- Recently, the Sakurajima Volcano erupted on Japan’s major western island of Kyushu.
- In 2021, the Fukutoku-Okanoba Submarine Volcano exploded in the Pacific Ocean, off Japan.
- Sakurajima is one of Japan’s most active volcanoes and eruptions of varying levels take place on a regular basis.
- It is an active stratovolcano.
- The largest historical eruptions of Sakurajima took place during 1471-76 and in 1914.
- Its eruption has been recorded since the 8th Century.
- Due to its frequent deposition of ash on Kagoshima, and due to its explosive potential, it is considered as one of the very dangerous volcanoes.
- A volcano is an opening on the surface of a planet or moon that allows material warmer than its surroundings to escape from its interior.
- When this material escapes, it causes an eruption. An eruption can be explosive, sending material high into the sky. Or it can be calmer, with gentle flows of material.
- On Earth, the erupted material can be liquid rock (“lava” when it’s on the surface, “magma” when it’s underground), ash, cinders, and/or gas.
- Magma can rise when pieces of Earth’s crust called tectonic plates slowly move away from each other. The magma rises to fill in the space. When this happens, underwater volcanoes can form.
- Magma also rises when these tectonic plates move toward each other. When this happens, part of Earth’s crust can be forced deep into its interior. The high heat and pressure cause the crust to melt and rise as magma.
- The final way that magma rises is over hot spots. Hot spots are the hot areas inside of Earth. These areas heat up magma. The magma becomes less dense. When it is less dense it rises. Each of the reasons for rising magma are a bit different, but each can form volcanoes.
- A volcano produces low viscosity, runny lava, it spreads far from the source and forms a volcano with gentle slopes.
- Most shield volcanoes are formed from fluid, basaltic lava flows.
- Mauna Kea and Mauna Loa are shield volcanoes. They are the world’s largest active volcanoes around the island of Hawai’i.
- Stratovolcanoes have relatively steep sides and are more cone-shaped than shield volcanoes.
- They are formed from viscous, sticky lava that does not flow easily.
The Soufrière Hills volcano, on the Caribbean island of Montserrat, is well known for its lava dome complex at the summit of the volcano, which has gone through phases of growth and collapse. As viscous lava is not very fluid, it cannot flow away from the vent easily when it is extruded. Instead it piles up on top of the vent forming a large, dome-shaped mass of material.
- Magma is stored beneath a volcano in a magma chamber. When a very large, explosive eruption occurs that empties the magma chamber, the roof of the magma chamber can collapse to form a depression or bowl with very steep walls on the surface.
- These are calderas and can be tens of miles across.
SOURCE: THE HINDU,THE ECONOMIC TIMES,MINT
TOPICS COVERED: Statutory, regulatory and various quasi-judicial bodies.
FOREIGN EXCHANGE VIOLATION CASES.
- The Directorate of Enforcement (ED) has registered 14,143 cases under FEMA and PMLA between 2019-20 and 2021-22 as compared to 4,913 cases in 2014-15 to 2016-17.
- Year 2021-22 saw the highest number of money laundering and foreign exchange violation cases.
Foreign Exchange Management Act, 1999
- The legal framework for the administration of foreign exchange transactions in India is provided by the Foreign Exchange Management Act, 1999.
- Under the FEMA, which came into force with effect from 1st June 2000, all transactions involving foreign exchange have been classified either as capital or current account transactions.
Current Account Transactions:
- All transactions undertaken by a resident that do not alter his / her assets or liabilities, including contingent liabilities, outside India are current account transactions.
- Example: payment in connection with foreign trade, expenses in connection with foreign travel, education etc.
Capital Account Transactions:
- It includes those transactions which are undertaken by a resident of India such that his/her assets or liabilities outside India are altered (either increased or decreased).
- Example: investment in foreign securities, acquisition of immovable property outside India etc.
PMLA (Amendment) Act, 2012:
- Adds the concept of ‘reporting entity’ which would include a banking company, financial institution, intermediary etc.
- PMLA, 2002 levied a fine up to Rs 5 lakh, but the amendment act has removed this upper limit.
- It has provided for provisional attachment and confiscation of property of any person involved in such activities.
SOURCE: THE HINDU,THE ECONOMIC TIMES,MINT