The Federal Reserve Addresses the Aftermath of Its Quantitative Easing Policies - The Hard News Daily
By now, nearly everyone in the global markets is well-acquainted with the concept of interest rates remaining elevated for an extended period of time.
In the near future, it is probable that they will encounter another significant idea in relation to comprehending central bank policy: the concept of less-for-longer quantitative tightening (QT).
This statement outlines the Federal Reserve’s plan to systematically decrease its holdings in order to reverse the significant bond purchases made during the covid-19 epidemic.
The company anticipates that adopting a strategy of reducing expenses over an extended period of time will result in a final balance sheet that is smaller than it would have been otherwise.
This may all appear really technical.
Undoubtedly, according to a metaphor favored by Federal Reserve officials, monitoring QT should be as uneventful as seeing the drying process of paint.
However, if the dullness persists, it would have significant ramifications, as it would establish balance-sheet expansion and contraction as a fundamental strategy in central banks’ efforts to prevent financial crises.
While other monetary authorities are currently engaged in quantitative tightening (QT), the Federal Reserve holds a prominent position in this experiment as the central bank of the world’s largest economy.
Source: The Economist
Since the beginning of current round of quantitative tightening (QT) in mid-2022, the Federal Reserve has already decreased its assets by around 16% to $7.5 trillion.
Current drop is slightly larger than the previous attempt at QT from 2017 to 2019, which occurred after the global financial crisis of 2007-09 (see to the graphic).
However, its balance-sheet is still over 80% greater than it was in early 2020.
Further reducing its size would provide the Federal Reserve with greater flexibility to increase it again through the acquisition of bonds (often referred to as quantitative easing) in the event of another financial crisis.
Successfully achieving this without causing market crashes would also address critics who perceive quantitative easing (QE) as a driver of inflation and inflated asset values.
The exact optimal size for the central bank’s holdings remains unknown to both Federal Reserve officials and other individuals.
The key metric to consider is not the assets shown on the balance-sheet, but rather the liabilities, specifically the reserves held by commercial banks.
These reserves increase in response to the central bank’s bond purchases during quantitative easing (QE).
The objective of the Federal Reserve is to restore banks to a state of “sufficient” reserves, which is lower than their current level of “excessive” reserves.
Prior to the pandemic, these reserves accounted for around 10% of their total assets.
Currently, they constitute approximately 15%.
Due to more stringent financial regulations, analysts at Goldman Sachs, a bank, believe that a suitable liquidity level would be approximately 12%.
This suggests that the Federal Reserve may have the intention of reducing the size of its balance sheet by an additional $500 billion.
The Federal Reserve is currently relying on market signals to guide its decisions, without adhering to any specific aim.
Specifically, it is monitoring whether the interest rates for banks’ overnight loans exceed the rate at which it compensates them for their reserve amounts.
This suggests that the availability of liquid assets has significantly decreased, indicating tighter liquidity circumstances.
The financial disturbances in the money market during the fall of 2019, which involved a sudden increase in the costs of short-term funding, caused the Federal Reserve to abruptly stop its previous round of quantitative tightening (QT).
On this occasion, it has successfully evaded any form of instability.
After reaching this point, policymakers now want to decelerate their asset reduction, in the belief that doing so will minimize the possibility of market disturbance and, consequently, maximize the gradual decrease of their balance sheet.
Given Jerome Powell’s recent assurance as the chairman of the Federal Reserve to commence the process of tapering quantitative tightening (QT) in the near future, it is reasonable to speculate that the Fed will unveil its plans for tapering after its upcoming meeting on May 1st and initiate the process in June.
Presently, the Federal Reserve is abstaining from selling securities, instead allowing a maximum of $95 billion to gradually decrease off its balance-sheet on a monthly basis.
A tapered QT may result in a roll-off that is almost half as steep.
The conclusion of the prolonged period of quantitative tightening (QT) is that the Federal Reserve is likely to persist in reducing its assets for the remainder of this year.
Consequently, it may simultaneously contract its balance-sheet (i.e., implement monetary tightening) while lowering interest rates (i.e., implement monetary loosening).
Paradoxical as it may seem, investors are expected to incorporate a significant portion of the effects of tapering quantitative tightening (QT) into their pricing once the Federal Reserve announces it.
Regardless, the overall observation is that the central bank’s reduction of its balance sheet has had minimal impact thus far, which is in stark contrast to the volatility experienced in 2019 and the market reaction known as the “taper tantrum” in 2013, when the Federal Reserve initially mentioned its intention to reduce asset purchases.
“Individuals are becoming increasingly accustomed to considering balance-sheet instruments, and the Federal Reserve is becoming more accustomed to effectively communicating them,” states William English, a former economist at the Federal Reserve. Observing the process of paint drying is tedious. However, a skillfully painted wall might be aesthetically pleasing.
(The headline and the story has not been edited by THND staff and is published from a syndicated feed. However there can be minor changes from the original source article.)
OS 17.5 Preview: Tailoring the Ultimate iPhone Experience for the EU Ahead of Apple's Grand iOS 18 Unveil at WWDC 2024 - The Hard News Daily
iOS 17.4, which was recently launched, includes new features that are specifically designed for iPhone users in the European Union, offering them a distinct and exceptional user experience.
Currently, attention is focused on the forthcoming iOS 17.5 release, which is rumored to be the last update prior to Apple’s introduction of iOS 18 at WWDC 2024 in June.
Apple is expected to maintain its emphasis on features specific to the European Union and is also prepared to introduce more improvements.
The iOS 17.5 beta version provides a preview of the upcoming enhancements anticipated in the official May release. Here is a glimpse of the findings from the most recent beta iteration.
iOS 17.5 Beta Version: Anticipated Features
EU-based Apple consumers now have the ability to download apps straight from developers’ websites, giving them more choices outside of the App Store.
Apple has been repeatedly criticized for imposing fees on developers and limiting access to programs from external sources, citing security reasons.
Nevertheless, a recent rule by the European Union has forced Apple to embrace a more transparent strategy, enabling customers in the EU who are experimenting with the iOS 17.5 beta version to benefit from this alteration in policy.
Ability to deactivate surveillance devices: Apple and Google have implemented measures to combat the unauthorized tracking of individuals via AirTags.
The code snippets discovered in the iOS 17.5 beta version suggest the presence of a novel functionality in the Find My app.
This feature will enable users to deactivate monitoring devices, both Apple and non-Apple, on their iPhones, commencing from the following month.
The iOS 17.5 beta release incorporates minor design modifications to programs like Apple Books, the podcast widget on the home screen, and other components.
The iOS 17.5 beta version is currently in its initial development phase, and it is expected that more features will be included in future beta versions until the final release next month.
(The headline and the story has not been edited by THND staff and is published from a syndicated feed. However there can be minor changes from the original source article.)
Small Injection, Big Impact: Ozempic's Remarkable Effect on Reducing Severe Heart Failure Symptoms in Diabetes Patients - The Hard News Daily
Revolutionary diabetes injection Ozempic has been praised as a significant and transformative development in the fight against life-threatening heart failure.
A clinical experiment has demonstrated that individuals administered semaglutide, the primary component of Ozempic, exhibited a 50% reduction in the likelihood of experiencing severe symptoms associated with the illness, such as dyspnea and weariness.
Heart failure is a chronic, incurable illness characterized by the heart’s inability to adequately pump blood.
Approximately one million individuals in Britain are affected by this condition, which frequently confines people to their homes and necessitates frequent hospital visits. Furthermore, one out of every five patients does not survive beyond a year after being diagnosed.
Semaglutide, initially created as a medication for diabetes, has gained significant popularity as a highly sought-after weight-loss drug due to its remarkable ability to effectively reduce appetite. Notably, several prominent figures such as Elon Musk and Boris Johnson have openly acknowledged using this drug in their efforts to achieve weight loss.
Elon Musk confessed to using the medicine as an attempt to lose weight.
The announcement of its efficacy as a therapeutic intervention for heart failure was made yesterday at the American College of Cardiology conference in Atlanta.
In a trial, semaglutide, the active ingredient in Ozempic, reduced severe symptoms including dyspnea and exhaustion by half.
The trial included individuals with diabetes, a population that has a fourfold increased risk of developing heart failure. Nevertheless, specialists anticipate that all individuals with heart failure may eventually get advantages from its administration.
According to Dr. Mikhail Kosiborod, a cardiologist and author of the study, heart failure causes patients to experience severe symptoms that prevent them from performing basic actions like dressing themselves and going outside.
‘Our research has demonstrated that semaglutide exhibits superior efficacy in addressing these symptoms compared to all other available treatments.’ This signifies a fundamental change in thinking for individuals suffering from heart failure.
Over 4.3 million individuals in the United Kingdom are affected with diabetes, a medical illness characterized by elevated blood sugar levels.
The majority of individuals affected by this condition suffer from type 2 diabetes, which is commonly caused by obesity.
Prolonged elevation in blood sugar levels can lead to a multitude of health complications, such as vision loss and renal dysfunction, with approximately 20% of individuals experiencing cardiac failure.
The experiment encompassed approximately 600 participants diagnosed with type 2 diabetes and heart failure. Half of the participants received a weekly injection of semaglutide at a dosage of 2.4mg for a duration of one year, while the remaining participants were administered a placebo.
Boris Johnson (shown) is another famous person who took the medication to thin down.
After a duration of 12 months, those who were administered semaglutide had a reduced likelihood, around 50% less, of encountering symptoms associated with heart failure. Furthermore, these individuals demonstrated a notable increase in weight loss and engaged in physical exercise with greater frequency.
Additionally, there was a decrease in mortality rates among individuals who were administered semaglutide. However, it is important to note that further investigation is required to establish a definitive correlation.
Naveed Sattar, a professor specializing in the medical treatment of conditions related to heart and metabolism at the University of Glasgow, stated that semaglutide has been categorized as a drug for managing diabetes and promoting weight reduction. However, based on the recent discoveries, he anticipates that cardiologists within the NHS will start recommending it as a treatment option within the next 18 months.
(The headline and the story has not been edited by THND staff and is published from a syndicated feed. However there can be minor changes from the original source article.)
7 Key Highlights of the Jammu and Kashmir Reorganization Act, 2019 - The Hard News Daily
The Jammu and Kashmir Reorganization Act, 2019 is a legislation passed by the Indian parliament to restructure the Indian-administered state of Jammu and Kashmir into two Indian-administered union territories (UTs) known as Jammu and Kashmir, and Ladakh.
The Minister of Home Affairs, Amit Shah, introduced a bill in the Rajya Sabha on 5 August 2019.
The measure was passed on the same day.
The Lok Sabha approved it on 6 August 2019, and it was given the president’s approval on 9 August 2019.
The legislation comprises 103 provisions, applies 106 federal laws to the Union Territories, revokes 153 state laws, and eliminates the Jammu and Kashmir Legislative Council, among other changes.
Prior to the introduction of the bill, a presidential order was issued that indirectly modified Article 370 of the Indian constitution and nullified the unique status of Jammu and Kashmir.
The act has also granted the central government the authority to issue certain executive orders pertaining to both the union territories.
These judgments have led to the alteration or annulment of more than 400 state and central laws pertaining to the union territories.
A series of petitions challenged the act in the Supreme Court.
On December 11, 2023, the court ruled that the statute and its associated orders were legal and constitutional.
Requesting the prompt reinstatement of Statehood. The legal controversy was concluded by a verdict from the Supreme Court of India in 2023.
Following the issuance of presidential directives and the implementation of the Reorganization Act, a state of security lockdown and communications blackout ensued.
Background of Jammu and Kashmir (Reorganization) Act, 2019
Article 370 of the Indian constitution granted Jammu and Kashmir a unique and privileged position.
Unlike other states in India, Jammu and Kashmir possessed its own constitution and enjoyed a significantly greater level of administrative autonomy.
Specifically, those who are citizens of India but reside in states other than Jammu and Kashmir were prohibited from acquiring land or real estate in the region.
Jammu and Kashmir can be divided into three main regions.
The first is the Kashmir Valley, which has a population of almost 7 million people and is predominantly Muslim, with Muslims making up 95% of the population.
The second region is Jammu, which has a population of 5.35 million people and is mostly Hindu, with Hindus constituting 66% of the population. Jammu also has a Muslim population of 30%.
The third region is Ladakh, which has a small population of 287,000 people.
Map of Jammu-Kashmir and Ladakh
In Ladakh, Muslims make up the largest group at 46%, followed by Buddhists at 40% and Hindus at 12%.
Continued violence and turmoil persisted in the regions of India that are predominantly populated by Muslims.
This was exacerbated by an ongoing insurgency that emerged after a controversial state election in 1987, which was driven by demands for greater autonomy and rights.
In the 2014 Indian general election, the Bharatiya Janata Party (BJP) gained power and in their 2019 election manifesto, they expressed their intention to revoke Article 370 of the Constitution of India.
Since 20 June 2018, the State has been under governor’s control and later president’s rule.
This occurred after the coalition government led by Mehbooba Mufti lost support from the Bharatiya Janata Party.
Prior to the deployment of an additional 35,000 paramilitary troops to Jammu and Kashmir, a warning was issued to annual Hindu pilgrims and tourists, alerting them to a potential terrorist threat.
The implementation of limitations encompassed the cessation of internet and telephone services.
The proactive actions occurred before the cancellation of the state’s unique status and the enactment of the Reorganization Act.
Statutory provisions
The Jammu and Kashmir Reorganization Act partitions the state under Indian administration into two union territories, namely Jammu and Kashmir, and Ladakh.
While Jammu and Kashmir will have a legislative assembly, Ladakh would be solely overseen by a lieutenant governor.
The union territory of Ladakh will comprise the districts of Leh and Kargil, while all remaining districts will be allocated to Jammu & Kashmir.
Out of the six Lok Sabha seats that were assigned to the former state, one will now be assigned to Ladakh and the remaining five will be assigned to the Jammu and Kashmir union territory.
The High Court of Jammu and Kashmir will serve as the High Court for both union territories.
Article 239A, initially designed for the union territory of Puducherry, will also be extended to Jammu & Kashmir.
The president will appoint a lieutenant governor to oversee the administration of the union territory of Jammu and Kashmir.
The legislative assembly of this region will consist of 107 to 114 members.
The legislative assembly has the authority to enact legislation on every subject on the state list, with the exception of “public order” and “police”, which are reserved as the jurisdiction of the central government.
The lieutenant governor will designate a council of ministers, which will consist of a chief minister and members of the legislative assembly.
The council’s main responsibility will be to provide advice to the lieutenant governor regarding subjects under the jurisdiction of the legislative assembly.
Regarding other issues, the lieutenant governor has the authority to act independently and is also able to issue ordinances that carry the same weight as laws passed by the legislature.
The legislation eliminates the Legislative Council of the state of Jammu and Kashmir.
The document consists of 103 provisions that expand upon 106 federal laws and 7 modified state laws, either partially or in their entirety, to apply to the two union territories.
The act also abolishes 153 state statutes and Governor’s Acts.
Implementation of Jammu and Kashmir (Reorganization) Act, 2019
The Reorganization Act, 2019 was enacted by the government of India, along with a presidential order C.O. 272 on 5 August 2019 and a presidential declaration C.O. 273 on 6 August 2019, with the support of a legislative majority.
These two orders collectively nullified the previously held privileged position of the state of Jammu and Kashmir.
C.O. 272 and C.O. 273 are statutory resolutions.
Presidential order C.O. 272 and presidential proclamation C.O. 273 led to the indirect and whole alteration of Article 370, which served as the basis for the state’s unique status.
The ‘indirect’ amendment, made through C.O. 272 on 5 August 2019, pertains to modifications in Article 367.
This alteration resulted in the interpretation of all mentions of the Constituent Assembly of Jammu and Kashmir in Article 370(3) as referring to the Legislative Assembly of Jammu and Kashmir.
Due to the imposition of President’s Rule, the authority of the Legislative Assembly was delegated to the Parliament of India.
Following the issuance of C.O. 272, the Upper House of the Indian parliament enacted a statutory resolution under Article 370(3) on the same day, approving the aforementioned action.
The statutory resolution proposed that the majority of Article 370 should no longer be in effect, with the exception of the provision stating that all articles and modifications of the Constitution of India would apply to the state of Jammu and Kashmir.
On the following day, C.O. 273 implemented the advice of the Rajya Sabha. C.O. 272 has replaced the 1954 presidential order and resulted in the cancellation of the Constitution of Jammu and Kashmir as well as Article 35A of the Constitution of India.
Parliamentary voting
Amit Shah, the Minister of Home Affairs, tabled the bill in the Rajya Sabha on 5 August 2019.
Amit Shah on the day when he moved Bills on J&K Reservation Act, J&K Reorganisation Act on Day 2 of Lok Sabha.
Opposition was observed when two members of the Jammu and Kashmir People’s Democratic Party (PDP)deliberately tore up copies of the Indian constitution as a form of protest.
As a consequence, they were suspended from the House.
Additionally, 13 members of the All India Trinamool Congress left the House in protest, while 6 members of Janata Dal (United), which is allied with the ruling BJP, chose to abstain from voting.
The number 34 is enclosed in square brackets. Dravidian Progressive Federation, Nationalist Congress Party, Communist Party of India, and Communist Party of India (Marxist) also expressed opposition.
Nevertheless, the bill garnered the endorsement of Bahujan Samaj Party, YSR Congress Party, Telugu Desam Party, and the Aam Aadmi Party.
In addition to the 107 MPs comprising the ruling National Democratic Alliance, there were an additional 117 legislators who provided support.
The bill has garnered the endorsement of several independent and nominated MPs.
The bill was approved by the Rajya Sabha with a majority of 125 members in favor and 61 members against.
The bill was presented in the lower chamber of the Indian parliament, known as the Lok Sabha, on 6 August 2019.
The All India Trinamool Congress and Janata Dal (United) exited the chamber, while the Indian National Congress, Nationalist Congress Party, and Samajwadi Party voiced their opposition to the bill.
On the other hand, the Bharatiya Janata Party, Shiv Sena, Biju Janata Dal, Telangana Rashtra Samithi, Shiromani Akali Dal, Lok Janshakti Party, Bahujan Samaj Party, and other parties expressed their support for it.
The bill was approved by the house with a majority of 370 votes in favor and 70 votes against.
Approval and dissemination
The bill was approved by the president on 9 August 2019 and then published in The Gazette of India on the same date.
A notification issued on the same day stipulated that the union territories would be implemented starting from 31 October 2019.
The two union territories were established on 31 October 2019, coinciding with National Unity Day, which commemorates the birth anniversary of Sardar Vallabhai Patel, a key figure in India’s political integration.
The president of India designated a lieutenant governor for the Union Territory of Jammu and Kashmir and a lieutenant governor for the Union Territory of Ladakh.
The number 49 is enclosed in square brackets.
On 31 October 2019, both lieutenant governors were inaugurated by Justice Gita Mittal, the chief justice of Jammu and Kashmir (and Ladakh) High Court.
The first inauguration took place in Leh, followed by another one in Srinagar.
The revocation of President’s rule occurred after the division and subsequent application to the union areas by the lieutenant governors.
Key points of Jammu and Kashmir (Reorganization) Act, 2019
The Jammu and Kashmir (Reorganization) Act, 2019, is a significant piece of legislation passed by the Government of India that led to major changes in the administrative and legal structure of the state of Jammu and Kashmir. Here are the key points of the Act:
1. Bifurcation of the State:
The Act bifurcated the state of Jammu and Kashmir into two Union Territories: Jammu and Kashmir, with its own legislature, and Ladakh, without a legislature.
2. Abrogation of Article 370:
The Act effectively abrogated Article 370 of the Indian Constitution, which granted special autonomy to the state of Jammu and Kashmir.
This removal allowed all Indian laws to be applicable in the region, aligning it more closely with the rest of India.
3. Changes in Citizenship, Ownership, and Employment:
With the abrogation of Article 370, restrictions on the purchase of property, employment in state government jobs, and several state scholarships were removed for non-residents, opening up these opportunities to all Indian citizens.
4. Administrative Reorganization:
The Act provided for the administration of the Union Territory of Jammu and Kashmir to be managed by a Lieutenant Governor appointed by the President of India, whereas the Union Territory of Ladakh would be directly administered by the President through a Lieutenant Governor.
5. Legislative Powers:
The Union Territory of Jammu and Kashmir was granted a legislature with legislative powers similar to those of other Union Territories with legislatures, but with notable exceptions in matters of police, public order, and All India Services, which remain under the central government’s control.
6. Division of Assets and Liabilities:
The Act outlines the division of assets, liabilities, and employees between the Union Territories of Jammu and Kashmir and Ladakh.
7. Police, Public Order, and All India Services:
The control of the police, public order, and All India Services in the Union Territory of Jammu and Kashmir remains with the central government, unlike other Union Territories with a legislature.
The Jammu and Kashmir (Reorganization) Act, 2019, represents a historic shift in the governance and integration of the Jammu and Kashmir region into India, with significant implications for its legal, social, and economic landscape.
What are the Powers and Duties of the Vice President of India- The Hard News Daily
The Vice President of India, also known as the Deputy Head of State, serves as the second-in-command to the President of India in the Republic of India.
The vice presidency is the second-highest constitutional position, following the president, and holds the second rank in the order of precedence.
It is also the first in line to succeed the President. The vice president holds the position of ex officio chairman of the Rajya Sabha.
The vice president is elected through an indirect process by the members of an electoral college, which includes members from both Houses of Parliament.
The election does not involve members of state legislative assembly.
The voting is conducted by the Election Commission of India using the system of proportional representation with single transferable votes.
Voting is conducted using a confidential ballot. In addition to their role as vice president, they also serve as the chancellor of both Panjab University and Delhi University.
Jagdeep Dhankhar, a member of the Bharatiya Janata Party, currently holds the position of vice president.
Jagdeep Dhankhar – Current Vice President Of India (2024)
He assumed the position of vice president after emerging victorious over Margaret Alva, the nominee from the Indian National Congress, in the 2022 Indian vice presidential election.
The Vice President of India holds a position of great dignity and responsibility, acting as the nation’s second-highest constitutional office.
To be eligible for election as the Vice President of India, an individual must meet several criteria similar to those required for the presidency, with some distinctions tailored to the Vice President’s unique roles. The requirements include:
Being a citizen of India.
Being at least 35 years old.
Not holding any office of profit under the government.
A key difference from the eligibility for the President lies in the parliamentary membership requirement.
While a presidential candidate needs to be eligible for membership in the Lok Sabha, a Vice Presidential candidate must qualify for election as a member of the Rajya Sabha.
This is because the Vice President serves as the ex officio Chairman of the Rajya Sabha.
It’s important to note that when serving in one of these capacities—either as Chairman of the Rajya Sabha or as President of India—the Vice President cannot perform the duties of both roles simultaneously.
Election of Vice President
Ongoing Election Process
The vice president is elected using an indirect process.
This involves an electoral college made up of members from both Houses of Parliament (Lok Sabha & Rajya Sabha), who are elected or nominated.
The election follows a method of proportional representation using single transferable votes, and the voting is done secretly.
The process of electing the vice president differs slightly from that of electing the president.
Unlike the election of the president, the members of state legislatures do not participate in the electoral college.
However, the nominated members of the Rajya Sabha are part of the electoral college for the vice presidential election.
In order to nominate a candidate for the position of vice president, a minimum of 20 electors must sign as proposers and another 20 electors must sign as seconders.
Each candidate is required to submit a security deposit of ₹15,000 (US$190) to the Reserve Bank of India.
The Election Commission of India, an independent constitutional entity, is responsible for conducting elections.
The election must take place within 60 days after the tenure of the current vice president ends.
The appointment of a returning officer for the election is often done by rotation, with the secretary-general of either House of Parliament being chosen for this role.
Current PM Modi and Ex-PM Manmohan Singh Casting their Votes for Vice Presidentship
The returning officer publicly announces the next election and invites candidates to submit their nominations.
In order to be eligible for election and to express their intention to run for office, an individual must be proposed by a minimum of twenty Members of Parliament and seconded by at least twenty other Members of Parliament.
The returning officer carefully examines the nomination papers, and thereafter includes the names of all qualified candidates on the ballot.
The election is conducted using a proportional representation system, where single transferable votes are used and the voting process is kept confidential.
When voters rate the candidates, they provide a numerical value of 1 to their top choice, 2 to their second choice, and so forth.
The minimum number of votes needed for a candidate to win the election is determined by dividing the total number of valid votes by two and then adding one to the quotient, without considering any remainder.
In the event that no candidate receives the necessary number of first-preference votes, the candidate with the lowest number of first-preference votes is eliminated and their second-preference votes are redistributed.
The process is iterated until a contender achieves the necessary number of votes. Members who have been nominated are also eligible to participate in the election.
Once the election has concluded and the votes have been tallied, the returning officer announces the outcome of the election to the electoral college.
Oath Book of Vice President to be handed after appointment
Subsequently, the returning officer submits the outcome to the Government of India (specifically, the Ministry of Law and Justice) and the Election Commission of India.
The government then officially announces the name of the individual elected as vice president in the Official Gazette.
The vice president has the option to relinquish their position by formally submitting a letter of resignation to the president. The resignation takes effect immediately upon acceptance.
If the Vice President resigns, the vacant position must be filled promptly, however in the case of the President, an election must be conducted within a period of 6 months.
Term of the Vice President
The tenure of the vice president lasts for a duration of five years.
The vice president is eligible for unlimited re-election.
Nevertheless, the tenure of the office can be prematurely concluded due to mortality, voluntary departure, or dismissal.
The Constitution does not establish a specific process for filling the position of vice president in case of an unexpected vacancy, except through re-election.
In the case that the vice president is unable to discharge their duties as the chairman of the Rajya Sabha, the deputy chairman of the Rajya Sabha can assume these responsibilities.
Nevertheless, in the event of the president’s death while in office, the vice president assumes the role of president and can serve in that capacity for a maximum duration of 6 months, during which a new president must be elected.
Removal of the Vice President
According to the Constitution, the vice president can be dismissed by a resolution of the Rajya Sabha, which requires a majority of all the members at that time.
This resolution must also be agreed upon by the Lok Sabha, with a simple majority, as stated in Article 67(b).
However, it is not permissible to propose such a resolution unless a minimum of 14 days’ prior notice has been provided.
Significantly, the Constitution does not enumerate reasons for removal.
Article 122 of the constitution states that the chairman of the Rajya Sabha cannot be challenged in any court of law. Additionally, no vice president has ever been removed from office.
According to Article 71(1) of the constitution, the Supreme Court has the authority to remove the vice president from office if they engage in electoral malpractices or fail to meet the eligibility requirements for the Rajya Sabha.
According to Article 71(1), the Supreme Court is required to investigate any doubts regarding the behavior of a vice president and, if they are deemed to have shown disrespect for the Constitution, remove them from office.
Salary and Pension of the Vice President
Salaries and compensation list
There is no provision for the remuneration of the Vice President of India in their official role.
The vice president is paid a salary for serving as the ex officio chairman of the Rajya Sabha.
Currently, the monthly compensation is ₹400,000 (US$5,000), which was revised from ₹125,000 in 2018.
Furthermore, the vice president is granted complimentary furnished housing, medical care, travel arrangements, and other amenities.
According to the constitution, when the vice president assumes the role of the president or fulfills the responsibilities of the president, they are allowed to receive the income and advantages that come with being the president.
The pension granted to the vice president amounts to half of their income.
Indeed, he is the sole official who does not get any remuneration or benefits associated with his specified position, namely the vice presidency.
Key powers and duties
Vice President Jagdeep Dhankar during an Ongoing Rajya Session.
While often perceived as a ceremonial role, the Vice President’s duties and powers are well-defined in the Indian Constitution and play a crucial role in the governance and legislative process of the country.
Here are the key powers and duties:
1. Chairperson of the Rajya Sabha:
The primary role of the Vice President is to serve as the ex-officio Chairperson of the Rajya Sabha (the Upper House of Parliament).
In this capacity, the Vice President is responsible for presiding over Rajya Sabha sessions, ensuring decorum, guiding debates, deciding on points of order, and interpreting the rules of the House.
2. Acting President:
In the absence of the President due to resignation, removal, death, or inability to discharge their functions, the Vice President assumes the role of the Acting President of India until a new President is duly elected.
The Vice President also acts as the President when the latter is unable to perform their duties due to absence, illness, or any other reason.
3. Ceremonial Duties:
The Vice President represents India at official functions and ceremonial occasions, both within the country and abroad, in the absence of the President.
They may also host visiting dignitaries and represent the country at international forums in the absence of the President.
4. Promotion of Education and Culture:
While not explicitly mentioned in the Constitution, the Vice President often contributes to the promotion of education, culture, and other areas of national importance through their participation and leadership in various academic and cultural institutions.
5. Member of the Parliament’s Joint Sitting:
When there is a deadlock between the two Houses of Parliament over a bill, the President can summon a joint sitting, which is presided over by the Vice President in their capacity as the Chairperson of the Rajya Sabha.
Powers in Specific Circumstances:
The Vice President does not possess executive powers similar to the President but steps into the latter’s shoes under specific circumstances outlined by the Constitution.
The powers while acting as President are nearly the same as those of the President, including making appointments, signing bills into law, and issuing pardons, albeit in a temporary capacity.
The Vice President’s role is pivotal in ensuring the stability and functionality of India’s constitutional and parliamentary processes, reflecting the importance of this dignified office in the democratic framework of the country.
May 13, 1952, was a momentous day in India’s legislative history, as it marked the inaugural session of the “Council of States.”
This pivotal moment was not merely a gathering, but a monument to the democratic ambitions of a recently emancipated country.
Dr. S Radhakrishnan, serving as the Chairman of the first Rajya Sabha session, effectively summarized the purpose of this new institution, which is meant to safeguard the ideals of the Republic’s founding leaders via careful lawmaking and discussion.
Dr. S Radhakrishnan taking oath as the Chairman of Rajya Sabha
The Rajya Sabha on May 13, 1952 was established as a result of transforming a vision into reality.
The path leading up to this crucial day can be traced back to 1919, during a period of intense enthusiasm for establishing a democratic system modeled after other democratic nations.
The Montague-Chelmsford Report established the foundation, however it did not fully embody the intended federal spirit due to gender biases and colonial concerns.
Nevertheless, the unwavering determination of a nation seeking self-rule would quickly redefine these boundaries.
Rajendra Prasad Taking Oath
Upon achieving independence, the Union Constitution Committee, under the leadership of Jawaharlal Nehru, conceived an ambitious plan for a bicameral legislature.
The Upper House was conceived as a safeguard of democracy, responsible for maintaining equilibrium by tempering the hasty legislation proposed by the Lower House.
Therefore, the Council of States was conceptualized, including the desires of a consolidated nation and advocating for the varied interests of its states and territories which made May 13, 1952 a significant date in the history of Political India.
The inaugural gathering of colossal beings starting May 13, 1952
The inaugural session of the Rajya Sabha, which would eventually gain historical significance, was attended by 216 individuals who were considered visionaries.
Rukmini Devi Arundale
Notably, Rukmini Devi Arundale, a pioneering female member, was among them. With Dr. S Radhakrishnan as the leader and N Gopalaswami Ayyangaras one of the prominent figures, this assembly began a mission to influence the future of Indian politics.
N. Gopalaswami Ayyangar
The first session established customs that persist to the day, even as they adapt to the changing nature of contemporary governance.
Originally meeting four times a year, this schedule was changed in 1994 to three times a year to align with changes in parliamentary procedures.
A Resilient Foundation of Democracy
Today, the Rajya Sabha is a resilient and essential institution of Indian democracy, serving as a permanent parliament that exists beyond the limitations of electoral cycles.
The members of this organization, comprising a diverse group of highly intelligent individuals, are chosen by election to represent the desires and variety of the Indian population. They serve as guardians of the nation’s legislative morality.
Every event represents a significant milestone in India’s journey towards advancement, with the Rajya Sabha serving as its primary legislative body.
As we contemplate this remarkable journey, the Rajya Sabha continues to serve as a guiding light for democratic principles, thoughtful discussion, and effective decision-making, actively bringing the vision of our founding fathers to life and shaping the future of our Republic.
Everything about Rajya Sabha : Key Influencers in Indian Politics & Their Impact - The Hard News Daily
The Rajya Sabha, also known as the Council of States, has a prominent role in the Indian parliamentary system.
As the higher chamber of the legislative branch, it functions as a permanent institution that represents the various states and union territories of India.
In 2023, the maximum membership of the organization is 250.
Out of these, 238 members are elected by the legislatures of the states and union territories using single transferable votes through open ballots.
Additionally, the president has the authority to nominate 12 members based on their contributions to art, literature, science, and social service.
The current sitting capacity of the Rajya Sabha is at 245, with 233 seats being elected and 12 seats being appointed.
This number of seats was established after the implementation of the Jammu and Kashmir (Reorganization) Act, 2019. The Rajya Sabha has the authority and flexibility to fill up to 250 seats as per its own judgment and needs.
The members of the group serve for staggered terms of six years, with approximately one-third of the 238 individuals eligible for election every two years, namely in even-numbered years.
Unlike the Lok Sabha, the Rajya Sabha is a perpetual chamber and therefore not susceptible to dissolution.
Similarly to the Lok Sabha, the Rajya Sabha can also be prorogued by the president.
The Rajya Sabha holds equal legislative authority as the Lok Sabha, except in matters of supply when the Lok Sabha has superior powers.
In situations when there is contradictory legislation, a combined session of the two houses can be convened, with the Lok Sabha having a stronger sway due to its bigger membership.
The vice president of India, now Jagdeep Dhankhar, serves as the ex-officio chairman of the Rajya Sabha and presides over its sessions. The deputy chairman, elected from the members of the house, manages the daily affairs of the house while the chairman is not present. The inaugural session of the Rajya Sabha took place on 13 May 1952.
Jagdeep Dhankar – The Hard News Daily
The Rajya Sabha convenes in the chamber named after itself in Parliament House located in New Delhi.
Starting on 18 July 2018, the Rajya Sabha now has the capability to provide simultaneous interpretation in all 22 scheduled languages of India.
The Rajya Sabha sessions are broadcasted in real-time by Sansad TV, which is located within the Parliament premises.
While the Lok Sabha can be dissolved, the Rajya Sabha remains a permanent institution, providing stability and continuity in the process of making laws and governing the country.
The members of the Rajya Sabha have a significant impact on legislation, as well as the political narrative and power relations in the country.
Rajya Sabha members have a significance that goes beyond their legislative duties. They serve as an intermediary between the federal government and the states, upholding a distribution of authority and guaranteeing that local concerns are considered in national decision-making.
Their function is crucial in the federal form of Indian governance, where state representation in national decision-making processes is indispensable.
Let’s get to examine the identity of these members, the process by which they are selected, and the substantial influence they exert on Indian politics.
As already mentioned above, the Rajya Sabha consists of a maximum of 250 members, while the present authorized number is 245.
Out of them, 233 individuals are elected representatives from the states and union territories, which demonstrates the federal organization of the country.
The President of India nominates the remaining 12 members based on their experience and contributions in fields such as science, art, literature, and social service. Some of the well known nominated members by the president of India are – Sachin Tendulkar, Rekha, Lata Mangeshkar, M.S. Swaminathan, Ratan Tata, Javed Akhtar, Mary Kom and many more.
These nominations aim to bring a varied variety of perspectives to the legislative process.
The membership standards for the Rajya Sabha are rigorous. For individuals to be elected as representatives, they must meet certain criteria’s.
Eligibility Criteria for Rajya Sabha Membership
According to Article 84 of the Indian Constitution, the criteria for becoming a member of Parliament, specifically for the Rajya Sabha, are as follows:
Must be a citizen of India.
Is required to take an oath or make an affirmation as per the format provided in the Third Schedule of the Constitution, overseen by an official designated by the Election Commission.
Should be 30 years of age or older.
Needs to be elected by the Legislative Assembly of States and Union territories through a single transferable vote system, utilizing proportional representation.
Cannot be a declared criminal.
Must not be insolvent, meaning they should not be burdened with debts they are unable to repay and should be financially solvent.
Should not hold any office of profit under the Government of India.
Cannot be declared of unsound mind.
Must meet any additional qualifications as prescribed by any law enacted by Parliament.
they must be a minimum of 30 years old,
have a stable mental state, and
not occupy any position that generates income under the government.
This requirement guarantees that the members possess a high level of maturity, expertise, and ability to make valuable contributions to the deliberations and resolutions of the house.
The tenure for Rajya Sabha members is six years, during which one-third of the members retire every two years.
This incremental method enables the Rajya Sabha to maintain an ongoing session, ensuring a constant platform for legislative scrutiny and discussion.
The process of reelecting current members and adding new ones guarantees that the membership of the Rajya Sabha gradually changes, mirroring the dynamic political, social, and economic environment of the nation.
The procedure for electing members
Rajya Sabha Election 2024: Voting Process, System, And Calculation
The election procedure for Rajya Sabha members differs significantly from that of the Lok Sabha.
The elected members are selected by the elected members of the State Legislative Assemblies and Electoral college of Union Territories using a single transferable vote system, which follows the proportional representation method.
The intricate electoral system is specifically designed to guarantee a just and impartial representation of states in the upper chamber, considering both their population and political alliances.
Nominated members, however, are nominated directly by the President of India.
This procedure does not entail electoral competition but is instead based on the individual’s merit and the President’s discretion.
The combination of elected and nominated members guarantees that the Rajya Sabha is not just a body that represents different groups, but also one that benefits from the expertise and varied perspectives of its members.
The role and powers of Rajya Sabha members
The Rajya Sabha members possess various crucial functions and powers that have a substantial influence on Indian legislation and government.
Regarding legislative functions, they possess the power to propose, modify, and cast votes on laws, with the exception of money bills, which are exclusively under the jurisdiction of the Lok Sabha.
Nevertheless, they have the authority to propose modifications to financial legislation, which the Lok Sabha has the option to either approve or decline.
This authority guarantees that the Rajya Sabha functions as a chamber for reviewing and amending legislation approved by the Lok Sabha, so ensuring a system of checks and balances.
The financial authority of the Rajya Sabha is very restricted in comparison to the Lok Sabha.
Nevertheless, the members of this group play a vital role in examining and analyzing the yearly budget and financial reports provided by the government.
This involves analyzing different expenditures and policies that impact the economic and well-being of the country.
In addition, members of the Rajya Sabha play a crucial role in the establishment and operation of the Central Government.
The individuals engage in the process of selecting the Vice President of India, who concurrently holds the position of the Chairperson of the Rajya Sabha.
In addition, they have the ability to shape the overall political environment of the country by engaging in discussions and addressing a range of national concerns, so making valuable contributions to the formulation of policies and the functioning of the government.
Rajya Sabha Secretariat Functions
Established under the directive of Article 98 of the Indian Constitution, the Rajya Sabha Secretariat is essential for the smooth operation of the Council of States, ensuring each House of Parliament has its dedicated secretarial staff.
This provision also allows for the creation of roles shared between both Houses, with Parliament holding the authority to legislate on recruitment and service conditions for the secretarial personnel.
Guided by the Chairman of the Rajya Sabha, the Secretariat undertakes a multitude of critical activities to facilitate the effective functioning of the House.
These activities include offering secretarial assistance to the Rajya Sabha, providing members with entitled amenities, supporting the work of various Parliamentary Committees, compiling research and reference materials, handling the recruitment and personnel management within the Secretariat, and documenting as well as publishing the daily proceedings and other significant documents related to the Rajya Sabha’s operations.
At the helm of the Secretariat’s administrative hierarchy is the Secretary-General, a position held with a stature akin to the Cabinet Secretary of the Government of India.
This pivotal role is supported by a team of high-ranking officials, including Secretaries, Additional Secretaries, Joint Secretaries, alongside a dedicated cadre of officers and staff.
Pramod Chandra Mody currently serves as the Secretary-General, leading the Secretariat in fulfilling its constitutional and statutory duties.
A noteworthy recent development in the Rajya Sabha was the redesigning of the uniforms for the marshals in the winter session of 2019, transitioning from traditional Indian attire to modern military-style uniforms in dark navy blue and olive green, complete with caps, marking a significant update in the visual representation of the Rajya Sabha’s ceremonial aspects.
Allocation and Current Composition of Rajya Sabha Representation
Composition of Rajya Sabha
The allocation of seats in the Rajya Sabha, which is the Upper House of Parliament in India, is determined by the population of each state and union territory.
Nevertheless, this distribution does not consistently align with the present population statistics.
As of the 2011 census, Tamil Nadu, with a population of 72 million, is assigned 18 seats, which is more than Bihar with 104 million people and West Bengal with 91 million people, both of which are assigned only 16 seats.
This anomaly arises from historical population trends that have impacted previous distributions.
Furthermore, it should be noted that not all regions in India are afforded the opportunity to have representation in the Rajya Sabha.
Union territories, such as Andaman and Nicobar Islands, Chandigarh, Dadra and Nagar Haveli and Daman and Diu, Ladakh, and Lakshadweep, which do not have their own legislatures, do not have representatives in the Rajya Sabha.
In order to enhance the diversity of the house, the President of India directly nominates twelve members.
At the commencement of the Indian Constitution on January 26, 1950, the Rajya Sabha was originally intended to consist of 216 members, out of which 12 would be nominated by the President and the remaining 204 would be elected to represent the states.
Gradually, the Constitution has been modified to raise the upper limit of the Rajya Sabha’s membership to 250 individuals.
As per the Representation of People Act, 1951, there are currently 245 members in the composition.
This number consists of 233 representatives from states and union territories, as well as 12 distinguished individuals who have been nominated by the President for their notable achievements in several domains.
The makeup of this group can be expanded up to a maximum of 250 members by making changes to the Act.
Officers in Rajya Sabha
The Leader of the House
Piyush Goyal during a Rajya Sabha Session
The Leader of the House in the Rajya Sabha, referred to as “Rājya Sabhā ke Sadana Netā” in Hindi, is the parliamentary leader of the majority party in the Rajya Sabha.
Usually, this significant position is occupied by a cabinet minister or another minister specifically chosen for the responsibility.
The Leader of the House is primarily responsible for coordinating government meetings and overseeing the government’s legislative agenda in the House.
It is important to mention that the post of the Leader of the House, although crucial for the operation of the Rajya Sabha, is not explicitly mandated by the Constitution of India.
However, the Rules of the Rajya Sabha specify the presence and responsibilities of the committee, emphasizing its procedural importance rather than its constitutional nature.
This role is crucial in ensuring the efficient functioning of the legislative process, facilitating effective communication between the government and the Rajya Sabha, and guiding government policies and legislation through the Upper House of Parliament.
The Leader of the Opposition
Mallikarjun Kharge during a Rajya Sabha SessionThe Leader of the Opposition in the Rajya Sabha, referred to as “Rājya Sabhā ke Vipakṣa ke Netā,” holds a crucial position in India’s parliamentary system.
The status of leading the largest party not in government inside the Upper House was informally acknowledged until 1969.
In 1977, a significant change occurred when the Act was introduced to establish explicit eligibility requirements for this function.
These requirements included being a member of the House, belonging to the main opposition party, and being recognized by the Rajya Sabha Chairperson.
Originally designated by the Congress Party (O) under the leadership of Shyam Nandan Mishra, the position has subsequently played a vital role in examining government policies, especially those impacting minority groups, and engaging in discussions on national security and foreign affairs.
The Leader of the Opposition, with legally set rights and remuneration, plays a crucial role in the Indian democracy by criticizing government policies and advocating for development and security, so ensuring a balanced legislative process.
The impact of Rajya Sabha members on Indian politics
The impact of Rajya Sabha members in Indian politics is both overt and nuanced.
By engaging in legislative discussions, conducting policy assessments, and participating in parliamentary committees, they have the ability to shape and exert influence over national policies and laws.
Their capacity to interrogate and enforce the government’s responsibility guarantees transparency and accountability in governance.
Case studies, such as the examination of the involvement of Rajya Sabha members in the successful enactment of important changes and acts, highlight their considerable impact on crucial legislative determinations.
Moreover, their portrayal of local concerns guarantees that state-specific matters be dealt with on a national scale, fostering equitable regional progress and national cohesion.
When comparing Lok Sabha and Rajya Sabha members, it is evident that Lok Sabha members are elected directly by the public and are perceived as better representatives of the people’s mandate.
On the other hand, Rajya Sabha members serve longer terms, which ensures stability and continuity in governance. This longer tenure also allows for a more experienced viewpoint in legislative matters.
Obstacles Encountered by Members of the Rajya Sabha
Notwithstanding their substantial position, members of the Rajya Sabha encounter problems and critiques.
An often-cited criticism is that, since they are not elected directly by the people, they may not always accurately reflect the current public attitude or mandate.
Moreover, the procedure of political appointments and the distribution of seats according to party influence might give rise to accusations of bias and absence of autonomy.
One additional difficulty is the perceived subordinate position to the Lok Sabha, particularly in subjects related to finances and budget allocations.
This can impede their efficacy in shaping economic policies.
In addition, the efficacy of the Rajya Sabha as a forum for reviewing is occasionally doubted when laws are approved swiftly without meticulous examination.
The future of the Rajya Sabha in Indian politics.
The trajectory of the Rajya Sabha in Indian politics is expected to be shaped by current deliberations and suggested reforms.
These encompass deliberations on augmenting the authority of the Rajya Sabha, strengthening the representation of states, and fostering a more transparent and impartial electoral process.
The implementation of proposed modifications, such as the introduction of a proportional representation system or the provision of increased financial powers, has the potential to greatly influence the function and efficacy of Rajya Sabha members.
Implementing these reforms would provide a more equitable and fair representation of the many interests and regions of India, while reinforcing the federal structure and democratic values of the nation.
Ultimately, members of the Rajya Sabha have a crucial impact on the Indian parliamentary system by exerting influence over legislation, advocating for regional interests, and maintaining checks and balances in governance.
Although they have encountered obstacles, their impact on Indian politics is unquestionable.
As India progresses, the significance of the Rajya Sabha and its members is expected to increase, mirroring the shifting dynamics and intricacies of Indian democracy.
Exploring the Benefits of Yoga in Managing Epilepsy and Seizure Control - The Hard News Daily
Epilepsy is a persistent condition characterized by recurring seizures caused by aberrant electrical discharges in the brain.
The majority of seizures may be managed with modifications in lifestyle and the use of drugs.
However, a considerable number of individuals with ongoing epilepsy have a notable disparity in treatment, often not obtaining the necessary care for their illness.
In regions with limited availability of contemporary healthcare, coupled with financial constraints, insufficient social support systems, and issues in obtaining medication, a significant number of individuals with epilepsy turn to alternative remedies.
According to Dr. Shiva Kumar R, who is the Head and Senior Consultant in Neurology at Manipal Hospital Sarjapur, yoga has been discovered to stimulate the vagus nerve and reduce the frequency of seizures by 28-38%.
This is achieved via influencing brain waves, limbic system activity, and the operation of the autonomic nervous system.
The Benefits of Yoga:
Yoga utilizes controlled breathing, meditation, and gentle postures to generate relaxation by targeting stress, a well-known cause.
According to Dr. Sreenivas UM, a Neurology Consultant at MGM Healthcare, stress has been scientifically established as a major catalyst for seizures.
This is particularly crucial in people who experience functional seizures or paroxysmal nonepileptic seizures.
Optimal sleep quality is essential for those with epilepsy.
“The majority of epilepsy types deteriorate when sleep is lacking, although there are specific forms of epilepsy that are only triggered by changes in sleep quality.”
The individual stated that practicing yoga can mitigate the likelihood of experiencing these seizures by enhancing the quality of sleep.
Yoga provides a beneficial supplementary treatment for managing and decreasing the occurrence of seizures.
According to Dr. Crystal D’Souza, a consultant in alternative medicine and research at Gleneagles BGS Hospital in Kengeri, Bengaluru, techniques such as breath awareness, slow-paced asanas, and Nadishodana can improve stimulation and induce deep relaxation.
“Yoga has the potential to regulate neuronal electrical activity and discharges, which may help control seizures, through modulation of the autonomic nervous system and brain activity,” she noted.
It is crucial to participate in activities that are slow-paced and avoid excessive exertion. Prior to commencing any form of practice, it is recommended to get guidance from a Yoga and Naturopathy Physician or a medical professional.
Yoga can be seen as a complex intervention, similar to other forms of complementary and alternative therapies.
Yoga can be used as a supplementary treatment for managing seizures when combined with pharmaceuticals, however it is not recommended to rely only on yoga as an intervention strategy.
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[Disclaimer: The material included in the article, including treatment recommendations offered by medical professionals, is meant solely for general informational purposes. This information should not be considered a replacement for expert medical guidance, diagnosis, or treatment. It is important to consult a physician or another trained healthcare provider for any inquiries about a medical problem.]
(The headline and the story has not been edited by THND staff and is published from a syndicated feed. However there can be minor changes from the original source article.)
Samsung Allegedly Developing a Super App for Financial Services - The Hard News Daily
According to a source, Samsung is attempting to penetrate the commercial banking sector by introducing a new super app.
Reportedly, the South Korean internet giant intends to enhance its existing financial services app, Momino, and transform it into a super app similar to WeChat. If the rumor is accurate, this will also signify the IT giant’s foray into the mega app market.
The startup is reportedly forming a partnership with a prominent bank in South Korea to provide a comprehensive range of capabilities through the app.
As per a report from The Korea Economic Daily, Samsung Financial Networks, which includes Samsung Card, Samsung Life Insurance, Samsung Fire & Marine Insurance, and Samsung Securities, is seeking to collaborate with a prominent bank in South Korea to collectively develop a super app for financial services.
The article, citing anonymous sources, stated that the smartphone manufacturer has submitted proposals to five prominent banks in order to establish a cooperation for the application.
According to the report, the five banks mentioned are KB Kookmin, Shinhan, Hana, Woori, and the digital-only K Bank.
The proposal reportedly includes Samsung’s intentions to develop a super app on the foundation of its current financial services app, Momino.
Momino presently provides various services like money transfer, currency exchange, and comparisons of real estate and automobile prices in South Korea.
Nevertheless, the app’s popularity is limited, with only a few million users.
Allegedly, the five banks will provide presentations to Samsung on Tuesday, and a determination regarding the bank partnership may be made as soon as Wednesday.
One of the local banks stated that having the Samsung brand in their banking operation is a significant advantage for expanding their presence in the Korean financial market.
Although Samsung is a multinational corporation with ownership of four distinct financial subsidiaries, the report emphasized that it does not meet the requirements to possess a bank in South Korea.
Therefore, it has chosen to collaborate with a prominent bank in order to expand its range of services.
The banking partner is expected to provide the necessary infrastructure for the initiative, while Samsung will contribute software support and its own financial services to enhance the attractiveness of the super app.
(The headline and the story has not been edited by THND staff and is published from a syndicated feed. However there can be minor changes from the original source article.)
Turkish Envoy Firat Sunel Declares Aamir Khan as His Favorite After Viewing 'Laal Singh Chaddha' Four Times - The Hard News Daily
The official representative of Turkey in India Firat Sunel is an avid enthusiast of Bollywood films, particularly the movie “Laal Singh Chaddha” starring Aamir Khan.
The ambassador claims to have viewed this film on a minimum of four occasions.
According to Sunel, the authorized version of the Hollywood blockbuster “Forrest Gump” titled “Laal Singh Chaddha” was more successful than the original 1994 movie with Tom Hanks.
The 2022 film garnered a combination of unfavorable and negative reviews, accompanied by demands for boycott on social media. This seemed to have adversely affected its performance at the movie office.
“I have a strong admiration for Bollywood films, and Aamir Khan is my preferred actor.” I have viewed the film ‘Laal Singh Chaddha’ on a minimum of four occasions.
This is a rendition of the movie ‘Forrest Gump’. “In my opinion, this movie is more successful than the original,” Sunel stated in an interview with PTI.
“Bollywood movies provide an insight into the Indian lifestyle and cultural background.” “The increasing success of Bollywood can be attributed to the extensive knowledge gained about India and its people,” he remarked.
The envoy noted that the film “Laal Singh Chaddha”, which was also filmed in Turkiye, brought to his attention the numerous parallels between Indian and Turkish culture.
Sunel elucidated his argument by discussing the initial sequence of the film, in which the eponymous protagonist, portrayed by Khan, is depicted on a train distributing golgappas to his fellow passengers before indulging in one himself.
“This scene is customary for both you and me, as it is a long-standing tradition.” In Turkey, it is customary to provide food to others in close proximity before to consuming it.
However, if a someone in America were to view this film, they would likely struggle to comprehend its content.
“They would assume that he offered the food to other people because he is not intelligent.” Perhaps the reason I find myself so intrigued by the movies here is because I notice several parallels between our societies,” he stated.
Sunel, who is also a highly successful writer, considers adaptations to be a risky endeavor due to the numerous problems faced by the creator in preserving the original essence of the work.
“When you author a novel, it has the potential to be read by thousands or even tens of thousands of individuals.” However, if it is transformed into a series or film, the quantity escalates to millions, and in some cases, even tens of millions.
In order to expand your audience, it is crucial that your novel is adapted into a television series or film. “However,” he clarified, “there are losses or alterations in the process of translating a book to the screen.”
The 58-year-old ambassador expressed his dissatisfaction with the Turkish TV series “The Great Exile Caucasia”, which was based on his novel “In the Shade of the Weeping Willows” (Turkish title Salkim Sogutlerin Golgesinde”). He stated that he was not completely satisfied with it.
“If you, as an author, are unwilling to accept all the changes, I would advise against pursuing this endeavor.” “Once the filmmaker is involved, your responsibility as an author concludes,” he appended.
Sunel expressed his desire for “The Lighthouse Family,” his freshly translated Turkish novel “Sarpincik Feneri,” to be made into a film.
“The Lighthouse Family” has the potential to be adapted in India as well. The book also pertains to Indian households. They would appreciate it; this would result in a poignant film.
“Indian audiences, similar to Turkish audiences, appreciate books or movies that evoke strong emotional responses, particularly ones that elicit tears. This book falls into that category.” It is adaptable in any country, including India and Western countries. If someone is interested, why not? He made an addition.
“The Lighthouse Family” is a poignant narrative that takes place against the backdrop of the Second World War.
The exquisitely narrated historical fiction revolves around an affectionate family residing in a remote lighthouse situated at the westernmost point of Turkiye. Their lives are torn asunder by the repercussions of a war that was not even their own.
(The headline and the story has not been edited by THND staff and is published from a syndicated feed. However there can be minor changes from the original source article.)
