CAO The Hindu NOTES – 05th Feb, 2018 (Daily News Paper Current Affairs Analysis)

📰 THE HINDU NEWSPAPER  DAILY  Hindu Current Affairs Analysis


Date:- 05th Feb 2018

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 Alam Beg, martyr of Sepoy Mutiny, wants to return home {History}

In news

A 160-year-old skull of sepoy Alam Beg, now in the possession of a historian in London, is proof that colonial rulers who brought many modern practices to India were also at times inhuman.

Contribution of Alam Beg to Sepoy Mutiny

  • In 1857, Alam Beg, also known as Alum Bheg, was a soldier with the 46th Bengal Native Infantry, an arm of the East India Company.
  • The Mutiny that year, after having covered the north Indian heartland, spread to Sialkot (now in Pakistan), where Alam Beg and his companions tried to follow their fellow soldiers and attacked the Europeans posted there.
  • On July 9, 1857, they killed seven Europeans, including an entire Scottish family.
  • Alam Beg, along with his comrades, left Sialkot and trekked all the way to the Tibetan frontier only to be turned away by the guards on the Tibetan side.
  • He was reportedly arrested from Madhopur, a scenic town on the northern part of the Indian Punjab and taken back to Sialkot. A year later, he was tried for the brutal killing of the Scottish family and blown up from the mouth of a cannon.
  • The Mutiny ended soon after. Alam Beg’s tragic story surfaced more than a century later thanks to an Irish captain Arthur Robert George Costello, who was present at his execution.

Headhunting

Headhunting is the practice of taking and preserving a person’s head after killing the person. Headhunting was practised in historic times in parts of Oceania, South Asia and Southeast Asia, West and Central Africa, Mesoamerica and Europe. It occurred in Europe to the end of the Middle Ages in Ireland and the Anglo-Scottish border regions, and until the 19th century in Montenegro, Croatia, Albania and western parts of Herzegovina

The Sepoy Mutiny was a violent and very bloody uprising against British rule in India in 1857. It is also known by other names: the Indian Mutiny, the Indian Rebellion of 1857, or the Indian Revolt of 1857.

In Britain and in the West, it was almost always portrayed as a series of unreasonable and bloodthirsty uprisings spurred by falsehoods about religious insensitivity.

In India, it has been viewed quite differently. And events of 1857 have been considered the first outbreak of an independence movement against British rule.

The uprising was put down, but the methods employed by the British were so harsh that many in the western world were offended. One common punishment was to tie mutineers to the mouth of a cannon and then fire the cannon, completely obliterating the victim.


 Plan to establish hub for cancer research in Vizag {Health}

In news

A high-level team from America-based Elixsys and noted companies in cancer care will be in the city shortly to explore developing a world-class cancer research park in Visakhapatnam.

Objective

To create a comprehensive life science ecosystem that specialises in bringing together various stakeholders from around the world to undertake research in the VCR Park.

Highlights

Named Vyas Cancer Park (VCR)

The project figured at the meeting of the State Investment Promotion Board, which had agreed to extend incentives as per the Biotechnology Policy for 2015-20.

Project cost

The GO says the park is proposed in 350 acres with an investment of ₹3,035 crore. The promoters promise direct employment for 12,000 and indirect jobs for 17,500.

National Biotechnology Development Strategy 2015-20

The National Biotechnology Development Strategy of the Department of Biotechnology was unveiled by Minister for Science & Technology and Earth Sciences.

The National Biotechnology Development Strategy-2015-2020 is the direct result of formal and informal consultations over the past two years with over 300 stakeholders including scientists, educators, policy makers, leaders of industry and civil society, voluntary and non-government organizations, regulators and international experts.

Highlights

  • Making India ready to meet the challenge of  achieving US$100bn by 2025
  • Launching Four Major Missions – Healthcare, Food and Nutrition, Clean Energy and
  • Education
  • Creating a Technology Development and Translation network across the country with global partnership-5 new clusters, 40 Biotech incubators, 150 TTOs, 20 Bioconnect centers.
  • Strategic and focussed investment in building the Human Capital by creating a Life Sciences and Biotechnology Education Council.

 Pre-Christian era artefacts unearthed in Odisha {Culture}

Why in news?

The Archaeological Survey of India (ASI) has discovered pottery pieces, and tools made of stones and bones believed to be of the pre-Christian era from a mound in Jalalpur village of Cuttack district.

Highlights

  • The ASI teams have come across a couple of circular wattle and daub structures, which were predominantly used by people to take shelter during the pre-Christian era, in 12 trenches being dug simultaneously.
  • Excavation carried out in 12 acres of land in the Jalalpur village has unearthed remnants of axe, adze, celts and thumbnail scrappers chiselled from stones, harpoons, point and stylus made of bones and potteries with marks of paintings.
  • Discoveries of ancient artefacts indicated that a rural settlement might have thrived in that period. What is important in these latest discoveries is that we have found continuity in the progress of rural culture from a pre-historic era.
  • The ASI researcher, said the people here could not have lived in isolation and they could have had cultural and trade ties with other settlements in the Prachi Valley that had come up around the Prachi River, which gradually disappeared.
  • ASI researchers assumed that the bones found on the site belonged to deer species and bovidae. Discovery of tortoise shell, dolphin and shark teeth and fish bones indicated that the settlement could have been closer to the sea coast. Some rice grains have also been detected.
  • Rich materials found from excavation sites indicate that the people had a subsistence economy and they largely relied on agriculture, fishing and hunting.
  • Further excavation is expected to throw light on whether there was cultural link with other settlements, what happened to settlements established around the Prachi River, and how it declined.

Pre-Christian refer to

Before Christianization (the spread of Christianity)

  • Historical polytheism (the worship of or belief in multiple deities)
  • Historical paganism (denoting various non-Abrahamic religions)

Before Christ (BC), the era before the year 1 in the Julian and Gregorian calendars

  • Classical antiquity, a period of history centered on the Mediterranean Sea, lasting from around the 8th century BC to the 5th century AD
  • Iron Age, lasting from around the 12th century BC to the 8th century AD

 Deciphering LTCG tax on equity {Economy}

What is LTCG?

LTCG or long-term capital gains refer to the gains made on any class of asset held for a particular period of time. In case of equity shares, it refers to the gains made on stocks held for more than one year. In other words, if the shares are bought and held for more than a year before selling, then the gains, if any, on the said sale are referred to as long term capital gains or LTCG.

Why is LTCG tax in the news?

It is in the news as Finance Minister Arun Jaitley re-introduced LTCG tax on equity shares. Investors have to pay 10% LTCG tax on gains exceeding ₹one lakh on the sale of shares or equity mutual funds held for more than one year. Previously, short-term capital gains (STCG) tax of 15% was levied.

The Centre said if the gains exceeded ₹one lakh in a year, then 10% LTCG tax had to be paid without the benefit of indexation (adjusting the profit against inflation to compute the real taxable gains).

Was the tax levied on stock market trades earlier?

Such a tax existed until October 2004 when it was replaced by the securities transaction tax (STT) which was levied on all trades made on the stock exchanges.

STT is charged at 0.1% of the trade value in cash market trades. In the derivatives segment, 0.05% STT is charged on the options premium while it is pegged at 0.01% on futures. Incidentally, there was always a section of market participants that favoured LTCG tax over STT.

The issue of tax evasion through stock exchanges by paying a small STT component instead of LTCG had been raised regularly. Further, a study in 2016 stated that between 2005-06 and 2011-12, the Centre lost about ₹3.5 lakh crore by replacing LTCG tax with STT.

How will LTCG tax be computed?

  • Typically, when such a levy is introduced, it is structured in a manner so that prior investments get some kind of relief. In technical parlance, it is called the grandfathering benefit.
  • The government, while reintroducing the LTCG tax, said all gains made prior to January 31 would be grandfathered.
  • Here is how it works: for example, assume an entity bought shares in January 2017 at ₹100, which touched a high of ₹200 on January 31, 2018. Now, if he or she sells the shares at ₹300 in, say, May 2018, then his taxable gains would be ₹100. (₹300-₹200).

Will all investors be subject to LTCG tax?

  • All investors who trade on stock exchanges would be required to pay LTCG tax. Incidentally, the Centre has brought in LTCG tax while retaining STT as well. So, investors will have to pay both the taxes. However, foreign portfolio investors (FPIs), who invest in India from places like Mauritius and Singapore, would not be subject to LTCG tax, courtesy tax avoidance treaties.
  • This benefit, however, would be available only till the time the treaty benefit exists as the Centre is reworking all such so-called double tax avoidance agreements (DTAA).
  • For instance, the Singapore and Mauritius treaties also have a grandfathering clause plus a tax of only 5% on the computed gains. This, in effect, makes it more attractive for foreign investors to trade through the Mauritius or Singapore route.

How did the stock markets react to the introduction of the tax?

  • On 2nd Feb, a day after the Budget, benchmark equity indices — Sensex and Nifty — lost more than 2% each. The Sensex lost more than 900 points during intraday trading as it ended with its worst single-day fall in almost 15 months.
  • The introduction of LTCG tax can only increase the cost of trading stocks at a time when various market participants have been highlighting the ‘export of capital’ to other countries due to lower transaction costs in those nations. Incidentally, there are already reports that the government might look at the possibility of at least allowing the benefit of indexation while computing LTCG that would be a partial relief to investors.

 Easier norms may help Indian firms go global {Economy}

In news

  • The proposed Outward Direct Investment (ODI) policy may contain provisions to make it easy for many Indian firms, envisioning ambitious plans to transform themselves into multi-national companies (MNC), to go global and expand.
  • According to India Brand Equity Foundation (IBEF), “Indian firms invest in foreign shores primarily through mergers and acquisition (M&A) transactions.

Outward Direct Investment (ODI)

An outward direct investment (ODI) is a business strategy in which a domestic firm expands its operations to a foreign country. This can take the form of a green field investment, a merger/acquisition or expansion of an existing foreign facility. Employing outward direct investment is a natural progression for firms if their domestic markets become saturated and better business opportunities are available abroad.

What is the difference between Foreign Direct Investment (FDI) net inflows and net outflows?

  • FDI net inflows are the value of inward direct investment made by non-resident investors in the reporting economy. FDI net outflows are the value of outward direct investment made by the residents of the reporting economy to external economies.
  • Inward Direct Investment, also called direct investment in the reporting economy, includes all liabilities and assets transferred between resident direct investment enterprises and their direct investors. It also covers transfers of assets and liabilities between resident and non-resident fellow enterprises, if the ultimate controlling parent is non-resident.
  • Outward direct investment, also called direct investment abroad, includes assets and liabilities transferred between resident direct investors and their direct investment enterprises. It also covers transfers of assets and liabilities between resident and nonresident fellow enterprises, if the ultimate controlling parent is resident. Outward direct investment is also called direct investment abroad.
  • Foreign direct investment is a category of cross-border investment associated with a resident in one economy having control or a significant degree of influence on the management of an enterprise that is resident in another economy.

 Odisha ready to welcome olive ridleys {Bio-Diversity}

Why in news?

The forest department has decided to streamline and regulate tourist flow to the nesting coast during the nesting season and fencing along the sea coast to protect the olive ridley turtles during their mass nesting at the Rushikulya rookery in Odisha is being increased by two more kilometers this year.

Highlights

  • According to wildlife experts, mass nesting of olive ridleys is expected to start in a week or ten days at this major nesting site. Thousands of mother olive ridleys are now waiting at sea within two kilometres from the coastline between Gokharkuda and Podampeta villages of Ganjam district, Berhampur.
  • Every year, a 3.5-kilometre-long stretch of the beach from Gokharkuda to Podampeta used to be fenced to stop predators from harming the olive ridleys during nesting and the eggs in their nests. This temporary fencing also checks olive ridleys and their hatchlings from straying towards land.
  • “Last year a large number of olive ridleys had preferred to nest in this region which had remained unfenced, so this year decided to extend the fencing, This year the forest department has decided to extend the fencing for another two kilometers towards the north from Podampeta to Bateswar temple on the coast.
  • The forest department has established four camps atPurunabandh, Gokharkuda, Podampetaand Bateswar. These camps will monitor the nesting process round-the-clock. Patrolling at sea is continuing to check the entry of fishing trawlers to the olive ridley congregation zone.
  • The mating season of the endangered marine turtles in the sea near the Rushikulya rookery coast that started in November is now over. Most male olive ridleys have returned to their original habitat thousands of kilometers away, while the females have stayed back to nest at the sandy coast. The pregnant olive ridleys are coming closer by the day to their nesting coast at the Ruhsikulya rookery. All arrangements are in the final stages for protection of these endangered turtles during their nesting time as well as for protection of their eggs in the nests during the 45-day-long gestation period.
  • The forest department has decided to streamline and regulate tourist flow to the nesting coast during the nesting season. Tourists will be allowed to reach only demarcated regions of the coast through Podampeta and Gokharkuda villages so that human intervention does not affect the nesting process in any way.

Olive Ridley Sea Turtles

  • The Olive ridley turtles are the smallest and most abundant of all sea turtles found in the world, inhabiting warm waters of the Pacific, Atlantic and Indian oceans.
  • These turtles, along with their cousin the Kemps ridley turtle, are best known for their unique mass nesting called Arribada, where thousands of females come together on the same beach to lay eggs.
  • This is recognized as Vulnerable by the IUCN Red list.
  • The Olive ridley gets its name from its olive colored carapace, which is heart-shaped and rounded. Males and females grow to the same size; however, females have a slightly more rounded carapace as compared to the male.
  • They are carnivores, and feed mainly on jellyfish, shrimp, snails, crabs, molluscs and a variety of fish and their eggs.
  • Gahirmatha Beach is a beach in the Indian state of Odisha. The beach separates the Bhitarkanika mangroves from the Bay of Bengal and is the world’s most important nesting beach for Olive Ridley Sea Turtles. The beach is part of Gahirmatha Marine Wildlife Sanctuary.

Major threats

  • habitat and nesting beaches,
  • due to human activities such as turtle unfriendly fishing practices,
  • development and exploitation of nesting beaches for ports,
  • Tourist centres.
  • extensively poached for their meat, shell and leather, and their eggs, though illegal to harvest
  • The most severe threat they face is the accidental killing of adult turtles through entanglement in trawl nets and gill nets due to uncontrolled fishing during their mating season around nesting beaches.
  • WWF-India, along with the fishermen community, has been involved in protecting the Olive ridley rookery at the mass nesting site at Rushikulaya, in Orissa, by fencing off the nesting area and patrolling it till hatching and ensuring a safe passage for the hatchlings to the sea. It is estimated that approximately 1 hatchling survives to reach adulthood for every 1000 hatchlings that enter the sea waters.

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6 Comments
  1. Reply
    Rajiv
    February 5, 2018 at 7:35 pm

    please post daily newspaper current affairs analysis on regular basis..

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