Context: Nepal and China sign the Cooperation Framework of the Belt and Road Initiative. Key Highlights: China’s Belt and Road Initiative (BRI)
China’s Belt and Road Initiative (BRI)
Background of BRI Objective and Geographic Corridors Concerned Issues over the BRI
1. South Korean President faces impeachment
Context: South Korea’s parliament has passed a motion to impeach President Yoon Suk Yeol, an action that could potentially end his presidency. Key Highlights: About Impeachment in India: Impeachment is the removal of the President from office if he has violated the Constitution. There is a proper procedure given under the Constitution of India, in which Parliament possesses the right to perform this activity. So far, not even a single President of India has been impeached. What is Impeachment? Qualifications for Being the President of the Country (Article 59): Term of Office (Article 56): Grounds for Impeachment: The President can be impeached for: Other grounds for which the President shall not be removed: How Removal Works (Article 61): Removal is initiated either in Lok Sabha or Rajya Sabha. Procedure: Who can participate: Impact of Impeachment: Debates in the Constituent Assembly: Conclusion: Impeachment is a serious and rare process through which the President can be held accountable in case he violated the Constitution. It ensures checks and balances in the system while protecting the dignity of the office. Though no President has been impeached so far, the detailed procedure reflects the importance of maintaining constitutional integrity in India.
Impeachment of the President in India
Impeachment is the removal of the President from office if he has violated the Constitution. There is a proper procedure given under the Constitution of India, in which Parliament possesses the right to perform this activity. So far, not even a single President of India has been impeached. What is Impeachment? Grounds for Impeachment: The President can be impeached for: Other grounds for which the President shall not be removed: How Removal Works (Article 61): Removal is initiated either in Lok Sabha or Rajya Sabha. Procedure: Who can participate: Impact of Impeachment: Debates in the Constituent Assembly: Qualifications for Being the President of the Country (Article 59): Term of Office (Article 56): Conclusion: Impeachment is a serious and rare process through which the President can be held accountable in case he violated the Constitution. It ensures checks and balances in the system while protecting the dignity of the office. Though no President has been impeached so far, the detailed procedure reflects the importance of maintaining constitutional integrity in India.
Current Affairs 4 December, 2024
Daily Current Affairs 4 December, 2024 National Affairs 1. India Organic Farming Programs The Paramparagat Krishi VikasYojna (PKVY) and the Mission Organic Value Chain Development for North Eastern Region (MOVCDNER) of India focuses on organic farming in India. The total area under agricultural organic farming is 59.75 Lakh Ha.The Bhartiya Prakritik Krishi Paddhati (BPKP) is allocated to eight states by the PKVY with a total area of 4.09 lakh hectaresThe Government of India facilitates organic farming in India with support from PKVY and MOVCDNER to all farmers end to end. 2. Prime Minister’s Internship Scheme (PMIS) announced in the Budget 2024-25, aims to provide internship opportunities to one crore youth in top 500 companies in five years Prime Minister’s Internship Scheme Launched in India 3. National Archives of India organizes Exhibition “Naga-Land & People in Archival Mirror” at Kisama, Kohima during 25th Hornbill Festival “Naga – Land & People in Archival Mirror” Exhibition • Curated by National Archives of India in collaboration with the Department of Arts and Culture, Government of Nagaland.• Was inaugurated on 1st December 2024 at the 2nd World War Museum Complex, Kisama, Kohima.• Has 12 thematic panels of displays of crucial happenings of Nagaland history.• Highlights include Naga-Land & People, Colonial Inroads, World Wars, Statehood to Nagaland, and Road to Progress. 4. Mahila Samman Savings Certificate Scheme (MSSC) Mahila Samman Savings Certificate Scheme (MSSC) LaunchLaunch Date: 31.03.2023As a tribute to ‘Azadi ka Amrit Mahotsav‘ for women and minor girls.Objectives: To foster the financial independence of women and achieve the objectives of Financial Inclusion.Accounts that are opened by a female or guardian on behalf of the minor girl on or before 31st March 2025. 5. Pradhan Mantri Matsya Sampada Yojana (PMMSY) 6. BRAHMOS Bolstering Indian Navy´s Firepower at Sea Indian Navy’s Modernization and Innovation Indian Navy has expanded its strategic outreach and operational horizons, focusing on modernization and innovation.• BRAHMOS supersonic cruise missile system has appreciably enhanced modern combat capabilities of the Navy.• BRAHMOS is a state-of-art universal precision-guided weapon designed for both antiship and land-attack roles.• The BRAHMOS naval variant has continued to evolve in lethality, maneuverability, and strike capability in the complicated maritime environment.Read more… 7. Proba-3 mission launch delayed to December 5 due to anomaly: ISRO Proba-3 Mission Launch Update Recast Launch Mission Overview Read more… 8. Indian astronauts selected for joint ISRO-NASA mission to International Space Station complete initial training ISRO: Gaganyatris Undergo Training for Axiom-4 Mission The Indian Space Research Organisation (ISRO) reported on November 29, 2024, that Group Captain Shubhanshu Shukla and Group Captain Prasanth Balakrishnan Nair, selected for the upcoming Axiom-4 mission (Ax-4) to the International Space Station (ISS), have successfully completed the first phase of training. Training Milestones Achieved The Gaganyatris, designated as: Key achievements during this phase include: This training commenced in August 2024 in the United States under the joint collaboration of ISRO and NASA. Read more… 9. India’s new legislation by Prime Minister Narendra Modi. Prime Minister Narendra Modi and Union Home Minister Amit Shah met to review the three new laws: Bharatiya Nyaya Sanhita (BNS), Bharatiya Nagarik Suraksha Sanhita (BNSS), and Bharatiya Sakshya Adhiniyam (BSA). 10. Centre clears 5 projects for â‚ą21,772cr military upgrade Defence Ministry Approves Five Military Modernisation Projects Banking/Finance 1. Reporting practices for banks set to change Amendment of Banking Regulation Act to Facilitate Claim Handling and Succession Banking Regulation ActAllow up to four nominees from one, ensuring easier claim handling and minimal hassle for legal heirs. Amendments to be directed toward ensuring continuity and fewer disputes among legal heirs. As of March 2024, unclaimed amounts in banks have touched â‚ą 78,000 crore. A streamlined settlement mechanism is needed.• State Bank of India Act and the Banking Companies Act will be amended to enable transferring unclaimed shares, interest, and bond redemption amounts to the Investor Education and Protection Fund (IEPF).• Definition of “substantial interest” would be updated with an enhancement in the shareholding threshold from â‚ą 5 lakh to â‚ą 2 crore.• The reporting practices for banks would be changed, with the date of reference shifted from “reporting Friday” to the last day of fortnight, month, or quarter.• Tenure of directors of cooperative banks shall be increased from eight years to 10 years for excluding the chairman and wholetime director.• Director of a central cooperative bank can sit on the board of state cooperative bank.• Changes will enable PSBs to offer competitive remuneration to statutory auditors, enhancing audit standards and financial oversight. 2. ´ Overreach´: USISPF, Nasscom object to Sebi´s specified digital platform plan Advocacy Groups Slam Sebi’s Draft Circular on Digital Platforms Also read: SEBI 3. EPFO´s investible corpus more than doubled in 6 years Employees’ Provident Fund Organisation’s Investment Corpus Doubles in Five Years • Employees’ Provident Fund Organisation’s investment corpus doubled in the last five years to â‚ą 24.75 trillion in FY24 from â‚ą 11.1 trillion in FY19.• The overall investible corpus increased to 15.8% from â‚ą 21.36 trillion in FY22.• The number of active contributing subscribers increased by 7.6% to 73.7 million in FY24 from 68.5 million in FY23. Source: Business standard 4. RS clears Bill to ease oil exploration Rajya Sabha Approves Oilfields (Regulation and Development) Amendment Bill, 2024 • The Rajya Sabha passed a Bill aimed at delinking petroleum operations from mining, clarifying petroleum lease grants and extensions, and introducing a new mechanism for the resolution of disputes for the exploration and production sector.• The Bill replaces all the existing laws between 1948 and 1969 by introducing the concept of ‘petroleum lease’ which is legally differentiated from the mining lease.• The Bill must be passed in the Lok Sabha to come into effect.• The Bill introduces the concept ‘Mineral Oils‘, which groups together a broad spectrum of mineral oils, from shale oil and gas hydrates to coal bed methane. 5. Bank a/cs can soon have 4 nominees each Lok Sabha passed banking law amendments.• It allows up to four nominees in all bank accounts.• Assures successors of account-holders or FD holders do not get locked out.It both permits concurrent and successive nominations.• Redefine “substantial interest” for directorships. 6. HC notice to
5. Pradhan Mantri Matsya Sampada Yojana (PMMSY)
6. HC notice to bank & RBI after staffer siphons â‚ą3cr from FDs
Bombay High Court issued a notice to HDFC Bank and the RBI. The Bombay High Court has issued a notice to HDFC Bank and Reserve Bank of India after an employee was arrested on suspicion of siphoning off Rs 3 crore from a customer’s fixed deposits.The employee, Payal Kothari, had broken Meenakshi Kapuria’s fixed deposits worth Rs 3 crore and siphoned off the money into nonexistent accounts.Kapuria was not notified by SMS or email during the entire process.
10. Centre clears 5 projects for â‚ą21,772cr military upgrade
Defence Ministry Approves Five Military Modernisation Projects
9. India’s new legislation by Prime Minister Narendra Modi.
Prime Minister Narendra Modi and Union Home Minister Amit Shah met to review the three new laws: Bharatiya Nyaya Sanhita (BNS), Bharatiya Nagarik Suraksha Sanhita (BNSS), and Bharatiya Sakshya Adhiniyam (BSA).
Fixed Deposits
A bank account that promises competitive interest rates on the deposits for a specified period.
