Current Affairs
India, US signed Cultural Property pact on return of smuggled Antiquities
GS- Paper-1/ Art & Culture Context- It’s great to hear about the new ‘Cultural Property Agreement’ between India and the USA. This agreement represents a significant step towards protecting and preserving India’s rich cultural heritage by combating the illicit trafficking of antiquities. Purpose of the Agreement- About the Cultural Property Agreement- Significance- G20 Presidency- under India’s G20 Presidency, the ‘Protection and Promotion of Cultural Property’ emerged as the main topical priorities reflecting the core concerns of the Culture Sector globally. About Antiquity and its Provenance – The Antiquities and Art Treasures Act of 1972 defines an “antiquity” as: Conclusion- Sources: – Indian Express, PIB, The Bureaucrats, U.S Embassy & Consulates in India.
Ending “Angel Tax” will boost Start-ups and the Start-up ecosystem ,Budget 2024–25.
Why in news? – Finance Minister proposed to abolish the angel tax for all investor classes while presenting the Union Budget 2024-25. The Origin of Angel Tax: – The idea of angel tax was first introduced in the 2012, Union Budget by then Finance Minister Pranab Mukherjee. What is Angel Tax? – Initially every new stablished company needs funds to perform its activity and seeks investment but having no tangible asset as collateral but equity, at this phase an angel investor can invest money in it. Investment greater than FMV (Fair Market Value) is categorised as “income from other sources”, and the tax imposed on it is called angel tax. Angel tax, formally as section 56(2) (vii b) of the income tax Act, is the tax imposed on funds raised by start-ups from angel investors. However, this implies only to fund that exceed the fair market value of the company. The Fair Market Value of a private company’s stock is the predicted value of one share of your company if your stock was available on the open market Why was angel tax introduced? – Angel Tax Exemption Startups made numerous pleas for this tax exemption, Government provide some relaxations in the 2019 Union budget, and stated that if the startup is registered under the DPIIT or Department for Promotion of Industry and Internal Trade, it would not be subject to such tax. There are some other criteria that your startup needs to fulfil to file angel tax exemption. Note- The Angel tax is being levied on startups at 30.9% on net investments in excess of the startup company’ Fair Market Value. Key issues with Angel Tax:- How does Angel Tax affect startup? – New major Government’s Initiatives Related to Start-up- Conclusion- The removal of the Angel Tax for Investors is a significant step that will strengthen the start-up ecosystem, encouraging more investment and fostering innovation. This change will significantly improve start-up funding sentiment while boosting the morale of deep tech and AI start-ups to take bigger bets. By focusing on skilling and employment the budget creates a favourable environment for tech companies to thrive.
Project Nexus
Project Nexus Project Nexus is an initiative conceptualized by the Innovation Hub of the Bank for International Settlements (BIS). It aims to create a global network for faster and more affordable cross-border instant payment systems (IPS). It is the first BIS Innovation Hub project in the payments area to move towards live implementation. Nexus will play a key role in making retail cross-border payments efficient, faster and more cost-effective. BIS and central banks of founding countries- Bank Negara Malaysia (BNM), Bank of Thailand (BOT), Bangko Sentral ng Philippines (BSP), Monetary Authority of Singapore (MAS) – and the RBI signed an agreement in Basel Switzerland. The project involves collaboration with various central banks and financial institutions to streamline and standardize the processes involved in cross-border transactions, the aim of connecting fast payment systems (FPS). Founding member Countries– four ASEAN countries (Malaysia, Philippines, Singapore and Thailand); and India. Indonesia continues as special observer. Nexus platform expanding to more countries, expected to go live in 2026. Benefits of the platform- Project Nexus is designed to standardize the way instant payment systems (IPS) connect to each other. Instead of a payment system operator creating a custom connection for each new country it connects to, the operator can create a single connection to the Nexus platform. This single connection allows a fast payment system to reach all other countries on the network. Nexus could significantly accelerate the development of instant cross-border payments. According to BIS, connecting IPS can enable cross-border payments from sender to recipient within 60 seconds (in most cases). Presently The Reserve Bank of India has been collaborating bilaterally with its various partner countries to link India’s FPS – Unified Payments Interface (UPI) with their respective FPSs for cross-border person-to-person (P2P) and person-to-merchant (P2M) payments. For example, Bhutan , UAE, France, Sri Lanka, Mauritius. A multilateral approach will provide further impetus to the RBI’s efforts in expanding the international reach of Indian payment systems. Bank for International Settlements (BIS) Established in 1930, the BIS is owned by 63 central banks, representing countries from around the world that together account for about 95% of world GDP. BIS is to support central banks’ pursuit of monetary and financial stability through international[RV1] cooperation, and to act as a bank for central banks. Its head office is in Basel, Switzerland and it has two representative offices (Hong Kong SAR and Mexico City), as well as Innovation Hub Centres around the world. Innovation BIS 2025, is its medium-term strategy that leverages technology and new collaboration channels to serve the central banking community in the fast-changing world. The Basel Banking Accords are global rules set by the Basel Committee on Banking Supervision (BCBS), operating under the Bank for International Settlements (BIS) in Basel, Switzerland, providing guidelines for best practices in banking. It facilitates central banks with: A forum for dialogue and broad international cooperation A platform for responsible innovation and knowledge-sharing In-depth analysis and insights on core policy issues Sound and competitive financial services [RV1]
Hool Diwas – A Reminiscence of the Santhal Rebellion against the British
Hool Diwas is celebrated June 30 every year in India that commemorates the Santhal Hool (rebellion) of 1855. The rebellion was a significant uprising by the Santhal community against British colonial rule and exploitative practices. Hool Diwas is celebrated to honour the bravery and sacrifice of the Santhal people and to remember their struggle for justice and freedom. It has particularly significance in the states of Jharkhand, Bihar, West Bengal and Odisha, where the Santhal community is concentrated. Celebrations usually include cultural programmes, speeches and events highlighting the history and heritage of the Santhal Hool. The Santhal Hool was led by four brothers – Sidhu, Kanhu, Chand and Bhairav – who organized thousands of Santhals to revolt against oppressive British policies and practices, including unfair taxation and exploitation by moneylenders and landlords.June 30 2024 on “Hool Diwas” The Prime Minister paid tribute to tribal heroes. Background of Santhal Rebellion: – The predominantly agrarian Santhal community suffered severe exploitation under the British colonial system. The introduction of the Permanent Settlement Act in 1793, which aimed to streamline revenue collection, led to the rise of the zamindari system. Under this system, zamindars (landlords) collected taxes from farmers and remitted them to British authorities. The Santhals suffered heavy taxation, usury, and exploitation by zamindars and traders. The rebellion is an important chapter in the broader history of India’s struggle against colonialism. It underlines the role of indigenous communities in resisting exploitation and asserting their rights long before mainstream nationalist movements gained momentum. The Santhal Rebellion left a legacy. It highlighted the injustices faced by indigenous communities under colonial rule and inspired subsequent movements for tribal rights and autonomy. The courage and resilience of Santhal leaders, especially Sidhu and Kanhu Murmu, is commemorated every year on Hool Diwas, especially in the states of Jharkhand, Bihar, West Bengal, and Odisha. The Santhal Rebellion of 1855 is evidence of the enduring spirit of resistance among India’s tribal communities. It serves as a reminder of the struggles faced by indigenous people and their contribution to the broader fight for justice and freedom in India. The legacy of the Santhal Hool inspires efforts to address issues of exploitation and marginalisation faced by tribal communities even today.
e-Sankhyiki Portal
Data is everything nowadays it is raw material, considering the importance of management and availability of correct data the Ministry of Statistics and Programme Implementation (MoSPI) has developed an e-Statistics Portal to provide real-time inputs to planners, policy-makers, researchers, and the general public to enhance user experience and data accessibility through the use of cutting-edge technologies and adoption of global best practices. The portal aims to establish a comprehensive data management and sharing system to facilitate the dissemination of official statistics in the country. The e-Sankyiki Portal has two modules: Ministry of Statistics and Programme Implementation (MoSPI ) :- The Ministry of Statistics and Programme Implementation came into existence as an independent Ministry on 15.10.1999 after the merger of the Department of Statistics and the Department of Programme Implementation. The Ministry has two wings, one dealing with Statistics and the other with Programme Implementation. The Statistical Wing, called the National Statistical Office (NSO), comprises the (i)Central Statistical Office (CSO) (ii) Computer Centre (iii) National Sample Survey Office(NSSO). The Programme Implementation Wing comprises three divisions namely (i) Twenty Point Programme (ii) Infrastructure Monitoring and Project Monitoring and (iii) Member of Parliament Local Area Development Scheme. Besides these two wings, there is a National Statistical Commission created through a resolution of the Government of India and an autonomous body, namely the Indian Statistical Institute, declared as an institution of national importance by an Act of Parliament. The Ministry of Statistics and Programme Implementation (MoSPI) is the nodal ministry for the integrated development of the National Statistical System in the country in conformity with global statistical practices and data dissemination standards.
Successful test of ‘ABHYAS’ by DRDO
The Defence Research and Development Organisation (DRDO) has successfully completed six consecutive developmental tests of High Speed Expendable Aerial Target (HEAT) ‘Abhyas’ with advanced booster configuration from the Integrated Test Range (ITR) at Chandipur, Odisha. During the test, various mission objectives covering safe separation of booster, launcher clearance and stability performance were successfully accomplished. It operates with advanced technologies such as enhanced radar cross section, visual and infrared enhancement systems. About Abhyas:- ‘Abhyas’ has been designed by DRDO’s Aeronautical Development Establishment (ADE), Bengaluru. It provides a realistic risk handling scenario for weapon systems. This indigenous system is designed for autonomous flight with the help of an auto pilot, aircraft integration, pre-flight checks and laptop-based ground control system for autonomous flight. It also has a facility to record data during flight for post-flight analysis. The booster has been designed by Advanced Systems Laboratory and Navigation Systems Research Centre Imarat. Aeronautical Development Establishment (ADE) ADE is a premier aeronautical systems design house engaged in development of state-of-the- art unmanned aerial vehicles and aeronautical systems and technology requirements for the Indian Armed Forces. About DRDO:- Source-PIB, Dainik Jagran. 2. Indian Govt Bonds Now Part Of JP Morgan’s Bond Index On Friday, India officially became part of JP Morgan’s Government Bond Index-Emerging Markets (GBI-EM). This inclusion will begin with a one-per-cent weight being transferred initially. This weight will increase by one percentage point each month until it reaches a cap of 10 per cent by March 31, 2025. As a result, India will join the ranks of China, Indonesia, and Mexico, each with a maximum cap of 10 per cent in the JP Morgan Global Bond Index – Emerging Market Global Diversified Index. What is the JP Morgan Emerging Market Index? The JP Morgan Emerging Market Bond Index (EMBI), created in the early 1990s, is the most widely referenced index for emerging market bonds. It began with the issuance of the first Brady bond and has since expanded to include the Government Bond Index-Emerging Markets (GBI-EM) and the Corporate Emerging Markets Bond Index (CEMBI). How many Indian Government Bonds are eligible for inclusion? JP Morgan said there are 23 IGBs that meet the index eligibility criteria, with a combined notional value of approximately Rs 27 lakh crore or $330 billion. What is the amount of flows that can come to India? According to estimates by some econo-mists, India is likely to receive $2 billion to $2.5 billion every month during the 10-month period starting June 28. Overall, it is expected that $20 billion to $25 billion of flows would come into India due to the inclusion. What would be the impact of the bond inclusion? It will not only result in lower risk premia, but will also help India to finance its fiscal and current account deficit (CAD), as well as enhance the liquidity and ownership base of government securities (G-secs; debt instruments issued by the central government to meet its fiscal needs). Global rating agency Fitch Ratings said that the inclusion of certain Indian sovereign bonds in key emerging-market bond indexes managed by JP Morgan will support a diversification of the investor base for Indian government securities. Will higher inflows be a concern for RBI? While higher inflows will boost the rupee, inflation is likely to come under pressure. When the RBI mops up dollars from the market, it will have to release an equivalent amount in rupees, putting pressure on inflation. Conclusion:- India’s entry into JP Morgan’s GBI-EM marks a significant development for the country’s financial markets, heralding increased investment and potentially greater stability for Indian government bonds. Source:–Business standard,The Indian Express 3. Railway Protection Force (RPF)’S Sangyana App Railway Protection Force (RPF) launched Sangyana App, a comprehensive application for legal reference. Sangyana App has been designed and developed by the technical team of RPF to provide in- depth information on three new Criminal Acts: the Bharatiya Nyaya Sanhita (BNS) 2023, the Bharatiya Nagarik Suraksha Sanhita (BNSS) 2023, and the Bharatiya Sakshya Adhiniyam (BSA) 2023. Key Features of Sangyaan App: Possession) Act, 1966 and RPF Rules, 1987. This comprehensive database ensures that users have access to all critical legal information relevant to railway protection at fingertips. Railway Protection Force also released a ‘Handbook on Bharatiya Nagarik Suraksha Sanhita (BNSS), 2023’ in both e-book and print formats. This handbook addresses the practical application of the Act in the Force’s operations. The mobile app and the handbook reflect the commitment of RPF to transparency, accessibility and the dissemination of crucial legal information. The Sangyaan app represents a significant step forward in legal resource accessibility and is a testament to the RPF’s commitment to leveraging technology for operational excellence.
METOC Seminar ‘MEGHAYAN 2024’ held on 28 March 2024
The World Meteorological Day is celebrated every year on 23rd March. It marks the origin of World Meteorological Organization (WMO) on 23 Mar 1950 and signifies the invaluable contribution and essential role of the meteorologists in this field. METOC (Meteorological and Oceanographic) seminar ‘Meghayan-24’ was conducted by School of Naval Oceanology & Meteorology (SNOM) and Indian Naval Meteorological Analysis Centre (INMAC) at Southern Naval Command on 28 Mar 24. The seminar was based on the theme ‘At the Frontline of Climate Action’ as promulgated by WMO for the year 2024. The seminar served as a platform towards sharing of knowledge & insights on weather and climate services as well as way ahead to face the challenges of climate change. In this seminar scientists enlightened the audience on the latest techniques adopted by the scientific agencies and the climate data crunching undertaken to help the policy makers in decision making at national level. In addition, Specialist officers discussed the impact of weather and climate change on naval operations, highlighting the latest techniques employed by the Indian Navy and scientific organizations to provide METOC forecasts. An indigenous mobile application named INDRA (Indian Naval Dynamic Resource for Weather Analysis) was launched to disseminate weather-related information and forecasts, facilitating quick decision-making in naval operations. The application has been developed in collaboration with BISAG and the Directorate of Naval Oceanology and Meteorology, the application aims to empower optimal decision-making.
