Why is it in the News?

The Central Board of the Reserve Bank of India (RBI) has approved a record surplus transfer of Rs 2.11 lakh crore to the Central government for the fiscal year 2023-24, determined based on the Economic Capital Framework (ECF).

What is the Economic Capital Framework (ECF)?

• The Economic Capital Framework (ECF)  is an objective, rule-based, transparent methodology for determining the appropriate level of risk provisions (fund allocation to capital reserve) that is to be made under Section 47 of the Reserve Bank of India Act.
• The Reserve Bank of India (RBI) developed an Economic Capital Framework (ECF) for determining the allocation of funds to its capital reserves so that any risk contingency can be met as well as to transfer the profit of the RBI to the government.
• There are two clear objectives for the ECF.
  • First, the RBI as a macroeconomic institution has the responsibility to fight any disorder especially a crisis in the financial system. Here, to meet such a crisis, the RBI should have adequate funds attached under the capital reserve.
  • Second, is transferring the remaining part of the net income to the government.
• The process of adding funds to the capital reserve is a yearly one where the RBI allots money out of its net income to the capital reserve.
• How much funds shall be added to the capital reserve each year depends upon the risky situation in the financial system and the economy.
• The process of allocation of funds is technically called as provisioning (risk provisioning etc.,) to the reserves.
• After allotting money to the capital reserve, the remaining net income of the RBI is transferred to the government as profit.
• Since the government is the shareholder of the RBI, the latter’s income (means profit) should be transferred to the Government (Section 47 of the RBI Act).
• Previously, there were several attempts to frame an ECF for the RBI. However, under the changed circumstances, the RBI central board constituted a new committee (under Bimal Jalan) to design an ECF in 2018.

What is a Bimal Jalan Committee?

• The Reserve Bank of India (RBI) in November 2018 had constituted a six-member committee, chaired by former governor Dr Bimal Jalan, to review the current economic capital framework (ECF), after the Ministry of Finance asked the central bank to follow global practices.

What did the Bimal Jalan Committee Recommend?

• According to the Committee, a better distinction between the two components of RBI's economic capital, realised equity and revaluation balances, was needed.
  • The realised equity can be used as a buffer in meeting losses, whereas the revaluation balances will be used only during market risks as they are unrealised valuation gains and cannot be distributed.
• The Committee has recommended the adoption of Expected Shortfall (ES) under stressed conditions for measuring the RBI’s market risk and asked to adopt a target of ES 99.5 per cent confidence level.
• It also asked to maintain a Contingent Risk Buffer (CRB) within 6.5 per cent and 5.5 per cent of RBI's balance sheet.
• The Jalan Committee recommended a surplus distribution policy that follows the realised equity maintained by the RBI.
• The panel also suggested that the RBI’s ECF should be reviewed every five years.
• In August 2019, the Central Board of the RBI, chaired by Governor Shaktikanta Das, finalised the RBI’s accounts for 2018-19 using the revised framework to determine risk provisioning and surplus transfer. According to the reports, the RBI had over Rs 9 trillion of surplus capital with it.

Why is it in the News?

Two Kerala government-controlled temple boards, which together manage 2,500-odd temples in the state, have banned the use of oleander flowers (locally known as arali) in temple offerings after a 24-year-old woman died after accidentally chewing some oleander leaves.

What is Oleander?

• Nerium oleander, commonly known as oleander or rosebay, is a plant cultivated worldwide in tropical, subtropical, and temperate regions.
• Known for its drought tolerance, the shrub is often used for ornamental and landscaping purposes.
• In Kerala, the plant is known by the names of arali and kanaveeram and is grown along highways and beaches as a natural, green fencing.
• There are different varieties of oleander, each with a flower of a different colour.

How is oleander used in traditional medicine?

• The Ayurvedic Pharmacopoeia of India (API), a government document that describes the quality, purity, and strength of drugs used in Ayurveda, mentions oleander.
  • According to API, an oil prepared from the root bark can be used to treat skin diseases.
• The plant has been “frequently described in Brihattrayi, Nighantus and other classical Ayurvedic texts.
  • Charka [Charak Samhita] has prescribed the leaves of white-flowered variety externally for chronic and obstinate skin diseases of serious nature including leprosy.

How toxic is oleander?

• Even though it is prescribed in some ayurvedic formulations, oleander’s toxicity has also long been recognised across the world.
• The plant has been “exploited therapeutically and as an instrument of suicide since antiquity.
• Moreover, ingestion or inhalation of smoke from burning oleander can also be intoxicating.
  • This is due to the properties of cardiac glycosides (a type of chemical) including oleandrin, folinerin, and digitoxigenin, which are present in all parts of the plant.
• Cardiac glycosides are steroidal compounds capable of exerting pharmacological effects on cardiac muscle.
  • The primary therapeutic value of these glycosides lies in their ability to exert profound tonic effects on the heart.
  • However, the therapeutic window is small and overdose/toxicity is frequently encountered when using these drugs.
• Effects of oleander toxicity include nausea, diarrhoea, vomiting, rashes, confusion, dizziness, irregular heartbeat, slow heartbeat, and, in extreme cases, death.
• Symptoms last for 1 to 3 days and may require a hospital stay.

Why is it in the News?

In a groundbreaking conservation endeavor, the Global Society for the Preservation of Baobabs and Mangroves (GSPBM) has initiated a mission to rejuvenate the iconic Baobab trees.

About the African Baobab Tree:

• African baobab trees, scientifically known as Adansonia Digitata, are some of the oldest living organisms in the world.
• Baobab trees originated millions of years ago in West Africa and spread over time to other parts of the world, creating new species.
  • There are 9 baobab species, of which 6 have originated in Madagascar, 2 in Australia, and 1 in Africa.
• These trees range in height from 5 to 20 meters and are typically found in deciduous forests composed primarily of broad-leaved trees that shed their leaves during one season.
• It is one of nine species of baobab, is native to mainland Africa, and also thrives in the African savanna ecosystem.
• The savanna features warm temperatures year-round and experiences its highest seasonal rainfall in the summer.
• It is characterized by grasses and dispersed trees, allowing ample sunlight to reach the ground.
• Age Record: Carbon-14 dating has revealed that an African baobab specimen in Namibia is approximately 1,275 years old, making it the oldest known angiosperm tree.
• Tree of Life: African baobabs, being succulents, absorb and store water in their expansive trunks during the rainy season.
  • This unique adaptation enables them to produce nutrient-dense fruit during the dry season, even in arid environments.
• Utilization: Baobab trees, with lifespans exceeding a thousand years, offer a multitude of benefits including food, fodder for livestock, medicinal compounds, and raw materials for various purposes.
• Threats: Since 2005, nine of the thirteen oldest African baobab specimens and five of the six largest trees have either perished or experienced significant decline, possibly due to the impacts of climate change.

What are Angiosperms?

• Angiosperms, a taxonomic class of plants, are characterized by seeds enclosed within an ovule, such as those found in apples.
• This group is commonly known as hardwoods.
• Angiosperms typically comprise trees with broad leaves that undergo color changes and shed annually during autumn.
  • Examples of deciduous angiosperms include oaks, maples, and dogwoods. However, certain angiosperms, such as rhododendrons, live oaks, and sweet bay magnolias, retain their leaves.

Gymnosperms:

• Gymnosperms, another taxonomic class, encompass plants with seeds not enclosed in an ovule, as seen in pine cones.
  • The term "gymnosperm" translates to "naked seed," and this group is often referred to as softwoods.
• Gymnosperms commonly feature needle-like leaves that remain green throughout the year. Examples include pines, cedars, spruces, and firs.
• While many gymnosperms maintain their foliage year-round, some, like ginkgos, dawn redwoods, and bald cypresses, do shed their leaves.

Why is it in the News?

In its manifesto for the Lok Sabha election, the primary opposition party pledged to cease the weaponization of the Prevention of Money Laundering Act (PMLA) if entrusted with power.

About the Prevention of Money Laundering Act:

• The Prevention of Money Laundering Act (PMLA) constitutes the cornerstone of India's legal framework aimed at combating money laundering, with its enactment and enforcement starting from July 1, 2005.
• Enacted by India's Parliament under Article 253, which authorizes legislation for implementing international conventions, the Act has three primary objectives:
  • Prevention and control of money laundering
  • Confiscation of proceeds derived from laundering, and
  • Addressing related issues within India.
• The Act empowers the Director of the Financial Intelligence Unit-India (FIU-IND) and the Director (Enforcement) with exclusive and concurrent powers to enforce its provisions.
• Subsequent amendments were made in 2009 and 2012 through the Prevention of Money Laundering (Amendment) Acts.

What is Money Laundering?

• Money laundering is defined as the process through which an illegal fund, such as black money, is obtained from illegal activities and disguised as legal money, eventually portrayed as white money.
• The money laundered is passed on through various channels or phases of conversions and transfers to make it legal and eventually reach a legally acceptable institution, like a bank.

Brief History of the PMLA:

• In response to the emergence of global terrorism in the 1990s and the subsequent imperative to curb illicit financial flows, international efforts intensified, culminating in the establishment of the Financial Action Task Force (FATF) in 1989 to coordinate anti-money laundering endeavors worldwide.

Legislative Response:

• Against this backdrop, India, as a member of FATF, was prompted to enact domestic legislation to combat money laundering following the United Nations General Assembly's political declaration in 1998 urging member states to implement national anti-money laundering measures.

Enactment Process:

• The initial iteration of the Prevention of Money-Laundering Bill in 1998 was introduced by the NDA government, aiming to address various aspects such as the prevention of money laundering, confiscation of illicit proceeds, and establishment of coordinating agencies.
• However, concerns regarding potential misuse of the proposed law led to bipartisan opposition, prompting referral to the Department-related Standing Committee on Finance.
  • Despite deliberations and amendments, the bill was eventually passed by Parliament in 2002, with enforcement commencing in 2005 following the formulation of accompanying rules under the subsequent UPA government.

Significant Amendments in the PMLA:

• Over the years, the Prevention of Money Laundering Act (PMLA) has undergone various revisions, but it was the amendments introduced in 2009 and 2012 that notably empowered the Enforcement Directorate (ED) to take coercive measures against politicians.
• In 2009, amendments expanded the PMLA's scope to include 'Criminal conspiracy' under Section 120B of the Indian Penal Code (IPC), enabling the ED to intervene in cases alleging conspiracy, even if the primary offense isn't listed in the PMLA.
  • For instance, this broadening facilitated the ED's pursuit of cases like the land-grabbing accusations against a former Jharkhand CM, currently incarcerated in Ranchi.
• Furthermore, the 2009 amendments granted the ED international jurisdiction for tracking laundered money, enhancing its global reach.
• In 2012, the PMLA was amended to elevate the Prevention of Corruption Act, 1988 (PC Act) to Part A of the statute's schedule from Part B.
  • This move imposed stricter bail conditions on corruption suspects, requiring courts to ascertain substantial evidence of guilt if bail opposition arises from the public prosecutor.
  • Part A of the schedule encompassed various serious offenses, including acts like waging war against the nation, drug trafficking, and violations of the PC Act, among others.

Supreme Court's Verdicts on the Constitutionality of PMLA:

• In the case of Vijay Madanlal Choudhary & Ors vs Union of India (2022), a three-judge Bench of the Supreme Court upheld the constitutional validity of the Prevention of Money Laundering Act (PMLA), which faced challenges in over 200 individual petitions.
• One of the primary challenges was regarding the creation of an alternative criminal law system by the PMLA, as the Enforcement Directorate (ED) operates outside the ambit of the Code of Criminal Procedure (CrPC).
  • Not being classified as 'police', the ED is not bound by CrPC provisions for searches, seizures, arrests, and property attachments.
  • The judgment affirmed the ED's expansive powers, including the admissibility of statements made to it in court.
• In Nikesh Tarachand Shah v Union of India (2017), the PMLA, akin to the Unlawful Activities (Prevention) Act (UAPA), imposed stringent bail conditions, requiring accused individuals to prove the absence of a "prima facie" case against them and their commitment to refraining from future offenses.
  • The Supreme Court initially struck down these provisions as unconstitutional.
  • However, Parliament reintroduced them through an amendment to the PMLA via the Finance Act, of 2018, which the Supreme Court upheld in 2021.
• While certain aspects of the 2021 ruling, such as the ED's non-obligation to disclose the ECIR (similar to an FIR in criminal cases), are currently under review, the ruling stands as the prevailing law of the land.

Why is it in the News?

India had the third worst air quality out of 134 countries in 2023 after Bangladesh and Pakistan according to the World Air Quality Report 2023 by IQAir.

About World Air Quality Report 2023:

• The World Air Quality Report is an annual publication by IQAir, a Swiss air quality monitoring firm.
• The report provides an in-depth analysis of global air quality, shedding light on the impact of air pollution on human health and the environment.

Key highlights from the report include:

• India ranks third in poor air quality: With an average annual particulate matter 2.5 (PM2.5) concentration of 54.4 micrograms per cubic meter, India trails only Bangladesh and Pakistan in terms of poor air quality.
• South Asian dominance in pollution rankings: Bangladesh and Pakistan occupy the top two positions in the air pollution rankings, while ten out of the eleven most polluted cities in the world are in India.
• Delhi's alarming status: For the fourth consecutive year, Delhi has been identified as the world's most polluted capital city.
  • Additionally, Bihar's Begusarai has been termed the world's most polluted metropolitan area.
• India's widespread exposure: An overwhelming 96% of the Indian population experiences PM2.5 levels more than seven times the WHO annual PM2.5 guideline, emphasizing the need for urgent interventions to mitigate the health impacts of air pollution.

What is Particulate Matter (PM)?

• Particulate Matter (PM) is a term used to describe a mixture of solid particles and liquid droplets found in the air.
  • These particles can be made up of various components such as dust, dirt, soot, smoke, and organic chemicals.
  • They are classified based on their size, with PM2.5 and PM10 being the most commonly referenced categories.
• PM2.5 refers to fine particulate matter with a diameter of 2.5 micrometers or less, which is about 30 times smaller than the width of a human hair.
  • These particles are produced by various sources such as vehicle emissions, industrial processes, and wildfires.
  • Due to their small size, they can penetrate deep into the lungs and even enter the bloodstream, posing significant health risks.
• PM10, on the other hand, refers to coarse particulate matter with a diameter of 10 micrometers or less.
  • These particles are larger and primarily originate from activities such as construction, road dust, and agricultural practices.
  • While not as harmful as PM2.5, they can still enter the respiratory system and cause health problems.

Why is it in the News?

Delhi High Court this week rejected a challenge to the constitutionality of Section 5(v) of the Hindu Marriage Act, 1955 (HMA), which prohibits marriage between two Hindus if they are “sapindas” of each other — “unless the custom or usage governing each of them permits of a marriage between the two”.

What was the Case?

• In 2007, the marriage of a woman was declared void after her husband proved it was a sapinda marriage and she did not come from a community where such marriages were customary.
• This decision was challenged in the Delhi High Court, which dismissed the appeal in October 2023.
• The woman then petitioned the High Court again, challenging the legality of the sapinda marriage ban.
  • She claimed that sapinda marriages take place even when there is no evidence of custom.
• As a result, Section 5(v), which prohibits sapinda marriages unless an established custom exists, violates the right to equality guaranteed by Article 14 of the Constitution.
• The petitioner also claimed the marriage had received the consent of both families, demonstrating its legitimacy.

What are Sapinda Marriages?

• A sapinda marriage is one between two people who are related to each other to some extent.
  • According to Section 3(f)(ii), “Two persons are said to be sapindas of each other if one is a lineal ascendant of the other within the limits of sapinda relationship, or if they have a common lineal ascendant who is within the limits of sapinda relationship with reference to each of them.”
• According to the Hindu Marriage Act (HMA), on the mother's side, a Hindu person cannot marry anyone within three generations of them in the "line of ascent".
  • On the father's side, this prohibition applies to anyone within five generations of the individual.
• This means that on their mother's side, a person cannot marry their sibling (first generation), parents (second generation), grandparents (third generation), or anyone else who shares this ancestry within the three generations.
• On their father's side, this prohibition would apply to their grandparents' grandparents as well as anyone within five generations of this ancestry.

Exceptions to the Prohibition Against Sapinda Marriages?

• The only exception can be found within the same provision.
• An exception arises when the customs of the individuals involved permit sapinda marriages.
• The term "custom" is defined in Section 3(a) of the HMA.
  • According to this section, a custom must have been consistently and uniformly practised for an extended period and must have gained sufficient recognition among Hindus in a specific locality, community, or family to be deemed legally binding.

Are Marriages Similar to Sapinda Marriages Allowed in Other Countries?

• In several European countries, the laws on relationships that are considered incestuous are less stringent than in India.
  • In France, the crime of incest was abolished under the Penal Code of 1810, so long as the marriage was between consenting adults.
• Portuguese law also does not criminalise incest.
• Under Italian law, incest is a crime only if it causes a “public scandal”.
• In the United States, incestuous marriages are banned in all 50 states, though incestuous relationships between consenting adults are allowed in New Jersey and Rhode Island.

Why is it in the News?

The bodies of 11 climbers were recovered on Monday a day after a furious eruption of the Mount Marapi volcano as Indonesian rescuers searched for 12 apparently still missing.

About Mount Marapi:

Don't confuse it with Mount Merapi, which is located on Java Island.

• ‘Mount Marapi’ located is a volcanic mountain located in West Sumatra of Indonesia.
• It also known as Marapi or Gunuang Marapi in Minangkabau.
• According to legend, the mountain is the site first settled by the Minangkabau people after their ship landed on the mountain when it was the size of an egg and surrounded by water.
• There are large numbers of upright burial stones in the region which are oriented in the direction of the mountain, indicating its cultural significance.
• A significant eruption occurred in 1979, and in April-May 2018, ashfalls to the southeast were recorded.

About Mount Merapi:

• Mount Merapi is a volcanic mountain on the island of Java in Indonesia and is the most active volcano in Indonesia (out of a total of 30 active volcanoes).
• Although Mount Merapi was discovered by humans in 1754, geologists have estimated that the volcanic mountain is over 400,000 years old.
• The last major eruption of Mount Merapi back in 2010. This eruption took the lives of 347 people, and a further 20,000 locals were forced to evacuate the area.
• The local name for Mount Merapi is Gunung Merapi which can be translated to Fire Mountain or Mountain of Fire.
• Mount Merapi is considered sacred by local people. They believe that a supernatural kingdom exists there.
• Mount Merapi has erupted countless times, which haven't been recorded in modern history.
  • However, we do know that Merapi has erupted over 68 since 1548.
  • Merapi has now been active for approximately 10,000 years.

Why in the News?

Recently, Union Minister for Jal Shakti has launched the Unified Registration Portal for GOBARdhan.

About GOBARdhan Initiative:

• GOBARdhan (Galvanizing Organic Bio-Agro Resources Dhan) initiative was launched in 2018.
• Aim:
• The primary goal of the initiative is to convert waste to wealth by promoting a circular economy.
• Nodal Ministry:
• The GOBARdhan Initiative is under the Department of Drinking Water and Sanitation, Ministry of Jal Shakti.
• Gobardhan is an integral part of Swachh Bharat Mission (Gramin) Phase II, focusing on Solid Waste Management.
• Objectives:
• To assist villages in safely managing their cattle and agricultural waste, leading to cleaner villages.
• To help communities convert cattle and organic waste into wealth using treatment systems.
• To transform organic waste, especially cattle waste, into biogas and organic manure for utilization in rural areas.
• To promote environmental sanitation and control vector-borne diseases by effectively disposing of waste in rural regions.
• To create employment and income-generation opportunities in rural areas by involving entrepreneurs, Self-Help Groups (SHGs), and youth groups in setting up, operating, and managing GOBARdhan units.
• Financial Incentive:
• The Government of India provides technical assistance and financial support of up to 50 lakhs for each district to achieve the safe disposal of cattle and organic waste as part of the initiative.

Why in the News?

The inauguration of the first segment of India's Regional Rapid Transit System (RRTS), the country's inaugural mass rapid transit system designed for regional connectivity, will be officiated by the Prime Minister of India.

About the Regional Rapid Transit System:

• The RRTS is an integrated mass transit network with semi-high-speed rail connectivity at its core.
• It aims to promote "balanced and sustainable urban development" throughout the National Capital Region (NCR) by improving connectivity and access.
• The National Capital Region Transport Corporation (NCRTC), a joint venture of the Central government and the governments of Delhi, Haryana, Rajasthan, and Uttar Pradesh, is building it.
• It is modeled after systems such as Paris' RER, Regional-Express trains in Germany and Austria, and SEPTA Regional Rail in the United States, among others.
• The project will develop eight corridors, three of which are currently under construction:
  • the 82-kilometer Delhi-Ghaziabad-Meerut,
  • the 164-kilometer Delhi-Gurugram-SNB-Alwar, and
  • the 103-kilometer Delhi-Panipat corridors
• The importance of this system:
• The RRTS network is faster when compared to metros
  • It will serve commuters who need to cover relatively longer distances across the NCR in a short amount of time.
• When compared to Indian Railways, the RRTS train will cover shorter distances but at a higher frequency and with greater comfort than the average railway coach.

What is the News ?

The report about invasive alien species highlighted that the proliferation of water hyacinth (scientifically known as Pontederia crassipes) in Lake Victoria has had a negative impact on the tilapia fish population.

Facts About:

• It is a common name for some fish species in the family Cichlidae (order Perciformes), which includes a large number of predominantly freshwater species endemic to Africa.
• These fish are primarily found in freshwater environments, such as shallow streams, ponds, rivers, and lakes. They are less commonly found in brackish water.
• In some cases, Tilapia can become problematic invasive species in warm-water habitats like Australia, whether introduced intentionally or accidentally.
  • However, they generally can't survive in cold temperate climates.
• It has emerged as one of the world's most productive and internationally traded food fish.
• Tilapia culture has become economically successful in many parts of the world, and fishery experts have termed tilapia "aquatic chicken" because to its rapid growth and minimal maintenance cultivation.