UPSC Notes EPFO Labour Law

2021-05-12 05:07:01 Causes of Inflation

There is no one cause that’s universally agreed upon, but at least two theories are generally accepted while the debate still goes on:

➨Demand-Pull Inflation – This theory can be summarized as “too much money chasing too few goods”. It is a mismatch between demand and supply , if demand is growing faster than supply, prices will increase. This usually occurs in growing economies as more people gain purchasing power while the supply is not able to catch up to growing demand.When the government of a country print money in excess, prices increase to keep up with the increase in currency, leading to inflation.

➨Cost-Push Inflation – When production costs go up, there is an increase in prices to maintain profit margins. Increased costs can include things such as wages, taxes, or increased costs of imports.

➨Demand pull vs Cost Push Inflation
• If demand pull inflation is present in the economy, the government must bear the cost of excessive spending and monetary authorities are to be blamed for “cheap money policy”
• On the contrary, if cost push is the real cause for inflation then the trade union are to blamed for excessive wage claim, industries for acceding them and business firms for marking- up profits aggressively. Open / Comment

2021-05-12 05:07:01 Impact or Effect of Inflation

➨ Inflation affects the pattern of production, a shift in production pattern takes place from consumer goods to luxury goods.

➨ On Investment: Inflation discourages entrepreneurs in investing as the risk involved in the future production would be very high with less hope for returns.Uncertainty about the future purchasing power of money discourages investment and savings.

➨ Inflation also results in black marketing. Sellers may stock up the goods to be sold in the future, anticipating further price rise.

➨ The effect of inflation is felt on distribution of income and wealth and on production.

➨ People with fixed income group are the worst sufferers of inflation.Those living off a fixed-income, such as retirees, see a decline in their purchasing power and, consequently, their standard of living.

➨ The entire economy must absorb repricing costs (“menu costs”) as price lists, labels, menus and more have to be updated.

➨ If the inflation rate is greater than that of other countries, domestic products become less competitive.

➨ They add inefficiencies in the market, and make it difficult for companies to budget or plan long-term.

➨ On Exchange rate and trade: There can also be negative impacts to trade from an increased instability in currency exchange prices caused by unpredictable inflation.

➨ On Taxes: Higher income tax rates on taxpayers. Government incurrs high fiscal deficit due to decreased value of tax collections.

➨ On Export and balance of trade: Inflation rate in the economy is higher than rates in other countries; this will increase imports and reduce exports, leading to a deficit in the balance of trade. Open / Comment

2021-05-12 05:07:01 Inflation

Inflation is a rise in the general level of prices of goods and services in an economy over a period of time.
When the general price level rises, each unit of currency buys fewer goods and services. Therefore, inflation also reflects an erosion of purchasing power of money.
According to Crowther, “Inflation is State in which the Value of Money is Falling and the Prices are rising.”
In Economics, the word ‘inflation’ refers to General rise in Prices Measured against a Standard Level of Purchasing Power.

Several variations on inflation used popularly to indicate specific meanings.

➨ Deflation is when the general level of prices is falling. It is the opposite of inflation. Also referred to as Disinflation.The lack of inflation may be an indication that the economy is weakening.

➨ Hyperinflation is unusually rapid inflation in very short span of time. In extreme cases, this can lead to the breakdown of a nation’s monetary system with complete loss of confidence in the domestic currency. One of the earlier examples of hyperinflation occurred in Germany in early 1920s after the First World War, when prices rose 2,500% in one month.

➨ Stagflation is the combination of high unemployment with high inflation. This happened in industrialized countries during the 1970s, when a bad economy was combined with OPEC raising oil prices led to low growth.

Inflation is all about prices going up, but for healthy economy wages should be rising as well. The question shouldn’t be whether inflation is rising, but whether it’s rising at a quicker pace than your wages, if the answer is a Yes only then inflation is problematic.

Finally, inflation is a sign that an economy is growing. The RBI considers the range of 4-5 % as comfort zone of inflation in India. Open / Comment

2021-05-12 04:59:01 करेंट अफेयर्स – 11 मई, 2021

राष्ट्रीय करेंट अफेयर्स

कोविड -19 वैक्सीन नीति में किसी न्यायिक हस्तक्षेप की आवश्यकता नहीं: केंद्र

पुदुचेरी बना प्रत्येक ग्रामीण घर में नल कनेक्शन प्रदान करके ‘हर घर जल’ केंद्र शासित प्रदेश; पुदुचेरी यह उपलब्धि हासिल करने वाला गोवा, तेलंगाना और अंडमान और निकोबार द्वीप समूह के बाद 4वां राज्य / केंद्र शासित प्रदेश है

भाजपा के हिमंता बिस्वा सरमा ने असम के नए मुख्यमंत्री के रूप में शपथ ली


आर्थिक करेंट अफेयर्स

निजी बैंकों ने बिना किसी नए अनुमोदन के केंद्रीय और राज्य सरकार के लिए एजेंसी कार्य करने की अनुमति है : RBI

सार्वजनिक खरीद आदेश के उल्लंघन के लिए शिकायत दर्ज करने के लिए पोर्टल लांच किया गया

नीति आयोग और मास्टर कार्ड की रिलीज़ रिपोर्ट ‘Connected Commerce: Creating a Roadmap for a Digitally Inclusive Bharat’

अंतर्राष्ट्रीय करेंट अफेयर्स

नेपाल : पीएम के.पी. शर्मा ओली ने प्रतिनिधि सभा में विश्वास मत खो दिया

10 मई को संयुक्त राष्ट्र द्वारा अर्गानिया का अंतर्राष्ट्रीय दिवस मनाया गया; मोरक्को के उप-सहारा क्षेत्र में अर्गानिया का पेड़ उगता है

प्रमुख जर्मन वास्तुकार हेल्मुट जहान का शिकागो (अमेरिका) में 81 की दुर्घटना में निधन

खेल-कूद करेंट अफेयर्स

1962 में एशियाई खेलों में फुटबॉल स्वर्ण पदक जीतने वाली भारतीय टीम के सदस्य फ़ोर्टुनैटो फ्रेंको का निधन Open / Comment

2021-05-11 08:31:24 अब 2 साल का टेस्टबूक पास प्राप्त करें सिर्फ 399₹ में

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2021-05-11 05:27:21 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. Open / Comment

2021-05-11 05:21:49 Current Affairs One Liners - 9 & 10 May 2021
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Minister of State for Finance Anurag Thakur has claimed 1.5 lakh doses of Sputnik V have previously reached India and Russian Direct Financial commitment Fund has also tied up with regional Indian companies for bulk manufacturing.

Union Education Minister Ramesh Pokhriyal Nishank has donated Rs 1.5 crore from his Members of Parliament Local Area Development Scheme (MPLAD) fund for the purchase of medical equipment in his Lok Sabha Constituency Haridwar to fight the second wave of the COVID-19 pandemic.

Bharatiya Janata Party (BJP) leader Himant Biswa Sarma to be sworn-in as the new chief minister of Assam, a day after he was elected “unanimously” as the leader of the BJP’s legislature party in the state.

Himachal Pradesh chief minister Jai Ram Thakur inaugurated pressure swing adsorption (PSA) oxygen plants at Dr Radhakrishnan Government Medical College in Hamirpur and Jawahar Lal Nehru Government Medical College in Chamba.

Union Territory Ladakh received Four Critical Care Life Support Ambulances from National Highways and Infrastructure Development Corporation (NHIDCL) of Road Transport and Highways Ministry.

GigIndia, a B2B gig marketplace for on-demand work completion, will provide free COVID health insurance to its active gig workers covering up to Rs 3 lakh of medical expenses.

The new DMK government, Agricultural Production Commissioner Gagandeep Singh Bedihas been appointed as Commissioner of Greater Chennai Corporation, replacing G Prakash.
Tamil Nadu governor Banwarilal Purohit appointed former Minister K Pitchandi as pro-tem Speaker of the state legislative assembly.

Senior IAS officer Dr. V Irai Anbu has been appointed as the Chief Secretary of Tamil Nadu.

Singer-songwriter Taylor Swift is set to be feted at the upcoming Brit Awards, where she will receive the global icon award at this year’s ceremony.

Prime Minister Narendra Modi participated in the India-EU Leaders’ Meeting at Virtually. The Prime Minister attended the event at the invitation of the President of the European Council Mr. Charles Michel.

The Interpol has launched a mobile phone application ID-Art which will help identify stolen cultural property, reduce smuggling and increase the possibility of recovering stolen works and artefacts.

Bollywood Actress Kalki Koechlin is making her debut as an author of a book, Titled – Elephant In The Womb. It is an illustrated non-fiction book on motherhood. The book illustrated by Valeriya Polyanychko.

Lewis Hamilton won the 2021 Spanish Grand Prix. This is the fifth successive Spanish Grand Prix title of Lewis Hamilton. Also this is the third win of this season.

Rajya Sabha MP and renowned Sculptor Raghunath Mohapatra passed away. Open / Comment

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2021-05-10 04:40:47 अनुच्छेद 102: एक सांसद के रूप में निर्वाचित होने के लिए अयोग्यता:

(1) किसी व्यक्ति को या तो संसद भवन के सदस्य के रूप में चुने जाने के लिए अयोग्य घोषित किया जाएगा-
(A) अगर वह भारत सरकार या किसी भी राज्य सरकार के तहत लाभ का कोई कार्यालय रखता है, तो कानून द्वारा संसद द्वारा घोषित कार्यालय के अलावा अपने धारक को अयोग्य घोषित नहीं किया जाता है।
(B) यदि वह अस्वस्थ दिमाग में है और एक सक्षम अदालत द्वारा घोषित किया गया है।
(C) अगर वह एक निर्विवाद दिवालिया है।
(D) यदि वह भारत का नागरिक नहीं है, या स्वेच्छा से एक विदेशी राज्य की नागरिकता हासिल कर लिया है, या किसी विदेशी राज्य के प्रति निष्ठा या अनुपालन की स्वीकृति के तहत है।
(E) यदि वह संसद द्वारा किए गए किसी भी कानून के तहत या उसके तहत अयोग्य है, तो स्पष्टीकरण इस खंड के प्रयोजनों के लिए किसी व्यक्ति को भारत सरकार या किसी भी राज्य सरकार के तहत लाभ के कार्यालय को केवल कारण से नहीं माना जाएगा कि वह या तो संघ के लिए या ऐसे राज्य के लिए मंत्री हैं।

(2) यदि किसी व्यक्ति को दसवीं अनुसूची के तहत अयोग्य घोषित किया जाता है तो किसी व्यक्ति को संसद भवन के सदस्य होने के लिए अयोग्य घोषित किया जाएगा। Open / Comment

2021-05-10 04:40:46 Types of Writs in Indian Constitution
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Writ of Habeas Corpus
➨ This writ literally means 'you may have the body'. This writ is issued to produce a person physically before the court who has been imprisoned or detained by the law and to set him free if there is no legal justification of his detention. This writ can be issued against authorities of states or organisations or individuals.

Writ of Certiorari
➨ This writ literally means 'to be certified'. This writ is issued by the higher court to the lower court for quashing the order already passed by the lower court or removing a suit from the lower court to higher court for speedy disposal.

Writ of Quo-Warranto
➨ This writ literally means 'by what warrants?' or 'what is your authority'. It is a writ issued by the Supreme Court or High Court with a view to restrain a person or authority from holding a public office to which he is not entitled. The writ requires the concerned person or authority to explain to the Court by what authority he/it holds the office.

Writ of Mandamus
➨ This writ literally means 'we command'. It is a a judicial writ issued by the Supreme Court or a High Court as a command to an inferior court or tribunal or a person to perform a public or statutory duty.

Writ of Prohibition
➨ This writ is popularly known as 'Stay Order'. This writ is issued by a higher court to a lower court to stop proceeding in a case on the ground of over-stepping of jurisdiction or absence of jurisdiction. It is issued before the judgement or order is made in such cases. Open / Comment