💥Join UPSC 2027,2028 Mentorship (August Batch) + XFactor Notes & Microthemes PDF
Talk to Mentor

Civilsdaily

Login

Subject: Economics

  • What is Antrix- Devas Multimedia Deal?

    A Canadian court has ordered the seizure of more than $30 million worth of Airport Authority of India’s assets.

    Background

    • In 2005, Devas Multimedia signed an agreement with Antrix —a commercial arm of the IISRO —to provide multimedia services to mobile users using the leased S-band satellite spectrum to be provided by Antrix.
    • In 2011, the UPA-2 government canceled this agreement on the ground that it needed the S-band satellite spectrum for national security and other social purposes.
    • This led to arbitration between Antrix and Devas at the International Chambers of Commerce (ICC) and two bilateral investment treaty (BIT) arbitrations. India lost all three disputes.

    India’s non-compliance

    • AAI and Air India are being targeted because they are Indian public sector entities with overseas assets and serve as a proxy for the government of India.
    • The Canada court can do so through the concept of restrictive immunity.
    • In the meanwhile, the National Company Law Tribunal (India) ordered the liquidation of Devas Multimedia on the ground that the affairs of the company were being carried on fraudulently.

    Why did India cancel the deal?

    • The scandal first came to light when in 2011, the news reported that there were some irregularities in the agreement between Antrix and Devas.
    • They reported the findings of a draft audit report and pointed out discrepancies including financial mismanagement, conflict of interest, non-compliance of rules, and favoritism.
    • This revelation came at the heel of the 2G spectrum scam which was condemned for the high level of corruption.

    How can a Canadian court order the attachment of Indian assets?

    • State immunity — a well-established principle of international law — shields a state and its property against legal proceedings in the courts of other countries.
    • This covers immunity from both jurisdiction and execution.
    • However, there is no international legal instrument in force dealing with state immunity in the municipal legal systems of different countries, which has created an international void.
    • Consequently, countries have filled this void through their national legislations and domestic judicial practices on state immunity.
    • Typically, prominent jurisdictions such as Canada follow the concept of restrictive immunity (a foreign State is immune only for sovereign functions) and not absolute immunity.

    How can assets of AAI be seized when the claim is against India?

    • In execution proceedings, assets of an entity can be seized if that entity is an alter ego of the State that fails to comply with the arbitral award.
    • In other words, if the foreign sovereign exercises such extensive control over the entity, then the presumption that the entity has a separate corporate character is set aside.
    • Thus, the Canadian court must have concluded that the Indian government extensively controls AAI.

    What options does India have?

    • The first option is to comply with the two adverse BIT awards. However, it is highly unlikely that India would do so.
    • The second option is to challenge this decision in an appellate court in Canada as per Canadian law where India can try proving that the ‘extensive control requirement’ is not met in the case of AAI.
    • However, state immunity from execution is purely a procedural hurdle to the enforcement of the BIT award.
    • It cannot justify India’s breach of its international law obligations enshrined in the two BITs and the continued failure to comply with the arbitral awards.

    Back2Basics: New Space India Limited (NSIL)

    • It functions under the administrative control of the Department of Space (DOS).
    • It aims to commercially exploit the research and development work of ISRO Centres and constituent units of DOS.
    • The NSIL would enable Indian Industries to scale up high-technology manufacturing and production base for meeting the growing needs of the Indian space program.
    • It would further spur the growth of Indian Industries in the space sector.

    ANTRIX

    • Antrix Corporation Limited (ACL), Bengaluru is a wholly-owned Government of India Company under the administrative control of the Department of Space.
    • It is as a marketing arm of ISRO for promotion and commercial exploitation of space products, technical consultancy services and transfer of technologies developed by ISRO.
    • Antrix is engaged in providing Space products and services to international customers worldwide.

     

    UPSC 2022 countdown has begun! Get your personal guidance plan now! (Click here)

  • Understanding IC15, India’s first Crypto Index

    Superapp CryptoWire recently launched India’s first cryptocurrency index, IC15, which will measure the performance of the 15 most widely traded cryptocurrencies listed on leading crypto exchanges by market capitalization.

    What is IC15?

    • CryptoWire constituted an Index Committee of domain experts, industry practitioners, and academicians that will select cryptocurrencies from the top 400 coins in terms of market capitalization.
    • The eligible cryptocurrency should have traded on at least 90% of the days during the review period and be among the 100 most liquid cryptocurrencies in terms of trading value.
    • Also, the cryptocurrency should be in the top 50 in terms of the circulating market capitalization.
    • The committee will then select the top 15 cryptocurrencies. The index will be reviewed quarterly.

    What is its significance?

    • IC15 can be replicated for creating index-linked products such as index funds or exchange-traded funds (ETFs).
    • Usually, the performance of a mutual fund scheme is assessed with reference to a benchmark, which could be a total return index of the Nifty or the Sensex.
    • IC15 is the first index in India that can act as a benchmark of the underlying cryptocurrency market and the performance benchmark for fund managers.
    • Moreover, robo-advisors, which provide financial advice with moderate to minimal human intervention, can use this index to create investment products at lower costs.

    How  does  IC15  correlate  with other market indicators?

    • IC15’s base value as on 1 April 2018 was 10,000.
    • It would mean that the index has gained 615% in absolute terms to 71,475.48 till 31 December 2021.

    Can  index-based  crypto investment reduce risks?

    • Index investing can be an effective way to diversify against risks as a fund invests in a basket of assets against a few limited coins.
    • However, index-based investing may not fully remove risks associated with investing in crypto assets.
    • Case in point: IC15 saw a 50% plunge in 2018, whereas other asset classes have seen a maximum drop in the range of 3-4%.
    • Further, bitcoin and ethereum have a combined weightage of 77% in the index, making it highly vulnerable to any volatility in these two coins.

    Can crypto funds be launched in India?

    • SEBI has recently asked mutual fund houses not to launch crypto-based funds until the Centre comes out with clear regulations.
    • This means asset management companies for now won’t be able to launch crypto funds based on IC15.
    • However, in the absence of any regulations, crypto platforms can offer products based on the index.
    • Global crypto investment platform Mudrex last year launched Coin Sets—crypto funds based on themes such as decentralized finance or market cap.

     

    UPSC 2022 countdown has begun! Get your personal guidance plan now! (Click here)

  • A reality check on great CAPEX expectations

    Context

    Economists are predicting a potential virtuous capital investments (capex) cycle to kick in globally as we emerge from the pandemic.

    Why do analysts think that capital investment cycle is about to start?

    • Less leveraged: Corporates are less leveraged today compared to 2008.
    • Indian corporates repaid debts of more than Rs 1.5 trillion.
    • Fiscal and monetary support: Companies are also more confident of durable fiscal and monetary support.
    • Increased savings: Households have large excess savings built during Covid — $1.7 trillion in the US and roughly $300 billion in India as per a UBS report.
    • Cash: Lastly, corporates are sitting on a large cash pile – S&P 500 firms’ cash has soared from $1 trillion pre-pandemic to $1.5 trillion now.

    Why capex wave is difficult in India?

    • Fall in capital formation: India’s fixed capital formation rate has steadily fallen from 36 per cent of GDP in 2008 to 26 per cent in 2020.
    • For a set of 718 listed companies for which data is consistently available from 2005, the capex growth rate has decreased from 7 per cent in 2008 to around 2 per cent in 2020.
    • Low return on invested capital: The return on invested capital in FY21 is still low at 2-3 per cent compared with 16-18 per cent returns in 2005-08.
    • Structural issues: Land acquisition is still tough, changes to labour laws have been slow, and reform uncertainty has resurfaced with the rollback of the agriculture reform laws.
    • Discouraging current data: As per CMIE data, the quarter ending in June 2021 saw Rs 2.72 lakh crore worth of new projects announced. This fell to Rs 2.22 lakh crore for the September 2021 quarter.
    • This is much below the average of Rs 4 lakh crore a quarter of new project announcements during 2018 and 2019.
    • Further, new projects are concentrated in fewer industries (power, and technology) with the top three accounting for 44 per cent of the total of new projects announced.
    • Low capacity utilisation: At the same time, capacity utilisation for corporate India is at an all-time low.
    • From a peak of 83 per cent in 2010, when capex was running hot, utilisation levels declined to 70 per cent just before the pandemic, and further to 60 per cent in June 2021 as per the RBI’s latest OBICUS data.
    • Capex is funded either from fresh debt or equity issues or from accumulated cash. Large firms are repaying debt.

    Conclusion

    It is too early in the cycle to predict anything with confidence, but we need more evidence to predict a capex cycle.

    UPSC 2022 countdown has begun! Get your personal guidance plan now! (Click here)

  • RBI approves Offline E-Payments

    The Reserve Bank of India (RBI) has come out with the framework for facilitating small-value digital payments in offline mode, a move that would promote digital payments in semi-urban and rural areas.

    Offline E-payments

    • Offline digital payment does not require Internet or telecom connectivity.
    • Such payments can be carried out face-to-face (proximity mode) using any channel or instrument like cards, wallets and mobile devices.
    • Such transactions would not require an Additional Factor of Authentication.
    • Since the transactions are offline, alerts (by way of SMS and/or e-mail) will be received by the customer after a time lag.
    • There is a limit of ₹200 per transaction and an overall limit of ₹2,000 until the balance in the account is replenished.

    Conditions applied

    • Payment instruments shall be enabled for offline transactions only after the explicit consent of the customer.
    • That apart, these transactions using cards will be allowed without a requirement to turn on the contactless transaction channel.
    • The customers shall have recourse to the Reserve Bank – Integrated Ombudsman Scheme, as applicable, for grievance redressal.
    • RBI retains the right to stop or modify the operations of any such payment solution that enables small value digital payments in offline mode.

     

    Answer this PYQ in the comment box:

    Q. With reference to digital payments, consider the following statements:

    1. BHIM app allows the user to transfer money to anyone with a UPI-enabled bank account.
    2. While a chip-pin debit card has four factors of authentication, BHIM app has only two factors of authentication.

    Which of the statements given above is/ are correct? (CSP 2018)

    (a) 1 only

    (b) 2 only

    (c) Both 1 and 2

    (d) Neither 1 nor 2

     

    [wpdiscuz-feedback id=”naidd0dw2j” question=”Please leave a feedback on this” opened=”1″]Post your answers here.[/wpdiscuz-feedback]

     

     

    UPSC 2022 countdown has begun! Get your personal guidance plan now! (Click here)

  • Preparing for a green energy shift in 2022

    Context

    Political leaders find themselves currently amid a messy reality. The seemingly “irresistible force” for clean energy has met, it would appear, the “immovable object” of an embedded fossil fuel energy system.

    Changes in the energy sector in 2021

    • Commitment to Net-zero: One hundred and thirty-three countries pledged to a “net-zero carbon emissions date” and most governments, corporates and civic entities have shown determination to “phase down” and eventually phase out fossil fuels from their energy basket.
    • Price volatility: The petroleum market seesawed and was expectedly volatile.
    • High price: Natural gas prices reached stratospheric levels as demand exceeded supplies and geopolitics compounded the imbalance. 

    Five trends that will shape the emergent energy landscape

    [1] Transition to clean energy will be long and expensive

    • Redesign and rebuilding: The fossil fuel-based economic system will have to be redesigned and, in parts, rebuilt for clean energy to achieve scale.
    • The process will take decades and require massive capital infusion.
    • No country or multilateral institution can finance this transition individually.
    • The world needs to collaborate: The world will have to collaborate and if it fails to do so, the financing deficit will push back the transition even further.

    [2] Fossil fuels will dominate the energy basket during the transition

    • Fossil fuels will dominate the energy basket during this transition phase.
    • Contributing factors: As has been the case so far, its market will be defined by the “fundamentals” of demand, supply and geopolitics and the “non-fundamentals” of exchange rates and speculative trade.
    • The price movements will be sharp, volatile and unexpected.

    [3] The resurgence of market influence of OPEC plus after private companies move beyond fossil fuel

    • The “ OPEC plus” will resurge in market influence.
    • The low-cost, high resource petrostates (Saudi Arabia, the Gulf nations, Iraq, Iran, Russia) will, in particular, gain greater control over the petroleum market as private companies move beyond fossils under pressure from shareholders and regulators.

    [4] Transition will create new centres of energy power

    • The Democratic Republic of Congo controls, more than 50 per cent of the global supply of cobalt; Australia holds a comparably large share of the lithium market; and China controls the mining, processing and refining of rare earth minerals.
    • It is difficult to tell how and when these countries will exercise their market power but it is clear that the “green transition” will create new centres of energy power.

    [5] Nationalism and political opportunism will influence energy policy

    • The US and China are currently embroiled in a “Cold War” over technology, trade, cyber issues and the South China Sea.
    • The US and China appear to be in a similar face-off. But that has not come in the way of their energy relations.
    • A few weeks ago, the two countries decided to coordinate the release of oil stocks from their strategic reserves to cool off the oil market.
    • The underlying reality is that national self-interest and short-term political ambition will be the defining determinant of future energy supply relations cutting across values and rhetoric.

    Suggestions for India

    • Nurture relations with traditional suppliers: India must assiduously nurture relations with our traditional suppliers of oil and gas.
    • It must not assume their role in the energy market will diminish.
    • Increase storage capacity of strategic reserves: It should accelerate the build-up of the storage capacity for oil and gas; the latter to hold strategic oil reserves, the former to store gas for inter alia conversion to blue hydrogen.
    • Ecosystem for search and development of minerals required for clean energy: It must create a facilitative ecosystem for the search and development of the minerals and metals required for clean energy.
    • Clean energy supply chain: It should create a “clean energy aatmanirbhar supply chain”.

    Conclusion

    The green transition must not lead to import dependency on raw minerals and manufactured inputs, especially from China. The current policy to incentivise the manufacture of semiconductors is a step in the right direction.

    UPSC 2022 countdown has begun! Get your personal guidance plan now! (Click here)

  • Global shortage of Semiconductor Chips

    Worldwide carmakers have slashed production due to an abrupt and cascading shortage of semiconductors.

    Semiconductor Chips

    • Semiconductors — also known as integrated circuits (ICs), or microchips — are most often made of silicon or germanium, or a compound like gallium arsenide.
    • It’s the thing that makes electronic items smart and faster.
    • Made from a material, usually silicon, that “semi-conducts” electricity, the chip performs a variety of functions.
    • Memory chips, which store data, are relatively simple and are traded like commodities.
    • Logic chips, which run programs and act as the brains of a device, are more complex and expensive.

    Reasons for shortages

    • Stay-at-home shift: This pushed chip demand beyond levels projected before the pandemic. Lockdowns spurred growth in sales of smartphones, laptops etc to the highest in a decade
    • Fluctuating forecasts: Automakers that cut back drastically early in the pandemic underestimated how quickly car sales would rebound.
    • Stockpiling: Chinese smartphone industry dominates the global market for 5G networking gear — began building up inventory to ensure it could survive US sanctions.

    How is the chip crisis playing out in geopolitics?

    • The global chip crisis and geopolitical tensions with China have shifted focus back on semiconductors.
    • The US, which was once a leader in chip manufacturing, wants the crown back.
    • The protectionist US is looking to bring manufacturing back to America and reduce its dependency on a handful of chipmakers mostly concentrated in Taiwan and South Korea.
    • China’s renewed aggression on Taiwan is also being seen in light of the chip crisis.

    Impact of semiconductor shortages

    • Chip shortages are expected to wipe out $210 billion of sales for carmakers this year, with the production of 7.7 million vehicles lost.
    • Broadband providers were facing delays of more than a year when ordering internet routers.

    Why is it so hard to compete?

    • Manufacturing advanced logic chips requires extraordinary precision, along with huge long-term bets in a field subject to rapid change.
    • Plants cost billions of dollars to build and equip, and they have to run flat-out 24/7 to recoup the investment.
    • A factory also consumes up enormous amounts of water and electricity and is vulnerable to even the tiniest disruptions, whether from dust particles or distant earthquakes.

     

    UPSC 2022 countdown has begun! Get your personal guidance plan now! (Click here)

  • GST Council defers Tax Rate increase on Textiles

    Hours before the new GST rate was to take effect, the GST Council  has decided to temporarily roll back the increase in tax rate for the textiles sector.

    What was the proposal?

    • The GST Council had recommended making certain rate changes for footwear and textiles to correct the inverted duty structure.

    What is Inverted Duty Structure?

    • An inverted duty structure arises when the taxes on output or final product is lower than the taxes on inputs.
    • This creates an inverse accumulation of input tax credit which in most cases has to be refunded.

    A loss for the govt

    • Inverted duty structure has implied a stream of revenue outflow for the government prompting the government to relook the duty structure.
    • For footwear, the government refunds around Rs 2,000 crore in a year.

    What is the present rate of GST on textiles?

    • At present, tax rate on manmade fibre, yarn and fabrics is 18%, 12% and 5%, respectively.
    • Apparel and clothing up to Rs 1,000 per piece currently attracts 5% GST.

    Issues with the tax increase

    • This decision has created a negative impact resulting in drop in demand and recession.
    • The new rate structure would cause closure of around 1 lakh textile units and losses of 15 lakh jobs nationally.

     

    UPSC 2022 countdown has begun! Get your personal guidance plan now! (Click here)

  • Chisumle- Demchok: Worlds’ Highest Motorable Road

    Ladakh’s Chisumle-Demchok Road, when it crosses the Umling Pass, is now the world’s highest motorable road.

    Chisumle- Demchok Road

    • The project to build the road through the pass — a part of Border Roads Organization (BRO) Project Himank — had been completed in 2017, after which vehicles had started playing on the route.
    • The road is in south Ladakh. It passes through Umling La Pass, which is at a height of over 19,000 feet.
    • The height of the pass makes it the highest motorable road in the world, and was recently recognized as such by Guinness World Records.
    • The 52-km road ‘black-top’ tarmac road from Chisumle to Demchok betters the previous record of a road in Bolivia, which connects the volcano Uturuncu at 18,953 feet.
    • The road was built under extremely challenging conditions, as temperatures in the region can fall to below minus 40 degrees Celsius, and oxygen levels go down to 50 per cent below normal.

    Top of the world

    • At the pass, the road is higher than both the base camps for the climb to Mount Everest, the world’s highest mountain.
    • The South Base Camp in Nepal is at a height of 17,598 ft, while North Base Camp in Tibet is at 16,900 ft.
    • The Chisumle-Demchok road is also higher than the Siachen Glacier, which is situated at 17,700 feet.
    • Khardung La in Leh, which at one time was among the highest roads in the world, is at an altitude of 17,582 feet.

    Military significance of the road

    • This road provides a direct route from Chisumle, which lies on the major road coming from Leh, Karu and Nyoma.
    • All of these stations have important military stations which are close to the Line of Actual Control.
    • Demchok has been an India-China flashpoint earlier, the site of a standoff between the two armies in 2016.
    • In the current standoff in eastern Ladakh, which began in May 2020, Demchok has come up as a point of contention.

    Other benefits offered

    • The new axis will be helpful for the armed forces, making it easier to mobilize troops and equipment, including rations.
    • The road will not only enable faster movement of armed forces to the region but will also boost tourism and improve the socio-economic condition of the local people in the region.

    Certain limitations

    • Since the road goes through such a high pass, road transport will be unfeasible during the winter, when the armed forces rely on air support.

     

     

     

    UPSC 2022 countdown has begun! Get your personal guidance plan now! (Click here)

  • States demand extension of GST compensation for another 5 years

    Many states have demanded that the GST compensation cess regime be extended for another five years and the share of the Union government in the centrally-sponsored schemes be raised as the COVID-19 pandemic has impacted their revenues.

     What is GST?

    • GST, being a consumption-based tax, would result in loss of revenue for manufacturing-heavy states.
    • GST launched in India on 1 July 2017 is a comprehensive indirect tax for the entire country.
    • It is charged at the time of supply and depends on the destination of consumption.
    • For instance, if a good is manufactured in state A but consumed in state B, then the revenue generated through GST collection is credited to the state of consumption (state B) and not to the state of production (state A).

    Compensation under GST regime: GST Compensation Cess

    • Due to the consumption-based nature of GST, manufacturing states like Gujarat, Haryana, Karnataka, Maharashtra and Tamil Nadu feared a revenue loss.
    • Thus, GST Compensation Cess or GST Cess was introduced by the government to compensate for the possible revenue losses suffered by such manufacturing states.
    • However, under existing rules, this compensation cess will be levied only for the first 5 years of the GST regime – from July 1st, 2017 to July 1st, 2022.
    • Compensation cess is levied on five products considered to be ‘sin’ or luxury as mentioned in the GST (Compensation to States) Act, 2017 and includes items such as- Pan Masala, Tobacco, and Automobiles etc.

    Why is the compensation necessary?

    • States no longer possess taxation rights after most taxes, barring those on petroleum, alcohol, and stamp duty were subsumed under GST.
    • GST accounts for almost 42% of states’ own tax revenues, and tax revenues account for around 60% of states’ total revenues.
    • Finances of over a dozen states are under severe strain, resulting in delays in salary payments and sharp cuts in capital expenditure outlay amid the pandemic-induced lockdowns and the need to spend on healthcare.

    Distributing GST compensation

    • The compensation cess payable to states is calculated based on the methodology specified in the GST (Compensation to States) Act, 2017.
    • The compensation fund so collected is released to the states every 2 months.
    • Any unused money from the compensation fund at the end of the transition period shall be distributed between the states and the centre as per any applicable formula.

    Try this question from CSP 2018:

    Q. Consider the following items:

    1. Cereal grains hulled
    2. Chicken eggs cooked
    3. Fish processed and canned
    4. Newspapers containing advertising material

    Which of the above items is/are exempt under GST (Goods and Services Tax)?

    (a) 1 only

    (b) 2 and 3 only

    (c) 1, 2 and 4 only

    (d) 1, 2, 3 and 4

     

    [wpdiscuz-feedback id=”7c72z5efcv” question=”Please leave a feedback on this” opened=”1″]Post your answers here.[/wpdiscuz-feedback]

     

    Also read:

    [Burning Issue] GST Compensation

     

     

    UPSC 2022 countdown has begun! Get your personal guidance plan now! (Click here)

  • Reining in the Direct Selling Industry

    The Government has notified the Consumer Protection (Direct Selling) Rules, 2021, that prohibits all direct selling entities from promoting pyramid schemes or money circulation schemes, while also providing for a mechanism for redressal of consumer complaints.

    What is Direct Selling?

    • In Direct Selling, goods or services are directly sold to consumers through sellers who act as individual representatives of the direct selling entities, instead of a retail premises.
    • For example: Brands such as Amway, Herbalife , Oriflame and Modicare etc. directly sell their products through outlets. They are generally expensive.

    What are the new rules?

    • The new Rules were primarily introduced to prohibit the promotion of pyramid and money circulation schemes by the direct selling industry.
    • Apart from that, entities are now required to be registered in the country.
    • Further, to provide a redressal mechanism for consumers, the Rules mandate that direct selling entities appoint grievance redressal officers who will put up their contact details on the website.
    • Direct selling entities that are not established in India, but offer goods or services to consumers here, will also need to comply with the newly notified rules.

    How big is the Indian Direct Selling industry?

    • As per a report, the number of active direct sellers in the country stood at around 7.4 million in 2019-20.
    • The two big categories were ‘wellness & nutraceuticals’ – which accounted for 57% of the sales, followed by cosmetics and personal care which contributed 22% to the sales.

    Whom do these Rules apply?

    • These Rules apply on all models of direct selling and all goods and services bought or sold through direct selling.
    • Direct selling entities that are not established in India, but offer goods or services to consumers in India, will also need to comply with the newly notified Rules.

    Why have they been notified now?

    • Fraud prevention: The guidelines aim for preventing fraud and protecting consumer interest. Earlier, these were not regulated under enforceable law.
    • Costly products: A direct selling entity or a direct seller cannot refuse to take back “spurious goods or deficient services” and provide a refund, or charge consumers any entry fee or subscription fee.
    • Coercive persuasion: They often tend to persuade consumers to make a purchase based upon the representation that they can reduce or recover the price by referring prospective customers.
    • Providing legitimacy to DS: The Rules provide legitimacy to the industry and also help attract more foreign direct investment (FDI).

    What do the rules say?

    • Registration: Every direct selling entity with operations in India needs to be registered in the country, and have a minimum of one physical location as its registered office within India.
    • Self-declaration: The entities will need to make a self-declaration that it is in compliance with these Rules and is not involved in any pyramid scheme or money circulation scheme.
    • Data storage within India: Additionally, such entities are required to store sensitive personal data within India and take steps to ensure the protection of such data.
    • Grievance redressal: The Rules mandate that direct selling entities appoint one or more grievance redressal officers and put up their details such as name, telephone number and email address, on their website.
    • Officer to ensure compliance: Every direct selling entity will need to appoint a nodal officer who will be responsible for ensuring compliance with the provisions of the Act.
    • Restricted visits: A direct seller will not visit a consumer’s premises without identity card and prior appointment or approval, or provide any literature to a prospect, which has not been approved by the direct selling entity.

     

    UPSC 2022 countdown has begun! Get your personal guidance plan now! (Click here)