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29th June 2018 Part-2: Daily News Analysis
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India-US- Iran relations

Jatin Verma is teaching live on Unacademy Plus

Jatin Verma
Have appeared in UPSC CSE thrice. Have been taking Unacademy Plus courses Academics- Polity, Economics & Current Affairs.

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paper aane se phle dna bana diye sir 😂
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  1. ant teo the LT to Important News Articles Taking Delhi/Noida edition as the base it th Page 1: Indian money in Swiss banks surges Page 13 Business News: Indians, Swiss bank stash tops 7,000 cr. *Page 1: Revise relations with Iran, Haley tells India re Page 13 Business News: India least vulnerable to stronger U.S. dollar he Page 13 Business News: RBI steps in as rupee hits record low Page 13 Business News: No extra edge, only a level playing field Page 13 Business News: Engineering goods exporters hit by rupee yoyo Page 2 East News: Mizoram Assembly opposes Bill Page 7 Nation News: Rising temperature to cut living standards Page 10 News: Parliament must overturn SC ruling Page 10 News: Floods delay release of NRC draft Page 11 News: Old Versus New Page 11 News: Kharif sowing on, but no word on MSPs Page 12 World News: 2+2 postponed due to scheduling issue Page 12 World News: U.K. defends use of controversial rule Page 12 World News: India shouldn't meddle with our political affairs lay e an ent LI ck e ind stay Ies

  2. ant teo the LT Important News Articles Taking Delhi/Noida edition as the base) Page 14 Business News: Hyderabad may house first government blockchain centre re he lay e an ent ck e ind stay by

  3. Page-1+ Revise relations with Iran, Haley tells India [GSM-2: International Relations] Calling Iran a "threat" to the world, U.S. envoy to the UN. Nikki Haley said she had raised th concerns over trade with Iran during her meeting with Prime Minister Narendra Modi on Wednesday. President Donald Trump has said we need to hold Iran to account," she told an audience during an p interaction hosted by the think-tank ORF in the capital, adding that Tehran's violations of its nuclear . re he commitments and alleged sponsorship of terrorism made it the "next North Korea." We are going to keep the pressure on Iran and we hope all other countries will join us. I did talk with Prime Minister Modi about this as well...the U.S. is going to work with our friends and allies to ensure that we are all pushing Iran to be an accountable neighbour." . In an interview to NDTV, Ms. Haley also called on India to "rethink its relationship with Iran." I think as a friend [of the U.S.] India should decide whether Iran is a country they want to continue doing business with," she said adding that her conversation with Mr. Modi had been a "constructive" one. . . The comments by Ms. Haley appear to be a part of a concerted campaign by the U.S. to ensure that ay India, Iran's second biggest oil-importer after China, cuts its oil trade. that

  4. This is will prove especially tricky since New Delhi had committed to raising its imports fromm Tehran by as much 25% after a visit by Iranian President Rouhani in February this year. th The U.S. strictures follow President Trump's decision in May to pull out of the Joint Comprehensive 2 Plan of Action (JCPOA) multilateral nuclear deal and subsequently bring in the Countering America's Adversaries Through Sanctions Act (CAATSA) law that sanctions countries dealing with the Washington's "adversaries" n . U.S. State Department official had clarified that India must comply with the U.S. sanctions against Iran and bring oil imports to "zero" by its November 4 deadline India's response: MEA spokesperson said "The statement was not India specific and applies to all countries." "India will take all necessary steps, including engagement with relevant stakeholders to ensure our energy security," he added, without specifying whether Iran supplies would remain unchanged. . . At a press conference in May, External Affairs Minister Sushma Swaraj had been more categorical about maintaining ties with Tehran, when she had said that India would comply only with UN sanctions,not U.S. sanctions. ay On the subject of Pakistan, Ms. Haley, who ended her three-day visit to India said the Trump administration had sent tougher message on support to terror groups than in the past. In many instances, Pakistan has been a partner with us, and we value and respect that. But we cannot tolerate its government, or any other government, giving safe haven to terrorists." trouble th that

  5. want te be starti Page-: Indian money in Swiss banks surges IGSM-3: Economy: Money Launderingl Money parked by Indians in Swiss banks rose over 50% to Swiss Francs (CHF) 1.01 billion ( 7,000 th 7, reversing a three-year downward trend amid India's clampdown on suspected blaclk money stashed there. According to the official annual data released on June 28 by Swiss National Bank (SNB), "In comparison, the total funds held by all foreign clients of Swiss banks rose about 3% to CHF 1.46 trillion or about 100 lakh crore in 2017, the central banking authority ofthe Alpine nation . me The surge in Indian money held with Swiss banks comes as a surprise given India's continuing clampdown on suspected black money stashed abroad, including in banks of Switzerland that used to be known for their famed secrecy walls for years The Indian money in Swiss banks had fallen by 45% in 2016, marking their biggest ever yearly plunge, to CHF676 million (about 4,500 crore) the lowest ever since the European nation began making the data public in 1987. According to the SNB data, the total funds held by Indians directly with Swiss banks rose to CHF999 million Swiss franc (R6,891 crore) in 2017, while the same held through fiduciaries or wealth managers increased to CHF 16.2 million (112 crore). These figures stood at CHF664.8 million and CHF11 million. respectively, at the end of 2016 Indian money in Swiss banks included other banks & 2,640 crore as 'other liabilities, such as securities at the end of 201 7 Funds under all three heads have risen sharply, as against a huge plunge across all categories in the previous 3,200 crore in the form ofcustomer deposits, 1,050 crore through . ear

  6. want to te starting The funds held through fiduciaries alone used to be in billions till 2007 but began falling after that amid fears of regulatory crackdown The total funds held by Indians with Swiss banks stood at a record high of 23,000 crore at 2006- end, but came down to nearly one-tenth of that level in about a decade. Since those record levels, this is only the third time when there has been a rise in Indians' money in Swiss banks-in 2011 (12%), 2013 (43%) and now in 2017 by 50.2%-the maximum increase since 5690 way back in 2004 Automatic information Exchange Agreement: The latest data from Zurich-based SNB comes months after a new framework having been put in place for automatic exchange of information between Switzerland and India to help check the black money menace. While Switzerland has already begun sharing foreign client details on evidence of wrongdoing provided by India and some other countries, it has agreed to further expand its cooperation on India's fight against There were several rounds of discussions between Indian and Swiss government officials on the new framework and also for expediting the pending information requests about suspected illicit accounts of Indians in Swiss banks. The funds, described by SNB as liabilities'of Swiss banks or 'amounts due to' their clients, are the official figures disclosed by the Swiss authorities and do not indicate to the quantum of the much- debated alleged black money held by Indians there 2 black money with a new pact for automatic information exchange. ay

  7. SNB's official figures also do not include the money that Indians, NRIs or others might have in Swiss banks in the names of entities from different countries. Amid a decline seen in Indian money over the previous three years, there was a view that Indians who had allegedly parked their illicit money in Swiss banks in the past may have shifted the funds to other locations after a global crackdown began on the mighty banking secrecy practices in Switzerland Swiss banks have earlier said Indians have "few deposits" in Swiss banks compared to other global financial hubs like Singapore and Hong Kong amid stepped-up efforts to check the black money menace. Domestic Action: On directions of the Supreme Court, India had constituted a Special Investigation Team (SIT) to probe cases of alleged black money of Indians, including funds stashed abroad in places like Switzerland A number of strategies were deployed by the government to combat the stash-funds menace, in both overseas and domestic domain, which included enactment of a new law, amendments in the Anti-Money Laundering Act, Benami Property Law, Demonetisation and compliance windows for people to declare their hidden assets. The Income Tax department had detected suspected black money post investigations on global leaks about Indians stashing funds abroad and has launched prosecution against hundreds of them, including those with accounts in the Geneva branch of HSBC 2 e an k h ent In 2015, the money held by Indians in Swiss banks had fallen by nearly one-third to CHF1,217.6 million (over 8,000 crore). Prior to that, these funds fell by 10% to CHF 1.8 billion in 2014, after a rise of43% in 2013 to CHF 2.03 billion. ksa

  8. to age 13 Business News: India least vulnerable to stronger U.S. dollar at thh Moody's has suggested that India's low dependence on foreign currency borrowing, limits risks to the sovereign even if the Indian currency weakens by more than 7% against the dollar in 2018. Moody's stated that, "India's low dependence on foreign currency borrowing to fund its debt burden limits the risk of currency depreciation transmitting into materially weaker debt re affordability." The rupee hit an all-time intraday low against the dollar breaching the 69-a-dollar mark that prompted the central bank to intervene in the currency market by selling dollars through state- run banks. e ar k h ent Furthermore, Moody's suggested that, "while the current account deficit (CAD) had widened due to rising oil prices, it remained modest relative to the GDP and is largely financed by equity inflows, including foreign direct investment." Forex reserves India's significant build-up of foreign exchange reserves in recent vears to all-time highs, provides a support buffer to help mitigate external vulnerability risk," Moody's added. tis that en thec

  9. to Sovereign risk at thh Sovereign risk is the chance that a central bank will implement foreign exchange rules that wil significantly reduce or negate the worth of its forex contracts. It also includes the risk that a foreign nation will either fail to meet debt repayments or not honor p sovereign debt payments re he The current account deficit It is a measurement of a country's trade where the value of the goods and services it imports exceeds the value of the goods and services it exports. The current account includes net income, such as interest and dividends, and transfers, such as foreign aid, although these components make up only a small percentage of the total current account e ar k h ent The current account represents a country's foreign transactions and, like the capital account, is a component of a country's balance of payments. Current Account Balance: The current account is one of the two components of a country's balance of payments, the other being the capital account tis that en thec

  10. to Current Account Balance: at thh It consists of: i. The trade balance (the difference between total exports and total imports) ii. The net factor income (difference between the return on investments generated by citizens abroad and payments made to foreign investors domestically) piii. Net cash transfers, where all these elements are measured in the domestic currency he When a country's current account balance is positive (also known as incurring a surplus), the re country is a net lender to the rest of the world. > When a country's current account balance is negative (also known as running a deficit), the country s a net borrower from the rest of the world e ar k h > The ratio of the current account balance to the GDP (or % of GDP) provides an indication of the country's level of international competitiveness The Current Account Deficit: It is a measurement of a country's trade where the value of the goods and services it imports exceeds the value of the goods and services it exports. Current account includes net income, such as interest and dividends, and transfers, such as foreign aid, although these components make up only a small percentage of the total current account. The current account represents a country's foreign transactions and, like the capital account, is a component of a country's balance of payments., 8 33 tis

  11. to Page 13 Business News: RBI steps in as rupee hits record low at thh The rupee has extended its losing streak for a 4th straight session, breaching the 69-a-dollar mark for the first time ever in early trade . RBI intervened by selling dollars through state-run banks, curbing volatility in the foreign exchange market and helping the local currency trim its losses. p The RBI is said to have intervened to stop the sharp fall in the rupee against the dollar. te is estimated to have sold dollars about $700-$800 million through state-owned banks. The RBI is expected to intervene aggressively at 69.0 levels to support the rupee . Climbing crude oil prices, which would fan inflation and widen the current account deficit, fears of a looming global trade war and the rising U.S. interest rates have combined to exacerbate outflows from emerging markets and impacted the rupee. k h ent The Indian currency has depreciated more than 7% this year, making it the worst performing Asian currency in the period. Currency traders expect the rupee will remain under pressure in the near term as oil prices continue to stay high and capital outflows from the emerging markets continue . The outflow by foreign investors and the hardening of oil prices have impacted the rupee. Fairly priced: However, it is believed that the the rupee is fairly priced at the current levels. It has been holding steady for almost a year. Most of the other currencies have depreciated against the dollar and so the correction in the rupee is not completely negative as such. tis

  12. to Page 13 Business News: Engineering goods exporters hit by rupee vovo at thh Engineering Export Promotion Council (EEPC) chairman said that the import intensity in engineering exports is increasing and hence the fluctuation of the rupee in a very short period, creates pricing complications for engineering goods exporters. Engineering exports, which account for more than 25% of the country's total merchandise export, stood at $76.20 bn in 2017-18 against S65.23 bn in 2016-17. re >The U.S. is among the biggest markets for Indian engineering exports. . Engineering Export Promotion Council stated that: There should be stability in rupee movements so that it is possible for exporters to price their contracts with some amount of certainty e ar k h ent Engineering exporters work on long term contracts and MSMEs do not have the wherewithal for forward contracts. Analysts believe that the increasing crude oil prices and heightening trade tensions between the u U.S. and China are the main reasons behind the rupee weakening. A major sell-off in the domestic equity and debt markets has also added downward pressure on the Indian currency Mitigating forex risk: > Meanwhile, the volatile rupee is spelling doom for the automotive and auto components . sectors too. tis that

  13. to Page 7 Nation News: Rising temperature to cut living standards . As per the World Bank, 600 million Indians could see a dip in living standards by 2050, if at thh temperatures continue to rise at their current pace. As per the World Bank Report . 7 out of the 10 severest/most vulnerable 'hotspots' in India would be located in Maharashtra. reThe rest would be in Madhya Pradesh and Chhattisgarh. the absence of a major climate mitigation, nearly 148 million Indians will be living in these severe hotspots in 2050. States in the central, northern and northwestern parts of India emerge as the most vulnerable. Chhattisgarh and Madhya Pradesh, which are predicted to experience a decline in living standards of more than 9%, are the top two 'hot spot' States in India, followed by Rajasthan, Uttar Pradesh, and Maharashtra e ar un . India's average annual temperatures are expected to rise by 1 C to 2oC by 2050, even if preventive measures are taken along the lines of those recommended by the Paris climate change stay agreement of 2015 . If no measures are taken, average temperatures in India are predicted to increase by 1.5 C to 3 C tis that

  14. Page 10 News: Floods delay release of NRC draft at thh National Register of Citizens (NRC) State coordinator has said that the final draft of Assam's NRC will not be released on June 30 as scheduled, owing to the heavy floods in the Barak Valley . A petion was filed in the Supreme Court, seeking more time to prepare the draft. The apex court has fixed the date of hearing on July 2 The NRC is being updated under the Supreme Court supervision to weed out illegal he immigrants . Meanwhile, security across the State has been stepped up ahead of the publication of the draft to prevent any untoward incident. e ar . Chief Minister said that the names of all "genuine Indians" would be incorporated in the list. The 1st NRC draft was released on January 1, in which the names of 1.9 crore of the 3.29 crore k h applicants were included. * Assam, which faced an influx of people from Bangladesh since the early 20th century, is the onlyu State with an NRC, which was first prepared in 1951 tis that

  15. to Page 11 News: Old Vs. New: How Different is the proposed Higher Education Commision from UGC? Financial and academic powers Action on bogus institutions Disputes UGC HECI UGC can be terminated for contravention of shut down sub-standard institutions to universities for violations of its UGC: It disburses grants to Central institutions out of its Affiliations of colleges to universities funds wl be empowered to penalise oseo any dispute between foademict ucc is mandated its regulations. It can withhold grants without affecting students interests. If the Centre promote and coordinate the management of the institution does and the UGC university education and t determine and maintn regulations. It occasionally publishes not comply with the penalties, they can on policy, standards of teaching, examination and research ists of bogus institutions HECI: No power to give grants Academic: It will specify standards for grant of authorisation to a university Has a Chairman, a Vice-Chairman and the Centre prevails HECI The Centre prevails land in jail for up to three years Composition UGC HECI It shall comprise a Chairperson, a Vice-Chairperson and 12 members to ent Regular staff UGC or higher educational bo 10 members appointed by the Central government, some ex-officio membersbe appointed by the Centre, including The UGC and some from academia, industry. Chairman's retirement age is 65 years industry institution to commence its academic operations Inspection UGC educationists and a member of the appoints its own staff. . Chairman's retirement age is The present To assess financiahineis on term 5 years, two terms permitted 70, will hold office for five years staff will be re-trained to work on fully dards of teaching in an term 5 years, two terms permitted institution, UGC conducts periodic inspections HECI HECI The HECI will digital mode have its ownwithout regular staff physical files No inspections. HECI will prescribe norms on academic performance by higher educational institutions at HECI

  16. to Page 12 World News: U.K. defends use of controversial rule at thh Britain's Home Office has defended its treatment of highly skilled workers-many from India who were denied the right to settle in Britain because of changes made to their tax submissions, using a controversial anti-terror rule Britain had concluded the first stage of a review of the use of 322 (5), used to deny settlement re rts to those deemed a criminal or a security risk, following a public campaign by highly skilled* workers from across the subcontinent. Paragraph 322(5) of the Immigration Rules is one of the "general grounds for refusal". It states that applications for leave to remain should normally be refused where it would be undesirable for a e ar k h ent person to remain in the UK in light of their conduct, character or associations. * Cruel tactics: During a debate in Parliament earlier this month, MPs accused the govt of using "cruel", "inappropriate", and "heavy handed" tactics over its use of Immigration rule 322 (5) to" prevent over 1,000 highly skilled migrantsincluding doctors, lawyers, IT technicians, and engineers, many from India - from settling in the U.K., and threatening them with deportation . However, in her letter, Ms. Nokes insisted that in the cases reviewed to date, the applicants had not been refused on the grounds that they had made errors in their tax returns. She said the refusal was because the applicants had either reported "exaggerated" earnings to the Home Office or because tis they under-reported their earnings totax authorities to evade" dues. 13