Daily Current Affairs UPSC 07 May 2024

Capital Gains Tax

Finance Minister Denies Plans to Change Capital Gains Tax Structure.

Capital Gains Tax Overview

• According to the Income Tax law, any profits or gains from the transfer of a 'capital asset' are subject to tax under the category of 'Capital Gains'.
• Types of Capital Gains.
• Short-Term Capital Gain: Applies to assets held for less than 36 months.
• Long-Term Capital Gain: Applies to assets held for 36 months or more, with varying tenures for different assets (e.g. listed shares require holding for more than 1 year).

Drip Pricing

Department of Consumer Affairs Warning on Drip Pricing

• Drip pricing is a pricing technique where only part of a product's price is advertised, with additional charges revealed later in the buying process.
• This tactic is used to entice customers to start the purchasing process.
• Drip pricing has been classified as a dark pattern under the Guidelines for Prevention and Regulation of Dark Patterns, 2023.
• Dark patterns are practices used by online platforms to deceive people into paying for items or services they did not originally intend to purchase.

Bengal Gazette

History of Bengal Gazette

• The Bengal Gazette, also known as the Calcutta General Advertiser, was established on January 29, 1780 by James Augustus Hicky, an Irishman.
• This newspaper was the first printed newspaper in India and was published weekly in English in Kolkata, the capital of British India.

Closure of Bengal Gazette

• The Bengal Gazette was shut down in 1782 after it faced criticism from Governor General Warren Hastings.
• The closure of the newspaper was a result of its critical stance towards the British colonial administration in India.

MQ-9B Predator drones

Deployment of MQ-9B Predator Drones by Indian Army and Indian Air Force

• Indian Army and Indian Air Force will be working together to deploy MQ-9B Predator drones in Gorakhpur and Sarsawa air bases.
• The MQ-9B Predator drone has two variants - SkyGuardian and SeaGuardian.
• The SeaGuardian variant has been in use by the Indian Navy since 2020.
• The SkyGuardian variant is the next generation of remotely piloted aircraft systems.
• The MQ-9B Predator drone can fly for over 40 hours in all types of weather conditions.
• It is equipped with advanced technology such as Multi-mode Radar and an electro-optical/infrared sensor.
• The drone is capable of performing various roles including surveillance, over-the-horizon targeting, airborne early warning, and electronic warfare.

Tactical Nuclear Weapon (TNW)

• Russia is preparing to conduct a tactical nuclear weapon drill in order to discourage Western countries.
• Tactical nuclear weapons (TNWs) are not considered "strategic" under US-Russian arms control agreements like the Strategic Arms Reduction Treaty.
• TNWs include short-range weapons such as land-based missiles with a range of less than 500 km, and air- and sea-launched weapons with a range of less than 600 km.
• TNWs are the least regulated category of nuclear weapons covered in arms control agreements.
• TNWs make up a significant portion of the nuclear arsenals of countries with nuclear weapons.

Leopard

International Leopard Day on May 3 raises awareness about the conservation of leopards and their habitats.

Indian Leopard (Panthera pardus fusca)

• Characteristics: Indian leopards can be active during the day and night, are skilled climbers, and often rely on trees for cover.
• Habitat Distribution: Found in India, Nepal, Bhutan, and parts of Pakistan, excluding mangrove forests and deserts. In India, they are typically found in tropical rainforests, temperate deciduous forests, and alpine coniferous forests.
• Importance: Leopards play a crucial role in maintaining ecological balance by regulating the populations of their prey species.
• Threats: Indian leopards face threats such as habitat loss and poaching.
• Protection Status: Indian leopards are classified as Vulnerable by the IUCN, listed on Appendix I of CITES, and protected under the Wildlife Protection Act of 1972.

Catatumbo Lightning

a .Catatumbo Lightning Phenomenon.

• The Catatumbo lightning phenomenon occurs at the mouth of the Catatumbo River where it meets Lake Maracaibo. Lightning strikes almost continuously up to 160 nights in a year in this area, earning it the title of the lightning capital of the world.

b. Factors Contributing to High Frequency of Lightning.

• The high frequency of lightning in the Catatumbo region is due to the convergence of cool air from the Andes and moist air from the Caribbean. This creates a constant cycle of convection, where warm air rises, cools, and condenses to form Cumulonimbus clouds that facilitate electrical activity.

c. Lake Maracaibo in Venezuela.

• Lake Maracaibo is the largest lake in Latin America and is where the Catatumbo lightning phenomenon occurs. The lake's proximity to the Andes and the Caribbean Sea contributes to the unique weather patterns that lead to the high frequency of lightning in the region.

Secure IoT

• Mindgrove's Secure IoT is India's first high-performance SoC.
• SoC combines multiple electronic components into a single chip, functioning like a mini computer.
• Secure IoT is the first indigenous microcontroller chip in India.
• Applications include deep embedded applications such as smart fans, speakers, wearables, etc.
• Features of Secure IoT include cost-effectiveness (30% cheaper than other chips), adaptability, and top-notch security features.
• The chip aims to reduce dependence on imported chips due to its competitive features and pricing.

Ghana (Capital: Accra)

Political Features of Ghana

• Ghana is located in West Africa along the Gulf of Guinea.
• It shares land borders with Burkina Faso to the north, Togo to the east, and Côte d’Ivoire to the west.
• Ghana's maritime border is along the Atlantic Ocean to the south.

Geographical Features of Ghana

• Ghana is home to major rivers such as the Volta, Tano, and Pra.
• The highest peak in Ghana is Mount Afadjato.
• The Greenwich Meridian passes through Ghana, marking its position in terms of longitude.

"Boosting India's GDP: Tourism Sector to Contribute $512 Billion by 2028"

Status of Tourism sector

• 00% FDI allowed in tourism construction projects.
• India ranked 6th in Travel & Tourism contribution to GDP in 2022.
• India ranked 54th in Global Travel and Tourism Development Index 2021.

Significance of Indian Tourism Sector

• Economic benefits: job creation, increase in foreign exchange earnings.
• Social benefits: cultural understanding, improved quality of life.
• Cultural benefits: preservation of cultural diversity and heritage.

Growth Drivers for Tourism in India

• Ease of travel with e-Tourist Visa.
• Rise in middle class disposable income.
• Increased Medical Tourism due to affordable treatment and quality healthcare.

Concerns related to Indian Tourism Sector

• Ecological destruction and disturbance.
• Poor infrastructure, accessibility, and safety.
• Lack of trained and skilled manpower.

Initiatives taken to promote Tourism Sector

• Swadesh Darshan 2.0 for sustainable tourism destinations.
• PRASHAD scheme for safeguarding India's heritage.
• Incredible India Tourist Facilitator Certification Program for trained professionals.
• Dekho Apna Desh initiative for promoting domestic tourism.

"Supreme Court demands ED report on Tamil Nadu sand mining"

Overview of Sand Resource:

• Sand is the second most exploited natural resource globally, following water.
• Main sources of sand include rivers, lakes, reservoirs, and coastal/marine areas.
• In India, sand is classified as a minor mineral under the Mines and Minerals (Development & Regulation) Act, 1957.

Illegal Sand Mining Issues:

• Illegal sand mining is a significant problem in India due to poor regulation enforcement, involvement of organized crime groups, and lack of sustainable alternatives.

Impacts of Sand Mining:

• Sand mining negatively affects biodiversity, hydrological functions, infrastructures, and protection against extreme events like floods and storm surges.

Measures for Best Practices in Sand Mining:

• India has implemented Sustainable Sand Management Guidelines (2016) and Enforcement & Monitoring Guidelines for Sand Mining (2020) to restore and maintain river ecology.
• The Ministry of Mines introduced the Sand Mining Framework (2018) to promote alternative sources of sand like Manufactured Sand (M-Sand) and sand from Overburden (OB) of coal mines.

"EU Regulations on Carbon Removal and Farming"

European Union's Carbon Removal Certification Framework

• The European Parliament and European Council have agreed on a regulation to establish the EU-level Carbon Removal Certification Framework.
• This framework aims to support innovative carbon removal technologies and carbon farming by setting quality criteria standards and monitoring processes to prevent greenwashing.

Carbon Farming and its Methods

• Carbon farming uses regenerative practices to improve agriculture, restore ecosystems, and combat climate change by storing carbon and reducing emissions.
• Common methods include agroforestry, conservation farming, integrated nutrient management, and renewable energy production grasslands conservation.

Benefits and Challenges of Carbon Farming

• Carbon sequestration in agricultural soils can help absorb billions of tonnes of CO2-equivalent annually, bridging the gap between emissions reductions and climate stabilization.
• Carbon credit systems can incentivize farmers by providing additional income through environmental services, but challenges include inadequate policy support and lack of resources for sustainable land management practices.

Initiatives Supporting Carbon Farming

Global Initiatives:

• The 4 per 1000 Initiative encourages stakeholders to transition towards regenerative agriculture and was launched during the UNFCCC COP21 in Paris.
• World Bank-supported initiatives like Kenya's Agricultural Carbon Project also support carbon farming efforts.

India Initiatives:

• The Carbon Credit Trading Scheme (CCTS) by the Ministry of Power allows trading of carbon credits among obligated entities in India.
• The National Mission on Sustainable Agriculture promotes agroforestry, micro-irrigation, and crop diversification to encourage farmers to participate in carbon trading in agriculture.

"30 Years of TRIPS: A Milestone for WTO"

Evolution of TRIPS Agreement

• The TRIPS Agreement was developed during the Uruguay Round of the General Agreement on Tariffs and Trade (GATT) before the establishment of the WTO.
• It became a key annex to the Marrakesh Agreement that created the WTO and officially came into effect on January 1, 1995.

Key Highlights of TRIPS Agreement

• The TRIPS Agreement is the most comprehensive multilateral agreement on intellectual property rights (IPR), granting creators exclusive rights over their creations for a specific period.
• It establishes minimum standards of protection for each member country, incorporating provisions from WIPO's Paris and Berne Conventions.
• The agreement covers various forms of intellectual property, including copyright, trademarks, geographical indications, industrial designs, patents, and layout-designs of integrated circuits.
• Disputes related to TRIPS obligations are resolved through the WTO's dispute settlement procedures, with a Council for TRIPS established for member discussions.
• Compulsory licensing is allowed under the TRIPS Agreement, enabling the production of patented products or processes without the patent owner's consent, particularly benefiting developing and underdeveloped countries.

Key Information on TRIPS Agreement

• India became a member of the TRIPS Agreement in 1995 and made amendments to its Patents Act, 1970 to comply with the agreement, such as the Patents (Amendment Act) of 2005.
• The Doha Declaration on the TRIPS Agreement affirmed that members have the right to take measures to protect public health and fully utilize flexibilities within the agreement for this purpose.

Impact of Marine Heatwaves on Coral Bleaching in Lakshadweep Sea

MHWs Impact on Lakshadweep Coral Reefs

• ICAR-CMFRI has observed MHWs affecting Lakshadweep since October 2023, leading to coral bleaching.
• Primary causes of MHWs include changes in ocean currents and excessive heat transfer into the atmosphere, resulting in high water temperatures.
• Coral bleaching occurs when corals lose their vibrant colors and turn white, mainly due to temperature, light, or nutrient changes.

Understanding MHWs

• MHWs occur when seawater temperatures exceed a seasonally-varying threshold for at least 5 consecutive days, usually the 90th percentile.
• These events can last for weeks, months, or even years.

Impacts of MHWs

• MHWs can lead to extreme weather events like tropical storms and hurricanes.
• Central India may experience reduced monsoon rainfall.
• Native species may migrate to cooler waters, while invasive species like sea urchins and jellyfish thrive.
• Higher temperatures and water deoxygenation can cause toxic algal blooms.
• Livelihoods may be affected by increased mortality of economically important species, and biodiversity and habitats may suffer due to food web disruption.

ICAR-CMFRI Overview

• Established in 1947 under the Ministry of Agriculture and Farmers Welfare, joining ICAR in 1967.
• Headquarters located in Kochi, Kerala.
• Recognized as a leading tropical marine fisheries research institute globally.
• Mandate includes monitoring and assessing marine fisheries resources in the Exclusive Economic Zone, considering climate and human activities, and maintaining geo-spatial information on marine fishery resources and habitats.

"ECI's Guidelines for Ethical Social Media Use in Politics"

ECI Directions Regarding Violations of Model Code of Conduct

• ECI issued directions due to violations of MCC during Lok Sabha election campaigning by political parties.
• Concerns about misuse of Social Media in elections and potential impact on voters' opinions and trust in the election process.
• Misuse of AI-based tools to create deepfakes and spread misinformation.

Legal Provisions Against Misinformation and Deepfakes

• ECI informed political parties about existing legal provisions against the use of misinformation, including Section 123(4) of Representation of People Act, 1951.
• MCC guidelines on criticism of other parties and Section 505 of IPC on spreading rumours that incite animosity between social classes.

ECI Directions for Political Parties

• Political parties must remove deepfake audios/videos within 3 hours from SMPs and identify and warn the responsible party member.
• Report any unlawful information and fake user accounts.

About Election Commission of India (ECI)

• ECI is an autonomous and permanent constitutional authority that administers elections in India.
• It consists of Chief Election Commissioner and two Election Commissioners with a tenure of six years or up to the age of 65 years.
• ECI decides election schedules, resolves disputes, and oversees general elections and bye-elections.