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Headlines,On this day and Quiz- 3rd Jan

January 4, 2023
Posted by: admin
Category: Current Affairs Capsule

Headlines- 3rd Jan

Demonetisation judgment- No flaw in the 2016 demonetisation
A majority of four judges (Justices B.R. Gavai, S. Abdul Nazeer, A.S. Bopanna and V. Ramasubramanian) on a Constitution Bench of the Supreme Court found no flaw in the Union government’s process to demonetise ₹500 and ₹1,000 banknotes through a Gazette notification issued on November 8, 2016. Justice B.V. Nagarathna, however, disagreed with the majority, saying the government’s notification issued under Section 26(2) of the Reserve Bank of India (RBI) Act was unlawful.
The majority said that the statutory procedure under Section 6(2) was not violated merely because the Centre had taken the initiative to “advise” the Central Board to consider recommending demonetisation. On the other hand, Justice Nagarathna said the Centre could have issued a notification under Section 26(2) only if the Central Board of the RBI had initiated the proposal to demonetise a specified series of banknotes by way of a recommendation. Here, in 2016, the government had initiated the demonetisation, not the Central Board. She also mentioned that there was no independent application of mind by the RBI as there was not enough time given to it to do so.

Recipients of the 17th Pravasi Bharatiya Samman Awards
The Pravasi Bharatiya Samman is the highest honour conferred on overseas Indians during the Pravasi Bharatiya Diwas Convention which will be held between 8th and 10th January in Indore. Among the 21 recipients are, Guyana’s President Mohamed Irfan Ali, US- based businessman Darshan Singh Dhaliwal, DSB Group CEO Piyush Gupta and Poland based businessman Amit Kailash Chandra Lath, who assisted Indian authorities during the evacuation of students during Russia’s invasion of Ukraine.

The new variant on COVID- XBB.1.5
XBB.1.5 is a recombinant, which means its genome is the product of the genomes of two different strains spliced together. In the U.S., it accounted for 40.5% of all new cases by December 30. XBB.1.5 could be more transmissible than its immediate ancestors. And so far, it doesn’t appear to be able to cause severe disease. XBB.1.5 is better at binding to ACE2 receptors in the body than XBB or XBB.1. So XBB.1.5 is more transmissible. However, the experts believe that with the hybrid immunity in India, no sublineage is likely to cause a fresh wave

Assam’s delimitation exercise
Delimitation is the process of redrawing boundaries of Lok Sabha and State Assembly constituencies based on a recent census to ensure each seat has an almost equal number of voters. It is ideally carried out every few years after a Census by an independent Delimitation Commission formed under the provisions of the Delimitation Commission Act. While the delimitation exercise was undertaken across the country between 2002 and 2008, it was not carried out in Assam and four other States after 1976 citing various reasons.
But now, the Election Commission of India (ECI) has notified the initiation of the delimitation of Assembly and Parliamentary constituencies in the State on December 27, 2022. Following the same, Assam has re-merged four districts with the ones they were carved out of. However the same is being done on the basis of the 2001 census instead of using the more recent 2011 census.

Draft amendment to bring the online gaming industry within the ambit of IT Rules
MeitY has proposed an amendment to bring online gaming within the ambit of the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021. The proposal, released for public consultation, requires all online games to register with a self regulatory body approved by the Ministry and only games that are cleared by the body will be allowed to engage in betting on the outcome of games. The self- regulatory body will have a board of directors with five members from diverse fields. The proposed model is similar to the rules in place for digital news sites and streaming services under the IT Rules.

Conflict between the NCST and the Ministry of Environment on the proposed Forest Conservation Rules
The proposed amendment rules does away with the “consent clause” for diversion of the forest land for other purposes. This consent clause compels the ministry to mandatorily seek consent of the gram sabhas before the Stage 1 clearance or even after Stage 2 clearance.
Because of its impact on recognition of rights of the tribes under the Forest rights Act, the panel had recommended that these rules should be put on hold in September 2022. Although the Environment Ministry
has dismissed these concerns, the chairperson of NCST Mr. Harsh Chouhan said its position on the new rules being violative of the Forest Rights Act, 2006 “will be the same”

New PM of Nepal- Pushpa Kamal Dahal “Prachanda”
Nepal’s newly-appointed Prime Minister Pushpa Kamal Dahal ‘Prachanda’ has decided to take the vote of confidence in the Parliament on January 10.There is a constitutional provision that a person who has become the Prime Minister should take a vote of confidence within one month of swearing into office.
The 68-year-old CPN-Maoist Centre leader was sworn in as the Prime Minister for the third time on December 26 after he dramatically walked out of the pre-poll alliance led by the Nepali Congress and joined hands with opposition leader K P Sharma Oli. President Bidhya Devi Bhandari called the first session of the new Parliament on January 9 after the country went to polls on November 20.

SBI, ICICI and HDFC Bank- too big to fail
The Reserve Bank of India (RBI) Monday said State Bank of India, ICICI Bank and HDFC Bank continue to remain Domestic Systemically Important Banks (D-SIBs). SIBs are perceived as ones that are ‘Too Big To Fail’ and their continued functioning is critical for the uninterrupted availability of essential banking services to the real economy.
The RBI had issued the framework for dealing with Domestic Systemically Important Banks in July 2014. It requires the disclosure of banks designated as D-SIBs since 2015 and place them in buckets depending on Systemic Importance Scores . The RBI had announced SBI and ICICI Bank as D-SIBs in 2015 and 2016. As on March 31, 2017, HDFC Bank was also classified as a D-SIB.

On this day- 3rd Jan

It’s International Mind-Body Wellness Day!
1831- Savitribai Phule’s birth anniversary, who was the first principal of India’s first girls’ school and the founder of the first farmers’ school. Regarded as one of the most important figures of social reform movement
1968 – The country’s first meteorological rocket ‘Maneka’ was launched.
2002- Death anniversary of Satish Dhawan. He was given the responsibility of the country’s space program after Vikram Sarabhai. He was also appointed the chairman of ‘ISRO’.

Quiz- 3rd jan

1. Who is the new PM of Nepal?

Pushpa Kamal Dahal ‘Prachanda’

2. Which banks in India are considered as “too big to fail”?

SBI, ICICI and HDFC Bank

3. Who is the chairperson of the National Commission of ST?

Harsha Chauhan

4. Most recently, in which year did the Government conduct the demonetization exercise?

2016

5. When is the Pravasi Bharatiya Diwas celebrated?

9th January