{"id":3445,"date":"2025-01-31T09:00:11","date_gmt":"2025-01-31T09:00:11","guid":{"rendered":"https:\/\/lawentranceindia.com\/blogs\/?p=3445"},"modified":"2025-01-31T09:18:41","modified_gmt":"2025-01-31T09:18:41","slug":"mlc-daily-current-affairs-31-january-2025","status":"publish","type":"post","link":"https:\/\/lawentranceindia.com\/blogs\/mlc-daily-current-affairs-31-january-2025\/","title":{"rendered":"MLC Daily Current Affairs – 31 January 2025"},"content":{"rendered":"

Today in History (January 31th<\/sup>,1958)<\/h1>\n

The US launched the first Earth satellite.<\/p>\n

Let\u2019s Revise<\/span><\/strong><\/h3>\n

Q.1) Who was recently honored with the Padma Shri for her contributions to Goa\u2019s liberation movement?<\/strong>
\na) Vaman Sardesai
\nb) Libia Lobo Sardesai
\nc) Lt. Gen. J.N. Chaudhuri
\nd) Liang Wenfeng
\nAnswer: b)<\/strong>
\nExplanation:<\/strong> Libia Lobo Sardesai, a 100-year-old freedom fighter, was awarded the Padma Shri for her significant contributions to Goa\u2019s liberation movement.<\/p>\n

Q.2) Which underground radio station did Libia Lobo Sardesai run to support Goa\u2019s liberation?<\/strong>
\na) Voice of Freedom of Goa
\nb) Radio Goa
\nc) Goa Liberation Broadcast
\nd) Voice of India
\nAnswer: a)<\/strong>
\nExplanation:<\/strong> Libia Lobo Sardesai, along with her partner Vaman Sardesai, ran the underground radio station \u2018Voice of Freedom of Goa\u2019 from 1955-1961 to counter Portuguese propaganda.<\/p>\n

Q.3) What is DeepSeek recently seen in news?<\/strong>
\na) It is a Chinese-made music streaming app.
\nb) It is an AI-powered chatbot created by a Chinese company.
\nc) It is a social media platform developed in China.
\nd) It is an educational tool for students.
\nAnswer: b)<\/strong>
\nExplanation:<\/strong> DeepSeek is an AI-powered chatbot created by a Chinese company. It competes globally with AI models like ChatGPT.<\/p>\n

Q.4) Which of the following is a unique feature of the DeepSeek AI chatbot?<\/strong>
\na) It is less practical than other AI models.
\nb) It uses the latest and most expensive chips.
\nc) It includes a censorship layer reflecting China\u2019s control over information.
\nd) It focuses only on Western cultures and languages.
\nAnswer: c)<\/strong>
\nExplanation:<\/strong> DeepSeek\u2019s base model includes a censorship layer, likely reflecting China\u2019s tighter control over information.<\/p>\n

Q.5) What was Operation Vijay?<\/strong>
\na) A diplomatic mission by India to gain support for Goa\u2019s liberation.
\nb) A military operation that led to Goa\u2019s liberation in 1961.
\nc) The economic blockade of Goa by India in 1954.
\nd) A peacekeeping mission to end the Portuguese rule in India.
\nAnswer: b)<\/strong>
\nExplanation:<\/strong> Operation Vijay was a military operation launched by India on December 17, 1961, which resulted in the surrender of Portuguese forces and Goa\u2019s liberation.
\nUnderstanding Budget in India-Part-1<\/p>\n

Summary of Today’s News<\/strong><\/h2>\n

BUDGET AND CONSTITUTIONAL PROVISIONS <\/span><\/strong><\/h3>\n

\u2022 Budget is a statement of the estimated receipts and expenditure of the Government in a financial year.
\n\u2022 Word budget is nowhere mentioned in the constitution. In Article 112 of the Indian Constitution, it is referred to as the Annual Financial Statement.
\nHISTORY OF BUDGET<\/strong>
\nPre Independence: <\/strong>
\n\u2022 Budget was first introduced on 7th April, 1860,
\n\u2022 two years after the transfer of Indian administration from East-India Company to British Crown.
\n\u2022 The first Finance Member, who presented the Budget, was James Wilson.
\n\u2022 Mr. Liaquat Ali Khan, member of the interim Government presented the budget of 1947-48.
\nPost-Independence:<\/strong>
\n\u2022 India\u2019s first Finance Minister Sh. R.K. Shanmukham Chetty, presented the first Budget on 26th November, 1947.<\/p>\n

THE BUDGET CONTAINS:<\/strong>
\n\u2022 Estimates of revenue and capital receipts,
\n\u2022 Ways and means to raise the revenue,
\n\u2022 Estimates of expenditure,
\n\u2022 Details of the actual receipts and expenditure of the closing financial year and the reasons for any deficit or surplus in that year, and
\n\u2022 The economic and financial policy of the coming year, i.e., taxation proposals, prospects of revenue, spending programme and introduction of new schemes\/projects.<\/p>\n

COMPONENTS OF BUDGET <\/strong>
\n\"COMPONENTS
\nREVENUE BUDGET\u2013 consists of:<\/strong>
\n1. Revenue Receipts are receipts which do not have a direct impact on the assets and liabilities of the government. It consists of the money earned by the government through tax (such as excise duty, income tax) and non-tax sources (such as dividend income, profits, and interest receipts).
\n2. Revenue Expenditure is the expenditure by the government which does not impact its assets or liabilities. For example salaries, interest payments, pension, and administrative expenses.
\nCAPITAL BUDGET\u2013 It includes:<\/strong><\/p>\n

    A) Capital Receipts indicate the receipts which lead to a decrease in assets or an increase in liabilities of the government i.e<\/p>\n
  1. Money earned by selling assets (e.g. disinvestment from public enterprises).<\/li>\n
  2. Money received in the form of borrowings or repayment of loans by states.<\/li>\n<\/ol>\n
      B) Capital expenditure includes:<\/p>\n
    1. The long-term investments by the government on creating assets such as roads and hospitals<\/li>\n
    2. The money given by the government in the form of loans to states or repayment of its borrowings<\/li>\n<\/ol>\n

      MAJOR BUDGET DOCUMENTS<\/strong>
      \n\u2022 Annual Financial Statement (under Article 112) ,
      \n\u2022 Demands for Grants (under Article 113),
      \n\u2022 Money Bill (under article 110)
      \n\u2022 Fiscal Policy Statements mandated under FRBM Act \u2013
      \n\u2022 Macro-Economic Framework Statement.
      \n\u2022 Medium-Term Fiscal Policy cum Fiscal Policy Strategy Statement.
      \nIMPORTANT CONSTITUTIONAL PROVISIONS RELATED TO BUDGET <\/strong>
      \n1. Article 109 -Special procedure in respect of Money Bills
      \n2. Article 110- Definition of Money Bills
      \n3. Article 112 -Annual Financial Statement
      \n4. Article 113 -Procedure in Parliament with respect to Estimates.
      \n5. Article 114 -Appropriation Bills
      \n6. Article 115 -Supplementary, Additional or Excess Grants.
      \n7. Article 116 -Vote on account, Vote of credit and Exceptional Grant
      \n8. Article 117 -Special provisions as to Financial Bills
      \n9. Article 150 -Form of accounts of the Union and of the States
      \n10. Article 151 -Audit reports
      \n11. Article 265 -Taxes not to be imposed except by authority of law
      \n12. Article 266 -Consolidated Funds and Public Accounts of India and of the States
      \n13. Article 267 -Contingency Fund
      \n14. Article 275 -Grants from the Union to certain States
      \n15. Article 280 -Finance Commission
      \n16. Article 281 -Recommendations of the Finance Commission
      \n17. Article 292 -Borrowing by the Government of India<\/p>\n