Deepanshu Singh is teaching live on Unacademy Plus
DAILY SUMMARY AND ANALYSIS OF THE HINDU In English Presented b Deepanshu Singh CSE & FoS mains, Public Speater NTSE topper and debating champion Avid travelec fitness, music and (atihion cognoscenti th ril2017 100k folowess 15 Folloeng
Hello! I am DEEPANSHU Singh Educator at Unacademy since October 2016 B. Tech. Comp. Sc. (Hons.) Appeared for CSE and IFoS mains NTSE Gold Medalist National-level Debating Champion Interests: Fitness, technology, travelling and photography Follow me: https://unacademy.com/user/deepanshu.n.singh Rate Review Recommend
PRACTICE OUESTION Which committee has been constituted by the Union Government to examine thee existing framework with regard to Virtual Currencies? a) Dinesh Sharma committee b) Amitabh Kant committee c) Urijit Patel committee d) P K Sinha committee The Post your answers below! (without googling)
YESTERDAY'S PRACTICE QUESTION The first-ever G20 Digital Ministerial Meeting on Digital Economy was held in which country? a) India b) China c) Germany d) Brazil Answer-> C, German
NATIONAL k Adalat sett National Legal Services Authority (NALSA), led by Supreme Court judge Justice Dipak Misra- backlog of settling over six lakh cases in just 24 hours Second National Lok Adalat for 2017- from taluk level courts to High Courts, has settled nearly 6.6 lakh cases. cases ranged from matrimonial disputes, criminal compoundable cases and service matters pertaining to pension, retrial benefits, etc. Lok Adalat is final and cannot be challenged by way of appeals and revision, etc. er 6 lakh ca Supreme Court High Courts . Subordinate Courts or Lower Courts in District Level Civil Court, UCriminalCourt | | | Specialized Tribunals Lok Village Panchayats settlement of a pending court case in a Loik ! Adalats | Adalat comes with an added incentive of refund of court fee to the party involved in the litigation
NATIONAL Global interest in PS Panel to suggest norms for virtual currencies |-Centre has decided to close the regulatory gaps to keep a check on Satellites weigh up to 500kg and must be placed in polar orbits 500 km from the earth The Polar Satellite Launch Vehicle (PSLV) was developed to allow India to virtual currencies set up an inter-disciplinary committee to recommend an action plan To deal with such currencies within three months. circulation ofVirtual Currencies which are also known as Digital/Crypto Currencies Reserve Bank of India (RBI) had also cautioned users, holders and traders of virtual currencies (VCs), including Bitcoins Regarding potential financial, operational, legal, customer protection and security related risks . hits Indian Remote Sensing (IRS) . satellites into Sun-synchronous orbits PSLV can also launch small size satellites into geostationary transfer orbit (GTO) . . .The PSLV with a near impeccable 37 successes in 39 flights is a clear leader in the category of rockets that lift small satellites to low Earth orbits or LEOs Some notable payloads launched by PSLV include India's first lunar probe Chandrayaan-1, India's first interplanetary mission, Mangalyaan (Mars orbiter Mission) and India's first space observatory, Astrosat Virtual currency is a digital representation of value that can be digitally traded and functions as a medium of exchange; and/or a unit of account, and/or a store of value
NATIONAL Centre files curative plea on AFSPA . Supreme Court to urgently WHAT IS ARMED FORCES SPECIAL POWERS ACT? person of equivalent rank-to: Introduced in 1958, AFSPA confers on members of the armed forces special reconsider its July 2016 verdict immunity and secrecy provided ers to rein in suspects in areas by the Armed Forces (Special Powers) Act of 1958 (AFSPA)-tot has been in force in Manipur since security forces to security forces for deaths - caused during encounters in disturbed areas The centre argues that the judgment had become a fetter on officer, warrant officer and non- security forces involved in anti- militancy operations. The centre also observed that the verdict I Fire upon or use force against any person acting in contravention of any law for the time being in force in the disturbed area declared disturbed" on account of insurgent activities or similar threats. Arrest suspicious people without warrant 1980, and the alleged excesses committed under it are the reasons why activist Irom Sharmila has been on a hunger strike since 2000. WHAT ARE SPECIAL POWERS AFSPA allows any commissioned Destroy any structure suspected to house an arms dump, shelter from which armed attacks are made or are likely to be made Conduct searches without warrants for evidence, to recover a wrongfully confined person or property or arms or explosives AFSPA bars prosecution or proceedings-except with Centre's nod- against personnel for action committed while exercising powers under the Act . . commissioned officer-or any other The centre also observed that the India, U.K. framework to guide technology transfer principles of right to self-defence cannot be strictly applied while dealing with militants and terrorist. Defence and International Security Partnership (DISP) agreed between elements in a hostile and unstable terrain because of the complexity and the reality of the conduct of . U.K sees India as a launch pad for British firms military operations . to devise a government-to-government framework to facilitate transfer of such technology the two countries in 2015 and will be taken up by the Defence Consultative Group (DCG)
BUSINESS Petrol, diesel prices to be fixed daily Making fuel prices a daily function of global rates of crude is implmnted as a norm in developed countries molemened as A global practice petrol and diesel prices wl change every day in sync with international rates Daily price change will remove the big leaps in rates Indian Oil Corp. (IOC), Bharat Petroleum Corp. Ltd. (BPCL) and Hindustan Petroleum Corp. Ltd. (HPCL)-a pilot scheme for daily price revision in five select cities then to pan India State fuel retailers currently revise rates on the 1st and 16th of every month petrol price was freed from government control in June 2010 diesel rates were deregulated- Oct 2014 Test run: A pilot for daily revision on 1st and 16th of every month, of petrol and diesel price will fuel prices in the preceding be implementedfortnight and the exchange rate first in Puducherry,PROPOSED PRACTICE:Instead of Visakhapatnam using fortnightly average, pump in Andhra Pradesh, Udaipur in Rajasthan, Jamshedpur in June 2010, and diesel prices in Jharkhand and CURRENT PRACTICE: State fuel retailers currently revise rates . based on average international rates will reflect daily movement in international oil prices and rupee-U.S. dollar fluctuations Petrol prices were deregulated October 2014 dalpur irupee Uoliar tuctuations Crude reality: A worker rests on a crude oil pipeline at Ennore. Crude prices globally will now decide movement of fuel price in India..s.R. RAGHUNATHAN ' Chandigarh
BUSINESS Holdfiscaldeficitat3% till FY20, says N.K. Singh panel . Responsibility and Budget Management (FRBM) Review Committee chaired by former Revenue Secretary N.K. Singh fiscal deficit to GDP ratio of 2.8% in 2020-21, 2.6% the subsequent year and 2.5% in 2022-23 . government has set a fiscal deficit target of 3.2% ofGDP in 2017-18, FRBM law enacted in 2003 had original!yenvisaged attaining a fiscal deficit of 3% ofGDP by 2008-09 The panel has introduced an escape clause that allows the government to skip the fiscal deficit target for a particular year, in situations that include national security concerns, acts of war, national calamities, a collapse of the agriculture sector and far-reaching structural reforms with unanticipated fiscal implications. Asimilar buoyancy clause has been proposed, so that fiscal deficit must fall at least 0.5% below the target if real output grows 3% faster than that average panel has recommended that the existing FRBM Act and rules be scrapped and a new Debt and Fiscal Responsibility Act be adopted and proposed the creation of a Fiscal Council . . . . Basis Fiscal deficit Primary deficit It is the excess of total budget expenditure over the total budget receipt excluding borrowing It is the difference between fiscal deficit and interest payments by the government. Meaning Calculation It is calculated as, it is calculated as Primary Deficit Fiscal Deficit- Interest Fiscal Deficit Total Budget Expenditure Total Budget Receipt (excluding Payments borrowings) Primary deficit is the part of fiscal deficit hence, narrow in scope Scope It is broad or wide in scope.
INTERNATIONAL Colombo's seafront makes way for China-backed financial city iPhone makerApple's demand for tax exemptions for setting up a manufacturing unit in India Apple: concessions such as duty exemption on manufacturing and repair units, components, capital equipment for smartphones for 15 years incentives cannot be accepted as with the coming into force of the new indirect tax regime all imports will be liable to IGST (integrated GST) and any exemptions from CGST (centre)/SGST (state)/IGST can be granted based on the recommendations of the GST Council only Colombo Port City Project: has environmental impact Sri Lanka and China in April 2016 decided to redefine the port city project, calling it an international financial city The largest foreign direct investment in Sri Lanka costs the $1.4-billion project financial centre and a host ofother facilities, including a marina, a central park, and possibly an international school and hospital over the next 30 years investors see the potential for a major financial hub in the city resistance to the project, particularly from fisher folk and environmental groups India's concerns over the China-backed initiative are well-known . . . .