Daily Current Affairs Notes for 13 April 2023

The Jallianwala Bagh massacre occurred on April 13, 1919, in Amritsar, Punjab. This event is considered a tragic moment in Indian history and a symbol of the atrocities committed against the Indian people during the British colonial era. The massacre had a significant impact on India's struggle for independence, as it strengthened the nation's resolve to achieve self-rule and break free from British oppression. The 104th anniversary of the Jallianwala Bagh massacre will be observed on April 13, 2023, and it is viewed as a pivotal moment in Indian history. It was this event that led to Gandhi's unwavering commitment to the cause of Indian nationalism and independence from Britain.

Why people’s are gathered in Jallianwala Bagh?

On April 13, 1919, General Dyer, a British military officer, and his troops entered Jallianwala Bagh in Amritsar, where a group of people had gathered to peacefully protest the arrest of two nationalist leaders, Satya Pal and Dr Saifuddin Kitchlew. Without any warning, General Dyer ordered his troops to open fire on the unarmed crowd. The attack lasted for around ten minutes until the soldiers ran out of ammunition, after which they left. The British soldiers fired a total of 1,650 rounds, and over 500 people were killed. The exact number of casualties is still unknown. The incident is considered one of the darkest moments in British colonial history in India.

On the morning of Baisakhi, Colonel Reginald Dyer announced a curfew and a ban on all processions in Amritsar, even forbidding groups of four or more people from gathering in public. Later that day, at approximately 12:40 PM, Dyer received confidential information about a meeting taking place at Jallianwala Bagh, which he believed could result in riots and protests.

General Dyer’s Orders: 

General Dyer ordered his troops to shoot at the protesters without warning and later justified his actions by saying that he wanted to teach the Indians a lesson. He also stated that he would have used even more force if he had more troops available. At the time of the firing, there were around 25,000 people present at Jallianwala Bagh. Some attempted to flee, while others jumped into the solitary well located within the premises of Jallianwala Bagh. The troops were instructed to begin firing from the most densely populated area to cause the most harm to the largest number of people.

Who take revenge of Jallianwala Bagh massacre?

After the tragic incident at Jallianwala Bagh, Sardar Udham Singh sought revenge by assassinating Michael O'Dwyer, the British officer who served as the Governor General of Punjab. Born on December 26, 1899, Singh was a member of the Ghadar Party and the Hindustan Socialist Republican Association (HSRA). His assassination of Michael O'Dwyer, the former lieutenant governor of Punjab, gained him widespread notoriety. Singh carried out the murder in retaliation for the 1919 massacre at Jallianwala Bagh in Amritsar. Born as Sher Singh to Tehal Singh, a manual laborer, and Narain Kaur, a housekeeper, in Pilbad, located around 130 miles from Lahore, British India. His older brother Sadhu was two years older, making him the youngest. They lost both parents at an early age due to separate accidents. Singh is recognized as a martyr.

The Memorial:

A memorial was constructed in 1951 at Jallianwala Bagh to honor the victims of the massacre. The park spans around 6.5 acres and features a museum that showcases artifacts associated with the event. Every year on April 13, individuals assemble at the park to pay their respects to the victims. The Jallianwala Bagh Massacre remains a somber part of India's past, and its repercussions are still evident today. The incident acted as a trigger for India's fight for freedom and motivated numerous Indians to strive for independence.

The abbreviation "IRDA" stands for Insurance Regulatory and Development Authority, which serves as the regulator for India's insurance industry. IRDA's primary duties involve monitoring the activities of Life Insurance and General Insurance companies within the nation, with the aim of safeguarding the interests of policyholders and regulating the insurance sector. The primary goal of IRDA is to regulate the industry and ensure policyholders' protection. If you're interested in learning more about the role and responsibilities of IRDA in the Indian insurance sector, read on to discover more about this apex body of insurance providers in India.

IRDA-Brief Introduction of the Insurance Regulatory and Development Authority

The Insurance Regulatory and Development Authority (IRDA) is the regulatory body responsible for overseeing the insurance industry in India. The IRDA's primary objective is to develop and enforce regulations for insurance companies, protect policyholders, and promote growth in the industry. In response to changes in regulations, the IRDA regularly issues advisories to insurers and works to promote efficiency in the insurance business while also controlling rates and charges. This article provides an overview of the functions, features, and benefits of the IRDA.

IRDA- Establishment

Prior to 2000, the Indian government was responsible for regulating the insurance industry. But in 1999, the Malhotra Committee suggested the formation of a distinct regulatory body for the sector. As a result, the Insurance Regulatory and Development Authority (IRDA) was established in 2000, and it began accepting applications for registration from insurance companies. The IRDA has implemented regulations under Section 114A of the Insurance Act of 1938, which focus on insurance company registration and the protection of policyholders' interests.

IRDA- Objectives

The objective of the Insurance Regulatory and Development Authority of India (IRDA) is to enforce the provisions of the Insurance Act, and it has a mission statement with three key goals:

1. Protecting the interests of policyholders and ensuring their fair treatment
2. Regulating the insurance industry in a fair manner and ensuring its financial stability
3. Regularly formulating regulations to eliminate any ambiguity in the operation of the industry.

Salient Role of IRDA in the Insurance Sector in India:

The history of the Indian insurance industry can be traced back to the 1800s, and it has since evolved with a strong emphasis on protecting the interests of policyholders.

1. The Insurance Regulatory and Development Authority (IRDA) plays a crucial role in formulating regulations that give priority to the interests of policyholders.
2. The aim of IRDA is to promote the orderly growth of the insurance industry for the benefit of the general public.
3. The regulator aims to provide long-term funding to contribute to the growth of the country's economy.
4. The IRDA has the responsibility of promoting and monitoring high standards of integrity, financial stability, and competence in insurance companies.
5. The IRDA aims to ensure the prompt and efficient settlement of valid claims while also preventing fraud and malpractices through a grievance redressal forum.
6. The Insurance Regulatory and Development Authority (IRDA) promotes transparency and fairness in the financial markets by ensuring the systematic conduct of insurance.
7. The IRDA ensures that insurance companies maintain high financial stability standards by implementing a reliable management system.
8. Adequate action is taken against insurers who fail to maintain high standards.
9. The IRDA aims to achieve an optimum level of self-regulation in the insurance industry.

Functions of IRDA

1. The IRDA possesses the authority to issue, renew, modify, suspend, revoke, or cancel the registration certificates of insurance companies.
2. The IRDA is tasked with safeguarding the interests of policyholders in several areas, including policy issuance, claim settlement, policyholder nominations, insurable interest, policy surrender value, and other policy terms and conditions.
3. The IRDA sets out guidelines on ethical conduct, qualifications, and training for insurance agents and intermediaries.
4. The Insurance Regulatory and Development Authority (IRDA) also establishes a code of conduct for loss assessors and surveyors.
5. The IRDA charges fees for implementing the provisions of the Act.
6. The IRDA conducts inspections, requests information, and conducts investigations, including audits of insurance companies, intermediaries, and other organizations involved in the insurance industry.
7. The IRDA regulates and controls the rates, terms, and conditions of insurance policies, as well as the advantages that may be offered by insurance providers.

The IRDA also carries out various other functions to safeguard the interests of policyholders in addition to the aforementioned core functions.

How Does IRDA Work?

The IRDA is the main regulatory body for the insurance industry and it places priority on protecting the interests of policyholders in its core activities. The IRDA aims to establish transparent and impartial regulations that promote fairness and financial stability in the industry without favoring any specific insurance company.

1. The IRDA is responsible for issuing registration certificates to newly established insurance companies.
2. The IRDA establishes guidelines and regulations aimed at protecting the interests of policyholders.
3. The IRDA ensures that legitimate claims are settled promptly and efficiently by insurance companies.
4. The IRDA regulates the code of conduct for insurance companies, intermediaries, and other entities associated with the insurance industry.
5. The IRDA provides solutions for dispute resolution through its ombudsman.
6. The IRDA controls and regulates insurance rates to prevent excessive premium increases.
7. The IRDA sets the minimum percentage limit of insurance companies for General and Life Insurance, thereby promoting the development of insurance in urban and rural areas.

IRDA- Features & Benefits

1. The IRDA is the regulatory authority for the insurance industry in India.
2. IRDA ensures the protection of policyholders’ interests.
3. The rules and regulations are framed by IRDA under Section 114A of the Insurance Act, of 1938.
4. The Insurance Act empowers the IRDA to grant registration certificates to new insurance companies for operation in India.
5. The IRDA oversees the activities of the insurance industry to ensure the sustained development of insurers and policyholders.

Types of Insurances Regulated by the IRDAI:

The Insurance Regulatory and Development Authority of India is responsible for overseeing and regulating various types of insurance policies in the country. These policies can be broadly classified into two categories: Life Insurance and General Insurance. The different types of insurance policies that fall under these categories are:

Life Insurance: 

• Term Plans
• Endowment Policies
• Unit-linked Insurance Policies
• Retirement Policies
• Money-back Policies

 General Insurance: 

• Health Insurance Policies
• Vehicle/Motor Insurance Policies (including Car and Bike Insurance)
• Property Insurance Policies
• Travel Insurance Plans
• Gadget Insurance Plans

A recent census report on tigers in India has revealed that Suhelwa Wildlife Sanctuary has been identified as a new area where photographic evidence of tigers has been captured for the first time. The sanctuary, which was established in 1988, is located in Shravasti, Balrampur, and Gonda districts of Uttar Pradesh, and covers an area of 452 sq km. It is situated on the border of India and Nepal and is renowned for its natural resources. The sanctuary is named after King Soheldev and is surrounded by the Shivalik ranges of the Himalayas. Suhelwa Wildlife Sanctuary is an important part of the Bhabar-Tarai eco-system region, which is known for its diverse range of flora and fauna.

Vegetation: The main trees found in the sanctuary area are Sal, Asana, Khair, and Teak. The region is also abundant in medicinal plants, including Safed Musuli, Kali Musuli, Piperwala Longum, and Adhtoda Vasika.

Fauna: The sanctuary is home to a variety of mammal species, including leopards, bears, wolves, hyenas, jackals, wild boars, sambar, and spotted deer.

What is the Bhabar region?

• The Bhabar region is a narrow strip of land located in the Northern Plains of India.
• As the rivers originating from the mountains flow down, they deposit pebbles in this region.
• It runs parallel to the slopes of the Shiwaliks and has a width of around 8 to 16 kilometres.

What is Terai Region?

It is South of the Bhabar region where the streams and rivers re-emerge and create a wet, swampy and marshy region known as terai.