Editorial Simplified : 09th day of May 2016
This Series of posts covers the essential Editorial from prominent newspapers. The Editorial from the newspapers are compiled by the Subject Teachers form the Academy and provided in notes format so that the aspirants does not waste their precious time in sifting through the newspapers.
The aspirants are advised to bookmark this page for future reference
Click on the tab below to read the Editorial Simplified for each newspaper
[accordion_content accordion_label=”Business Standard”]
Editorial : Who created bitcoins?
Bitcoins : The Digital Currency
WHO INVENTED BITCOINS?
- Creator signed himself (or herself) as”Satoshi Nakamoto” in May 2008, when the concept of the bitcoins was first outlined.
- Recently an Australian computer scientist, Craig White, claimed that he was the creator.
WHAT URGED THE CREATOR TO HAVE BITCOINS?
- A currency, which could not be controlled or tracked by governments or central banks.
- Secured against fraud and forgery.
- Allowing users to be anonymous.
DETAILS ABOUT BITCOINS
- Bitcoins are generated and maintained by peer-to-peer or P2P software.
- Every coin is a unique code-string.
- Coins are held in digital repositories (“bitcoin wallets“) with the owner possessing a private cryptographic key.
- A transaction results in a coin moving from one wallet to another.
- The real genius lies in the concept of the BLOCKCHAIN, copies of which are downloaded and held by many users.
- The blockchain is a P2P digital ledger. It records every bitcoin generated, and every transaction made, coin by coin.
- When a transaction is proposed, the blockchain is checked by all users to see if the coin used is valid; if that coin is associated with a specific wallet; and if any attempt is being made to commit fraud by using the coin in two transactions at the same time.
- When the majority of blockchains tally, the check confirms a valid transaction. The coin is transferred and the blockchain duly updated.
ADVANTAGES OF BITCOINS
- Checks and balances are strong.
- Independent method of cross-checking(blockchain) transactions, while preventing duplication and fraud .
EXAMPLE OF AN APPLICATION
- Bitcoins could enable “smart contracts”.
- For example, when a municipality hires a contractor to repair roads, citizens may be asked to monitor progress, pothole by pothole, by using a blockchain.
- Time-bound payments will be automatically made by tallying the blockchains .
WHERE CAN U BUY BITCOINS?
Users can also buy bitcoins on exchanges.
Daily trade volumes are about $125 million and the total value of bitcoins is estimated at $20 bn (one bitcoin is currently equivalent to about $445).
IS ANY COUNTRY ALREADY USING BITCOINS?
- India is an active bitcoin market with over 7,000 bitcoins traded in April 2016 (approximately valued at Rs 21 crore).
DRAWBACKS OF BITCOINS
- Absence of traditional regulations.
- Hard to manage a standard loan .
Bitcoins and blockchains are two revolutionary new concepts that are to change the trading mechanisms in long run.
Editorial : The menace of paid news
The menace of paid news
WHAT IS PAID NEWS?
A media outlet is PAID to carry editorially a piece of information without any disclosure.
WHAT IS THE ISSUE?
Demand for banning such news and punishing those who carry it forward.
WHAT HAS THE GOVT DONE IN THE PAST?
The Press Council of India appointed a committee in 2010 to examine the issue who has tabled it report to the Govt.
WHAT IS THE GOVT PLANNING IN FUTURE?
- is contemplating changing laws to make paid news liable to serious penalties.
- To declare publication of paid news an electoral offence. This will put it in the domain of the EC which is held in high esteem.
- Suspending the publication deemed guilty for a period of time .
- To enable PCI to punish the guilty by denying them government advertisements for a specified period.
HAS THERE BEEN ANY ACTIONS IN THE PAST?
WB Govt has asked Govt. libraries not to stock selected publications and also holding up payment of advertisement bills of some media houses.
WHAT ARE THE ISSUES WITH THE PUNISHMENT PART ?
- To identify a particular item of paid news along with the culprit.
- An investigation has to be conducted and who will conduct the investigation, a state police outfit or the “caged parrot” CBI?
- Also, there is a serious question of harming press freedom as well.
- Best to leave the matter to the Election Commission
- Let the PCI censure and reprimand the way it thinks is suitable.
In the long run, it will depend on the media’s voluntary actions to shun the practice of carrying paid news.
Editorial : Fast-forward on retro tax
Retrospective Taxation Issue With FDI Investors
WHAT IS THE NEWS?
Vodafone’s to continue $2.5-billion IPO portrays the British telecom major’s long-term commitment to the Indian market.
INVESTMENT OF VODAFONE IN INDIA
Company continues to invest Rs 8,500 crore every year in India for mobile network expansion and new technology deployment.
WHAT ARE THE OTHER COMMITMENT BY THE COMPANY?
Vodafone has committed investments for Digital India, Make in India and payments bank initiatives in India despite retrospective tax dispute related to Vodafone’s 2007 acquisition of Hutchison Essar.
WHAT IS THE GOVT DOING TO RESOLVE THE ISSUE?
Govt . is holding negotiations with the company to settle the issue once and for all, even as arbitration proceedings are going on.
WHAT IS THE NEED OF RESOLVING THE ISSUE ASAP?
- Vodafone might need this to justify to its shareholders the tax it may have to pay in a compromise settlement.
- It would shield the government from charges of causing loss to the exchequer .
Retro tax issue has fuelled foreign investors’ concerns over the government’s failure to stop tax terrorism and improve the perception of India’s business environment.
ARE THERE ANY SIMILAR CASES GOING ON IN INDIA?
Cairn Plc, is locked in a similar case since January 2014 over a tax claim of Rs 10,247 crore.
SC VERDICTS ON THE CASE
Both Vodafone and Cairn had got favorable verdicts from the Supreme Court.
ACTIONS TAKEN BY THE GOVT ON THE CASE
- amended Section 9 of the Income-tax Act, 1961, in the 2012-13 Budget retrospectively so that it took effect from the date of commencement of the Act, nullifying the SC decision.
- Both companies got several tax notices demanding the tax with full penalties.
EFFECT OF SUCH ACTIONS ON THE INVESTORS
Confidence of investors to invest into FDI was shaken.
No amount of claims on the ease of doing business or relaxation of foreign direct investment norms would be able to neutralize the government’s indecisive nature on the retrospective tax issue.
- Both transparency and predictability in the administration of the tax policy are needed.
- Negotiations are held in a transparent manner and the outcome is made public with full clarity.
[accordion_content accordion_label=”Indian Express”]
Editorial : Journey without maps
The Ministry of Home Affairs made public a draft “Geospatial Information Regulation Bill” that seeks to govern how any entity makes use of the geographic data that makes up India. According to its provisions, it is illegal to do so without permission from a separate, newly-established entity called the Security Vetting Authority and failure to correctly depict map of India can fetch penalty of Rs 100 crore and imprisonment of 7 years
- Apart from printers, publishers, media and filmmakers even private citizens on social media as well as school children are going to be impacted; not only for inaccurate depiction but also for not taking prior approval
- Science does not depend on govt permission to change topography; case in point continental drift theory
- Will map of akhand bharat also attract penalties?
- Maps are suppose to depict real boundaries as they demarcate geography not history
- Censorship is a futile way of correcting historical wrongs or conceptualizing world which we want to see rather than what it actually is.
Editorial : To abyss and back
Nepal PM K.P Oli govt survived as leader of Nepal’s Maoist, Pushpa Kumar Dahal, back stepped from a deal that would have meant abandoning present ruling alliance and siding with Nepali Congress. India is worried.
- Nepal govt has cancelled trip of President to India and recalled its ambassador accusing him of siding with India
- However Nepalese are not happy with their govt: Political disenchantment among Terai people remains against power usurpation by Hill people, inadequate rebuilding of infra destroyed by earthquake, widespread corruption etc
- India cannot afford Nepal torn by ethnic conflict due to porous border
- However, India’s effort of intermingling with internal affairs of Nepal would certainly harden fault lines against it.
- Best strategy is to let events take their course.
[accordion_content accordion_label=”The Hindu”]
Editorial : Poverty and the death row
The editorial examines the realms of debate around the death penalty.
- Death penalty is generally opposed with arguments such as its irreversibility, cruelty and the possibility of error.
- In the Indian context, a report by National Law University, Delhi showed that most of those sentenced to death are poor and uneducated.
- The report also includes the fact that Dalits face the maximum wrath of Death penalty.
- The late President A.P.J Abdul Kalam also pointed towards a strong linkage between socio-economic standing and access to competent and effective legal representation.
- Another easily observable phenomenon is that legal grounds which are practically unavailable to poor are invoked to save the influential.
- The judicial system is clearly seen to be biased towards influential according to the editor.
- The editor feels any death punishment given by such a biased system would always face the charge of socio-economic discrimination.
- Thus the editor feels Law and society will be better served if death penalty is abolished.
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