Daily Prelims Notes 4 August 2023

Daily Prelims Notes

4 August 2023

Table Of Contents

1. Rishi Sunak defends granting new North Sea oil and gas licences
2. Saudi, Kuwait reject Iran claims to disputed gas field
3. Himalayan vulture bred in captivity for the first time in India
4. Breastfeeding Week: Dated wisdom, lactation stigma still assail mothers
5. The curious case of lactose intolerance
6. Did Hindu kings destroy Buddhist structures in ancient India? This is what history suggests
7. Differences between Money Bills and Financial Bills: Court Rulings Explained
8. The Legacy of the Voyager Mission
9. SEBI looking at standardisation in the corporate bond market

1. Rishi Sunak defends granting new North Sea oil and gas licences

Subject: IR

Section: Places in news

Context:

• Prime Minister Rishi Sunak defended the decision to grant 100 new North Sea oil and gas licences.

Details:

• Project known as Acorn Project in St Fergus, Aberdeenshire.
• The UK government has also said it will support a carbon capture project in the north east of Scotland.
• It said that granting the new licenses was “entirely consistent” with net zero commitments.
• Between the projects announced in 2021 and today 10 mega tonnes of carbon dioxide will be captured and stored by 2030.
• That includes emissions from Mosmorran, from Grangemouth, from a new power station to be built at Peterhead and, potentially, from direct air capture.

About the St. Fergus project:

• The St Fergus project is a joint venture between Shell UK and other companies.
• It would become Scotland’s first carbon capture and storage facility, which would see harmful greenhouse gas emissions piped under the North Sea.
• This would prevent the release of carbon dioxide into the atmosphere, by capturing it at the point where the fossil fuel is being burnt.

North Sea:

• The North Sea lies between Great Britain, Denmark, Norway, Germany, the Netherlands, Belgium and France.
• An epeiric sea on the European continental shelf, it connects to the Atlantic Ocean through the English Channel in the south and the Norwegian Sea in the north.
• It is more than 970 kilometers (600 mi) long and 580 kilometers (360 mi) wide, covering 570,000 square kilometers (220,000 sq mi).
• It hosts key north European shipping lanes and is a major fishery.
• The coast is a popular destination for recreation and tourism in bordering countries, and a rich source of energy resources, including wind and wave power.

2. Saudi, Kuwait reject Iran claims to disputed gas field

Subject: IR

Section: Places in news

Context:

• Saudi Arabia and Kuwait said they have sole ownership of a disputed gas field also claimed by Iran, in an escalating feud after Tehran threatened to pursue exploration.

Details:

• The offshore field, known as Arash in Iran and Dorra in Kuwait and Saudi Arabia, has long been a focal point of contention between the three countries.
• The two Arab Gulf states renewed their previous and repeated calls to the Islamic Republic of Iran to negotiate the demarcation of their maritime borders to settle the issue.
• Iran and Kuwait have held unsuccessful talks for many years over their disputed maritime border area, which is rich in natural gas.

Origin of the dispute:

• The row over the field stretches back to the 1960s, when Iran and Kuwait each awarded an offshore concession, one to the Anglo-Iranian Oil Company, the forerunner to BP, and one to Royal Dutch Shell.
• The two concessions overlapped in the northern part of the field, whose recoverable reserves are estimated at some 220 billion cubic metres (nearly eight trillion cubic feet).
• Last year, Kuwait and Saudi Arabia signed an agreement to jointly develop the field, despite objections from Iran which branded the deal as “illegal”.
• It is noteworthy that the borders between Saudi Arabia and Iran have been delineated, while the borders between Iran and Kuwait remain a subject of bilateral dispute.

Countries sharing Border:

• Iran:
  • Iran borders Afghanistan, Armenia, Azerbaijan, Iraq, Pakistan, Turkey, and Turkmenistan.
  • It shares maritime borders with Bahrain, Kuwait, Oman, Saudi Arabia, and the United Arab Emirates.
• Saudi Arabia:
  • Shares border with: Iraq, Jordan, Kuwait, Oman, Qatar, United Arab Emirates, and Yemen.
  • Saudi Arabia shares maritime boundaries with Egypt, Sudan, and Eritrea in the Red Sea, and with Iran, and Bahrain in the Persian Gulf.
• Kuwait:
  • Kuwait is bounded to the west and north by Iraq, to the east by the Persian Gulf, and to the south by Saudi Arabia.

3. Himalayan vulture bred in captivity for the first time in India

Subject: Environment

Section: Species in news

Context:

• Researchers have recorded the first instance of captive breeding of the Himalayan vulture (Gyps himalayensis) in India at the Assam State Zoo, Guwahati.

About the Himalayan vulture:

• The Himalayan Griffon Vulture, Gyps himalayensis, is an Old World vulture in the family Accipitridae, which also includes eagles, kites, buzzards and hawks.
• It is closely related to the European Griffon Vulture, G. fulvus.
• This vulture is a typical vulture, with a bald white head, very broad wings, and short tail feathers.
• It has a white neck ruff and yellow bill and the whitish body and wing coverts contrast with the dark flight feathers.
• The Himalayan vulture is a common winter migrant to the Indian plains, and a resident of the high Himalayas.
• Categorized as ‘Near Threatened’ on the International Union for Conservation of Nature (IUCN) Red List of threatened species.

Distribution Range:

• The Himalayan vulture mostly lives in the Himalayas on the Tibetan plateau (India, Nepal and Bhutan, central China and Mongolia).
• It is also found in the Central Asian mountains (from Kazakhstan and Afghanistan in the west to western China and Mongolia in the east).
• Occasionally it migrates to northern India but migration usually only occurs altitudinally.

Species in India:

• India is home to 9 species of Vulture namely the Oriental white-backed, Long-billed, Slender-billed, Himalayan, Red-headed, Egyptian, Bearded, Cinereous and the Eurasian Griffon.
• Most of these 9 species face danger of extinction.
• Bearded, Long-billed, Slender-billed, Oriental white-backed are protected in the Schedule-1 of the Wildlife Protection Act 1972. Rest are protected under ‘Schedule IV’.

Breeding of himalayan vultures:

• The Himalayan vultures successfully bred at the zoo were rescued in 2011-2012 from different poisonings and accidents.
• The conservation breeding of the Himalayan vulture at Vulture Conservation Breeding Centre (VCBC) at Rani in Assam is the second such instance in the world, after France, where the species has been bred in captivity.

Vulture conservation centres in India:

• Four VCBCs established by Bombay Natural History Society (BNHS) at:
  • Pinjore in Haryana,
  • Bhopal in Madhya Pradesh,
  • Rani in Assam, and
  • Rajabhatkhawa in West Bengal
• These are involved in conservation breeding of the:
  • White-rumped vulture (Gyps bengalensis),
  • Slender-billed vulture (Gyps tenuirostris), and
  • The Indian vulture (Gyps indicus).
• The unprecedented scale and speed of declines in vulture populations has left all the three resident Gyps vulture species categorised ‘Critically Endangered’.
• The population has been augmented over the past few years, and so far, 39 White-rumped vultures from the VCBC in Haryana and West Bengal have been released in the wild with a transmitter, and they are being monitored.

4. Breastfeeding Week: Dated wisdom, lactation stigma still assail mothers

Subject: Science and technology

Section: Health

Context:

• World Breastfeeding Week (WBW) is celebrated every year from August 01 to August 07 in remembrance of the Innocenti Declaration from 1990. Since 2016, Sustainable Development Goals (SDGs) have been in sync with WBW.

Innocenti declaration:

• In 1990 the Innocenti Declaration on the Protection, Promotion and Support of Breastfeeding set an international agenda with ambitious targets for action.
• The Innocenti Declaration reflected both the spirit of the support that was being mobilized for breastfeeding, and the recognition of the right of the infant to nutritious food enshrined in the Convention on the Rights of the Child.

Stigma surrounding lactation

• Exclusively breastfeeding a child for six months is the best way to ensure infants are nourished, according to the World Health Organisation.
• It is one of the U.N. Sustainable Development Goals for health.
• The first milk, the colostrum, is thought to be nutrient-rich and full of antibodies good for the child.
• In India, most women are guided by the older women in their families on what to expect during childbirth and how to care for their children. However, even those older women don’t have a good scientific basis for their knowledge.

What is good enough?

• In physiological terms, the milk let-down reflex causes a mother to lactate freely when stimulated by her baby’s suckling and oxytocin, a hormone released when the mother feels bonded to her child.
• The natural supplements like galactogogues – plant-based substances that increase milk production. But no studies support their effectiveness.
• With inadequate feeding, the baby may face the problem of being underweight or having weak immunity, and postpartum depression.

Alternate options:

• A 2018 survey found that almost 70% of mothers have problems with breastfeeding – but unfortunately there aren’t many nutritious alternatives to breast milk.
• Breastmilk is a nutrition-dense substance with bioactive agents that develop an infant’s gut, immunity as well as brain.
• The World Health Organisation recommends that cow’s milk or goat’s milk should never be given to infants.
• Human breast milk banks – of which there are some 90 around India – offer another viable alternative.

5. The curious case of lactose intolerance

Subject: Science and technology

Section: Health

Context:

• Lactose intolerance (Allergic to milk or milk products) is something one can develop at any point in life.

Irritable bowel syndrome (IBS):

• Symptoms: Sensitive stomach, the frequent episodes of abdominal bloating, continuous belching, pain and occasional diarrhoea are symptoms of lactose intolerance or the IBS.

Lactose intolerance:

• Doctors do not consider lactose intolerance to be a disorder.
• They describe it as the digestive system’s reaction to milk sugar (lactose) which it cannot digest.
• The body needs an enzyme called lactase which is produced by the cells lining the small intestine, to digest lactose.
• If one is deficient in lactase, the undigested lactose passes on to the colon, where it produces extra gas and water, resulting in bloating, cramps and diarrhoea.
• Lactose intolerance thus produces symptoms which can be uncomfortable, but it is never dangerous.
• The degree of intolerance depends on the amount of lactose their system can tolerate.
• As one ages, there is a normal decline in the amount of lactase that the small intestine produces.
• Prevalence rate:
  • According to literature, estimates for lactose intolerance vary by ethnicity.
  • The prevalence rate is 75-95% in African American and Asian ethnicities while it is estimated to be 18-26% amongst Europeans.
  • Lactose intolerance does run in families and the symptoms can become evident during childhood or adolescence.
  • It is possible to develop secondary lactose intolerance all of a sudden following surgery or chemotherapy or if one has an infection, ulcerative colitis or Crohn’s disease which affects the small intestine. But this usually goes away once the small intestine regains health.
• Detection Tests:
  • Though there are specific tests like the hydrogen breath test to determine lactose intolerance, these tests do not have much use in clinical practice.
  • This is a condition that is generally self-diagnosed and self-managed.

Difference between lactose intolerance and IBS:

• Lactose intolerance is a specific digestive issue associated with the consumption of dairy products and ceases to be a problem when the person totally avoids or restricts milk products in the diet.
• But its symptoms can easily overlap with another common and chronic gastric disorders such as IBS, the pathogenesis of which is quite different.

Lactose intolerance is different from allergy to milk:

• Lactose intolerance is the digestive system’s response to the milk sugar (lactose), whereas in the event of a milk allergy, the entire immune system will react against the milk protein.
• The reaction is often immediate and severe in the case of milk allergy, while lactose intolerance will never lead to any serious disease or long-term complications.

Alternative supplement to the milk for lactose intolerant persons:

• There are options such as plant-based milk (soy/almond milk) or lactose-free milk.
• There are plenty of other food sources — yoghurt, tofu, nuts, spinach, broccoli, orange, lentils and legumes — that a lactose-intolerant person can depend on for calcium supplementation.

6. Did Hindu kings destroy Buddhist structures in ancient India? This is what history suggests

Subject: History

Section: Ancient India

Context:

Swami Prasad Maurya, a prominent leader in Uttar Pradesh, called for an archaeological survey of Hindu temples to determine if they were constructed by demolishing previously existing Buddhist structures.

What is the ongoing litigation around the Gyanvapi mosque complex in Varanasi?

• The Gyanvapi mosque, located in the city of Varanasi, has been a subject of dispute between Hindu and Muslim communities for many years.
• The dispute centers around the belief held by some Hindu groups that the mosque was built on the site of a pre-existing Hindu temple, which they claim was demolished to construct the mosque.
• The case has been in the courts for decades, and the Allahabad High Court’s recent decision to allow an archaeological survey is seen as a significant development in resolving the long-standing controversy.

What is the popular narrative about religious tolerance in ancient India?

• Popular narrative: Ancient India is known for religious tolerance and peaceful coexistence.
• Jadunath Sarkar’s work: Highlighted religious intolerance by some Muslim rulers like Aurangzeb, contrasting with ancient Indian Hindus’ tolerance – “History of Aurangzib” (1912-1924).
• Jawaharlal Nehru’s view: Ancient Indian society embraced freedom of thought and tolerance for diverse beliefs – “The Discovery of India” (1946).
• Creation of an idealized image: Historical works shaped the perception of ancient India as a peaceful and tolerant civilization, influencing the national identity.

What do some historians say about contradictions in this idea?

• Historian Upinder Singh, in her exhaustive study “Political Violence in Ancient India,” argues that
  • the idea of a peace-loving and tolerant ancient India was a carefully cultivated self-image to bolster the nonviolent ideology of Gandhian nationalism.
• While there were instances of coexistence and dialogue among different religious groups, there were also conflicts and violent episodes.
• Historical texts and archaeological evidence indicate instances of
  • religious iconoclasm,
  • temple destruction, and
  • conflicts between religious communities in ancient India.
• D N Jha‘s “Against the Grain” (2018) shows temple desecration and religious violence were common in pre-Islamic India, employed by ruling elites irrespective of religious affiliation.

How does religion relate to political authority in ancient India?

• Historian Richard Eaton, in his book “Temple Desecration and Indo-Muslim States,(2000)” noted that religious institutions and political authority were often closely intertwined in ancient India.
  • Rulers sought religious leaders’ support to legitimize their rule and boost authority.
  • Temples served as centers of economic and political power, crucial for rulers to maintain control.

How did Buddhism emerge in ancient India?

• Buddhism emerged in the 5th or 6th century BCE in the Gangetic plains.
• It was founded by Siddhartha Gautama (Gautama Buddha) after attaining enlightenment in Bodh Gaya..
• Buddhism emerged as an alternative to prevailing religious ideas, challenging the ritualistic and hierarchical nature of Brahmanism (early Hinduism).
• Gautama Buddha’s teachings offered a practical path to end suffering and attain liberation (nirvana).
• Buddhism gained popularity due to its inclusive nature, accepting people from all social backgrounds and rejecting caste distinctions.
• Emperor Ashoka’s patronage in the 3rd century BCE played a crucial role in spreading Buddhism further.

What structures did ancient Buddhists build, and what was their significance?

• Stupas: Dome-shaped structures for relics, like the Sanchi Stupa in India.
• Monasteries: Centers for learning and spiritual practice.
• Viharas: Residential quarters within monasteries.
• Chaityas: Prayer halls and pilgrimage sites.
• Rock-Cut Caves: Carved dwellings and sanctuaries.
• Pillars and Inscriptions: by Ashoka, moral teachings.
• Buddha Statues: Symbols of reverence and devotion.
• Libraries: Preserved sacred texts and promoted education.

Significance:

These structures reflect Buddhism’s cultural heritage and dissemination of teachings. They hold spiritual, artistic, and historical importance, attracting pilgrims and tourists alike.

Is there evidence of the desecration of Buddhist sites?

• Historian D N Jha’s “Brahmanical Intolerance in Early India” (2016) cites accounts of Pushyamitra Shunga destroying thousands of Buddhist stupas and monasteries.
• Chinese traveler Xuanzang’s writings (7th century) document violence towards Buddhists during his travels in India.
• Gail Omvedt’s “Buddhism in India: Challenging Brahmanism and Caste” (2003) mentions the story of Shaivite king Shashanka cutting down the Bodhi tree and attempting to destroy other Buddhist images.
• Huan Tsang (Xuanzang) mentions the destruction of a monumental cave-temple in Vidarbha.
• Overall, historical evidence confirms conflicts and hostility between Buddhist and other religious communities in ancient India.

7. Differences between Money Bills and Financial Bills: Court Rulings Explained

Subject: Polity

Section: Parliament 

Context:

Minister Pralhad Joshi stated that the Digital Personal Data Protection (DPDP) Bill is a regular Bill, not a money bill. Initial reports suggested it could be introduced under Article 117, which deals with special provisions for financial Bills.

What is a Money Bill?

Article 110 Definition of Money Bill:

• Article 110 defines a “money Bill” as one containing provisions dealing with taxes, government borrowing, and expenditure from the Consolidated Fund of India, among others.
• Article 110(1) lists seven specific clauses that define money Bills:

1. the imposition, abolition, remission, alteration or regulation of any tax;
2. the regulation of the borrowing of money or the giving of any guarantee by the Government of India, or the amendment of the law with respect to any financial obligations undertaken or to be undertaken by the Government of India;
3. the custody of the consolidated Fund or the Contingency Fund of India, the payment of moneys into or the withdrawal of moneys from any such Fund;
4. the appropriation of moneys out of the consolidated Fund of India;
5. the declaring of any expenditure to be expenditure charged on the Consolidated Fund of India or the increasing of the amount of any such expenditure;
6. the receipt of money on account of the Consolidated Fund of India or the public account of India or the custody or issue of such money or the audit of the accounts of the Union or of a State; or
7. any matter incidental to any of the matters specified in sub clause (a) to (f)

• Under article 110 (2), a Bill shall not be deemed to be a Money Bill by reason only that
  • it provides for the imposition of fines or other pecuniary penalties,
  • or for the demand or payment of fees for licences or fees for services rendered,
  • or by reason that it provides for the imposition, abolition, remission, alteration or regulation of any tax by any local authority or body for local purposes
• Under article 110(3), the Speaker of the House of the People has the final decision on whether a Bill is a Money Bill or not.

What is a finance Bill?

Definition of Financial Bill:

• Any Bill related to revenue or expenditure is considered a financial Bill.
• A money Bill is a specific type of financial Bill that must deal only with matters specified in Article 110(1)(a) to (g) of the Constitution.

Article 117 of the Constitution:

• Article 117 contains special provisions relating to financial Bills.
  • Bills or amendments related to matters in Article 110(1)(a) to (f) require the President’s recommendation for introduction or movement, except for amendments reducing or abolishing taxes.
  • Imposition of fines, fees, or local taxes in a Bill or amendment doesn’t automatically categorize it under the specified matters.
  • Bills involving expenditure from the Consolidated Fund of India need the President’s recommendation for consideration by Parliament.

What are the types of Financial Bills?

• Financial bills (I): Article 117 (1)
  • It includes not only the subjects stated in Article 110 of the Constitution but also other legislative provisions.
  • Financial bill (I) is comparable to the money bill in two ways.
    • Firstly, both of these bills can only originate in the Lok Sabha and not Rajya Sabha.
    • Secondly, both bills can be introduced only on the President’s advice.
  • A financial bill (i) follows the same parliamentary procedures as any ordinary bill.
  • A finance bill (I) follows the same parliamentary process as an ordinary bill in all other respects.
  • It can therefore be rejected or changed by the Rajya Sabha, with the exception that no amendment other than one that lowers or abolishes taxes can be introduced in either House without the president’s approval.
  • The president may call a joint session of the two Houses if they cannot agree on such a measure. This will end the impasse.
  • When the measure is presented to the President, he has three options: to approve it, decline to do so, or send it back to the Houses for further consideration.
• Financial bills (II): Article 117 (3)
  • A financial bill (II) does not contain any of the items listed in Article 110, but it does contain measures impacting Consolidated Fund of India spending.
  • It is regarded as an ordinary bill and is handled in every way by the same parliamentary process as an ordinary bill.
  • This bill’s sole unique feature is that neither House of Parliament may pass it without the President first requesting that it be brought up for consideration.
  • Financial bill (II) can be filed in either house of the Parliament and the President’s approval is not required.
  • However, the President’s suggestion can be taken during the consideration stage of the bill.
  • It can be rejected or amended by either House of Parliament. The President may call a joint session of the two Houses if they cannot agree on such a measure. This will end the impasse.
  • When the measure is presented to the President, he has three options: to approve it, decline to do so, or send it back to the Houses for further consideration.

What is the difference Between Financial Bill And Money Bill?

• Money bills have been covered under Article 110 of the constitution whereas the Finance bill is covered under Article 117 (1) and (3) of the constitution of India.
• The Rajya Sabha cannot amend or reject the money bill but it has the power to amend or reject the finance bill.
• Whether a bill is a money bill has to be decided by the speaker whereas no such prior approval is required to classify a finance bill.
• Money bill and finance bill (1) can be introduced only in the Lok Sabha whereas a Finance Bill (2) can be introduced both in Rajya Sabha and the Lok Sabha.
• To resolve a deadlock, the President can summon a joint sitting of Lok Sabha and the Rajya Sabha in case if it is a finance bill, however, no such provision is made in case of a money bill.

How are money and financial Bills passed?

Role of Rajya Sabha in Passing Money Bills:

1. Money Bills can originate only in the Lok Sabha.
2. After being passed by the Lok Sabha, money Bills are sent to the Rajya Sabha for its recommendations, if any.
3. Within 14 days, the Rajya Sabha must submit the Bill back to the Lok Sabha with its non-binding recommendations.
4. If the Lok Sabha rejects the recommendations, the Bill is considered passed without them.

Passage of Ordinary and Financial Bills:

1. Ordinary Bills and other financial Bills require the agreement of both Houses (Lok Sabha and Rajya Sabha) to ensure their passage.
2. Rajya Sabha can reject or amend ordinary and other financial Bills, unlike money Bills.
3. All other financial Bills, separate from money Bills, must go through all stages in the Rajya Sabha as ordinary Bills.
4. The President can summon a joint sitting of both Houses to resolve differences over a deadlock in passing an ordinary Bill, but there is no provision for a joint sitting for differences over a money Bill.

Examples of Bills Introduced through Money Bill Route:

Over the last seven years, the government has introduced multiple legislations through the money Bill route, including the Aadhaar Act, 2016, and the Finance Act, 2017.

What is the top court’s view?

Constitution Bench Ruling:

• In November 2019, a five-judge Constitution Bench, headed by the Chief Justice of India (then Ranjan Gogoi), struck down amendments to the 2017 Finance Act, passed as a money Bill, regarding tribunal functioning.
• The court referred the issue of whether the amendments could be passed as a money Bill to a seven-judge bench.

Doubts over Aadhaar Act Ruling:

• The Constitution Bench expressed doubts about the correctness of the 2018 verdict upholding the Aadhaar Act, which was also passed as a money Bill.
• The court referred to potential conflicts between judgments of coordinate benches.
• Review petitions on the Aadhaar Act ruling are still pending in the Supreme Court.

CJI Chandrachud’s Dissent:

Chief Justice of India (CJI) Chandrachud, the lone dissenter in the 2018 Aadhaar ruling, criticized passing the Aadhaar Act as a money Bill, calling it a “fraud on the Constitution”.

8. The Legacy of the Voyager Mission

Subject: Science and technology

Section: Space technology

Context:

NASA detected a “heartbeat” signal from Voyager 2 more than a week after losing communication with the spacecraft.

What is the Voyager mission?

• The Voyager mission was launched in 1977, with Voyager 2 launched on August 20, followed by Voyager 1 on September 5.
• The Voyager spacecraft were designed to take advantage of a rare planetary alignment that occurs approximately every 175 years, allowing for efficient trajectories between planets.
• Voyager 1 and Voyager 2 were originally planned to explore only Jupiter and Saturn, but their success led to extended missions to Uranus, Neptune, and beyond.

Why were the Voyager spacecraft sent into space?

• The original Grand Tour mission, which aimed to explore all five outer planets, was canceled due to budget constraints and technical challenges.
• Voyager 1 and Voyager 2 were smaller, lighter, and less costly, making them a more feasible option for planetary exploration.
• The gravitational assists from Jupiter and Saturn allowed the spacecraft to continue their missions to Uranus, Neptune, and interstellar space.

What are the features of the Voyager spacecraft?

• The Voyager spacecraft are powered by radioisotope thermoelectric generators (RTGs) fueled by plutonium-238, providing electricity for their instruments and systems.
• Each spacecraft carries a golden record containing images, sounds, and greetings from Earth, serving as a time capsule representing humanity’s cultural diversity.
• The Voyager instruments provided groundbreaking data on planetary atmospheres, magnetic fields, and interactions with solar wind.

What is the radioisotope thermoelectric generator (RTG)?

• Spacecraft power source using heat from radioactive decay.
• Utilizes isotopes of plutonium, like plutonium-238.
• Converts heat into electricity through thermoelectric conversion.
• Provides long-lasting and reliable power for space missions.
• Used in missions like Voyager, Cassini, and Mars rovers.
• Ensures power in dark or distant environments.
• Designed with safety features to prevent radioactive release.
• High energy density, suitable for space missions with weight constraints.

What are the golden phonograph records on Voyager spacecraft?

• The idea for the golden records came from a committee chaired by astronomer Carl Sagan and was intended to showcase the best of humanity.
• The records include greetings in 55 languages, music from different cultures and eras, and natural sounds from Earth.
• The records also contain encoded information using a map of our solar system’s location with respect to a set of 14 pulsars, and a drawing of a hydrogen atom.
• Plated with uranium for future discoverers to date.

What are the notable achievements of the Voyager spacecraft?

• Voyager 1 and Voyager 2 reached Jupiter in 1979, where Voyager 1 found active volcanoes on Jupiter’s moon, Io, including the iconic Jupitar’s Great Red Spot.
• Both spacecraft discovered three new moons of Jupiter: Thebe, Metis, and Adrastea.
• Voyager 1 revealed that Saturn’s moon Titan was not the largest moon in the solar system and had a nitrogen-rich atmosphere with methane clouds and rain.
• Voyager 2 reached Uranus in 1986, capturing images and confirming its composition of hydrogen and helium, and discovering new moons and rings.
• Voyager 2 then flew by Neptune in 1989, discovering new moons, rings, and observing the Great Dark Spot, a massive storm in Neptune’s atmosphere with winds blowing at 1,100 kph.

What is heliopause?

• The heliopause is the outer boundary of the heliosphere,
  • which is the region of space dominated by the influence of the Sun’s solar wind.
• The point where solar wind meets interstellar medium.

What happened during the recent Voyager 2 communication issue?

• On July 21, 2023 a faulty command caused Voyager 2’s antenna to point away from Earth, resulting in communication disruption.
• Despite the communication issue, NASA detected a weak “heartbeat” signal from Voyager 2, indicating the spacecraft’s systems are still functioning.

What is the future of the Voyager spacecraft?

• Voyager 1 entered interstellar space on August 25, 2012, and Voyager 2 followed on November 5, 2018.
• Scientists estimate that the power supply of the Voyager spacecraft will eventually run out around the mid-2020s.
• After their power depletion, the Voyagers will continue their silent journey, potentially orbiting the center of the Milky Way for billions of years.
• The spacecraft will carry the golden records, serving as a time capsule of humanity, possibly for millions of years, as they traverse the depths of space.

9. SEBI looking at standardisation in the corporate bond market

Subject :Economy

Section: Capital Market

In News: SEBI is looking at standardisation in the corporate bond market in a big way on the lines of the G-Secs market.

Key Points:

• G-Sec market is very liquid because the coupon payments, the day count, among others, are standardised. In the case of G-Sec, the coupon payment dates are half yearly (July 8 and January 8).
• A standardised corporate bond issue would have a minimum notional size, pay interest semi-annually and mature on one of four fixed quarterly redemption dates
• Beyond AAA rated bonds:
  • SEBI is set to emphasise on the need to go down the rating scale as about 97 per cent of the bond issuances are from the top three rating categories — AAA, AA+ and AA.
  • Compared to this the US only has 5 per cent of corporates are in the AAA and AA bucket, and about 75 per cent of the trading happens in the A, BBB, BB rating categories
• Bank dependence for credit:
  • Although banks are in good state it actually doesn’t help the bond markets because the banking system’s credit keeps on growing.
  • At present most of the bond issuances are in the NBFC segment. So, we hardly get any issuances from manufacturing and other segments.
• Importance of standardisation:
  •  Standardisation increases the number of identical or similar bonds available for trading, which enhances market liquidity.
  • Broadens the pool of investors to the bond market, including international investors, due to the ease of understanding and trading similar instruments.
  •  It makes the process of issuing, trading and settlement of bonds more streamlined and efficient. At present almost 95 per cent of the bond issuances happening via private placements.
  • Standardization can simplify regulatory compliance as regulators can create uniform rules and guidelines applicable to a broader range of bonds.