📰 Current Affairs

National Handloom Day was first inaugurated on August 7, 2015, by Prime Minister Narendra Modi in Chennai, Tamil Nadu.

August 7 was chosen to commemorate the Swadeshi Movement launched on August 7, 1905, at Calcutta Town Hall.

The Swadeshi Movement encouraged the use of indigenous goods and boycotting foreign items during the Indian freedom struggle.

Ministry of Textiles is the nodal ministry for implementing policies and welfare schemes for the handloom sector in India.

India Handloom Brand (IHB) was launched on August 7, 2015, to endorse high-quality handloom products.

Textile sector is the second-largest employer in India after agriculture.

The original Micro, Small and Medium Enterprises Development (MSMED) Act was enacted by Parliament in 2006.

Under Article 107 of the Constitution, ordinary bills can originate in either House of Parliament.

The Union Cabinet revised the composite criteria for MSME classification combining investment and turnover in July 2020.

A Micro enterprise is defined as having investment up to ₹1 crore and turnover up to ₹5 crore.

A Small enterprise is defined as having investment up to ₹10 crore and turnover up to ₹50 crore.

A Medium enterprise is defined as having investment up to ₹50 crore and turnover up to ₹250 crore.

The Union Ministry of MSME launched the Udyam Registration Portal on July 1, 2020 for digital enterprise registration.

Primary Urban Co-operative Banks (UCBs) are registered under the respective state Cooperative Societies Acts or Multi-State Cooperative Societies Act, 2002.

Banking activities of UCBs are regulated by the Reserve Bank of India under the Banking Regulation Act, 1949 (applicable to Co-operative Societies since 1966).

The Banking Regulation (Amendment) Act, 2020 placed UCBs under direct regulatory oversight of the RBI regarding governance, management, and auditing.

The N.S. Vishwanathan Committee (2021) was constituted by RBI to suggest structural reforms and a regulatory framework for Urban Co-operative Banks.

RBI categorized UCBs into a 4-tier regulatory structure based on deposit size, ranging from Tier 1 (deposits up to ₹100 crore) to Tier 4 (above ₹10,000 crore).

Deposit Insurance and Credit Guarantee Corporation (DICGC) provides insurance cover up to ₹5 lakh per depositor per bank for eligible UCB deposits.

The Right to Information (RTI) Act was enacted on June 15, 2005, and came into force on October 12, 2005.

Tamil Nadu was among the earliest Indian states to pass its own Right to Information Act in 1997.

The Digital Personal Data Protection (DPDP) Act was enacted by the Indian Parliament in August 2023.

The Supreme Court declared the Right to Privacy as a Fundamental Right under Article 21 in the Puttaswamy judgement of 2017.

Freedom of the Press and Right to Information are derived from Article 19(1)(a) of the Indian Constitution.

Justice B.N. Srikrishna Committee was constituted in 2017 to draft the data protection framework for India.

The first Chief Information Commissioner of India was Wajahat Habibullah, appointed in 2005.

SEBI was established non-statutorily on April 12, 1988, and granted statutory status on April 30, 1992, through the SEBI Act, 1992.

SEBI is headquartered in Mumbai, Maharashtra, with four regional offices located in Ahmedabad, Kolkata, Chennai, and Delhi.

A statutory body is an official authority established by an Act of Parliament or State Legislature, distinct from constitutional bodies defined in the Constitution.

The Narasimham Committee (1991) recommended granting statutory recognition and autonomy to capital market regulator SEBI.

Stock exchanges in India are primarily governed under the Securities Contracts (Regulation) Act, 1956.

Depositories in India like NSDL and CDSL operate under the statutory framework of the Depositories Act, 1996.

SEBI exercises quasi-legislative, quasi-executive, and quasi-judicial functions to protect investor interests and regulate securities markets.

The Environment (Protection) Act was enacted in 1986 under Article 253 of the Constitution following the 1972 Stockholm Conference.

Article 48A of the Indian Constitution, added by the 42nd Amendment Act 1976, directs the State to protect and improve the environment.

Article 51A(g) of the Constitution mandates every citizen of India to protect and improve the natural environment.

The Environmental Impact Assessment (EIA) Notification was issued in 2006 under the Environment (Protection) Act, 1986, mandating prior environmental clearance.

The Water (Prevention and Control of Pollution) Act was enacted in 1974, while the Air (Prevention and Control of Pollution) Act was enacted in 1981.

The National Green Tribunal (NGT) was established in 2010 under the NGT Act 2010 for effective disposal of environmental protection cases.

In the Vellore Citizens Welfare Forum case (1996), the Supreme Court formally integrated the 'Precautionary Principle' and 'Polluter Pays Principle' into Indian law.

Article 202 of the Constitution mandates the Governor to cause the Annual Financial Statement to be laid before the State Legislature.

Provisions relating to the Demand for Grants in the state assembly are governed under Article 203 of the Indian Constitution.

Appropriation Bills authorizing withdrawal from the Consolidated Fund of the State are introduced under Article 204.

The Tamil Nadu Fiscal Responsibility Act was enacted in 2003 to ensure fiscal stability and deficit management.

The Consolidated Fund of the State is established under Article 266(1) of the Constitution of India.

The Contingency Fund of Tamil Nadu is maintained at the disposal of the Governor under Article 267(2).

Article 280 of the Constitution mandates the setting up of a Finance Commission every five years by the President of India.

Article 270 provides for the distribution of net proceeds of taxes between the Union and the States.

The First Finance Commission of India was established in 1951 under the chairmanship of K.C. Neogy.

Article 275 of the Constitution provides for Grants-in-aid from the Union to specific states in need of assistance.

The 16th Finance Commission is chaired by Dr. Arvind Panagariya, constituted in December 2023.

Tax devolution criteria set by Finance Commissions involve vertical devolution (Union to States) and horizontal devolution (among States).

The Rajamannar Committee was appointed by the Tamil Nadu Government in 1969 to examine Centre-State relations.

Article 82 of the Indian Constitution mandates Parliament to enact a Delimitation Act after every Census.

Article 170 of the Constitution provides for the readjustment of Legislative Assembly constituencies in states after each census.

The 42nd Constitutional Amendment Act of 1976 froze the allocation of parliamentary seats based on the 1971 Census until the year 2000.

The 84th Constitutional Amendment Act of 2001 extended the freeze on seat reallocation until the first census after 2026.

The 87th Constitutional Amendment Act of 2003 allowed boundary delimitation of constituencies based on the 2001 Census without changing total seat count.

India has set up four Delimitation Commissions till date in the years 1952, 1962, 1972, and 2002.

The Delimitation Commission is appointed by the President of India and works in collaboration with the Election Commission of India.

Orders issued by the Delimitation Commission have the force of law and cannot be challenged before any court of law.

Article 15(4) empowers the State to make special provisions for the advancement of Socially and Educationally Backward Classes (SEBCs).

Article 16(4) of the Constitution allows the State to provide reservation in public employment for inadequately represented backward classes.

Tamil Nadu passed the Reservation Act in 1993 to provide 69% reservation in educational institutions and state government jobs.

The 76th Constitutional Amendment Act, 1994 placed Tamil Nadu's 69% reservation law under the Ninth Schedule of the Constitution.

The Mandal Commission was constituted in 1979 under Chairman B.P. Mandal by the Janata Party government under Morarji Desai.

In Indra Sawhney v. Union of India (1992), the Supreme Court upheld 27% OBC quota while setting a normal upper limit of 50% on reservations.

The First Backward Classes Commission of Tamil Nadu was headed by A.N. Sattanathan in 1969.

The Tamil Nadu Value Added Tax (TNVAT) Act was enacted in the year 2006 and came into force on January 1, 2007.

Article 47 of the Indian Constitution, under Directive Principles of State Policy, directs the State to endeavor to bring about prohibition of intoxicating drinks.

Tamil Nadu State Marketing Corporation (TASMAC) was incorporated in 1983 under the Companies Act, 1956 for wholesale and retail trade of liquor.

Under the Seventh Schedule of the Indian Constitution, List II (State List) Entry 8 empowers states to legislate on intoxicating liquors.

A cess is an additional levy earmarked for a specific purpose, unlike general tax revenues which enter the Consolidated Fund.

Alcohol for human consumption is kept outside the purview of Goods and Services Tax (GST) under Article 246A.

The Madras Prohibition Act was enacted in 1937 during the premiership of C. Rajagopalachari in Madras Presidency.

Article 246A of the Indian Constitution empowers Parliament and State Legislatures to make laws regarding Goods and Services Tax.

Article 280 of the Constitution provides for the constitution of a Finance Commission every five years to recommend tax distribution between Centre and States.

The Planning Commission of India was established in March 1950 and was replaced by NITI Aayog on January 1, 2015.

Montek Singh Ahluwalia served as the Deputy Chairman of the Planning Commission of India from 2004 to 2014.

The Dr. P.V. Rajamannar Committee was constituted by the Tamil Nadu government in 1969 to examine Centre-State fiscal and administrative relations.

State's Own Tax Revenue (SOTR) includes State GST, Stamp Duty and Registration Fees, Land Revenue, and State Excise Duty.

Unified Payments Interface (UPI) was launched by NPCI in April 2016.

National Payments Corporation of India (NPCI) was established in 2008 under the Payment and Settlement Systems Act, 2007.

NPCI is a joint initiative of the Reserve Bank of India (RBI) and Indian Banks' Association (IBA).

Zero Merchant Discount Rate (MDR) policy for RuPay debit cards and UPI came into effect in January 2020.

BHIM (Bharat Interface for Money) application was launched by the Prime Minister in December 2016.

Payments Council of India (PCI) was formed in 2013 under the Internet and Mobile Association of India (IAMAI).