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In order to cater to admissions for the first year higher secondary education in Kerala, the department of higher secondary education has chosen a one-stop solution for the online registration system, which is called HSCAP. This portal is a convenient method for students who could opt for their desired course in the desired school promptly. The allotment process for HSCAP gets rid of the requirement of submitting various applications for different courses in different schools. With the help of HSCAP, admission process candidates could apply for a lot of courses in any school in a district via this portal.  Kerala HSCAP 2024 Application Form Kerala will release the form for the HSCAP 2024 on May 16, 2024 and the window to apply online will be available till May 25. Whether an individual wants to get admission for Plus One (+1) course with Science, Commerce or Arts, he or she needs to know that after the release of notification, we will also activate the direct link inside the table below. The application form for the Higher Secondary Centralized Admission Process 2024 provides a process for students seeking admission to Plus One courses in Science, Commerce, Arts, or Vocational streams in Kerala. To apply, applicants will be required to fill in their personal details, academic information, and preferences for course selection. HSCAP Registration Eligibility Candidates must have passed SSLC or 10th class from any recognized board. The aspirants eligible for the admissions are not age bound. However, it depends on the specified school or college, and it could be understood from the portal that belongs to the specific school or college. The selection of the candidates is on the basis of the merit marks of the 10th class. The application fee for the applicants is Rs.25 Registration The aspirants should pay application fee along with application online. The aspirants can check the official website of the school or college they are applying to understand the fee details. The application is dependent on the category of the students. The Principal of the school must sign the application along with the seal of the school. The interested candidate must retain the acknowledgment slip for the following procedures. The application fee is Rs 25, and it must be paid along with the submission of the application of Kerala Plus One Admission. Kerala HSCAP 2024 Required Documents SSLC (Class 10) Mark Sheet Transfer Certificate (TC) Category/Caste Certificate (if applicable) Income Certificate (if applicable) Passport-sized Photographs Aadhar Card or Identity Proof Steps to Fill the Online Application Form Step: 1 – Web Portal The applicant must visit the official website hscap.kerala.gov.in Step: 2 – Apply Online – SWS Select Apply Online – SWS (Single Window System) from the home page. Step: 3 – Enter Applicant Details Select the district in which the applicant has to make the application. Complete the following information about the student: Step: 4 – Filling the Form The applicant must fill in the form available on the web portal online. Finally, the applicant must upload the required documents and submit them before the last date of application. FAQs What is HSCAP? HSCAP stands for Higher Secondary Centralized Admission Process. It is a system implemented by the government for managing admissions to higher secondary schools (classes 11 and 12) in a streamlined and transparent manner. Who is eligible for HSCAP registration? Students who have completed their secondary education (class 10) and wish to pursue higher secondary education (class 11) in government or aided schools are eligible for HSCAP registration.

Fair Price Shop means a shop which has been licensed to distribute essential commodities by an order issued under section 3 of the Essential Commodities Act, 1955, to the ration card holders under the Targeted Public Distribution System. Responsibility It is the responsibility of every State Government to establish institutionalised licensing arrangements for fair price shops in accordance with the relevant provisions of the Public Distribution System (Control) Order, 2001 made under the Essential Commodities Act, 1955, as amended from time to time for efficient operations of the Targeted Public Distribution System. Under the Targeted Public Distribution System, it is the duty of the State Government to- take delivery of foodgrains from the designated depots of the Central Government in the State, at the prices specified, organise intra-State allocations for delivery of the allocated foodgrains through their authorised agencies at the door-step of each fair price shop; and ensure actual delivery or supply of the foodgrains to the entitled persons at the prices specified Every local authority, or any other authority or body, as may be authorised by the State Government, can conduct or cause to conduct, periodic social audits on the functioning of fair price shops, Targeted Public Distribution System and other welfare schemes, and may publicise its findings and take necessary action, in such manner as may be prescribed by the State Government. The State Government can fix an amount as the fair price shop owner’s margin, which may be periodically reviewed for ensuring sustained viability of the fair price shop operations. The State Governments may allow sale of commodities other than the foodgrains distributed under the Targeted Public Distribution System at the fair price shop to improve the viability of the fair price shop operations. FPS are mandated to make a lot of disclosures such as opening and closing stock, sample quality of grains sold, retail price details etc. Accounts of the actual distribution of foodgrains and the balance stock at the end of the month, at the fair price shop, have to be sent to the designated authority of the State Government with a copy to the local authority. Common Service Centre It is an initiative of the Ministry of Electronics & IT (MeitY). The CSC is a strategic cornerstone of the National e-Governance Plan (NeGP), approved by the Government in May 2006, as part of its commitment in the National Common Minimum Programme to introduce e-governance on a massive scale. They are the access points for delivery of various electronic services to villages in India, thereby contributing to a digitally and financially inclusive society. CSCs enable the three vision areas of the Digital India programme: Digital infrastructure as a core utility to every citizen. Governance and services on demand. Digital empowerment of citizens. The objective of CSCs is to provide high quality and cost-effective video, voice and data content and services, in the areas of e-governance, education, health, telemedicine, entertainment as well as other private services.. The PPP (Public Private Partnership) model of the CSC scheme envisages a 3-tier structure consisting of the: CSC operator (called Village Level Entrepreneur or VLE); Service Centre Agency (SCA), that will be responsible for a division of 500-1000 CSCs; and State Designated Agency (SDA) identified by the State Government responsible for managing the implementation in the entire State. FAQs What is a Fair Price Shop (FPS)? Fair Price Shop (FPS) is a government-approved retail outlet that distributes essential commodities like wheat, rice, sugar, and kerosene to eligible beneficiaries at subsidized prices under the Public Distribution System (PDS). Who is eligible to get ration from an FPS? Eligible beneficiaries include families that possess a ration card issued by the government. These ration cards are typically categorized into Above Poverty Line (APL), Below Poverty Line (BPL), and Antyodaya Anna Yojana (AAY) depending on their economic status.

Department of Pension and Pensioners’ Welfare in India has introduced an online Pension Sanction and Payment Tracking System called Bhavishya. The system provides for online tracking of pension sanction and payment process by the retiring employee as well as the administrative authorities. Implemented Ministries/ Departments in India Bhavishya is implemented in main secretariat of 88 Ministries/ Departments except Ministry of Railways, Ministry of Defence, Department of Post, Department of Atomic Energy, Department of Tele communication and some security related sensitive organizations. Retiree Registration Retiree does not need to register online in ‘Bhavishya’.  His/her details need to be added by Drawing & Disbursing Officer (DDO)/ Head of Office (HOO). Retiree need to send details given below to [email protected]. Name Date of Birth Mobile number Official Address Email Id (preferably designation/post based) Designation Ministry/Department List of PAO Codes Services offered Pension tracking can be done by the individual as well as the administrative authorities for all actions preparatory to grant of pension and other retirement benefits as well as monthly pension paid after retirement. Actions for timely payment of retirement dues and issue of Pension Payment Order (PPO) start one years before the date of retirement of the employee. There are a number of intervening stages and the system will pinpoint delays at each stage to enable timely interventions. The tracking can be done by the retiring employee as well as the administrative authorities. In addition, forms required during the process are available in electronic format. The retiring employee can fill the forms online. It facilitates the administrative authorities by processing the claims and passing on the calculated amounts and other details to the Pay and Accounts Offices. The new system will also capture personal information, service data and contact details like mobile number and e-mail etc. The retiring employees will be kept informed of the progress of pension sanction process through SMS/E-mail. Objective of Bhavishya To ensure active and dignified life for pensioner. To ensure payment of all retirement dues and delivery of Pension Payment Order (PPO) to retiring employees on the day of retirement itself. To obviate delays in payment of pension by ensuring complete transparency. Tracking of Pension Online Step 1: Visit home page of Bhavishya. Step 2: Click on the ‘Login’ tab. The page will redirected to next page. Step 3: Please provide your Login Id / User Id and enter security code. Step 4: Click on ‘Continue’ to track your pension details. FAQs What is Bhavishya – Pension Payment & Tracking System? Bhavishya is an online system developed by the Government of India to manage and track the pension payments of government employees. It ensures that retirees receive their pensions promptly and allows them to monitor the status of their payments. Who can use Bhavishya? Bhavishya is designed for central government employees who are nearing retirement or have already retired. It is also used by government departments and pension disbursing authorities.

Many types of schemes are started for the laborers working in the unorganized sector, one of those schemes is also E-Shram Card Pension Scheme. Under this scheme, workers are provided a monthly pension of ₹ 3000 after the age of 60 years. So that they can live their life comfortably in old age without doing any work. Although ₹ 3000 is not much every month, but this help by the government is very big for them. E-Shram Card Pension Scheme There are lakhs and crores of laborers in our country who are working in the unorganized sector. The e-Shram Card Pension Scheme was started by the government for these laborers. If you also have a labor card and you are also a laborer, then you can take advantage of the e-Shram Card Pension Scheme, under this scheme you will be provided a pension of ₹ 3000 every month. The pension provided under this scheme is provided after the worker attains the age of 60 years. To get this pension, the worker has to register under the Shram Yogi Maandhan Yojana and avail the benefits of this scheme. Apart from this, if you want to get a pension of ₹ 3000 after the age of 60, then you will have to pay some premium every month from now on. Under the e-Shram Card Pension Scheme, you can pay a premium of ₹ 55 to ₹ 200.  e-Shram Card Details Scheme name e-Shram Card Launched by Ministry of Labor and Employment Start date August 2021 Beneficiaries Unorganised sector workers Pension benefits Rs.3,000 per month Insurance benefits Death insurance of Rs.2 lakh Rs.1 lakh for partial handicap Age limits 16-59 years Official website https://eshram.gov.in/  Helpline number 14434 Main objective of E-Shram Card Pension Scheme The main objective of starting the e-Shram Card Pension Scheme run by the Central Government is to provide financial help to the laborers of the working class after they reach the destitute age so that they can live their life well. Actually, the laborers working in the unorganized sector have to face many problems after reaching the destitute age.  In such a situation, so that they do not have to face these problems, the e-Shram Card Pension Scheme has been started. Under this scheme, after the age of 60 years, they are provided a pension of ₹ 3000 every month. On the other hand, if you want to take advantage of this scheme after the age of 60, then you will have to pay the premium (contribution) under this scheme from now on. Under this scheme, you can pay a premium of ₹ 55 to ₹ 200. Eligibility for E-Shram Card Pension Scheme The benefit of e-Shram Card Pension Scheme is provided only to the native residents of India.  The benefit of e-Shram Card Pension Scheme will be provided to the laborers working in the unorganized sector.  To avail the benefits of this scheme, the monthly income of the worker should be less than ₹15000.  To avail the benefit of this scheme, the minimum age of the worker should be more than 18 years.  To avail the benefits of this scheme, the maximum age of the worker should be 40 years. Documents required for E-Shram Card Pension Scheme Aadhar card  PAN card  E-Shram Card  Bank account statement  mobile number  Passport size photograph How to apply for E-Shram Card Pension Scheme? To apply online for e-Shram Card Pension Scheme, first go to  the official website of the Ministry of Labor and Employment. After this click on the link  “Register on maandhan.in” . After this click on the option  “Click here to apply now” . After this click on the option of  “Self Registration” . After this , the “Application Form” of e-Shram Card Pension Scheme will open  in front of your mobile screen . This application form has to be filled after reading it carefully.   After this upload the photos of all the required documents.  Finally, you have to complete the process by clicking on the submit option. FAQs Who can apply for e-Shram card? Any person working in an unorganised sector (unorganised worker) aged between 16-59 years can apply for an e-Shram card. However, such a worker must have a valid mobile number linked with an Aadhaar card. How to check e-Shram card balance? Visit the e-Shram portal. Click on the ‘Already Registered’ option under the ‘Register Yourself’ tab. The e-Shram card balance payment status check page will open. Login by entering the username and password. Choose ‘Check Payment Status’ or ‘Know Your Payment Option’ from the drop-down list. Enter Aadhaar card information or UAN number and click on the ‘Submit’ button.

The directions have been issued under Reserve Bank of India Act, 1934, Banking Regulation Act, 1949 and Credit Information Companies (Regulation) Act, 2005. The objective of direction is to provide for a non-discriminatory and transparent procedure for classifying a borrower as a wilful defaulter by the lenders. As of March 2023, 16,883 accounts involving total borrowing of Rs 3.5 lakh crore had been classified as wilful defaulters.  Introduction The Reserve Bank of India on September 21, 2023 has issued the Draft Master Directions on Treatment of Wilful Defaulters and Large Defaulters (‘Proposed Directions’). The Directions, when finalized, will replace the existing Master circulars (referred below). The draft Directions are largely consolidating in nature, with some significant differences. Importantly, NBFCs of middle and upper layer have been brought into the framework, and additionally, as was clear from the recent circular on compromise/settlements, the tag of willful defaulter may be removed if the borrower does a compromise settlement with the lender. However, a mere sale of the loan will not cause removal of the tag, as the tag will pass on to the buyer. The draft Directions also assimilate the provisions about large defaulters, which was earlier a CIC filing requirement, and make it a part of these Directions. The Draft Directions, issued in September 2023, are yet to be notified. Therefore, in the meantime, the position on wilful defaulters is as follows: Banks to identify borrowers as wilful defaulter in accordance with the Master Circular on Wilful Defaulters AIFIs to also follow the Master Circular on Wilful Defaulters for identification of wilful defaulters HFCs are required to identify and report wilful defaulters as per Annex XVII Guidelines on Wilful Defaulters under the HFC Master Directions NBFCs are not covered under the aforesaid Master Circular and hence, cannot classify borrowers as wilful defaulters Why a stringent framework for wilful defaulters While a default itself is bad for a lender, where the default is backed by ability, but unwillingness to pay, it assumes a different level of seriousness. Such a borrower, and the entities that such borrower promotes or fosters, should remain deprived of further assistance from the financial system. Note that fraudulent defaulters are even a further level of seriousness, as a fraud is clearly a criminal offence. A fraudulent borrower is also a Wilful Defaulter, but vice versa need not be true. Fraudulent defaulters are covered by Master Directions on Frauds. The concept of Wilful Defaulter can be traced back to 1999 when it introduced a scheme to address Wilful Defaulters. Currently, the Master Circular dated July 01, 2015 (‘Current Circular’) is the governing framework for classifying an account as Wilful Defaulter. Wilful defaulter: Meaning “Wilful Default” (i) by a borrower shall be deemed to have occurred when the borrower defaults in meeting payment/ repayment obligations to the lender and any one or more of the following features are noticed: the borrower has the capacity to honour the said obligations; the borrower has diverted the funds availed under the credit facility from lender; the borrower has siphoned off the funds availed under the credit facility from lender; the borrower has disposed of immovable or movable assets given for the purpose of securing the credit facility without the knowledge of the lender; The borrower has failed in its commitment to the lender to infuse equity despite having the ability to infuse the equity, although the lender has provided loans or certain concessions to the borrower based on this commitment and other covenants and conditions; (ii) by a guarantor shall be deemed to have occurred if the guarantor does not honour the guarantee when invoked by the lender, despite having sufficient means to make payment of the dues Key Provisions of the Direction Wilful Defaulter: wilful default with outstanding amount of ₹25 lakh and above Wilful default occurs when borrower defaults in meeting payment/ repayment obligations to the lender and any one or more features are noticed borrower has the capacity to pay diversion of funds and siphoned off the funds,  disposal of immovable or movable assets provided for securing credit or  failure to infuse equity despite having the ability to do so. Large defaulter: default with an outstanding amount of ₹1 crore and above, and where suit has been filed  or whose account has been classified as doubtful or loss. Identification: Lenders have to establish Identification Committee to examine the evidence of wilful default.  The option of declaring a borrower as wilful, or is it an obligation? The major obligations of NBFCs include: Identification of an NPA as to whether it may fall into the category of Wilful Defaulter Having an Identification Committee, Review Committee, etc. for the process of declaration Formulating guidelines, based on their board-approved policy, for nominating authorized officers who would issue show cause notices and serve written order on behalf of the Identification Committee and Review Committee respectively. Post declaration, appropriate filing with Credit Information Companies(CICs) Internal audit system to be developed so as to specifically look into adherence to instructions for classifying a borrower as a Wilful Defaulter.  Review of status of Wilful Defaulters by the audit committee Inclusion of a covenant in lending to all companies that the company shall not induct on its board a person who has been a director of a Wilful Defaulter Determining a limit/threshold in the board approved policy for the commissioning of forensic audit To complete the investigation from a Wilful Default angle in every case before transferring the credit facility Reporting of Wilful Defaulters in the List of Wilful Defaulters with CICs before transferring the credit facility Loan agreement may be amended so as to incorporate a covenant for certification by auditors with regard to the diversion/siphoning of funds Reporting of auditors with National Financial Reporting Authority/ Institute of Chartered Accountants of India in cases they are found to be negligent or deficient in conducting the audit. Reporting the details of third parties to Indian Banks Association in cases where they are found to be negligent or deficient in their work. FAQs What are the RBI’s recent directions on the treatment of Wilful Defaulters (WD) and

Consultation paper seeks to introduce measures to enhance investor protection and promote market stability in derivative markets while ensuring sustained capital formation. Securities and Exchange Board of India (SEBI) has released a consultation paper aimed at enhancing investor protection and market stability in the derivatives market. The focus is on mitigating risks associated with speculative trading, particularly in index derivatives, where increased retail participation and short-tenure contracts have led to high volatility and market instability around expiry dates. The paper highlights the surge in trading activity and turnover in derivatives compared to the cash market, noting that individual investors, especially post-COVID, are driving significant turnover in index options. However, this has also led to a concentration of speculative trading around expiry days, resulting in heightened volatility and substantial losses for a majority of individual traders. SEBI’s paper suggests measures to address these issues, aiming to balance investor protection with market stability and ensure sustainable capital formation. The consultation invites public comments on these proposed measures to refine and strengthen the regulatory framework for index derivatives. About Index derivatives Derivatives are financial contracts that draw their value from an underlying asset (commodity, security, currency, or index). Futures and Options (F&O) are common types of derivatives (refer to the box).  Need for Strengthening Index Derivatives Framework Excessive speculative trading: ₹50,000–₹60,000 crore of household savings lost through derivatives trading. Increased retail participation in equity derivatives: Index options rose from 2% of individual trades in FY 2018 to 41% in FY 2024. Objective Derivatives market assist in better price discovery, help improve market liquidity and allow investors to manage their risks better. However, bursts of speculative hyperactivity in derivative markets, particularly by individual players, can detract from sustained capital formation by endangering both investor protection and market stability. Given the changing market dynamics in equity derivatives segment in recent years with increased retail participation, offering of short tenure index options contracts and heightened speculative trading volumes in index derivatives on expiry date, this consultation paper seeks to introduce measures to enhance investor protection and promote market stability in derivative markets, while ensuring sustained capital formation. Key Changes Proposed Increase in Minimum Contract Value from current current size is ₹5 lakh to ₹10 lakh to ₹15 lakh to ₹20 lakh which could increase to up to ₹30 lakh after six months.  Limiting Strike Prices to 50 strikes for an index derivatives contract at launch to prevent scattering of trading activity and liquidity. The strike price is the pre-determined price at which the buyer and seller of an option agree on a contract or exercise a valid and unexpired option. Members to collect option premiums upfront from clients. FAQs What is the purpose of SEBI’s consultation paper on index derivatives? SEBI’s consultation paper aims to gather feedback on proposed measures to enhance the framework for index derivatives. The goal is to improve market efficiency, transparency, and investor protection in the trading and management of index derivatives. What are index derivatives? Index derivatives are financial instruments, such as futures and options, that derive their value from an underlying stock market index. They allow investors to hedge against or speculate on movements in the index without directly buying the constituent stocks. What are some key measures proposed in the consultation paper? Key measures include improving liquidity in index derivatives, enhancing risk management practices, increasing transparency in trading, and ensuring more robust settlement processes. Specific proposals may also address margin requirements and position limits.

A dividend equalization fund is a mutual fund that invests in stocks that pay regular dividends. This type of fund aims to provide investors with a consistent stream of income by investing in companies that have a history of paying dividends. The fund manager seeks to maintain a steady dividend payout to investors, regardless of fluctuations in the dividend payments of the individual companies in the fund’s portfolio. What Is an Equalizing Dividend? Equalizing dividends are one-time payments made to eligible shareholders when a company changes its dividend schedule. They are meant to compensate investors for any lost income from the missed dividend payments that would have been received using the previous payment schedule. How Equalizing Dividends Work Equalizing dividends are certain agreements for funds made to ensure that the level of income attributable to each share is not affected during a distribution or accumulation period.  Adjustments to the dividend schedule are usually made by executives at the company or the board of directors. Firms may want to move the payment of dividends back or forward by a few weeks or months to accommodate extenuating circumstances that could arise, such as a shortage of cash on hand due to unforeseen events. In such cases, the firm may compensate shareholders with an equalizing dividend payment to offset the effect of the new schedule. Equalizing dividends are paid to shareholders to adjust for any dividend income thus lost from the change. By and large, equalizing dividends take place mainly in the United Kingdom and parts of Europe rather than in the United States. For background, funds pay out income on or after the ex-dividend date, at which point income is removed from the fund’s net asset value (NAV) and paid to shareholders on a per-share basis. Investors who buy shares in the fund after the last ex-dividend date usually have not held the stock for a full income-generating period. This means newly purchased shares will be grouped separately from those acquired earlier. They are still entitled to the same payment per share as any other owner of the fund, but part of the payment is treated as a return of capital, otherwise known as an equalizing dividend or payment. It makes the per-share amount paid to both groups whole. When that occurs both groups will be treated equally for future dividend payments. FAQs What is a Dividend Equalisation Fund? A Dividend Equalisation Fund is a reserve fund set up by a company to maintain consistent dividend payouts to its shareholders, even during periods of fluctuating profits. This helps provide a stable income stream for investors. Why do companies create Dividend Equalisation Funds? Companies create these funds to ensure they can meet their dividend commitments to shareholders, even in years when profits are lower than expected. It helps maintain investor confidence and can make the company’s shares more attractive.

The Reserve Bank of India (RBI) has introduced a separate channel, namely ‘Fully Accessible Route’ (FAR), to enable non-residents to invest in specified government bonds with effect from April 1. Fully Accessible Route (FAR) The move follows the Union Budget announcement that certain specified categories of government bonds would be opened fully for non-resident investors without any restrictions. Under FAR, eligible investors can invest in specified government securities without being subject to any investment ceilings. This scheme shall operate along with the two existing routes, viz., the Medium Term Framework (MTF) and the Voluntary Retention Route (VRR). Key Points ‘Specified securities’ shall mean Government Securities as periodically notified by the Reserve Bank for investment under the FAR route. The RBI has said that all new issuances of Government securities (G-secs) of 5-year, 10-year, and 30-year tenors will be eligible for investment as specified securities. Non Resident investors can invest in specified government securities without being subject to any investment ceilings. This scheme shall operate along with the two existing routes: The Medium Term Framework (MTF) for Foreign Portfolio Investment (FPI) in Central Government Securities (G-secs) and State Government Securities (SDLs) was introduced in October 2015. FPI consists of securities and other financial assets passively held by foreign investors. The Voluntary Retention Route (VRR) encourages Foreign Portfolio Investors to undertake long-term investments in Indian debt markets. Circular No. RBI/2023-24/81 FMRD.FMID.No. 04/14.01.006/2023-24, Earlier, the RBI vide. Circular Dated 30.03.2020 notified Fully Accessible Route (FAR), through which certain specified categories of Central Government securities were opened fully for non-resident investors without any restrictions, apart from being available to domestic investors as well. The RBI has now decided to also designate all Sovereign Green Bonds issued by the Government in the fiscal year 2023-24 as ‘specified securities’ under the FAR Earlier, vide circular dated 30.03.2020, the RBI has notified that all new issuances of Government securities of 5-year, 10-year and 30-year tenors from the financial year 2020-21 to be eligible for investment under the FAR as ‘specified securities’. Later, through circular dated 07.07.2022 and circular dated 23.01.2023, Government securities of 7-year & 14-year tenors and Sovereign Green Bonds were included as ‘specified securities’ under the FAR. Benefits of the Scheme This will ease the access of non-residents to Indian government securities markets. This would facilitate inclusion in global bond indices. Being part of the global bond indices would help Indian G-secs attract large funds from major global investors, including pension funds. This would also facilitate inflow of stable foreign investment in government bonds. FAQs What are Fully Accessible Route (FAR) bonds? Fully Accessible Route (FAR) bonds are government securities that are open to both domestic and foreign investors. They are designed to make the Indian government bond market more accessible and attractive to international investors by providing a clear and straightforward investment route. Why were FAR bonds introduced? FAR bonds were introduced to increase foreign investment in Indian government securities, enhance market liquidity, and integrate India more deeply into the global financial system. This initiative also aims to provide additional funding sources for the government’s borrowing needs.

It is a committee of the United Nations Educational, Scientific, and Cultural Organization. The Committee is responsible for the implementation of the World Heritage Convention, defines the use of the World Heritage Fund, and allocates financial assistance upon requests from States Parties. It has the final say on whether a property is inscribed on the World Heritage List.  It examines reports on the state of conservation of inscribed properties and asks States Parties to take action when properties are not being properly managed. It also decides on the inscription or deletion of properties on the List of World Heritage in Danger. Structure: It consists of representatives from 21 of the States Parties to the Convention elected by their General Assembly. A Committee member’s term of office is six years, but most state parties choose voluntarily to be members of the committee for only four years in order to give other states parties an opportunity to be on the committee. Bureau of the World Heritage Committee: The Bureau consists of seven states parties elected annually by the Committee: a Chairperson, five Vice-Chairpersons, and a Rapporteur. The Bureau of the Committee coordinates the work of the Committee and fixes the dates, hours, and order of business of meetings.  World Heritage Committee The World Heritage Committee meets once a year, and consists of representatives from 21 of the States Parties to the Convention elected by their General Assembly. • The Committee is responsible for the implementation of the World Heritage Convention, defines the use of the World Heritage Fund and allocates financial assistance upon requests from States parties. • It has the final say on whether a property is inscribed on the World Heritage List.  • It examines reports on the state of conservation of inscribed properties and asks States Parties to take action when properties are not being properly managed.  • It also decides on the inscription or deletion of properties on the List of World Heritage in Danger. World Heritage Committee members The current composition of the World Heritage Committee is: Argentina, Belgium, Bulgaria, Egypt, Ethiopia, Greece, India, Italy, Japan, Mali, Mexico, Nigeria, Oman, Qatar, Russian Federation, Rwanda, Saint Vincent and the Grenadines, Saudi Arabia, South Africa, Thailand, Zambia. What is a World Heritage Site? • The United Nations Educational, Scientific and Cultural Organisation (UNESCO) seeks to encourage the identification, protection and preservation of cultural and natural heritage around the world considered to be of outstanding value to humanity.  • This is embodied in an international treaty called the ‘Convention Concerning the Protection of the World Cultural and Natural Heritage’, adopted by UNESCO in 1972. • A World Heritage Site is a place having a special cultural or physical significance and outstanding universal value to humanity. It may be a building, a city, a complex, a desert, a forest, an island, a lake, a monument or a mountain. • Sites recognised as being of Outstanding Universal Value are inscribed each year on the World Heritage List. World Heritage Sites in India • The number of UNESCO World Heritage Sites in India grew to 42 with the ‘Sacred Ensembles of the Hoysala’ finding a place in the coveted list in September 2023. • These sites include 34 in the cultural category, seven in the natural category and one mixed property. • They include Red Fort, Humayun Tomb and Qutub Minar in Delhi; Taj Mahal in Agra; ancient Nalanda university ruins and the Mahabodhi Temple in Bihar; and Santiniketan in West Bengal. • Currently, India has the sixth largest number of (UNESCO) sites in the world. The countries that have 42 or more world heritage sites are Italy, Spain, Germany, China and France. 46th session of the World Heritage Committee (WHC) In July 2024, India hosted the 46th session of the World Heritage Committee (WHC) in New Delhi. This event was a key moment in India’s efforts to protect its heritage. During the event, Prime Minister Narendra Modi announced a $1 million grant to support UNESCO’s global conservation efforts. India’s Commitment to Heritage Conservation India has been a strong supporter of the World Heritage Convention. It has actively participated in the WHC, serving four terms since 1977. India also works with other countries to build skills and provide technical help for heritage conservation. In the past decade, India has successfully added 13 cultural and natural sites to the World Heritage list. This makes India the sixth country globally in terms of World Heritage Sites, with a total of 43 sites. During the recent WHC session, the Moidams from Assam were recognized as India’s 43rd World Heritage Site. Highlights from the 46th WHC Meeting At the session, 24 new World Heritage Sites were added worldwide, including 19 cultural, 4 natural, and 1 mixed property. India also signed a Cultural Property Agreement with the USA to fight the illegal trade in cultural artifacts. Several heritage conservation projects were discussed at the event, including the Kashi Vishwanath Corridor and new initiatives at Nalanda University. India also partnered with international organizations like ICCROM to improve skills related to heritage preservation. A major exhibition at the WHC showcased 25 repatriated historical objects, demonstrating India’s dedication to preserving and promoting its cultural heritage. About World Heritage Sites Number and Distribution: There are over 1,100 World Heritage Sites recognized for their cultural or natural significance, spanning 167 countries, with Italy having the most sites at 58. Notable Facts: The first site listed in 1978 was the Galápagos Islands, and the Great Wall of China is the longest structure on the list. Sites can be added or removed, like Dresden, which was removed in 2009 due to development. Cultural Focus and Purpose: About 80% of the sites are Cultural Heritage Sites. The designation of these sites aims to promote conservation and raise awareness of their importance. FAQs What is the World Heritage Committee (WHC)? The World Heritage Committee is a group of representatives from 21 countries elected by the General Assembly of States Parties to the World Heritage Convention. It is responsible for the implementation of the World Heritage Convention, deciding which sites to inscribe on the World Heritage List, and

PAN unlinked with Aadhaar could get deactivated. This will result in higher taxation, penalties, and problems for the persons in financial transactions. The article presents advantages to the government and people through this linking exercise, sets out a step-by-step procedure for linking Aadhaar with PAN before the deadline of June 30, 2023, What is the Meaning of PAN Aadhaar Link? According to the mandate of the Indian government, every resident shall link Aadhaar with PAN, except NRIs, non-citizens, those above the age of 80 years, and residents of the exempted areas. This is basically a policy move aimed at helping avoid tax evasion by giving each taxpayer a unique identity. Non-linking of PAN and Aadhaar can impact financial transactions related to daily life and may impact access to governmental facilities. PAN is the unique tax identity number issued by the Income Tax Department to individual taxpayers and becomes necessary for filing income tax returns as well as a whole lot of other activities like opening bank accounts, making real estate investments, purchasing jewelry, applying for loans, or creating Demat accounts. The UIDAI brought forth the Aadhaar card that would give every Indian a unique identification number. It identifies persons through their biometric data and hence is more secure. Circular on PAN-Aadhaar Linking Section 139AA This section mandates that linking of PAN with Aadhar is mandatory for all taxpayers to provide the Aadhar card details when filing their income tax returns. The IT department issued a circular that it is mandatory for all PAN-holders (except those who fall under the exempt category) to link their PAN-Aadhaar within 30th June 2023. Initially, the IT department mandated to link PAN-Aadhaar by 31st March 2022 and then extended it to 30th June 2022. However, people who linked their PAN-Aadhaar between 1st July 2022 to 30th June 2022 had to pay a fine of Rs.500. Subsequently, the IT department extended the last date to link PAN-Aadhaar to 30th June 2023. PAN holders who link PAN-Aadhaar between 1st July 2022 to 30th June 2023 must pay a penalty of Rs.1,000. PAN card will become inoperative from 01st July 2023 if PAN holders do not link it with their Aadhaar card. The IT department has mandated linking PAN-Aadhaar to regulate and curb tax evasion. Importance of linking PAN with Aadhaar card The PAN card of a person will become inoperative when it is not linked to an Aadhaar card. PAN-Aadhaar linking is required when filing the Income Tax Return (ITR). The IT department may reject the ITR when PAN and Aadhaar are not linked. PAN and Aadhaar cards are required to be submitted to get government services, such as applying for a passport, obtaining subsidies and opening a bank account. Thus, it is difficult to access government services when PAN and Aadhaar cards are not linked. When the PAN-Aadhaar is not linked, getting a new PAN card may be difficult if the old one is damaged or lost since it is mandatory to mention the Aadhaar card number while applying for a new PAN card. Consequence of Not Linking PAN with Aadhaar PAN Card stops functioning A person’s PAN will stop working if they fail to connect it to Aadhaar by the deadline. It won’t be feasible to provide, disclose, or quote the PAN number anyplace once it stops working. This might also lead to: Applying a higher tax rate on income taxes Increased TDS gathering  Inability to complete income tax forms, which may result in additional interest charges, fines, and legal ramifications if information about earned income is withheld. Penalties for failing to quote PAN in certain banking transactions   Interchangeability of PAN and AADHAAR is prohibited   The Income-tax Act says that Aadhaar and PAN can be used instead of each other if they are linked. This means that you can use either PAN or Aadhaar, based on the situation. But these numbers can’t be used in place of each other if they’re not linked. Furthermore, no one would be able to cite Aadhaar instead of PAN or vice versa since PAN will become inoperative in the event of non-linking to Aadhaar. PAN Aadhaar Link: Section 234H Penalties   In the event that an individual doesn’t connect their PAN and Aadhaar by the deadline, they might be given a punishment of ₹1,000 for failing to connect their PAN and Aadhaar. Non-filing of pay returns would bring about a punishment of ₹ 10,000.   Formerly, there was a Rs. 500 fee to connect PAN to Aadhaar. As of right now, taxpayers must connect their PAN to Aadhaar by June 30, 2023, or face a ₹ 1,000 late fee. As a result, before registering for the PAN-Aadhaar link on the Income Tax website, they must pay the penalty. To pay the fine, they must, however, make sure they have a working PAN, Aadhaar, and cellphone number. How to activate inoperative PAN card and link with Aadhaar card? Step 1: Visit the Income Tax e-Filing Portal. Step 2: Click the ‘e-Pay Tax’ option under the ‘Quick Links’ heading. Step 3: Enter the ‘PAN’ number under ‘PAN/TAN’ and ‘Confirm PAN/TAN’ column, enter mobile number and click the ‘Continue’ button. Step 4: After OTP verification, it will be redirected to e-Pay Tax page. Click the ‘Continue’ button. Step 5:  Click the ‘Proceed’ button under the ‘Income Tax’ tab. Step 6: Select Assessment Year as ‘2024-25’ and ‘Type of Payment (Minor Head)’ as ‘Other Receipts (500)’ and select ‘Fee for delay in linking PAN with Aadhar’ and click the ‘Continue’ button. Step 7: The applicable amount will be pre-filled against ‘Others’ option. Click ‘Continue’ button and make the payment. FAQs If I miss the deadline, can I still connect my PAN to my Aadhaar? It is still possible to connect your PAN and Aadhaar even if the June 30, 2023 deadline passes. However, if you miss the deadline, your PAN card will stop working. It must be connected to the Aadhaar number before it can be turned on. If PAN-Aadhaar is linked after the deadline, there is a ₹1,000 fine. How long is the validity