Daily Current Affairs

To The Point Notes

1.Futures and Options

Definition: Derivative contracts based on underlying assets.
Types: Futures (obligation to buy/sell) and Options (right to buy/sell).
Importance: Risk management, leverage, liquidity, price discovery.
Concerns: Potential losses, market volatility, counterparty risk.
SEBI and RBI concerns: Surging volumes impacting capital formation, systemic risk.
Impact: May divert funds from productive sectors, affecting economic growth.
Need for Regulation: Balanced approach to promote benefits while mitigating risks.

2.Monsoon Session of Parliament

Overview: The first Monsoon Session under the new NDA government began on July 22 and will conclude on August 12, comprising 19 sittings.
Key Agenda: The government plans to introduce six bills, including a replacement for the 90-year-old Aircraft Act, and secure parliamentary approval for Jammu & Kashmir’s budget.
Parliamentary Sessions: India typically has three parliamentary sessions annually: Budget (Feb-May), Monsoon (Jul-Sep), and Winter (Nov-Dec).
Constitutional Provisions: The Constitution doesn’t mandate a specific number of sessions or sitting days.
Session Management: The Central government determines session dates and duration through the Cabinet Committee on Parliamentary Affairs (CCPA).
Convening Parliament: The President summons MPs for each session, informing them of the sitting schedule and legislative agenda.

3.Primary Amoebic Meningoencephalitis (PAM)

A rare and deadly brain infection caused by a microscopic amoeba (Naegleria fowleri).
Amoeba lives in warm freshwater like lakes and rivers.
Enters the body through the nose during water activities.
Causes severe brain swelling and rapid death.
Symptoms include headache, fever, nausea, vomiting.
Very high mortality rate (over 97%).
Effective treatment is limited.

4.National Flag Day

Date: July 22nd, commemorates adoption of Indian national flag in 1947.
Designer: Pingali Venkayya.
Specifications: Tiranga – three horizontal stripes: saffron (courage, sacrifice), white (peace, truth) with Ashoka Chakra, green (growth, auspiciousness).
Proportions: 2:3, Ashoka Chakra with 24 spokes.
Historical Context: Replaced Charkha (spinning wheel) with Ashoka Chakra, suggested by Badr-ud-Din Tyabji, endorsed by Gandhi.
Flag Code of India: Modified in 2002, allows citizens to fly flag anytime with respect.
Constitutional Provisions: Article 51A(a) mandates respect for National Flag.

5.Dual Income Tests for OBC Quota

OBC Quota: Introduced in 1993 with a creamy layer exclusion.
Creamy Layer: OBC candidates with social and economic privileges ineligible for reservation.
Income Test: Crucial criterion for determining creamy layer status.
DoPT Discrepancy: Two different income tests for different OBC categories.
Category 1: Children of constitutional posts, senior government officials, armed forces personnel, property owners initially excluded.
Category 2: Exceptions for children of MPs/MLAs, promoted government officials, unirrigated land owners, with income limit of Rs. 8 lakhs.
Issue: Inequality in applying income criteria, potential for abuse.
Impact: Questions the fairness and effectiveness of OBC reservation system.
Need: Review and standardization of income criteria for OBC candidates.