DAILY PRELIMS BOOSTER 26th FEBRUARY 2022

SWIFT network: is a network used by banks to send secure messages about transfers of money and other transactions. More than 11,000 financial institutions in nearly 200 countries use SWIFT, making it the backbone of the international financial transfer system. SWIFT is a cooperative company under Belgian law. The system is overseen by the G10 central banks, as well as the European Central Bank, with its lead overseer being the National Bank of Belgium.

CIS countries: The Soviet Union was dissolved in 1991 leading to the foundation of the Commonwealth of Independent States (CIS). The founding states of the CIS include Belarus, Russia and Ukraine. The remaining republics of the Soviet Union joined the Commonwealth of Independent States after signing the Alma-Ata Protocol. Now, the Commonwealth of Independent States (CIS) has the following countries as its members: Russia, Belarus & Ukraine, Armenia, Kazakhstan, Azerbaijan, Turkmenistan, Tajikistan, Uzbekistan, Moldova and Kyrgyzstan.

Milan exercise 2022: MILAN is a biennial multilateral naval exercise incepted by Indian Navy. MILAN 22 will witness its largest ever participation, with more than 40 countries sending their warships/ high level delegations. This edition of MILAN would be larger in ‘scope and complexity’ with focus on exercises at sea including exercises in surface, sub-surface and air domains and weapon firings. Operational Conferences and Seminars are also being conducted, providing participating navies/ delegations an opportunity to express their views on maritime security. The high profile foreign delegates will comprise highest level naval leadership, agency heads, Ambassadors and equivalent.

Quantum key distribution: is primarily a mechanism to undertake secure communication, which utilises a cryptographic protocol involving various components of quantum mechanics. The technology enables two communicating sides to come up with random secret keys shared by both of them and known exclusively to them, so only they can use it to encrypt and decrypt messages, thus achieving a very highly-secure communication.

Vicarious liability: is a situation in which one party is held partly responsible for the unlawful actions of a third party. The third party also carries their own share of the liability. Vicarious liability can arise in situations where one party is supposed to be responsible for (and have control over) a third party and is negligent in carrying out that responsibility and exercising that control. Such a liability arises usually because of some or the other legal relationship between the two. This often occurs in the context of civil law—for example, in employment cases. In a criminal context, vicarious liability assigns guilt, or criminal liability, to a person for wrongful acts committed by someone else.

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