1) Post Office Bill, 2023 introduced in Rajya Sabha: The Bill seeks to repeal the Indian Post Office Act, of 1898.
- Provisions of the Bill:
- Post Office will have exclusive privilege of issuing postage stamps.
- Central Government will have the power to give effect to the arrangements made with any foreign country.
- Central Government may, by notification, empower any officer to intercept or detain any item for security of the State.
2) No-confidence motion: A no-confidence motion is a parliamentary process that signifies that the present government is no longer deemed fit to hold positions of responsibility.
- First no confidence was moved during the third Lok Sabha in 1963 against the government.
- No prior reason needs to be stated for its adoption, and if passed, the government must resign.
- A no-confidence motion can only be moved in the Lok Sabha.
- It is not specifically mentioned in the Constitution and it can be admitted when a minimum of 50 members supports the motion in the House.
3) Monetary Policy Committee (MPC): Highlights of recent MPC.
- Repo rate left unchanged at 6.50% for the third consecutive time.
- FY24 real GDP growth projection unchanged at 6.5%.
- Existing cash reserve ratio remains unchanged at 4.5%.
- Imposes an incremental cash reserve ratio (ICRR) of 10% on increase in deposits to absorb liquidity.
- About MPC.
- MPC is a statutory body constituted under the Reserve Bank of India Act, 1934 (Amendment).
- Composition: MPC is a 6-member body, 3 Members from the RBI and the other 3 Members appointed by the Central Government.
- Decision is taken based on voting.
4) Deflation: China slips into deflation as post-Covid recovery weakens.
- Deflation is a general decline in prices for goods and services, typically associated with a contraction in the supply of money and credit in the economy.
