Daily Current Affairs
To the Point Notes
1: Operation CHAKRA III
Context:
- CBI’s ongoing Operation CHAKRA-III has successfully dismantled a sophisticated cyber-enabled financial crime network.
About Operation CHAKRA III:
- Executed with cooperation from FBI (USA) and INTERPOL.
- Network has been targeting victims in foreign countries since 2022.
- Operations involve cryptocurrencies and bullion.
Central Bureau of Investigation (CBI):
- Premier investigating police agency in India.
- Derives power from Delhi Special Police Establishment Act, 1946.
- Established in 1963 by a resolution of the Ministry of Home Affairs.
- Recommended by Santhanam Committee on Prevention of Corruption.
- Investigates serious crimes related to defense, corruption, fraud, cheating, embezzlement, and social crimes.
- Coordinates investigations on behalf of Interpol member countries.
Key Points:
- Operation CHAKRA III demonstrates CBI’s capabilities in combating international cybercrime.
- Collaboration with international law enforcement agencies is crucial for addressing transnational crimes.
- CBI plays a vital role in maintaining law and order and protecting India’s interests.
2: Early Elections: A Complex Process
Context:
- Delhi’s CM has requested early Assembly elections to coincide with Maharashtra’s.
Early Elections in India:
- Power vested in Election Commission of India (ECI) under Article 324 of the Constitution.
- ECI works backwards from the end of the five-year term to ensure timely elections.
- Section 15(2) of Representation of the People Act, 1951, restricts notification of elections less than six months before the end of the term unless the Assembly is dissolved.
- Article 174(2)(b) of the Constitution allows the Governor to dissolve the Legislative Assembly upon recommendation of the Council of Ministers.
- Once dissolved, ECI must conduct fresh elections within six months.
Delhi’s Scenario:
- Government of National Capital Territory of Delhi Act, 1991, applies.
- Section 6(2)(b) of the Act gives the Lieutenant Governor the power to dissolve the Assembly.
- Even if the Chief Minister recommends dissolution, the final decision rests with the Centre (through the LG).
Key Points:
- Early elections are possible but depend on various factors.
- The ECI has the authority to schedule elections.
- The Governor plays a crucial role in dissolving the Assembly.
- Delhi’s unique governance structure adds another layer of complexity.
3: Nidhi Companies
What are Nidhi Companies?
- Incorporated under Section 406 of the Companies Act, 2013.
- Regulated by the Ministry of Corporate Affairs (MCA).
- A type of NBFC (Non-Banking Financial Company).
- Primary objective: Promote savings and provide financial assistance to members.
- Operate on a no-frills model, focusing on small-ticket savings and lending.
Key Points and Restrictions:
- Prohibitions: Cannot engage in chit funds, hire purchase finance, leasing finance, insurance, or acquiring securities issued by others.
- No debt instruments: Cannot issue preference shares, debentures, or any debt instruments.
- Membership: Only individuals can be members; corporate bodies and trusts are not allowed.
Recent News:
- The Registrar of Companies (RoC) has penalized over two dozen Nidhi companies for violating the Companies Act.
- This highlights the importance of compliance with regulations for these entities.
4: Subhadra Yojana
Key Points:
- Launched by: Prime Minister Narendra Modi in Odisha.
- Named after: Goddess Subhadra, the younger sibling of Lord Jagannath.
- Beneficiaries: One crore poor women aged 21-60.
- Amount: ₹50,000 over five years (₹10,000 per annum).
- Payment: Two installments of ₹5,000 each on Rakhi Purnima and International Women’s Day.
- Eligibility: Women not receiving ₹1,500/month or ₹18,000/year under other government schemes.
- Disbursement: Direct deposit into Aadhaar-linked bank accounts.
- Subhadra Debit Card: Issued to beneficiaries.
5: Phosphoric Acid: A Vital Agricultural Input
Key Points:
- Diversion: Concerns about diverting phosphoric acid for electric vehicle batteries.
- Importance in Agriculture: Key ingredient in di-ammonium phosphate (DAP), India’s second most consumed fertilizer.
- Sources: India primarily imports phosphoric acid from Jordan, Morocco, Senegal, and Tunisia.
- Uses: Food additives, fertilizers, metal treatment, rust removal, corrosion protection.
Potential Impact:
- Fertilizer Shortages: Diverting phosphoric acid could lead to shortages of DAP, impacting agricultural production.
- Import Dependence: India’s reliance on imports for phosphoric acid makes it vulnerable to global market fluctuations.
- Need for Alternatives: Exploring alternative sources or technologies for phosphoric acid production may be necessary to ensure a stable supply for agriculture.
6: CMFRI Designated as Centre of Excellence for Seaweed Cultivation
Key Points:
- Designation: ICAR-Central Marine Fisheries Research Institute (CMFRI) recognized as a Centre of Excellence.
- Seaweed: Marine plants and algae classified into green, brown, and red groups.
- Benefits: Rich in minerals and vitamins, with health benefits and applications in manufacturing and agriculture.
- Government Initiatives:
- National Seaweed Mission: Aims to scale up seaweed cultivation.
- Pradhan Mantri Matsya Sampada Yojana (PMMSY): Includes seaweed cultivation as part of the Blue Economy.
Overall: This designation highlights the importance of seaweed cultivation in India and the government’s efforts to promote its growth.
7: Emmy Awards 2024
What are the Emmy Awards?
- Renowned awards for television and emerging media performances.
- Unlike Oscars and Golden Globes, they are not for films.
History:
- Conceived in 1948, first ceremony held in 1949.
Types of Awards:
- Primetime Emmy Awards
- International Emmy Awards
- Daytime Emmys
- Sports Emmys
- News and Documentary Emmys
- Technology and Engineering Emmys
- Regional Emmys
Award-Giving Organizations:
- Television Academy: Administers Primetime Emmys.
- National Academy of Television Arts & Sciences: Oversees daytime, sports, news, and documentary categories.
- International Academy of Television Arts & Sciences: Responsible for International Emmys.
Winners in Emmy Awards 2024:
- Outstanding Drama Series: Shogun
- Outstanding Comedy Series: Hacks
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