Daily Current Affair - UPSC/KAS Exams - 19th November 2021
LALITHA MAHAL PALACE
NEWS
Lalitha Mahal Palace, a celebrated architectural icon built by the Mysore royals has turned 100.
ABOUT
On November 18, 1921, the foundation stone of this palatial building
- Situated at the foot of the Chamundi hill
- Modelled on St Paul's Cathedral in London
- Laid by Krishna-raja Wadiyar IV
- For stay of viceroys and other state guests
- Had a hand-operated heritage lift imported from England in 1921
- Foundation stone is mounted in the lower portion of the portico
- Architect of the palace was E W Fritchley
- Features –
- Two-storey composition of twin ionic columns
- Projecting porch on the ground floor
- Spherical domes with laterns
- Central dome which dominates the elevation rises above the central entrance hall
- Is now one of India's most opulent hotels
- Featured in many movies
AGHANASHINI ESTUARY
NEWS
ENVIS Centre & Energy and Wetlands Research Group of the Indian Institute of Science (IISc) prepared a proposal for the declaration of Aghanashini estuary as a Ramsar wetland site of international importance.
ABOUT AGHANASHINI
- In central Uttara Kannada district of Karnataka
- Originates in the Western Ghats
- Flows westward towards Arabian Sea
- Major part of its course flows through the forested gorges and valleys
- Landforms not only accommodate diverse ecosystem functions and human activities
- Mediate flood and erosion risks that are expected to increase with climate change
- No dams and no notable industrial establishments or major townships along its banks
- May be considered one of the most pristine along the west coast
- Has high productivity - because of organic materials carried from the forests in the catchment area of the Western Ghats and deposits the same in the estuary
- Debris becomes an important base for food chains operating
- Rich mangrove vegetation of the estuary
- plays a significant role in nutrient supply for the diverse faunal community
- provide shelter for birds and act as nurseries for many species of fishes and prawns
- Rich bird community (over 120 species)associated contributes to the nutrient cycling through their potash and nitrogen rich castings
- Constant churning and circulation of waters due to flow of fresh water from one side and the tidal influx from the Arabian Sea oxygenates the water and circulates the nutrients
- Protection would help migratory species during their annual cycle of movement
- Contains representative, rare, or unique example of natural or near natural wetland type supports diverse biota including human livelihood
- Dependence on the ecosystem for natural resources apart from aiding as filters, shoreline protection, diverse habitats (mudflats, sand flats, etc) and diverse micro and macro biota
NOTE : India has 46 ramsar site locations but none of them is in Karnataka.
ECONOMY
MAHITI FOR MAINS : CHALLENGES OF CRYPTOCURRENCY
WHAT IS CRYPTOCURRENCY
- Virtual currency
- Secured by cryptography
- Designed to work as a medium of exchange
- Individual ownership records are stored in a computerised database.
- Not issued by the government agency of any country making them immune against any interference and manipulation from them
ADVANTAGES
- Funds transfer between two parties will be easy
- No need of third party like credit/debit cards or banks
- Cheaper alternative compared to other online transactions
- Payments are safe and secured
- Unprecedented level of anonymity
- Minimal processing fees
- Potential to spur financial innovation
- Increase efficiencies through faster and cheaper payments and a
- Augment financial inclusion
DISADVANTAGES
- Easy to be the focus of illegal activities such as money laundering, tax-evasion and possibly even terror-financing
- Payments are not irreversible
- Not accepted everywhere and have limited value elsewhere
- Outsized energy needs to mine cryptocurrency
- Serve largely as speculative assets
CHALLENGES OF USING CRYPTOCURRENCY AS FIAT CURRENCY
MONETARY POLICY
- Domestic monetary policy will become less potent in responding to business cycle needs and external shocks.
- Because aggregate supply is inelastic, demand shocks result in outsized price volatility. Hence, fixing Bitcoin’s aggregate supply is difficult
- Above factors lead to a cryptocurrency becoming a Speculative asset
- IMF points out, if cryptos are only used for “niche purposes” — narrow cross-country transfers and remittances — which are then quickly converted back into local fiat currencies, the implications for monetary policy will be contained
- If these currencies gain credibility and acceptance over time, there will be every incentive for network owners to break free from fiat currencies pegs to generate monetary discretion
- If legalized without proper laws , the fate of economies to respond to shocks, at least in part, would be in the hands of private firms. This would present an existential threat to monetary policy
FISCAL POLICY
- More the loss of seigniorage revenues to governments from the monopoly issuance of fiat currency
- Adversely impacted by the increased tax evasion opportunities
- Reduces the efficacy
IMPLICATIONS FOR THE RUPEE
- If mined inshore it leads to induce capital inflows
- Increase capital account volatility
- De facto increase capital account convertibility
- Accentuates the policy trilemma that emerging markets confront
CONCLUSION
As the 2021 Global Financial Stability Report underscores, there must exist a triangular arbitrage between, say, the local Rupee-Bitcoin market, the Dollar-Bitcoin markets and the Rupee-Dollar market. Consequently, changes in the Rupee-Bitcoin markets will inevitably spill over into the Rupee-Dollar markets for markets to clear.
There is justifiable angst about growing household attraction for cryptos as speculative assets, with its attendant regulatory implications. But the true macro challenge will emerge and compound if and when unbacked private digital currencies are seen as viable mediums of exchange. That’s what policy must anticipate and prepare for.
ENVIRONMENT & GEOGRAPHY
ACTION PLAN TO CLEAN YAMUNA
NEWS
Delhi CM pledges to clean Yamuna by 2025, announces six-point action plan
PLAN
- Work on sewer treatment on war-footing
- New sewer treatment plants will be built
- Capacity of existing plants will be increased
- Technology of old treatment plants will be changed
- Upgrade four major drains falling in the Yamuna -- Najafgarh, Badshahpur, Supplementary and Ghazipur -- to treat wastewater in-situ.
- Shut down the industries discharging industrial waste into the Yamuna. Wastewater in "jhuggi jhopri" clusters flows through stormwater drains into the Yamuna.
- In some areas people haven't taken sewer connections. The govt will install sewer connections in such areas at nominal charges. The government will provide household connections in areas that have a sewer network
- De-silting and rehabilitation of the sewer network.
GURU PURAB
NEWS
Guru Nanak Dev Ji Jayanti/ Guru Nanak Dev Ji Gurpurab celebrates the birth of the first Sikh guru, Guru Nanak.
ABOUT
- Guru Nanak Dev
- was born in 1469 in Rai-Bhoi-di Talwandi
- was the founder of Sikhism (Sikh religion)
- first of the ten Sikh gurus.
- Teachings in One God are comprised in Guru Granth Sahib (the Holy Book of Sikhism).
- festival
- Date varies every year (Kartik Purnima as per the lunar calendar)
- Most significant occasion among Sikhs
- Honours his teachings, preaching, life, achievements, and his legacy.
- Celebrations begin two days prior with a 48-hours-non-stop reading of Guru Granth Sahib (Akandh Path).
REZANG LA
NEWS
Defence Minister to dedicate revamped Rezang La War Memorial.
ABOUT REZANG LA
- Also called Rechin La
- Is a mountain pass
- Location - Line of Actual Control between Indian-administered Ladakh and the Chinese-administered Spanggur Lake ( claimed by India).
- Located on the eastern watershed ridge of the Chushul Valley(China claims as its boundary)
- Houses a stream draining into the Spanggur Lake.
- Was the site of a major battle of the 1962 Sino-Indian War, where a company of India’s 13 Kumaon battalion fought to the last man in an effort to block the Chinese PLA troops from crossing the ridge into the Chushul Valley.
SNIPPETS
- To foster technology-led innovation and seamless passenger experiences, Bangalore International Airport Limited (BIAL) has partnered with Microsoft India for the ‘BIAL Genie Hackathon’ to develop an app using Microsoft Azure.
- Researchers at the Indian Institute of Science (IISc) in Bengaluru, along with collaborators, have identified potential blood-based biomarkers to predict disease progression and survival times in those with late-stage brain tumours.
- The Kerala government will launch a mobile application for improving and tracking the collection of inorganic waste in local self-governing bodies. The smart garbage mobile app would initially be launched in all six municipal corporations, 70-odd municipalities and 300 village bodies.
- BIHAR HAS scored the lowest in overall policing, followed closely by Uttar Pradesh, according to findings of a nationwide survey conducted by independent think-tank Indian Police Foundation. The top five states with the highest score on overall policing – IPF Smart Policing Index 2021 – are Andhra Pradesh, Telangana, Assam, Kerala and Sikkim. From bottom upwards are Bihar, Uttar Pradesh, Chhattisgarh, Jharkhand and Punjab.
- Indian Film Personality of the Year Award for 2021 will be conferred on Ms Hema Malini and Shri Prasoon Joshi.
- Taiwan held a ceremony on Thursday to commission the first squadron of its most advanced F-16 fighter, a U.S.-made jet
- Seasoned compound archer V. Jyothi Surekha won the compound women’s individual title at the Asian archery championship held in South Korea
