Competition Commission of India (CCI) Regulations, 2024 | Current Affairs | Vision IAS
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Posted 07 Mar 2024

Updated 25 Mar 2024

9 min read

Competition Commission of India (CCI) Regulations, 2024

  • CCI notified three regulations dealing with Global turnover, Commitment and Settlement under the Competition (Amendment) Act 2023.

 

  • Key highlights of new regulations
    • Penalties would now be levied based on ‘global turnover’.
      • Need for this arose from abuse of dominant position by enterprises.
    • Commitment and Settlement aim to resolve competition law concerns efficiently and without the need for a lengthy legal process.
      • Commitment refers to process where a company under investigation offers to change its business practices to address concerns raised.
      • Settlement typically involves a negotiated agreement for reduced fines.
  • Tags :
  • CCI
  • Global Turnover
  • Settlement

Blue Line

  • US envoy to Lebanon emphasised situation along the blue line has to change to guarantee peace and security.

 

  • About Blue line
    • Israel and Lebanon have no official border separating them, except the Blue Line.
    • It was set by the United Nations in 2000.  It is made of blue barrels and runs from the Mediterranean to the Golan Heights to the east.
    • Its purpose was to confirm the withdrawal of Israeli forces from the south of Lebanon.

 

  • Note: Blue Line is also a learning ecosystem created by the UN System Staff College. 

 

 

  • Tags :
  • Israel-Lebanon Border
  • Blue Line

Global Counter-Terrorism Forum (GCTF)

  • At 20th meet of US-India Counterterrorism Joint Working Group, US and India reaffirmed commitment to cooperation in GCTF for shared security interests within Indo-Pacific.

 

  • About GCTF
    • Launched in 2011, it is an informal, apolitical, multilateral counterterrorism platform.
    • Mission: To diminish terrorist recruitment and increase countries’ civilian capabilities for dealing with terrorist threats within their borders and regions.
    • Members: Currently it has 32 members, including India which is its founding members.
      • Currently, it is being co-chaired by Egypt and the European Union.

 

  • Tags :
  • Economy
  • GCTF
  • US-INDIA-GCTF

Pine (Pinus)

  • CSIR-Indian Institute of Petroleum has signed a MoU with Uttarakhand State Council for Science and Technology to deploy the technology of making fuel from Pine Needles (pointed leaves of a pine tree).
    • Technology involves, Briquetting, process of converting biomass residues into a fuel.
      • Briquetting uses compaction methods for densification of waste materials and converts them into fuel.

 

  • About Pine Tree
    • It is an evergreen conifer (they produce cones that encase reproduction seeds).
    • Native to northern temperate regions (Can be found throughout the world)
    • Shed their older needles in the fall.
  • Tags :
  • Pine (Pinus)
  • Briquetting

Benzene (C6H6)

  • It has been found that certain cosmetic product contain harmful chemicals like Benzene.

 

  • About Benzene
    • It is a colourless or light yellow liquid at room temperature.
    •  It has a sweet odor and is highly flammable.
    • It is a highly volatile compound and is a natural component of gasoline and tobacco smoke.
    • It is soluble in water, and thus can contaminate surface waters and soil.
    • Applications: Shoemaking, painting, printing and rubber manufacturing.
    • Health impacts include headache, tremors, including cancer and haematological effects.

 

  • Tags :
  • Benzene (C6H6)
  • COSMETICS AND BENZENE

INS Jatayu

  • Naval Detachment Minicoy has been commissioned in Indian Navy as INS Jatayu.
  • Minicoy is southernmost island of Lakshadweep.

 

  • About INS Jatayu
    • India's second naval base in Lakshadweep after INS Dweeprakshak in Kavaratti.
    • Significance: Facilitate Indian Navy’s operational effort towards Anti-Piracy and Anti-Narcotics Operations in Western Arabian Sea
      • It will also augment Indian Navy’s capability as the first responder in the India Ocean region and augment connectivity with the mainland.

 

  • Tags :
  • INS Jatayu
  • Anti-piracy
  • INS Dweeprakshak

Biosimilars

  • Recently, Sandoz Received FDA approval for first and only denosumab biosimilars. 
    • Denosumab can address primary and secondary bone loss, such as osteoporosis.

 

  • About Biosimilars: 
    • It is a medicine that is very close in structure and function to a biologic medicine (also called the reference product).
    • It has the same treatment risks and benefits as that of biologic medicine. 
    • Advantage: Increased access to lifesaving medications at potentially lower costs.

 

  • Biosimilars are more complex to manufacture than small-molecule generic medicine. 

 

  • Tags :
  • Biosimilars
  • Sandoz
  • Denosumab

Sangeet Natak Academy (SNA) Awards

  • President of India conferred SNA Fellowships and Awards for the years 2022 and 2023.

 

  • About SNA Awards
    • Akademi awards are being conferred since 1952.
    • Symbolizes highest achievement in music, dance and drama.
    • Awards in Hindustani and Carnatic music were instituted in 1951, even before SNA was set up and these were known as Presidential Awards.
    • Honour of Akademi Fellow carries purse money of ₹3 Lakh while Akademi Award carries purse money of ₹1 lakh, besides a Tamrapatra and Angavastram.

 

  • SNA, setup in 1953, is the apex body in the field of performing arts for the preservation and promotion India’s intangible cultural heritage.

 

  • Tags :
  • Sangeet Natak Academy
  • Akademi Award
  • SNA Awards

Personality In News

Govind Ballabh Pant (1887 – 1961)

  • Govind Ballabh Pant’s death anniversary has been commemorated on 7th March.
  • He was a freedom fighter and served as 1st Chief Minister of Uttar Pradesh. 

 

  • Key contributions
    • Participated in movements like Civil- disobedience, Quit India, etc. 
    • Represented Ramprasad Bismill, Ashfaqulla Khan and other revolutionaries involved in the Kakori case (1925). 
    • As a Union Home Minister, played key role in
      • Reorganisation of States along linguistic lines. 
      • Establishment of Hindi as an official language of the Union government and a few states. 

 

  • Awards: Bharat Ratna (1957).

 

  • Values: Compassion, leadership, etc. 

 

  • Tags :
  • Govind Ballabh Pant
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