TNPSC CURRENT AFFAIRS – 03.08.2024

1. ECONOMY

NEW JOB SCHEMES TO KICK OFF SOON : SOMANATHAN

• The newly announced job schemes, include:
• Internship Programme:
• Target: One crore youth
• Scope: Placement in 500 top companies
• Consultation: Design details to be worked out in consultation with industry
• Employment-Linked Incentive Schemes:
• Coverage: Broad and widespread, avoiding specific technological or sectoral preferences
• Schemes A and C: Cover all industries
• Scheme B: Specifically for manufacturing jobs
• Hiring Incentives: First-Time Job Seekers: Incentives for hiring individuals with a salary limit of ₹1 lakh per month
• Objective: Spur new job creation in areas threatened by advancements in technologies like Artificial Intelligence (AI)

2. ECONOMY

CAPITAL GAINS IN THE FASTEST GROWING INCOME CLASS, CAN BE TAXED HIGHER

• Capital Gains Tax:
• Definition: Tax on the profit from the sale of property or an investment.
• Rates: 12.5% for long-term capital gains; 20% for short-term capital gains without indexation.
• Significance: Aims to simplify the tax structure, raise revenue, and ensure fairness by taxing the fastest-growing income class.
• Other Taxes:
• Income Tax: Progressive tax rate based on income brackets.
• Wealth Tax: Tax on the net wealth of individuals, applicable in some countries.
• Inheritance/Estate Tax: Tax on the value of an individual’s estate after their death.
• Gift Tax: Tax on the transfer of assets from one person to another without compensation

3. ENVIRONMENT

CITES EASES NORMS FOR AGARWOOD EXPORT – MOVE TO BENEFIT LAKHS OF FARMERS FROM THE NORTHEAST

• A significant development regarding the trade of agarwood (Aquilaria malaccensis) in India:
• Agarwood (Aquilaria malaccensis):
• Agarwood is a highly valuable and aromatic resinous wood and oil derived from the Aquilaria tree species.
• It is primarily cultivated in the northeastern states of India, including Assam, Manipur, Nagaland, and Tripura.
• CITES (Convention on International Trade in Endangered Species of Wild Fauna and Flora):
• CITES is an international agreement aimed at ensuring that international trade in specimens of wild animals and plants does not threaten their survival.
• Aquilaria malaccensis was listed in Appendix II of CITES in 1995, which includes species not necessarily threatened with extinction but for which trade must be controlled to avoid utilization incompatible with their survival. Recent Developments
• Prevention of Inclusion in RST: India successfully prevented the inclusion of agarwood in the Review of Significant Trade (RST) of CITES.
• This was achieved based on a non-detriment findings (NDFs) study conducted by the Botanical Survey of India (BSI) and the Ministry of Environment Forest and Climate Change (MoEFCC).
• Non-Detriment Findings (NDFs): The NDF suggested that harvesting should be allowed from home gardens, community gardens, plantations on leased/patta lands, private or community plantations, or other types of small-scale or large-scale plantations.
• However, it recommended against harvesting from existing wild populations or protected areas and reserve forests.
• Export Quota: The new export quota for agarwood chips and powder/sawdust is set at 1,51,080 kg per year.
•  The quota for agarwood oil is 7,050 kg per year for the period 2024–2027.

4. INTERNATIONAL

VENEZUELA CASTS BALLOTS AS MADURO WARNS OF BLOODBATH

• Venezuelans voted between continuity in President Nicolas Maduro or change in rival Edmundo Gonzalez Urrutia amid high tension following the incumbent’s threat of a “bloodbath” if he loses
• Venezuela — The once wealthy petro-state saw its GDP drop 80% in a decade
• Mr. Maduro, 61, is seeking a third six-year term, pushing more than seven million of its 30 million citizens to emigrate. He is accused of locking up critics and harassing the opposition in a climate of rising authoritarianism
• His contender, Gonzalez Urrutia, a 74-year-old former diplomat, called on his compatriots to turn out in large numbers “to transform your future” in what “will undoubtedly be the most important democratic expression of the people in recent years.”
• Polls suggest the vote poses the biggest threat yet to 25 years of “Chavismo,” the populist movement founded by Mr. Maduro’s predecessor and mentor, Hugo Chavez
• But analysts say Mr. Maduro is unlikely to concede defeat

5. POLITY

KERALA HC ASKS CENTRE TO GRANT CITIZENSHIP TO TWO PAKISTAN BORN WOMEN

• Background
• Migration and Return: Mohammed Maroof, originally from Kerala, migrated to Pakistan in 1977.
• In 2008, the family moved back to India with permission from the Indian government.
• Citizenship Application: The family applied for Indian citizenship.
• The Centre required a renunciation certificate from Pakistan as part of the documentation.
• Issue with Renunciation Certificate: Ms. Bano’s daughters were minors, making it difficult to obtain the renunciation certificates.
• Court’s Decision: Kerala High Court’s Directive: The court directed the Union government to grant citizenship to the two young women based on the no-objection certificate from the Pakistan High Commission.
• Waiver of Renunciation Certificate: The court allowed the waiver of the renunciation certificate requirement, considering the practical difficulties faced by the petitioners.
• Legal Framework: Citizenship Act, 1955:
• The act governs the acquisition and termination of Indian citizenship.
• Section 5 deals with citizenship by registration, which is relevant in this case.
• Renunciation of Citizenship: Typically, individuals seeking Indian citizenship must renounce their previous citizenship.
• This requirement ensures that individuals do not hold dual citizenship, which is not permitted under Indian law.
• Implications: Humanitarian Considerations: ○ The court’s decision reflects a humanitarian approach, considering the practical difficulties faced by the petitioners.
• It underscores the importance of flexibility in the application of legal requirements in certain cases.
• Precedent for Future Cases: This verdict may serve as a precedent for similar cases where individuals face challenges in obtaining renunciation certificates.
• It highlights the need for a balanced approach between legal requirements and humanitarian considerations.

ONE LINER

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