DAILY CURRENT AFFAIRS IAS | UPSC Prelims and Mains Exam – 3rd November 2023
Archives (PRELIMS & MAINS Focus) Prevention of Money Laundering Act,2002 (PMLA) Syllabus Prelims –ECONOMY Context: Recently, the Enforcement Directorate (ED) began searching properties of top Rajasthan bureaucrats in connection with the PHED scam under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA). Background:- According to the FIR, Padamchand Jain, proprietor of Shree Shyam Tubewell Company, and Mahesh Mittal, proprietor of Shree Ganpati Tubewell Company, and others were involved in bribing public servants “in order to obtain illegal protection, obtaining tenders, getting bills sanctioned and covering up irregularities in respect of work executed by them in respect of various tenders received by them from PHED department. About the Prevention of Money Laundering Act (PMLA):- Enacted: January 2003. The Act along with the Rules framed thereunder has come into force with effect from 1st July 2005. (Corruption) Objective: aims to prevent instances of money laundering and prohibits the use of the ‘proceeds of crime’ in India. It is a criminal law. It was introduced due to India’s commitment at the Vienna Convention to combat money laundering. It aims to sternly deal with the menace of money laundering of proceeds of a crime having transnational consequences on the financial systems of the countries. Money laundering: concealing or disguising the identity of illegally obtained proceeds so that they appear to have originated from legitimate sources. It forms the core of the legal framework in India to combat Money Laundering. The provisions of this act are applicable to all financial institutions, banks (Including RBI), mutual funds, insurance companies, and their financial intermediaries. It has provided for provisional attachment and confiscation of property of any person involved in such activities. The act provides for provisional attachment and confiscation of property of any person (for a period not exceeding 180 days). The act has delegated the powers upon the Director to call for records of transactions or any additional information that may be required for the purposes of investigation. PMLA (Amendment) Act, 2012 Added the concept of ‘reporting entity’ which would include a banking company, financial institution, intermediary etc. PMLA, 2002 levied a fine up to Rs 5 lakh, but the amendment act has removed this upper limit. MUST READ: Supreme Court verdict on PMLA SOURCE: THE INDIAN EXPRESS PREVIOUS YEAR QUESTIONS Q.1) Along with the Budget, the Finance Minister also places other documents before the Parliament which include ‘The Macro Economic Framework Statement’. The aforesaid document is presented because this is mandated by(2020) Long-standing parliamentary convention Article 112 and Article 110(1) of the Constitution of India Article 113 of the Constitution of India Provisions of the Fiscal Responsibility and Budget Management Act, 2003 Q.2) With reference to the ‘Prohibition of Benami Property Transactions Act, 1988 (PBPT Act), consider the following statements: (2017) A property transaction is not treated as a benami transaction if the owner of the property is not aware of the transaction. Properties held benami are liable for confiscation by the Government. The Act provides for three authorities for investigations but does not provide for any appellate mechanism. Which of the statements given above is/are correct? 1 only 2 only 1 and 3 only 2 and 3 only Asian Champions Trophy 2023 Syllabus Prelims – SPORTS Context: India recently beat Korea by 5-0 at the Asian Champions Trophy 2023 to enter the semi-finals. Background:- Salima Tete (6′, 36′), Navneet Kaur (36′), Vandana Katariya (49′) and Neha (60′) were the scorers for India. About Asian Champions Trophy 2023:- Date: 27th October – 5th November, 2023. Venue: Ranchi, Jharkhand. All matches in the seventh edition of the Women’s Asian Champions Trophy will be played at the Marang Gomke Jaipal Singh Astroturf Hockey Stadium. The Indian hockey team will compete against the People’s Republic of China, the Republic of Korea, Japan, Malaysia and Thailand for the Women’s Asian Champions Trophy 2023 title. The Indian women’s hockey team, world No. 7, is the best-ranked team at the Asian hockey championships. (Sports Code) The Women’s Asian Champions Trophy was held in 2010 and 2011 and then in 2013. It was made into a biennial event in 2016. India has made it to the finals three times – 2013, 2016 and 2018 but won it just once in 2016, defeating China in the final. Team India:- Goalkeepers: Savita Punia (Captain), Bichu Devi Kharibam Defenders: Nikki Pradhan, Udita, Ishika Chaudhary, Deep Grace Ekka (Vice-captain) Midfielders: Nisha, Salima Tete, Neha, Navneet Kaur, Sonika, Monika, Jyoti, Baljeet Kau Forwards: Lalremsiami, Sangita Kumari, Deepika, Vandana Katariya Reserves: Sharmila Devi, Vaishnavi Vitthal Phalke Goalkeeper Savita Punia will lead the Indian team at the Asian Champions Trophy 2023, while defender Deep Grace Ekka will serve as her deputy. MUST READ: Chess Olympiad SOURCE: THE INDIAN EXPRESS PREVIOUS YEAR QUESTIONS Q.1) Consider the following statements in respect of the 44th Chess Olympiad, 2022: (2023) It was the first time that the Chess Olympiad was held in India. The official mascot was named Thambi’. The trophy for the winning team in the open section is the Vera Menchik Cup. The trophy for the winning team in the women’s section is the Hamilton-Russell Cup. · How many of the statements given above are correct? Only one Only two Only three All four Q.2) Consider the following statements in respect of the 32nd Summer Olympics: (2021) The official motto for this Olympics is ‘A New World’. Sports climbing, Surfing, Skateboarding, Karate, and Baseball are included in this Olympics. Which of the above statements is/are correct? 1 only 2 only Both 1 and 2 Neither 1 and 2 COSTA SERENA Syllabus Prelims – GOVERNANCE Context: Union Minister of Ports, Shipping and Waterways, Sarbananda Sonowal will launch the domestic sailing of the first International Cruise Liner ‘COSTA SERENA’ in India at Mumbai soon. Background:- Costa Cruises is expected to carry approximately 45,000 passengers in its next 2 months voyages. About COSTA SERENA:- Costa Serena is a Concordia-class cruise ship for the Italian cruise line, Costa Crociere. The name Serena was intended to symbolize harmony and serenity. Costa Serena
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