News: India has been elected as a non-permanent member of the UN Security Council(UNSC) for a two-year term.
- The United Nations Charter established six main organs of the United Nations including the United Nations Security Council(UNSC).
- Other organs are UNGA, ECOSOC, Trusteeship Council, ICJ and UN secretariat.
- UNSC is composed of 15 Members:
- Five permanent members: China, France, the Russian Federation, the United Kingdom, and the United States.
- Ten non-permanent members elected for two-year terms by the General Assembly.
- The only UN body with the authority to issue binding resolutions to member states.
- Determines the existence of a threat to the peace or act of aggression and recommends what action should be taken.
- Power to call on Members to apply economic sanctions and other measures not involving the use of force to prevent or stop aggression.
- Can suspend economic and diplomatic relations between countries, impose blockades and can authorize collective military action.
News: Reserve Bank of India(RBI) has proposed new guidelines for Housing Finance Companies(HFCs).
- What are Housing Finance Companies(HFC)? It means financing for purchase, construction or repair of residential dwelling units and some other activities including giving loans to corporates and government agencies for employee housing projects.
- All other loans including those given for furnishing dwelling units, loans given against mortgage of property or renovation of the existing dwelling unit will be treated as non-housing loans.
- Qualification for HFC’s: To qualify as a housing finance company, 50% of net assets should be to real estate lending of which at least 75% should be towards individual housing loans.
- Classification: RBI has classified housing finance companies(HFC) as systemically important and non-systemically important:
- Non-deposit taking HFCs with asset size of ₹500 crore and above and all deposit taking HFCs irrespective of asset size will be treated as systemically important HFCs.
- HFCs with asset size below ₹500 crore will be treated as non-systemically important HFCs.
- Minimum Net Owned Fund: RBI has proposed to double the minimum net owned fund(NOF) requirement for housing finance companies to Rs 20 crore.
- Lending: HFCs can either lend to the group company in real estate business or lend to retail individual homebuyers in the projects of group entities but not to both.
News: US President has authorised sanctions against International Criminal Court(ICC) officials involved in investigations into possible war crimes by US troops or those of its allies.
- International Criminal Court(ICC): It is a permanent judicial body created by the 1998 Rome Statute which entered into force on July 1,2002.
- Jurisdiction: It has the jurisdiction to prosecute individuals for a) international crimes of genocide b) crimes against humanity c) crime of aggression and d) war crimes.
- Members: 123 nations are States Parties to the Rome Statute and recognise the ICC’s authority.The notable exceptions being the US, China, Russia and India.
- Headquarter: The Hague, Netherlands
- Funding: The court’s expenses are funded primarily by States Parties.It also receives voluntary contributions from governments, international organisations, individuals, corporations and other entities.