DAILY CURRENT AFFAIRS IAS | UPSC Prelims and Mains Exam – 4th March 2025

Syllabus:

• Prelims – CURRENT EVENT

Context: India launched the Cities Coalition for Circularity (C-3) at the 12th Regional 3R and Circular Economy Forum in Asia and the Pacific, held in Jaipur.

Background: –

• Prime Minister Modi, in a special written message to delegates at the launch, said India follows and strongly advocates the P (Pro-Planet People) approach and highlighted the role of 3Rs (reduce, reuse and recycle) and circular economy principles in ensuring sustainable urban development and resource efficiency.

Key takeaways

• The Cities Coalition for Circularity (C-3) is a multinational alliance established to promote city-to-city collaboration, knowledge-sharing, and partnerships with the private sector, focusing on advancing circular economy principles.

Key Objectives of C-3:

• City-to-City Collaboration: Facilitate cooperation among cities globally to share best practices and strategies for implementing circular economy models.
• Knowledge Sharing: Create a platform for exchanging technical expertise, innovative solutions, and successful case studies related to resource efficiency and waste management.
• Private Sector Partnerships: Engage businesses and industries in developing and adopting sustainable practices that contribute to a low-carbon economy.

About Regional 3R and Circular Economy Forum in Asia and the Pacific

• The Regional 3R and Circular Economy Forum in Asia and the Pacific is an annual platform established in 2009 by the United Nations Centre for Regional Development (UNCRD) to promote the principles of Reduce, Reuse, and Recycle (3R) and advance circular economy initiatives across the Asia-Pacific region.
• The Forum serves as a collaborative space for policymakers, industry leaders, researchers, and development partners to discuss and implement sustainable solutions for waste management and resource efficiency.
• The 12th edition of the Forum was inaugurated on March 3, 2025, in Jaipur, India, focusing on the theme “Realizing Circular Societies Towards Achieving SDGs and Carbon Neutrality in Asia-Pacific.”

Source: The Hindu

Syllabus:

• Prelims – ENVIRONMENT

Context: The first estimate of Gangetic dolphins, the only riverine dolphins in India, has found 6,327 of them in the Ganga and its tributaries.

Background: –

• For the survey, researchers travelled by boat at a constant speed using acoustic hydrophones — essentially underwater microphones — that pick up sounds emitted by the dolphins. The animals are blind and rely on echolocation to communicate and move.

Key takeaways

• The Gangetic Dolphin (Platanista gangetica) is a freshwater dolphin species endemic to the Ganges-Brahmaputra-Meghna and Karnaphuli-Sangu river systems of India and Bangladesh, and the Sapta Koshi and Karnali Rivers in Nepal.
• It is India’s National Aquatic Animal and plays a crucial role in the river ecosystem.
• Conservation Status – 
  • IUCN Red List: Endangered
  • Wildlife Protection Act, 1972: Schedule I (Highest protection)
  • CITES: Appendix I (Strict trade restrictions)
  • CMS (Bonn Convention): Appendix II

Characteristics

• Blind due to poorly developed eyes; relies on echolocation for navigation and hunting.
• Can only survive in freshwater and requires deep, slow-flowing rivers.
• Indicator species for healthy river ecosystems.

Threats

• Habitat Degradation: Dams, barrages, and pollution (industrial, agricultural, and domestic waste) disrupt their natural habitat.
• Poaching: Hunted for oil and meat.
• Accidental Catch: Often gets entangled in fishing nets.
• Water Pollution: High levels of toxic metals, pesticides, and industrial effluents impact their survival.

Conservation Efforts in India

• Project Dolphin (2020): Launched under the Ministry of Environment, Forest and Climate Change (MoEFCC) to protect river and marine dolphins.
• Vikramshila Gangetic Dolphin Sanctuary (Bihar): India’s only dolphin sanctuary.

Source: The Hindu

Syllabus:

• Prelims & Mains – ECONOMY

Context: For the first time in India, the Income Tax Bill, 2025 explicitly treats Virtual Digital Assets (VDAs) as property and capital assets.

Background:

• The bill categorically states that VDAs, which include crypto assets, Non-Fungible Tokens (NFTs), and similar digital assets, should be considered property. This move aligns India with global practices, where digital assets are either classified as securities (like in the U.S.) or property (like in the U.K., Australia, and New Zealand).

Key takeaways

• VDAs are classified as capital assets. This means that any gains arising from their sale, transfer, or exchange will be taxed under capital gains provisions, similar to real estate, stocks, and bonds. 
• For example, if an individual purchases Bitcoin at ₹10 lakh and sells it for ₹20 lakh, the ₹10 lakh profit will be subject to capital gains tax — either short-term or long-term, depending on the holding period. 
• By treating VDAs as capital assets, the government ensures that transactions are subject to standard asset taxation principles, preventing their misuse as unregulated financial instruments.
• Continuing the precedent set in 2022, the bill imposes a 30% tax on income from VDA transfers.
• Unlike traditional capital assets, no deductions (other than the cost of acquisition) are allowed. This means that expenses related to mining, transaction fees, platform commissions, and gas fees cannot be deducted when calculating taxable income. For instance, if an investor buys Ethereum for ₹5 lakh and sells it for ₹7 lakh, the ₹2 lakh profit is taxed at a flat 30% — with no relief for transaction costs. 
• Another crucial provision is the inclusion of VDAs in undisclosed income taxation and asset seizure regulations. If an individual fails to report VDA holdings in their tax filings, they can be classified as undisclosed income and taxed accordingly. 
• Furthermore, Bill allows tax authorities to seize VDAs during investigations or tax raids, similar to how cash, gold, or real estate is confiscated in cases of tax evasion.
• As per the bill, any entity dealing in crypto assets — including exchanges, wallet providers, and even individual traders — is required to report transactions in a prescribed format.

Source: The Hindu

Syllabus:

• Prelims – ENVIRONMENT

Context: March 3 is observed each year as World Wildlife Day to highlight the importance of conserving flora and fauna. 

Background: –

• In 2013, the United Nations General Assembly (UNGA) proclaimed March 3 as the UN World Wildlife Day to celebrate and raise awareness of protecting the world’s wild animals and plants. This was as the Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES) was signed in 1973 on this day.

About CITES

• CITES is an international agreement aimed at ensuring that international trade in wild animals and plants does not threaten their survival.
• It is legally binding on the parties but does not take the place of national laws.
• Currently there are 185 Parties to CITES.  India is a party to CITES since 1976.
• The CITES Secretariat is administered by UNEP (The United Nations Environment Programme) and is located in Geneva, Switzerland. 
• The Conference of the Parties to CITES is the supreme consensus-based decision-making body of the Convention and comprises all its parties.

How does CITES work?

• The species covered under CITES are listed in three Appendices, according to the degree of protection they need.
  • Appendix I includes species threatened with extinction. Trade in specimens of these species is permitted rarely, only in “exceptional circumstances”. Examples – Indian rhino,  Asiatic lion, Indian star tortoise.
  • Appendix II includes species not necessarily threatened with extinction, but in which trade must be controlled to ensure their survival. For example, certain kinds of foxes and Hippopotamuses.
  • Appendix III contains species that are protected in at least one country, which has asked other CITES Parties for assistance in controlling the trade, like the Bengal fox or the Golden Jackal from India. 
• Different procedures are given category-wise to engage in the trade of species in each of the lists.

Source: Indian Express

Syllabus:

• Prelims & Mains – CURRENT EVENT

Context: Recently, the government announced the securing of a 9,000-sq-km block to explore copper and cobalt in a region in Zambia known for high-grade deposits.

Background: –

• With production in domestic mines faltering, the project is a crucial step for India to establish overseas mining operations.
• On February 25, the White House warned in a fact sheet that the “overreliance on foreign copper” could jeopardize U.S. With supply of copper ore tightening, China is moving to rein in smelting overcapacity – companies looking to build new smelters must secure long-term contracts with copper mines, many of which are in the Democratic Republic of Congo (DRC), Chile, and Peru.

Key takeaways

• With the demand for copper, led by electric vehicle (EV) batteries and clean energy technologies, projected to outstrip supply from mines by 2035, countries are scrambling to secure supply chains and strengthen domestic capabilities.
• While more recycling and alternative battery chemistries could ease pressure on primary supply, mining remains critical to meeting global demand.

India’s overseas focus

• Copper is listed as a critical mineral in India. Domestic ore production in 2023-24 was 3.78 million tonnes (mt), 8% lower than in 2018-19.
• Between April and January in the current financial year, ore production by government-owned Hindustan Copper Ltd (HCL), the sole domestic copper miner, was 6% lower year-on-year.
• Due to stagnant domestic ore production, India’s copper concentrate imports have doubled in value terms to Rs 26,000 crore in 2023-24 from 2018-19.
• While India has large copper deposits, they require extensive exploration before mining can commence. Globally it takes up to 17 years on average to operationalise a copper mine.
• To meet demand in the short term, India has been looking to secure both greenfield and brownfield mineral assets in copper-rich countries such as Zambia, Chile, and the DRC.

Spotlight on Africa

• The share of Africa in the production of critical minerals such as copper, lithium, and natural graphite is rising.
• The continent already accounts for 70% of global cobalt production and 16% of global copper production. The DRC is on course to become the world’s second-largest copper supplier by 2030.
• India has got the 9,000-sq-km block in Zambia’s Northwestern province on a government-to-government basis. The Geological Survey of India (GSI) will explore the land, which is roughly six times the size of Delhi.
• Zambia is the seventh largest producer of copper in the world. (Chile, Peru and DRC are numbers 1, 2, and 3 respectively.)

Source: Indian Express

Q1.) The Gangetic Dolphin is classified under various conservation lists. Which of the following correctly states its status?

1. IUCN Red List: Critically Endangered
2. Wildlife Protection Act, 1972: Schedule I
3. CITES: Appendix II
4. CMS (Bonn Convention): Appendix II

Select the correct answer using the codes below:
A) 1 and 2 only
B) 2 and 4 only
C) 2, 3, and 4 only
D) 1, 2, and 4 only

Q2.) Which of the following statements regarding Virtual Digital Assets (VDAs) in India is correct?

1. A) VDAs are classified as legal tender in India.
   B) Gains from VDAs are not taxed in India.
   C) VDAs are treated as capital assets.
   D) Mining costs can be deducted while calculating taxable income from VDAs.

Q3.) Consider the following statements regarding the Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES):

1. CITES is legally binding on the parties but does not replace national laws.
2. India became a party to CITES in 1976.
3. The CITES Secretariat is headquartered in New York, USA.

Which of the statements given above are correct?
A) 1 and 2
B) 2 and 3 only
C) 1 and 3 only
D) 1 only

Comment the answers to the above questions in the comment section below!!

ANSWERS FOR ’  Today’s – Daily Practice MCQs’ will be updated along with tomorrow’s Daily Current Affairs

Q.1) – a

Q.2) – a

Q.3) – b