• It is a mechanism for resolving disputes between investors and brokers, or between brokers.
• Arbitration is distinct from mArbitrationediation, in which parties negotiate to reach a voluntary settlement, and decisions are not binding unless all parties agree to them.
*Need for Arbitration*

• Indian judiciary currently has approximately 3 crore pending cases, with many more
• increasing with every passing day. Due to this overburden on the judiciary, there was an urgent need felt for the establishment of a system to address the disputes outside the judiciary.
• The right to timely justice is an implicit part of the fundamental Right to Life and liberty. The clogged judicial system results in delayed justice which infringes the fundamental right of citizens.
• It plays a crucial role in internalising the culture of conciliation and mediation among the people.
• It is not as technical as our normal judicial system therefore it suits common people’s needs for simplicity of laws. The parties can freely discuss their cases


*Telecom Regulatory Authority of India*


• The Telecom Regulatory Authority of India was established in order to provide a conducive environment for the development of India’s telecoms industry and participation in the global information society.
• It is a statutory body that governs the country’s telecommunications sector and was established by an Act of Parliament called the Telecom Regulatory Authority of India Act, 1997.

• Objectives of TRAI: The objective of TRAI is to establish and foster circumstances for the growth of telecommunications in the country.
• TRAI controls telecom services, including the establishment and change of rates for telecom services that were formerly vested in the Central Government.
• It also attempts to create a policy climate that is fair and transparent, promoting a level playing field and facilitating fair competition.

*Defence Acquisition Council (DAC)*

The Defence Acquisition Council (DAC) was formed after recommendations made by the Group of Ministers on ‘Reforming the National Security System’ in 2001, post-kargil war
• DAC is the highest decision-making body in the Defence Ministry for deciding on new policies and capital acquisitions for the three services – Army, Navy and Air Force, and the Indian Coast Guard.
• The Defence Acquisition Council is headed by the Defence Minister. The decision of Raksha Mantri on DAC deliberations flows down from implementation to Defence Procurement Board, Defence Production Board and Defence R&D Board.


*Income Tax Survey*


The income tax department continued with its surveys for the second consecutive day on the premises of the British Broadcasting Corporation (BBC) at Delhi and Mumbai.
*Details -*

• The I-T department is conducting a survey action against the BBC alleging transfer pricing discrepancies and diversion of profits.
• The surveys were looking into manipulation of prices for unauthorised benefits, including tax advantages.
*What is transfer pricing?*

• Transfer pricing is an accounting practice that represents the price that one division in a company charges another division for goods and services provided.
• In such transactions, one party transfers to another goods or services, for a price known as transfer price.


*Vibrant Villages Programme*

The Union Cabinet has approved the allocation of Rs 4,800 crore for the Centre’s Vibrant Villages Programme for the Financial Years 2022-23 to 2025-26. Also, the Cabinet Committee on Security approved the induction of over 9,000 troops in the Indo-Tibetan Border Police (ITBP).
Background —
• Vibrant Villages Programme (VVP) was announced in the Finance Minister’s Budget Speech
• The programme envisages coverage of border villages on Northern border having sparse
population, limited connectivity and infrastructure, which often get left out from the development gains.

*G20 Culture Group Meeting*

Ministry of Culture is organising the First G20 Culture Group (CWG) meeting in Khajuraho, Madhya Pradesh from 22nd to 25th February 2023.

*About the G20 Culture Group meeting -*

• The working group will have four meetings and they will be held in Khajuraho, Bhubaneshwar, and Hampi.
• The theme of the Khajuraho meet is “Protection and Restitution of Cultural Property”.

*About Khajuraho -*
• Khajuraho is an ancient city known for its majestic temples and elaborate sculptures.