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Goaltide Daily Current Affairs 2022

Sep 29, 2022

Current Affair 1:
Conviction Rate of economic offences

 

In the National Crime Record Bureau’s (NCRB) Crime in India (CII) report, data pertaining to cases of economic offences is provided. Data pertains to only those cases where FIRs are filed with the police. These include cases booked under both Indian Penal Code (IPC) and Special Local Laws (SLL).

Economic crimes under SLL Acts are registered under 6 legislations

Among Special and Local Laws (SLL) crimes, the report provides data on the cases registered under finance related and economic legislations that regulate financial transactions or areas involving large sums of money and which are prone to scams/frauds. These are.

  1. The Lotteries Regulation Act, 1998
  2. The Chit Funds Act, 1982
  3. The Negotiable Instruments Act, 1881
  4. The Benami Transaction Prohibition Act, 1988 & 2016
  5. The Mines and Minerals Development and Regulation Act, 1957
  6. The Prevention of Corruption Act, 1988
  7. Economic crimes registered under SLL has dropped by 32% since 2018

The total number of cases registered under various finance related SLL Acts mentioned above is the lowest in 2021 since 2017. The number has dropped by nearly 32% since 2018.

Economic offences under IPC at 1.74 lakh in 2021, highest in the decade

In a chapter dedicated to economic offences in the CII report, cases of economic offences booked under the IPC are also provided. According to the latest report, the number of cases registered has increased from 1.14 lakh cases in 2012 to an all-time high of 1.74 lakh cases in 2021, registering an increase by 52% in ten years.

High pendency and poor conviction rate

At the end of 2021, the pendency rate for economic offences under IPC was 55.1% for the police and 96.6% for the courts. On the other hand, the conviction rate was only 29.4%. That is, less 3 out of 10 such cases result in conviction. This is much less than the overall IPC related cases conviction rate of 57% in 2021.

Conviction Rate of economic offences

In the National Crime Record Bureau’s (NCRB) Crime in India (CII) report, data pertaining to cases of economic offences is provided. Data pertains to only those cases where FIRs are filed with the police. These include cases booked under both Indian Penal Code (IPC) and Special Local Laws (SLL).

Economic crimes under SLL Acts are registered under 6 legislations

Among Special and Local Laws (SLL) crimes, the report provides data on the cases registered under finance related and economic legislations that regulate financial transactions or areas involving large sums of money and which are prone to scams/frauds. These are.

  1. The Lotteries Regulation Act, 1998
  2. The Chit Funds Act, 1982
  3. The Negotiable Instruments Act, 1881
  4. The Benami Transaction Prohibition Act, 1988 & 2016
  5. The Mines and Minerals Development and Regulation Act, 1957
  6. The Prevention of Corruption Act, 1988
  7. Economic crimes registered under SLL has dropped by 32% since 2018

The total number of cases registered under various finance related SLL Acts mentioned above is the lowest in 2021 since 2017. The number has dropped by nearly 32% since 2018.

Economic offences under IPC at 1.74 lakh in 2021, highest in the decade

In a chapter dedicated to economic offences in the CII report, cases of economic offences booked under the IPC are also provided. According to the latest report, the number of cases registered has increased from 1.14 lakh cases in 2012 to an all-time high of 1.74 lakh cases in 2021, registering an increase by 52% in ten years.

High pendency and poor conviction rate

At the end of 2021, the pendency rate for economic offences under IPC was 55.1% for the police and 96.6% for the courts. On the other hand, the conviction rate was only 29.4%. That is, less 3 out of 10 such cases result in conviction. This is much less than the overall IPC related cases conviction rate of 57% in 2021.

Current Affair 2:
State of Gender Equality and Climate Change in South Asia and the HKH Region” report: ICIMOD

 

The International Centre for Integrated Mountain Development (ICIMOD), UN Women, and the UN Environment Programme (UNEP) launched a report on ‘State of gender equality and climate change in South Asia and the Hindu Kush Himalayan Region’.

It provides a comprehensive analysis of the gender dimensions of climate change in three key climate-affected sectors of agriculture, water, and energy in ten countries – Afghanistan, Bangladesh, Bhutan, China, India, Maldives, Myanmar, Nepal, Pakistan, and Sri Lanka – in South Asia and the Hindu Kush Himalaya (HKH).

 

The report found that governments of countries in South Asia and the Hindu Kush Himalayas (HKH) are doing very little to mitigate the adverse impact caused by climate change on women. However, these countries’ national policy recognize that women are more vulnerable to climate change.

Migration: China, India, Nepal and Pakistan are witnessing climate change-induced migrations of men. While men leave in search of better job opportunities, they leave behind women, children and elderly. This has increased the workload on female population.

Informal employment: Women are involved as informal workforce in the agriculture sector. There are no regional and national policies to protect these women labourers.

Government policy limitations: policy documents of governments in South Asia and HKH regions do not focus on the gender-based pay gap. They also do not address women’s lack or limited access to or control over resources required for agricultural activities. Their needs are not considered while creating policies on groundwater or irrigation since such policies are tied to land rights, which are mostly held by men.

NDCs and NAPCC categorized as gender-sensitive: Nationally Determined Contributions and National Action Plan for Climate Change are gender sensitive since they recognize climate change-related gender problems.

Also learn about ICIMOD:

ICIMOD is an intergovernmental knowledge and learning centre that develops and shares research, information, and innovations to empower people in the eight regional member countries of the HKH – Afghanistan, Bangladesh, Bhutan, China, India, Myanmar, Nepal, and Pakistan.

 

 

 

Also read history of ICIMOD,

In 1981, Government of Nepal and UNESCO signed an agreement providing the legal basis for ICIMOD as an autonomous international centre.

Based on the agreement, the statutes for establishing ICIMOD were drafted and approved at the first meeting of the interim Board of Governors in Kathmandu in July 1982. Article 1 of this statute specifies ICIMOD’s Regional Member Countries (RMCs): Afghanistan, Bangladesh, Bhutan, China, India, Myanmar, Nepal, and Pakistan. ICIMOD was formally established and inaugurated on 5 December 1983, with its headquarters in Lalitpur, Nepal.

Current Affair 3:
Scheme of Fund for Regeneration of Traditional Industries (SFURTI)

 

Current Affair 4:
How much should India prop up the rupee?

Source Link

 

Article:

1. The article says "There is a limit to the RBI continuously managing volatility because exchange rate management is not its mandate, but price stability through inflation containment is".

Let me clarify that, RBI does not manage exchange rate rather it manages the volatility in the exchange rate. Does not manage exchange rate means, RBI does not try to keep the exchange rate at any particular rate. For example, if Rupee is depreciating very slowly in line with inflation and other macro-economic parameters and moved to Rs. 100 in next 2/3 years... then RBI may not intervene. But if on any particular day it becomes highly volatile and moves to Rs. 90 (in any direction) from present Rs. 80 then, RBI will intervene to contain the volatility.

As per RBI "The RBI's exchange rate policy focusses on ensuring orderly conditions in the foreign exchange market. For the purpose, it closely monitors the developments in the financial markets at home and abroad. When necessary, it intervenes in the market by buying or selling foreign currencies. The market operations are undertaken either directly or through public sector banks".

2. The interest rate channel can also be used to defend the rupee.

Federal Bank of US is increasing the interest rate to tame inflation in US. As the interest rate is increasing in US, FPI investors (hot money ... that quickly and regularly moves between financial markets) are moving out of India and because of this Rupee is depreciating. So, to tame Rupee depreciation, RBI can increase the interest rate (repo rate). Few hours back RBI has increased the repo rate by 50 basis point to 5.9%. This will tame domestic inflation as well as rupee depreciation.

 

3. If real growth of economy is higher than real interest rate then debt is sustainable i.e.   Debt/GDP ratio will come down.

 

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