Insolvency and Bankruptcy Board of India (IBBI)

Context: The Insolvency and Bankruptcy Board of India (IBBI) celebrated its Ninth Annual Day on 1st October 2025

Insolvency and Bankruptcy Board of India (IBBI)

• The Board was established on 1st October, 2016, under the Insolvency and Bankruptcy Code, 2016 (Code). 
• It is a key pillar of the ecosystem responsible for the implementation of the Code that consolidates and amends the laws relating to reorganisation and insolvency resolution of corporate persons, partnership firms and individuals in a time-bound manner.
• The objective is to ensure maximisation of the asset's value, promotion of entrepreneurship, availability of credit and a balance among the stakeholders' interests.
• IBBI is a unique regulator, as it regulates both a profession and its processes. 
• It has regulatory oversight over Insolvency Professionals (IPs), Insolvency Professional Agencies (IPAs), Insolvency Professional Entities (IPEs), and Information Utilities (IUs).
• It has also been designated as the ‘Authority’ under the Companies (Registered Valuers and Valuation) Rules, 2017 for the regulation and development of the profession of valuers in the country.

MONDIACULT 2025

Context: India served as the Co-Chair for the Asia-Pacific Region during MONDIACULT 2025.

About the UNESCO World Conference on Cultural Policies and Sustainable Development – MONDIACULT

• It is the world’s biggest cultural policy conference.
• It is a ministerial forum where 194 UNESCO Member States set the global agenda for culture.
• The Conference is organised by UNESCO and hosted by the Government of Spain.
• It also aligns with the Declaration’s call to recognize culture as a as a specific objective in the post-2030 development agenda.

Objectives of MONDIACULT 2025

• Strengthen multilateral action, collaboration, and solidarity among countries to shape the global cultural agenda 
• Foster inclusive and participatory dialogues on cultural policies with a broad range of stakeholders, including young people
• Identify the priorities to be considered in the drafting of a stand-alone goal for culture in the post-2030 development agenda 
• Support UNESCO Member States in strengthening cultural information systems to improve public policies

Six priority themes of MONDIACULT 2025:

• Cultural rights
• Digital technologies in the culture sector
• Culture and education
• Economy of culture
• Culture and climate action
• Culture, heritage and crisis 

Two Focus Areas:

• Culture for peace
• Artificial intelligence and culture

Suriname Forest Protection

Context: Suriname has pledged to permanent protect 90% of its tropical forests, setting a new benchmark for climate and biodiversity conservation in the Amazon region.

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• The announcement was made during Climate Week in New York City that it will permanently protect 90% of its tropical forests.
• Suriname already has about 93% of its land covered in tropical rainforest, most of which remains primary and untouched by by logging, agriculture, or mining.
• Scientists highlight Suriname is one of only three countries globally, along with Bhutan and Panama, that absorb more carbon dioxide than it emits, making it a critical carbon sink.
• The pledge far exceeds the global “30x30”, a UN backed goal to protect 30% of land and oceans by 2030.

About Suriname

• Suriname is one of South America's smallest countries. 
• About 14% of the country is designated as National Parks (NP) and Nature Reserves (NR).
• Its geography includes tropical rainforests, savanna, coastal swamps, and two mountain ranges: the Bakhuis and Van Asch Van Wijck Mountains.
• Suriname is a land of rivers, and the major ones include the Coppename, Corantyne, Gran, Lucie, Marowijne, Nickerie and Saramacca.

International Social Security Association (ISSA) Award 2025

Context: Recently, India received the International Social Security Association (ISSA) Award 2025 for Outstanding Achievement in Social Security.

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• The Union Labour Ministry announced at the ISSA conclave in Kuala Lumpur that social protection in India has expanded from 19% in 2015 to over 64% in 2025.
• The expansion has benefitted nearly 940 million citizens, showcasing India’s inclusive and digital-first approach to social protection delivery.

About the International Social Security Association (ISSA) 

• The International Social Security Association (ISSA) is the world’s leading international organisation for social security institutions, government departments and agencies.
• The ISSA was founded in 1927 under the auspices of the International Labour Organisation, and today has over 320 member institutions from over 160 countries.
• India’s share in the General Assembly of ISSA has risen to 30 votes, the highest for any country.

International Social Security Association (ISSA) Award 

• The ISSA Award for Outstanding Achievements in Social Security is a triennial award that offers worldwide recognition of a country’s exceptional commitment and achievements in the field of social security. 
• India has become the fifth country to receive this award since its inception, following Brazil in 2013, China in 2016, Rwanda in 2019, and Iceland in 2022.

Presumptive Taxation Scheme for Foreign Companies

Context: Recently, NITI Aayog has suggested a Presumptive Taxation Scheme for Foreign Companies.

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• The recommendation aims to provide tax certainty and simplicity for foreign companies while safeguarding India’s revenue interests.
• The scheme is designed to address disputes related to Permanent Establishment (PE) and attribution rules, which often create tax uncertainty for foreign companies.
• Under this scheme, foreign companies can declare income at a prescribed rate, and in return, they would be relieved from maintaining regular books of account.
• The working paper highlighted that, despite strong FDI growth in India, ambiguous PE regulations continue to discourage investments.