PIB Summary- 12th August, 2023 | Current Affairs & Hindu Analysis: Daily, Weekly & Monthly - UPSC PDF Download

Geographical Indication Tag

Context
Recently, Mushkbudji Rice received the Geographical Indication (GI) tag.

Mushkbudji Rice

• Distinctive Variety: Mushkbudji Rice is a type of short bold aromatic rice cultivated in the higher elevations of the Kashmir valley.
• Flavorful Characteristics: When cooked, this rice exhibits a unique combination of taste, aroma, and rich organoleptic qualities, making it stand out from other rice varieties.
• Growing Regions: It is primarily cultivated in specific areas within the Kashmir valley, particularly in places like Sagam, Panzgam, and Soaf Shali of the Anantnag district, as well as the Beerwah belt of the Budgam district.
• Traditional Significance: Traditionally, the consumption of aromatic rice like Mushkbudji has been reserved for special occasions, celebrations, marriages, and festivals in the Kashmir region.

Geographical Indications (GI) Tag

• Geographical Indications of Goods indicate the country or place of origin of a product.
• They assure consumers of the product’s quality and distinctiveness derived from its specific geographical locality.
• GI tags are an essential component of intellectual property rights (IPRs) and are protected under international agreements like the Paris Convention and TRIPS.

Administration and Registration:

• Geographical Indications registration in India is governed by the Geographical Indications of Goods (Registration and Protection) Act, 1999.
• The registration and protection are administered by the Geographical Indication Registry under the Department of Industry Promotion and Internal Trade (DIPIT), Ministry of Commerce and Industry.
• The registration is valid for 10 years, and it can be renewed for further periods of 10 years each.

Significance and Examples:

• GI tags provide a unique identity and reputation to products based on their geographical origin.
• The first product in India to receive a GI tag was Darjeeling tea.
• Karnataka has the highest number of GI tags with 47 registered products, followed by Tamil Nadu with 39.

Ownership and Proprietorship:

• Any association, organization, or authority established by law can be a registered proprietor of a GI tag.
• The registered proprietor’s name is entered in the Register of Geographical Indication for the applied product.

Protection and Enforcement:

• Geographical Indications protect the interests of producers and prevent unauthorized use of the product’s name or origin.
• Enforcement of GI rights helps maintain the quality and reputation of the products associated with their specific geographical regions.

Location of the Geographical Indications Registry:

• The Geographical Indications Registry is located in Chennai, India.

Investor Education and Protection Fund Authority

Context
Recently, in a step towards financial literacy, Investor Education and Protection Fund Authority (IEPFA) launched two Investor Awareness Vans titled “Niveshak Sarathi as part of the Azadi ka Amrit Mahotsav celebrations.

Investor Education and Protection Fund Authority (IEPFA)

• Establishment and Mandate: The Investor Education and Protection Fund Authority (IEPFA) was established in 2016 as per the provisions of the Companies Act, 2013. It operates under the Ministry of Corporate Affairs and is responsible for the administration of the Investor Education Protection Fund (IEPF).
• Responsibilities: The primary functions of IEPFA include the administration of the Investor Education Protection Fund, facilitating refunds of unclaimed dividends, shares, matured deposits, and debentures to investors, and promoting awareness among investors about their rights and responsibilities.

Key Facts about Investor Education Protection Fund (IEPF)

• Legal Framework: The IEPF was established under Section 205C of the Companies Act, 1956, through the Companies (Amendment) Act, 1999.
• Unclaimed Amounts: The IEPF is credited with amounts that remain unpaid and unclaimed for a period of seven years from their due date for payment. These include:
  • Unpaid dividends in the accounts of companies
  • Application money received by companies for securities allotment that is due for refund
  • Matured deposits held by companies
  • Matured debentures with companies
  • Grants and donations provided by the Central Government, State Governments, companies, or other institutions for the purposes of the Fund.
• Utilization: The Fund is utilized to promote investor education and awareness, and to refund eligible claims of investors related to unclaimed amounts.
• Investment Income: The Fund generates interest or other income through investments made from the accumulated amounts.