553rd birth anniversary of Guru Nanak Dev is celebrated on November 8, 2022.
Facts For Exams
- He was the first of the ten Sikh Gurus and the founder of Sikhism.
- Through the concept of ek Onkar (One God), he creates a distinctive spiritual, social, and political platform founded on fairness, fraternal love, goodness, and morality.
- His words are recorded in the Guru Granth Sahib, the sacred book of the Sikh religion.
- All around the world, Guru Nanak Gurpurab is used to celebrate his birth.
22nd Law Commission
The 22nd Law Commission of India has been established after two and a half years, with Justice (retd) Rituraj Awasthi serving as its chairman. The term of the commission would be three years.
Terms of Reference
- Determine which laws can be immediately abolished since they are no longer necessary or relevant.
- Analyze the current legislation in light of the Directive Principles of State Policy and make suggestions for their modification and reform
- Legislation that may be required to implement the Directive Principles should be proposed.
- Revise the Central Acts of General Importance to make them clearer, simpler, and more equitable.
Record high Currency in circulation since Demonetisation
Despite the rise in digitization, six years after the implementation of demonetisation, the amount of cash in circulation is at a record high of over 30 lakh crore (more than 71% higher than the figure for November 2016).
Why there is so much cash in circulation?
- Cash is seen as a straightforward and more dependable form of payment.
- Cash is the favoured method to avoid taxes because it is less traceable than digital transactions.
- People in smaller towns and villages prefer cash because they don't have access to banks or computer literacy.
- Demonetization, according to the government, "significantly boosted the digital economy" in 2020. Unreported assets totaling Rs. 7,877 crore were seized, and unreported earnings worth "Rs. 87,200" have been acknowledged.