Current Affairs for IAS Exams - 09 December 2022

::NATIONAL::

The government introduced the Multi-State Cooperative Societies (Amendment) Bill, 2022, which proposes merger of “any cooperative society” into an existing multi-state cooperative society.

About:

The Centre has proposed this amendment through Section 6 of the Bill, introduced in Lok Sabha by Minister of State for Cooperation B L Verma.
The Bill also seeks to establish a “cooperative election authority” to bring “electoral reforms” in the cooperative sector. For this, the government has proposed to substitute Section 45 of the 2002 Act.
As per the proposed amendment, the authority will consist of a chairperson, a vice-chairperson and a maximum of three members to be appointed by the Centre.

Key highlights of bill

Reduced the period of application for registration of MSCS from 4 months to 3 months.
Maximum of 21 directors with at least one ScheduledCaste or Scheduled Tribe member and two women members.
Establish Co-operative Election Authority to bring electoralreforms in co-operative sector.
It will include Chairperson, Vice-chairperson and up to 3 membersappointed by Central Government.
Central Government to appoint one or moreCooperative Ombudsman to inquire into members complaints.
Establishment of Co-operative Rehabilitation,Reconstruction and Development Fund for revival of sick the Multi-State Cooperative Societies.

The state Assembly polls in Himachal Pradesh and Gujarat have concluded. As with all elections, while there will be candidates who will rake in huge victory margins, there will also be contestants who will lose their security deposit – an indicator of clear rejection at the hands of the voters.

About:

An election security deposit is an amount that is to be deposited with the Returning Officer when a candidate files their nomination.
This is to be submitted either in cash, or a receipt must be enclosed with the nomination paper, showing that the said sum has been deposited on the candidate’s behalf in the Reserve Bank of India or in a Government Treasury.
The main purpose of this practice is to ensure that only genuinely intending candidates end up filing the nomination to be a part of the electoral process.

Is the amount same for all elections?

No, it depends on the particular election being conducted, and the Representation of the People Act of 1951 mentions different amounts depending on the level of election:
in the case of an election from a Parliamentary constituency, meaning a Lok Sabha and Rajya Sabha seat, the amount is Rs 25,000 and Rs 12,500 for a Scheduled Caste (SC) or Scheduled Tribe (ST) candidate.
in the case of an election from an Assembly or Council constituency, meaning at the level of legislative bodies in the states, it is Rs 10,000 and Rs 5,000 for an SC/ST candidate.
even in the case of Presidential and Vice-Presidential elections, a deposit of Rs 15,000 is to be made.

European Securities and Markets Authority (ESMA) on October 31 derecognised six Indian clearing houses with effect from May 1, 2023.

About:

The European Securities and Markets Authority is an independent European Union Authority located in Paris.
ESMA replaced the Committee of European Securities Regulators on 1 January 2011.
It is one of the three new European Supervisory Authorities set up within the European System of Financial Supervisors.

Key highlgihts:

Once the derecognition comes into effect, the six clearing houses will not be able to provide services to clearing members and trading venues established in the European Union.
The six institutions in ESMA’s list are The Clearing Corporation of India (CCIL), Indian Clearing Corporation (ICCL), Multi Commodity Exchange Clearing (MCXCCL), NSE Clearing (NSCCL), India International Clearing Corporation (IFSC) (IICC) and NSE IFSC Clearing Corporation (NICCL).
Amongst the six institutions, CCIL is supervised by the RBI; ICCL, MCXCCL, and NSCCL are supervised by SEBI; IICC and NICCL are supervised by the International Financial Services Centre Authority (IFSCA).
Reason for derecognition: Essentially, the European regulators want to scrutinize the clearing parties or the European banks in India. But the Indian financial regulators such as the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI) believe that this is a jurisdictional overreach.

Key highlights:

The 9th WAC aims to showcase the efficacy and strength of the AYUSH systems of medicine at the Global level.
To provide a global platform for all the stakeholders, including industry leaders, practitioners, traditional healers, educationists, students, medicine manufacturers, growers of medicinal plants and marketing strategists, for networking and engaging in intellectual exchange to strengthen the Ayurveda sector, envision its future, and facilitate interaction between professionals and consumers to boost Ayurveda commerce.
AYUSH (Ayurveda, Yoga & Naturopathy, Unani, Siddha and Homoeopathy) sector:
The market size of AYUSH (Ayurveda, Yoga & Naturopathy, Unani, Siddha and Homoeopathy) sector in the country has grown from USD 3 billion in 2014 to over USD 18 billion now, clocking a phenomenal growth of six times.
During 2014-2020, the AYUSH industry grew 17 per cent year-on-year while the Ayurveda market is predicted to grow at 15 per cent CAGR from 2021-2026.

Razorpay becomes India’s first payment gateway to support credit cards on UPI.
This offering is in line with the National Payments Corporation of India (NPCI) and the Reserve Bank of India’s (RBI) latest innovation in the digital space.

About:

Now, with RuPay credit cards being enabled on UPI, Razorpay merchants can begin accepting credit card payments on UPI, with minimal changes to their existing setup.
This disruption is made possible in partnership with Axis bank, which shares Razorpay’s focus on catering to the ever-evolving needs of merchants and delivering greater convenience.

Key highlights:

No need to carry credit cards for payments, strengthen digital paymentsand boost India’s credit penetration.
Currently, only 6% Indians have access to credit card.
In a similar development, RBI will introduce ‘single-block-and-multiple debits’feature on UPI platform.
Under this, customer will create payment mandate against a merchant byblocking funds in their bank account for specific purposes which can bedebited, whenever needed.
Improve ease of making payments for online shopping, build trust among customers.

Indian Space Research Organisation (ISRO) has signed an MoU with Social Alpha to launch SpaceTech Innovation Network (SpIN).

About:

SpIN will be India’s first dedicated platform for innovation, curation, and venture developmentfor the space entrepreneurial ecosystem.
It has launched its first innovation challenge.
Selected start-ups and innovators will be able to access both Social Alpha’s and ISRO’sinfrastructure and resources.

It will primarily focus in three distinct innovation categories: