Current Affairs 07 January 2026
OECD/G20 Inclusive Framework on BEPS
- Launched: 2016
- Led by: OECD and G20
- Objective: To tackle Base Erosion and Profit Shifting (BEPS) by multinational enterprises.
- Membership: 147 countries and jurisdictions. (India is a member).
- Key Pillars:
- Pillar One: Reallocates taxing rights to market jurisdictions where profits are generated.
- Pillar Two: Introduces a global minimum corporate tax (15%) to curb tax competition.
About NGT
- NGT is a statutory body set up under the National Green Tribunal Act in 2010 to ensure speedy disposal of environmental protection.
- Enforcement: Strengthens compliance with environmental laws such as the Environment (Protection) Act 1986, Water Act 1974, and Air Act 1981, etc. through effective judicial oversight.
- Exceptions: Wildlife (Protection) Act, 1972, the Indian Forest Act, 1927, and the Scheduled Tribes and Other Traditional Forest Dwellers (Recognition of Forest Rights) Act, 2006.
- Key Judgements of NGT
- Vardhaman Kaushik Case (2014-15): 10-year diesel vehicle ban and 15-year petrol vehicle ban in Delhi NCR to curb air pollution.
- M.C. Mehta (Ganga pollution) Case (1988): Environmental compensation on States for failure to treat sewage and control industrial effluents.
Iran (Capital: Tehran)
- Political Features
- Member of: BRICS, SCO, OPEC.
- Land Boundaries: Armenia, Azerbaijan, and Turkmenistan (North); Afghanistan and Pakistan (East); Iraq and Turkey (West).
- Maritime Boundaries:Caspian Sea (North), Persian Gulf and Gulf of Oman (South).
- Geographical Features
- Lake Urmia, an endorheic salt lake, is the largest lake in the Middle East.
- Resource Potential
- Natural Gas (2nd position in the world)
- Proven Crude Oil Reserves (4th)
e-Business Visa
- India has introduced an e-Production Investment Business Visa called e-B-4 Visa for Chinese businessmen which will be issued in about 45 to 50 days, with permission to stay in India for up to six months.
- Chinese businessmen can apply for specific business activities such as:-
- installation and commissioning of equipment.
- quality check and essential maintenance
- supply chain development for empanelling vendors
Venezuela
- Location & Boundaries: Venezuela is located at the northern end of South America, with coastlines along the Caribbean Sea and the Atlantic Ocean, and shares land borders with Guyana to the east, Brazil to the south, and Colombia to the southwest and west .
- Political System & Capital: It is a federal multiparty republic with a unicameral legislature, and Caracas serves as the capital.
- Natural Resources & Economy: Venezuela is resource-rich, possessing petroleum, natural gas, iron ore, gold, bauxite, and diamonds, with the economy historically dominated by oil.
- The country holds the world’s largest proven crude oil reserves and is a founding member of OPEC, making it strategically critical in global energy geopolitics.
- Physical Geography: Venezuela features diverse landforms including the Andes Mountains, Lake Maracaibo, the Llanos plains, the Guiana Highlands, and the Orinoco River system, which shapes its ecology and economy.
- The country’s highest point is Pico Bolívar, and the world’s highest waterfall, Angel Falls, is located in the Guiana Highlands.
- Its major rivers include the Orinoco and Rio Negro, while Lake Maracaibo, the largest lake in South America.
- Cultural & Ecological Importance: Venezuela hosts UNESCO-recognised sites like Canaima National Park and Angel Falls, highlighting its ecological and natural heritage.
- Islands & Territorial Disputes: It administers several Caribbean islands such as Margarita and Los Roques, and has a long-standing territorial dispute with Guyana over the Essequibo region, along with maritime disputes with Colombia.
Kailas Mahameru Prasad Style
- About: It refers to a distinctive form of Hindu temple architecture primarily associated with the Chalukya (or Chaulukya/Solanki) tradition, prominent in western India, particularly Gujarat.
- Exemplar and Symbolism: The term Kailas Mahameru Prasad evokes the temple’s design as a grand edifice symbolizing Mount Kailasa (abode of Shiva) and Mount Meru (the cosmic mountain in Hindu cosmology), emphasizing a towering, majestic shikhara (spire) and intricate craftsmanship.
- Key Architectural Characteristics: It falls under the broader Nagara school of North Indian temple architecture but incorporates regional elements from the Chalukya/Solanki period (often classified under Māru-Gurjara architecture).
- Features include a high shikhara (around 50 meters in Somnath), elaborate carvings, a garbhagriha (sanctum), sabha mandapa (assembly hall), and nritya mandapa (dance hall).
- The style showcases the expertise of Gujarat’s traditional master masons, known as Sompura Salats.