Current Affairs of 15th June 2023 For IAS And WBCS Examination

Polity

General Consent to the Central Bureau of Investigation (CBI)

• Context: The Tamil Nadu government recently withdrawn the general consent given to the Central Bureau of Investigation (CBI) to investigate the cases in the state without prior approval from it.
• Why is state consent required?
• The CBI is governed by the Delhi Special Police Establishment (DSPE) Act of 1946, which mandates the investigative agency to acquire the permission of state governments before investigating a crime in a certain state.
• Section 6 of The DSPE Act (“Consent of State Government to exercise of powers and jurisdiction”) says: “Nothing contained in section 5 (titled “Extension of powers and jurisdiction of special police establishment to other areas”) shall be deemed to enable any member of the Delhi Special Police Establishment to exercise powers and jurisdiction in any area in a State, not being a Union territory or railway area, without the consent of the Government of that State”.
• In other words, the CBI can not utilize its power within the borders of a state without the state government consents.
• In this regard, the CBI differs from the National Investigation Agency (NIA), which is governed by The NIA Act, 2008 and has authority throughout the country.
• General consent for CBI:
• Consent given by a state government to the CBI can come in two forms: case-specific or ‘generic’.
• As the name implies, general consent allows the CBI to function freely throughout states.
• When a state grants the CBI general authorization to investigate a case, the agency is not needed to seek new permission each time it enters that state in connection with the investigation or for each case.
• The withdrawal of general consent also means that the CBI will be unable to register any new cases involving central government employees or private individuals in a specific state without the prior permission of that state government.
• The CBI can continue to investigate cases in a state registered prior to the withdrawal of general consent.
• In contrast, if the CBI does not have the general consent of a state government, it is required to apply for consent on a case-by-case basis and cannot proceed until  the consent is given.
• If specific consent is not provided, CBI officials will not have the authority of police personnel when entering that state.

Defence News

INS Vikramaditya

• Context: After  nearly two-and-a-half-year repairs, INS Vikramaditya has recently re-entered service.
• INS Vikramaditya:
• It is a modernized Kiev-class aircraft carrier that joined the Indian Navy in 2013.
• It was named after Vikramaditya, the legendary ruler of Ujjain, India.
• The carrier was decommissioned in 1996 after serving with the Soviet Navy and then the Russian Navy (as Admiral Gorshkov).
• It was ultimately purchased by India for $2.33 billion in 2004.
• It was commissioned in 2013 after refurbishing.
• It has an overall length of around 284 meters and a maximum beam of approximately 60 meters.
• The ship has 22 decks in all. It can transport about 1,600 people, including crew.
• It has a maximum speed of more than 30 knots and a maximum range of 7,000nmi.
• It can endure up to 45 days at sea.
• It is run by eight new-generation steam boilers.
• The ship can carry over 30 aircraft, including MiG 29K/Sea Harrier, Kamov 31, Kamov 28, Sea King, ALH-Dhruv, and Chetak helicopters.
• The aircraft carrier is capable of carrying various kinds of weaponry, such as anti-ship missiles, beyond visual range air-to-air missiles, guided bombs, and rockets.
• The ship is equipped with cutting-edge launch and recovery systems along with aids to ensure the smooth and effective operation of ship-borne aircraft.
• Aircraft Carrier:
• An aircraft carrier is referred to as “a large ship that carries military aircraft and has a long, flat surface where they take off and land.”
• These floating air bases have a full-length flight deck that can carry, arm, deploy, and recover aircraft.
• In both war and peace, they command and control a naval fleet.
• A carrier battle group consists of up of an aircraft carrier and its accompanying escorts.
• Aircraft Carrier in India:
• INS Vikrant (decommissioned): From 1961 to 1997.
• INS Viraat (decommissioned): INS Vikrant was followed by the Centaur-class carrier HMS (Her Majesty’s Ship) Hermes, which was renamed in India as INS Viraat and served in the Indian Navy from 1987 to 2016.
• INS Vikrant: To honor the legacy of the decommissioned INS Vikrant, the First IAC will be named INS Vikrant.Cochin Shipyard Limited builds it. It is currently undergoing sea trials and is likely to be commissioned in 2023.

Indian Economy

Open Market Sale Scheme (OMSS)

• Context: The Central Government has discontinued the selling of rice and wheat from the central pool to state governments under the Open Market sale Scheme (OMSS).
• OMSS (Open Market Sale Scheme):
• The Food Corporation of India (FCI) sells surplus stocks of wheat and rice in the open market through e-auction under OMSS.
• Aim: To increase the availability of food grains, particularly wheat, during the lean season and thereby reduce open market prices, particularly in deficit regions.
• To carry out this program on the open market, the FCI holds a weekly auction on the platform of commodity exchange NCDEX (National Commodity and Derivatives Exchange Limited).
• State governments and union territory administrations can participate in the e-auction if they want wheat and rice that are not covered by the Targeted Public Distribution Scheme (TPDS) or Other Welfare Schemes (OWS).
• The government sets the reserve price. In the tenders floated by the FCI, the bidders cannot quote less than the reserve price.
• The current form of OMSS consists of three components, which are as follows:
• Sale of wheat to bulk consumers/private traders through e-auction.
• Sale of wheat to bulk consumers/private traders through e-auction by dedicated movement.
• Sale of Raw Rice Grade ‘A’ to bulk consumers/private traders through e-auction.
• FCI (Food Corporation of India):
• The FCI is a government-owned corporation that manages India’s food security system.
• It was founded in 1965 under the Food Corporations Act of 1964 with the goal of assuring appropriate availability of food grains throughout the country and maintaining market price stability.
• Headquarters: New Delhi
• The FCI also maintains buffer stocks of food grains to ensure food security during times of scarcity or crisis.
• The FCI is also in charge of delivering foodgrains around the country for the public distribution system.
• FCI also uses e-auction as one of its methods of disposing of surplus food grains.

Social Issue

Gender Social Norms Index (GSNI) 2023

• Context: The United Nations Development Programme (UNDP) released the Gender Social Norms Index (GSNI) 2023.
• Gender Social Norms Index (GSNI):
• This index measures how social ideas impede gender equality in sectors such as politics, work, and education, and it includes data from 75 countries, representing more than 85% of the world’s population.
• The index found new insights into the invisible barriers that women face in achieving equality – potentially forging a path forward to breaking through the so-called “glass ceiling”.
• It tracked people’s attitudes towards women in four dimensions: political, educational, economic and physical integrity.
• Key highlights of GSNI 2023:
• The survey, which represents 85% of the global population, finds that nearly 9 out of 10 men and women have inherent biases against women.
• Nearly 90% of people still have at least one bias against women, and 25% say it is acceptable for a man to hit his wife.
• Countries with greater bias in gender social norms also show a lower presence of women in parliament.
• Indigenous women, migrant women, and women with disabilities are underrepresented in politics, indicating how overlapping biases can further limit women’s chances.
• The recent increase in educational attainment has not resulted in improved economic outcomes or opportunities for women.

Indian Economy

Execution-only platform (EOP)

• Context: The Securities and Exchange Board of India (SEBI) recently published a circular that created a new type of intermediaries known as execution-only platforms (EOPs).
• Execution only platform (EOP):
• It is a digital or online platform that supports transactions such as subscription, redemption, and switch transactions in mutual fund direct plans and schemes.
• Till now, there was no specific framework available for technology/digital platforms (including platforms offered by Investment Advisers/Stock Brokers to non-clients) to provide execution-only services in direct plans of mutual fund schemes.
• According to the new SEBI standards, no company may function as an EOP unless it is registered with SEBI or the Association of Mutual Funds in India (AMFI).
• Categories of EOP: The capital markets regulator has classified EOPs into two categories.
• EOPs in Category 1 must be registered with AMFI, the mutual fund industry body.
• Under this category, EOPs would function as asset management companies’ (AMCs’) agents, integrating their systems with AMCs and/or Registrar and Transfer Agents (RTAs) authorized by AMCs to facilitate mutual fund transactions.
• These organizations may function as an aggregator of transactions in mutual fund schemes and provide services to investors or other intermediaries.
• Category 2 EOPs: These would need to be registered with SEBI as a stock broker and would be able to act as an agent for investors solely through the platforms offered by the stock exchanges.
• Mutual Fund:
• A mutual fund collects money from investors and invests it in assets (debt, equity, or both) on their behalf.
• It charges a nominal fee for managing the money.
• Mutual funds are one of the fastest growing industries in the Indian economy, with the potential for long-term growth.
• Mutual funds make it simple and affordable to save and invest. These are accessible to everybody with a few hundred rupees in investible surplus.
• Mutual funds also offer professional management, diversification, variety, liquidity, and convenience, as well as strict government rules and full disclosure.
• SEBI is India’s regulatory authority in charge of overseeing and regulating the securities market and mutual fund industry.

Government Scheme

India Infrastructure Project Development Funding Scheme (IIPDF)

• Context: To enhance the Government of India’s Digital India ambition, the Infrastructure Finance Secretariat recently introduced the IIPDF Portal for submitting applications for consideration under the IIPDF Scheme.
• IIPDF Scheme:
• The IIPDF Scheme was established in 2007.
• It is a Central Sector Scheme with a total investment of Rs 150 crore over three years, from 2022-23 to 2024-25.
• It will aid the development of quality PPP projects by providing necessary funding support to the project sponsoring authorities, both in the Central and State Governments.
• The IIPDF’s corpus would be funded by an initial budgetary outlay of Rs. 100 crore by the Ministry of Finance.
• The funding provided by the IIPDF Scheme supplements the previously operational Scheme for Financial Support to PPPs in Infrastructure (VGF Scheme).
• Composition of the IIPDF approval committee:
• Chairperson: Joint secretory, DEA
• Representative of NITI Aayog
• Member Secretary: Deputy Secretory/Private Investment Unit, DEA.
• The approval committee:
• Select projects for which project development costs will be funded.
• Set the terms and circumstances for providing and recovering funding.
• Set milestones for disbursing and retrieving funding (if applicable).
• The DEA’s Public-Private Partnership Cell will provide support functions to review applications for assistance under IIPDF.

International News

Global DPI Summit

• Context:
• The Ministry of State in Electronics and IT and MSDE inaugurated the Global DPI Summit and Exhibition. Also, a meeting of the G20 Digital Economy Working Group (DEWG) is being held in Pune.
• The session focused on common DPI principles and design factors such as open standards, partnerships, interoperability, and affordability.
• India has also proposed forming an alliance of countries called the One Future Alliance, which would allow like-minded nations to use technology to improve people’s lives.
• DPI (Digital Public Infrastructure):
• The technological framework and mechanisms that enable digital transformation and deliver important digital services to the public are referred to as DPI (Digital Public Infrastructure). DPI has a number of components, including digital identification (e.g., Aadhar), digital payments (e.g., UPI), data interchange, and other digital solutions that contribute to better governance, inclusivity, and efficiency in public services.
• Digital Economy Working Group (DEWG):
• The DEWG, formerly known as the DETF, was established in 2017 as part of Germany’s G20 presidency to promote the implementation of a secure, interconnected, and inclusive digital economy.
• With the global digital economy estimated to be worth USD 11 trillion and expected to reach USD 23 trillion by 2025, the DEWG plays a vital role in defining global policy discourse in the digital space.
• Key highlights of the summit:
• Setting the Stage for DPI Advances: India was emphasized as a test case for successful DPI implementation and digital transformation.India signed Memorandums of Understanding (MOUs) with Armenia, Sierra Leone, and Suriname to share its successful digital solutions implemented at scale via the India Stack.
• Digital Identities as a Foundation for National Priorities and Social cohesiveness: The session focused on the function of digital identity as a foundation for national priorities and social cohesiveness. Various implementation models, such as centralized, federated, and decentralized, were discussed.Aadhaar in India and PhilSys in the Philippines were cited as significant examples.
• Digital Payments and Financial Inclusion: The session discussed DPI’s role in supporting rapid and inclusive digital payments. Settlement methods, risk management, user onboarding expenses, and bridging the financial divide through DPI were  discussed.
• DPI for Judicial Systems and Regulations: The session examined how DPI is being implemented in judicial systems.E-court systems, e-filing, paperless courts, live streaming, and the necessity for adequate institutions and regulations to build trust in DPI-powered judiciary systems were among the topics discussed.
• The Ministry of Electronics and IT, Government of India, released a draft Public Key Infrastructure (PKI) Mutual Recognition Framework in order to take the lead in the implementation and adoption of India’s DPI beyond the country’s borders.
• One Future Alliance:
• This is a group of countries that will work together to use technology to improve people’s lives. Its goal is to enable like-minded countries to collaborate and use technology to drive Social, Economic, and Sustainable Development.
• The alliance aims to build on the existing open-source customized stacks and urge countries to innovate and customize these solutions for their specific requirements.
• The alliance recognizes the changing nature of technology, particularly the potential of artificial intelligence and multilingual capabilities, and intends to implement and enhance Digital Public Infrastructure (DPI) while encouraging collaboration in areas such as cybersecurity and digital skilling.

Indian Economy

e-RUPI vouchers

• Context: The RBI has authorized non-bank Prepaid Payment Instrument (PPI) issuers to issue e-RUPI vouchers on behalf of individuals.
• e-RUPI:
• e-RUPI is a cashless and contactless digital payment system. It is a Quick Response (QR) code or SMS string-based e-voucher that is sent to the users’ mobile phones.
• Users will be able to redeem the voucher at the service provider without the requirement for a card, digital payments app, or online banking access.
• It connects service sponsors with beneficiaries and service providers in a digital format with no physical contact.
• The system also ensures that payment is made to the service provider only after the transaction has been completed.
• Issuing Entities:
• The National Payments Corporation of India developed the one-time payment mechanism on its Unified Payments Interface (UPI) platform in collaboration with the Department of Financial Services, Ministry of Health & Family Welfare, and National Health Authority.
• It has boarded banks that will be the issuing entities. Any corporation or government agency must approach the partner banks, which include both private and public-sector lenders, with details of specific individuals and the purpose for which payments must be made.
• Function:
• For example, if  the central government wishes to cover a certain treatment for an employee at a specific hospital, it can do so by issuing an e-RUPI voucher for the necessary amount through a partner bank.
• On his/her feature phone/smartphone, the employee will get an SMS or a QR Code.
• He or she can go to the selected hospital, use the services, and pay using the e-RUPI voucher obtained on his or her phone.
• Benefits:
• It ensures a simple, effortless approach that is also usable on basic phones.
• It will deepen the penetration of digital payments in the country and will be a significant step toward boosting financial inclusion.

The Sovereign Gold Bond (SGB) Scheme 2023-24

• Context: The Government of India has announced the Sovereign Gold Bond (SGB) Scheme 2023-24, which allows individuals and eligible entities to invest in gold in an easy and secure manner. The Reserve Bank of India (RBI) issues SGBs on behalf of the government as an alternative to physical gold investments. The following are the key aspects and features of the SGB Scheme 2023-24.
• Eligibility: The SGBs can be purchased by the following groups:
• Resident individuals
• Hindu Undivided Families (HUFs)
• Trusts
• Universities
• Charitable Institutions
• Denomination: SGBs are denominated in multiples of grams, with one gram of gold serving as the fundamental unit.
• Tenor: SGBs have an eight-year maturity term. However, after the fifth year, investors have the option of early redemption, which can be performed on the date the interest is due.
• Investment Limit: The minimum amount of gold that can be invested is one gram. The following are the maximum subscription limits for certain entities:
• Individuals: 4 kgs per fiscal year (April-March)
• HUFs: 4 kilograms per fiscal year
• Trusts and similar entities: 20 kilograms per fiscal year
• Interest Rate: SGB investors are entitled to a fixed annual interest rate of 2.50 percent, payable semi-annually on the nominal value.
• Interest paid on SGBs is taxable under the rules of the Income Tax Act of 1961 (43 of 1961). However, the capital gains tax deriving from the redemption of SGBs by an individual is exempted. Furthermore, indexation benefits are granted for long-term capital gains on SGB transfers.
• SGBs are issued and traded through a variety of channels, including scheduled commercial banks, the Stock Holding Corporation of India Limited (SHCIL), the Clearing Corporation of India Limited (CCIL), designated post offices, and recognized stock exchanges like the National Stock Exchange of India Limited and the Bombay Stock Exchange Limited.

Important One-Liner

• World Elder Abuse Awareness Day (WEAAD) is an annual event held on June 15th to raise awareness about the mistreatment, discrimination, and neglect endured by elderly individuals. The United Nations has designated the theme for World Elder Abuse Awareness Day 2023 as “Closing the Circle: Addressing Gender-Based Violence (GBV) in Older Age Policy, Law, and Evidence-based Responses.”
• Shaktikanta Das, the Governor of the Reserve Bank of India (RBI), was honored with the esteemed Governor of the Year Award for 2023.
• According to Reserve Bank of India (RBI) data, the outstanding portfolio of education loans increased by 17% to 96,847 crore in 2022-23, up from 82,723 crore the previous year.
• The New Zealand economy has entered a recession, with GDP falling by 0.1 percent in the first quarter. This decline follows a revised 0.7 percent drop in GDP in the fourth quarter of 2022, meeting the technical definition of a recession.
• IOC, one of India’s top oil refiners, has announced a partnership with LanzaJet, a leading sustainable fuels technology firm, to develop an aviation fuel plant in Haryana. This strategic alliance intends to boost the production of sustainable aviation fuel (SAF) in the country with an investment of roughly 23 billion rupees ($280.1 million).
• The Ministry of Defence has joined with Kotak Mahindra Life Insurance Company Ltd in a significant project focused at assisting and empowering ex-servicemen. The Directorate General Resettlement (DGR), an arm of the Ministry of Defence, and Kotak Mahindra Life Insurance Company Ltd signed a Memorandum of Understanding (MoU). This alliance aims to provide veterans with work options, allowing them to have a dignified second career in the corporate sector.
• Fino Payments Bank and Sequoia Capital-backed company Hubble have announced a partnership to establish India’s first spending account. Customers may effortlessly park their cash, make purchases in a variety of categories such as meal ordering, shopping, travel, and entertainment, and save up to 10% on all transactions made through the account.
• According to the most recent data from the Ministry of Statistics and Programme Implementation, retail inflation in India, as measured by the consumer price index (CPI), fell to a more than two-year low of 4.25% in May 2023. This significant drop comes after a high of 7.79% in April 2022 and a low of 4.06% in January 2021. Furthermore, the wholesale price inflation, measured by the wholesale price index (WPI), stood at -0.92% in April 2023, down from 1.34% in March 2023.
• Global Wind Day, also known as World Wind Day, is an annual global event held on June 15th.
• The fifth edition of the Global Slavery Index, based on 2022 forecasts, gives a global image of contemporary slavery. The index was created by Walk Free, a human rights organization, and is based on data from the International Labour Organization (ILO), Walk Free, and the International Organization for Migration (IOM).Key findings:
• North Korea, Eritrea, Mauritania, Saudi Arabia, Turkey, and Tajikistan have the highest prevalence of modern slavery.
• Switzerland, Norway, Germany, the Netherlands, and Sweden have the lowest prevalence.
• The countries with the highest number of people living in modern slavery include India, China, North Korea, Pakistan, Russia, and Indonesia.
• The KIIT organized the first Janjatiya Khel Mahotsav, a remarkable sporting event that concluded on June 12. Around 5,000 indigenous athletes and 1,000 officials from 26 states have participated in the event.