News In Short-17-09-2024

Operation CHAKRA III

Syllabus: GS3/ Internal Security

Context

• The Central Bureau of Investigation (CBI) in its ongoing Operation CHAKRA-III has taken action to successfully dismantle a sophisticated cyber-enabled financial crime network 

About

• This operation was executed with cooperation from other international law enforcement agencies including the FBI (USA) and INTERPOL.
• The network has been targeting victims in foreign countries since 2022, with their operations involving cryptocurrencies and bullion.

Central Bureau of Investigation (CBI) – CBI, functioning under the Ministry of Personnel, Pension & Public Grievances, Government of India, is the premier investigating police agency in India. 1. CBI derives power to investigate from the Delhi Special Police Establishment Act, 1946. – History: It was established by a resolution of the Ministry of Home Affairs, Government of India, in 1963. 1. The Santhanam Committee on Prevention of Corruption recommended the establishment of the CBI. – Functions: CBI was established with a view to investigate serious crimes related to the defense of India, corruption in high places, serious fraud, cheating, and embezzlement and social crime, particularly hoarding, black marketing, and profiteering in essential commodities, having all-India and inter-state ramifications. 1. It is also the nodal police agency in India that coordinates investigations on behalf of Interpol member countries.

Source: AIR

Law on Early Elections

Syllabus: GS2/Polity and Governance

Context

• Delhi’s Chief Minister has asked for Assembly elections to be held in Delhi along with Maharashtra, where a new House must be elected before November 26. 
  • However, the term of the Delhi Assembly ends only on February 23, 2025.

Early Elections

• Under Article 324 of the Constitution, the powers of superintendence, direction, and control of elections are vested in the Election Commission of India (ECI). 
  • The ECI works backwards from the date on which the five-year term of the existing House ends, ensuring that the election process is completed before then.
• Section 15(2) of The Representation of the People Act, 1951, says the election cannot be notified less than six months before the end of the term of the Assembly — unless the Assembly is dissolved before it completes its term.
• Article 174(2)(b) of the Constitution says the Governor “may from time to time” dissolve the Legislative Assembly.
  • The Council of Ministers can recommend dissolution of the House to the Governor before the end of its term, forcing a decision. 
  • Once the Assembly has been dissolved, the ECI has to conduct fresh elections within six months.

Delhi’s Scenario

• In Delhi, the Government of National Capital Territory of Delhi Act, 1991, applies. 
• Section 6(2)(b) of the Act says the Lieutenant Governor may from time to time dissolve the Assembly, even if a Chief Minister of Delhi recommends the dissolution of the Assembly, the final say is the Centre’s (through the LG).

Source: IE

Nidhi Companies

Syllabus: GS 3/Economy 

In News

• The Registrar of Companies (RoC) has penalized over two dozen Nidhi companies for violations of the Companies Act. 

About Nidhi companies

• Nidhi companies are incorporated under Section 406 of the Companies Act, 2013, and are regulated by the Ministry of Corporate Affairs (MCA).
• They also come under one class of NBFCs and hence RBI is empowered to issue directions to them in matters relating to their deposit acceptance activities
• Objectives : Their primary objective is to cultivate a habit of savings among their members and provide them with financial assistance.
  • Nidhi companies operate on a no-frills model, focusing on small-ticket savings and lending activities within their membership base.
• Prohibitions: Nidhi companies are banned from engaging in chit funds, hire purchase finance, leasing finance, insurance, or acquiring securities issued by other entities. They cannot issue preference shares, debentures, or any debt instruments.
  • They are not allowed to Admit corporate bodies or trusts as members.

Source: ET

Subhadra Yojana

Syllabus: GS3/Financial Inclusion

Context

• Prime Minister Narendra Modi launched the Odisha government’s flagship initiative, the Subhadra Scheme which will be the largest women-centric initiative in the state.

About

• The scheme is named after Goddess Subhadra, the younger sibling of Lord Jagannath, the presiding deity of Odisha.

• Under the scheme, ₹50,000 will be provided over five years to one crore poor women aged between 21 and 60.
• A total of ₹10,000 per annum will be paid in two installments of ₹5,000 each on Rakhi Purnima Day and International Women’s Day (March 8).
• Women who are receiving assistance of ₹1,500 or more per month, or ₹18,000 or more per year under any other government scheme, will be ineligible for inclusion under Subhadra.
• The money will be deposited directly into the beneficiary’s Aadhaar-enabled single-holder bank account; A Subhadra Debit Card will also be issued to them.

Source: IE

Phosphoric Acid

Syllabus: GS3/ S&T

In Context

• The diversion of phosphoric acid, a key fertiliser ingredient, for making electric vehicle batteries can become a source of worry for Indian agriculture , which is heavily dependent on nutrient imports.

About Phosphoric Acid

• Phosphoric acid (H₃PO₄) is a weak acid commonly used in various industrial and consumer applications.
• It is used in food additives, fertilizers, and metal treatment. It can remove rust and protect metals from corrosion.
• It’s the key ingredient in di-ammonium phosphate (DAP).  DAP is India’s second most consumed fertilizer after urea.
• India primarily imports phosphoric acid from Jordan, Morocco, Senegal, and Tunisia.

Source: IE

CMFRI unit designated seaweed research centre of excellence

Syllabus: GS3/ Environment

In News

• The Department of Fisheries has designated the ICAR-Central Marine Fisheries Research Institute (CMFRI) as a Centre of Excellence for seaweed cultivation.

About Seaweed

• Seaweed refers to various species of marine plants and algae that grow in oceans, rivers, and lakes. 
• They are classified into green (Chlorophyta), brown (Phaeophyta), and red (Rhodophyta) groups. 
• They are rich in minerals and vitamins, with health benefits like anti-inflammatory and antimicrobial properties. They are also used in manufacturing (cosmetics, toothpaste) and agriculture, boosting crop productivity.

Government Initiatives to Support Seaweed Cultivation

• National Seaweed Mission: Under the Department of Biotechnology, this mission aims to scale up seaweed cultivation to enhance India’s global role in the seaweed industry.
• Pradhan Mantri Matsya Sampada Yojana (PMMSY): Includes seaweed cultivation as part of the Blue Economy, focusing on fisheries and aquaculture development to boost the livelihood of coastal communities.

Source:  TH

Emmy Awards 2024 

Syllabus: Miscellaneous

Context

• The 76th Primetime Emmy Awards were handed out at the Peacock Theater in Los Angeles.

What are the Emmy Awards?

• The Emmy Awards are the most renowned accolades given to television and emerging media performances.
  • Unlike Oscars and Golden Globe awards, they aren’t given for films.
• History: The Emmy Awards were conceived in 1948 and the first ceremony took place in 1949. 
• Types of awards: Apart from the International Emmy Awards and the Primetime Emmy Awards, the Emmys are also given in the following categories: daytime, sports, news and documentary, technology and engineering, and regional.

Who gives the Emmy awards?

• These awards are given by three sister organizations;
  • First is the Television Academy, which administers the Primetime Emmy Awards. 
  • Second is the National Academy of Television Arts & Sciences, which oversees daytime, sports, news and documentary categories. 
  • Third is the International Academy of Television Arts & Sciences, which is responsible for International Emmys.

Winners in Emmy Awards 2024 

• Outstanding Drama Series: Shogun
• Outstanding Comedy Series: Hacks

Source: TH