Daily Current Affairs ( 19th & 20th June)

Offshore Areas (Existence of Mineral Resources) Rules, 2024

Why in news?

Recently, the Centre has introduced the Offshore Areas (Existence of Mineral Resources) Rules, 2024.

More about the news

• This comprehensive regulatory framework mandates rigorous exploration standards to ensure accurate assessment and sustainable development of offshore mineral resources.
• The introduction of these rules is a significant step towards responsible and efficient utilisation of our offshore mineral resources
• According to the new rules, a minimum of general exploration (G2) is required to grant mining leases, while general exploration (G4) is necessary for obtaining composite licences. 

• These standards are designed to provide a clear and structured approach to evaluating the presence and potential of mineral resources before advancing for extraction.

• The regulations set specific exploration norms for a variety of deposits and minerals, including construction-grade silica sand, non-construction-grade calcareous sand, calcareous mud, phosphatic sediments, deep sea minerals, rare earth element (REE) minerals, hydrothermal minerals, and nodules.
• The rules also define the stages of exploration, feasibility studies, economic viability assessments, and classification of mineral resources and reserves.
• The rules define exploration for any mineral deposit in four stages: reconnaissance survey (G4), preliminary exploration (G3), general exploration (G2), and detailed exploration (G1). 
• These new rules categorise feasibility studies for offshore mineral resources into three stages: geological study (F3), pre-feasibility study (F2), and feasibility study (F1).
• The economic viability of offshore mineral resources is classified into three stages: intrinsically economic (E3), potentially economic (E2), and economic (E1). 

• Classification of economic viability into categories (E3, E2, E1) based on feasibility studies; emphasis on technical and environmental assessments.

Joint Doctrine for Cyberspace Operations

Why in news?

Recently, the Chief of Defence Staff (CDS) released the ‘Joint Doctrine’ for cyberspace operations during the Chief of Staff Committee (COSC) meeting.

About 

• This doctrine provides a cohesive framework for executing and understanding cyberspace operations across the Indian Army, Navy, and Air Force.
• By formalising a joint doctrine, the Indian Armed Forces are taking crucial steps to address the complexities of cyberspace, ensuring they remain resilient against evolving cyber threats. 
• The doctrine is poised to shape future military strategies and operations, reinforcing the integral role of cyberspace in national defence.
• This landmark publication aims to equip military commanders with the necessary guidance to navigate the complexities of modern cyber warfare, ensuring well-coordinated and effective operations.
• This doctrine marks a significant advancement in streamlining cyberspace operations, reflecting a proactive approach to contemporary warfare.
• The doctrine emphasises understanding the military dimensions of cyberspace operations, providing a robust conceptual framework for commanders, staff, and personnel involved in cyber activities. 
• It aims to enhance awareness and preparedness among soldiers at all levels, fostering a unified and strategic approach to cyber defence and operations.

Lok Adalat

Why in news?

To mark 75th year of its establishment, the Supreme Court will organise a special Lok Adalat.

More about the news

• In the 75th year of its establishment, the Supreme Court of India is organising a Special Lok Adalat from July 29, 2024 to August 3, 2024 to facilitate amicable settlements of suitable pending cases.
• Organising of the ensuing Lok Adalat is pursuant to the commitment to accessible and efficient justice delivery for all sections of the society.

About Lok Adalat

• Lok Adalat is one of the alternative dispute redressal mechanisms, it is a forum where disputes/cases pending in the court of law or at pre-litigation stage are settled/ compromised amicably. 
• Lok Adalats have been given statutory status under the Legal Services Authorities Act, 1987.
• The first Lok Adalat camp was organized in Gujarat in 1982 as a voluntary and conciliatory agency without any statutory backing for its decisions.
•  Every Lok Adalat organized for an area shall consist of such number of serving or retired judicial officers and other persons of the area as may be specified by the agency organizing.

• Generally, a Lok Adalat consists of a judicial officer as the chairman and a lawyer (advocate) and a social worker as members.

• Nature of cases to be referred to Lok Adalat:

• Any case pending before any court
• Any dispute which has not been brought before any court and is likely to be filed before the court, provided that any matter relating to an offence not compoundable under the law shall not be settled in Lok Adalat.

• Under the said Act, the award (decision) made by the Lok Adalats is deemed to be a decree of a civil court and is final and binding on all parties and no appeal against such an award lies before any court of law.

• If the parties are not satisfied with the award of the Lok Adalat though there is no provision for an appeal against such an award, they are free to initiate litigation by approaching the court of appropriate jurisdiction by filing a case by following the required procedure, in exercise of their right to litigate.

Speaker Pro tem of Lok Sabha

Why in news?

Recently, the President appointed a prominent member of Lok Sabha as Speaker Protem.

About 

• Pro-tem is a Latin phrase which means “for the time being”. 
• A Protem speaker is a temporary speaker who presides over the first meeting of a newly constituted Lok Sabha or the State Legislative Assemblies.

• Article 94 of the Indian Constitution states: “Whenever the House of the People is dissolved, the Speaker shall not vacate his office until immediately before the first meeting of the House of the People after the dissolution.”

• • In the new Lok Sabha, the Speaker of the House is decided by a simple majority. Until her selection, the pro-tem Speaker is chosen to administer some important duties. 
  • The Constitution does not mention the post. However, the official ‘Handbook on the Working of Ministry of Parliamentary Affairs’ speaks about the ‘Appointment and Swearing in of Speaker pro tem’.
  • The handbook states when the Speaker post falls vacant before a new Lok Sabha, “the duties of the Speaker are to be performed by a Member of the House appointed for this purpose by the President as Speaker pro tem”.
  • According to the handbook, the senior most members (in terms of number of years of membership of the House) are generally chosen for the purpose, though there have been exceptions.

• Duties of the Protem Speaker:

• Administering oaths to the new MPs is the pro-tem Speaker’s primary duty.
• He also enables the House to elect a new speaker.

National Financial Reporting Authority

Why in news?

The National Financial Reporting Authority (NFRA) will wrap up its first annual inspection of eight audit firms.

About NFRA

• The National Financial Reporting Authority (NFRA) is a body constituted under the provisions of Section 132 of the Companies Act, 2013.
• It was established as an independent authority to regulate the auditing profession and accounting standards in India.
• The Companies Act requires the NFRA to have a chairperson who will be appointed by the Central Government and a maximum of 15 members.
• Its functions:

• Recommend accounting and auditing policies and standards to be adopted by companies for approval by the Central Government;
• Monitor and enforce compliance with accounting standards and auditing standards;
• Oversee the quality of service of the professions associated with ensuring compliance with such standards and suggest measures for improvement in the quality of service;
• Perform such other functions and duties as may be necessary or incidental to the aforesaid functions and duties.

• NFRA has the power to investigate, either suo moto or on a reference made to it by the Central Government, into the matters of professional or other misconduct committed by any member or firm of chartered accountants registered under the Chartered Accountants Act, 1949.
• It has the same powers as are vested in a civil court under the Code of Civil Procedure, 1908, while trying a suit.

Angel tax

Why in news?

Recently, the Confederation of Indian Industry (CII) in its Union Budget recommendation suggested the removal of Angel Tax.

About 

• • Angel Tax was first introduced in 2012.
  • Angel tax is essentially the tax that unlisted companies (read-startups) are liable to pay on the capital they raise through issue of shares.
  • It aims to deter the generation and use of unaccounted money through the subscription of shares of a closely held company at a value that is higher than the fair market value of the firm’s shares.

• Impact: 

• The imposition of angel tax has a significant impact on startups, particularly those in the early stages of development with limited revenues.
• Firstly, it creates cash flow constraints as startups depend on funds to fuel their growth and operations. The tax reduces the capital raised, hindering their expansion plans.
• Secondly, determining the fair market value of a startup, especially in its early stage, is challenging due to limited financial data, leading to disputes with tax authorities, resulting in prolonged assessments and unnecessary burdens.
• Thirdly, angel tax generates uncertainty and apprehension among angel investors, discouraging them from investing in startups, thus affecting the availability of funds for budding entrepreneurs.
• Fourthly, Indian startups face a competitive disadvantage compared to their global counterparts as foreign startups do not have a similar tax burden, affecting India’s startup ecosystem.

Excessive-deficit Procedure

Why in news?

Recently, the European Commission proposed disciplinary steps against France and six other EU countries over running excessive budget deficits.

More about the news

• The EDP is governed by Article 126 of the Treaty on the Functioning of the European Union.
• The aim of the excessive deficit procedure (EDP) is that EU countries correct excessive deficit and/or debt levels. 
• The European Commission can launch an EDP against an EU country not respecting the Stability and Growth Pact (SGP), a body of rules governing the coordination of EU countries’ fiscal policies.
• The EDP requires the country in question to provide a plan of the corrective action and policies it will follow, as well as deadlines for their achievement. Euro-area countries that do not follow up on the recommendations may be fined.
• The deficits are mainly a legacy of the Covid-19 pandemic and the energy price crisis that followed Russia’s invasion of Ukraine in 2022.

Urban Co-operative Banks

Why in news?

Recently, a member of the RBI central board said that RBI will not force merger of urban co-operative banks.

More about the news

In 2021, an RBI’s expert committee had recommended that weak UCBs would get a regulatory nudge to explore voluntary merger or conversion into a non-banking society at an early stage.

About Urban Co-operative Banks

• The term Urban Co-operative Banks (UCBs), though not formally defined, refers to primary cooperative banks located in urban and semi-urban areas.
• They are registered under the Cooperative Societies Act, these member-owned and run entities cater to banking requirements of small businesses, individuals, and communities
• They are regulated and supervised by State Registrars of Co-operative Societies (RCS) & RBI under the Banking Regulations Act, 1949 and Banking Laws (Co-operative Societies) Act, 1955.
• UCBs shall have minimum net worth as under: Tier 1 UCBs operating in a single district shall have minimum net worth of ₹2 crore. All other UCBs (of all tiers) shall have a minimum net worth of ₹5 crore.
• They are required to maintain the SLR and CRR as per the RBI guidelines
• UCBs can now open new branches up to 10% (maximum 5 branches) of the number of branches in the previous financial year without prior approval of RBI in their approved area of operation. 

• However, in order to avail this facility, UCBs have to get the policy approved by their board and comply with the Financially Sound and Well Managed (FSWM) Norms.

• UCBs have a significant role in aiding financial inclusion, despite their lower market share when compared to commercial banks.
• UCBs have the highest net NPA and gross NPA ratios across the banking sector.

Fostering Effective Energy Transition 2024 Report 

Why in news?

Recently, the World Economic Forum released the fostering effective energy transition 2024 report.

Key Highlights 

• According to a report, the energy transition is progressing but has lost momentum in the face of increasing global uncertainty.
• Global average ETI scores increased by 6% since 2015 but showed slower growth in the past three years.

• The Energy Transition Index (ETI) benchmarks 120 countries on their current energy system performance and on the readiness of their enabling environment.
• It notices the shift from fossil fuels to renewable energy sources to reduce CO2 emissions

• Only 28% of countries showed strong improvement in the dimension with the lowest score, signalling progress towards a more balanced system.
• The top 10 countries account for only 1% of energy-related CO2 emissions, 3% of total energy supply, 3% of energy demand and 2% of the global population.

• These are Bhutan, Comoros, Gabon, Guyana, Madagascar, Niue, Panama, and Suriname. 

• Only 17% of countries in 2024 balanced the progress in dimensions of the energy triangle.
• Overall, 53 countries have made steady progress in the past decade.
• Sweden leads the global rankings, followed by Denmark and Finland. This year, France has entered the top five performers on the ETI due to its effective energy efficiency policies.
• Major growing centres of demand like Brazil, China and India have made strong improvements on the ETI in recent years.

Minimum Support Prices

Why in news?

Recently, the Union Cabinet chaired by the Prime Minister approved the Minimum Support Prices (MSP) for Kharif Crops for Marketing Season 2024-25.

About MSP

• MSP stands for Minimum Support Price. It is the minimum rate at which farmers sell their crops to the government. This price prevents farmers from market fluctuation and offers stability and income security.
• The Commission for Agricultural Costs and Prices, recommends the MSP based on various factors. The Cabinet Committee on Economic Affairs, headed by the Prime Minister, takes the final call on the MSP.
• The mandated crops are 14 crops of the kharif season, 6 rabi crops and two other commercial crops.
• The Minimum Support Price (MSP) is calculated by considering both the explicit and implicit costs incurred by farmers.
• Explicit costs cover expenses like chemicals, fertilisers, seeds, and hired labour, while implicit costs include factors such as family labour and rent. These variables are represented by A2, FL, and C2.

• • A2 refers to the expenses for inputs like chemicals, fertilisers, seeds, and hired labour for crop growth, production, and maintenance.
  • A2 + FL includes both actual and implicit costs, such as family labour.

• C2 incorporates A2 + FL along with fixed capital assets and rent paid by farmers.

Revenue Sharing Model

Why in news?

Recently, Coal India has awarded 23 of its such mines to private sector bidders under a revenue sharing model.

About 

• Revenue sharing is a business model that allows companies to share their financial success with stakeholders.
• It is a flexible concept that involves sharing operating profits or losses among associated financial actors.
• The distribution of revenue is often based on a percentage or a fixed amount agreed upon by the involved parties.

About Coal Production in India

• India is the world’s second-largest producer, consumer, and importer of coal after China.
• The Coal resources of India are available in older Gondwana Formations of peninsular India and younger tertiary formations of north-eastern region.

• Coal is classified into four main types, namely, anthracite, bituminous, subbituminous, and lignite.
• Coal accounts for 55% of the country’s energy needs. India has the fourth largest coal reserves in the world.
• Jharkhand has the largest reserves of coal in India followed by Odisha and Chhattisgarh.
• Despite having large reserves of coal, India imports millions of tonnes of coal because domestic production is insufficient to fill the supply-demand gap and Indian coal is of inferior quality with less carbon content.
• As per the current import policy, coal is kept under Open General License (OGL) and consumers are free to import coal from the source of their choice as per their requirement and commercial consideration.

Container Port Performance Index 

Why in news?

Recently, 9 ports of India have made it to the global top 100 rankings in the latest edition of Container Port Performance Index.

More about the news

• The Container Port Performance Index (CPPI), developed by World Bank and S&P Global Market Intelligence, measures the resilience, efficiency and overall performance of the Ports.
• According to the report, regional disruptions impacted port performance everywhere.
• The report highlights the significant strides made by Indian ports in operational efficiency and service delivery.
• Visakhapatnam Port made it to the top 20 ports of the World at 19 in 2023, Mundra Port also climbed up the index at 27 in the current ranking.
• Seven other Indian ports, which secured ranks in the top 100, are Pipavav (ranked 41 in the list), Kamarajar (47), Cochin (63), Hazira (68), Krishnapatnam (71), Chennai (80) and Jawaharlal Nehru (96).

State of Global Air Report

Why in news?

Recently, the Health Effects Institute in partnership with UNICEF released the State of Global Air Report 2024.

Key highlights of the report

• India recorded the highest deaths among children under the age of 5 years, at about 160,000, due to air pollution in South Asia in 2021.
• The report finds that children under five years are especially vulnerable, with health effects including premature birth, low birth weight, asthma, and lung diseases.
• Globally, some of the highest PM2.5 exposures are experienced across South Asia, although levels are beginning to stabilise in most countries. 

• In the region, levels of ozone have also increased in the last decade, and in 2021, 56% of all global ozone deaths were reported in South Asia.
• India, Nigeria, Pakistan, and Brazil have experienced increases of more than 10% in ambient ozone exposures in the last decade. Nearly 50% of the total ozone-related deaths occurred in India.

National Forensic Infrastructure Enhancement Scheme

Why in news?

Recently, the Union Cabinet approved the proposal of the Ministry of Home Affairs for the Central Sector Scheme National Forensic Infrastructure Enhancement Scheme (NFIES).

More about the news

• The total financial outlay of the scheme is Rs. 2254.43 crore during the period from 2024-25 to 2028-29.
• The scheme will address a significant increase in the workload of forensic science laboratories, which is expected with the enactment of the New Criminal Laws which mandates forensic investigation for offences involving punishment of 7 years or more. 
• The scheme underscores the importance of high quality, trained forensic professionals in the timely and scientific examination of evidence for an efficient criminal justice process, leveraging the advancements in technology & evolving manifestations and methods of crime.
• The Cabinet has approved the following components under this Scheme:

• Establishment   of Campuses of the National Forensic Sciences University (NFSU) in the country.
• Establishment of Central Forensic Science Laboratories in the country.
• Enhancement of existing infrastructure of the Delhi Campus of the NFSU.

Sickle Cell Disease 

Why in news?

World Sickle Cell Awareness Day is observed annually on June 19th.

More about the news

• The day aims to highlight the struggles faced by those with SCD, promote understanding of the disease, and streamline efforts towards improving patient care and finding a cure. 
• In 2024, the theme for World Sickle Cell Awareness Day is “Hope Through Progress: Advancing Sickle Cell Care Globally.” 
• This theme underscores the ongoing advancements in medical research and healthcare practices that bring hope to individuals and families affected by SCD.

About Sickle Cell Disease

• Sickle Cell Disease is a chronic, single-gene disorder that causes a debilitating systemic syndrome characterized by chronic anemia, acute painful episodes, organ infarction, and chronic organ damage, significantly reducing life expectancy. 
• SCD is a genetic blood disorder affecting the entire life of the patient, as it leads to various severe health complications.
• SCD causes red blood cells to become abnormally shaped like a crescent or sickle, instead of being round and flexible. 
• These sickle-shaped cells can block blood flow, leading to pain and other serious health complications. 
• This genetic blood disease affects hemoglobin, the protein in red blood cells that carries oxygen throughout the body, resulting in a wide range of health issues and significantly affecting the patient’s quality of life.

About National Sickle Cell Anaemia Elimination Mission

• • The National Sickle Cell Anaemia Elimination Mission was introduced in the Union Budget 2023.
  • It aims to address the significant health challenges Sickle Cell Disease (SCD) poses, particularly among India’s tribal populations.
  • The mission aims to improve the care of all Sickle Cell Disease patients for a better future and to lower the prevalence of the disease through a multi-pronged coordinated approach towards screening and awareness strategies. 

• Objectives of the Mission:

• Provision of affordable and accessible care to all SCD patients
• To ensure quality of care for SCD patients
• To reduce the prevalence of SCD

• Strategy: The strategy of the mission emphasizes three pillars:

• Health promotion- Awareness generation & pre-marital genetic counselling
• Prevention – Universal screening and early detection
• Holistic Management & continuum of care- Management of persons with sickle cell disease at primary, secondary, and tertiary health care levels; treatment facilities at tertiary health care facilities, Patient support system and Community adoption.

Kafala System

Why in news?

Recent treatment of foreign workers in gulf countries have raised serious questions about the kafala system.

About 

• The Kafala System is a sponsorship system that ties migrant workers to a single employer (a sponsor) in several gulf countries.
• The system requires each worker to be sponsored by a citizen of the host country. That employer, also known as a kafeel, is responsible for the worker’s legal status and visa. 

• When the worker’s term finalizes, the employer can either renew it or terminate the worker’s status, which requires that the worker be immediately deported.
• The system arose from growing demand in Gulf economies for cheap labor, and the desperation of many migrants in search of work and the opportunity to send money home to their families.
• The kafala system is largely associated with forced labor and poor working conditions, and often includes policies such as passport confiscation by employers, predatory recruitment fees and poor living conditions. 
• Therefore, migrants face significant barriers when they try to leave the country or leave a job to which they’re financially indebted, and have trouble arguing for health care, time off or better working conditions.