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Covid-19 Delta-plus Variant
The Maharashtra government has tightened the Covid-19 unlocking process in the wake of a rise in cases of the Delta Plus variant.
What is Delta Plus?
- A variant that has emerged as a new threat, especially in India, Delta Plus (B.1.617.2.1/(AY.1) is a new mutant strain of the Delta variant of SARS-CoV-2.
- It is technically the next generation of SARS-COV-2.
- The Delta variant that was first detected in India eventually became a huge problem for the whole world.
- However, the Delta Plus variant, at present, is limited to smaller areas in the country. This mutant of Delta was first detected in Europe in March 2021, but it came to light on June 13.
- Although it is still under investigation, experts believe that the Delta Plus variant has increased transmissibility.
What is known so far?
- The new Delta plus variant has been formed due to a mutation in the Delta or B.1.617.2 variant.
- Delta Plus (AY.1) is resistant to monoclonal antibodies cocktail.
- Since it’s a new variant, its severity is still unknown.
- 63 genomes of Delta (B.1.617.2) with the new K417N mutation have been identified by the GISAID (global science initiative) so far.
- The mutation is in the spike protein of SARS-COV-2, which helps the virus enter and infect the human cells.
- People reported symptoms like headaches, sore throats, runny noses, and fever.
Are COVID-19 vaccines effective against the Delta Plus variant?
- Medical experts say it is too early to predict the effectiveness of the existing vaccines on the new variant.
- A detailed study would be required to establish any effect of the mutant on the immune system.
- However, Union Health Ministry says that both Indian vaccines — Covishield and Covaxin are effective against the Delta variant.
- There is fear that this new variant Delta Plus may spark the third wave of COVID-19, but there is a very low incidence of such cases, so there is no certainty.
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Who is a Registered Valuer?
A valuation report by a registered valuer is at the heart of the recent controversy surrounding a Rs 4,000 crore share allotment decision by PNB Housing Finance.
Who is a Registered Valuer?
- A registered valuer is an individual or entity which is registered with the Insolvency and Bankruptcy Board of India (IBIBI) as a valuer in accordance with the Companies (Registered Valuers and Valuation) Rules, 2017.
- Under Section 458 of the Companies Act, IBBI has been specified as the authority by the central government.
- The concept of registered valuer was introduced in the Companies Act in 2017 in order to regulate the valuation of assets and liabilities linked to a company and to standardize the valuation procedure in line with global valuation standards.
- Before the concept of registered valuer became part of the Companies Act, valuation was done in an arbitrary manner, often leading to question marks over the authenticity of the valuation.
What does the valuation report comprise?
- As per the Companies (Registered Valuers and Valuation) Rules, 2017, the valuer should, in his/its report, state 11 key aspects including disclosure of the valuer’s conflict of interest, if any.
- Among others, it must include the purpose of valuation; sources of information; procedures adopted in carrying out the valuation; valuation methodology; and major factors that influenced the valuation.
Who can become a registered valuer?
- An individual needs to clear the Valuation Examination conducted by IBBI.
- The rules state that an individual who has completed 50 years of age and has been substantially involved in at least ten valuation assignments of assets amounting to Rs 5 crore rupees or more, during the five years preceding the commencement of these rules, shall not be required to pass the Valuation Examination.
- The individual should, however, have a postgraduate degree in the specified discipline (relevant for valuation of the class of asset for which the registration is sought) and should have at least three years of experience in the discipline thereafter.
- As of March 31, 2021 there were 3,967 registered valuers in the country. Only 40 of them are registered entities; the rest are individuals.
For what assets can a registered valuer undertake valuation?
- A registered valuer can get themselves registered for valuation of assets such as land and building; plant and machinery; and securities and financial assets.
- They can get registered for valuation of all three classes, and can undertake valuation of only the assets for which they have got the registration.
Answer this PYQ in the comment box:
Q.Which of the following statements best describes the- term ‘Scheme for Sustainable Structuring of Stressed Assets (S4A)’, recently seen in the news? (CSP 2017)
(a) It is a procedure for considering the ecological costs of developmental schemes formulated by the Government.
(b) It is a scheme of RBI for reworking the financial structure of big corporate entities facing genuine difficulties.
(c) It is a disinvestment plan of the Government regarding Central Public Sector Undertakings.
(d) It is an important provision in ‘The Insolvency and Bankruptcy Code’ recently implemented by the Government.
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What is Ambergris?
In the past few weeks, there have been two cases where the Mumbai Police has arrested five persons trying to sell Ambergris or whale vomit.
What is Ambergris?
- Ambergris, French for grey amber, is generally referred to as whale vomit.
- It is a solid waxy substance that floats around the surface of the water body and at times settles on the coast.
- A sperm whale eats several thousand squid beaks a day.
- Occasionally, a beak makes it way to the whale’s stomach and into its looping convoluted intestines where it becomes ambergris through a complex process, and may ultimately be excreted by the whale.
Is it Ambergris valuable?
- This excretion is so valuable it is referred to as floating gold.
- As per the latest estimates given by Mumbai Police, 1 kg of ambergris is worth Rs 1 crore in the international market.
- The reason for its high cost is its use in the perfume market, especially to create fragrances like musk.
- It is believed to be in high demand in countries like Dubai that have a large perfume market. Ancient Egyptians used it as incense.
- It is also believed to be used in some traditional medicines.
Why are the laws on Ambergris?
- Due to its high value, Ambergris has been a target for smugglers especially in coastal areas.
- There have been several cases where the coastline of Gujarat has been used for such smuggling.
- Since the sperm whale is a protected species, hunting of the whale is not allowed.
- However, smugglers are known to have illegally targeted the fish in order to obtain the valuable Ambergris from its stomach.
- However, Ambergris is produced only by an estimated one per cent of sperm whales.
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Places in news: Black Sea
Russia accused Britain of spreading lies over a warship confrontation in the Black Sea.
What is the issue?
- Russia annexed Ukraine’s Crimean Peninsula in 2014, a move that was not recognized by most countries in the world.
- Russia has frequently responded at NATO warships visits near Crimea, casting them as destabilizing.
- NATO members Turkey, Greece, Romania and Bulgaria are in the Black Sea, but warships from the US, UK and other NATO allies also have made increasingly frequent visits in a show of support to Ukraine.
About Black Sea
- The Black Sea is a marginal sea of the Atlantic Ocean lying between Europe and Asia; east of the Balkans (Southeast Europe), south of the East European Plain in Eastern Europe, west of the Caucasus, and north of Anatolia in Western Asia.
- It is supplied by major rivers, principally the Danube, Dnieper, and Don.
- The watersheds of many countries drain into the sea beyond the six that share its coast.
- The Black Sea is bordered by Bulgaria, Georgia, Romania, Russia, Turkey, and Ukraine.
Must answer this PYQ in the comment box:
Q.Consider the following pairs:
Sea
Bordering country
1. Adriatic Sea Albania 2. Black Sea Croatia 3. Caspian Sea Kazakhstan 4. Mediterranean Sea Morocco 5. Red Sea Syria Which of the pair given above are correctly matched? (CSP 2020)
(a) 1, 2 and 4 only
(b) 1, 3 and 4 only
(c) 2 and 5 only
(d) 1, 2, 3, 4 and 5
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[pib] 6 years of Urban Transformation
The Ministry of Housing and Urban Affairs (MoHUA) has commemorated 6 years of the three transformative Urban Missions vis. Smart Cities Mission (SCM), Atal Mission for Urban Rejuvenation and Urban Transformation (AMRUT) and Pradhan Mantri Awas Yojana-Urban (PMAY-U). All these missions were inaugurated in 2015.
[A] Pradhan Mantri Awas Yojana – Urban (PMAY)
- PMAY is an initiative in which affordable housing will be provided to the urban poor with a target of building 2 crore (20 million) affordable houses by 31 March 2022.
- It has two components: for the urban poor and also for the rural poor.
- This scheme is converged with other schemes to ensure houses have a toilet, Saubhagya Yojana electricity connection, Ujjwala Yojana LPG connection, access to drinking water, and Jan Dhan banking facilities, etc.
[B] Atal Mission for Rejuvenation & Urban Transformation (AMRUT)
- AMRUT was launched with the focus to establish an infrastructure that could ensure adequate robust sewage networks and water supply for urban transformation by implementing urban revival projects.
- The components of the AMRUT consist of capacity building, reform implementation, water supply, sewerage and septage management, stormwater drainage, urban transport, and the development of green spaces and parks.
- During the process of planning, the Urban Local Bodies (ULBs) will strive to include some smart features in the physical infrastructure components.
- Rajasthan was the first state in the country to submit State Annual Action Plan under Atal Mission for Rejuvenation and Urban Transformation (AMRUT).
[C] Smart Cities Mission
- National Smart Cities Mission is an urban renewal and retrofitting program by the Government of India with the mission to develop smart cities across the country, making them citizen-friendly and sustainable.
- The Union Ministry of Urban Development is responsible for implementing the mission in collaboration with the state governments of the respective cities.
- All the participating cities from West Bengal have withdrawn from the Smart Cities Mission.
- Mumbai and Navi Mumbai from Maharashtra have also been withdrawn from the Smart Cities Mission.
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[Yojana Archive] Maharashtra: A Journey of Over Sixty Years
On 1st May 1960, the separate Marathi speaking state of Maharashtra was created. Located in the western region of India, Maharashtra is the third-largest state in India in terms of area and the second-largest in terms of population. The State has been recognized as the country’s industrial powerhouse and maintains the position of being the most industrialized state.
Mumbai—the capital of Maharashtra, is seen as India’s financial capital, but is literally the Gateway of India-secular, progressive yet rooted.
Historical perspective
[A] Ancient
- Many Chalcolithic sites are located in present-day Maharashtra and some like Inamgaon (1300 BCE to 700 BCE) were extensively excavated.
- The Satavahanas ruled in regions belonging to present-day Maharashtra between the 1st century BCE to 3rd century CE.
- International trade with the western world was in full swing during this period. The ports in Maharashtra played a major role in this.
- The result can be seen in the excavation of many Buddhist rock-cut caves like Bhaja, Pitalkhore, Karla Nasik, etc. patronized mainly by the trading community.
- After the decline of the Satavahana rule, many small kingdoms were established in different parts of Maharashtra like the Abhiras, Traikutakas, etc.
- In the 8th century CE when the Rashtrakutas came to power, they were involved in creating the world-famous caves at Ellora.
[B] Medieval
- The Yadavas (10th century to 13th century CE) were the next rulers in the state. The Shilahara rulers were contemporary to them ruling in western and southern Maharashtra.
- Allauddin Khilji of the Delhi Sultanate defeated the Yadavas. Muhammad bin Tughlaq shifted his capital to Daulatabad (Devagiri) from Delhi for some time.
- This period marks the efflorescence of the temple building activity in Maharashtra.
- After the decline of the Tughlaqs, the Bahmani Sultanate started ruling over Maharashtra in the 14th century CE. After the disintegration of the Bahamani empire, the Nizam Shahi and Adil Shahi ruled over different parts of the state.
- In the 17th century CE, Chhatrapati Shivaji established his independent rule in Maharashtra. Maratha Empire lasted until the British took over it in 1819.
[C] Modern
- Maharashtra played a major role in the struggle for independence.
- The year 1885 saw the establishment of the Indian National Congress in Bombay.
- The establishment of the first Indian newspaper Darpan also happened in the state.
- Maharashtra has been a pioneer of women’s rights and the Indian feminist movement.
- From the early 19th century onwards, the state saw a host of thinkers and reformers who campaigned against child marriage and Sati, while simultaneously upholding women’s education and widow remarriage.
- Prominent names include the late Justice MG Ranade, Savitribai Phule, and Pandita Ramabai.
- India’s first female doctor, Late Anandi Bai Joshi comes from the state of Maharashtra.
- As early as the 1930s, cities like Pune was also known as a prominent educational hub and as the ‘Oxford of the East’.
Geography of Maharashtra
The modern state of Maharashtra is bordered by the Arabian Sea to the West, Gujarat and the Union Territory of Dadra and Nagar Haveli to the Northwest, Madhya Pradesh to the North & North East, Chhattisgarh to the East, Karnataka to the South, Andhra Pradesh to the Southeast and Goa to the Southwest.
Physical features
- The Western Ghats form the source of several major rivers of Maharashtra, notable among them being the Godavari and the Krishna.
- The Sahyadri Range is the defining geographical feature of Maharashtra. The Konkan, lying between the Arabian Sea and the Sahyadri Range, is a narrow coastal lowland.
- The Satpuras, hills along the northern border, and the Bhamragad Chiroli-Gaikhuri Ranges on the eastern border form physical barriers.
- Apart from the mainly occurring rock Basalt; other rocks like Laterite are found in the coastal humid and tropical region.
Natural resources found
- Maharashtra is rich in ore deposits. Granite, Granite gneiss, Quartzite, Conglomerates are found in the basement regions of the Konkan Rivers.
- Kamti of the Nagpur region is famous for coal.
- The Chandrapur, Gadchiroli, Bhandara, and Nagpur Districts form the main mineral belt, with coal and manganese as the major minerals and iron ore and limestone as minor minerals.
Heritages
[A] Rock-cut caves and temples
- Ajanta and Ellora, in the vicinity of Aurangabad, are world-famous heritage sites. All these have been carved out of solid rock.
- Buddhist rock-cut caves like Bhaja, Pitalkhora, Karla and Nasik are also equally famous rock-cut caves in the state.
- The Elephanta Caves are a network of sculpted caves on Elephanta Island.
[B] Folk art
- Musical forms like Powada, a song praising the valour of a great ruler and graceful dance forms like Lavani are popular art forms of the state.
- The Koli dance form is also famous in the coastal region of the state.
[C] Social-cultural reforms
- The Bhakti movement—a medieval movement spread all over the country between the 13th and 17th centuries found resonance in Maharashtra as well.
- Famous personalities of the Bhakti movement includes saint poets like Dnyaneshwar, Namdev, Tukaram, and Chokhamela.
- The Warkari movement every year in June-July sees a plethora of farmers and myriad believers in Vitthoba (an avatar of Lord Vishnu) converge to Pandharpur in an annual pilgrimage.
Related Previous Year Questions:
Q.There are only two known examples of cave paintings of the Gupta period in ancient India. One of these is paintings of Ajanta caves. Where is the other surviving example of Gupta paintings? (CSP 2010)
(a) Bagh caves
(b) Ellora caves
(c) Lomas Rishi cave
(d) Nasik caves
Q. In the context of Indian history, the Rakhmabai case of 1884 revolved around
1. Women’s right to gain education
2. Age of consent
3. Restitution of conjugal rights
Select the correct answer using the code given below: (CSP 2019)
(a) 1 and 2 only
(b) 2 and 3 only
(c) 1 and 3 only
(d) 1,2 and 3
Q.Satya Shodhak Samaj organized (CSP 2016):
(a) A movement for upliftment of tribals in Bihar
(b) A temple-entry movement in Gujarat
(c) An anti-caste movement in Maharashtra
(d) A peasant movement in Punjab
Q.Consider the following pairs:
Famous place Region
1. Bodhgaya : Baghelkhand
2. Khajuraho : Bundelkhand
3. Shirdi : Vidarbha
4. Nasik (Nashik) : Malwa
5. Tirupati : Rayalaseema
Which of the pairs given above are correctly matched?
(a) 1, 2 and 4
(b) 2, 3, 4 and 5
(c) 2 and 5
(d) 1, 3, 4 and 5
Q. Among the following, who was not a proponent of bhakti cult?
(a) Nagarjuna
(b) Tukaram
(c) Tyagaraja
(d) Vallabhacharya
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Bad bank
The article suggests drawing the lessons from China’s experience with the bad bank as India India gets ready to operationalise a new bad bank.
Bad bank in China and issues
- In the aftermath of the Asian financial crisis, China set up dedicated bad banks for each of its big four state-owned commercial banks.
- These bad banks were meant to acquire non-performing loans (NPLs) from those banks and resolve them within 10 years.
- In 2009, their tenure was extended indefinitely.
- Chinese banks can currently transfer NPLs only to the national or local bad banks.
- One of China’s biggest bad banks is the China Huarong Asset Management Co. Ltd. (Huarong).
- The Chinese government is its principal shareholder.
- Recently this bad bank stoked financial stability concerns when it skirted a potential bond default.
- An incentive to conceal: Recent research at the National University of Singapore and others highlights that Chinese bad banks effectively help conceal Non-Performing Loans.
- The banks finance over 90 per cent of NPL transactions through direct loans to bad banks or indirect financing vehicles.
- The bad banks resell over 70 per cent of the NPLs at inflated prices to third parties, who happen to be borrowers of the same banks.
- The researchers conclude that in the presence of binding financial regulations and opaque market structures bad bank model could create incentives to hide bad loans instead of resolving them.
- Broadening of tenure: In case of Huarong, the main source of the problem appears to be the gradual broadening of the original mandate and tenure of Chinese bad banks.
Four lessons for India
- India is about to operationalise a new bad bank, the National Asset Reconstruction Company Ltd. (NARCL).
- The Chinese experience holds four important lessons for India.
1) Finite tenure of bad bank
- A centralised bad bank like NARCL should ideally have a finite tenure.
- Such an institution is typically a swift response to an abrupt economic shock (like Covid) when orderly disposal of bad loans via securitisation or direct sales may not be possible.
- The banks could transfer their crisis-induced NPLs to the bad bank and focus on expanding lending activity.
- The bad bank in turn can restructure and protect asset value.
- Over time, it could gradually dispose of the assets to private players.
2) Narrow mandate
- A bad bank must have a specific, narrow mandate with clearly defined goals.
- Transferring NPLs to a bad bank is not a solution in itself.
- There must be a clear resolution strategy.
- Otherwise, allowing a bad bank to exist in perpetuity risks a potential mission creep, which might in the long run threaten financial stability itself.
3) Diversify the sources of funds for ARC
- Indian banks remain exposed to these bad loans even after they are transferred to asset reconstruction companies (ARCs).
- The RBI Bulletin (2021) notes that sources of funds of ARCs have largely been bank-centric.
- The same banks also continue to hold close to 70 per cent of the total security receipts (SRs).
- To address this problem, RBI has tightened bank provisioning while liberalising foreign portfolio investment norms.
4) Resolution of bad loans should be through market mechanism
- In a steady state, the resolution of bad loans should happen through a market mechanism and not through a multitude of bad banks.
- In India, the Narasimham Committee (1998) had envisaged a single ARC as a bad bank.
- Yet, the SARFAESI Act, 2002 ended up creating multiple, privately owned ARCs.
- As a result, regulations have treated ARCs like bad banks, although functionally they are closer to stressed asset funds registered as Alternative Investment Fund Category II (AIFs).
- With the setting up of NARCL as a centralised bad bank, the regulatory arbitrage between ARCs and AIFs must end.
- While AIFs should be allowed to purchase bad loans directly from banks and enjoy enforcement rights under the SARFAESI Act.
- ARCs should be allowed to purchase stressed assets from mutual funds, insurance companies, bond investors and ECB lenders.
- ARC trusts should be allowed to infuse fresh equity in distressed companies, within IBC or outside of it.
- Lastly, the continued interest of the manager/sponsor of ARCs should be at par with AIFs, that is, at least 2.5 per cent in each scheme or Rs 5 crore, whichever is lower.
Conclusion
The Chinese experience should nudge Indian policymakers to limit the mandate and tenure of NARCL, while facilitating market-based mechanisms for bad loan resolution in a steady state.