WOR L D’S FI R ST BLOC K C HAI N BO ND
Why in News?
The World Bank has launched the world’s first public bond created and managed using only Cin order
to test how the technology might improve current bond sales practices.
More About News
• The project is called ‘BONDI’ (Blockchain Operated New Debt Instrument), which is also reference to the Bondi
Beach in Sydney.
• Commonwealth Bank of Australia (CBA) has been mandated by the World Bank to be the sole arranger of the bond.
• It is a Kangaroo bond (foreign bonds issued in Australia in local currency).
Benefits of Blockchain Bonds
• The launch of the blockchain bond is an initial step in moving bond sales away from manual processes towards
automation.
• Blockchain technology could help in cutting down bond settlement time “from T+2 days currently to T+2
minutes”.
• The technology has potential to deliver substantial cost savings as intermediary activities can be eventually reduced or removed.
• It also improves the reputation of crypto-technologies which are currently viewed suspiciously.
For more details on blockchain technology, kindly refer July 2018 current affairs
3.11. BI DDE R I NFOR MATI O N M AN AGE ME NT SY STE M (BI MS) AND BHOOMI R ASHI
Why in news?
The Ministry for Road Transport & Highways, Ministry for Shipping and Ministry for Water Resources, River Development and Ganga Rejuvenation had launched two IT initiatives – BIMS & Bhoomi Rashi – with aim to expedite pre-construction processes relating to bidding and land acquisition respectively.
30 ©Vision IAS
Bidder Information Management System (BIMS)
• The portal will work as a data base of information about bidders, covering basic details, civil works experience, cash accruals and network, annual turnover etc. BIMS will be used by all the project implementation agencies
of the Ministry.
• It is aimed at streamlining the process of pre- qualification of bidders for Engineering Procurement Construction Mode of contracts for National Highway works with enhanced transparency and objectivity.
• The bidders would be responsible for ensuring that their latest details are available on the BIMS portal.
• The portal will be operated in conjunction with the CPPP
portal for invitation of bids for civil works for EPC mode.
• It is estimated that BIMS portal will significantly reduce the procurement time for projects through an objective
Engineering, Procurement, Construction contract
(EPC)
• It is a prominent form of contracting agreement in the construction industry.
• The engineering and construction contractor will carry out the detailed engineering design of the project.
• Then they procure all the equipment and materials necessary.
• And, then construct to deliver a functioning facility or asset to their clients.
and transparent online evaluation system thereby leading to accelerated project implementation.
Bhoomi Rashi
• It is a portal that has been developed in collaboration with National Informatics Centre (NIC), comprising the entire revenue data of the country. The entire process flow, from submission of draft notification by the State Government to its approval by the Ministry is online.
• The portal had been created for expediting the process of publication of notifications.
• It has been integrated with Public Financial Management System (PFMS). With this payment of Compensation by the Ministry to the beneficiaries will be just-in-time, and without any parking of funds.
• PFMS is a web-based online software application developed and implemented by the Office of Controller General of Accounts (CGA). to facilitate sound public financial management system for Government of India (GoI).
• It provides various stakeholders with a real time, reliable and meaningful management information system and an effective decision support system, as part of the Digital India initiative of GoI.
• It would help in tracking and monitoring of flow of funds to the implementing agencies.
• It will act as one of the key functionalities to facilitate payment related to compensation for land acquisition to all the beneficiaries directly through the Bhoomi Rashi system.
3.12. WATE R AE R ODR OME
Why in news?
The Ministry of Civil Aviation has approved a proposal to set up water aerodromes in the country.
Details
• Water aerodrome is a defined area on water, including any buildings, installations and equipment, intended to be used either wholly or in part for the arrival, departure and movement of aircraft.
• The Airports Authority of India has identified 5 states i.e. Odisha, Gujarat, Assam, Maharashtra and Andhra Pradesh where water aerodromes would be developed.
• They are proposed to be developed near locations of tourist and religious importance.
• In its first phase, water aerodrome will be established at Chilika Lake in Odisha, Sardar Sarovar Dam and Sabarmati River Front in Gujarat.
• The Directorate General of Civil Aviation had earlier released licensing norms for the aerodromes, under which:
About Chilika Lake
• It is Asia's largest brackish water lagoon located in coastal Odisha.
• It is separated from the Bay of Bengal by a 60 km long narrow strip of marshy islands and sand- flats.
• Some of the prominent islands like Nalabana, Kalijal, Somolo, Honeymoon, Break-fast, Birds and Rajahansa inhabited by fishermen families, are popular tourist destinations.
• Because of its rich bio-diversity and socio- economic importance, Chilika was designated as a Ramsar site in 1981 to afford better protection
Kalijai Temple: It is located on an island in the Chilika Lake, where Goddess Kalijai is worshipped. The celebration of Makar Sankranti here attracts pilgrims as well as tourists.
o An aerodrome cannot be used for scheduled air transport services unless there is a license.
31 ©Vision IAS
o The formal application for setting up a water aerodrome has to be submitted at least 90 days before date of intended operations.
o An entity seeking to set up a water aerodrome has to take approvals from various authorities, including the ministries of Defence, Home, Environment and Forests, and Shipping.
o A water aerodrome license would be valid for two years.
• Benefits of such water aerodromes:
o Such aircraft are expected to take people across water faster and more safely than local boats.
o This would boost tourism and hence economic opportunities in the area.
o In later phases, government may also consider operations of seaplanes under regional connectivity scheme UDAN.
• However, despite the economic benefits the aerodrome is being opposed in Odisha due to its possible adverse impact on the biodiversity.
Reasons of resistance from Odisha
• Safety of birds and humans: For six months between October and March, Chilika lake turns into a temporary habitat for lakhs of migratory and residential birds. If an aircraft flies at low height, the birds can get hit. While the bird population will be in danger, safety of passengers of amphibious aircraft will also be jeopardized.
• Noise pollution: generated by thousands of motorized boats has already taken a toll on the endangered
Irrawaddy dolphins in the lake. The introduction of amphibious aircraft will further worsen the situation.
• Economic impact: There would be direct impact on fish and other marine biodiversity which would affect two lakh fishermen families in the region.
• Existing regulation: The movement of boats are restricted in many areas of Chilika, including the Nalabana bird sanctuary. In this light the operation of an aerodrome will be difficult to justify.
Why in News?
The World Bank has launched the world’s first public bond created and managed using only Cin order
to test how the technology might improve current bond sales practices.
More About News
• The project is called ‘BONDI’ (Blockchain Operated New Debt Instrument), which is also reference to the Bondi
Beach in Sydney.
• Commonwealth Bank of Australia (CBA) has been mandated by the World Bank to be the sole arranger of the bond.
• It is a Kangaroo bond (foreign bonds issued in Australia in local currency).
Benefits of Blockchain Bonds
• The launch of the blockchain bond is an initial step in moving bond sales away from manual processes towards
automation.
• Blockchain technology could help in cutting down bond settlement time “from T+2 days currently to T+2
minutes”.
• The technology has potential to deliver substantial cost savings as intermediary activities can be eventually reduced or removed.
• It also improves the reputation of crypto-technologies which are currently viewed suspiciously.
For more details on blockchain technology, kindly refer July 2018 current affairs
3.11. BI DDE R I NFOR MATI O N M AN AGE ME NT SY STE M (BI MS) AND BHOOMI R ASHI
Why in news?
The Ministry for Road Transport & Highways, Ministry for Shipping and Ministry for Water Resources, River Development and Ganga Rejuvenation had launched two IT initiatives – BIMS & Bhoomi Rashi – with aim to expedite pre-construction processes relating to bidding and land acquisition respectively.
30 ©Vision IAS
Bidder Information Management System (BIMS)
• The portal will work as a data base of information about bidders, covering basic details, civil works experience, cash accruals and network, annual turnover etc. BIMS will be used by all the project implementation agencies
of the Ministry.
• It is aimed at streamlining the process of pre- qualification of bidders for Engineering Procurement Construction Mode of contracts for National Highway works with enhanced transparency and objectivity.
• The bidders would be responsible for ensuring that their latest details are available on the BIMS portal.
• The portal will be operated in conjunction with the CPPP
portal for invitation of bids for civil works for EPC mode.
• It is estimated that BIMS portal will significantly reduce the procurement time for projects through an objective
Engineering, Procurement, Construction contract
(EPC)
• It is a prominent form of contracting agreement in the construction industry.
• The engineering and construction contractor will carry out the detailed engineering design of the project.
• Then they procure all the equipment and materials necessary.
• And, then construct to deliver a functioning facility or asset to their clients.
and transparent online evaluation system thereby leading to accelerated project implementation.
Bhoomi Rashi
• It is a portal that has been developed in collaboration with National Informatics Centre (NIC), comprising the entire revenue data of the country. The entire process flow, from submission of draft notification by the State Government to its approval by the Ministry is online.
• The portal had been created for expediting the process of publication of notifications.
• It has been integrated with Public Financial Management System (PFMS). With this payment of Compensation by the Ministry to the beneficiaries will be just-in-time, and without any parking of funds.
• PFMS is a web-based online software application developed and implemented by the Office of Controller General of Accounts (CGA). to facilitate sound public financial management system for Government of India (GoI).
• It provides various stakeholders with a real time, reliable and meaningful management information system and an effective decision support system, as part of the Digital India initiative of GoI.
• It would help in tracking and monitoring of flow of funds to the implementing agencies.
• It will act as one of the key functionalities to facilitate payment related to compensation for land acquisition to all the beneficiaries directly through the Bhoomi Rashi system.
3.12. WATE R AE R ODR OME
Why in news?
The Ministry of Civil Aviation has approved a proposal to set up water aerodromes in the country.
Details
• Water aerodrome is a defined area on water, including any buildings, installations and equipment, intended to be used either wholly or in part for the arrival, departure and movement of aircraft.
• The Airports Authority of India has identified 5 states i.e. Odisha, Gujarat, Assam, Maharashtra and Andhra Pradesh where water aerodromes would be developed.
• They are proposed to be developed near locations of tourist and religious importance.
• In its first phase, water aerodrome will be established at Chilika Lake in Odisha, Sardar Sarovar Dam and Sabarmati River Front in Gujarat.
• The Directorate General of Civil Aviation had earlier released licensing norms for the aerodromes, under which:
About Chilika Lake
• It is Asia's largest brackish water lagoon located in coastal Odisha.
• It is separated from the Bay of Bengal by a 60 km long narrow strip of marshy islands and sand- flats.
• Some of the prominent islands like Nalabana, Kalijal, Somolo, Honeymoon, Break-fast, Birds and Rajahansa inhabited by fishermen families, are popular tourist destinations.
• Because of its rich bio-diversity and socio- economic importance, Chilika was designated as a Ramsar site in 1981 to afford better protection
Kalijai Temple: It is located on an island in the Chilika Lake, where Goddess Kalijai is worshipped. The celebration of Makar Sankranti here attracts pilgrims as well as tourists.
o An aerodrome cannot be used for scheduled air transport services unless there is a license.
31 ©Vision IAS
o The formal application for setting up a water aerodrome has to be submitted at least 90 days before date of intended operations.
o An entity seeking to set up a water aerodrome has to take approvals from various authorities, including the ministries of Defence, Home, Environment and Forests, and Shipping.
o A water aerodrome license would be valid for two years.
• Benefits of such water aerodromes:
o Such aircraft are expected to take people across water faster and more safely than local boats.
o This would boost tourism and hence economic opportunities in the area.
o In later phases, government may also consider operations of seaplanes under regional connectivity scheme UDAN.
• However, despite the economic benefits the aerodrome is being opposed in Odisha due to its possible adverse impact on the biodiversity.
Reasons of resistance from Odisha
• Safety of birds and humans: For six months between October and March, Chilika lake turns into a temporary habitat for lakhs of migratory and residential birds. If an aircraft flies at low height, the birds can get hit. While the bird population will be in danger, safety of passengers of amphibious aircraft will also be jeopardized.
• Noise pollution: generated by thousands of motorized boats has already taken a toll on the endangered
Irrawaddy dolphins in the lake. The introduction of amphibious aircraft will further worsen the situation.
• Economic impact: There would be direct impact on fish and other marine biodiversity which would affect two lakh fishermen families in the region.
• Existing regulation: The movement of boats are restricted in many areas of Chilika, including the Nalabana bird sanctuary. In this light the operation of an aerodrome will be difficult to justify.
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