The Hindu Editorial : February 25, 2019
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The Hindu Editorial : February 25, 2019
Dear Banking Aspirants,
THE HINDU EDITORIAL – February 25, 2018, is one of the must-read section for the competitive exams like NIACL AO Prelims Exam, IBPS SO Mains Exam. These topics are widely expected to be asked in the reading comprehension, Cloze Test or Error Detection in the forthcoming exams. So gear up your Exam preparation and learn new words daily.
A) Terror timeline: on FATF advisory to Pakistan
The FATF must impress upon Pakistan the need to take meaningful action
The statement of the Financial Action Task Force in Paris is another message to Islamabad from the international community of the mounting costs of its decades-old lax policy towards terror groups. Significantly, it came a week after the February 14 Pulwama attack, and the global terror finance watchdog condemned, in no uncertain terms, the suicide bombing of the CRPF convoy that left 40 personnel dead. It issued a 10-point advisory to Pakistan if it wants to be out of the “grey list” of countries posing a “risk to the international system”. Pakistan has been on the grey list since June 2018, and will be required to show compliance or face being “black-listed” by the session in October 2019. A black-list would mean enhanced financial scrutiny of its government, possible sanctions against its central bank, and a downgrade of its financial and credit institutions. This is something Pakistan, already facing an acute debt crisis, can ill-afford. Amongst the FATF’s stern observations of what it called Pakistan’s lack of “understanding” of the terror finance risks posed by groups, such as the Taliban, al-Qaeda, Islamic State, Lashkar-e-Taiba and Jaish-e-Mohammed, was a clear message: Islamabad must visibly demonstrate that it has taken measures to crack down on and shut down the infrastructure and finances of these groups. The first deadline to show results is May 2019, with a review in June. This goes even beyond the Security Council guidelines under its 1267 listing, that oblige Pakistan to ensure that terror entities do not travel out of the country, or have access to funding or weaponry.
Proof that Pakistan took on board the FATF’s warnings and potential action came even as the plenary was under way. Prime Minister Imran Khan held a meeting of his national security officials, and vowed to double down to tackle terror groups in Pakistan and to put two Hafiz Saeed-led LeT offshoots, the Jamaat ud Dawa and the Falah-e-Insaniat Foundation, on its schedule (1) list of banned organisations. A day later, security forces took over “administrative control” of a madrasa in Bahawalpur believed to be run by the Masood Azhar-led JeM, which was behind the Pulwama attack. But the measures do not go far enough or inspire confidence. Mr. Khan’s own speech in response to India’s demand for action on those responsible for Pulwama was a disappointing mix of denial and opportunism to raise the Kashmir issue. The banning of the JuD and the FIF doesn’t appear to have affected the groups in the slightest, and a day after taking over the Bahawalpur seminary, Pakistan’s Information Minister announced that its links to the JeM were simply “Indian propaganda”. The world community must make it clear to the Pakistan government the possible international and financial repercussions of ignoring the FATF’s timeline.
B) Safety nets: on banning unregulated deposit schemes
New rules on unregulated deposit schemes need to be backed up with proper checks
The savings of low-income Indian households have traditionally remained unprotected by the government when compared to those of the more affluent economic groups. But that may be about to change now. President Ram Nath Kovind on Thursday promulgated the Banning of Unregulated Deposit Schemes Ordinance, which bars all deposit schemes in the country that are not officially registered with the government from either seeking or accepting deposits from customers. The ordinance will help in the creation of a central repository of all deposit schemes under operation, thus making it easier for the Centre to regulate their activities and prevent fraud from being committed against ordinary people. The ordinance allows for compensation to be offered to victims through the liquidation of the assets of those offering illegal deposit schemes. Popular deposit schemes such as chit funds and gold schemes, which as part of the huge shadow banking system usually do not come under the purview of government regulators, have served as important instruments of saving for people in the unorganised sector. But these unregulated schemes have also been misused by some miscreants to swindle the money of depositors with the promise of unbelievably high returns in a short period of time. The Saradha chit fund scam in West Bengal is just one example of such a heinous financial crime against depositors. The Centre’s latest attempt to curb unregulated deposit schemes through an ordinance reflects a timely recognition of the need for greater legal protection to be offered for those depositors with inadequate financial literacy.
While the intent of the ordinance, which is to protect small depositors, is indeed commendable, the benefits that depositors will eventually derive from the new legislation will depend largely on its proper implementation. For one, policymakers will have to make sure that the bureaucrats responsible for the on-ground implementation of the ordinance are keen on protecting the savings of low-income households. There must also be checks against persons in power misusing the new rules to derecognise genuine deposit schemes that offer useful financial services to customers in the unorganised sector. In fact, in the past there have been several cases of politicians acting in cahoots with the operators of fraudulent deposit schemes to fleece depositors of their hard-earned money. Another potential risk involved when the government, as in this case, takes it upon itself to guarantee the legitimacy of various deposit schemes is that it dissuades depositors from conducting the necessary due diligence before choosing to deposit their money. The passing of tough laws may thus be the easiest of battles in the larger war against illicit deposit schemes.
VOCABULARY
1) mounting
Meaning : a backing, setting, or support for something(n).
Tamil Meaning : பெருகிவரும்
Synonyms : escalate
Antonyms : decrease
Example : “he pulled the curtain rail from its mounting”
2) condemned
Meaning : sentenced to a particular punishment, especially death(adj).
Tamil Meaning : கண்டனம்
Synonyms : convicted
Antonyms : cleared
Example : “condemned prisoners awaiting execution”
3) convoy
Meaning : a group of ships or vehicles travelling together, typically one accompanied by armed troops, warships, or other vehicles for protection(n).
Synonyms : companion
Antonyms : neglect
Example : “a convoy of lorries”
4) posing
Meaning : present or constitute (a problem or danger)(v).
Tamil Meaning : விடுப்பதாகவும்
Synonyms : model
Antonyms : Withhold
Example : “the sheer number of visitors is posing a threat to the area”
5) compliance
Meaning : the action or fact of complying with a wish or command(n).
Tamil Meaning : இணக்கம்
Synonyms : conformity
Antonyms : difference
Example : “the ways in which the state maintains order and compliance”
6) enhanced
Meaning : intensify, increase, or further improve the quality, value, or extent of(v).
Tamil Meaning : மேம்பட்ட
Synonyms : appreciate
Antonyms : neglect
Example : “his refusal does nothing to enhance his reputation”
7) scrutiny
Meaning : critical observation or examination(n).
Tamil Meaning : கண்காணிப்பின்
Synonyms : inquiry
Antonyms : neglect
Example : “every aspect of local government was placed under scrutiny“
8) oblige
Meaning : make (someone) legally or morally bound to do something(v).
Synonyms : constrain
Antonyms : delay
Example : “doctors are obliged by law to keep patients alive while there is a chance of recovery”
9) ensure
Meaning : make certain that (something) will occur or be the case.
Tamil Meaning : உறுதி
Synonyms : assure
Antonyms : endanger
Example : “the client must ensure that accurate records are kept”
10) plenary
Meaning : unqualified; absolute(adj).
Tamil Meaning : முழுமையான
Synonyms : complete
Antonyms : incomplete
Example : “crusaders were offered a plenary indulgence by the Pope”
11) vowed
Meaning : solemnly promise to do a specified thing(v).
Tamil Meaning : சபதம்
Synonyms : assure
Antonyms : deny
Example : “the rebels vowed to continue fighting”
12) denial
Meaning : the action of denying something(n)
Tamil Meaning : மறுப்பு
Synonyms : rebuttal
Antonyms : allowance
Example : “she shook her head in denial“
13) repercussions
Meaning : an unintended consequence of an event or action, especially an unwelcome one(n).
Tamil Meaning : தாக்கங்கள்
Synonyms : fallout
Antonyms : cause
Example : “the move would have grave repercussions for the entire region”
14) affluent
Meaning : (especially of a group or area) having a great deal of money; wealthy.
Tamil Meaning : வசதியான
Synonyms : prosperous
Antonyms : destitute
Example : “the affluent societies of the western world”
15) promulgated
Meaning : promote or make widely known (an idea or cause)(v).
Synonyms : declare
Antonyms : collect
Example : “these objectives have to be promulgated within the organization”
16) repository
Meaning : a place where or receptacle in which things are or may be stored(n).
Synonyms : archive
Example : “a deep repository for nuclear waste”
17) purview
Meaning : the scope of the influence or concerns of something(n).
Synonyms : attention
Antonyms : ignorance
Example : “such a case might be within the purview of the legislation”
18) swindle
Meaning : use deception to deprive (someone) of money or possessions(v).
Synonyms : deceit
Antonyms : frankness
Example : “a businessman swindled investors out of millions of pounds”
19) miscreants
Meaning : a person who has done something wrong or unlawful(n).
Tamil Meaning : அமல்படுத்தப்பட்டுள்ளது
Synonyms : reprobate
Antonyms : nice
Example : “the police are straining every nerve to bring the miscreants to justice”
20) curb
Meaning : a check or restraint on something(n).
Synonyms : rein
Antonyms : center
Example : “plans to introduce tougher curbs on insider dealing”
21) recognition
Meaning : identification of someone or something or person from previous encounters or knowledge(n).
Synonyms : acceptance
Antonyms : denial
Example : “she saw him pass by without a sign of recognition”
22) intent
Meaning : intention or purpose(n).
Synonyms : decided
Antonyms : indefinite
Example : “with alarm she realized his intent”
23) indeed
Meaning : used to emphasize a statement or response confirming something already suggested(adv).
Synonyms : certainly
Antonyms : doubtfully
Example : “it was not expected to last long, and indeed it took less than three weeks”
24) fleece
Meaning : the woolly covering of a sheep or goat(n).
Synonyms : swindle
Antonyms : give
Example : “as the sheep came on board, we grabbed their long shaggy fleeces”
25) dissuades
Meaning : persuade (someone) not to take a particular course of action.
Tamil Meaning : பிரிக்க
Synonyms : deter
Antonyms : assist
Example : “his friends tried to dissuade him from flying”
26) diligence
Meaning : careful and persistent work or effort(n).
Tamil Meaning : விடாமுயற்சி
Synonyms : intensity
Antonyms : inactivity
Example : “few party members challenge his diligence as an MP”
27) illicit
Meaning : forbidden by law, rules, or custom.
Synonyms : adulterous
Antonyms : allowed
Example : “illicit drugs”
28) legitimacy
Meaning : conformity to the law or to rules.
Synonyms : validity
Antonyms : wrongness
Example : “refusal to recognize the legitimacy of both governments”
29) inspire
Meaning : fill (someone) with the urge or ability to do or feel something, especially to do something creative(v).
Tamil Meaning : ஊக்குவிக்கும்
Synonyms : arouse
Antonyms : bore
Example : “his philosophy inspired a later generation of environmentalists”
30) heinous
Meaning : (of a person or wrongful act, especially a crime) utterly odious or wicked(adj).
Tamil Meaning : கொடிய
Synonyms : atrocious
Antonyms : delightful
Example : “a battery of heinous crimes”
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