🔥🔥Asset Reconstruction Companies (ARCs)🔥🔥

● In News:
- Reserve Bank of India (RBI) Releases Master Direction for Asset Reconstruction Companies (ARCs)

● About ARCs:
- ARCs are specialized financial institutions that purchase Non-Performing Assets (NPAs) from banks and financial institutions.

- NPAs are bad loans that are not generating income for the lenders.

- Role of ARCs:
1. Assist banks in cleaning up their balance sheets by acquiring their bad loans, allowing banks to focus on core banking activities.
2. Banks can sell their bad assets to ARCs at a mutually agreed value, relieving them from the burden of pursuing defaulters.

- ARCs are registered as companies under the Companies Act and with the RBI under section 3 of SARFAESI Act, 2002.

- Non-Banking Financial Companies under the RBI Act, 1934.

- 100% FDI is permitted.

- ARCs are prohibited from engaging in lending activities; they can only undertake securitization and reconstruction activities.

Business Standard

Green Turtle

- Scientific Name: Chelonia mydas

- Description:
● One of the largest sea turtles
● Sole herbivore among sea turtle species

- Coloration:
● Named for the greenish color of their cartilage and fat, not their shells
● In the Eastern Pacific, those with darker shells are called black turtles

- Diet: Grazes on seagrasses and algae

- Migration: Undertakes long-distance migrations between feeding grounds and hatching beaches

- Reproduction: Offspring sex determined by incubation temperature

- Distribution: Mainly found in tropical and subtropical waters

- Conservation Status:

● IUCN: Endangered
● CITES: Appendix I

Source : Forbes

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Lakadong Turmeric

● Considered one of the world's best varieties of turmeric

- Curcumin content: Approximately 6.8 to 7.5 per cent

● Darker in color, grown organically without fertilizers

- Found in : Lakadong area of Jaintia Hills, Meghalaya

Curcumin

● Polyphenol found in turmeric

● Targets multiple signaling molecules and demonstrates cellular activity

- Benefits include:

● Inflammatory conditions
● Metabolic syndrome
● Pain management
● Inflammatory and degenerative eye conditions
● Kidney health
● Effects primarily due to antioxidant and anti-inflammatory properties

- Other GI Products from Meghalaya :

● Garo Dakmanda (traditional dress)
● Larnai pottery
● Garo Chubitchi (alcoholic beverage)

Source : Times of India

Spices Board India

- Establishment : February 26, 1987, under the Spices Board Act 1986.

- Merger: Formed by merging the Cardamom Board and Spices Export Promotion Council.

- Nodal Ministry: Ministry of Commerce & Industry

- Functions: As a link between Indian exporters and international importers, involved in various activities across the spices sector.

● Oversees development of cardamom (small and large), focusing on production, productivity, and quality improvement.

● Implements post-harvest improvement programs for enhancing quality of 52 scheduled spices for export.

● Post-harvest quality improvement programs under 'Export Oriented Production.

● Promotes organic production, processing, and certification of spices.

●Develops spices in the North East region of India.

Source : Indian Express

Paradox of Thrift

● An economic paradox where an increase in autonomous saving leads to a decrease in aggregate demand, resulting in lower gross output and total saving.

- Narrow Perspective: Total saving may decrease due to individuals' attempts to increase their saving

- Broad Perspective: Increase in saving may be harmful to an economy overall, despite being beneficial for individuals

- Fallacy of Composition suggesting that what is true for parts may not hold true for the whole

- Stated : As early as 1714 in "The Fable of the Bees"

- Popularized by : John Maynard Keynes

● Impact : More saving leads to less spending, which can worsen a recession

Source : The Hindu
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🔥🔥Project ISHAN🔥🔥

● ISHAN: Indian Single Sky Harmonized Air Traffic Management initiative.

● Objective: To Unify India’s air traffic management.

● Currently, India has four primary Flight Information Regions (FIRs) and one sub-FIR.

● New Centralized Location: Nagpur.

● Implementation By: AAI.

● Significance:

- Operational Efficiency: Improve air traffic operations.

- Capacity Enhancement: Increase airspace capacity.

- Congestion Reduction: Minimize flight delays and congestion.

- Economic and Environmental Benefits: Reduce fuel consumption and emissions.

- Enhanced Safety: Reduce miscommunications and operational errors.

Source : The Hindu
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World Press Freedom Index:

● Annual ranking of countries compiled by Reporters Without Borders (RSF) since 2002.

● Reflects the degree of freedom for journalists, news organizations, and netizens in each country.

- Methodology : Defines press freedom as the ability of journalists to select, produce, and disseminate news in the public interest, free from interference.

- Uses five indicators: political context, legal framework, economic context, sociocultural context, and safety.

World Press Freedom Index 2024:

- India's Ranking : 159th out of 180 countries, up from 161st last year.

- Asia-Pacific: Second most difficult region for journalism.

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Black-necked Crane

● Medium-sized member of the crane family (Grus nigricollis).

● Recognizable by its black neck, white body, and red crown.

- Habitat: Main breeding ground is high-altitude wetlands in the Tibetan plateau.

● Prefers wetlands with small mounds for breeding.

- Distribution: Found in India, China, and Bhutan.

- Threats: Habitat loss and degradation due to climate change, changes in agriculture practices, pollution, and environmental contamination.

- Conservation Status:

● IUCN: Near Threatened.

● Protected under The Wild Life (Protection) Act, 1972 (Schedule I) and CITES (Appendix I).

Source : PIB

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●Current Affairs 12 Hour Marathon for UPSC 2024 Prelims : https://youtu.be/uBxxUHpYN-U
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