It is the minimum amount of reserves or assets to be maintained such as gold, forex reserve etc by the central banks to print the money and distribute it to the economy. The money supply in the economy or the central bank should print the money, that exceeds the minimum reserve system.
Rbi Minimum Reserve System
The Minimum Reserve System requires the RBI to keep a minimum reserve of Rs 200 crores comprising foreign currencies, gold coins and gold bullion (a minimum of Rs 115 crore in the form of gold). There is no limit for the RBI to issue currencies by keeping this minimum reserve. This was adopted in 1956.
Earlier there was Proportional Reserve System. Then System of Note issue changed. Thereby it required the Reserve bank to maintain a 40% gold and forex reserve against note issues. This is to meet the minimum reserve system. This is done to meet the expanding currency requirement of the economy.
FAQ
When was the minimum reserve system started in India?
It was 6 October 1956, that minimum reserve system started in India.
bringing about changes in the configuration of the surface of the earth are known as geomorphic processes. Diastrophism and volcanism are endogenic geomorphic processes. Weathering, mass wasting, erosion and deposition are exogenic geomorphic processes.
The physical and chemical interactions between the Earth’s surface and the natural forces acting upon it to produce landforms.
The fractioned plateau is the longest mountain chain on the earth’s surface submerged under the sea. This plateau is formed when there is spreading of the seafloor is really slow.
As the rate of seafloor spreading is very slow, this allows the accumulation of large amounts of lava. The lava forms the fractioned plateau more rich in iron and magnesium (Mafic) than the lava that flows in the rift valley. This is the reason a Fractionated plateau is referred to as a “Magma Pile”.
Flank zone
The fractionated plateau is a zone in which there is a lot of intense volcanic activity. Also, lava found in this zone is often highly varied in composition.
This varied composition in lava is due to a variety of sources that include mantle, oceanic crust and also the sediments that lie on the seafloor.
Also, lava fractionation happens due to the result of different melting points of various minerals that are present in it. It is characterized by a central rift system at the crest.
Characteristics of the Flank Zone
This zone is characterized by secondary geological formations and features that are influenced by the primary geological processes associated with the main feature.
For example, in the context of a volcano, the flank zone would include the areas on the sides of the volcano. In this zone, you might find various volcanic features and deposits, such as lava flows, pyroclastic flows, ash deposits, and volcanic rocks. These secondary formations are the result of past volcanic activity and can provide valuable information about the history and behaviour of the volcano.
The flank zone is often studied by geologists to better understand the geological history and hazards associated with the main geological feature. It can also be important for assessing the potential risks to communities and infrastructure located in these areas, as volcanic or tectonic activity in the flank zone can have significant impacts.
Habitat in the fractionated plateau
In the ocean ridge system, the fractionated plateau is an important feature. This is because it provides a habitat for a wide range of marine life.
This plateau has a number of seamounts that rise above the surrounding seafloor providing a habitat of various fishes, invertebrates and algae.
some of the characteristics of a fractionated plateau:
It is a broad, flat summit.
It is formed by slow rates of seafloor spreading.
The lava that forms it is typically more mafic than the lava that forms the rift valley.
It is a zone of intense volcanic activity.
The lava that forms it is often highly varied in composition.
It is an important habitat for a variety of marine life.
Flanks
The flanks are marked by sets of mountains that are elongated and run parallel to the ridge trend. Oceanic ridges are offset by transform faults and fracture zones.
Constitutional Specification of Revenues: The Constitution clearly specifies sources of revenue for each level of government to safeguard its financial autonomy.
Power to Raise Resources: Both the Union and State Governments possess independent powers to raise resources by levying taxes in order to carry out governance and execute assigned responsibilities.
Independent Authority: Under the federal framework, states are not mere administrative agents of the Union; their powers and financial competence are derived directly from the Constitution.
Part XII of the Constitution: The formal framework covering financial matters—titled “Part XII: Finance, Property, Contracts and Suits”—is placed separately within the constitutional architecture.
Fiscal Federalism and the Dual Tax Structure
Division of Responsibilities: India functions under a federal structure where both levels of government have distinct constitutional duties that necessitate mobilizing financial resources.
Constitutional Amendment (2016): The Indian Constitution was amended to empower both the Union and State Governments simultaneously to enact laws for imposing the Goods and Services Tax (GST).
Dual GST Alignment: A dual GST framework was adopted to conform with the constitutional mandate of fiscal federalism, allowing concurrent taxation on a shared base:
CGST (Central GST): Levied and administered by the Central Government, forming central revenue.
SGST (State GST): Levied and administered by the respective State Governments, accruing directly to state exchequers.
IGST (Integrated GST): Administered by the Centre on inter-state supply and imports, with revenues divided between the Centre and States at specified rates.
State Taxation Autonomy Post-GST: States retain specific independent taxing powers, such as levying State VAT on alcoholic liquor for human consumption, while five petroleum products remain outside GST temporarily.
Intergovernmental Fiscal Transfers and Resource Flows
Tax Revenue Devolution: Revenue receipts in Union budget documents explicitly account for tax revenues net of states’ share, reflecting constitutional sharing of tax proceeds with the states.
Grants-in-Aid: The Central Government provides direct revenue grants to state governments and other entities, which may be allocated for operational expenses or asset creation.
Loans and Advances (Capital Outflow): Central expenditure includes loans and capital advances disbursed to State and Union Territory governments.
Assistance for State Plans: Central budget expenditure accounts for central plan assistance dedicated to supporting State and Union Territory development plans.
Fiscal Management and Borrowing Dynamics
Fiscal Deficit Financing: The Union’s gross fiscal deficit incorporates net borrowing at home, loans from abroad, and borrowings from the Reserve Bank of India (RBI).
Legislative Framework (FRBMA, 2003): While the central Fiscal Responsibility and Budget Management Act (FRBMA) directly governs Union deficit targets, 26 states have enacted separate state-level fiscal responsibility legislations, standardizing rule-based fiscal discipline across tiers.
Three-Tier Financial Devolution: Following the 1992 constitutional amendment, State Governments are mandated to devolve powers and share revenues with local bodies (Panchayati Raj and Municipalities).
Mutual Respect for each others territorial integrity and Sovereignty.
Mutual Non-Aggression
Mutal Non-interference
Equality and Mutual Benefit
Peaceful co-existence
These fundamental principles are called Panchsheel or five virtues. This was first formally enunciated in the Agreement on trade between the Tibet region of China and India signed on April 29, 1954.
This was later evolved to act as a conductor of international relations globally.
History of India’s foreign policy
Jawaharlal Nehru – Non Alignment Movement 1956 By Silverije – Own work, CC BY-SA 4.0, https://commons.wikimedia.org/w/index.php?curid=98808715
After 1947, India began to follow an independent foreign policy. It was designed by the first Prime Minister Pandit Jawaharlal Nehru.
He developed the basic principles of India’s foreign policy.
He was the architect of the Non-aligned Movement during the Cold War era.
Also, he extended support to colonial countries in their struggle for independence.
Nehru outlined the five principles of coexistence or Panch Sheel for conducting relations among countries. They are:
mutual respect for each other’s territorial integrity and sovereignty
non-aggression
non-interference in each other’s internal affairs
equality and mutual benefit and
peaceful coexistence.
India plays an active role in international bodies such as the Common Wealth and the United Nations Organization.
After the Independence, Nehru decided to stay within Common Wealth, an organization consisting of former British colonies.
India had also played an active role in the UN peacekeeping forces in various parts of the world.
It had sent its troops as part of UN peace-keeping Mission to Korea, IndoChina, Suez Canal and The Congo.
India had to fight three major wars [1965, 1971 and 2000] with Pakistan over the issue of Kashmir.
India maintained friendly relations with both USA and USSR during the Cold War era.
In 1971 India and USSR signed the Indo- Soviet Treaty of Friendship and Alliance during the Bangladesh crisis.
India and China are the two most important powers of Asia. These two are the most populous countries of the World. Also, they possess the significance of proud, history and civilization dating back to ancient times.
When the communist regime under the leadership of Mao Tse Tung was established in 1949, India was one among the first countries to recognize the People’s Republic of China.
In spite of India’s friendly relations with China India had to defend herself when China attacked India in 1962.
The emergence of Bangladesh as an independent state with the active help of India was an important event.
During the liberation struggle between East Pakistan and West Pakistan India supported East Pakistan.
The coordinated approach of the Indian forces along with Mukti Bahini ultimately led to the liberation of Bangladesh (East Pakistan) in December 1971 India is maintaining friendly relations right from the birth of Bangladesh in 1971.
India has also been maintaining friendly relations with its neighbours for which purpose the South Asian Association of Regional Cooperation (SAARC) was established.
India, Pakistan, Bangladesh, Sri Lanka, Nepal, Bhutan and Maldives are its members.
The aim of SAARC is to increase economic, social and cultural cooperation among its members.
Periodic meetings are being held to achieve this goal.
Post Independence is a period in Indian history. Immediately after India got independence in 1947, the most important task for the Indian leader is draft the constitution of India and also integrate the princely states such as Hyderabad, and regions ruled by other European powers such as Pondicherry etc.
Also, the Indian leader has the responsibility of making India a good economy and making it a scientifically modern nation.
The Indian leaders had a long term perspective. For them, the most challenging task was to make India a sound Economy, remove poverty, education to the masses, food security, etc.
India since independence
Making of Constitution of India
Integration of Princely States
Linguistic Reorganisation of States
Indian Polity (1947 – 2000)
Economic Development and Economic Planning
Growth of Science and Technology
India’s Foreign Policy
Constitution of India
The Constituent Assembly began its work on 9th December 1946 and Dr Rajendra Prasad was elected as its Chairman.
Dr B.R. Ambedkar was appointed as the Chairman of the Drafting Committee. After a detailed discussion, the Constitution of India was finally adopted on 26 November 1949. The Constitution came into effect on 26th January 1950.
Since then the day is celebrated as Republic Day. The salient features of the Indian Constitution are adult suffrage, the Parliamentary system, Fundamental Rights and Directive Principles.
It provides a combination of federal and unitary forms of governance at the centre and the powers of the government have been clearly stated in the three lists: Central, State and Concurrent.
The President is the constitutional head of the state while the Prime Minister is the head of the Executive. The Prime Minister is the leader of the party that has a majority in the Lok Sabha.
The Indian Parliament has two houses – the Rajya Sabha or upper house and the Lok Sabha or lower house. Each state has its own government headed by the Chief Minister who remains the leader of the majority party in the respective Legislative Assembly.
Thus, democratically elected governments rule the nation and provision is made for periodical elections. The judiciary remains the upholder of the constitution. The Indian judiciary system consists of the Supreme Court at the centre and High Courts in the states.
The subordinate courts in each state are under the control of the High Court.
Integration of Princely States
By Edinburgh Geographical Institute; J. G. Bartholomew and Sons. – Oxford University Press, 1909. Scanned and reduced from personal copy byFowler&fowler«Talk» 18:10, 5 August 2007 (UTC), Public Domain, https://commons.wikimedia.org/w/index.php?curid=7381045
At the time of Independence, there were 11 British provinces and nearly 566 princely states. After the departure of the British from India, the princes of Indian states began to dream of independence.
With great skill and masterful diplomacy, Sardar Vallabhai Patel succeeded in integrating the princely states with the Indian union by 15 August 1947. Only three of them – Junagadh, Jammu and Kashmir and Hyderabad – refused to join.
The ruler of Junagadh expressed his willingness to join Pakistan against the wishes of the people of that state. Patel sent Indian troops and after a plebiscite, Junagadh joined Indian Union. The state of Jammu and Kashmir bordered India and Pakistan. Its ruler was Raja Hari Singh. In the beginning, he also claimed independent status.
When the Pathan tribes led by Pakistan army officers invaded Kashmir, Hari Singh sought the help of India. Nehru pointed out that under international law India could send its troops only after the state’s accession to India.
Therefore, on 26th October 1947, Raja Hari Singh signed the ‘instrument of accession’ and Jammu and Kashmir have become an integral part of India. In the case of Hyderabad, the Nizam refused to join the Indian union. After repeated appeals, in 1948 Indian troops moved into Hyderabad and the Nizam surrendered.
Finally, Hyderabad acceded to the Indian Union. Thus the Union of India was established with the integration and accession of the princely states with the Indian Union. This formidable task was fulfilled by the “Iron Man of India” Sardar Vallabhai Patel.
The Linguistic Reorganization of the States
In 1948, the first Linguistic Provinces Commission headed by S.K. Dar was appointed by the Constituent Assembly to enquire into the possibility of linguistic provinces. This commission advised against such a step. In the same year, another committee known as the JVP committee consisting of Jawaharlal Nehru, Vallabhai Patel and Pattabhi Sitaramaih was appointed by the Congress Party.
This committee also did not favour linguistic provinces. But there were popular movements for states reorganization all over the country and it was intensive in Andhra.
Therefore, in 1953 Andhra was created as a separate state. Simultaneously, Madras was created as a Tamil- speaking state. The struggle led by M.P. Sivagnanam to retain Tiruttani with Madras was a memorable event in the history of Tamil Nadu.
The success of Andhra’s struggle encouraged other linguistic groups to agitate for their own state. In 1953, Prime Minister Jawaharlal Nehru appointed the States Reorganization Commission with Justice Fazal Ali as its chairman and Pandit Hridayanath Kunzru and Sardar K.M. Panikkar as its members.
The commission submitted its report on 30 September 1955. Based on this report, the States Reorganization Act was passed by the Parliament in 1956. It provided for 16 states and six union territories.
The Telangana region was transferred to Andhra. Kerala was created by merging the Malabar district with Travancore-Cochin. There was a strong movement of the Tamil linguistic people in Travancore (Kanyakumari) who struggled to be part of the state of Tamil Nadu.
Indian Polity (1947 – 2000)
India’s first Prime Minister Jawaharlal Nehru was considered the architect of modern India. He consolidated the Indian Independence by forging national unity, nurturing democratic institutions, promoting science and technology, planning for economic development and by following independent foreign policy.
He was truly a nation builder. He died in 1964. Lal Bahadur Sastri succeeded Nehru as the next Prime Minister of India. He remained a role model for honesty in public life. He ended the Indo-Pak war of 1965 by concluding the Tashkent Agreement in January 1966. His untimely death was a great loss to the nation.
Indira Gandhi, daughter of Nehru became Prime Minister in 1966 and bravely faced domestic challenges such as scarcity of food and foreign pressures during the 1971 Bangladesh crisis.
When opposition to her rule gathered momentum in 1975, she brought emergency rule, a black mark in the democratic tradition of India.
However, she restored democratic rule by announcing general elections in 1977 in which she was defeated. Later in 1980, she was able to regain power by democratic means. In 1983 she undertook the “Blue Star Operation” in the Golden Temple at Amritsar – Punjab.
As a result, unfortunately, she was shot dead by her own bodyguards in 1984 as an act of vengeance for her policy toward Punjab militancy. The Janata Party’s rule for a brief period between 1977 and 1980 brought Morarji Desai as Prime Minister of India.
For the first time, a non-Congress ministry was formed after independence. The lack of unity among the Janata leaders had resulted in the fall of the Janata Government. Rajiv Gandhi became the Prime Minister of India in 1984 after her mother Indira Gandhi’s assassination. He introduced New Education Policy and encouraged foreign investment.
In 1987 he sent the Indian Peace Keeping Force to Sri Lanka with a view to putting an end to the ethnic violence. He continued as Prime Minister till the next elections were held in 1989. Later in May 1991, he was assassinated (by the Sri Lankan Tamil extremists).
V.P. Singh was the Prime Minister between 1989 and 1991. He was leading an anti-Congress coalition called the Janata Dal. During his tenure, he decided to implement the Mandal Commission Report which provided reservations for other backward classes.
His government was marked by factionalism, and he was forced to resign in 1990. The next Prime Minister Chandrasekhar held the office from November 1990 to March 1991.
In June 1991 P. V. Narasimha Rao became Prime Minister. He moved decisively toward new economic reforms, reducing the government’s economic role, instituting austerity measures, and encouraging foreign investment.
The finance minister Dr Manmohan Singh’s role in this sphere is worth noting. As a result, India started moving towards liberalization, privatization and globalization. After the elections of 1996, Atal Bihari Vajpayee became Prime Minister from the BJP party but he was not able to prove the majority in the Parliament.
Deve Gowda formed a coalition government. He was the eleventh Prime Minister of India (1996– 1997). He was from the state of Karnataka. His government also fell due to the no-confidence motion voted jointly by Congress and the BJP.
He was succeeded by I.K. Gujral for a brief period in 1997. Atal Bihari Vajpayee became the Prime Minister of India in 1998. In the 1999 elections, the National Democratic Alliance under the leadership of Vajpayee formed the government.
His period witnessed two important events. One was the Kargil War with Pakistan and another was the nuclear tests at Pokhran.
Economic Development
When India became independent in 1947, it was gripped by mass poverty, unemployment, illiteracy, static agriculture, poorly developed industries and inadequate infrastructure. There was an urgent need for immediate efforts on a national scale to achieve the path of progress on the socio-economic front.
Jawaharlal Nehru was greatly influenced by the achievements of Soviet Planning. But he also realized the importance of democratic values. He encouraged planning for rapid industrial and agricultural growth. He encouraged Mixed Economy as a result both public sector (Government-owned) and Private Sector companies come into existence.
His fundamental objective was to build an independent self-reliant economy.
The other things are done by India after Independence, which are continuity of the above notes in mentioned below, in separate pages:
An alternative to the nation-state, then, is the “state nation”, where various “nations” be they ethnic, religious, linguistic, or indigenous identities can coexist peacefully and cooperatively in a single state polity.
Case studies and analyses demonstrate that enduring democracies can be established in polities that are multicultural. Explicit efforts are required to end the cultural exclusion of diverse groups and to build multiple and complementary identities.
Such responsive policies provide incentives to build a feeling of unity in diversity a “we” feeling. Citizens can find the institutional and political space to identify with both their country and their other cultural identities, to build their trust in common institutions and to participate in and support democratic politics.
All of these are key factors in consolidating and deepening democracies and building enduring “statenations”.
India’s constitution incorporates this notion. Although India is culturally diverse, comparative surveys of long-standing democracies including India show that it has been very cohesive, despite its diversity.
But modern India is facing a grave challenge to its constitutional commitment to multiple and complementary identities with the rise of groups that seek to impose a singular Hindu identity on the country.
These threats undermine the sense of inclusion and violate the rights of minorities in India today.
Recent communal violence raises serious concerns for the prospects for social harmony and threatens to undermine the country’s earlier achievements.
And these achievements have been considerable. Historically, India’s constitutional design recognized and responded to distinct group claims and enabled the polity to hold together despite enormous regional, linguistic and cultural diversity.
As evident from India’s performance on indicators of identification, trust and support, its citizens are deeply committed to the country and to democracy, despite the country’s diverse and highly stratified society.
This performance is particularly impressive when compared with that of other long-standing—and wealthier—democracies.
The challenge is in reinvigorating India’s commitment to practices of pluralism, institutional accommodation, and conflict resolution through democratic means.
Critical for building a multicultural democracy is a recognition of the shortcomings of historical nation-building exercises and of the benefits of multiple and complementary identities.
Also important are efforts to build the loyalties of all groups in society through identification, trust, and support.
National cohesion does not require the imposition of a single identity and the denunciation of diversity. Successful strategies to build “statenations” can and do accommodate diversity constructively by crafting responsive policies of cultural recognition.
They are effective solutions for ensuring the longer terms objectives of political stability and social harmony.
Public Domain, https://commons.wikimedia.org/w/index.php?curid=1992131
Apartheid is the highest form of discrimination, which existed in South Africa. That is the places of residence were classified by racial discrimination. Its policy of governance by Whites over Non-white people.
The South African people protested against the Apartheid. Nelson Mandela raised their voice against the Apartheid. He also organized agitation and campaigns against the government.
He was imprisoned for sedition. Due to national and international pressure and the fear of civil war, Nelson Mandela was released in 1990 by President F.D.de Klerk.
Madela and Klerk took efforts to end Apartheid. After this South Africa hosted a multiracial general election Madela led African National Congress to win the general election and Mandela became President.
In the rapid surge of Covid-19 cases in the country, the Tamil government announced restrictions from April 20 that includes night lockdown or curfew between 10 pm to 4 am and complete lockdown on Sundays.
Now Chief Minister of Tamil Nadu, Edappadi K. Palaniswami, annouced that visits to public places such as beaches, zoos, parks and museums and other tourist places are banned on all the days of the week.
And 12th board exams also postponed with announcing the date.
However, essential services are allowed, that includes Media, Petrol Pumps and some industries are exempted.
Police during lockdown By SHANTANU DUTTA from Nagpur, INDIA – Have you heard of ‘Corona’ helmet? In a bid to spread awareness about the severity of the coronavirus pandemic, a local artist in collaboration with a police official here has made a unique ‘Corona’ helmet to dissuade commuters from coming out., CC0, https://commons.wikimedia.org/w/index.php?curid=89160259
epass for marriage in Tamilnadu can be applied through TN e-Registration portal. This is applicable to all places in Tamil Nadu. However only a maximum of 100 people are allowed to attend the marriage and in the case of funerals, only a maximum of 50 people are allowed.
The curfew timings in chennai are 10pm to 4 am.
Sunday lockdown in Tamil Nadu
Sunday curfew from April 20 is announced after the Covid-19 cases nearing 10,000 marks in Tamil Nadu.
The Sunday full lockdown timing in tamilnadu is not mentioned and it is extended till March 31.
On Sundays, the fish, meat market, vegetable shops, theatres, commercial establishment and also shops are not allowed to function. But the essential and emergencies services are allowed to function.
Current lockdown rules in Tamil Nadu
Complete curfew on Sundays.
Interstate and intrastate transport are not allowed during the night lockdown.
IT firms can run at 50% capacity.
College and Universities can conduct online classes. Exams to be held only in online mode.
The lockdown restriction will not apply on Assembly poll counting day on May 2.
Hotel, Malls, Jewellery shops, Grocery stores, Tea stall, vegetable shops etc may operate at 50% capacity.
On Sundays, food delivery apps and e-commerce site are allowed to function between 6 am to 10 am 12 pm to 3 pm and 6 pm to 9 pm only.
Lockdown in Tamilnadu is applied as result surging cases high than the previous year. Also the shortage of vaccines also made the people to wait for vacines and due to this there is lot of chance of increase in cases exponentially. In order to decrease the speed of infection government has choice but to impose lockdown.
The government warned the movie theatre, that those theatres which do not follow the covid-19 norms such as running theatres with more than 50% capacities will taken severe action.
Conclusion
The full lockdown in Tamilnadu is only on Sunday and the Night curfew is announced after surging in covid-19 cases in Tamil Nadu. Will lockdown be extended in Tamilnadu? This question will be answered only on April 30.
By using the Postal ballot system, the voter can cast their vote remotely by recording their preference on the ballot paper and sending it to the election officer before counting.
Allowed Voters to use the Postal Ballot system are:
Member of Armed Forces – Army, Navy and Air Force etc.
Armed Police Force of the state serving outside the state.
Government employees and their spouses who are serving outside the country.
President of India, Vice President, Governor, Union Cabinet Ministers, Speaker of House and Government officials who are doing election duty has the option to vote by post.
Persons aged 65 age and about can use the postal ballot.
Covid 19 suspect or affected person can use the postal ballot system.
* * All the Notes in this blog, are referred from Tamil Nadu State Board Books and Samacheer Kalvi Books. Kindly check with the original Tamil Nadu state board books and Ncert Books.
