GK and current affairs Notes-January 4
🔘 5.7 magnitude quake jolts Northeast; 1 dead (G.S-01)
- Low seismic earthquake has hit north east area of India.
- This zone come under faulting zone of the Himalayan region.
- Major area under high seismic are:
- Kutch region
- North Bihar
- Himalayan region
- Andaman island
- One thing government should bear in the mind that earthquake cant be avoided but by the preparedness we can minimize loss by the earthquake.
- Disaster management need connectivity to the place that lack in north east area so government first should be increase in linkage with this area.
- Use of drone make disaster evaluation more easier.
- In the high seismicity area there should be clear norms on building and infrastructure as we can experienced in Nepal earthquake.
🔘 Two takes on democracy (G.S-02)
- What constitute definition of democracy can’t be adjust with award of the court or regulation of executive
- To sustain democracy there should be some bond that hold together that will be bond of culture and commerce
- Secularism means complete exclusion of state from state not nation that should be taken into mind
- Noble and inspiring democracy state that citizen should practice their belief and ritual in his/her private life but when they come to public life they should be rationale person to think only about public good.
This is the time to develop universal citizenship that have not only favor voter of winner to be developed and welfare of them to be done but this is constituency as a whole.
🔘 Return of the Cold War? (G.S-02)
- Cold war is phenomena of the grouping after world war on the creation of new block
- After the partition of the Russia tension being increasing and few below stated event also increase tension between two countries
- When Georgia offered NATO membership Russia protested on it.
- Asylum to Edward Snowden who was the national security agency take asylum of the Russia the case famously known as Wikileaks.
- Ukraine conflict led to world in fear.
- Russia military intervention in Syria.
- Russia having ties and communication channel with Taliban.
- Hacking in election allegation.
🔘 A nudge to borrowers (G.S-03)
- After demonetization two extremist affect on banking system on the one hand deposit of bank doubled in last quarter but withdrawal rate decrease to neutral.
- After that state bank that is biggest commercial bank of India decrease marginal cost of fund based lending rate means decrease cost of the withdrawal.
- Aim of these move is to stop more non-productive asset because by the demonetization demand has slow down > production of inventory left > inflation slow down > no new order and production > unemployment + balance sheet of unit in deficit > nonpayment of bank loan > loss to bank > again tin balance sheet problem arises.
- If lending cost decrease then demand in automobile and real estate will show positive trend.
🔘 Death of a naturalist (G.S-03)
- Pete Jackson gives his whole life in the conservation of cat family animal like tiger and lion and works specially in Gujarat.
- He has also worked in Sultanpur Lake of the Haryana which stated only 25 mile from Delhi and having prosperous natural beauty.
- Sultanpur Lake or wetland is home for lakh of migrated bird most famous is black necked crane.
- World wild life Switzerland based wild life conservation union that motivates India to start plan for tiger conservation as project tiger in 1973.
🔘 Ensure 40% of currency reaches rural areas’ (G.S-03)
- After demonetization rural area hit because of lack of banking inclusion and access to bank.
- So government should encourage bank to start ATM in rural area and give incentive on them.
- Special account opening and training seminar to be held in rural area.
- When cash reach to rural area then economy automatically start functioning as 60% population from village.
- Enough cash also works as agricultural grease as this led to investment and next crop planning.
Today’s News Juice features the following articles:
1. Trinamool Lok Sabha leader held in Rose Valley chit scam (Relevant for GS Prelims and GS Mains Paper III)
2. What is Rose Valley Group Scam? (Relevant for GS Prelims, GS Mains Paper II and III)
3. Shraddha, Ghyansham Kumar Devansh chosen for 2016 Bharatiya Jananpith Navlekhan award (Relevant for GS Prelims and GS Mains Paper III)
4. David R Syiemlieh appointed new UPSC chairman (Relevant for GS Prelims )
5. Government meets PMUY target of 1.5 crore LPG connections (Relevant for GS Prelims and GS Mains Paper III)
6. Cold war resurgence between US and Russia (Relevant for GS Prelims and GS mains paper II)
News of the Day
Trinamool Lok Sabha leader held in Rose Valley chit scam (Relevant for GS Prelims and GS Mains Paper III)
The Central Bureau of Investigation (CBI) arrested Trinamool Congress MP and party’s leader in the Lok Sabha Sudip Bandyopadhyay in connection with the ongoing investigation in the chit fund scam case.
Earlier the CBI arrested party MP and film actor Tapas Paul, alleging that he had benefited from the Rose Valley Group Scam.
About Rose Valley Group Scam
According to reports, Rose Valley chit fund scam amounts to almost Rs 60,000 crore. The scam is believed to be the biggest ponzi fraud in India and the scam itself is at least three times bigger than Saradha scam.
Making of a scam
– Rose Valley, as per the ED estimates reportedly collected money from depositors across India, especially West Bengal, Assam and Bihar
– In March 2015, the ED arrested group’s chairman Gautam Kundu.
– Huge amounts were allegedly siphoned off and transferred to other accounts
– ED is certain a major portion of the money was used to bribe politicians for smooth running of the ponzi chain.
– Rose Valley hotels & entertainment reportedly owns nearly 23 properties across India
– In addition, all the 2,600 bank accounts of the company, which together hold cash balances of Rs 800-1,000 crore, have been frozen by the government
– There are as many as 30 companies under the Rose Valley banner on paper, which includes companies such as Rose Valley Airlines, Rose Valley Microfinance, Rose Valley Fashion, Rose Valley Consultancy, Rose Valley Beverages, Rose Valley Infotech and Rose Valley Housing Finance, says a news report
What is Ponzi Scheme?
A Ponzi scheme also a Ponzi game is a fraudulent investment operation where the operator, an individual or organization, pays returns to its investors from new capital paid to the operators by new investors, rather than from profit earned through legitimate sources. Operators of Ponzi schemes usually entice new investors by offering higher returns than other investments, in the form of short-term returns that are either abnormally high or unusually consistent.