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UPSC Notes EPFO Labour Law

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2021-06-04 05:23:53 Current Affairs - 3 June 2021
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12th Clean Energy Ministerial currently underway in Chile
The 12th Clean Energy Ministerial, CEM is currently underway which is being organized by Chile. The Ministry of Power has said that this year India along with the United Kingdom has launched a new workstream to promote industrial energy efficiency under the CEM’s Industrial Deep Decarbonization Initiative.

Japans PM Yoshihide Suga pledges additional 800 mn dollars to COVAX facility
Japanese Prime Minister Yoshihide Suga has pledged an additional 800 million US Dollars to COVAX facility aiming for a fair distribution of Coronavirus vaccines worldwide. The announcement came at an online vaccine summit which Japan co-hosted with the GAVI vaccine alliance, an international group that promotes vaccinations in developing nations.

Isaac Herzog Elected as President of Israel
Veteran Israeli politician, Isaac Herzog, has been elected as the President of the country on June 01, 2021, during the 120 member parliamentary election for 2021. The 60-year-old Herzog will be the 11th President of Israel, assuming office with effect from July 09, 2021.

Former Supreme Court Judge Justice Arun Mishra takes over as new Chairperson of NHRC
The former Supreme Court Judge Justice Arun Mishra has been sworn in as the new Chairperson of the National Human Rights Commission (NHRC) of India.

WhatsApp appoints Paresh B Lal as Grievance Officer for India
The Facebook-owned messaging app WhatsApp has named Paresh B Lal as the Grievance Officer for India. WhatsApp has updated the details on its website for how to contact Mr. Lal, because under the IT law, social media companies are required to display the names and other details of their grievance officers on their websites.

IIT Ropar Develops IoT Device ‘AmbiTag’ to Record Real-Time Ambient Temperature of Perishable Goods during Transportation
The Indian Institute of Technology Ropar, in Punjab, has developed a first-of-its-kind Internet of Things (IoT) device named ‘AmbiTag’ which can record real-time ambient temperature during the transportation of perishable products such as vaccines, body organs and blood.. AmbiTag is a USB-shaped device, capable of continuously recording the temperature, ranging from -40℃ to 80℃, of its immediate surroundings in any time zone for a full 90 days on a single charge.
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2021-06-04 05:23:53 Current Affairs - 3 June 2021
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World Bicycle Day is observed on June 03
Every year the International World Bicycle Day is observed on June 03 draw attention to the benefits of using the bicycle. The day aims to recognise the uniqueness, longevity and versatility of the Bicycle as a simple, affordable, reliable, clean and environmentally fit sustainable means of transport. The day was declared by the United Nations General Assembly in April 2018.

Union Minister Narendra Singh Tomar inaugurates Indus Best Mega Food Park at Raipur, Chhattisgarh
Food Processing Industries Minister Narendra Singh Tomar virtually inaugurated the Indus Best Mega Food Park at Tilda block of Raipur district in Chhattisgarh. He said, the park will prove to be a big boost to the growth of the food processing sector in the State. He said, it will also provide direct and indirect employment to about five thousand persons and benefit about 25 thousand farmers. The park has been set up in over 63 acres of land at a project cost of over Rs 145 crore.

Telangana govt to conduct digital survey of agriculture lands in state
In Telangana, the State Government will be conducting Digital Survey of agriculture lands in the state. Initially, the survey will be held in 27 select villages across the state on a pilot basis from 11th of this month. Three villages will be selected from Gajwel Assembly Constituency and 24 other villages will be selected from 24 different districts, where there are no land disputes.

Niti Aayog releases SDG India Index and Dashboard 2020-21
The third edition of the Sustainable Development Goals SDG India Index and Dashboard 2020-21 was released by Niti Aayog. Niti Aayog Vice Chairperson Dr Rajiv Kumar launched the report titled, SDG India Index and Dashboard 2020-21: Partnerships in the Decade of Action, in the presence of Member (Health) Dr Vinod Paul, CEO Amitabh Kant and Adviser (SDGs) Sanyukta Samaddar. According to report, the country’s overall SDG score has improved by 6 points, from 60 in 2019 to 66 in 2020-21.

Agriculture Minister Narendra Singh Tomar launches Seed Minikit Programme
Agriculture Minister Narendra Singh Tomar launched Seed Minikit Programme by distributing Seed Minikits, higher yielding varieties of seeds to farmers. The mini kits are being provided by the Central Agencies, National Seeds Corporation, NSC, NAFED and Gujarat State Seeds Corporation and it is fully funded by the Government of India through the National Food Security Mission. The distribution of seeds will continue till 15th of this month so that the seeds reach the farmers before the Kharif sowing commences.

Cabinet approves MoU between India & Maldives on cooperation in field of sustainable urban development
The Union Cabinet was apprised of the Memorandum of Understanding (MoU) signed between the Ministry of Housing and Urban Affairs, Government of India and Ministry of National Planning, Housing and Infrastructure, Government of Maldives on cooperation in the field of Sustainable Urban Development. The MoU was signed in February this year. A Joint Working Group (JWG) will be constituted to strategize and implement programmes on cooperation under the framework of the MoU. The Joint Working Group will meet once in a year, alternately in Maldives and in India.

ICMR approves home-based Rapid Antigen Test kit developed by Abbott Rapid Diagnostics Division, Chicago
The Indian Council of Medical Research, ICMR has approved the second home-based Rapid Antigen Test kit developed by Abbott Rapid Diagnostics Division, Chicago. The self-use kit named PanBio COVID-19 Antigen Test Device has been given provisional approval till 5th of July and the price of the kit will be declared by the company after that. ICMR had earlier given its approval to the CoviSelf test kit developed by Pune-based Mylab Discovery Solutions.
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2021-06-03 08:35:40 Various instruments available in the money market

1. Treasury Bills (T-Bills): It is a short-term borrowing instrument issued by the Government of India. RBI, issue it on behalf of Government of India.
It is also known as zero coupon bonds.
It has a maturity of less than one year.
It is issued at discount and repaid at par.
It is in the form of a promissory note.
It is highly liquid and has negligible risk.
It is available in denominations of ₹ 25000 and its multiples.

2. Commercial Paper: Commercial paper is issued by large creditworthy companies to raise short-term funds at lower rates of interest than the market rate.
It is an unsecured promissory note, having a maturity of 15 days to one year.
It is a negotiable instrument, transferable by endorsement and delivery.
It is sold at discount and redeemed at par.
It is an alternative to bank borrowing. The original purpose of commercial paper was to meet working capital needs of companies.
It is used by companies for bridge financing, a method of financing used by companies before issuing shares or debentures, to cover the expenses associated with the issue of such securities, i.e. floatation costs.

3. Call Money: Call money is a method used by commercial banks to borrow funds from each other, in order to maintain the Cash Reserve Ratio (CRR). Cash Reserve Ratio is the minimum balance of cash to be maintained by banks, according to RBI guidelines.
It is short-term finance repayable on demand.
Maturity of call money is 1 day to 15 days.
The interest paid on call money is called the call rate.
Call rate is highly fluctuating, which varies from day-to-day or even from hour-to-hour.
There is an inverse relationship between call rates and return on other short-term money market instruments. Increase in call rates make the demand for call money decrease, and increase in demand for other short-term instruments, as they become cheaper in relation to call money.


4. Certificate of Deposit: Certificate of deposits are issued by commercial banks or developmental financial institutions to individuals, institutions, corporations and companies.
It is an unsecured, negotiable instrument in bearer form.
It is issued in periods of tight liquidity, when the deposits by individuals and households are less, but the demand for credit is high.
They help to mobilise large amounts of money in a short time period.

5. Commercial Bill: It is a bill of exchange used by business firms to meet their working capital needs.
It is an unsecured, negotiable instrument in bearer form.
When goods are sold on credit, the seller (drawer) draws a bill of exchange on the buyer (drawee), who accepts it.
When he accepts the bill, it becomes a marketable instrument, which is called a trade bill. When the seller presents it to the bank for discounting it, to get the funds before the maturity of the bill and the bank accepts it, it is called a commercial bill.
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2021-06-02 04:20:14 Sovereign Gold Bond Scheme 2015 - Complete Details

The Government of India introduced the Sovereign Gold Bond (SGB) Scheme in November 2015, to offer investors an alternative to physical gold. Over the years, the market has witnessed a considerable decline in the demand for physical gold. SGBs are government securities and are considered safe.

If you are looking to purchase an SGB, all you have to do is approach a SEBI authorized agent or broker. When you redeemed the bond, the corpus (as per the current market value) will be deposited into your registered bank account.

Basic Objective
India has an estimated 20,000 tonnes of gold lying idle with Indian households and institutions. Sovereign Gold Bond schemes aimed at bringing the gold lying with citizens into the economy, and reducing India’s dependence on gold imports.

Features of Gold Bond Scheme
SGBs are government securities denominated in grams of gold, wherein the basic unit is 1 gram. The minimum initial investment is 1 gram of gold, and the upper limit is 4 Kg of gold per individual investor. For entities such as trusts and universities, 20 Kg of gold is permissible. Investors have to pay the issue price in cash and the bonds will be redeemed in cash on maturity.

Sovereign Gold Bond Scheme has a tenure of 8 years which can be withdrawn prematurely after 5 years on interest payment dates.

The Bond is issued by Reserve Bank on behalf of Government of India. They are substitutes for holding physical gold.

The Bonds bear interest at the rate of 2.50 per cent (fixed rate) per annum on the amount of initial investment. Interest will be credited semiannually to the bank account of the investor and the last interest will be payable on maturity along with the principal.

These Gold bonds can be purchased through multiple payment modes such as cheques, cash, DDs or electronic transfer.

The Sovereign Gold Bond Scheme was launched under the Gold Monetization Scheme 2015.


Who should Invest in SGB Scheme
As a low-risk investment, it is perfect for investors with a low-risk appetite. As investor will get a guaranteed return of 2.5% plus current value of gold at the time of maturity.
Those who want to invest in gold and do not want to take any risk of storing physical gold can also go for SGBs. This is because it is easy to store this in Demat form, and nobody can steal it as they are in electronic form.


Who can apply for Sovereign Gold Bond
Any individual/association/trusts/HUFs having an Indian residency is eligible to invest in the Sovereign Gold Bond scheme. They can also jointly invest in these gold bonds as the eligibility criteria of the scheme.
The benefits of this scheme can also be availed by the minors provided this bond is purchased by the parents on their behalf.

Where to buy Sovereign Gold Bond
Investors can apply for the bonds through scheduled commercial banks and designated post offices. NBFCs, National Saving Certificate (NSC) agents and others, can act as agents and they are also traded on the Stock Exchange.
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2021-06-02 04:17:17 Current Affairs - 1 June 2021

Global Parents Day Observed on June 01. “Appreciate all parents throughout the world” is the theme of global parents’ day 2021.

World Milk Day Observed on June 01.

Union Minister Narendra Singh Tomar introduces Horticulture Cluster Development Programme.

Indian Institute of Technology, Ropar (IIT Ropar) in Punjab has developed a first-of-its-kind IoT device – AmbiTag that records real-time ambient temperature during the transportation of perishable products, vaccines and even body organs and blood.

Union Ministry of Women and Child Development stated the National Commission for Protection of Child Rights (NCPCR) has devised an online tracking portal “Bal Swaraj (COVID-Care link)” for children in need of care and protection.

 Common Services Centres (CSC) has unveiled a unique Agri Services Portal that will act as a one-stop destination and marketplace for them.

Second floating jetty at Old Goa virtually launched on the occasion of Goa statehood day.

Mali’s constitutional court declared Assimi Goita, the colonel who led a military coup while serving as vice president, to be the new interim president.

One of the oldest crypto companies in India, ZebPay, launched a new lending platform for crypto asset exchange.

Dr Harsh Kumar Bhanwala joined as a Senior Advisor of Omnivorean agritech an venture capital firm.

Magma Fincorp Ltd Appointed Adar Poonawalla as the chairman of the company.

Canara Bank has appointed S K Majumdar as its chief financial officer (CFO)

West Bengal government appointed Alapan Bandyopadhyay as chief advisor to the CM for the next three years.

Rear Admiral IB Uthaiah, VSM took over as the Admiral Superintendent, Naval Dockyard, Visakhapatnam from Rear Admiral Sreekumar Nair, NM during a formal ceremony held on 31 May 21.

A Book Titled Languages of Truth: Essays 2003-2020 Authored by Salman Rushdie. The book has been published by Random House.
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2021-06-01 05:01:44 Gilt Accounts


A “Gilt Account” means an account opened and maintained for holding Government securities, by an entity or a person including ‘a person resident outside India’ with a “Custodian” permitted by the Reserve Bank of India to open and maintain Constituent Subsidiary General Ledger Account with the Public Debt Office of the Reserve Bank of India. However, in case of a ‘Person resident outside India, the activities in the operations/maintenance of Gilt Account shall be governed by the Foreign Exchange Management Act, 2000 and the regulations
framed thereunder.

A “Constituent” or a ‘Gilt Account Holder (GAH) means an entity or a person including ‘a person resident outside India’ maintaining a “Gilt Account” with a “Custodian”.

The GAHs permitted by RBI include NBFCs, Provident Funds, Pension Funds, Mutual Funds, Insurance Companies, Cooperative Banks, Regional Rural Banks, Trusts, Corporates, and Individuals etc. who are non-NDS members. A GAH is entitled to open only one Gilt Account having a unique account number with any of the Custodians. A declaration to that effect must be submitted by GAH to the Custodian and a copy thereof may be submitted to the RBI (Public Debt office, Mumbai). A GAH may also maintain a demat account with the Depositories through Depository Participant (DP) for facilitating retail trading in Government Securities through Stock Exchanges.

The Gilt Account Holder (GAH) is permitted to maintain a fund account with its Custodians or designate a fund account with a bank other than the Custodian specifically for settlement of Government Securities transactions, by making available all the details of the designated fund account to the Custodian. The Gilt Accounts are opened/maintained by Custodian shall satisfy the eligibility conditions for holding Government securities as specified in the General Notifications F.No. 4(9)-W&M/ 2000 dated 6th May 2002 and announcements by the RBI relating to investments by Foreign Institutional Investors (FIIs).
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2021-06-01 05:01:22 Famous Lakes And Rivers In India And World

Lake Baikal (Russia) is the deepest lake of the world. One of the biggest and most ancient lakes of world is situated nearly in the center of Asia in a huge stone bowl set 445 m above sea level.
Lake Eyre is a important lake of Australia.
Lake Onakal (Uganda) and Lake Aswan (Egypt) are man made lakes.
Lake Tso Sekuru located on the Tibetan Plateau is the highest lake of the world.
Lake Titicaca, located at the boundary of Bolivia and Peru is the highest navigable lake of the world.
The highest lake in India is Devtal, located at a height of 17,745 ft in the Garhwal Himalayas.
Dead Sea is the lowest lake of the world, its base is located 2500 ft below the sea level.
Lake Van (Turkey) is the most saline lake of the world, with salinity of330%. It is followed by Dead Sea (238%) Jordan, and Great Salt Lake (220% salinity) USA.
Caspian Sea is the largest lake of the world. It is a salt water lake. Ural and Volga rivers drain into it from the north, therefore its northern part is less saline.
Lake Victoria, forms the border between Uganda, Tanzania and Kenya.
Lake Nyasa or Lake. Malawi forms the border of Tanzania, Malawi and Mozambique.
Lake Tanganyika forms the border of Zaire. Tanzania and Zambia.
Lake Superior is the largest fresh water lake of the world.
The nuclear test range of China is located near the lake Lop Nor.
Lake Chad forms the border of Chad, Niger, Nigeria, Camroon.
Lake Great Bear it is famous as Port Radium.
Lake Athabasca famous as Uranium City.
LakeVolta in Ghana is a largest man made lake.
Lake Maracaibo in Venezuela is famous for oil reserves.

Wular Lake: Wular Lake is one of the largest fresh water lakes in Asia and the largest in India, is located in Jammu and Kashmir.
Dal Lake: The Kashmir valley is blessed with exotic natural beauty of landscape and water bodies, out of them one of the best is Dal Lake. The Dal lake is situated in the beautiful city of Srinaga,Some of the most famous mosques are also located in Srinagar city to visit.
Loktak Lake: Loktak Lake is the largest freshwater lake in northeastern India, located in Manipur. It is also called the only floating lake in the world due to the floating phumdis. This ancient lake plays an important role in the economy of Manipur.
Chilka Lake: Chilka Lake is the brackish water lake and is the largest coastal lake in India. The Chilka Lake in situated in Orissa and is Asia’s largest inland salt-water lagoon. The beautiful chilka lake is paradise for the migratory birds.

Pulicat lake: It is a saline backwater lake lying along the Tamil Nadu and Andhra Pradesh coast; part extending to Chengalpattu district of Tamil Nadu. It has an area of 481 sq. KM and it is the 2nd largest brackish water lagoon in India after Chilka lake in Orissa.
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2021-05-31 08:48:19
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2021-05-31 05:02:00 ■ INDIAN COUNCIL ACT OF 1861.

◇ It made a beginning of Representative institutions by assosiating Indian with law - making Process.

◇ Viceroy Canning nominated three Indians to the legislative council - The Raja of Benaras, Maharaja of Patiala and Sir Dinkar rao.

◇ It initiated the process of Decentralisation by restoring the legislative Powers to the Bombay and Madras presidency.

◇ It also provided for the establishment of new legislative councils for Bengal, NWFP and Punjab.

◇ It also gave a recognition to the Portfolio system, introduced by Canning.
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2021-05-31 05:02:00 ■ GOVERNMENT OF INDIA ACT OF 1858.

◇ India will now be governed by, and in the name of, Her Majesty.

◇ Designation of Governor General of India will now be changed to that of Viceroy of India.

◇ It ended the system of Double government by abolishing the Board of Control and Court of Directors.

◇ Created a new office, Sectetary of State for India, vested with complete authority and control over Administration.

◇ It established a 15 - member council of india to assist the secretary of state of India.

◇ It constituted the secretary of state in council as a body corporate, capable of suing and being sued in India.
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