UPSC Daily Current Affairs- 16th March 2024 | Current Affairs & Hindu Analysis: Daily, Weekly & Monthly PDF Download

GS-I

Noctis Volcano

Subject: Geography

Why in News?

The Noctis Volcano is a recently discovered massive volcano located just south of Mars' equator in Eastern Noctis Labyrinthus, to the west of Valles Marineris, which is the planet's vast canyon system.

About Noctis Volcano:

• Situated on the eastern edge of a broad regional topographic rise known as Tharsis, the volcano is neighbored by three other famous giant volcanoes: Ascraeus Mons, Pavonis Mons, and Arsia Mons.
• In the central summit area, there are several elevated mesas that form an arc, reaching a regional high and sloping downhill away from the summit region.
• Visible near the center of the structure is the caldera remnant, which is the remains of a collapsed volcanic crater that once contained a lava lake.
• Various features such as lava flows, pyroclastic deposits (comprising volcanic particulate materials like ash, cinders, pumice, and tephra), and hydrated mineral deposits can be found within the structure's perimeter.
• The Noctis Volcano remained active for an extensive period on Mars, and in its southeastern part, there exists a thin, recent volcanic deposit beneath which glacier ice is likely still present.

Additional Information:

• The Noctis Volcano's discovery was reported by scientists who found potential remains of a relict glacier at its base.
• The central summit area is characterized by elevated mesas forming an arc.
• Various geological features like lava flows, pyroclastic deposits, and hydrated mineral deposits are present within the structure.
• The volcano's location is in a region known for other significant Martian volcanoes, including Ascraeus Mons, Pavonis Mons, and Arsia Mons.

Source: Science Alert

GS-II

Subject: Polity and Governance

Why in News?

The Supreme Court recently observed that mere filing of the cheque dishonor complaint under the Negotiable Instruments Act would not grant a right to a complainant to seek interim compensation.

Introduction to the Act

• The Negotiable Instruments Act, 1881, was created to establish a consistent legal structure for negotiable instruments in India. These instruments guarantee payment of a specific sum of money either immediately or at a predetermined time.

Types of Negotiable Instruments

• Promissory Notes
  • A promissory note is a written commitment to pay a specified amount to the named person. It can be transferred by endorsement and delivery.
  • Example: A written promise to pay a friend a specific amount on a particular date.
• Bills of Exchange
  • A bill of exchange is an order from the maker to the payee to pay a sum to a third party. It involves the drawer, drawee, and payee.
  • Example: A written instruction from a business to another to pay a supplier.
• Cheques
  • A cheque is a written order to a bank to pay a specific amount to the payee. It can be transferred by endorsement and delivery.
  • Example: Writing a check to your landlord for rent payment.

• The Act has undergone multiple amendments to align with evolving business practices and legal necessities. Notably, the 1988 amendment incorporated consequences for cheque defaulters.

• Various court cases have provided clarity on the definitions and implications of negotiable instruments. For instance, the State Bank of India vs. Gangadhar Ramchandra Panse case highlighted the necessity of an unconditional promise in a promissory note.
• Example: Court rulings on the transferability of bills of exchange, emphasizing endorsement and delivery.

• The Act specifies that negotiable instruments include promissory notes, bills of exchange, and cheques, aligning with Section 13's definition of negotiable instruments.
• Example: The 2015 amendment allowing cheque bounce cases to be filed at the place of presentation.

Source: Live Law

African Development Bank (AfDB)

Subject: International Relations

Why in News?

The head of the African Development Bank is calling for an end to loans given in exchange for the continent’s rich supplies of oil or critical minerals used in smartphones and electric car batteries.

Overview of AfDB

• The AfDB is a regional multilateral development finance institution focused on fostering economic development and social progress in African countries.
• Established in 1964 through an agreement signed by member states in Khartoum, Sudan.
• Also known as the Banque Africaine de Développement.

Mission and Objectives

• The primary mission of AfDB is to reduce poverty, enhance living conditions, and mobilize resources for economic and social development in Africa.
• It aims to stimulate investments, provide technical and financial assistance, and mobilize resources.

Structure of AfDB

• The African Development Bank Group consists of three entities: AfDB, African Development Fund (ADF), and Nigeria Trust Fund (NTF).
• AfDB provides loans to African middle-income countries, while ADF offers interest-free loans and grants to countries lacking resources for regular financing.
• NTF, established in 1976 with capital from Nigeria, supports AfDB and finances projects in low-income member countries.

Membership and Shareholding

• AfDB has 81 member countries, with 54 from Africa and 27 from other regions.
• Shareholding is divided 60%-40% between regional and non-regional member countries, with Nigeria being the largest shareholder.

Headquarters and Source

• Headquarters: Abidjan, Côte d’Ivoire.

Source: AP News

Agreement on Pre-notification of the 'Flight Testing of Ballistic Missiles'

Subject: International Relations

Why in News?

Pakistan recently urged India to comply with the timeline stipulated in the Agreement on pre-notification of flight testing of ballistic missiles as it took note of the first flight test of India's indigenously developed Agni-5 missile.

Background:

• The Agreement on Pre-notification of the 'Flight Testing of Ballistic Missiles' was established between India and Pakistan on October 3, 2005.

Notification Process:

• Both countries are required to give each other advance notification of any intended flight tests of land or sea-launched, surface-to-surface ballistic missiles.
• The notification must be provided at least three days before the commencement of a five-day launch window.
• The test launch sites should be at least 40 km away, and the impact area should be a minimum of 75 km away from the International Boundary or the Line of Control.

Confidentiality:

• The exchanged pre-notifications under this agreement are to be treated as confidential unless otherwise agreed upon.
• Notifications are communicated through the respective Foreign Offices and High Commissions following the agreed format.

Scope and Exclusions:

• The pre-notification requirement is limited to tests conducted with surface-to-surface ballistic missiles from land or sea.
• Exclusions from this agreement include cruise missiles and surface-to-air missiles.

Withdrawal:

• A party can exit the agreement by providing a six-month written notice to the other party, expressing its intention to terminate the agreement.

Source: Economic Times

GS-III

AH-64E Apache Attack Helicopters Fleet inducted to the Army

Subject: Defence and Security

Why in News?

The Indian Army Aviation Corps recently introduced its first unit of AH-64E Apache Attack Helicopters at Jodhpur Air Base.

AH-64E Apache Attack Helicopters

• The AH-64E Apache, known as the 'Apache Guardian,' is globally acknowledged as the most advanced multi-role combat helicopter.
• It hails from the United States and is produced by Boeing.
• In February 2020, India finalized a deal with Boeing for the procurement of six AH-64E helicopters for the Army, with an additional six helicopters added later.
• Several nations, such as India, Egypt, Greece, and others, have acquired the AH-64E.

Combat Features

• Designed with an open systems architecture to incorporate state-of-the-art communications, navigation, sensor, and weapon systems.
• Highlights enhanced thrust and lift capabilities, joint digital interoperability, improved survivability, and cognitive decision support.
• Integrates a new integrated infrared laser for simplified target identification and enhanced infrared imagery blending with night vision capabilities.

Strategic Significance of the Induction

• Boosting Combat Capability: The introduction of Apache helicopters signifies a major leap for the Army Aviation Corps, offering substantial firepower and agility in combat situations.
• Enhancing Indigenous Capabilities: The Apaches will supplement the homegrown Light Combat helicopter (LCH), fortifying the Army's aerial combat prowess.
• Replacing Aging Arsenal: The Apache fleet is slated to replace the aging Russian Mi-35 attack helicopters currently in operation.

Source: Indian Express

Integration of Kisan Credit Card (KCC) Fisheries Scheme and JanSamarth Portal

Subject: Economy

Why in News? 

In a recent development, the Department of Fisheries has integrated the Kisan Credit Card (KCC) Fisheries scheme into the JanSamarth Portal. This initiative aims to provide credit facilities to fishers and fish farmers across the country.

JanSamarth Portal

• The JanSamarth Portal is an innovative online platform that directly connects lenders with beneficiaries. It enables citizens to access loans from 13 Central government schemes across 4 loan categories.
• Beneficiaries can check their eligibility, apply for loans online, and receive digital approval through this one-stop portal.

About KCC Fisheries Scheme

• In 2018-19, the Government of India extended the Kisan Credit Card (KCC) facility to fisheries and animal husbandry farmers to support their working capital needs.
• Under this scheme, bank authorities are required to issue KCCs to fish farmers within 14 days of receiving a completed application.

Benefits of the Scheme

• Existing KCC holders can avail benefits such as interest subvention and prompt repayment incentives up to a credit limit of Rs. 3 lakhs, which includes fisheries activities.
• New cardholders are eligible for a credit limit of Rs. 2 lakhs to meet their working capital requirements for fisheries activities.
• For loans under the KCC scheme, farmers are charged a lending rate of 7% annually, with a 2% interest subvention provided by the Government of India. An additional 3% incentive is offered for prompt repayments, resulting in an effective loan rate of 4% per annum for amounts up to Rs. 2 lakhs.

Kisan Credit Cards (KCC) Scheme

• The KCC scheme was introduced in 1998 based on the recommendations of R.V. Gupta from the National Bank for Agriculture and Rural Development to provide timely credit support to farmers.
• It offers farmers a streamlined process to access credit for various needs, including agricultural inputs, cash withdrawals, and investment requirements for allied and non-farm activities.
• Originally designed for cultivation purposes, the scheme was later expanded to include fisheries and animal husbandry sectors in 2018-19.

Objectives of the KCC Scheme

• Meeting short-term credit needs for cultivation
• Managing post-harvest expenses
• Supporting household consumption requirements
• Providing working capital for farm maintenance and allied activities
• Addressing investment credit needs for agriculture-related activities

Implementation of the KCC Scheme

• The KCC scheme is implemented by commercial banks, Regional Rural Banks (RRBs), Small Financial Banks, and Cooperative banks.

Source: PIB

Mission Palm Oil

Subject: Economy

Why in News?

The Prime Minister brought attention to the National Mission on Edible Oils – Oil Palm (NMEO-OP) during his visit to Arunachal Pradesh, marking the inauguration of the first oil mill under this initiative.

Why is this Discussion Important?

• Due to a significant outflow of $20.56 billion in foreign exchange, there is an urgent need for self-sufficiency in the production of edible oils.

Mission Palm Oil: A Catalyst for Self-Reliance

• This is a Centrally Sponsored Scheme launched in 2021 with the aim of achieving a substantial increase in oil palm cultivation and crude palm oil production.
• Special focus is placed on the Northeast region and the Andaman and Nicobar Islands.

Objectives

• Expand oil palm acreage by an additional 6.5 lakh hectares by 2025-26.
• Increase crude palm oil production to 11.2 lakh tonnes by 2025-26, with a target of reaching up to 28 lakh tonnes by 2029-30.
• Raise consumer awareness to maintain a consumption level of 19.00 kg/person/annum until 2025-26.

Focus Areas

Fixing of Viability Price

• Oil palm farmers currently harvest Fresh Fruit Bunches (FFBs), which are processed by the industry to extract oil.
• The Government will ensure price stability for FFBs, known as Viability Price (VP), to shield farmers from international CPO price fluctuations.
• A Formula Price (FP) will be established at 14.3% of CPO, adjusted monthly, with Viability gap funding provided as necessary through Direct Benefit Transfer (DBT).

Input Assistance

• The scheme focuses on enhancing input assistance, including:
• Increasing support for oil palm planting material from Rs. 12,000 to Rs. 29,000 per hectare.
• Boosting assistance for maintenance and intercropping interventions.
• Providing special support for replanting old gardens, offering Rs. 250 per plant for rejuvenation.
• Offering tailored assistance for the North-East and Andaman regions, such as half-moon terrace cultivation, bio-fencing, land clearance, and integrated farming.

Source: Money Control

E-Vehicle Policy to Promote India as a Manufacturing Destination for EVs

Subject: Economy

Why in News?

Recently approved by the Union Government to boost India as a manufacturing hub for e-vehicles (EVs) with advanced technology.

Key Provisions of the E-Vehicle Manufacturing Policy

• Minimum Investment Requirement: Companies must invest a minimum of Rs 4150 crore (approximately USD 500 million) to be eligible for the scheme.
• Timeline for Manufacturing: Manufacturers are mandated to establish production facilities in India within 3 years, commence e-vehicle commercial manufacturing, and achieve 50% domestic value addition (DVA) within 5 years.
• Domestic Value Addition (DVA): Localization levels of 25% by the 3rd year and 50% by the 5th year during the manufacturing process are required.
• Customs Duty Incentives: A 15% customs duty is applicable to vehicles valued at USD 35,000 and above, subject to specific conditions.

Additional Provisions and Requirements

• Limit on Duty Forgone: Imported EVs are limited to duty foregone on investments or Rs 484 crore, whichever is lower.
• Annual Import Limits: Maximum annual import cap set at 40,000 EVs, depending on investment thresholds.
• Bank Guarantee Requirement: Investment commitments must be supported by a bank guarantee, which will be enforced if DVA and minimum investment criteria are not met.
• Bank Guarantee Invocation: The bank guarantee will be triggered if companies fail to fulfill the DVA and minimum investment requirements specified in the scheme guidelines.

Source: PIB