Note4Students
From UPSC perspective, the following things are important :
Prelims level: Unique Land Parcel Identification Number (UPLIN)
Mains level: Land records digitalization
Central Idea
- President Murmu emphasized the importance of implementing a Unique Land Parcel Identification Number (ULPIN).
What is ULPIN?
- ULPIN or Bhu-Aadhaar is a 14-digit Alpha–Numeric Unique ID for each land parcel.
- This is the next step in the Digital India Land Records Modernisation Programme (DILRMP) which began in 2008.
- The identification will be based on the longitude and latitude coordinates of the land parcel, and is dependent on detailed surveys and geo-referenced cadastral maps.
- ULPIN is generated using the Electronic Commerce Code Management Association (ECCMA) standards during the importing of the geo-referenced shape file into BhuNaksha, a cadastral mapping solution of NIC.
Digital India Land Records Modernisation Programme (DILRMP)
- DILRMP is a central sector scheme implemented by the Department of Land Resources under the Ministry of Rural Development.
- Erstwhile National Land Record Modernization Programme, it was revamped and converted as a Central Sector Scheme with effect from 1st April, 2016 with 100% funding by the Centre.
- The program aims to develop an Integrated Land Information Management System (ILIMS) across the country by leveraging the commonalities in land records systems in different states.
- It integrates land records processes and databases with financial institutions, banks, circle rates, registration offices, and other sectors.
- The program includes the computerization of land records, survey/re-survey activities, and digitization of registration processes.
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Benefits of ULPIN
- Curbing malpractices: The implementation of ULPIN and digitization of land records can significantly reduce unethical and illegal activities related to land. The transparency brought about by digitization enhances accountability and curbs malpractices.
- Efficient Land Use: ULPIN will facilitate proper utilization of land parcels and aid in the formulation and implementation of new schemes.
- Linkage with E-Courts: Connecting E-Courts with land records and registration databases offers multiple benefits, including improved accessibility to information and streamlined legal processes related to land disputes.
- Indestructible documentation: Digitization of land records proves valuable in times of calamities such as floods and fires, as it helps in preventing loss of documents and expedites the recovery process.
Impacts on Development and Welfare
- Development Catalyst: By providing transparent and accessible land information, digitization supports informed decision-making and effective resource management.
- Proper Scheme Implementation: Linking land records with various government departments facilitates the efficient implementation of welfare schemes ex. PM Awas Yojana.
- Beneficiary targeting: Accurate and up-to-date land data helps identify beneficiaries and ensures the targeted delivery of benefits and services.
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Note4Students
From UPSC perspective, the following things are important :
Prelims level: DPT3
Mains level: Not Much
Central Idea
- The coverage rate for DPT3 vaccines (diphtheria, pertussis, and tetanus) in India reached an all-time high of 93% in 2022, surpassing the pre-pandemic record of 91% in 2019.
- This significant increase from the 85% coverage in 2021 was reported by the World Health Organization (WHO).
What is DPT3?
- DPT3 vaccines refer to a combination vaccine that provides protection against three infectious diseases: diphtheria, pertussis (whooping cough), and tetanus.
- The “DPT” in DPT3 stands for the initials of these three diseases:
- Diphtheria: It is a bacterial infection that primarily affects the respiratory system. It can cause severe throat and nose congestion, difficulty breathing, and in severe cases, it can lead to heart and nerve damage.
- Pertussis (Whooping Cough): It is a highly contagious respiratory infection caused by the bacterium Bordetella pertussis. It is characterized by severe coughing fits, often accompanied by a “whooping” sound when gasping for breath. Pertussis can be particularly dangerous for infants and young children.
- Tetanus: Also known as lockjaw, is a bacterial infection caused by the bacterium Clostridium tetani. It enters the body through wounds or cuts and produces a toxin that affects the nervous system, leading to muscle stiffness and spasms, particularly in the jaw and neck muscles.
WHO records on immunization
- DPT3 Coverage Recovery: The WHO South-East Asia Region saw the DPT3 coverage recover to pre-pandemic levels of 91% in 2022, a significant increase from 82% in 2021.
- Measles Vaccine Coverage: The region also witnessed a six percent improvement in measles vaccine coverage, rising to 92% in 2022 from 86% in 2021.
- Zero-Dose Children: The number of zero-dose children (those who have not received even the first dose of the DPT vaccine) halved from 4.6 million in 2021 to 2.3 million in 2022.
- Partially Vaccinated Children: The number of partially vaccinated children (those who received at least one dose but not the complete three-dose series) decreased from 1.3 million in 2021 to 650,000 in 2022.
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Note4Students
From UPSC perspective, the following things are important :
Prelims level: Airtime Vouchers for Campaigning
Mains level: Not Much
Central Idea
- The Election Commission of India has implemented a fully online process for allotting airtime to political parties for campaigning on Akashvani and Doordarshan.
- The new system replaces the traditional method of collecting physical vouchers and instead issues digital time vouchers through an online platform.
Airtime Vouchers for Campaigning
- Objective: To provide equitable access to government-owned electronic media during elections for campaigning purposes.
- Legal basis: The allotment of time on public broadcasters during campaigning is governed by a scheme notified in January 1998, based on Section 39A of the Representation of People Act, 1951.
- Allotment Criteria: Each National party and recognized State party receive an equitable base time on Doordarshan (DD) and Akashvani.
- Scope for additional time: Factors such as past electoral performance, representation in the legislature, and the number of candidates fielded by the party are considered to ensure equitable distribution of airtime.
- Predefined Schedule: The date and time for telecasts and broadcasts by authorized party representatives are predetermined by Prasar Bharati, in consultation with EC and in the presence of party representatives.
Regulation of these Vouchers
- Scrutiny of Party Transcripts: Party transcripts undergo scrutiny to ensure compliance with relevant codes. These codes prohibit content that criticizes other countries, attacks religions or communities, incites violence, or engages in personal attacks.
- Role of Apex Committee: Disagreements over vetted content are referred to an Apex Committee comprising members from Akashvani and DD. The committee’s decision is final.
Significance of Digital Vouchers
- Process Improvement: The decision reflects its commitment to leveraging technology for an improved electoral process and enhanced convenience for all stakeholders.
- Eliminating Physical Collection: Political parties will no longer need to send representatives to the commission’s offices to collect time vouchers during elections.
Operational Challenges
- Limited Access: The scheme is exclusively available to national and recognized State parties, leading to concerns about its true equity.
- Conflict of Interest in the Apex Committee: The Apex Committee consists of officials from Akashvani and DD, raising concerns about potential conflicts of interest.
- Row over transcript content: These officials are expected to review their own decisions when conflicts arise with political parties over the transcript content.
Also read:
How is a ‘National Party’ in India defined?
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Note4Students
From UPSC perspective, the following things are important :
Prelims level: Crimean-Congo Haemorrhagic Fever (CCHF)
Mains level: NA
Central Idea
- Europe is currently experiencing a heatwave and wildfires, leading to concerns about the spread of viruses that are typically not found in colder climates.
- The WHO has issued an alert regarding the Crimean-Congo haemorrhagic fever (CCHF), a potentially fatal infection transmitted by ticks.
What is CCHF?
- CCHF is a viral haemorrhagic fever primarily transmitted by ticks.
- It can also be contracted through contact with viraemic animal tissues during animal slaughter.
- CCHF outbreaks can lead to epidemics with a high case-fatality ratio (10-40%) and pose challenges for prevention and treatment.
Transmission and Hosts
- The virus exists in the tick family of insects.
- Animals such as cattle, goats, sheep, and hares serve as amplifying hosts for the virus.
- Humans can contract CCHF through contact with infected ticks or animal blood.
- The virus can also be transmitted between humans through contact with infectious blood or body fluids.
- Migratory birds can host ticks, allowing the virus to spread over long distances.
Symptoms and Treatment
- Common symptoms of CCHF include fever, muscle aches, dizziness, neck and back pain, headache, sore eyes, and sensitivity to light.
- Early symptoms may also include nausea, vomiting, diarrhea, abdominal pain, and sore throat, followed by mood swings and confusion.
- Later stages may involve sleepiness, depression, and lassitude.
- There is no vaccine available for CCHF in humans or animals, and treatment focuses on managing symptoms.
- The antiviral drug ribavirin has been used to treat CCHF infection with some apparent benefit.
Spread of CCHF in Europe
- CCHF is endemic to Africa, the Balkan countries, the Middle East, and parts of Asia.
- In 2016, Spain reported the first fatality from CCHF in Europe.
- Scientists warn that CCHF, which can have a fatality rate between 10% and 40%, is spreading northward and westward in Europe.
- Cases of CCHF have been reported in Spain, Russia, Turkey, and the UK.
Reasons for this spread
- Disrupted temperature patterns due to climate change are creating favorable conditions for pathogens.
- CCHF ticks are moving northward through Europe due to longer and drier summers caused by climate change.
- Climate change contributes to the spread of diseases by expanding tick habitats, altering water habitats, and facilitating the movement of animals and human interactions.
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Note4Students
From UPSC perspective, the following things are important :
Prelims level: BIMSTEC, Bangkok Vision 2030
Mains level: Not Much
Central Idea
- The first-ever Foreign Ministers’ meeting of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) commenced in Bangkok, Thailand.
Understanding BIMSTEC
- Origins and Membership: BIMSTEC, initially known as BIST-EC (Bangladesh-India-Sri Lanka-Thailand Economic Cooperation), was established in 1997 with the signing of the Bangkok Declaration.
- Newest members: Myanmar joined in 1997, followed by Bhutan and Nepal in 2004.
- Population and GDP: The organization comprises seven member countries located around the Bay of Bengal, representing approximately 22% of the world’s population. The combined GDP of the member states is close to $2.7 trillion.
- Sectoral Focus: BIMSTEC’s cooperation initially focused on six sectors: trade, technology, energy, transport, tourism, and fisheries.
- India’s role: India’s sectoral responsibilities within BIMSTEC include security, counter-terrorism, transnational crime, disaster management, and energy.
Significance of BIMSTEC as a Regional Forum
(A) Revitalization and Engagement:
- BIMSTEC received limited attention until India reinvigorated its engagement in October 2016, following the terrorist attack in Uri.
- India hosted an outreach summit with BIMSTEC leaders alongside the BRICS summit in Goa.
(B) Regional aspirations
Each BIMSTEC member has strategic incentives for the organization’s growth.
- Bangladesh seeks regional significance
- Sri Lanka aims to connect with Southeast Asia and become a hub for the Indo-Pacific region
- Nepal and Bhutan aim to access the Bay of Bengal region
- Myanmar and Thailand aim to balance China’s influence in Southeast Asia by strengthening ties with India
India and BIMSTEC
- BIMSTEC offers India a platform to prioritize its foreign policy goals of “Neighborhood First” and “Act East”.
- This is longer run seeks to connect South and Southeast Asia, as well as the Himalayas and the Bay of Bengal.
China’s Role and India’s Agenda
- Chinese Influence and Concerns: China’s expanding presence in South and Southeast Asia through the Belt and Road Initiative has increased its interest in the Bay of Bengal region.
- Act of counterbalancing: BIMSTEC becomes an arena for India to counterbalance Chinese investments.
- Promoting Connectivity: India can utilize BIMSTEC to promote connectivity projects aligned with international norms, countering Chinese projects that are perceived to violate these norms.
- Bay of Bengal as a Peaceful Region: India can showcase the Bay of Bengal as a region of openness and peace, highlighting the contrast with China’s behavior in the South China Sea.
- Regional Stability: BIMSTEC could establish codes of conduct for regional freedom of navigation and advocate for a Bay of Bengal Zone of Peace to limit extra-regional powers’ military actions.
Conclusion
- BIMSTEC has the potential to contribute to peace, stability, and economic development in the Bay of Bengal region and beyond.
- Continued efforts and collaboration among member states are necessary to harness the full potential of BIMSTEC and achieve common goals.
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Note4Students
From UPSC perspective, the following things are important :
Prelims level: Rho Ophiuchi Cloud Complex
Mains level: NA
Central Idea
- NASA recently released an image obtained by the James Webb Space Telescope, showcasing the Rho Ophiuchi cloud complex, which is the closest star-forming region to Earth.
- This image marked one year since NASA unveiled the telescope’s first scientific results.
What is Rho Ophiuchi Cloud Complex?
- The Rho Ophiuchi Cloud Complex is a molecular cloud located in the constellation Ophiuchus.
- It is centered 1° south of the star ρ Ophiuchi and extends to other parts of the constellation.
- At an estimated distance of about 140 parsecs, or 460 light years, it is one of the closest star-forming regions to the Solar System.
- It consists of several dark nebulae, which are dense regions of interstellar dust and gas that block background starlight.
- The cloud complex contains numerous young stellar objects, including protostars, young stars, and brown dwarfs.
- These stellar objects form as the dense material in the cloud collapses under gravity, leading to the birth of new stars.
Observations from the Image
- Material Jets and Surrounding Gas/Dust: The image illustrates how the material jets emanating from young stars influence the surrounding gas and dust while illuminating molecular hydrogen.
- Glowing Cave Carved by Stellar Winds: One part of the image shows a star inside a glowing cave carved out in space by its stellar winds.
- Impressive Nebula with Bright Young Stars: The image showcases an impressive nebula with three bright young stars at the top, revealing the size and detail of the jets and outflows.
Insights from the new findings
- Formation of New Suns: Rho Ophiuchi image demonstrates the formation of new suns and planet-forming disks, resembling what scientists believe the early solar system looked like over 4.5 billion years ago.
- Violent Outbursts and Dusty Cocoons: The image unveils the process of stars and planetary systems assembling, as well as the dusty cocoons being disrupted by violent outbursts, portrayed as red jets cutting through the cloud.
- Visibility through Dust: The Rho Ophiuchi core is usually obscured by extensive amounts of dust, making it invisible to telescopes working in visible light, like the Hubble telescope. However, JSWT penetrates the dust, revealing the young stars within and providing insights into the early stages of star formation.
Back2Basics: James Webb Space Telescope
| Collaboration |
NASA, European Space Agency (ESA), Canadian Space Agency |
| Launch |
December 2021 |
| Location |
Sun-Earth L2 Lagrange point, approximately 1.5 million km beyond Earth’s orbit |
| Size and Capability |
Largest, most powerful infrared space telescope |
| Successor to |
Hubble Telescope |
| Time Observations |
Can see backwards in time to just after the Big Bang |
| Objectives |
Examine every phase of cosmic history, including the formation of galaxies, stars, and planets.
Look back 13.5 billion years to see the first stars and galaxies forming.
Compare early galaxies to today’s spirals to understand galaxy assembly.
Observe star and planetary system formation.
Study the atmospheres of extrasolar planets and search for signs of life elsewhere in the universe. |
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Note4Students
From UPSC perspective, the following things are important :
Prelims level: Lightning
Mains level: NA
Central Idea
- A senior government official stated that lightning deaths can be prevented through education and awareness, and thus, the government is against declaring it a natural disaster.
Why discuss this?
- State Demands: States like Bihar and West Bengal have requested that lightning-related deaths be considered natural disaster, making victims eligible for compensation from the State Disaster Response Fund (SDRF).
- Increased fatalities: According to the National Crime Records Bureau, lightning caused 2,880 deaths in 2021, accounting for 40% of all accidental deaths from “forces of nature.”
What is Lightning?
Lightning is a rapid and powerful discharge of electricity in the atmosphere, often directed towards the Earth.
- Genesis: Lightning discharges occur in giant, moisture-bearing clouds that are several kilometers tall.
- Ice Crystal Formation: Water vapor in the clouds condenses into small ice crystals as temperatures drop below 0°C.
- Electron Release and Collision: Collisions between ice crystals generate a release of electrons, leading to a chain reaction and the formation of a positive and negative charge within the cloud.
- Types: Lightning can occur within clouds (inter-cloud and intra-cloud) or between the cloud and the ground (cloud-to-ground).
Intensity of Lightning Strikes
- Voltage and Amperage: A typical lightning flash can reach around 300 million volts and 30,000 amps, significantly higher than household current.
- Comparisons: Household current is 120 volts and 15 amps, highlighting the immense power of lightning.
Mitigating Lightning Incidents
- Early Warning System: India has established an early warning system for lightning, saving numerous lives.
- Focus on Rural Areas: Over 96% of lightning deaths occur in rural areas, necessitating mitigation and awareness programs targeted at these communities.
- Deployment of Protection Devices: Low-cost lightning protection devices need to be deployed more widely, especially in rural areas.
- Lightning Action Plans: States are encouraged to develop and implement lightning action plans, similar to heat action plans, to mitigate lightning-related risks.
- International Centre for Excellence: Efforts are underway to establish an international center for excellence in lightning research to enhance detection and early warning systems.
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Note4Students
From UPSC perspective, the following things are important :
Prelims level: Nawab Wajid Ali Shah
Mains level: NA
Central Idea
- An exhibition, heritage walk, and talk will be held in Kolkata to commemorate the bicentenary year of Nawab Wajid Ali Shah, the last king of Awadh.
Nawab Wajid Ali Shah
- Mirza Wajid Ali Shah (30 July 1822 – 1 September 1887) was the eleventh and final King of Awadh, reigning from 13 February 1847 to 11 February 1856.
- He is remembered as a poet, playwright, dancer, and patron of the arts who made significant contributions during his rule.
Reign and fall
- Ascension to the Throne: Wajid Ali Shah became the King of Awadh in February 1847, assuming the position during a period of decline for the kingdom.
- British Annexation: The British East India Company annexed Awadh on 11 February 1856, just two days before the ninth anniversary of Wajid Ali Shah’s coronation. He was subsequently exiled to Garden Reach in Metiabruz, near Kolkata, living on a pension.
Patron of the Arts
- Contributions to Music: Wajid Ali Shah was a generous patron of music and a talented composer. He nurtured the Lucknow Gharana of Kathak dance and enriched the light classical form of thumri. He composed ghazals and introduced new ragas, leaving a lasting impact on Hindustani music.
- Kathak Dance: Wajid Ali Shah’s patronage elevated Kathak dance in Lucknow. He emphasized artistic expression, incorporating drama, emotion, and literature. The king popularized Kathak as a court dance and made it accessible to the common people.
- Hindustani Theatre: The king established the Jogia Jashan, a grand pageant, and staged Rahas (dance-dramas) filled with poetry, lyrical compositions, and Kathak performances. His contributions laid the foundation for the development of Hindustani theatre.
Literary Pursuits
- Prose and Poetry: Wajid Ali Shah was a prolific writer in both Persian and Urdu. His works covered various subjects, including history, literature, and personal reflections. Notable works include “Huzn-i-Akhtar,” an autobiographical piece, and “Bani,” a treatise on music and dance.
- Patronage of Writers: The king patronized numerous poets and writers in his court, including Mirza Ghalib. He granted pensions to renowned literary figures and encouraged the production of works that reflected the culture and life of the era.
Exile Years and Legacy (1856-1887)
- Exile in Metiabruz: After losing his kingdom, Wajid Ali Shah settled in Metiabruz near Kolkata. He created a miniature version of Lucknow and maintained his lavish lifestyle. Matiya Burj, a magnificent complex, served as a reminder of his beloved city.
- Enduring Impact: Wajid Ali Shah’s compositions, including his famous thumri “Babul Mora Naihar Chhooto Jaay,” remain influential and have been performed by various artists. His contributions to music, dance, literature, and theatre continue to shape the cultural landscape, preserving his legacy.
Conclusion
- Mirza Wajid Ali Shah, the last King of Awadh, reigned from 1847 to 1856 before being exiled.
- His patronage of the arts, including music, dance, theatre, and literature, left an indelible mark on the cultural heritage of Awadh.
- Despite the challenges he faced and the loss of his kingdom, Wajid Ali Shah’s artistic endeavors and enduring legacy continue to inspire and enrich the region’s cultural identity.
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Note4Students
From UPSC perspective, the following things are important :
Prelims level: Rafale fighter jets
Mains level: NA
Central Idea
- DAC Approval for Rafale: The Defence Acquisition Council (DAC) cleared proposals to procure 26 Rafale Marine fighter jets and three Scorpene submarines for the Indian Navy.
Rafale Marine Fighter Jets
- Naval Variant: Rafale Marine fighters are the naval version of the Rafale jets, with the Indian Air Force operating 36 of them.
- Advanced Multirole Fighters: Manufactured by Dassault Aviation, the Rafales are advanced twin-engine, multirole fighter jets equipped with modern sensors, radar, and the latest weapon systems.
- India-Specific Enhancements: The jets feature India-specific enhancements and have the capability to carry out various missions.
- Differences in Marine Version: The naval variant has foldable wings, a longer airframe for carrier landings, a tail hook for arrested landing, and reinforced landing gear suitable for aircraft carriers’ conditions.
- Expanded Weapon Capabilities: Rafale Marine jets can carry a wider range of weapons, including anti-ship and air-to-surface missiles, and have specialized radar for maritime operations.
Current Fleet and Need for Additional Fighters
- MiG-29Ks: The Indian Navy currently operates MiG-29Ks from INS Vikramaditya aircraft carrier, which are carrier-based multirole fighter aircraft.
- Procurement Requirement: With some MiG-29Ks expected to retire in a decade and the Navy having two operational carriers, additional deck-based fighters were needed to meet operational requirements until the indigenous Twin Engine Deck-Based Fighter (TEDBF) is developed.
- Criteria and Selection: Only Boeing’s F/A-18 E/F Super Hornet and Dassault Aviation’s Rafale-M met the Navy’s criteria, with Rafale-M having an advantage due to common spares and support with the Indian Air Force’s Rafale jets.
Export and Usage of Rafale Jets
- Importance for France: The Rafale is a key component of France’s nuclear deterrence capabilities.
- Orders and Deliveries: France has ordered a total of 192 Rafales, with 153 already delivered by the end of 2022.
- Future Orders: Plans for a further order of 30 fighters and additional Rafales to offset those sold to Greece and Croatia are in the pipeline.
- Flight and Operational Hours: The aircraft has accumulated a total of 405,000 flight hours, including 63,500 operational hours flown by French pilots since 2007.
Conclusion
- The Rafale Marine jets, with their advanced features and expanded weapon capabilities, will strengthen the Navy’s deck-based fighter fleet.
- This procurement decision marks another step towards bolstering India’s defense preparedness and self-reliance in defense manufacturing.
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Note4Students
From UPSC perspective, the following things are important :
Prelims level: AT-1 Bond
Mains level: NA
Central Idea
- Subscription Disappointment: State Bank of India (SBI)’s additional tier-1 (AT-1) bond issue saw a very low response from investors, raising ₹3,101 crore against an issue size of ₹10,000 crore.
- Market Sentiment Impact: The lackluster response is expected to dampen market sentiment and make fundraising more challenging for other PSU banks, potentially leading to delays in their fundraising plans.
What are AT1 Bonds?
- Definition: AT-1 bonds, or Additional Tier-1 bonds, are unsecured, perpetual bonds issued by banks to strengthen their core capital base in compliance with Basel-III norms.
- Complex Hybrid Instruments: AT-1 bonds are complex instruments suited for institutions and knowledgeable investors who can analyze their terms and determine if the higher rates compensate for the higher risks involved.
- Face Value: Each AT-1 bond typically carries a face value of ₹10 lakh.
- Acquisition Routes: Retail investors can acquire these bonds through initial private placement offers by banks or by purchasing already-traded AT-1 bonds in the secondary market based on broker recommendations.
Key Features and Importance of AT1 Bonds
- Perpetual Nature: AT-1 bonds do not have a maturity date. Instead, they include call options that allow banks to redeem them after a specific period, usually five or ten years. Banks can choose to pay only interest indefinitely without redeeming the bonds.
- Flexibility in Interest Payments: Banks issuing AT-1 bonds can skip interest payouts or even reduce the bonds’ face value if their capital ratios fall below certain thresholds specified in the offer terms.
- Regulatory Intervention: If a bank faces financial distress, the RBI has the authority to ask the bank to cancel its outstanding AT-1 bonds without consulting the investors.
Back2Basics: Basel Norms
- Basel is a city in Switzerland and the headquarters of the Bureau of International Settlement (BIS).
- The BIS fosters cooperation among central banks to achieve financial stability and common standards of banking regulations.
- Basel guidelines are broad supervisory standards formulated by the Basel Committee on Banking Supervision (BCBS).
- The Basel accord is a set of agreements by the BCBS that primarily focuses on risks to banks and the financial system.
- The purpose of the Basel accord is to ensure that financial institutions maintain sufficient capital to meet obligations and absorb unexpected losses.
- India has accepted the Basel accords for its banking system.
|
Basel I |
Basel II |
Basel III |
| Year Introduced |
1988 |
2004 |
2010 |
| Focus |
Credit Risk |
Credit, Market, Operational Risks |
Capital, Leverage, Funding, Liquidity |
| Capital Requirement |
Fixed at 8% of Risk-Weighted Assets (RWA) |
Minimum Capital Adequacy Requirement of 8% of Risk Assets |
Strengthening capital requirements |
| Pillars |
– |
1. Capital Adequacy Requirements 2. Supervisory Review 3. Market Discipline |
– |
| Objective |
Define capital and risk weights for banks |
Encourage better risk management and disclosure |
Promote a more resilient banking system |
| Implementation in India |
Adopted in 1999 |
Yet to be fully implemented |
March 2019 (postponed to March 2020 due to COVID-19) |
| Key Parameters |
– |
– |
Capital: 12.9% capital adequacy ratio, Tier 1 and Tier 2 capital ratios, capital conservation buffer, and counter-cyclical buffer; Leverage: minimum 3% leverage rate; Funding and Liquidity: LCR and NSFR ratios |
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Note4Students
From UPSC perspective, the following things are important :
Prelims level: Project-75, Scorpene Submarines
Mains level: NA
Central Idea
- Procurement Announcement: The three additional Scorpene submarines will be procured under the Buy (Indian) category. The Mazagon Dock Shipbuilders Limited (MDL) in Mumbai will build the submarines.
Scorpene Submarines and Project-75
- Project-75: MDL is already building six Scorpene class submarines under Project-75, with technology transfer from the French defense firm.
- Commissioned Submarines: Five out of the six Scorpene submarines have been commissioned, with the final one expected to be commissioned early next year.
- Delays and Challenges: Project-75 faced significant delays, as the first submarine was originally scheduled for delivery in 2012.
Need for Additional Submarines
- Addressing Delays and Fleet Strength: The procurement of three additional submarines is necessary to compensate for the delayed deliveries under Project-75 and strengthen India’s submarine fleet.
- Current Fleet Status: The Indian Navy currently operates 16 conventional submarines, but it needs a minimum of 18 submarines to carry out its full spectrum of operations.
- Refit Challenges: Around 30% of submarines are under refit at any given time, further reducing the number of operational submarines.
- Employment Opportunities: Procuring additional submarines with higher indigenous content will create employment opportunities and enhance MDL’s submarine construction capabilities.
Capabilities of Scorpene Submarines
- Attack Submarines: Scorpene submarines are designed as conventional attack submarines to target and sink enemy naval vessels.
- Weapons and Surveillance: They can launch a variety of torpedoes and missiles, equipped with surveillance and intelligence-gathering systems.
- Specifications: Scorpene submarines are approximately 220 feet long, with a height of about 40 feet. They have a top speed of 11 knots when surfaced and 20 knots when submerged.
- Diesel-Electric Propulsion: These submarines use diesel-electric propulsion systems, providing an endurance of around 50 days.
Comparison with Nuclear Submarines
- India’s Current Nuclear Submarines: India currently operates two nuclear-powered submarines (SSBMs) of the Arihant class.
- Endurance and Speed: Nuclear submarines have theoretically unlimited endurance and can operate for up to 30 years without refuelling. They can also achieve higher speeds.
- Cost and Expertise: Nuclear submarines are expensive and require specialized expertise to operate.
- Advancements in Conventional Submarines: Diesel-electric technology has significantly improved the range and stealth of conventional submarines.
- Air Independent Propulsion (AIP): Retrofitting Scorpene submarines with AIP systems will enhance their endurance and stealth capabilities.
Conclusion
- India’s decision to procure three additional Scorpene submarines enhances its naval capabilities and strengthens the indigenous manufacturing sector.
- The addition of these submarines will help meet the requirements of a growing fleet and improve operational readiness.
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Note4Students
From UPSC perspective, the following things are important :
Prelims level: Duchenne Muscular Dystrophy (DMD)
Mains level: NA
Central Idea
- Researchers in India are collaborating to develop an affordable treatment for Duchenne Muscular Dystrophy (DMD), a rare and incurable genetic disorder.
- The Indian Institute of Technology (IIT), Jodhpur, is collaborating to develop affordable therapeutics for DMD.
What is DMD?
- DMD is a progressive muscle degeneration disorder caused by alterations in the dystrophin protein.
- It is the most common and fatal type of muscular dystrophy, primarily affecting boys.
- It leads to progressive muscle degeneration, weakness, and eventually wheelchair dependency, assisted ventilation, and premature death.
Symptoms and Impact of DMD
- Muscle Weakness: Muscle weakness is the primary symptom of DMD, initially affecting proximal muscles and later distal limb muscles. Difficulties in jumping, running, and walking are common.
- Other Symptoms: Enlargement of calves, a waddling gait, lumbar lordosis (inward curve of the spine), and later heart and respiratory muscle involvement. Pulmonary function impairment and respiratory failure may occur.
Current Challenges
- Costly treatment: Current therapeutic options for DMD are minimal and expensive, with costs reaching up to Rs 2-3 crore per child per year.
- Limited Treatment Options: The treatments are predominantly imported, making them financially unattainable for most families.
Efforts to Develop Affordable Therapeutics
[A] Antisense Oligonucleotide (AON)-Based Therapeutics
- The IIT Jodhpur researchers are working on enhancing the efficacy of AON-based therapeutics.
- AONs can mask specific exons in a gene sequence, addressing the challenges faced in DMD patients.
- Personalized medicine is necessary due to the variations in mutations among DMD patients.
[B] Clinical Trials and Molecular Tags
- The research team has received approval from the Drugs Controller General of India (DCGI) to conduct multi-centric clinical trials on AON-based exon skipping in DMD patients.
- They are also working on reducing the therapeutic dose of AON through new molecular tags.
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Note4Students
From UPSC perspective, the following things are important :
Prelims level: Siachen Glacier
Mains level: Read the attached story
Central Idea
- NJ 9842 vs. 5Q 131 05 084: Exploring India-Pakistan’s last demarcated point and the Siachen glacier’s assigned number by the Geological Survey of India (GSI).
- Lack of recognition: Despite the historical importance, the first Siachen survey remains overlooked by scholars and mountaineers.
About Siachen
- Location: Siachen Glacier is located in the eastern Karakoram range in the Himalayas, just northeast of the point where the Line of Control between India and Pakistan ends.
- Significance: As the second-longest glacier in the world’s non-polar areas, Siachen Glacier stretches for 76 km, holding historical and strategic importance.
Geographical and Political Context
- Border dispute: Both India and Pakistan claim sovereignty over the entire Siachen region, leading to intermittent conflict since 1984.
- Military presence: The region houses the highest battleground on Earth, with permanent military outposts at altitudes above 6,000 m (20,000 ft).
- International recognition: Efforts to establish a transboundary peace park and nominate the region for the World Heritage List have been made.
Why discuss Siachen?
- Human casualties: Harsh weather conditions have claimed more lives than combat, with both India and Pakistan sustaining significant losses.
- Failed demilitarization attempts: Despite the desire to disengage from the costly military outposts, the lack of official recognition of the current line of control has hindered progress.
- Mountaineering expeditions and awareness: Limited expeditions have been allowed to showcase the dominance of Indian troops and raise awareness about the region.
The First Siachen Survey
- V.K. Raina’s leadership: In June 1958, V.K. Raina, an Indian geologist, conducted the inaugural Siachen survey.
- Unforeseen conflict: The peaceful region surveyed in 1958 became a disputed area between India and Pakistan, leading to Operation Meghdoot in 1984.
Geologists’ Himalayan Exploration
- Previous expeditions: Raina’s involvement in the Saser Kangri expedition and the geological survey of the Leh-Manali Highway.
- International Geophysical Year: The significance of 1958 as a year of geological studies worldwide.
- GSI’s limited resources: GSI’s plan to study the Himalayan glacier systems, assigning Raina the responsibility of surveying five glaciers in Ladakh.
Raina’s Journey and Findings
- Expedition details: Raina’s team’s journey from Calcutta to Siachen, traveling by train, bus, and foot.
- Glacier characteristics: Raina’s observations of the Siachen glacier, including the appearance of ice caves and the Nubra River’s flow.
- Survey procedures: Mapping the snout region, establishing reference points, and capturing photographs for future analysis.
Pakistan’s Response
- No objections raised: Despite the expedition’s significance and publicity, Pakistan did not lodge any protests or objections against India’s presence on the glacier during the survey.
- Reasons for indifference: The lack of objections can be attributed to the mutual demarcation under the Karachi ceasefire agreement and the absence of perceived threats or intentions of occupation.
Challenging Pakistan’s Claims
- Significance of the expedition: The 1958 GSI survey holds immense historical and geostrategic importance as it contradicts Pakistan’s early claims to the Siachen glacier.
- Pakistan’s delayed claim: It was only 25 years later, in 1983, that Pakistan formally extended the Line of Control, staking its claim to the region, violating the Simla Agreement.
- India’s response: India pre-empted Pakistan’s actions by occupying the strategic Saltoro Heights in April 1984, in response to Pakistan’s attempts to claim the Siachen glacier.
Conclusion
- Debunking myths: The survey establishes India’s early presence on the glacier and counters Pakistan’s claims.
- Understanding the geostrategic implications: The survey’s role in shaping subsequent events in the Siachen conflict is vital to comprehend the significance of this expedition.
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Note4Students
From UPSC perspective, the following things are important :
Prelims level: Chandrayaan-3
Mains level: Not Much
Central Idea
- The Indian Space Research Organisation (ISRO) is set to launch the Chandrayaan 3 mission on July 14 from the Satish Dhawan Space Centre, Sriharikota.
- This mission follows the Chandrayaan 2, which encountered technical issues and crash-landed on the moon in September 2019.
Chandrayaan-3: Mission Details and Landing
- Launch Vehicle: Chandrayaan 3 will be launched aboard the Geosynchronous Satellite Launch Vehicle Mark III (GSLV Mk III) rocket.
- Landing Site: The spacecraft is expected to land near the moon’s South Pole.
- Operational Duration: Chandrayaan 3 will operate on the lunar surface for one lunar day, equivalent to 14 Earth days.
Significance of the Lunar South Pole
- Scientific Interest: The lunar South Pole is a compelling location due to the presence of towering massifs and permanently shadowed craters that may contain volatile compounds and water-ice deposits.
- Planetary Formation Insights: Studying the South Pole-Aitken Basin’s age and impact melt could provide insights into planetary formation.
- Valuable Resource: Volatile deposits at the South Pole could serve as a valuable resource for future exploration and astrobiology investigations.
- Solar Power Potential: Some mountain peaks near the pole receive extended periods of sunlight, making them potential sites for continuous solar power supply.
- Fossil Record: Craters at the South Pole may contain a fossil record of the early Solar System, providing valuable scientific data.
Choosing the South Pole over the North Pole
- Permanent Darkness: The larger shadowy region at the lunar South Pole, which remains in permanent darkness, makes it suitable for studying unilluminated areas.
- Aitken Basin Edge: The South Pole is located at the edge of the Aitken Basin, the largest impact basin in the Solar System.
- Lunar Reconnaissance Orbiter: NASA’s Lunar Reconnaissance Orbiter collects data over the South Pole region, enhancing the scientific understanding of the area.
- Longer Lunar Day-Night Cycle: The Moon’s longer rotation cycle (around 30 days) results in extended periods of day and night, making the South Pole more accessible.
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Trajectory and Landing Procedure
- Similar to Chandrayaan 2: Chandrayaan 3 will follow a trajectory similar to Chandrayaan 2, utilizing a propulsion module to orbit Earth before heading to the moon.
- Lunar Orbit and Landing: Once within the moon’s gravitational pull, the module will lower itself to a 100 x 100 km circular orbit. The lander will then detach and descend to the lunar surface.
Scientific Payloads
- The Lander: The lander, named ‘Vikram,’ will deploy four scientific payloads to study the moon’s surface temperature and subterranean characteristics.
- The Rover: The rover, named ‘Pragyan,’ will conduct chemical and visual tests as it roves around the lunar surface.
Objectives of Chandrayaan 3
- Safe Landing Demonstration: Chandrayaan 3 aims to demonstrate safe and soft landing on the lunar surface.
- Rover Roving Capability: The mission will showcase the capability of the rover to traverse the lunar surface.
- In-situ Scientific Experiments: Chandrayaan 3 will conduct in-situ scientific experiments on the moon.
Development and Delay
- Development Phase: The development phase for Chandrayaan 3 began in January 2020, with scientists and engineers working on the spacecraft’s design and assembly.
- Manufacturing Delays: The COVID-19 pandemic caused delays in the manufacturing and testing of the propulsion systems.
- Launch Schedule: The launch, initially planned for early 2021, was postponed due to the pandemic. The spacecraft is now set to launch in July 2023.
Importance of Chandrayaan 3
- India’s Third Lunar Mission: Chandrayaan 3 is India’s third lunar mission and the second attempt at a soft landing on the moon.
- Renewed Interest in Lunar Exploration: In recent years, there has been a renewed interest in exploring the moon following Chandrayaan-1’s discovery of water on the lunar surface.
Conclusion
- Chandrayaan 3 represents India’s continuous efforts to explore the moon and achieve a soft landing.
- The mission’s success will contribute to scientific advancements and further our understanding of the lunar surface.
- As space agencies around the world plan future lunar missions, humanity’s return to the moon seems imminent after more than five decades.
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Note4Students
From UPSC perspective, the following things are important :
Prelims level: Anthropocene Epoch
Mains level: Read the attached story
Central Idea
- AWG’s Proposal: The Anthropocene Working Group (AWG) proposes a new geological epoch called the Anthropocene.
- Reference Point: The unique reference point for the Anthropocene is Crawford Lake near Toronto in Canada’s Ontario Province.
Understanding the Anthropocene Epoch
- Coined Term: The Anthropocene epoch was first coined by Nobel Prize-winning chemist Paul Crutzen and biology professor Eugene Stoermer in 2000.
- Human Impact: The Anthropocene represents the geological time interval characterized by radical changes in the Earth’s ecosystem due to human impact, particularly since the onset of the Industrial Revolution.
- Environmental Changes: Numerous phenomena associated with the Anthropocene include global warming, sea-level rise, ocean acidification, mass-scale soil erosion, deadly heat waves, and environmental deterioration.
- Geological Strata: The AWG’s website states that these changes are reflected in a distinctive body of geological strata, with the potential to be preserved into the far future.
Evidence from Crawford Lake
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- Selected Site: Crawford Lake in Canada’s Ontario Province was chosen by geologists for examination over 11 other potential sites.
- Preserved Sediments: The lake’s layers of sediment have preserved the annual impact of human activities on the Earth’s soil, atmosphere, and biology.
- Shift in Mid-20th Century: The analysis of Crawford Lake’s bottom sediments reveals a clear shift from the mid-20th century, surpassing the bounds of the previous Holocene epoch.
- Captured Fallout: Over the years, the lake’s sediments have captured the fallouts of large-scale burning of fossil fuels, explosion of nuclear weapons, and dumping of plastic and fertilizers on land and in water bodies.
Debate and Disagreements
- Scientific Community Disagreements: Not all geologists agree on the reality of the Anthropocene epoch.
- Debate Points: Disagreements revolve around the precise start of the epoch, whether it has already begun, and the sufficiency of evidence to prove its advent.
The Geological Time Scale
- Divisions and Categories: The Earth’s geological time scale is divided into five broad categories: eons, eras, periods, epochs, and ages.
- Fossil-Based Boundaries: Boundaries on the geological time scale correspond to the origination or extinction of specific types of fossils.
- Current Classification: Currently, we are in the Phanerozoic eon, Cenozoic era, Quaternary period, Holocene epoch, and Meghalayan age.
AWG’s Findings and Next Steps
- Selection of Crawford Lake: Crawford Lake was chosen due to its preserved sediment layers that provide an annual record of human impact.
- Overwhelming Effects: Distinct and multiple signals in the lake’s sediments starting around 1950 demonstrate that the effects of human activity overwhelm the Earth system.
- Unique Global ‘Fingerprint’: The presence of plutonium resulting from nuclear weapon detonations serves as a stark indicator of humanity’s dominant influence on the planet.
- Approval Process: The AWG plans to present a proposal to the Subcommission on Quaternary Stratigraphy (SQS) and the International Commission on Stratigraphy (ICS) for approval.
- Final Approval: The final approval is expected to be granted at the 37th International Geological Congress in Busan, South Korea, next year.
Conclusion
- Compelling Evidence: Geologists’ examination of Crawford Lake provides compelling evidence for the existence of the Anthropocene epoch.
- Challenging Conventional Timeline: The proposal for the Anthropocene epoch challenges the conventional understanding of the Earth’s official geological timeline.
- Future Determination: Further discussions and approvals by international geological bodies will determine the recognition and acceptance of the Anthropocene epoch.
Back2Basics: Geological Time Scale
- The Geological Time Scale is a system used by geologists and palaeontologists to divide Earth’s history into distinct time intervals based on significant geological and biological events.
- It provides a framework for organizing and understanding the vast expanse of time since the formation of the Earth, approximately 4.6 billion years ago, up to the present day.
- The Scale is divided into several hierarchical units, including eons, eras, periods, epochs, and ages.
Here is a simplified overview of the major divisions:
(1) Eon: The largest division of time on the Geological Time Scale. The history of Earth is typically divided into four eons:
- Hadean Eon: Represents the earliest stage of Earth’s history, from its formation to around 4 billion years ago.
- Archean Eon: Covers the period from around 4 billion to 2.5 billion years ago. It includes the formation of the Earth’s crust, the emergence of life, and the development of the first continents.
- Proterozoic Eon: Encompasses the time between 2.5 billion and 541 million years ago. It includes significant evolutionary developments, such as the emergence of complex multicellular life.
- Phanerozoic Eon: The current eon, spanning from 541 million years ago to the present. It is further divided into eras.
(2) Era: The second-largest division of time, encompassing longer periods of geological history within an eon. The Phanerozoic Eon is divided into three eras:
- Paleozoic Era: Covers the time from 541 million to 252 million years ago. It is known for the diversification of life, including the appearance of complex marine organisms, fish, insects, and the first terrestrial plants.
- Mesozoic Era: Spans from 252 million to 66 million years ago. It is often referred to as the “Age of Reptiles” and includes the dominance of dinosaurs, as well as the rise of mammals and birds.
- Cenozoic Era: Extends from 66 million years ago to the present. It is sometimes called the “Age of Mammals” and includes the diversification and proliferation of mammals, the appearance of humans, and the development of modern ecosystems.
(3) Period: A subdivision of an era, representing a distinct interval of time characterized by specific geological and biological events. For example:
- The Paleozoic Era is divided into periods such as the Cambrian, Ordovician, Silurian, Devonian, Carboniferous, and Permian.
- The Mesozoic Era is divided into periods including the Triassic, Jurassic, and Cretaceous.
- The Cenozoic Era is divided into periods such as the Paleogene, Neogene, and Quaternary.
(4) Epoch: A smaller subdivision of a period, representing a shorter interval of time. Epochs are defined by more localized geological and biological changes.
(5) Age: The smallest division of time on the Geological Time Scale. Ages represent relatively brief periods, often defined by specific fossil or rock layers.
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Note4Students
From UPSC perspective, the following things are important :
Prelims level: Electoral bonds
Mains level: Not Much
Central Idea
- Electoral bonds have emerged as the primary source of donations for political parties in India, with the BJP securing the majority share.
- A report by the Association of Democratic Reforms reveals that between 2016-17 and 2021-22, national and regional parties received a total donation of ₹9,188.35 crore through electoral bonds.
- The BJP received ₹5,271.97 crore, while other national parties collectively received ₹1,783.93 crore.
Political Donations under Electoral bonds scheme
- Breakdown of donations: Over the six-year period, the 31 analyzed political parties received a total of ₹16,437.63 crore in donations. Of this, 55.9% came from electoral bonds, 28.07% from the corporate sector, and 16.03% from other sources.
- BJP leads the pack: The BJP declared donations worth ₹5,271.97 crore through electoral bonds, surpassing the total donations of all other national parties combined.
- Congress and regional parties: The Congress received the second-highest amount through electoral bonds, with ₹952.29 crore (61.54% of total donations). The Trinamool Congress received ₹767.88 crore (93.27% of total donations).
- Regional parties’ reliance on bonds: Regional parties such as the BJD, DMK, and TRS received a significant portion of their total donations from electoral bonds.
- Surge in bond donations: National parties witnessed a 743% increase in donations through electoral bonds between 2017-18 and 2021-22, while corporate donations only rose by 48%.
Key features of Electoral Bonds Scheme
- Introduction of Electoral Bond Scheme: The Electoral Bond Scheme 2018 was introduced for electoral funding during the crucial time period analyzed in the report.
- Removal of donation limit: The Finance Act, 2017 eliminated the previous cap of 7.5% of a company’s average three-year net profit for political donations.
- Purchase and Donation: Any Indian citizen or company incorporated in India can purchase Electoral Bonds from select branches of the State Bank of India. The bonds can be bought in denominations of ₹1,000, ₹10,000, ₹10 lakh, and ₹1 crore. The purchaser can then donate the bonds to an eligible political party of their choice.
- Eligibility and KYC: To purchase Electoral Bonds, the buyer must fulfill the Know Your Customer (KYC) norms and make the payment from a bank account. Only individuals and companies with Indian citizenship or incorporation can participate in the scheme.
- Bond Validity: Electoral Bonds have a life of 15 days, ensuring that they do not function as a parallel currency.
- Anonymity and Disclosure: Donors who contribute less than ₹20,000 to political parties through Electoral Bonds are not required to provide their identity details, such as the Permanent Account Number (PAN). However, the identity of the donor is known to the bank.
- Redemption and Eligible Parties: Only political parties registered under Section 29A of the Representation of the People Act, 1951, and securing at least one percent of the votes in the last general election are eligible to receive Electoral Bonds. The bonds can be encashed only through a bank account with the authorized bank.
Issues with the Scheme
- Lack of Transparency: The scheme has faced criticism for enabling opaque political funding. While the identity of the donor is captured, it is not revealed to the party or the public, limiting transparency.
- Limited Tax Benefits: Donations made through Electoral Bonds may not qualify for income tax breaks, potentially discouraging donors from participating in the scheme.
- Privacy Concerns: The privacy of donors may be compromised as the bank will have knowledge of their identity.
- Differential Benefits: The scheme can potentially favor parties in power, as the government can access information about the donors and the funds received.
- Unlimited Donations: Amendments in the Finance Act of 2017 allow for unlimited donations from individuals and foreign companies to political parties without disclosing the sources of funding, raising concerns about the influence of money in politics.
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Note4Students
From UPSC perspective, the following things are important :
Prelims level: ED, CBI
Mains level: Not Much
Central Idea
- The Supreme Court has upheld statutory amendments that permit the extension of tenures for Directors of the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED).
- The court also directed the current ED Director, Sanjay Kumar Mishra, to resign four months before his third extension ends in November.
Amendments and Tenure Extensions
- Tenure of CBI and ED chiefs: The CBI and ED directors traditionally have fixed tenures of two years.
- Amendments enacted in 2021: Amendments were made to the Central Vigilance Commission Act, the Delhi Special Police Establishment Act, and the Fundamental Rules. These amendments allow directors to receive a maximum of three annual extensions, expanding their tenure beyond the two-year limit.
- Overcoming the court’s directive: The amendments were introduced shortly after the Supreme Court directed the government to cease granting extensions to Sanjay Kumar Mishra. These amendments provided a way for the government to grant Mishra two additional extensions.
Supreme Court’s Ruling
- Ruling on back-to-back service extensions: The Supreme Court deemed the consecutive service extensions granted to Mishra in 2021 and 2022 as illegal.
- Resignation deadline: The court ordered Mishra to resign by July 31, allowing for a smooth transition of responsibilities to his successor. Mishra has served as the ED Director for five years.
- Disagreement with amicus curiae: The court disagreed with the submissions made by its own amicus curiae, who urged the court to strike down the amendments. The amicus curiae argued that the prospect of service extensions could influence the directors to work in accordance with the government’s desires, undermining the agencies’ independence.
High-Level Committees and Justification
- Role of High-Level Committees: The amendments require High-Level Committees to recommend directors for service extensions.
- Committee composition and recommendations: The committees consist of members such as the Central Vigilance Commissioner, Vigilance Commissioners, Prime Minister, Opposition Leader, and Chief Justice of India, depending on the agency. These committees recommend whether an extension is warranted in the public interest.
- Recording reasons for recommendations: The committees are obligated to provide written justifications for their recommendations.
Constitutionality of Amendments
- Legislative authority: The court emphasized that the amendments were enacted by Parliament and should not be easily declared unconstitutional.
- Role of elected representatives: The court stated that the amendments were passed by elected representatives who possess knowledge of the needs and interests of the people.
- Judicial restraint: The court acknowledged that it should not question the wisdom of the elected representatives unless there is a clear violation of constitutional provisions.
Back2Basics:
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Central Bureau of Investigation (CBI) |
Enforcement Directorate (ED) |
| Mandate |
Investigates and solves major crimes in India |
Enforces economic and financial regulations |
| Jurisdiction |
Nationwide |
Nationwide |
| Legal Authority |
Delhi Special Police Establishment Act, 1946 |
Prevention of Money Laundering Act, 2002 |
| Functional Focus |
Criminal investigations |
Economic and financial offenses |
| Investigative Powers |
Arrest, search, seizure, and interrogation |
Attachment, confiscation, and arrest |
| Collaboration |
Works closely with state police and agencies |
Coordinates with various agencies and banks |
| Reporting Authority |
Department of Personnel and Training, GOI |
Department of Revenue, Ministry of Finance |
| Corruption Investigations |
Has an Anti-Corruption Division |
Has a separate Economic Offenses Division |
| Notable Cases |
2G Spectrum Scam, Bofors Scandal, etc. |
Vijay Mallya extradition, PNB fraud case |
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Note4Students
From UPSC perspective, the following things are important :
Prelims level: Foreign Portfolio Investments (FPI)
Mains level: NA
Central Idea
- The Supreme Court has asked the Securities and Exchange Board of India (SEBI) to clarify why amendments were made in 2018 to the Foreign Portfolio Investors (FPI) Regulations.
- These amendments had eliminated crucial clauses aimed at preventing opacity in FPI ownership structures.
Why discuss this?
- A judicial inquiry report has stated that SEBI’s investigation into allegations against the Adani Group by Hindenburg Research had been hindered by FPI ownership amendments.
- The report highlighted the challenges faced by SEBI in determining the “ownership” of 13 overseas entities, including the FPIs mentioned in the Hindenburg report, due to the lack of clarity in their ownership chain.
What are FPIs?
- Foreign Portfolio Investments (FPI) refer to investments made by foreign individuals, institutional investors, pension funds, sovereign wealth funds, and other entities in financial instruments of a foreign country.
- These investments typically involve the purchase of securities such as stocks, bonds, mutual funds, exchange-traded funds (ETFs), and other tradable financial assets.
Key characteristics of foreign portfolio investments include:
- Indirect Ownership: FPIs involve indirect ownership of financial instruments rather than direct ownership of physical assets or businesses. Investors hold portfolios of securities issued by companies, governments, or other entities in the target country.
- Diversification: FPIs allow investors to diversify their investment portfolios internationally. By investing in different countries and asset classes, investors can reduce risks associated with a concentration in a single market or asset type.
- Liquidity: FPIs offer high liquidity as they involve trading in financial instruments that can be easily bought or sold in the secondary market. Investors have the flexibility to enter or exit their positions quickly based on market conditions or investment objectives.
- Market Access: FPIs provide foreign investors with access to the securities markets of other countries. This enables them to participate in the economic growth and potential returns of different markets and take advantage of investment opportunities that may not be available domestically.
- Regulatory Framework: FPIs are subject to regulations and guidelines set by the regulatory authorities of the target country. These regulations may include registration requirements, investment limits, disclosure obligations, and compliance norms to ensure market integrity and investor protection.
- Market Impact: Large FPI flows can have a significant impact on the target country’s financial markets. They can influence stock prices, bond yields, exchange rates, and overall market sentiment. As a result, FPIs are closely monitored by regulatory bodies and policymakers.
Key Issue: FPI Regulations Amendment
The Foreign Portfolio Investors (FPI) Regulations were first introduced in 2014 by the Securities and Exchange Board of India (SEBI).
- Removal of “opaque structure” provision: The 2018 amendments eliminated provisions in the FPI Regulations that addressed opaque structures and required FPIs to disclose every ultimate natural person in the ownership chain.
- Justice Sapre panel’s observations: The expert committee report stated that the removal of these provisions had put SEBI in a “chicken-and-egg situation” in its investigation of the 13 overseas entities suspected of having opaque structures.
- Need for information on ultimate economic ownership: The report emphasized that SEBI’s investigation required information about the ultimate economic ownership, rather than just beneficial owners, of the entities under scrutiny.
Supreme Court’s Query and SEBI’s Response
- Court’s inquiry on the amendments: The Chief Justice asked SEBI to explain the circumstances and reasons behind the changes made to the provisions dealing with opaque structures.
- SEBI’s assertion on ongoing investigation: The Solicitor General, representing SEBI, stated that the investigation was progressing at full speed and that the agency was working diligently to meet the extended deadline set by the court.
- Petitioners’ arguments on fatal impact: The petitioners argued that the amendments made in 2018 had rendered SEBI’s current investigation ineffective, as the definition of opaque structure was removed. They claimed that these amendments were intended to prevent fraud exposure.
Court’s Concerns and Request for Explanation
- Court’s curiosity about the amendments: The Chief Justice expressed the court’s interest in understanding the reasons behind the changes made by SEBI in 2018.
- Potential impact on the investigation: The court acknowledged the argument that the amendments might restrict SEBI from delving into the layers of transactions, potentially hindering the investigation.
Conclusion
- The court seeks clarification on the circumstances surrounding these changes and their impact on SEBI’s investigation into the Adani Group.
- The court’s concern lies in understanding the potential limitations these amendments may have imposed on SEBI’s ability to explore the ownership chain and layers of transactions.
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Note4Students
From UPSC perspective, the following things are important :
Prelims level: GST, GST Council
Mains level: NA
Central Idea
- The Goods and Services Tax (GST) Council convened its 50th meeting on July 11, announcing significant revisions and clarifications to tax rates.
- Additionally, the council discussed the establishment of GST Appellate Tribunals.
- It sought to address the concerns surrounding inclusion of the GST Network under the Prevention of Money Laundering Act (PMLA).
What is GST Council?
- The Goods and Services Tax (GST) Council is a crucial body established under the 101st Constitutional Amendment in 2016 to oversee the implementation of the GST regime in India.
- Comprised of representatives from the central government and the states, the Council plays a pivotal role in making recommendations and decisions related to GST.
Composition of the GST Council
- Joint forum: The GST Council is a joint forum consisting of members from the Centre (Union Finance Minister and Union Minister of State for Finance) and representatives from the states.
- State representation: Each state nominates a minister in charge of finance, taxation, or any other relevant minister to be a member of the Council.
Objectives of the GST Council
- Recommendation-making authority: The Council is responsible for making recommendations to the Union and the states on important GST-related issues. This includes suggestions on the goods and services that should be subjected to or exempted from GST, as well as the formulation of model GST laws.
- Decision-making on tax rates: The Council determines the various rate slabs under the GST regime. It has the authority to decide the applicable tax rates for different goods and services.
Recent Tax Rate Changes proposals
- Uncooked and unfried snack pellets and fish soluble paste: The tax rate on these items was reduced from 18% to 5%.
- Imitation zari threads or yarn: The GST rate on these items was reduced from 12% to 5%.
- Food and beverages consumed inside cinema halls: The GST rate for these items was reduced to 5% without any input tax credits, compared to the previous 18% levied on cinema services.
- Special utility vehicles (SUVs): The tax treatment for SUVs was clarified, ensuring that the higher GST compensation cess does not affect sedans. The conditions for classifying a vehicle as an SUV were revised to exclude the requirement of being popularly seen as an SUV. The ground clearance of 170 mm should now be for an unladen vehicle.
- Exemption for satellite launch services: The Council offered an exemption on GST for satellite launch services provided by private organizations.
Other recommendations: GST Appellate Tribunals
- Proposal for setting up GST Appellate Tribunals: States’ proposals to establish 50 Benches of GST Appellate Tribunals were examined. These tribunals will play a crucial role in resolving GST disputes.
- Operational timeline: The government aims to make the tribunals operational within four to six months, starting with the establishment of Benches in State capitals and places where High Courts have Benches.
- Appointment and service conditions: The Council cleared the appointment and service conditions for tribunal members and the president, which will come into effect from August 1.
Inclusion of GST Network under PMLA
- Concerns raised by non-BJP ruled states: Representatives from states not governed by the BJP criticized the decision to bring the GST Network under the purview of the Prevention of Money Laundering Act (PMLA) administered by the Enforcement Directorate (ED).
- Tamil Nadu’s opposition: Tamil Nadu expressed opposition to the move, stating that it is against the interests of taxpayers and goes against the objective of decriminalizing offenses under the GST law.
- Explanation and clarification: Revenue Secretary presented an explanation of the provision, stating that it is a requirement of the Financial Action Task Force (FATF) and not directly related to the GST law.
- Information sharing: The GSTN will not share information about private businesses with other law enforcement agencies. The ED will neither receive nor provide information, but the director of the Financial Intelligence Unit may provide information to the GSTN to empower tax authorities in combating tax evasion and money laundering.
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Note4Students
From UPSC perspective, the following things are important :
Prelims level: Majorana Zero Modes
Mains level: Not Much
Central Idea
- Microsoft researchers have made significant strides in the creation of Majorana zero modes, a type of particle that could revolutionize quantum computing.
- Majorana zero modes, which are their own antiparticles, possess unique properties that could make quantum computers more robust and computationally superior.
Majorana Fermions: A conceptual backgrounder
- Fermions and Antiparticles: All subatomic particles that constitute matter are known as fermions, with each fermion having an associated antiparticle that annihilates upon interaction.
- Majorana Fermions: In 1937, Italian physicist Ettore Majorana discovered that certain particles, known as Majorana fermions, can satisfy specific conditions and be their own antiparticles.
- Neutrinos as Potential Majorana Fermions: Neutrinos are one type of subatomic particle that scientists speculate may exhibit Majorana fermion behavior, although experimental confirmation is still pending.
Understanding Majorana Zero Modes
- Quantum Numbers and Spin: All particles have four quantum numbers, with one called the quantum spin having half-integer values for fermions. This property allows any fermion, even a large entity like an atom, to be classified as a fermion.
- Bound States and Fermions: Bound states composed of two particles can also be classified as fermions if their total quantum spin possesses a half-integer value.
- Majorana Zero Modes: When these bound states are their own antiparticles and do not readily de-cohere, they are known as Majorana zero modes, which have been sought after by physicists for many years.
Easy explained: Majorana Zero Modes
In the world of physics, particles can have interesting properties and behave in strange ways. One type of particle that scientists have been studying is called a Majorana particle.
Majorana particles have a special property called “non-Abelian statistics.” Without getting too technical, this property means that when two Majorana particles come close together, something interesting happens. Instead of behaving like normal particles, they can combine in a special way to form a new kind of particle called a Majorana zero mode.
A Majorana zero mode is a very peculiar particle because it is its own antiparticle. Normally, particles have antiparticles with opposite properties, like an electron and a positron. But Majorana zero modes are special because they don’t have separate antiparticles. They are their own antiparticles! |
Potential Benefits for Computing
- Enhanced Stability: Majorana zero modes offer increased stability for qubits, the fundamental units of information in quantum computing. Even if one entity within the bound state is disturbed, the qubit as a whole can remain protected and retain encoded information.
- Topological Quantum Computing: Majorana zero modes can enable topological quantum computing, which takes advantage of non-Abelian statistics. These statistics introduce an additional degree of freedom, allowing algorithms to produce different outcomes based on the order in which steps are performed.
Challenges and Future Prospects
- Creating Majorana Zero Modes: Scientists have been exploring various setups, such as topological superconductors, to generate Majorana zero modes. However, confirming their existence remains a challenge, as their effects on surrounding materials must be inferred indirectly.
- Recent Advances by Microsoft Researchers: Microsoft researchers recently engineered a topological superconductor using an aluminium superconductor and an indium arsenide semiconductor. Their device passed a stringent protocol, suggesting a high probability of hosting Majorana zero modes.
Future prospects
- While this achievement is significant, the existence of Majorana fermions and their potential for topological quantum computing still need independent confirmation.
- Continued improvements in simulation, growth, fabrication, and measurement capabilities are necessary to achieve the desired topological gap for coherent operations.
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