The term “Bitcoin” has been in the news lately; and its value is rising with volatility. Bitcoin is the digital currency that thrills nerds, inspires libertarians and incites the passions of economists who debate the value of money made from nothing but ones and zeros. Devotees watch the fluctuations of bitcoin’s price with a fanaticism typically reserved for college football scores while visionaries gush about the world changing possibilities of money free from government control.
Bitcoin was first mentioned in 2008 in a paper published under the pseudonym “Satoshi Nakamoto “. Bitcoin is a cryptocurrency, so called because it uses public key cryptography to process and verify payments.
EXPLAINING SHARIAH INVESTMENTS
- Planning commission is an advisory body with wide budgetary powers where members are appointed without any specific criteria.
- Deputy Chairman of the planning commission holds the rank of a cabinet minister without being subject to any parliamentary control unlike the other ministers of cabinet.
- There is overlapping of functions with other specialized agencies like Finance Commission, National Development Council. (for instance preparation of reports)
- Dominant status of private players now, unlike the time when the commission was set up and a huge amount of gross investment came from solely government sources.
- While allocating funds at ground level, Planning Commission often overlook the requirements and concerns of the local area or people.
- There is an unscientific distinction between plan and non-plan expenditure used by the commission.
The Financial Sector Legislative Reforms Commission (FSLRC), made under Justice B. N. Srikrishna, made some far reaching recommendations, many of which came under criticism from various sections. The report called for a radical overhaul of the financial architecture.
While the issue has always been a crucial one, it was generally neglected and ignored. But the Srikrishna Commission (FSLRC) revived the issue to life.
- How safe are our hard earned money in the volatile and turbulent money market of today? Well, scams like Saradha chit fund , fluctuating prices of Gold certainly don’t draw a good picture in our minds. Do they?
- CDS (Credit Default Swap) has rightly been called ‘the financial weapon of mass destruction’ by Warren Buffet. Euro Zone has been the victim of it’s wrath in the recent times.
- LIBOR scam was in the news some time back . (LIBOR is a benchmark interest rate of the world issued by top 18 bank, which decides the interbank and commercial lending rates throughout the world ). Taking advantage of it’s dynamic nature, banks like Barclays, RBS were apparently manipulating this rate for their own benefits.
- The ‘Sub-Prime Crises‘ of 2008-09 created havoc in the economies across the globe, wherein millions of people lost their jobs, homes and everything they owned. The reason being short-shortsightedness of regulators who were hedging high rating mortgages multiple times without worrying about the consequences.
The importance of current affairs has increased in the recent years. As a result, we spend a lot of time reading and researching the newpapers and magazines. We have compiled important news and current events for the months of January to mid-July, to help the fellow aspirants prepare for the exams.
This is the Economy section of the news and events for the months of January to mid-July 2014. We will update and cover the coming months soon.
Hope it will be helpful for the fellow aspirants in their jouney to the UPSC.
Thank you for your support and appreaciation.
All the material related to the current events have been placed, in a revised form in a chronological order. This will help you know about the events in a systematic order.
Here is a sample of events that the file would cover: Read More…