National Current Affairs – UPSC/KAS Exams- 29th March 2019

Earth’s magnetic fields

Topic: Geography

In News: A team of researchers from California Institute of Technology, U.S. and the University of Tokyo has shown that humans do indeed unconsciously respond to the changes in the earth’s magnetic fields. But they are yet to decode what our brains may be using this information for.

More on the Topic:

• Our planet’s magnetic field is believed to be generated deep down in the Earth’s core.
• Right at the heart of the Earth is a solid inner core, two thirds of the size of the Moon and composed primarily of iron. At a hellish 5,700°C, this iron is as hot as the Sun’s surface, but the crushing pressure caused by gravity prevents it from becoming liquid.
• Surrounding this is the outer core, a 2,000 km thick layer of iron, nickel, and small quantities of other metals. Lower pressure than the inner core means the metal here is fluid.
• Differences in temperature, pressure and composition within the outer core cause convection currents in the molten metal as cool, dense matter sinks whilst warm, less dense matter rises. The Coriolis force, resulting from the Earth’s spin, also causes swirling whirlpools.
• This flow of liquid iron generates electric currents, which in turn produce magnetic fields.

Why the Magnetic Field is Important:

• The Earth’s magnetic field serves to deflect most of the solar wind, whose charged particles would otherwise strip away the ozone layer that protects the Earth from harmful ultraviolet radiation. The field also magnetizes the crust, and magnetic anomalies can be used to search for deposits of metal ore

Source: The Hindu

RBI plans a regulatory sandbox

Topic: Economy

In News: The Reserve Bank of India (RBI) will issue guidelines within two months for fintech companies to test their new products on a small group of users before scaling up.

More on the Topic:

• A regulatory sandbox is a safe harbour, where businesses can test innovative products under relaxed regulatory conditions. Typically, participating companies release new products in a controlled environment to a limited number of customers for a limited period of time.
• The “regulatory sandbox” will help fintech companies launch innovative products at a lower cost and in less time.
• The sandbox will enable fintech companies to conduct live or virtual testing of their new products and services.
• These companies will also be able to test the viability of the product without a wider and expensive rollout.
• It will help companies to experiment with fintech solutions, where the consequences of failure can be contained and reasons for failure analysed.
• Regulatory sand box act as an impetus to innovation, build trust among stakeholders, protect consumers and result in sensible and forward-looking regulations.
• By introducing a sandbox for payments, the RBI could achieve the much-needed balance between innovation and regulation and help the Indian fintech industry achieve its full potential.

Source: The Hindu

Banning of Unregulated Deposit Schemes Ordinance, 2019

Topic: Economy

In News: Tax practitioners have clarified that the Centre’s recent ordinance banning unregulated monthly deposit schemes will not affect the ongoing monthly schemes operated by jewellery and chit fund firms.

More on the topic:

• The Ordinance provides for a mechanism to ban unregulated deposit schemes and protect the interests of depositors. It also seeks to amend three laws, i.e., the Reserve Bank of India Act, 1934, the Securities and Exchange Board of India Act, 1992 and the Multi-State Co-operative Societies Act, 2002.
• A deposit-taking scheme is defined as unregulated if it is taken for a business purpose and is not registered with the regulators listed by government.
• The Ordinance provides for the appointment of one or more government officers, not below the rank of Secretary to the state or central government, as the Competent Authority.
• Police officers receiving information about offences committed under the Ordinance will report it to the Competent Authority. Further, police officers (not below the rank of an officer-in-charge of a police station) may enter, search and seize any property believed to be connected with an offence under the Ordinance, with or without a warrant.
• The Competent Authority may: (i) provisionally attach the property of the deposit taker, as well as all deposits received, (ii) summon and examine any person it considers necessary for the purpose of obtaining evidence, and (iii) order the production of records and evidence. The Competent Authority will have powers similar to those vested in a civil court.

Source: The Hindu

Space Debris

Topic: Science and Technology

In News: The U.S. reaction to India’s successful anti-satellite missile test (ASAT)also raised the issue of space debris.

More on the Topic:

• Anything launched into the space remains in space, almost forever, unless it is specifically brought down or it slowly disintegrates over decades or centuries.
• Satellites that are past their life and are no longer required also remain in space, orbiting aimlessly in some orbit.
• As per the recent Orbital Debris Quarterly News, published by NASA, there were 19,137 man-made objects in space that were large enough to be tracked.
• These included active and inactive satellites, rockets and their parts, and other small fragmentBesides these, there are millions of other smaller objects that have disintegrated from these and keep floating around in space.
• According to the European Space Agency, there were an estimated 7,50,000 objects of size one cm or above in space.In this context, a satellite that is destroyed by a missile disintegrates into small pieces, and adds to the space debris.

Why to reduce space debris:

• Space debris is one of the principal threats to satellites as they could collide with the operational satellites and render them dysfunctional..
• Debris also came close to hitting the International Space Station.
• Countries are launching more and more satellites, with each of them being a strategic or commercial asset.
• So avoiding collisions could become a challenge in the future for all.

Source:The Hindu

National Company Law Appellate Tribunal (NCLAT)

Topic: Governance

In News: Six additional posts of judicial and technical members will be created in the National Company Law Appellate Tribunal (NCLAT).

More on the Topic:

• National Company Law Appellate Tribunal (NCLAT) was constituted under Section 410 of the Companies Act, 2013 for hearing appeals against the orders of National Company Law Tribunal(s) (NCLT), with effect from 1st June, 2016.
• NCLAT is also the Appellate Tribunal for hearing appeals against the orders passed by NCLT(s) under Section 61 of the Insolvency and Bankruptcy Code, 2016 (IBC).
• NCLAT is also the Appellate Tribunal for hearing appeals against the orders passed by Insolvency and Bankruptcy Board of India under Section 202 and Section 211 of IBC.
• NCLAT is also the Appellate Tribunal to hear and dispose of appeals against any direction issued or decision made or order passed by the Competition Commission of India (CCI).

Composition:

• The President of the Tribunal and the chairperson and Judicial Members of the Appellate Tribunal shall be appointed after consultation with the Chief Justice of India.
• The Members of the Tribunal and the Technical Members of the Appellate Tribunal shall be appointed on the recommendation of a Selection Committee consisting of:
• Chief Justice of India or his nominee—Chairperson.
• A senior Judge of the Supreme Court or a Chief Justice of High Court— Member.
• Secretary in the Ministry of Corporate Affairs—Member.
• Secretary in the Ministry of Law and Justice—Member.
• Secretary in the Department of Financial Services in the Ministry of Finance— Member.

What are tribunals? How successful are tribunals in India? What reforms are needed to make tribunals an effective dispute resolution mechanism? Comment

Source: The Hindu

Hump Backed Mahseer

Topic: Environment and Ecology

In News: The hump-backed mahseer—a large freshwater fish also called the tiger of the water and found only in the Cauvery river basin (including Kerala’s Pambar, Kabini and Bhavani rivers)—is now “Critically Endangered”.

More on the Topic:

• As per the International Union for Conservation of Nature’s Red List of Threatened Species this species is more threatened than the tiger . The fish is one of the 229 species added to the Red List last November; this update also reveals that the threat status of 12 other Indian species, including great hornbills, has increased.
• For instance, it is thanks to its new IUCN status that Shoal (an international organisation working to conserve freshwater species) initiated ‘Project Mahseer’ along with other stakeholders to enable conservation action for the hump-backed mahseer.

Source: The Hindu