UPSC Daily Current Affairs

Account Aggregators in India

Dec 15, 2023

Introduction to Account Aggregators (AAs): Account Aggregators are RBI-authorized entities that operate as a type of NBFC. Their primary role is to securely and digitally collect and share customers’ financial information, with consent, across different financial institutions within the AA network. RBI’s Oversight of AAs: The Reserve Bank of India (RBI) supervises AAs through a stringent set of circulars, master directions, and notifications, ensuring they comply with the necessary financial regulations. Account Aggregators’ Role in Financial Inclusion: AAs are designed to resolve the issue of f... Read More...

India’s Account Aggregator Network

Dec 15, 2023

1. Introduction to Account Aggregator (AA): The AA is an RBI-regulated entity allowing individuals to digitally access and share their financial data across institutions in the network, with consent. 2. Benefits of AA Network: This network simplifies the sharing of financial data, replacing cumbersome traditional methods, thereby easing loan applications and financial services access. 3. Comparison with Other Data Sharing Systems: Unlike Aadhaar eKYC or CKYC that share limited identity data, or credit bureaus sharing credit history, AAs facilitate transaction data sharing, offering a more comprehensive financial ... Read More...

India's Hydropower Policy

Dec 15, 2023

1. Current State of Hydropower: India's installed capacity is 52 GW, with 18 GW under implementation or has been bid out. The aim is to reach 78 GW by 2030. Unpredictable weather patterns like El Niño and other challenges have caused a decline in hydropower generation. 2. Previous Policy: A hydropower policy existed from 2008, focusing on incentivizing private sector investment and cost recuperation. However, there are gaps that need to be addressed, especially in environmental clearance and saleable energy proportion. 3. Need for a New Policy: To efficiently utilize the hydro potential and meet energy... Read More...

Key Decisions from COP 28: Paving the Way for a Greener Future

Dec 14, 2023

COP 28 has concluded with several groundbreaking decisions, each pivotal for addressing climate change and steering global action towards sustainability. 1. Fossil Fuel Transition: A historic first, nearly 200 countries agreed to reduce global fossil fuel consumption, emphasizing an orderly transition away from oil and gas. 2. Renewable Energy and Efficiency Boost: Over 117 countries pledged to triple renewable energy capacity and double energy efficiency by 2030, aiming for a significant leap in sustainable energy use. 3. Loss and Damage Fund: Developed countries, primarily responsible for climate... Read More...

Seized Cash Flow: The Aftermath of Income Tax Raids

Dec 14, 2023

Procedure Following the Seizure of Cash by Income Tax Authorities Upon the confiscation of substantial monetary sums during income tax raids, a stringent protocol is followed. The seized funds are meticulously counted by bank officials, who act as independent witnesses to the procedure, thereby ensuring the transparency and integrity of the process. Subsequently, the cash is deposited into a designated treasury account of the Income Tax Department, specifically maintained at the State Bank of India. This account serves as a secure holding point for the funds during the subsequent legal and administrative scrutiny. Read More...

Section 6A of the Citizenship Act and Assam’s Dilemma

Dec 14, 2023

What’s Section 6A about? Section 6A is a part of India’s Citizenship Act that deals specifically with Assam. It was created after the Assam Accord of 1985 to handle the unique situation in Assam regarding immigrants from Bangladesh. Why does Section 6A exist? Assam had a lot of people coming in from Bangladesh, and it was causing tension and problems. To stop this, the Assam Accord made a deal, and Section 6A was the law to enforce it. This law sorts people into groups based on when they came to Assam: before 1966, between 1966 and 1971, and after 1971. E... Read More...

Organ Transplant Regulations in India

Dec 14, 2023

Comprehensive Understanding of Organ Donation Laws What statutes regulate organ transplantation in India? The primary legal framework is the Transplantation of Human Organs and Tissues Act, 1994 (THOTA). It outlines the norms for the removal, storage, and transplantation of human organs for therapeutic purposes and prevents commercial dealings. Amendments to the act have strengthened the regulatory mechanisms to address advancements in transplantation and emerging ethical issues. How does the Indian government address the disparity between organ demand an... Read More...

Food Inflation Disaggregated: Analyzing Causes, Effects, and Policy Measures

Dec 13, 2023

Food Inflation Trends The latest reports indicate a significant surge in food inflation in India, reaching 8.7% in November 2023. This rise is attributed to various factors impacting the prices of vegetables, cereals, pulses, and spices, with edible oils seeing some deflation. Causes of Food Inflation 1. Supply Chain Disruptions: Delays in the arrival of import cargos in essential food items have been one contributing factor. 2. Increased Consumer Demand: A robust demand in food and beverages has driven prices up. 3. Seasonal Variations: The transition period betw... Read More...

G7 Sanctions and Surat’s Diamond Industry

Dec 13, 2023

1. What are the G7 sanctions on Russian diamonds? The G7 countries have imposed sanctions on Russian diamond imports, including diamonds processed in third countries, in response to Russia’s actions in Ukraine. This includes a ban on large rough diamonds from Russia, affecting the global diamond trade. 2. How do these sanctions affect Surat’s diamond industry? Surat, a major diamond processing hub in India, is significantly impacted as it specializes in small diamonds. The sanctions lead to a decrease in the availability of low-quality rough diamonds, whi... Read More...

India, and China’s Policy Towards Tibet

Dec 13, 2023

1. What is the significance of China referring to Tibet as ‘Xizang’? Referring to Tibet as ‘Xizang’ is part of China’s strategy to assert its sovereignty and integrate the region more closely with the rest of the country. This terminology change aims to reinforce the idea of Tibet being an integral part of China and diminish its distinct cultural identity. 2. How has China’s policy in Tibet evolved since 1950? Since annexing Tibet in 1950, China has consistently aimed to consolidate its control over the region. This has involved ex... Read More...

Chief Election Commissioner and ECs Bill, Dec 2023

Dec 13, 2023

Introduction The Chief Election Commissioner and other Election Commissioners (Appointment, Conditions of Service and Term of Office) Bill, 2023, passed in the Rajya Sabha, introduces amendments that significantly affect the Election Commission of India’s structure and functioning. These changes have elicited diverse responses across the political spectrum. Key Amendments in the Bill 1. Immunity for CEC and ECs: New Provision: Grants immunity to both current and former CECs and ECs from civil or criminal proceedings for their official acti... Read More...

President Xi Jinping’s Visit to Vietnam and its Geopolitical Implications

Dec 13, 2023

1. Why did President Xi Jinping visit Vietnam? President Xi Jinping’s visit to Vietnam, his first in six years, aimed to strengthen ties between China and Vietnam. This visit is viewed as China’s effort to counter growing U.S. influence in the region, especially following President Biden’s visit to Vietnam three months earlier . 2. What agreements were made during Xi Jinping’s visit? The visit resulted in the signing of 37 agreements, including on cross-border rail development, trade, joint patrols in the Tonkin Gulf, and the establishment of ... Read More...

Excavation of Ancient Sites in Bihar

Dec 13, 2023

Overview: The Bihar government, under the guidance of the Archaeological Survey of India (ASI), is set to commence significant archaeological excavations and explorations in the state. These activities will focus on two major sites with profound historical and religious significance. Key Highlights: 1. Bhadaria Village Excavation: Location: In Banka district, near the Chandan river. Historical Significance: Linked to Hindu mythology and Buddhism. Age: Preliminary studies suggest the remains are approximately 2,600 y... Read More...

Pen’s Lord Ganesh Idols Secure Geographical Indication Tag

Dec 13, 2023

Overview Development: The clay idols of Lord Ganesh made in Pen, Maharashtra, have been granted a Geographical Indication (GI) tag. Significance: Ensures authenticity and protection against imitation of these idols. Unique Features of Pen Ganesh Idols 1. Craftsmanship: Known for their aesthetics, serene expressions, shading, color work, and grace. 2. Eye Carving (‘akhani’): A skillful aspect, showcasing the artisans’ dexterity. 3. Organic Materials: Made using organic soil or clay and natural colors. Read More...