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INSIGHTS DAILY CURRENT AFFAIRS PIB SUMMARY - 7 October 2020
INSIGHTS DAILY CURRENT AFFAIRS PIB SUMMARY - 7 October 2020
InstaLinks help you think beyond the issue but relevant to the issue from UPSC prelims
and Mains exam point of view. These linkages provided in this ‘hint’ format help you
frame possible questions in your mind that might arise(or an examiner might imagine)
from each current event. InstaLinks also connect every issue to their static or theoretical
background. This helps you study a topic holistically and add new dimensions to every
current event to help you think analytically.
Table of Contents:
GS Paper 2:
GS Paper 3:
1/17
2. Pakistan to challenge India’s application for exclusive GI tag for Basmati
rice in EU.
5. Wildlife week.
6. CAWACH.
GS Paper : 2
Context:
In an affidavit, filed in pursuant to a plea by Facebook India VP and MD Ajit Mohan and
Facebook in the Supreme Court against the summons, the Delhi Assembly said that
Mohan has not been issued any summons for breach of privilege.
Delhi assembly said, he was only summoned by its Peace and Harmony committee
to appear as witness in connection with north east Delhi riots.
2/17
The proceedings of the assembly cannot be called in question in the court of law and the
member or the Presiding Officer in whom powers are vested for regulating
the procedure or conduct of business is not subject to the jurisdiction of
courts in respect of exercise by him of those powers.
Basics:
The powers, privileges and immunities of either House of the Indian Parliament and of
its Members and committees are laid down in Article 105 of the Constitution.
Similarly, Article 194 deals with the powers, privileges and immunities of the
State Legislatures, their Members and their committees.
There are no clear, notified rules to decide what constitutes a breach of privilege, and
the punishment it attracts.
Generally, any act that obstructs or impedes either House of the state legislature in
performing its functions, or which obstructs or impedes any Member or officer of
such House in the discharge of his duty, or has a tendency, directly or indirectly,
to produce such results is treated as breach of privilege.
It is also a breach of privilege and contempt of the House to make speeches or to
print or publish libel reflecting on the character or proceedings of the House, or its
Committees, or on any member of the House for or relating to his character or
conduct as a legislator.
3/17
InstaLinks:
Prelims Link:
Mains Link:
GS Paper : 2
Context:
Securities and Exchange Board of India has tightened its regulations of additional tier-1
bonds or AT-1 bonds and ensured that these risky instruments are less accessible to
retail investors.
Changes introduced:
4/17
(An institutional investor is a company or organization that invests money on behalf of
other people. Mutual funds, pensions, and insurance companies are examples.)
Basics:
Under the Basel III framework, banks’ regulatory capital is divided into Tier 1 and
Tier 2 capital.
AT1 bonds are a type of unsecured, perpetual bonds that banks issue to shore up
their core capital base to meet the Basel-III norms.
Key features:
First, the issuing bank has the discretion to skip coupon payment. Under normal
circumstances it can pay from profits or revenue reserves in case of losses for the
period when the interest needs to be paid.
Second, the bank has to maintain a common equity tier I ratio of 5.5%, failing
which the bonds can get written down. In some cases there could be a clause to
convert into equity as well.
Equity and preference capital is classified as CET and perpetual bonds are classified as
AT1.
By nature, CET is the equity capital of the bank, where returns are linked to the
banks’ performance and therefore the performance of the share price.
5/17
However, AT1 bonds are in the nature of debt instruments, which carry a fixed
coupon payable annually from past or present profits of the bank.
InstaLinks:
Prelims Link:
1. Basel Norms 1 vs 2 vs 3.
2. CET vs AT1.
3. Tier 1 vs 2 capital.
4. ‘Point of Non-Viability Trigger’ (PONV).
5. Role of RBI during bank crisis.
Mains Link:
Context:
Pakistan has decided to file its opposition in the European Union in response to
India’s application for an exclusive Geographical Indications (GI) tag to Basmati rice.
Why Pakistan is approaching EU? What are the provisions in this regard?
While India has said that it is an Indian-origin product in its application, published in
the EU’s official journal on September 11.
As per the EU’s official journal, any country can oppose the application for
registration of a name pursuant to Article 50(2) (a) of Regulations (EU) of the
European Parliament and of the Council on quality schemes for agricultural
products and foodstuffs within three month from the date of publication.
Claims by Pakistan:
6/17
Pakistan said it was a major grower and producer of Basmati rice and India’s
application for exclusivity is unjustified.
Background:
In May 2010, GI status was given to basmati grown in Punjab, Haryana, Delhi,
Himachal Pradesh, Uttrakhand and parts of western Uttar Pradesh and Jammu &
Kashmir.
Basics:
About GI tag:
Once the GI protection is granted, no other producer can misuse the name to market
similar products. It also provides comfort to customers about the authenticity of that
product.
7/17
GI tag was Darjeeling tea in the year 2004-05.
InstaLinks:
Prelims Link:
1. What is GI tag?
2. Who grants?
3. GI products in India and their geographical locations.
4. Other IPRs.
5. What is EU? Various institutions under it.
Mains Link:
Topics Covered: Awareness in the fields of IT, Space, Computers, robotics, nano-
technology, bio-technology and issues relating to intellectual property rights.
Context:
2020 Nobel Prize in physics has been awarded to Roger Penrose, Reinhard Genzel
and Andrea Ghez for furthering the understanding of black holes.
Basics:
A black hole is formed when stars collapse and can be defined as a space in the
universe with an escape velocity so strong that even light cannot escape it.
Escape velocity is the speed at which an object must travel to override a planet or
an object’s gravitational force.
Since light cannot get out, black holes are invisible and can only be tracked with
the help of a space telescope or other special tools.
Light cannot escape from blackholes because the gravity inside a black hole is very
strong as a result of a lot of matter being squeezed into a small space.
Sagittarius A* is one of two black holes whose photographs have been captured
by the Event Horizon Telescope project.
Black holes do not emit or radiate anything, even light. So, there is no way their
image can be captured. But the area just outside its boundary, called the event
horizon, which has vast amounts of gas, clouds and plasma swirling violently,
does emit all kinds of radiations, even visible light.
It is one of the five Nobel Prizes established by the will of Alfred Nobel in
1895 and awarded since 1901.
The first Nobel Prize in Physics was awarded to physicist Wilhelm Röntgen
in recognition of the extraordinary services he rendered by the discovery of X-
rays.
9/17
InstaLinks:
Topics Covered:
10/17
Context:
Delhi Chief Minister Arvind Kejriwal has announced that the Delhi government will
start spraying bio-decomposer solution prepared by Pusa Research Institute from
October 11 to prevent stubble burning.
Pusa Decomposer is a mix of seven fungi that produce enzymes to digest cellulose,
lignin and pectin in paddy straw.
The fungi thrive at 30-32 degree Celsius, which is the temperature prevailing
when paddy is harvested and wheat is sown.
The IARI has commercialised the technology. It has licensed six companies.
HSRP’s come with non-removable snap-on locks and are difficult to replace.
HSRP’s are affixed by automobile dealers and private vendors approved by the
state authorities.
These plates are issued only after the vehicle owner provides with information like
engine number, chassis number, etc. This is a crucial step in preventing
counterfeiting of high security registration plates.
The details of a car, like engine number, chassis number, etc. are stored in a
centralized database. This information, along with the 10-digit PIN, helps the
authorities to identify a stolen vehicle.
HSRPs have a uniform pattern of displaying motor vehicle registration number,
therefore addressing the issue of ‘incomprehensible’ vehicle registration plates.
12/17
What is Purchasing Manager’s Index (PMI)?
PMI is an indicator of business activity- in the manufacturing and services
sectors.
13/17
What is Gupkar Declaration?
On August 4, 2019, first Gupkar declaration was signed before the abrogation of
Article 370.
On August 22, 2020, the six political parties of Jammu and Kashmir signed a statement
titled as ‘Gupkar Declaration II’ to collectively fight against the abrogation of Article
370 in Jammu and Kashmir.
The six parties have jointly stated the Centre’s decision to alter the special status
of Jammu and Kashmir is ‘grossly unconstitutional’.
The first edition had invited applications across 12 sectors further sub-classified
into 35 categories.
12 sectors included Agriculture, Education, Enterprise Technology, Energy,
Finance, Food, Health, Industry 4.0, Space, Security, Tourism and Urban
Services.
Rewards:
14/17
The winning Startups will get cash prizes of Rs 5 lakh each, along with
opportunities to present their solutions to relevant public authorities and
corporates, for potential pilot projects and work orders.
One exceptional Incubator and one Accelerator each will get a cash prize of Rs 15
lakh.
Wildlife week:
Celebrated all over the country in the month of October from 2nd to 8th October every
year with the view to preserve India’s fauna.
First conceptualised in 1952, the idea behind celebrating the Week is to take steps
to save the animal species of India from extinction.
Wildlife Day was observed from 1955 and it was upgraded to Wildlife Week in
1957.
Theme for 2020: RoaR (Roar and Revive) – Exploring Human-Animal Relationships.
CAWACH:
The Centre for Augmenting WAR with COVID-19 Health Crisis (CAWACH) is an
initiative by the National Science & Technology Entrepreneurship Development Board
(NSTEDB), Department of Science and Technology (DST).
15/17
Articles covered Previously
16/17
Ministry of Electronics and IT has approved 16 proposals by electronics manufacturers,
including Samsung, Foxconn, Lava and Micromax, entailing an investment of ₹11,000
crore under its Production Linked Incentive (PLI) Scheme.
https://www.insightsonindia.com/2020/09/29/what-is-the-production-linked-
incentive-scheme-for-electronics-manufacturers-2/.
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