THE HINDU EDITORIAL : FEBRUARY 6, 2019
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THE HINDU EDITORIAL : FEBRUARY 6, 2019
Dear Banking Aspirants,
THE HINDU EDITORIAL – February 6, 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) Unedifying episode: On Kolkata stand-off
The Supreme Court has defused the situation, but concerns remain over stand-off in Kolkata
In its ostensibly even-handed intervention in the stand-off between the Central and West Bengal governments over the manner of investigation of the Saradha Chit Fund case, the Supreme Court has de-escalated political tensions, at least for now. The decision allowed both sides in the face-off to claim “moral victory” — even if it was West Bengal Chief Minister Mamata Banerjee who was forced to climb down from the aggressive posture she took in denying the Central Bureau of Investigation room to question Kolkata Police Commissioner Rajeev Kumar. However, while ordering him to cooperate with the CBI in “neutral” Shillong, the Court restrained the CBI from taking any coercive action against Mr. Kumar. The Police Commissioner and his Special Investigation Team investigating the chit fund case had been served a number of notices to appear before the CBI before it sent a team to his house in Kolkata. While Ms. Banerjee may have reason to believe that the timing of the CBI’s operation was politically motivated, her government’s response — manhandling and detaining the CBI officials — was shocking and inexcusable. In the polarised political atmosphere, her belligerence expectedly secured the backing of a large number of Opposition parties, and even had the Congress rally around her during an impromptu sit-in protest. However, in attempting to obstruct the CBI action in a court-ordered investigation, Ms. Banerjee once again demonstrated that she is prone to taking arguments over administrative procedures to the streets. A decade ago, she burnished her credentials as the Opposition leader who would dethrone the Left Front combine in West Bengal with her agitation over the Singur land acquisition. But her attempt now to bring the State, where she heads the government, to a grinding halt speaks poorly of her political maturity. Ms. Banerjee is free to read political motives into the actions of a Central agency — but she must conduct that fight politically and by heeding her responsibilities as a Chief Minister. To hold a dharna in aid of an officer who is required for questioning does her no credit.
There are bound to be questions whether this matter should have been escalated to such an unpleasant level. The CBI says there was no proper response to the earlier summonses it sent to the Police Commissioner, and alleges that he could have destroyed evidence that was initially gathered by the Special Investigation Team that he had supervised in the initial stage of the probe. But it is doubtful whether descending on a senior officer’s residence on a Sunday evening with a large team of officers was the right course of action for the CBI, as it was liable to be interpreted as a high-handed attempt to browbeat and embarrass the State government. The only way the CBI can escape this impression is by showing that it was justified in demanding the questioning of Mr. Kumar and establishing proof of its suspicions about his role in covering up the scam.
B) Timely review: On start-up tax
The very idea of an ‘angel tax’ on start-ups must be reconsidered
Start-ups troubled by the so-called angel tax may soon receive some concession from the government. On Monday, the Centre set up a five-member working committee to look into revising the norms of the angel tax imposed on start-ups. The tax, which was first introduced in 2012 to curb money-laundering through the sale of shares of private unlisted companies at bloated prices, has caused a lot of anguish among start-up investors in the country. Start-up owners have complained that income tax officials have asked many start-ups to cough up money when they try to attract capital into their entities by issuing new shares. For its part, the IT department fears that start-ups may be used as convenient tools to launder illegally acquired money, so a tax on investments beyond a certain threshold is necessary to deter such shady operations. But while the intent of such an angel tax may be justifiable, the arbitrary nature of it means the cost of unintended consequences could be larger than the supposed benefits. In trying to curb money-laundering, Section 56(2)(viib) of the Indian Income Tax Act, 1961 gives income tax officials a free hand to harass even genuine start-ups looking to raise investments for their growth. Under the Act, the IT department is free to arbitrarily decide the fair value of a company’s share and tax start-ups if the price at which their new shares are sold to investors is higher than the fair value of these shares. The broad-brush tax on all investments means an unnecessary cost is imposed on the wider start-up community simply because of the lack of better means at the government’s disposal to tackle black money.
The committee set up by the government will, among other things, consider raising the threshold beyond which new investments into start-ups will be taxed. It is expected that start-ups with aggregate paid-up share capital and share premium of less than ₹25 crore, against the previous threshold of only ₹10 crore, will not be taxed while attracting new investment. This would definitely make life easier to a certain extent for angel investors and start-ups. But it will not address the real problem with the angel tax, which has to do with the unbridled power that it vests in the hands of the income tax authorities. Investors, foreign or domestic, may become wary of investing in new ideas when they are taxed while risking money on untested ventures. So the government should look to withdraw the angel tax and focus instead on building the capability to better identify and rein in illegal wealth. Otherwise it risks killing the nascent start-up ecosystem in the country.
VOCABULARY
1) ostensibly
Meaning : as appears or is stated to be true, though not necessarily so; apparently(adv).
Tamil Meaning : மேம்போக்காக
Synonyms : evidently
Antonyms : improbably
Example : “the party secretary resigned, ostensibly from ill health”
2) intervention
Meaning : the action or process of intervening(n).
Tamil Meaning : தலையீடு
Synonyms : interference
Antonyms : affront
Example : “a high degree of state intervention in the economy”
3) claim
Meaning : state or assert that something is the case, typically without providing evidence or proof(v).
Tamil Meaning : கூற்றை
Synonyms : allegation
Antonyms : answer
Example : “the Prime Minister claimed that he was concerned about Third World debt”
4) aggressive
Meaning : ready or likely to attack or confront; characterized by or resulting from aggression.
Tamil Meaning : ஆக்கிரமிப்பு
Synonyms : combative
Antonyms : complaisant
Example : “he’s very uncooperative and aggressive”
5) posture
Meaning : the position in which someone holds their body when standing or sitting(n).
Synonyms : aspect
Antonyms : absence
Example : “I got out of the car in an alert posture”
6) restrained
Meaning : characterized by reserve or moderation; unemotional or dispassionate(adj).
Tamil Meaning : கட்டுப்படுத்தும்
Synonyms : discreet
Antonyms : extroverted
Example : “his restrained, gentlemanly voice”
7) coercive
Meaning : relating to or using force or threats(adj).
Tamil Meaning : நிர்ப்பந்தப்படுத்தப்படும்
Synonyms : violent
Antonyms : powerless
Example : “coercive measures”
8) detaining
Meaning : keep (someone) from proceeding by holding them back or making claims on their attention(v).
Synonyms : apprehend
Antonyms : liberate
Example : “she made to open the door, but he detained her”
9) inexcusable
Meaning : too bad to be justified or tolerated(adj).
Tamil Meaning : மன்னிக்கக்கூடாத
Synonyms : outrageous
Antonyms : acceptable
Example : “Matt’s behaviour was inexcusable”
10) belligerence
Meaning : aggressive or warlike behaviour(n).
Synonyms : antagonism
Antonyms : favor
Example : “Mortimer was eyeing Guy with belligerence”
11) prone
Meaning : likely or liable to suffer from, do, or experience something unpleasant or regrettable(adj).
Tamil Meaning : பாதிப்புக்குள்ளாகும்
Synonyms : decumbent
Antonyms : improbably
Example : “farmed fish are prone to disease”
12) burnished
Meaning : polish (something, especially metal) by rubbing(v).
Synonyms : furbish
Antonyms : dull
Example : “highly burnished armour”
13) dethrone
Meaning : remove from a position of authority or dominance(v).
Tamil Meaning : வீழ்த்துவோம்
Synonyms : depose
Antonyms : crown
Example : “he dethroned the defending title-holder”
14) agitation
Meaning : a state of anxiety or nervous excitement(n).
Tamil Meaning : கிளர்ச்சி
Synonyms : upheaval
Antonyms : calm
Example : “she was wringing her hands in agitation”
15) acquisition
Meaning : an asset or object bought or obtained, typically by a library or museum(n).
Synonyms : gain
Antonyms : loss
Example : “the legacy will be used for new acquisitions”
16) heeding
Meaning : pay attention to; take notice of(v).
Synonyms : obey
Antonyms : ignore
Example : “he should have heeded the warnings”
17) escalated
Meaning : increase rapidly(v).
Tamil Meaning : அதிகரித்தது
Synonyms : grow
Antonyms : decline
Example : “the price of tickets escalated”
18) gathered
Meaning : come together; assemble or accumulate(v).
Tamil Meaning : கூடி
Synonyms : accumulated
Antonyms : dispersed
Example : “as soon as a crowd gathered, the police came”
19) liable
Meaning : responsible by law; legally answerable(adj).
Tamil Meaning : பொறுப்பு
Synonyms : amenable
Antonyms : irresponsible
Example : “the credit-card company is liable for any breach of contract”
20) interpreted
Meaning : explain the meaning of (information or actions)(v).
Tamil Meaning : விளக்கம்
Synonyms : explained
Example : “the evidence is difficult to interpret”
21) embarrass
Meaning : cause (someone) to feel awkward, self-conscious, or ashamed(v).
Synonyms : agitate
Antonyms : appease
Example : “she wouldn’t embarrass either of them by making a scene”
22) scam
Meaning : a dishonest scheme; a fraud(n).
Tamil Meaning : ஊழல்
Synonyms : deceit
Antonyms : frankness
Example : “an insurance scam”
23) concession
Meaning : a thing that is granted, especially in response to demands(n).
Tamil Meaning : சலுகை
Synonyms : privilege
Antonyms : denial
Example : “the government was unwilling to make any further concessions”
24) imposed
Meaning : force (an unwelcome decision or ruling) on someone(v).
Tamil Meaning : திணிக்கப்பட்ட
Synonyms : demand
Antonyms : disorder
Example : “the decision was theirs and was not imposed on them by others”
25) curb
Meaning : a check or restraint on something(n).
Tamil Meaning : கட்டுப்படுத்து
Synonyms : ledge
Antonyms : inside
Example : “plans to introduce tougher curbs on insider dealing”
26) anguish
Meaning : severe mental or physical pain or suffering.
Tamil Meaning : வேதனை
Synonyms : agony
Antonyms : delight
Example : “she shut her eyes in anguish”
27) deter
Meaning : discourage (someone) from doing something by instilling doubt or fear of the consequences(v).
Tamil Meaning : தடுக்க
Synonyms : dampen
Antonyms : advance
Example : “only a health problem would deter him from seeking re-election”
28) intent
Meaning : intention or purpose(n).
Tamil Meaning : நோக்கம்
Synonyms : decided
Antonyms : indefinite
Example : “with alarm she realized his intent”
29) imposed
Meaning : force (an unwelcome decision or ruling) on someone(v).
Tamil Meaning : திணிக்கப்பட்ட
Synonyms : appoint
Antonyms : disorder
Example : “the decision was theirs and was not imposed on them by others”
30) disposal
Meaning : the action or process of getting rid of something(n).
Tamil Meaning : அகற்றல்
Synonyms : clearance
Antonyms : building
Example : “the disposal of radioactive waste”
31) aggregate
Meaning : a whole formed by combining several separate elements(n).
Tamil Meaning : மதிப்பீட்டு
Synonyms : accumulated
Antonyms : uncombined
Example : “the council was an aggregate of three regional assemblies”
32) unbridled
Meaning : uncontrolled; unconstrained(adj).
Tamil Meaning : தடையற்ற
Synonyms : unchecked
Antonyms : restrained
Example : “a moment of unbridled ambition”
33) rein
Meaning : check or guide (a horse) by pulling on its reins(v).
Synonyms : curb
Antonyms : release
Example : “he reined in his horse and waited”
34) ventures
Meaning : undertake a risky or daring journey or course of action(v).
Tamil Meaning : முயற்சிகள்
Synonyms : endeavor
Antonyms : idleness
Example : “she ventured out into the blizzard”
35) demonstrated
Meaning : give a practical exhibition and explanation of (how a machine, skill, or craft works or is performed)(v).
Tamil Meaning : நிரூபித்துள்ளன
Synonyms : determine
Antonyms : conceal
Example : “computerized design methods will be demonstrated”
36) secured
Meaning : fix or attach (something) firmly so that it cannot be moved or lost(v).
Tamil Meaning : பாதுகாக்கப்பட்ட
Synonyms : achieve
Antonyms : forfeit
Example : “pins secure the handle to the main body”
37) impromptu
Meaning : done without being planned or rehearsed(adj).
Tamil Meaning : அவசர
Synonyms : unscripted
Antonyms : deliberate
Example : “an impromptu press conference”
38) evidence
Meaning : the available body of facts or information indicating whether a belief or proposition is true or valid(n).
Synonyms : indication
Antonyms : concealment
Example : “the study finds little evidence of overt discrimination”
39) alleges
Meaning : claim or assert that someone has done something illegal or wrong, typically without proof(v).
Synonyms : declare
Antonyms : deny
Example : “he alleged that he had been assaulted”
40) impression
Meaning : an idea, feeling, or opinion about something or someone, especially one formed without conscious thought or on the basis of little evidence(n).
Synonyms : impact
Antonyms : beginning
Example : “his first impressions of Manchester were very positive”
