Daily Prelims Newsletter|06 July 2021|RaghukulCS|UPSC

Daily Prelims Newsletter For UPSC
| RaghukulCS

06 July 2021-Tuesday

Table Of Contents

Economy 

  • Forex Reserves 

Polity and Governance 

  • The Chief Minister
  • Overseas Citizens of India (OCI)

Art and Culture

  • Swami Vivekananda 

Places in News 

  • Nile River 

Economy

Forex Reserves

Why in News?

According to the recent data from RBI, India’s Forex reserves havecrossed $600 billion mark.

About Forex Reserves held by India:

  • Forex reserves are assets held on reserve by a central bank mostly in foreign currencies, which can include bonds, treasury bills and other government securities.
  • Most forex reserves are held in US dollars.

Objectives Behind Holding Forex Reserves:

  • Support and maintain confidence in the policies for monetary and exchange rate management.
  • Provides the capacity to the central bank or government to intervene in support of the national or union currency.
  • Limits external vulnerability by maintaining foreign currency liquidity to absorb shocks during times of crisis.

India’s Forex Reserve include:

  1. Foreign Currency Assets
  2. Gold reserves
  3. Special Drawing Rights
  4. Reserve position with the IMF

Related Information:

Special Drawing Rights

  • It is an international reserve asset, created by the IMF in 1969 with objective to supplement its member countries’ official reserves.
  • The SDR is not a currency and nor a claim on the IMF. It is a potential claim on the freely usable currencies of IMF members. SDRs can be exchanged for these available currencies.
  • The value of the SDR is calculated by a weighted basket of major hard currencies, including the US dollar, the euro, Japanese yen, Chinese yuan, and British pound.

Reserve Position in the IMF:

  • A reserve tranche position refers to a portion of the required quota of currency each member country has to provide to the IMF that can be utilized for its own purposes.
  • Simply stated, it is an emergency account that IMF members can access any time without agreeing to conditions or paying a service fee.

Polity and Governance

The Chief Minister:

Why in News?

Uttarakhand got its new Chief Minister recently.

About the office of CM:

  • The CM is appointed by the governor.
  • According to Constituional Provisions, the Chief Minister holds office during the pleasure of the Governor. However, in practice CM remains in office as long as he continues to be the leader of the majority in the State Legislative Assembly.
  • The Governor can dismiss him, if he loses his majority support in the house.
  • The State Legislative Assembly can also remove him by passing a motion of no-confidence against him.

Functions and Powers of the Chief Minister:

  • To Aid and Advice the Governor.
  • He is the Head of the Council of Ministers in the state.
  • He is the Leader of the House.
  • He has to communicate to Governor, all the decisions of the CoM pertaining to the administration of the state.
  • He can recommend dissolution of legislative assembly to the Governor.
  • He also advises the Governor regarding the summoning and proroguing the sessions of State Legislative Assembly.

    The Chief Minister:

    Why in News?

    Recently, the High Court of Karnataka directed the Karnataka Examinations Authority to allow 45 OCI students to register for Common Entrance Test 2021 and also appear for the test during the pendency of their petitions.

    About OCI:

    • Overseas Citizenship of India (OCI) Scheme was started in 2005 by making amendments to Citizenship Act, 1955.
    • In 2015, the Government of India merged PIO (Person Of Indian Origin) card with OCI card.

    Exceptions:Eligibility:

    • Person applying for OCI card must hold a valid Passport of another country.
    • Individuals who do not have citizenship of any other country are ineligible to apply for OCI status.
    • Individuals whose parents or grandparents hold/held citizenship of Pakistan and Bangladesh are ineligible to apply for OCI status.

    Benefits for OCI cardholders:

    • Lifelong Visa to visit India multiple times.
    • No need to register with Foreigners Regional Registration Officer (FRRO) or Foreigners Registration Officer (FRO) for any duration of stay.
    • Except for acquisition of agricultural and plantation properties, they have similar facilities which are extended to NRIs in economic, financial and educational fields.
    • Treated at par with NRIs regarding – entry fees for national monuments, practice of professions like nurses,doctors, dentists, advocates, architects, etc.

    Restrictions for OCI Card Holders:

    • Do not have right to vote.
    • Do not have right to any public service/government jobs.
    • Cannot hold offices of – Prime Minister, President, Vice -President, Judge of Supreme Court and High Court, MP or MLA or MLC.
    • Cannot own agricultural property.

    Art and Culture

    Swami Vivekananda

    Why in News?

    Recently, death anniversary of Swami VIvekandna was observed on July 4.

    About Swami Vivekananda:

    • He was a true luminary and is credited with enlightening the west about the real essence of Hinduism.
    • He was adisciple of Sri Ramakrishna Paramahansa and emerged as a major force in the revival of Hinduism in India.
    • He also pushed for national integration during colonial India.
    • He is known for his famous speech in Chicago in 1893 during the Parliament of the World Religions.
    • Post 1984,his birthday,January 12th,is celebrated as National Youth Day.
    • He was born in Kolkata asNarendra Nath Datta in his pre-monastic life.

    Contributions:

    • He is considered as the person who introduced the philosophies of Yoga and Vedanta to in thewestern countries.
    • Netaji Subhas Chandra Bose called him as the “Maker of Modern India.”
    • He formed the Ramakrishna Mission in 1897 to set in motion a machinery which would bring noblest ideas to the doorstep of even the poorest.
    • He is said to preach Neo-Vedanta, an interpretation of Hinduism through a Western lens, andalso believed in combining spirituality with material progress.

    Places in News

    Nile River

    Why in News?

    Nile river was in news due to disputeamong the basin countries, particularly due to Ethiopia building a giant dam over one of the river’s large tributary.

    About Nile River:

    • The River Nile flows through Africa.
    • It originates in Burundi, a country south of the equator, flowing northward through north-eastern Africa, and later flowing through Egypt and before finally draining into the Mediterranean Sea.
    • Source of water: One of the main sources isLake Victoria, and other feeder rivers like the Kagera
    • The Nile River is considered as the longest rivers in the world.
    • The Nile basin includes parts of Tanzania, Burundi, Rwanda, Congo (Kinshasa), Kenya.
    • The River forms an arcuate deltabefore emptying into the Mediterranean Sea.
      • Deltas with triangular or fan-shape are called arcuate (arc-like) deltas.

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