India featured in the ‘Honor Roll’ of UN as one of the countries that have paid their regularbudgetassessments in full within the 30-day period specified in Financial Regulation 3.5 of the United Nations (UN).

3.5- The Committee on Budget and Finance shall consider the proposed program budget and shall submit its comments and recommendations to the Assembly Page 7 186 ICC-ASP/1/3 of States Parties. The Assembly considers the proposed program budget and decides on it.

Financial regulations are laws and rules that govern the workings of financial institutions. Regulations of financial institutions basically focus on providing stability to the financial system, fair competition, consumer protection, and the prevention and reduction of financial crimes.

As per a news from New York; the Permanent Mission of India in New York has announced that India has once again been included in the ‘Honor Roll’ of theUnited Nations(UN). It is for paying its regular budget assessments in full within the 30-day period specified in the Financial Regulations of the UN.

The United Statesis its largest donor. It is for Mandatory contributions fund administrative costs and peacekeeping operations.

The primary objectives of financial regulators in India include- Financial Stability: Protecting and enhancing the financial stability of the country; Consumer Protection: Ensuring an appropriate level of protection for consumers; and, Market Confidence: Maintaining confidence in the financial system.

There are four primary goals of regulation: restrictive regulation, reactive regulation, proactive regulation, and transparent regulation. Many regulators draw upon some combination of these four ideals in their work.

In a statement, the Mission said, “India yet again featured in the ‘Honor Roll’ of UN as one of the countries that have paid their regular budget assessments in full within the 30-day period specified in Financial Regulation 3.5 of the UN. The Honor Roll includes select Member States that have successfully fulfilled their financial commitment to the UN within 30 days of receiving a payment note.”

The UN General Assembly approves UN’s Regular Budget in December each year. The statement emphasized that India has consistently figured on the UN’s Honor Roll.

“India’s promptness in making contributions to the UN demonstrates its unwavering support to the principles and purposes enshrined in the UN Charter and commitment to upholding the financial stability and operational effectiveness of the UN”, the statement highlighted adding, this further reaffirms India’s role as a responsible member of the UN.

The United Nations is the worlds main organization for deliberating matters of peace and security, but its work encompasses far more than peacekeeping and conflict prevention.

The UN system includes scores of entities dedicated to a range of areas including health and humanitarian needs and economic and cultural development. As a founding member of the United Nations and the host for its headquarters, the United States has been a chief guide and major funder of the organization for more than seventy years.

The United States remains the largest donor to the United Nations. It contributed more than $18 billion in 2022, accounting for one-third of funding for the bodys collective budget. Despite certain previous efforts to cut funding, President Joe Biden had then affirmed the United Nations importance to U.S. foreign policy and increased funding to the organization.