Important Days and Events Current Affairs - 2020

Latest Events & Observances Current Affairs 2019-20 related to important days, weeks and months. In this category, we put important days celebrated and observed in India and states.

Category Wise PDF Compilations available at This Link

October 9: World Post Day

The World Post Day is observed each year on October 9 to spread awareness about the postal services and their role in the everyday lives of people and businesses.

2016 Theme: Innovation, Integration and Inclusion”.

In India, this day is celebrated by Department of Posts. For more than 150 years, India Post has been the backbone of the country’s communication network. It is the largest postal network in the world providing mail parcel, banking, money transfer, insurance and retail services.

Background

  • The World Post Day was instituted at the Universal Postal Union (UPU) Congress held in Tokyo, Japan in 1969.
  • Significance of the day: The day is celebrated to mark anniversary of the establishment of the Universal Postal Union (UPU) in 1874 in the Swiss Capital, Bern.

About Universal Postal Union (UPU)

  • UPU is a specialized agency of the UN that coordinates postal policies among member nations, in addition to the worldwide postal system.
  • It was established in 1874 and is the second oldest international organization worldwide after International Telecommunication Union (ITU) which was established in 1865.
  • Its headquarters are located in the Swiss capital Berne. It has 192 member countries.
  • UPU is the primary forum for cooperation between postal sector players among member countries. It helps to ensure a truly universal network of up-to-date products and services.
  • It sets rules for international mail exchanges and makes recommendations for growth in mail, financial and parcel services volumes and also to improve quality of service for customers.

Get these updates on Current Affairs Today Android App

India’s first international arbitration centre inaugurated in Mumbai

The first International Arbitration Centre of India was inaugurated in Mumbai, Maharashtra to provide an arbitration platform for Indian business houses to negotiate commercial disputes.

The Mumbai Centre for International Arbitration (MCIA) was launched by Maharashtra Chief Minister Devendra Fadnavis.

Key Facts

  • With this Maharashtra becomes first state in the country to clear policy for institutional arbitration.
  • It is also considered as a major step towards making Mumbai an International Financial Services Centre (IFSC)
  • The MCIA will be an independent, not-for-profit organization (NGO) governed by a council comprising eminent national and international legal luminaries.
  • It will provide world-class infrastructure for arbitration, 24×7 functionality and live transcription services recording during arbitration proceedings for transparency.
  • It will be in sync with the Make in India campaign and will provide a time bound and cost-effective facility to reinforce investor confidence.

Background

  • At present, in absence of an international arbitration centre in the country most of the business disputes involving Indian parties land in Singapore or London International Arbitration Centres.
  • Indian parties make up an estimated 30% of the arbitration cases handled by the Singapore and London Arbitration Centres.
  • The total outflow of funds to resolve such cases along with logistics and other related expenditure is around $5 billion. MCIA will significantly bring down this cost.

Get these updates on Current Affairs Today Android App