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Consider the following with regard to T Bill - 1. Zero coupon securities and pay interest 2. It’s a P- Note 3. It increases the country’s overall fiscal deficit Choose the correct code given below -
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If a government becomes unstable, how it would impact the interest rate of bond?
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Which of the following comes under the State Development Loan? 1. T Bills 2. Bonds 3. Dated securities Choose the correct code -
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Which of the following statements are correct with regard to G-Sec? 1. Non-tradeable instrument 2. State’s government can issue both Tbills and bond 3. Risk free gilt edged instruments Choose the correct code -
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Economy - Revision (Part 1) Topics in news.pdf1.24 KB

Economy - Revision (Part 1).pdf1.25 KB

has been specially rendered weak in a Lok Sabha where the ruling party has a brute majority.

Recently, reorganization of 22 Standing Committees took place. What are Committees of Parliament? About: A Parliamentary Committee is a panel of MPs that is appointed or elected by the House or nominated by the Speaker/Chairman. The committee works under the direction of the Speaker/chairman and it presents its report to the House or to the Speaker/chairman. Parliamentary Committees have their origins in the British Parliament. They draw their authority from Article 105 and Article 118. Article 105 deals with the privileges of MPs. Article 118 gives Parliament authority to make rules to regulate its procedure and conduct of business. Need: A Bill is introduced in either House of Parliament to begin legislative business but the process of lawmaking is often complex, and Parliament has limited time for detailed discussions. Also, the political polarisation and shrinking middle ground has been leading to increasingly rancorous and inconclusive debates in Parliament. Due to these issues, a great deal of legislative business ends up taking place in the Parliamentary Committees instead. What are the Various Committees of Parliament? India’s Parliament has multiple types of committees. They can be differentiated on the basis of their work, their membership and the length of their tenure. However, broadly there are two types of Parliamentary Committees– Standing Committees and Ad Hoc Committees. The Standing Committees are permanent (constituted every year or periodically) and work on a continuous basis. Standing Committees can be classified into the following six categories: Financial Committees Departmental Standing Committees Committees to Enquire Committees to Scrutinise and Control Committees Relating to the Day-to-Day Business of the House House-Keeping Committees or Service Committees While the Ad Hoc Committees are temporary and cease to exist on completion of the task assigned to them. They are further subdivided into Inquiry Committees and Advisory Committees. The principal Ad hoc Committees are the Select and Joint Committees on Bills. What is the Significance of Parliamentary Committees? Provides Legislative Expertise: Most MPs are not subject matter experts on the topics being discussed — they are generalists who understand the pulse of the people but rely on advice from experts and stakeholders before making decisions. Parliamentary committees are meant to help MPs seek expertise and give them time to think about issues in detail. Acting as a Mini-Parliament: These committees act as a mini-parliament, as they have MPs representing different parties are elected into them through a system of the single transferable vote, in roughly the same proportion as their strength in Parliament. Instrument for Detailed Scrutiny: When bills are referred to these committees, they are examined closely and inputs are sought from various external stakeholders, including the public. Provides a Check on the Government: Although committee recommendations are not binding on the government, their reports create a public record of the consultations that took place and put pressure on the government to reconsider its stand on debatable provisions. By virtue of being closed-door and away from the public eye, discussions in committee meetings are also more collaborative, with MPs feeling less pressured to posture for media galleries. Why is the Sidelining of the Parliamentary Committees an Issue? Weakening of Parliamentary System Government: A parliamentary democracy works on the doctrine of fusion of powers between parliament and the executive, but the Parliament is supposed to maintain oversight of the government and keep its power in check. Thus, by circumventing the Parliamentary committees in the passing of significant legislation, there is a risk of weakening democracy. Enforcing Brute Majority: In the Indian system, it is not mandatory for bills to be sent to committees. It’s left to the discretion of the Chair — the Speaker in the Lok Sabha and Chairperson in the Rajya Sabha. By giving discretionary power to the Chair, the system

Legislatures. The opinion of the Commission in all such matters is binding on the President or, as the case may be, the Governor to whom such opinion is tendered. Further, the cases of persons found guilty of corrupt practices at elections which come before the SC and High Courts are also referred to the Commission for its opinion on the question as to whether such person shall be disqualified and, if so, for what period. The Commission is vested with quasi-judicial power to settle disputes relating to splits/ mergers of recognised political parties. The Commission has the power to disqualify a candidate who has failed to lodge an account of his election expenses within the time and in the manner prescribed by law.

In a recent ruling, the Supreme Court claimed the government pays lip service to the independence of Election Commissioners, pointing out that Chief Election Commissioners' terms have fallen from over eight years in the 1950s to less than three hundred days since 2004. What is the Election Commission of India? About: The Election Commission of India (ECI) is an autonomous constitutional authority responsible for administering Union and State election processes in India. It was established in accordance with the Constitution on 25th January 1950 (celebrated as national voters' day). The secretariat of the commission is in New Delhi. The body administers elections to the Lok Sabha, Rajya Sabha, and State Legislative Assemblies in India, and the offices of the President and Vice President in the country. It is not concerned with the elections to panchayats and municipalities in the states. For this, the Constitution of India provides for a separate State Election Commission. Constitutional Provisions: Part XV (Article 324-329) of the Indian Constitution: It deals with elections and establishes a commission for these matters. Article 324: Superintendence, direction and control of elections to be vested in an Election Commission. Article 325: No person to be ineligible for inclusion in, or to claim to be included in a special, electoral roll-on grounds of religion, race, caste or sex. Article 326: Elections to the House of the People and to the Legislative Assemblies of States to be based on adult suffrage. Article 327: Power of Parliament to make provision with respect to elections to Legislatures. Article 328: Power of Legislature of a State to make provision with respect to elections to such Legislature. Article 329: Bar to interference by courts in electoral matters. Structure of ECI: Originally the commission had only one election commissioner but after the Election Commissioner Amendment Act 1989, it was made a multi-member body. The Election Commission shall consist of the Chief Election Commissioner (CEC) and such number of other election commissioners, if any, as the President may from time-to-time fix. Presently, it consists of the CEC and two Election Commissioners. At the state level, the election commission is helped by the Chief Electoral Officer who is an IAS rank Officer. Appointment & Tenure of Commissioners: The President appoints CEC and Election Commissioners. They have a fixed tenure of six years, or up to the age of 65 years, whichever is earlier. They enjoy the same status and receive salary and perks as available to Judges of the Supreme Court (SC) of India. Removal: They can resign anytime or can also be removed before the expiry of their term. The CEC can be removed from office only through a process of removal similar to that of a SC judge by Parliament. Limitations: The Constitution has not prescribed the qualifications (legal, educational, administrative or judicial) of the members of the Election Commission. The Constitution has not specified the term of the members of the Election Commission. The Constitution has not debarred the retiring election commissioners from any further appointment by the government. What are the Powers and Functions of ECI? Administrative: To determine the territorial areas of the electoral constituencies throughout the country on the basis of the Delimitation Commission Act of Parliament. To prepare and periodically revise electoral rolls and to register all eligible voters. To grant recognition to political parties and allot election symbols to them. Election Commission ensures a level playing field for the political parties in election fray, through strict observance by them of a Model Code of Conduct evolved with the consensus of political parties. It decides the election schedules for the conduct of elections, whether general elections or bye-elections. Advisory Jurisdiction & Quasi-Judicial Functions: Under the Constitution, the Commission has advisory jurisdiction in the matter of post-election disqualification of sitting members of Parliament and State

Recently, the Supreme Court has ruled that a fundamental right under Article 19/21 can be enforced even against persons other than the State or its instrumentalities. The court took this view while ruling that the right of free speech and expression guaranteed under the Article 19(1)(a) cannot be curbed by any additional grounds other than those already laid down in Article 19(2). What is Article 19? Article 19 of the Constitution of India guarantees the right to freedom of speech and expression, and is typically invoked against the state. Article 19(1) in The Constitution Of India 1949, All citizens shall have the right (a) to freedom of speech and expression; (b) to assemble peaceably and without arms; (c) to form associations or unions; (d) to move freely throughout the territory of India; (e) to reside and settle in any part of the territory of India; and (f) omitted (g) to practise any profession, or to carry on any occupation, trade or business. Article 19(2) in The Constitution Of India 1949, Nothing in sub clause (a) of clause (1) shall affect the operation of any existing law, or prevent the State from making any law, in so far as such law imposes reasonable restrictions on the exercise of the right conferred by the said sub clause in the interests of the sovereignty and integrity of India, the security of the State, friendly relations with foreign States, public order, decency or morality or in relation to contempt of court, defamation or incitement to an offence. Some fundamental rights, such as those prohibiting untouchability, trafficking, and bonded labor, are explicitly against both the state and other individuals. What is the Reference for this SC's Ruling? Enforcing Rights against Private Entities: This interpretation brings an obligation on the state to ensure that private entities also abide by Constitutional norms. It opens up a range of possibilities in Constitutional law, potentially allowing for the enforcement of privacy rights against a private doctor or the right to free speech against a private social media entity. Reference to Previous Court Rulings: The Court referenced the 2017 verdict in Puttaswamy, in which a nine-judge bench unanimously upheld privacy as a fundamental right. The government had argued that privacy is a right enforceable against other citizens and, therefore, cannot be elevated to the status of a fundamental right against the state. International Perspectives: The Court also looked to foreign jurisdictions, contrasting the American approach with the European Courts. The US Supreme Court’s ruling in New York Times vs. Sullivan, which found that defamation law as applied by the state against The New York Times was inconsistent with the Constitutional guarantee of freedom of speech and expression, was cited as an example of a shift in US law from a “purely vertical approach” to a “horizontal approach. A vertical application of rights would mean it can be enforced only against the state while a horizontal approach would mean it is enforceable against other citizens. For example, a horizontal application of the right to life would enable a citizen to bring a case against a private entity for causing pollution, which would be a violation of the right to a clean environment.

states, which look after the detailed day-to-day governing of the state. According to Subash Kashyap, using the term ‘Centre’ or ‘central government’ would mean state governments are subservient to it.

Since the Tamil Nadu government shunned the usage of the term ‘Central government’ in its official communications by replacing it with ‘Union government’, it has erupted the Union Vs Centre Debate. It has been seen as a major step towards regaining the consciousness of Indian Constitution. What is the Constitutionality of the Term Union/Centre? There is no mention of the term ‘Central government’ in the Constitution of India because the Constituent Assembly did not use the term ‘Centre’ or ‘Central government’ in all of its 395 Articles in 22 Parts and eight Schedules in the original Constitution. There are only references of the ‘Union’ and the ‘States’ with the executive powers of the Union wielded by the President acting on the aid and advice of the Council of Ministers headed by the Prime Minister. Even though there is no reference to the ‘Central government’ in the Constitution, the General Clauses Act, 1897 gives a definition for it. The ‘Central government’ for all practical purposes is the President after the commencement of the Constitution. What is the Intent of the Constituent Assembly? Article 1(1) of the Constitution of India says “India, that is Bharat, shall be a Union of States.” On 13th December, 1946, Jawaharlal Nehru introduced the aims and objectives of the Constituent Assembly by resolving that India shall be a Union of territories willing to join the “Independent Sovereign Republic”. The emphasis was on the consolidation and confluence of various provinces and territories to form a strong united country. While submitting the draft Constitution in 1948, Dr B R Ambedkar, chairman of the drafting committee, had said that the committee had used the word ‘Union’ because: (a) the Indian federation was not the result of an agreement by the units, and (b) the component units had no freedom to secede from the federation. The members of the Constituent Assembly were very cautious of not using the word ‘Centre’ or ‘Central government’ in the Constitution as they intended to keep away the tendency of centralizing of powers in one unit. What is the Difference Between Union & Centre? According to constitution expert Subash Kashyap, from the point of the usage of the words, 'center' indicates a point in the middle of a circle, whereas 'Union' is the whole circle. In India, the relationship between the so-called 'Centre' and States, as per the Constitution, is actually a relationship between the whole and its parts. Both the Union and the States are created by the Constitution, both derive their respective authority from the Constitution. The one is not subordinate to the other in its own field and the authority of one is to coordinate with that of the other. The judiciary is designed in the Constitution to ensure that the Supreme Court, the tallest court in the country, has no superintendence over the High Court. Though the Supreme Court has appellate jurisdiction, not only over High Courts but also over other courts and tribunals, they are not declared to be subordinate to it. In fact, the High Courts have wider powers to issue prerogative writs despite having the power of superintendence over the district and subordinate courts. In very common parlance, Union gives a sense of Federal while centre gives more of a sense of unitary government. But practically both are the same in the Indian political system. What are the Associated Issues with the Term Central Government? Discarded By Constituent Assembly: The word ‘Centre’ is not used in the Constitution; the makers of the Constitution specifically discarded it and instead used the word ‘Union’. Colonial Legacy: 'Centre' is a hangover from the colonial period because the bureaucracy in the Secretariat, New Delhi who are used to using the word ‘Central Laws,’ ‘Central legislature,’ etc, and so everyone else, including the media, started using the word. Conflict With Idea of Federalism: India is a federal government. The power to govern is divided between a government for the whole country, which is responsible for subjects of common national interest, and the

These are the topics that are in the news, please cover them as well.

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Polity Revision Targets - Part 1.pdf1.37 KB

There will be two files, one related to current affairs and other one static.

The topics we will post you will get lot many questions in prelims.