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.