DAILY CURRENT AFFAIRS IAS | UPSC Prelims and Mains Exam – 22nd May 2023
Archives (PRELIMS & MAINS Focus) Right to Assembly Syllabus Prelims: Indian Constitution Context: The Andhra Pradesh High Court has set aside a Government Order (GO) issued by the Andhra Pradesh government that sought to regulate public meetings, processions, and assemblies on roads, highways, and streets. About Right to Assembly -Article 19(1) (b) The right to assemble peaceably and without arms is provided under Article 19(1) (b) of the Indian Constitution. Every citizen has the right to assemble peaceably and without arms. It includes the right to hold public meetings, demonstrations and take out processions. This freedom can be exercised only on public land and the assembly must be peaceful and unarmed. This provision does not protect violent, disorderly, riotous assemblies, or one that causes breach of public peace or one that involves arms. The purpose of organising a gathering or meeting is to spread ideas and educate the public. As a result, the right to peaceful assembly follows naturally from the right to free speech and expression. Restrictions: Article 19(3) impose restrictions on the exercise of the right to freedom of assembly. According to Article 19(3), the state can impose reasonable restrictions on the exercise of right of assembly on two grounds, namely, Sovereignty and integrity of India and Public order including the maintenance of traffic in the area concerned. Apart from this, section 144 of the Criminal Procedure Code empowers a magistrate to impose restrictions on assembly, meeting, or procession if there is a possibility of obstruction, annoyance, or danger to human life, health, and safety, or a disturbance of public tranquillity or riot or an affray. MUST READ: Fundamental Rights (https://iasbaba.com/2020/05/mind-maps-fundamental-rights-part-1-general-studies-2/) SOURCE: Indian Express https://indianexpress.com/article/explained/explained-law/andhra-hc-government-order-struck-down-processions-8616123/ PREVIOUS YEAR QUESTION Q1. Right to Privacy is protected as an intrinsic part of Right to Life and Personal Liberty. Which of the following in the Constitution of India correctly and appropriately imply the above statement? (2018) Article 14 and the provisions under the 42nd Amendment to the Constitution Article 17 and the Directive Principles of State Policy in Part IV Article 21 and the freedoms guaranteed in Part III Article 24 and the provisions under the 44th Amendment to the Constitution Corporate Debt Market Development Fund Syllabus Prelims – Economy Context: SEBI has introduced the Corporate Debt Market Development Fund, a backstop facility for specified debt funds during market dislocations. About Corporate Debt Market Development Fund Corporate Debt Market Development Fund is a form of an Alternative Investment Fund (AIF). It will be backstop facility for the purchase of investment grade corporate debt securities in times of stress or in case of market dislocation. The purpose of this fund is to bring about confidence in corporate bond market and boost secondary market liquidity. The fund will have a corpus of ₹3,000 crore, of which ₹2,700 crore will come from mutual fund debt schemes. The corporate bond backstop fund will have 10x leverage and a sovereign guarantee. The contribution will also be made by the specified debt-oriented mutual fund schemes and asset management companies of mutual funds towards building the initial corpus of the CDMDF. Access to the fund will be limited to specified mutual fund schemes in proportion to the contribution made to the fund at a mutual fund level. The SEBI board has approved the framework for triggering CDMDF’s asset purchases during market dislocation. CDMDF, based on a guarantee to be provided by the National Credit Guarantee Trust Company (NCGTC) may raise funds, for the purchase of corporate debt securities during market dislocation. The move will instill confidence among corporate bond market participants and generally enhance secondary market liquidity. Backstop facility A backstop is an act of providing last-resort support or security in a securities offering for the unsubscribed portion of shares. When a company is trying to raise capital through an issuance, it may get a backstop from an underwriter or a major shareholder, such as an investment bank, to buy any of its unsubscribed shares. MUST READ: Alternate Investment Fund (https://iasbaba.com/2023/01/alternate-investment-fund-and-credit-default-swap/) SOURCE: The Hindu Business line https://www.thehindubusinessline.com/markets/new-backstop-fund-mooted-to-bail-out-mf-debt-schemes-in-distress/article66676446.ece PREVIOUS YEAR QUESTIONS Q1. With reference to ‘National Investment and Infrastructure Fund’, which of the following statements is/are correct? (2017) It is an organ of NITI Aayog. It has a corpus of Rs 4,00,000 crore at present. Select the correct answer using the code given below 1 only 2 only Both 1 and 2 Neither 1 nor 2 Institute Of Cost Accountants of India Syllabus Prelims – Economy Context: The Delhi High Court has restrained the Institute of Cost Accountants of India from using the acronym ICAI after the Institute of Chartered Accountants of India moved a trademark infringement lawsuit. About Institute of Cost Accountants of India. The Institute of Cost Accountants of India was established by an Act of Parliament, the Cost and Works Accountant Act, 1959. The institute was formed with the objectives of promoting, regulating and developing profession of cost accountancy in India It is under the administrative control of Ministry of Cooperate Affairs. The Institute is a founder member of International Federation of Accountants, Confederation of Asian and Pacific Accountants and South Asian Federation of Accountants. About Institute of Chartered Accountants of India It is a statutory body established under the Chartered Accountants Act, 1949 for the regulation of the profession of Chartered Accountancy in India. It is the only licensing cum regulating body of the financial audit and accountancy profession in India. It recommends the accounting standards to be followed by companies in India to National Advisory Committee on Accounting Standards (NACAS). The institute has achieved recognition as a premier accounting body in the fields of education, professional development, maintenance of high accounting, auditing and ethical standards. In India, accounting standards and auditing standards are recommended by the National Financial Reporting Authority (NFRA) to the Government of India which sets the Standards on Auditing (SAs) to be followed in the audit of financial statements in India. Membership: Members of the Institute are known as Chartered Accountants (CA). Becoming a member requires passing the prescribed examinations, three
DAILY CURRENT AFFAIRS IAS | UPSC Prelims and Mains Exam – 22nd May 2023 Read More »
