Download - Current Affairs Today : April 20162 Current Affairs Today : April 2016 Introduction Current Affairs is the backbone of the IAS Exam Preparation and all the other things flows or related

1 Current Affairs Today : April 2016


Introduction

Current Affairs is the backbone of the IAS Exam Preparation and all the other things flows or related to it in one or the other way. Also it is a fact now that there are lots of current affairs books in the market which are actually leading the candidates away from the UPSC IAS Exam Questions Trend.

The decline in the final marks of the selected candidates in the Merit list suggest that the approach of the current affairs study material prevailing in the market is not qualified enough to address the needs of the UPSC Exam at any level.

UPSC takes the litmus test of candidates at each and every level of exam but in actual it is the test of the study material which they chose to study during their IAS Exam Preparation.

Current Affairs plays the most influential and important role in the changed pattern of IAS Examination. The importance of Current Affairs is increased in many folds in the new pattern of IAS Examination. Current Affairs is now paying the pivotal role in the IAS Exam Preparation.

We are happy to launch this Current Affairs Today for IAS Exam monthly magazine which will plug in the Gap emerging due to the lack of good study material for the IAS Exams.

The approach of this Current Affairs monthly magazine is to cover the analysis part of the current affairs topic in details. Analysis of the current Affairs is the most important part if the civil services exam preparation and it helps in the IAS Prelims As well as in the IAS Main Examination as a whole including the IAS interview.

This is the inaugural issue of the Current Affairs Today for IAS Exam monthly magazine and we have tried to cover all the important current affairs topics and in addition to it we have covered Government Schemes and some important issues which are not in the news in the recent times but have their relevance for the IAS Exam.

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Contents

INTRODUCTION...................................................................................................................................... 2

NATIONAL ................................................................................................................................................ 5 Relevance of Gandhi ................................................................................................................................................. 5 Understanding Real Estate Bill ................................................................................................................................ 11 Convention on Supplementary Compensation For Nuclear Damage ..................................................................... 14 Drug Policy in India ................................................................................................................................................. 17 INDIGO Initiative ..................................................................................................................................................... 22 Land Reforms in India ............................................................................................................................................. 26 EPF Tax Issue ........................................................................................................................................................... 30 Growing Religious Intolerance and Indian Society ................................................................................................. 36 LABOUR REFORMS .................................................................................................................................................. 38

INTERNATIONAL.................................................................................................................................. 49 India-Iran Relation .................................................................................................................................................. 49 Nuclear Security Summit ........................................................................................................................................ 51 New Silk Route ........................................................................................................................................................ 54 One Belt - One Road (OBOR)................................................................................................................................... 57 Trans-Pacific Partnership (TPP) and INDIA .............................................................................................................. 60 Supporting Syria and the Region Conference 2016 ................................................................................................ 66

ECONOMY ............................................................................................................................................... 72 Indradhanush Scheme for Revamping the Banking Sector ..................................................................................... 72 Non-Performing Assets ........................................................................................................................................... 76 Fourth Industrial Revolution: Impact and Implication ............................................................................................ 79 SETU BHARATAM PROJECT ..................................................................................................................................... 84 Green Budgeting in India ........................................................................................................................................ 87 Budget Process in India ........................................................................................................................................... 90 FDI in e-Commerce: Good or Bad ........................................................................................................................... 94 Insolvency and Bankruptcy Code ............................................................................................................................ 97 Food Processing in India ....................................................................................................................................... 102

ENVIRONMENT- ECOLOGY ............................................................................................................. 116 Climate Change and Food Security ....................................................................................................................... 116 Major Threats to Himalayan Biodiversity ............................................................................................................. 117 Green Climate Fund .............................................................................................................................................. 120 Water Security in India ......................................................................................................................................... 122

SOCIAL ISSUES ................................................................................................................................... 125 Gram Uday Se Bharat Uday Abhiyan .................................................................................................................... 125 Religious Liberty and Women Rights .................................................................................................................... 126 Minority Institutions in India ................................................................................................................................ 130 Uniform Civil Code ................................................................................................................................................ 133


GOVERNMENT SCHEMES ................................................................................................................ 136 Pradhan Mantri Fasal Bima Yojana ....................................................................................................................... 136 Pradhan Mantri Krishi Sinchai Yojana ................................................................................................................... 142 PRADHAN MANTRI MUDRA YOJANA .................................................................................................................... 146 Direct Benefit Transfer .......................................................................................................................................... 151

IMPORTANT ISSUES ......................................................................................................................... 155 Failure of constitutional machinery in State ......................................................................................................... 155 Cooperative Federalism ........................................................................................................................................ 158 VIENNA CONVENTION and Local Laws.................................................................................................................. 162


National

Relevance of Gandhi

Relevance of Topic:

Essay Topic

General Studies I:

1. Modern Indian history from about the middle of the eighteenth century until the present- significant events, personalities, issues

2. The Freedom Struggle - its various stages and important contributors /contributions from different parts of the country

General Studies IV:

1. Human Values - lessons from the lives and teachings of great leaders, reformers and administrators.

2. Contributions of moral thinkers and philosophers from India and world

Practice Question for Students:

1. Discuss the impact of Gandhian Philosophy on Indian political, social and economic fabric beyond the scope of Freedom Struggle.

2. In this age of extremist organizations such as ISIS, Boko Haram etc. are Gandhi Ji’s teachings of Satyagrah and Non-Violence still relevant? Analyze.

3. These days Gandhian Philosophy and teachings have become limited to Political speeches, rhetoric and books. Rarely are they applied in real life. Critically analyze citing relevant examples from present day India.

"I will give you a talisman. Whenever you are in doubt, or when the self becomes too much with you, apply the following test. Recall the face of the poorest and the weakest man [woman] whom you may have seen, and ask yourself, if the step you contemplate is going to be of any use to him [her]. Will he [she] gain anything by it? Will it restore him [her] to a control over his [her] own life and destiny? In other words, will it lead to swaraj [freedom] for the hungry and spiritually starving millions?

Then you will find your doubts and yourself melt away."


Introduction

The well known fact that Gandhiji gave India its freedom appear to be only the tip of iceberg, if we take account his invaluable contribution to humanism. He gave the world a new thought on nonviolence and sustainable living. His teachings and experiments are more appropriate in today's time than ever before, especially when we are trying to find solutions to worldwide greed, corruption, violence and runaway consumptive lifestyle which are putting a very heavy burden on the world’s resources.

This famous quote of Gandhiji, i.e. “The world has enough for everyone's need, but not enough for everyone's greed”, very well substantiates the situation.

India since ages has time and again given to the world a new thought, new culture, new opinion, new civilization and new morality. Buddhism, Jainism, Vedanta, Yoga, Mimansa, Sikhism etc are part of the great spiritual thought produced by India at times. Gandhiji’s message of nonviolence and sustainable living is a continuation of that long tradition.

Today's debate of intolerance, sustainable development, footprints, libertarianism, sectarian violence, urbanization etc. can very well be laid to utopian rest by following gandhiji's life messages. His insistence on "simple living high thinking", inclusive growth, humanism, compassion, decentralization, non-violence, Satyagrah etc. can very well be efficient tool to tackle today's societal and political menace of this world.

Gandhi’s Basic Philosophy

Gandhi ji’s basic philosophy, also known as Gandhism, is a set of ideas, principle and opinion that describes the inspirations, vision and life work of Mahatma Gandhi. His philosophy is emanated not by copying the words of his message, but by observing the paths and virtues he followed during his lifetime. A person should be known by his deeds and actions and should always keep on applying and experimentation with his belief straight through his action. Loud words, messages, thoughts and preaches should fall back by being subordinate to the actions. These will help in real inculcation and integration of morality with behaviors.

The twin cardinal principles of Gandhi's thought are truth and nonviolence. For Gandhi, truth is the relative truth of truthfulness in word and deed, and the absolute truth - the Ultimate Reality. This ultimate truth is God and morality. nonviolence, far from meaning mere peacefulness or the absence of overt violence, is understood by Gandhi to denote active love in every sense.

Gandhian philosophy can be considered a double-edged weapon. Its objective is to transform the individual and society simultaneously, in accordance with the principles of truth and nonviolence. The historic task before humankind is to progress towards the creation of a nonviolent political, economic and social order by nonviolent struggle. The social goal was described by Gandhi as Sarvodaya.


As the foundation of the Gandhian or nonviolent social order is religious or spiritual, economic and political questions are seen from the moral or humanistic perspective. The welfare of human beings, not of systems or institutions, is the ultimate consideration. Gandhian philosophy therefore, relies more on following ideals:

Satyagrah

It means holding firmly to truth is the exercise of the purest spiritual force of truth or the force of truth against all injustice, oppression, exploitation, atrocities and sufferings. The active non-violence resistance makes an immediate appeal to heart. It warns the opposition not to endanger to overcome him by the over flooding power of innocence. Satyagrah cannot be resorted to personal gain. It is the love process and the appeal is to heart rather than to sense of fear of wrongdoer.

Non-violence

According to Mahatma Gandhi, non-violence or 'Ahimsa' means infinite love and this in turn means infinite capacity to bear the sufferings. Mahatma Gandhi considered truth and non-violence as absolute binding. It is the duty of Satyagrahi to make endless endeavors for the realisation of truth through non-violence. The idea of 'Ahimsa' should not be lowered as a concession to one's weakness. 'Ahimsa' is the strongest force known and which can be used even against the most powerful might of this planet.

Concept of God

The fundamental basis of Gandhism is the conception of God, who is self-existent all knowing living force, which inherits every other force known to the world. He believed in a god, who is kind and responsive to the prayers of devotee. He equated god with truth, which can be realised by spiritual expression, pure and disciplined life and by persistent endeavors to synchronise the norms of 'Ahimsa' in one's action or motivation.

Means & Relationship

It was Mahatma Gandhi, who made us realise that 'means' are equally vital as compared to 'ends'. For him, if independence is achieved through violence and killing Britishers, then there is no sanctity to become independent. The whole process of Satyagrah was based on the purity of means. He always said that the end of every human endeavor should be absolute truth, I.e. god. We do not know, what absolute truth is, but purity and truthfulness in us will take us closer to that absolute truth.

Gandhiji's basic philosophy can also be revealed objectively by depicting the seven sins which destroy us:

1. Wealth without Work

2. Pleasure without Conscience


3. Knowledge without Character

4. Commerce without Morality

5. Science without humanity

6. Religion without Sacrifice

7. Politics without principles.

Gandhism and Intolerance

Tolerance has been the backbone of Gandhian philosophy and therefore it becomes the most vital tool of Gandhi ji in his Satyagrah, non-violence, humanism etc. In fact, tolerance has been the theme of Indian culture asserting the idea of "accommodation with assimilation". Gandhi ji, being the staunch supporter of tolerance appealed the masses to accommodate diversities, heterogeneous religious faith, worked to eradicate inequalities, advocated for liberal thoughts and pitched even for ideas even to his self conscience. Secularism, eradication of untouchability, women empowerment etc stand the testimony to high level of tolerance exhibited by Gandhiji's life. Today's controversial aspects like "Freedom of Speech & Expression", adherence to religious freedom and pseudo patriotism can very well be rectified following the life message of Gandhi ji. He stood for all types of intolerance, atrocities and exploitation making one of the greatest examples for the future generation and therefore, can act as guiding light not only for the contemporary generation but for all the future generations to come.

Gandhi and Women empowerment

Gandhi ji strongly favored the emancipation of women and opposed Purdah, Child marriage, untouchability and the extreme oppression of Hindu widows including Sati. He was an ardent proponent of women's participation in all walks of life, be it campaigning or Satyagrah or Politics or Social service, Gandhi ji enthusiastically brought women in forefront. Following the footsteps of great social leaders like Raja Ram Mohan Roy, Ishwar Chandra Vidyasagar, Dayanand Saraswati, M G Ranade etc., Gandhi ji tirelessly worked to ameliorate gradually petering out social evils of India, emancipating women greatly and helping them close out the disparity gap with their male counterpart. Gandhi ji's success in listing women in his campaign gave many women a new self-confidence and dignity in mainstream Indian public life.

Gandhi and Rural Industrialisation

Gandhiji stood for safeguarding the integrity and foundation of villages. He accepted the concept of economic equality and always maintained that all people should be supplied with the necessities to satisfy their natural needs for the concrete realization of economic equality. To achieve all these more emphasis on village industries is vital in nature. He advocated for village based cottage industries, agro-based industries, sustaining villages in all its needs and


thereby making 'village republics'. He always opposed large scale industrialisation and mechanization and condemned western commercialisation and imperialism as disease.

Gandhi and International Non-Alignment

"Internationalism is possible only when nationalism becomes a fact" - M K Gandhi

Gandhi ji believed that It is impossible for one to be internationalist without being a nationalist. Internationalism can be realized only when nationalism becomes a fact, i.e., when people belonging to different nations have organized themselves and are able to act as one unit. Gandhi ji always emphasized his role as the citizen of the world. He advocated for liberty and freedom of all nations and persistently urged imperialist powers to shed their immoral acts. The South African and Indian politics had been the laboratory in which he experimented with his formulas of truth and non-violence. His conception of the final victory of truth is in contrast to the conception of "survival of the fittest"

Gandhism a way forward

Gandhi ji was a saint and moral revolutionary, who believed that peaceful solution of our problems was not only possible, but was the only way to have a real solution. He had achieved a calmness of spirit and integration of personality, which are reserved for the blessed few. Gandhism is not merely a political creed, but it is a philosophy of life, a theme to enlighten, a force to emancipate downtrodden, a source to look for in times of moral crisis and gospel truth to attain real salvation.

His ideas of tolerance, secularism, non-violence, Satyagrah, Sarvodaya, decentralization and women empowerment are more valuable and appropriate now as compared to his times.

Gandhism is the way forward for the process of reconciliation to gain momentum and build sustainable peace and harmony.The world should get its act together and heal the wounds of the deprived through peace,non-violence and reconciliation.It is only then that we can make the dream of a peaceful world come true where deprivation is an extinct word and every human is treated equally.

Gandhism is imperative in today's perspective and can be realized through following messages by Gandhi ji:

1. "In reality, there are as many religions as there are individuals"

Truth is the highest realization of god, Even if one cant depict her truthness to the world, one should be honestly true to self. We all have demons inside us that induce fear and insecurities, making us go further away from the truth. The only way to survive is to overcome them. Everyone's god is separate and depends on self-truth.

2. "Overcome hatred by love, lie with truth and violence with patience"


'True life exist only where true love is. Rest can be considered as manipulation. It might seem impossible to love those who inflict you with pain all the time. In today's world there are more people we hate, than those we love. But as he says it, 'Overcome hatred by love'.

3. "Strength does not come with physical capacity, It comes from an indomitable will"

Only strong can use the weapon of non-violence. Agreed that not being pro-active in this competitive place is going to crush you in no time. However, Controlling the temper is panacea to be a good human. Don't seek to hurt anyone.

4. "First they ignore you, then they laugh at you, then they fight you, then you win"

'An eye for an eye makes the whole world blind'. Revenge can never be the prudent option. No matter how much pain a person can inflict on you, revenge will yield nothing, patience definitely will.

5. "Spiritual relation is far more precious than physical. Physical relationship divorced from spiritual is body without soul"

Observing abstinence does not mean to control your sexual desire, it truly means control of the senses, in thought, word and deed. It is not an evil to feel love and profess it. But refrain from adultery. Don't let love, the purest form of emotion, turn into anguish. With so many opportunities, it may be tempting to cheat. But refrain.

6. "It is health that is real wealth and not pieces of gold and silver"

Universality emanates from simplicity. Even when one attains the epitome of success, it is simplicity that will keep grounded. It doesn't mean letting go of all one's desires. But, it means seeking happiness in what one already has. Happiness is when one's thoughts, words and actions are in sync.

7. "The man of prayer will be at peace with himself and with the whole world."

God is atheist. Spirituality comes from inner self, not from the society or community. With so much evil today, it is natural to lose faith and turn to atheism. Even if one doesn't believe in customs and traditions, or a particular religion, it's alright. All one needs is faith in something bigger, vaster than oneself.

8. "Freedom is not worth having if it does not include the freedom to make mistakes"

Only strong can forgive. People generally do right than wrong to one. One will hold grudges no matter what one says. But, there is immense strength in forgiveness and moving forward.

9. "Live as if you were to die tomorrow. Learn as if you have to live forever"

Life gives much more than progress and development. Slow down. Look around. Don't rush or ne can miss the real essence of light


Understanding Real Estate Bill

Relevance of Topic:

General Studies II: Government policies and interventions for development in various sectors and issues arising out of their design and implementation.

General Studies III: Changes in industrial policy and their effects on industrial growth and Economy

Practice Question for Students:

1. How the enforcing of Real Estate (Regulation and Development) Bill-2013 would result into growth promotion and better accountability. Discuss

2. How the real estate buyers stand to gain by passing this bill? Explain major features of this bill.

3. Despite of having all the necessary measures to safeguard the buyers, the Real Estate (Regulation and Development) Bill-2013 do have some issues and challenges associated with it. Discuss

Introduction

India has largest population of middle class people. According to a research, a major chunk of their income is spent on Education, Housing and Health. The greed of having own house always drives people to earn more and save it. And this part of saving from the income plays vital role in India’s growth. The idea of this part of saving from the household is generally driven by the dream of having own house. But, Real estate sector is one of those sectors which were highly unregulated despite it being most in demand in the country. However, overall demand has seen an upward trend, delays in completion of projects have punctured retail home-buyers' confidence.

It also adversely impacted the sector's overall image. The additional cost on home buyers on account of prolonged bank interest has been adding to their existing pain. For years, home buyers have been the most exploited lot with flats and houses never delivered on time and people’s hard earned money going down the drain many times, cheated by the builders and many other problems. All that is now supposed to change.

What it’s all about?

In this backdrop, since the need for a regulatory authority has been felt since a long time in the real estate sector, the central government cleared the Real Estate (Regulation and Development) Bill which was originally brought in by the previous government in 2013. This bill has brought the amendments in the previous law which includes not only the residential properties for regulation but also the commercial one into the ambit of the regulator. This bill


has suggested the various measures which aim to protect the rights of buyers and real estate investors, which is expected to boost domestic and foreign investment in real estate sector.

The significant importance of this is that India has been facing huge housing shortage, whereas buyers are put off to a sky high real estate prices and corrupt practices by many developers. In this backdrop, country required a law which would not only bring the transparency in this sector with more investment and efficient cost that make affordable housing for all. It would be very essential for the success of government’s vision for the program ‘Housing for all’ by 2022 which was prominently presented in the budget by the government.

The Bill seeks to set up a regulatory mechanism which will supervise contracts between buyer and seller. Till date, the home buyers were taking anything from the builders under one sided contract terms, years of delayed project, cost increment, and abrupt change of plan etc. But the Real Estate (Regulation and Development) bill-2013 proposed to stop such malpractices by establishing of Real Estate Regulatory Authorities in all states, which would maintain the records of projects, its developers, agents and also a database for all violators. This information shall be made available to the house buyers. It would also have strict guidelines for developers to put up advertisement.

The Bill also has the provision for any project which is been launched, the promoter has to provide all the details like approvals, names of developer and promoter, roadmap of project, time frame for project completion on their website and register with the concern authority. The approvals must be taken before the project is being marketed. Two-third of customers must give their consent for any changes after project been sold off.

Developer must keep 70% of the amount in escrow account to be used in the same project. Contract violations complaints can be taken up with the regulatory authority and appellate tribunal and they will have powers to punish defaulters. Consumer courts as an option shall also be made available to the costumer. The fine could be 5-10% of project cost and also the cancellation of registration is possible with imprisonment. Buyers have the rights to get refunds and compensation in case of default. Quality can also be asked by buyers.

The Bill also covers real estate agents and commercial developments. To address promoter concerns of lengthy approval process causing delays, the Parliamentary panel is reported to have recommended single-window clearances by State governments.

HIGHLIGHTS OF BILL

1) All the projects must get the approval and the promoter has to provide all the details like approvals, names of developer and promoter, roadmap of project, time frame for project completion on their website and register with the concern authority.

2) The problem of builders diverting the funds collected from house buyers and use it for some other projects. And this is been tackled by asking the Developer to deposit 70% of the amount in escrow account to be used in the same project which shall be used for construction and land


for that project. It would ensure that major part is completed in given time period. Monitoring and ensuring timely completion will be under the aegis of state-level Real Estate Regulatory Authorities.

3) Strict guidelines for developers to put up advertisement come under the scanner as promoter can no longer put superficial designs or photos of a uncompleted project to attract buyers if the final project does not match the photographs. In a scenario where both doesn’t match, the builder has to return the payment with interest to buyers.

4) Home owners can verify the quality of the builders since the bill now makes it mandatory for developers to provide details of projects launched in the past five years, both completed or under -construction. These will also be available on the regulator's website.

ISSUES AND CHALLENGES

The approval of this bill makes it very clear that the real estate buyers stand to gain and shall be protected from any malpractices from developers in future. The required prior approval for starting the projects from the authority and after approval the monitoring powers with the authorities is a big relief for buyers. With all these strong features Real Estate (Regulation and Development) Bill-2013 is no sacrosanct. It too has some issues and challenges to deal with. Such as:

One may question Parliament’s jurisdiction to make laws related to real estate as “land” is in the State List of the Constitution. However, it may be argued that the primary aim of this Bill is to regulate contracts and transfer of property, both of which are in the Concurrent List.

Some states have enacted laws to regulate real estate projects. The Bill differs from these state laws on several grounds. It will override the provisions of these state laws in case of any inconsistencies.

The Bill mandates that 70% of the amount collected from buyers of a project be used only for construction of that project. In certain cases, the cost of construction could be less than 70% and the cost of land more than 30% of the total amount collected. This implies that part of the funds collected could remain unutilized, necessitating some financing from other sources. This could raise the project cost.

The Standing Committee examining the Bill has made several recommendations. These include: (a) the Bill should also regulate commercial real estate, (b) smaller projects should also be covered, and (c) all real estate agents must be required to register.

The real estate sector has some other issues such as a lengthy process for project approvals, lack of clear land titles, and prevalence of black money. Some of these fall under the State List.


However even with all these issues and challenges the bill strongly seeks to and promises to safeguard the interest of buyers and developers in better way. The establishment of regulatory authority will make all stakeholders accountable towards the buyer. But, it is necessary to see how efficiently the proposed regulators would be able to perform their duties and how quickly do they address house buyers' complaints and grievances. However, enlarging the scope of the regulator without adequate infrastructure and resources could be a risky proposition as it might burden the authority with voluminous cases.

State government’s efficiency to ensure transparent and effective implementation of the law at the lower level would also play a Vitol role in the overall success of this Bill. It would be too early to anticipate any such weaknesses of this bill at this level; it requires pro-active measures for a quick implementation of the Bill should be on the focus area of the government to ensure seamless execution later on.

Convention on Supplementary Compensation For Nuclear Damage

Relevance of Topic

General Studies Paper II:

1. Bilateral, regional and global groupings and agreements involving India and/or affecting India's interests.

2. Important International institutions, agencies and there structure, mandate

Practice Questions for Students

1. Convention of Supplementary Compensation does not fully address the liability of an international operator. Discuss

2. CSC like many other international conventions is heavily tilted in the favor of developed nations. Discuss

Introduction

The Convention on Supplementary Compensation (CSC) is an international nuclear liability regime governed by International Atomic Energy Agency (IAEA). The convention, which sets parameters on a nuclear operator’s financial liability, was signed on 12th September 1997. It has been framed in consistent with the principles of Vienna Convention on Civil Liability for Nuclear Damage (1963) and the Paris Convention on Third Party Liability in the Field of Nuclear Energy (1960). It desires to establish a worldwide liability regime to supplement and enhance these measures with a view to increasing the amount of compensation for nuclear damage. It also recognises further that such a worldwide liability regime would encourage regional and global co-operation to promote a higher level of nuclear safety in accordance with the principles of international partnership and solidarity. It provides a uniform framework for channelling liability and providing speedy compensation after the nuclear accident.


PROVISIONS

1. It defines the definitions of Vienna Convention, Paris Convention, Special Drawing Right, Nuclear Reactor, Installation State, Nuclear Damage, Measures of Reinstatement, Preventive measures, Nuclear Accident, Installed Nuclear Capacity, Law of the competent court and Reasonable measures

2. The purpose of this Convention is to supplement the system of compensation provided pursuant to national law.

3. The system of this Convention shall apply to nuclear damage for which an operator of a nuclear installation used for peaceful purposes situated in the territory of a Contracting Party is liable.

4. It seeks to establish a uniform global legal regime for compensation to victims in the unlikely event of a nuclear accident.

5. The Convention stipulates the establishment of an international fund to increase the monies available for compensation of victims.

6. Compensation in respect of nuclear damage per nuclear incident shall be ensured by the following means:

(i) The Installation State shall ensure the availability of 300 million SDRs [“Special Drawing Right”], the unit of account defined by the International Monetary Fund and used by it for its own operations and transactions] or a greater amount that it may have specified to the Depositary at any time prior to the nuclear incident, or a transitional amount

(ii) A Contracting Party may establish for the maximum of 10 years from the date of the opening for signature of this Convention, a transitional amount of at least 150 million SDRs in respect of a nuclear incident occurring within that period.

beyond the amount made available under sub-paragraph (a), the Contracting Parties shall make available public funds according to the formula specified

7. The Convention also allows compensation for civil damage occurring within a state's exclusive economic zone, including damage resulting from the loss of tourism or fishery-related income.

8. The Convention sets parameters on the financial liability of nuclear operators, stipulates time limits for possible legal action, requires that nuclear operators maintain insurance or other instruments of financial security, and provides for jurisdiction and applicable law in the event of a nuclear incident.

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