THE INTERNATIONAL ORGANIZATION FOR STANDARDIZATION (ISO)

The International Organization for Standardization known as ISO, is an international standard-setting body composed of representatives from various national standards organizations.

Founded on 23 February 1947, the organization promotes worldwide proprietary, industrial and commercial standards. It is headquartered in Geneva, Switzerland.

It was one of the first organizations granted general consultative status with the United Nations Economic and Social Council.

ISO (International Organization for Standardization) is the world’s largest developer of voluntary International Standards. International Standards give state of the art specifications for products, services and good practice, helping to make industry more efficient and effective. Developed through global consensus, they help to break down barriers to international trade.

The organization today known as ISO began in 1926 as the International Federation of the National Standardizing Associations (ISA). It was suspended in 1942 during World War II, but after the war ISA was approached by the recently formed United Nations Standards Coordinating Committee (UNSCC) with a proposal to form a new global standards body. In October 1946, ISA and UNSCC delegates from 25 countries met in London and agreed to join forces to create the new International Organization for Standardization; the new organization officially began operations in February 1947.

ISO membership categories

ISO has 164 national members, out of the 206 total countries in the world.

ISO has three membership categories:

1. Member bodies are national bodies considered the most representative standards body in each country. These are the only members of ISO that have voting rights.
2. Correspondent members are countries that do not have their own standards organization. These members are informed about ISO’s work, but do not participate in standards promulgation.
3. Subscriber members are countries with small economies. They pay reduced membership fees, but can follow the development of standards.

ISO is a voluntary organization whose members are recognized authorities on standards, each one representing one country. Members meet annually at a General Assembly to discuss ISO’s strategic objectives. The organization is coordinated by a Central Secretariat based in Geneva.

A Council with a rotating membership of 20 member bodies provides guidance and governance, including setting the Central Secretariat’s annual budget.

The Technical Management Board is responsible for over 250 technical committees, who develop the ISO standards.

ISO has formed joint committees with the International Electrotechnical Commission (IEC) to develop standards and terminology in the areas of electrical, electronic and related technologies.

EUROPEAN UNION (EU)

The European Union (EU) is an economic and political union of 28 member states that are primarily located in Europe. The EU operates through a system of supranational independent institutions and intergovernmental negotiated decisions by the member states.  Institutions of the EU include the European Commission, the Council of the European Union, the European Council, the Court of Justice of the European Union, the European Central Bank, the Court of Auditors, and the European Parliament.

The EU traces its origins from the European Coal and Steel Community (ECSC) and the European Economic Community (EEC), formed by the Inner Six countries. The Maastricht Treaty established the European Union under its current name in 1993. The latest major amendment to the constitutional basis of the EU, the Treaty of Lisbon, came into force in 2009.

The EU has developed a single market through a standardized system of laws that apply in all member states. Within the Schengen Area, passport controls have been abolished. EU policies aim to ensure the free movement of people, goods, services, and capital, enact legislation in justice and home affairs, and maintain common policies on trade, agriculture, fisheries, and regional development.

The monetary union was established in 1999 and came into full force in 2002. It is currently composed of 18 member states that use the euro as their legal tender. The union maintains permanent diplomatic missions throughout the world and represents itself at the United Nations, the WTO, the G8, and the G-20.

The six countries signed the Treaty of Rome, which extended the earlier co-operation within the European Coal and Steel Community (ECSC) and created the European Economic Community (EEC), establishing a customs union. They also signed another treaty on the same day creating the European Atomic Energy Community (Euratom) for co-operation in developing nuclear energy.

Four countries forming the European Free Trade Association (EFTA) have partly committed to the EU’s economy and regulations: Iceland (a candidate country for EU membership), Liechtenstein and Norway, which are a part of the single market through the European Economic Area, and Switzerland, which has similar ties through bilateral treaties.

The European Union has seven institutions: the European Parliament, the Council of the European Union, the European Commission, the European Council, the European Central Bank, the Court of Justice of the European Union and the European Court of Auditors.

The EU has five key points in its energy policy: increase competition in the internal market, encourage investment and boost interconnections between electricity grids; diversify energy resources with better systems to respond to a crisis; establish a new treaty framework for energy co-operation with Russia while improving relations with energy-rich states in Central Asia and North Africa; use existing energy supplies more efficiently while increasing renewable energy commercialization; and finally increase funding for new energy technologies.

Companies Act, 2013

Companies Act, 2013 is an Act of the Parliament of India which regulates incorporation of a company, responsibilities of a company, directors, and dissolution of a company. The Act has replaced The Companies Act, 1956 (in a partial manner) after receiving the assent of the President of India on 29 August 2013.

The recently enacted Companies Act, 2013 is a landmark legislation with far-reaching consequences on all companies incorporated in India. The Act consolidates and amends the law relating to companies. The Companies Act, 2013 has been notified in the Official Gazette on 30th August, 2013.

The Act came into force on 12 September 2013 with only 98 provisions of the Act notified. On 27 February 2014, the Ministry of Corporate Affairs stated that Section 135 of the Act which deals with corporate social responsibility will come into effect from 1 April 2014. On 26 March 2014, the MCA stated that another 183 sections will be notified from 1 April 2014.

The Act in a comprehensive form purports to deal with various aspects of corporate India and Indian companies will have to closely examine these developments to develop a clear strategy at ensuring compliance per the new requirements.

The 2013 Act replaces the Companies Act 1956.It incorporates certain important provisions to facilitate ease of doing business in India. The 1956 Act was passed in the first decade of Free India; the business landscape has changed radically the last 60 years.

A company shall, on and from the 15th day of its incorporation to have a registered office capable of receiving & acknowledging communications and notices as may be addressed to it. The company is also required to furnish to the Registrar verification of its registered office within a period of 30 days of its incorporation in a prescribed manner.

The Companies Bill, 2013 is a vibrant step, which will play a major role in attaining the ultimate ends of social & economic policy of the government and in the development of companies in India on healthy lines.

Interim Budget & Vote on Account

What is it?

• Interim budget is basically a vote-on-account that authorizes the government to carry out expenditure on different heads for a certain part of the financial year.

• Since the government of the day will not be presenting the budget for the full year, it will need funds in the next financial year (beginning April) to carry out its functions till the time a new government is formed and then gets the budget passed. Thus, the need for an interim budget.

• As per the law, it is necessary for the central government to have Parliament’s approval to raise tax revenue or incur expenditure. Article 265 of the Indian Constitution, for instance, says, “No tax shall be levied or collected except by authority of law.” Similarly, article 266 talks about the conditions for expenditure.

According to a news report by the Press Trust of India, Chidambaram was quoted as saying, “We can make any proposal short of amending any law. We cannot propose amendments to the Income-tax Act, Customs Act or the Excise Act. But any proposal short of amending a law can be made. We can also outline vision for the future.”

In the past two instances of when interim budgets were presented (2004-05 and 2009-10), the government of the day sought the nod of Parliament for carrying out expenditure in the first four months of the financial year.

Going into the technicalities between Interim Budget and Vote -on-Account ...!

Are a vote-on-account and an interim Budget the same?

No. While a vote-on-account deals only with the expenditure side of the government's budget, an interim Budget is a complete set of accounts, including both expenditure and receipts.

So what is a full Budget?

The Budget is a statement of the financial position of an administration for a definite period of time based on estimates of expenditures during the period and proposals for financing them. A full budget thus spells out both the manner in which the money is to be spent and how it is to be raised.

Why a vote-on-account and not an interim Budget?

A caretaker government typically opts for a vote-on-account, as it is regarded improper for an outgoing government to impose on its successor changes that may or may not be acceptable to the incoming government.

Can a caretaker government not present a full Budget?

• Yes it can. Since the concept of 'caretaker government' does not exist in the Indian Constitution, legally there is no distinction between caretaker government and a normal one.

• Technically, it is not necessary for a government to present a vote-on-account in an election year. But a full Budget just before the elections makes a mockery of the whole exercise.

Can the finance minister make policy statements while presenting the vote-on-account?

• Barring any announcement on taxation, the finance minister's speech before seeking Parliament's approval of the vote-on-account can contain his intentions on economic policy.

• When former finance minister Yashwant Sinha presented the vote-on account in 1991, he announced the Chandra Shekhar government's plan to divest government equity in public sector undertakings.

For how long can a vote-on-account be in force?

• Normally, the vote-on-account is taken for two months only. But during election year or when it is anticipated that the main Demands and Appropriation Bill will take longer time than two months, the vote-on-account may be for a period extending two months.

• Typically this period does not exceed six months, as that is the maximum gap possible between two sittings of the Parliament.

• Normally a vote-on-account is in operation till the full Budget is passed.

La Nina and El Nino

Sea surface temperatures play a major role in global weather and nowhere is that more evident then in El Nino and La Nina patterns. These type of patterns often lead to weather extremes, some of which can be seen in our own backyards. Sea surface temperatures indicate that we'll have a La Nina this winter, which could mean a season of weather extremes across parts of the United States.

What is La Nina and El Nino?

La Nina is described as cooler-than-normal sea surface temperatures in the central and eastern Pacific Ocean, near the equator off the west coast of South America. El Nino is like La Nina's brother, the totally opposite and attention grabbing brother. This is described as warmer-than-normal sea surface temperatures in the same area of the Pacific Ocean.

What Causes La Nina and El Nino?

Simply put, easterly trade winds over the equatorial Pacific Ocean are partly to blame for both phenomenon. For La Nina, the easterly trade winds strengthen. This blows more warm water west, and allows cold water below the ocean's surface to push towards the top near the South American coast to replace the warm water.

In an El Nino, the opposite occurs. The easterly trade winds become weaker, and can even reverse direction. The warm Pacific Ocean becomes nearly stationary or pushes eastward and gains heat. Besides affecting weather, El Nino has also been known to hurt fishing off the coast of Peru.

What Does All of This Mean for the Weather?

We're already seeing affects of the building La Nina. A typical La Nina winter will feature drier and milder conditions across the South, much like what we're seeing in the current Southeast drought and elevated fire conditions. The Pacific Northwest will become wetter than normal, while the Northeast will have cold periods, but these are usually short lived. You can read AccuWeather's 2010-2011 Winter Forecast by Chief Long Range Meteorologist Joe Bastardihere.

In an El Nino winter, we see what we had last season. The southern branch of the jet stream gets displaced across the Deep south, leading to wetter conditions from Los Angeles to the Southeast. The Northeast typically has stormy winters, which in the case of last season led to "Snowmageddon." Finally the Northwest is typically milder.

In other parts of world, La Nina and El Nino can affect Asia's Monsoon's and rainfall from Australia to Peru.

How Long Will This All Last?

Typically a La Nina lasts 9 to 12 months, while an El Nino will last roughly a year. As for this year's La Nina, forecast models are indicating slight strengthening through October and then a steady period in November and December. All of the models have the La Nina weakening throughout the spring and early summer.