and annual declarations of their relevant policies.It consists of a set of general principles, modest commitments, and limited confidence-building measures.  It is intended to supplement, not supplant, the Missile Technology Control Regime, and is administered collectively by all subscribing states. It was formally brought into effect on 25 November 2002, at a launching conference hosted by the Netherlands in The Hague. The number of signatories has increased from 96 to 138. Formerly, it was known as the International Code of Conduct against Ballistic Missile Proliferation.The non-subscribing states include countries like China, Pakistan, Israel and Iran.

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