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  • Sixth Mass Extinction?

    A paper published recently has come up with a new reason behind the first mass extinction, also known as the Late Ordovician mass extinction.

    Species Extinction

    • Extinction is a part of life, and animals and plants disappear all the time. About 98% of all the organisms that have ever existed on our planet are now extinct.
    • When a species goes extinct, its role in the ecosystem is usually filled by new species, or other existing ones.

    What is Mass Extinction?

    • Earth’s ‘normal’ extinction rate is often thought to be somewhere between 0.1 and 1 species per 10,000 species per 100 years.
    • This is known as the background rate of extinction.
    • A mass extinction event is when species vanish much faster than they are replaced.
    • This is usually defined as about 75% of the world’s species being lost in a ‘short’ amount of geological time – less than 2.8 million years.

    How many mass extinctions have there been?

    Five great mass extinctions have changed the face of life on Earth. We know what caused some of them, but others remain a mystery:

    [I] Ordovician-Silurian ME

    • It occurred 443 million years ago and wiped out approximately 85% of all species.
    • Scientists think it was caused by temperatures plummeting and huge glaciers forming, which caused sea levels to drop dramatically.
    • This was followed by a period of rapid warming. Many small marine creatures died out.

    [II] Devonian ME

    • It took place 374 million years ago and killed about three-quarters of the world’s species, most of which were marine invertebrates that lived at the bottom of the sea.
    • This was a period of many environmental changes, including global warming and cooling, a rise and fall of sea levels and a reduction in oxygen and carbon dioxide in the atmosphere.
    • We don’t know exactly what triggered the extinction event.

    [III] Permian ME

    • It happened 250 million years ago, was the largest and most devastating event of the five.
    • Also known as the Great Dying, it eradicated more than 95% of all species, including most of the vertebrates which had begun to evolve by this time.
    • Some scientists think Earth was hit by a large asteroid which filled the air with dust particles that blocked out the Sun and caused acid rain.
    • Others think there was a large volcanic explosion that increased carbon dioxide and made the oceans toxic.

    [IV] Triassic ME

    • It took place 200 million years ago, eliminating about 80% of Earth’s species, including many types of dinosaurs.
    • This was probably caused by colossal geological activity that increased carbon dioxide levels and global temperatures, as well as ocean acidification.

    [V] Cretaceous ME

    • It occurred 65 million years ago, killing 78% of all species, including the remaining non-avian dinosaurs.
    • This was most likely caused by an asteroid hitting the Earth in what is now Mexico, potentially compounded by ongoing flood volcanism in what is now India.

    What caused first ME?

    • The cooling climate likely changed the ocean circulation pattern.
    • This caused a disruption in the flow of oxygen-rich water from the shallow seas to deeper oceans, leading to a mass extinction of marine creatures.
    • Ordovician Sea has familiar groups like clams and snails and sponges.
    • Many other groups are now very reduced in diversity or entirely extinct like trilobites, brachiopods, and crinoids.

    The sixth mass extinction

    • We are currently experiencing a sixth mass extinction as the result of human-induced climate change.
    • There have been several theories behind each mass extinction and with advances in new technologies, researchers have been uncovering more intricate details about these events.

    Try this PYQ from CSP 2018

    The term “sixth mass extinction/sixth extinction” is often mentioned in the news in the context of the discussion of:

     

    (a) Widespread monoculture Practices agriculture and large-scale commercial farming with indiscriminate use of chemicals in many parts of the world that may result in the loss of good native ecosystems.

    (b) Fears of a possible collision of a meteorite with the Earth in the near future in the manner it happened 65million years ago that caused the mass extinction of many species including those of dinosaurs.

    (c) Large scale cultivation of genetically modified crops in many parts of the world and promoting their cultivation in other Parts of the world may cause the disappearance of good native crop plants and the loss of food biodiversity.

    (d) Mankind’s over-exploitation/misuse of natural resources, fragmentation/loss, natural habitats, destruction of ecosystems, pollution and global climate change.

     

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  • Principles of Responsible Banking (PRBs)

    Global banks are pledging to report annually on the carbon emissions linked to the projects they lend to in an extension to the Principles for Responsible Banking (PRBs).

    What are PRBs?

    • The PRBs are a unique framework for ensuring that signatory banks’ strategy and practice align with the vision society has set out for its future in the SDGs and the Paris Climate Agreement.
    • It was created in 2019 through a partnership between founding banks and the United Nations.
    • The framework consists of 6 Principles designed to bring purpose, vision and ambition to sustainable finance.
    • Signatory banks commit to embedding these 6 principles across all business areas, at the strategic, portfolio and transactional levels:

    Note: India’s YES BANK Limited is the only Indian signatory to this framework.

    Significance of the PRBs

    • Banks can contribute to solving the climate crisis from two angles: their lending and their investments.
    • Many bank policies concentrate their investments on securities that were focused on sustainability.

    Issues with PRB

    • Being a signatory to the PRBs is a limited commitment.
    • Signatories have four years to comply with the principles.
    • Even then, everything is voluntary and non-binding, so signatories are not penalized or even named and shamed for failing to live up to the principles.

    Way forward

    • When signatories to the PRBs are lending money, they are supposed to carry out environmental impact assessments and to measure the greenhouse gas emissions of projects.
    • This is not a minor issue considering that such work is beyond the traditional competencies of banks and will significantly affect their operational costs.
    • Signatories are also supposed to ensure that loans go to projects that are carbon neutral.

     

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  • Life, work and legend of Adi Shankaracharya

    PM has unveiled a 12-foot statue of Adi Shankaracharya at Kedarnath, where the acharya is believed to have attained samadhi at the age of 32 in the ninth century.

    Adi Shankaracharya (788-820 AD)

    • Adi Shankaracharya was an Indian philosopher and theologian whose works had a strong impact on the doctrine of Advaita Vedanta.
    • He founded mathas, which are believed to have helped in the historical development, revival and propagation of his philosophy.
    • The story recounted today has been reconstructed from multiple Shankaravijayas (Conquests of Shankara) written over the centuries.

    Birth and death

    • He is said to have been born in Kaladi village on the bank of the Periyar, the largest river in Kerala.
    • He is believed to have attained samadhi at Kedarnath; however, Kanchi and Thrissur are also talked about as places where Adi Shankara spent his last days.

    His literary works

    • Adi Shankara is generally identified as the author of 116 works.
    • Among them the celebrated commentaries (bhashyas) on 10 Upanishads, the Brahmasutra and the Gita, and poetic works including Vivekachudamani, Maneesha Panchakam, and Saundaryalahiri.
    • He composed the Kanakadhara Stotram, following which there was a rain of golden amlas, which brought prosperity to the household.
    • It has also been claimed that Adi Shankara composed texts like Shankarasmrithi, which seeks to establish the social supremacy of Nambuthiri Brahmins.
    • His great standing is derived from his commentaries of the prasthanatrayi (Upanishads, Brahmasutra and Gita), where he explains his understanding of Advaita Vedanta.

    His philosophy: Advaita Vedanta

    • Advaita Vedanta articulates a philosophical position of radical nondualism, a revisionary worldview which it derives from the ancient Upanishadic texts.
    • According to this, the Upanishads reveal a fundamental principle of nonduality termed ‘brahman’, which is the reality of all things.
    • Advaitins understand brahman as transcending individuality and empirical plurality.
    • They seek to establish that the essential core of one’s self (atman) is brahman. It is pure non-intentional consciousness.
    • It is one without a second, nondual, infinite existence, and numerically identical with brahman.
    • This effort entails tying a metaphysics of brahman to a philosophy of consciousness.

    Do you know?

    There are six major schools of Vedic philosophy—Nyaya, Vaisheshika, Samkhya, Yoga, Mīmāṃsā and Vedanta, and five major heterodox (sramanic) schools—Jain, Buddhist, Ajivika, Ajñana, and Charvaka.

    Shankara’s contested legacy

    • Custodians of the caste system cite from Shankara’s commentaries to justify the unequal and unjust social order.
    • It is argued that the Advaita Vedanta borrowed the categories of Buddhist thinkers and called him the Prachhanna Buddha (Buddha in disguise).
    • Sri Narayana Guru offered a radical reading of Advaita Vedanta to dismantle the theory and praxis of caste.

    His political appropriation

    • His works transcends the political boundaries of his time.
    • The mathas are believed to have established in Sringeri, Dwaraka, Puri, and Joshimath for the spread of Advaita Vedanta.
    • They are seen as custodians of Hinduism, and Shankara’s digvijaya (conquest) often interpreted as a near nationalistic project where faith, philosophy and geography are yoked together to imagine a Hindu India.

    Try this PYQ:

    Q. Which one of the following pairs does not form part of the six systems of Indian Philosophy?

    (a) Mimamsa and Vedanta

    (b) Nyaya and Vaisheshika

    (c) Lokayata and Kapalika

    (d) Sankhya and Yoga

     

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  • Infrastructure Investment Trusts (InvITs)

    The National Highway Authority of India’s first infrastructure investment trust has raised more than Rs 5,000 crore, informed the Ministry of Road Transport and Highways of India.

    What are InvITs?

    • InvITs are like a mutual fund, which enables direct investment of small amounts of money from possible individual/institutional investors in infrastructure to earn a small portion of the income as return.
    • They work like mutual funds or real estate investment trusts (REITs) in features.
    • They can be treated as the modified version of REITs designed to suit the specific circumstances of the infrastructure sector.

    How are they notified in India?

    • SEBI notified the Sebi (Infrastructure Investment Trusts) Regulations, 2014 on September 26, 2014, providing for registration and regulation of InvITs in India.
    • The objective of InvITs is to facilitate investment in the infrastructure sector.

    Their structure

    • InvITS are like mutual funds in structure. InvITs can be established as a trust and registered with Sebi.
    • An InvIT consists of four elements:
    1. Trustee: He inspects the performance of an InvIT is certified by Sebi and he cannot be an associate of the sponsor or manager.
    2. Sponsor(s): They are people who promote and refer to any organisation or a corporate entity with a capital of Rs 100 crore, which establishes the InvIT and is designated as such at the time of the application made to SEBI, and in case of PPP projects, base developer.
    3. Investment Manager: It is an entity or limited liability partnership (LLP) or organisation that supervises assets and investments of the InvIT and guarantees activities of the InvIT.
    4. Project Manager: It is the person who acts as the project manager and whose duty is to attain the execution of the project and in case of PPP projects.

     

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  • Iran has enriched over 210 kg of Uranium to 20%

    Iran’s atomic agency has said that its stockpile of 20% enriched uranium has reached over 210 kilograms, the latest defiant move ahead of upcoming nuclear talks with the West.

    What is Uranium Enrichment?

    • It is a process that is necessary to create an effective nuclear fuel out of mined uranium.
    • It involves increasing the percentage of uranium-235 which undergoes fission with thermal neutrons.
    • Nuclear fuel is mined from naturally occurring uranium ore deposits and then isolated through chemical reactions and separation processes.
    • These chemical processes used to separate the uranium from the ore are not to be confused with the physical and chemical processes used to enrich the uranium.

    Why is enrichment carried out?

    • Uranium found in nature consists largely of two isotopes, U-235 and U-238.
    • Natural uranium contains 0.7% of the U-235 isotope.
    • The remaining 99.3% is mostly the U-238 isotope which does not contribute directly to the fission process (though it does so indirectly by the formation of fissile isotopes of plutonium).
    • The production of energy in nuclear reactors is from the ‘fission’ or splitting of the U-235 atoms since it is the main fissile isotope of uranium.
    • Naturally occurring uranium does not have a high enough concentration of Uranium-235 at only about 0.72% with the remainder being Uranium-238.

     

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  • Centre cuts Excise Duty on Petrol and Diesel

    The Government has finally reduced fuel prices by slashing excise duties on petrol and diesel by ₹5 and ₹10 per litre respectively.

    What is Excise Duty?

    • Excise duty is a form of tax imposed on goods for their production, licensing and sale.
    • It is the opposite of Customs duty in sense that it applies to goods manufactured domestically in the country, while Customs is levied on those coming from outside of the country.
    • At the central level, excise duty earlier used to be levied as Central Excise Duty, Additional Excise Duty, etc.
    • Excise duty was levied on manufactured goods and levied at the time of removal of goods, while GST is levied on the supply of goods and services.

    Purview of excise duty

    • The GST introduction in July 2017 subsumed many types of excise duty.
    • Today, excise duty applies only on petroleum and liquor.
    • Alcohol does not come under the purview of GST as exclusion mandated by constitutional provision.
    • States levy taxes on alcohol according to the same practice as was prevalent before the rollout of GST.
    • After GST was introduced, excise duty was replaced by central GST because excise was levied by the central government.
    • The revenue generated from CGST goes to the central government.

    Types of excise duty in India

    Before GST, there were three kinds of excise duties in India.

    (1) Basic Excise Duty

    • Basic excise duty is also known as the Central Value Added Tax (CENVAT).
    • This category of excise duty was levied on goods that were classified under the first schedule of the Central Excise Tariff Act, 1985.
    • This duty applied on all goods except salt.

    (2) Additional Excise Duty

    • Additional excise duty was levied on goods of high importance, under the Additional Excise under Additional Duties of Excise (Goods of Special Importance) Act, 1957.
    • This duty was levied on some special category of goods.

    (3) Special Excise Duty

    • This type of excise duty was levied on special goods classified under the Second Schedule to the Central Excise Tariff Act, 1985.
    • Presently the central excise duty comprises of a Basic Excise Duty, Special Additional Excise Duty and Additional Excise Duty (Road and Infrastructure Cess) on auto fuels.

    Present taxation of Fuels

    • Currently, taxes on petroleum products are levied by both the Centre and the states.
    • While the Centre levies excise duty, states levy value-added tax (VAT).
    • For instance, VAT on petroleum products is as high as 40% in Maharashtra, contributing over ₹25,000 crores annually.
    • By being able to levy VAT on these products, the state governments have control over their revenues.
    • When a national GST subsumed central taxes such as excise duty and state levies like VAT on July 1, 2017, five petroleum goods – petrol, diesel, ATF, natural gas and crude oil – were kept out of its purview.

     

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  • Gujarat grants Parole to Prisoners as Diwali gift

    The Gujarat government has decided to grant 15-day parole to prisoners above 60 years of age and women prisoners, except those booked in serious offences, as a ‘Diwali gift’.

    What is Parole?

    • Furlough and parole envisage a short-term release from custody, both aimed as reformative steps towards prisoners.
    • Parole is granted to meet a “specific exigency” and cannot be claimed as a matter of right.
    • Both provisions are subject to the circumstances of the prisoner, such as jail behaviour, the gravity of offences, sentence period and public interest.

    How is it different from Furlough?

    • Furlough may be granted without any specific reason after a convict spends a stipulated number of years.
    • It is a matter of right although cannot be claimed as an ‘absolute legal right’.

    Is ‘parole as Diwali gift’ an extraordinary move?

    • The state governments often take a compassionate view on applications for parole during festivals of Diwali, Rakshabandhan, etc.
    • The legislature/politicians do not have direct powers to grant parole on suo-motu cognizance.
    • The announcement only indicates that prisoners will have to make applications to the authorities concerned, which in turn will be considered with leniency and expeditiously.
    • The applications will, however, be subject to scrutiny and the prisoners’ conduct and gravity of their offence.

    Who can opt for parole and how?

    • The provision of parole is available to convicts found guilty by a court and such a prisoner.
    • The prisoner’s relative/legal aid may submit an application to the prison superintendent.
    • He/she in turn forwards the application to the ‘competent authority’, often under the jurisdiction of district magistrate concerned and comprising prison and police authorities, to sanction release.
    • After due verification of reasons and prisoner’s conduct by the competent authority, an order for grant of release on parole will be issued.
    • In case of rejection of the said application, a convict may approach the High Court.

    Duration of Parole

    • The Prison rules state that parole period may be granted for not more than 30 days.
    • The competent authority may exercise its discretion in case of serious illnesses or death of “nearest relative such as mother, father, sister, brother, children, spouse of the prisoner, or in case of natural calamity.”
    • Parole or extension of parole cannot be granted without a report of the police
    • Apart from the remedy to approach a high court for parole in case of a rejected application, a prison can also approach the high court directly in case of an extraordinary emergency.

     

    Try this PYQ from CSP 2021:

    Q. With reference to India, consider the following statements:

    1. When a prisoner makes a sufficient case, parole cannot be out denied to such prisoner because it becomes a matter of his/her right.
    2. State Governments have their own Prisoners Release on Parole Rules.

    Which of the statements given above is/are correct?

    (a) 1 only

    (b) 2 only

    (c) Both 1 and 2

    (d) Neither 1 nor 2

     

    [wpdiscuz-feedback id=”jzwsmaz3ng” question=”Please leave a feedback on this” opened=”1″]Post your answers here.[/wpdiscuz-feedback]

     

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  • RBI issues revised Prompt Corrective Action (PCA) framework

    The RBI has issued a revised Prompt Corrective Action (PCA) framework for banks to enable supervisory intervention at “appropriate time” and also act as a tool for effective market discipline.

    What is the PCA framework?

    • Prompt Corrective Action Framework refers to the central bank’s watchlist of weak banks.
    • The regulator imposes restrictions like curbs on lending on such banks.
    • The PCA Framework applies only to commercial banks and does not cover cooperative banks and non-banking financial companies.

    When was PCA introduced?

    • The RBI’s PCA Framework was introduced in December 2002 as a structured early intervention mechanism along the lines of the US Federal Deposit Insurance Corporation’s PCA framework.
    • The last PCA Framework was issued by the RBI on April 13, 2017, and implemented with respect to banks’ financials as of March 31, 2017.

    Latest PCA norms

    • The revised PCA framework will be effective from January 1, 2022.
    • Capital, asset quality and leverage will be the key areas for monitoring in the revised framework.
    • That apart, RBI has also revised the level of shortfall in total capital adequacy ratio that would push the lender to “risk threshold three” category.

    When exactly does a bank fall into this list?

    • The RBI has specified certain regulatory trigger points with respect to three parameters for the initiation of the process:
    • Capital-to-risk weighted assets ratio (CRAR): It is a measure of a bank’s capital to ensure that it can absorb a reasonable amount of loss and complies with statutory Capital requirements.
    • Net Non-Performing Assets (NPA)
    • Return on assets (RoA): It is an indicator of how well a company utilizes its assets in terms of profitability.

    What are the trigger points on capital and how does a breach invite action?

    1. CRAR

    • If CRAR falls to less than 9 percent, the RBI asks banks to submit a capital restoration plan, restricts new businesses and dividend payments.
    • The RBI also orders recapitalisation, restrictions on borrowings from the inter-bank market, reduction of stake in subsidiaries and reduction of exposure to sensitive sectors.
    • Such sectors include the capital markets, real estate or investments in non-statutory liquidity ratio securities.
    • If CRAR is less than 6 percent but equal to or more than 3 percent, the RBI could take additional steps if the bank fails to submit a recapitalisation plan.

    2. NPA levels

    • If net NPAs rise beyond 10 percent but are less than 15 percent, a special drive to reduce bad loans and contain the generation of fresh NPAs begins.
    • The RBI reviews the bank’s loan policy and takes steps to strengthen credit-appraisal skills.

    3.Return on assets

    • If RoA is less than 0.25 percent, restrictions on accessing/renewing costly deposits and CDs kick in and the RBI bars the bank from entering new lines of business.
    • The bank’s borrowings from the inter-bank market, making dividend payments and increasing staff will be restricted.

    Significance of PCA

    • The financial health of a bank: Essentially PCA helps RBI monitor key performance indicators of banks, and taking corrective measures, to restore the financial health of a bank.
    • Averting a crisis: PCA is intended to help alert the regulator as well as investors and depositors if a bank is heading for trouble. The idea is to head off problems before they attain crisis proportions.

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  • India launches Infrastructure for the Resilient Island States (IRIS)

    The PM has launched the Initiative for the Resilient Island States (IRIS) for developing infrastructure of small island nations.

    What is IRIS?

    • The Small Island Developing States or SIDS face the biggest threat from climate change.
    • To mitigate this, India’s space agency ISRO will build a special data window for them to provide them timely information about cyclones, coral-reef monitoring, coast-line monitoring etc. through satellite.
    • IRIS will be a part of the India-UK Coalition for Disaster Resilient infrastructure (CDRI).

    About CDRI

    • The CDRI is an international coalition of countries, UN agencies, multilateral development banks, the private sector etc. that aim to promote disaster-resilient infrastructure.
    • Its objective is to promote research and knowledge sharing in the fields of infrastructure risk management, standards, financing, and recovery mechanisms.
    • It was launched by the Indian PM Modi at the 2019 UN Climate Action Summit in September 2019.

    Focus areas

    • CDRI’s initial focus is on developing disaster-resilience in ecological, social, and economic infrastructure.
    • It aims to achieve substantial changes in member countries’ policy frameworks and future infrastructure investments, along with a major decrease in the economic losses suffered due to disasters.

    Try this PYQ:
    Q.Consider the following statements:
    Climate and Clean Air Coalition (CCAC) to Reduce Short Lived Climate Pollutants is a unique initiative of G20 group of countries
    The CCAC focuses on methane, black carbon and hydrofluorocarbons.
    Which of the above statements is/are correct?
    (a) 1 only
    (b) 2 only
    (c) Both 1 and 2
    (d) Neither 1 nor 2

    Post your answers here.

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  • In news: National Commission for Scheduled Castes (NCSC)

    The National Commission for Scheduled Castes (NCSC) will examine the complaint of a decorated Narcotics Control Bureau (NCB) officer against caste-based allegations by a Maharashtra minister.

    About National Commission for Scheduled Castes

    • NCSC is a constitutional body under Article 338 of the Indian Constitution.
    • It functions under the jurisdiction of Ministry of Social Justice and Empowerment.
    • It was established with a view to provide safeguards against the exploitation of Scheduled Castes.
    • It aims to promote and protect their social, educational, economic and cultural interests, special provisions were made in the Constitution.

    How were they established?

    • The original constitution provided for the appointment of a Special Officer under Article 338.
    • The special officer was designated as the Commissioner for Scheduled Castes and Scheduled Tribes.
    • The 65th Constitutional Amendment Act 1990, amended Article 338 of the Constitution to introduce a joint NC for SCs and STs.
    • Later by 89th Amendment, NC for Scheduled Castes (NCSC) and NC for Scheduled Tribes (NCST) were separated by creating a new Article 338-A.

    Functions

    • To investigate and monitor all matters relating to the safeguards provided for the SCs
    • To inquire into specific complaints with respect to the deprivation of rights and safeguards of the Scheduled Castes
    • To participate and advise on the planning process of socio-economic development of the SCs
    • To evaluate the progress of their development under the Union and any State
    • To present to the President, annually and at such other times as the Commission may deem fit, reports upon the working of those safeguards
    • To make in such reports recommendations as to the measures that should be taken by the Union or any State
    • To discharge such other functions as the President may, subject to the provisions of any law made by Parliament, by rule specify

    Note: National Commission for Backward Castes is also a constitutional body too. According to article 340, President shall establish a commission to examine the condition of social and backward class.

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