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Daily Current Events by Civils360 December 8, 2017

GS2

Capital Crisis: Read Here

  • U.S.A. has recognised Jerusalem as the capital of Israel. It would have negative effects on the geopolitics of West Asia. It will worsen the Israel-Palestine conflict.  
  • Previous American Presidents avoided shifting the U.S. embassy from Tel Aviv to Jerusalem because of the legal, ethical and political implications of the issue and also because of their commitment to a negotiated two-state settlement.
  • The move raises vital questions about U.S. diplomacy in the region besides putting new roadblocks in the peace process. It could be viewed as illegal as the Israeli claim that Jerusalem complete and united is its capital has been declared null and void by UN Security Council Resolution 478.

Parliament: Read Here 

  • Parliament uses two mechanisms for monitoring the national economy. The first is a debate in the House, the second is through committees. During Parliament’s first decade, the debate on the budget lasted for an average of 123 hours. In the last decade, this number has come down to 40 hours.
  • Parliamentary committees scrutinise the finances, legislation, and working of ministries. Their mandate does not extend to scrutinising cross-cutting macroeconomic issues. National commission to review the functioning of the constitution has thus rightly recommended the setting up of a Nodal Standing Committee on National Economy supported with adequate resources.
  • With a broad mandate of examining the national economy it would be able to connect and comment on a range of interconnected policy issues impacting the economy.

GS3

FRDI Bill: Read Here 

  • Central Government said the provisions in the Financial Resolution and Deposit Insurance (FRDI) Bill do not adversely modify existing protections granted to depositors.Instead the legislation would be far more depositor-friendly than those in other jurisdictions.
  • The bill will help to ensure that, in the rare event of failure of a financial service provider, there is a system of quick, orderly and efficient resolution in favour of depositors.
  • Concerns were raised against a ‘bail in’ clause in the bill, which allows a Resolution Corporation to cancel or modify the liabilities of a failing bank, something analysts have said could extend to bank deposits as well. Government assured that measures are taken to prevent the failure of banks and protection of interests of depositors.

India and WTO: Read Here

  • India is set to retain food security right and the protection of poor farmers and fishermen as top priorities at the upcoming meeting of the World Trade Organisation’s (WTO) ministerial conference in Buenos Aires.
  •  India is also keen to push forward its proposal on a Trade Facilitation in Services (TFS) Agreement. The TFS proposal aims to ensure relaxation of norms for movement of skilled workers and professionals across borders for short-term work.
  • India is among the many countries which feel that the current WTO norms on public stockholding are very restrictive and prevent governments from meeting their people’s food security needs. India also seeks a permanent solution to the public stockholding issue in WTO meeting.

Aadhaar and Financial Exclusion: Read Here

  • Time-consuming: Linking Aadhaar to all of one’s financial savings entails well over a dozen steps. The process is time-consuming because key financial product providers and their regulators have not managed to create a centralised registry for investors.
  • Digital divide: Using the online mode for Aadhaar-linking requires familiarity with digital banking, a robust internet connection and uninterrupted phone/email access. This poses severe problems for senior citizens and the poor who lack digital access.
  • Security risks: The UIDAI is prohibited from sharing your biometric or demographic details with anyone, except under Court orders or national security considerations.These documents may be handled by a wide variety of employees at these firms, subjecting the data to leakages and misuse.
  • Biometric failures: Many Indian savers, despite being quite willing to enrol for Aadhaar find themselves unable to do so because their biometrics fail to read at the Aadhaar touchpoints.