Daily Prelims Newsletter|14 July 2021|RaghukulCS|UPSC

Daily Prelims Newsletter For UPSC
| RaghukulCS

14 July 2021-Wednesday

Table Of Contents

Science and Technology

  • Lightning
  • 5G Technology

Economy

  • RBI Retail Direct Scheme
  • Sovereign Gold Bond Scheme 2021-22 Series

Polity and Governance

  • Contempt of court

Science and Technology

Lightning

Why in News?

Recently, more than thirty people were killed in incidents of lightning in various parts of the country.

About Lightning:

  • It is a rapid and massive discharge of electricity in the atmosphere.
  • It is the process of occurrence of a natural “electrical discharge of very short duration and high voltage between a cloud and the ground or within a cloud”, generally accompanied by a bright flash of ligh and sound, and sometimes thunderstorms.
  • Inter cloud or intra cloud lightnings are visible but are harmless.
  • Cloud to ground lightning is harmful as the ‘high electric voltage and electric current’ leads to electrocution on anything placed on ground.

5G Technology

Why in News?

Airtel reported to have cross download speed of 1.2 Gbps in a 5G trial in Mumbai.

About 5GTechnology:

  • Millimeter wave spectrum: It will operate in the millimeter wave spectrum (30-300 GHz) having advantage of sending large amounts of data at very high speeds.
    • Due to high frequency, it experiences little interference from surrounding signals.
  • Internet speed: In 5G devices tested speeds were as high as 20 Gbps (gigabits per second) as compared to the maximum internet data speed in 4G recorded at 1 Gbps.
  • Bands in 5G: It will work in 3 bands, namely low, mid and high frequency spectrum, each having their own usage and limitations.
  • Utility of 5G: Can be combined with IoT, cloud, big data, AI, edge computing, to be critical enabler of the fourth industrial revolution.

Economy

RBI Retail Direct Scheme

Why in News?

Recently, RBI announced the ‘RBI Retail Direct’ Schemeto allow retail investors to open gilt accounts with RBI to invest in Government securities (G-secs) directly.

About RBI Retail Direct Scheme:

  • As per the scheme, retail investors includingindividuals will have the facility to open and maintain the ‘Retail Direct Gilt Account’ (RDG Account) with RBI.
  • Retail Investorarenon-professional investors who buys and sells securities or funds which may contain a basket of securities like mutual funds and ETFs.
  • A Gilt Account is like a bank account, except that the account is debited or credited with treasury bills or G-Secs instead of money.
  • RDG Accounts can be opened through an online portal provided for the purpose of this scheme.
  • The online portal will give registered users access to primary issuance of G-secs as well.
  • RBI now is seeking to democratize the ownership of G-Secs beyond banks and managers of pooled resources like mutual funds.

Sovereign Gold Bond Scheme 2021-22 Series

Why in News

According to RBI, fourth batch of Sovereign Gold Bond Scheme 2021- 2022 is available for sale till July 16, 2021.

About Sovereign Gold Bond (SGB) Scheme:

  • SGB scheme was launched in November 2015 with aiming to reduce the demand for physical gold and to shift a part of the domestic savings (used for the purchase of gold) into financial savings.
  • The Gold Bonds are issued as GoI Stock under the Government Securities (GS) Act, 2006.
  • These are issued by the Reserve Bank on behalf of the GoI.
  • These Bonds can be sold through:
    • Commercial banks,
    • Stock Holding Corporation of India Limited (SHCIL),
    • designated post offices
    • Recognised stock exchanges viz., NSE and BSE, either directly or through agents.

Key Features:

  • Issue Price: The Gold bond prices are linked to the price of gold of 999 purity (24 carats) as published by India Bullion and Jewellers Association), Mumbai.
  • Investment Limit: These can be purchased in the multiples of one unit, up to certain limit for different investors.
  • Minimum permissible investment: 1 gram of gold.
  • Term: These gold bonds come with a maturity period of eight years.
    • It also has an option to exit the investment after first five years.
  • Interest Rate: A fixed rate of 5% per annum is applicable on the scheme, which is payable semi-annually.
  • The interest on these Gold Bonds are taxable as per the provision of Income Tax Act, 1961.
  • These Bonds can be used as collateral for loans.
  • The capital gains tax arising with the redemption of SGB to an individual has been exempted.

  • Sovereign gold bonds are also listed on exchange but the trading volumes are not high, thus it is difficult to exit before maturity.

Polity and Governance

Contempt of court

Why in News?

Delhi Jal Board recently urged the Supreme Court to initiate contempt proceedings against Haryana for wilfully disobeying order of court to maintain water level at Wazirabad reservoir at full capacity to serve drinking water needs of Delhi.

About Contempt of Court:

  • The Contempt of Courts Act 1971 has defined the civil and criminal contempt.
  • It also lays down the powers and procedures with which courts can penalise contempt, and also the penalties that can be given for the offence of contempt.

Contempt of court is described to be of two kinds:

  • Civil Contempt:Willful disobedience of a court order/judgment or willful breach of an undertaking submitted to the court.
  • Criminal Contempt: It includesany written or spoken word or any act
    • that scandalises the court, or
    • lowers its authority or prejudices, or
    • interferes with the due course of a judicial proceedings, or
    • interferes in the administration of justice.

Related provisions:

  • Article 129 and 215 empowers the Supreme Court and High Court respectively to punish people for their respective contempt.
  • The Contempt of Courts Act, 1971defines the power of the High Court to punish contempts of its subordinate courts.
  • Contempt of Court is also included as a reasonable restriction to the freedom of speech and expression under Article 19.

Role of Attorney general (AG) in contempt cases:

Consent of AG:

  • The AG’s consent is mandatory if a private citizen wants to initiate a case of contempt of court against any other person.
  • However, if the court itself initiates a contempt case the AG’s consent is not mandatory. It is so because the court is exercising its inherent powers under the Article 129/215 to punish for contempt.

If AG denies Consent:

  • If the AG denies consent, the matter ends.
  • The complainant can still separately bring the issue to the notice of court urging the court to take suo motu

NOTE: The reason behind requiring the consent of the AG before taking cognizance of any complaint is to save the time of the court.

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