Agni 5,NBFC

AGNI 5

Why in News

India has successfully tested an Agni-V missile equipped with MIRV technology, joining a small 

group of countries with this capability.

 MIRV (Multiple Independently Targetable Re-entry Vehicle) technology is the capability that allows 

multiple warheads to be loaded on a single missile delivery system and programmed to hit diff erent 

targets, thus greatly enhancing the missile’s destructive potential.

 They can all be made to hit the same location too, one after the other, thus ensuring complete 

annihilation of the target.

 In addition, MIRV-equipped missiles can be made to carry decoy warheads to confuse the defence 

system.

 The technology is not new. It was developed in the 1960s and fi rst deployed in the 1970s by the 

United States and the then Soviet Union. France, the United Kingdom, and China have developed 

this technology. 

 Another key strategic benefi t is the capability to cause crippling damage in a response strike. The 

response strike could be disproportionate, and can thus serve as a deterrence to the enemy.

Agni Missiles

 Agni missiles are the main land-based delivery systems for India’s nuclear weapons.

 Developed in the 1990s, the fi rst-generation Agni missiles were deployed in the armed forces in 

the mid-2000s. 

 Agni-I to Agni-IV missiles have ranges between 700 to 3,500 km and can carry single payloads 

weighing between 12 and 40 kilotons.

 Agni-V, the version that has been equipped with MIRV technology, can travel more than 5,000 

km, and can potentially enter the intercontinental range as well, considered to be 5,500 km and 

above.

CHIEF ELECTION COMMISSION BILL 2023

Why in News

The Bill replaces the Election Commission (Conditions of Service of Election Commissioners and

Transaction of Business) Act, 1991.

 It provides for the appointment, salary, and removal of the Chief Election Commissioner (CEC) and

Election Commissioners (ECs).

 The CEC and ECs will be appointed by the President upon the recommendation of a Selection

Committee.

 The Selection Committee will consist of the Prime Minister, a Union Cabinet Minister, and Leader of

Opposition/leader of the largest opposition party in Lok Sabha.

 Recommendations of the Selection Committee will be valid even when there is a vacancy in this

Committee.

 A Search Committee headed by the Cabinet Secretary will propose a panel of names to the Selection

Committee.

 Eligibility for the posts includes holding (or having held) a post equivalent to the Secretary to the

central government.

 The salary and conditions of service of the CEC and ECs will be equivalent to that of Cabinet

Secretary.

 Under the 1991 Act, it was equivalent to the salary of a Supreme Court Judge.

NON-BANKING FINANCIAL COMPANY (NBFC)

 Involved in the lending business, hire-purchase, leasing, insurance business, receiving deposits in

some cases, chit funds, stocks, and shares acquisition, etc.

 As per Section 451(c) of the RBI Act, a Non-Banking Company that carries the business of a

fi nancial institution is called a Non-Banking Financial Corporation or NBF The functions of the NBFCs are managed by both the Ministry of Corporate Aff airs and the

Reserve Bank of India.

 The NBFCs can be categorised under two broad heads:

 On the nature of their activity

 On the basis of deposits

 The fundamental requirements which are to be fulfi lled in order to apply for NBFC license are as

follows:

 The company has to be registered under the Companies Act, 1956 .

 The company should either be a Limited Company or a Private Limited Company (PLC).

 The minimum Net Owned Fund of the company must be Rs.2 crore.