✍️ CRR Cash Reserve Ratio is the minimum fraction of total deposits of a bank’s customers that banks have to hold as reserves with the central bank. ✍️ SLR Statutory Liquidity Ratio is the ratio of liquid assets to the net demand and time liabilities. ✍️ LAF Liquid Adjustment Facility is a tool to allow banks to borrow money through repurchase agreements. It consists of repo and reverse repo operations. ✍️ MSF Marginal Standing Facility allows scheduled banks to borrow funds overnight from RBI against approved government securities. ✍️ MSS Market Stabilization Scheme is a monetary policy intervention by RBI to withdraw excess liquidity by selling government securities in the economy. ✍️ OMO Open Market Operations refers to the buying and selling of government securities in the open market so as to expand or contract the amount of money in the banking system. ✍️ REPO Repo...
Lok Sabha is composed of representatives of the people chosen by direct election on the basis of the adult suffrage. The maximum strength of the House envisaged by the constitution is 552, which made up by election up to 530 members to represent the States, up to 20 members to represent the Union Territories and not more than two members of Anglo- Indian Community to be nominated by the Hon’ble President, if, in his/her opinion, that community is not adequately represented in the House. The total elective membership is distributed among the States in such a way that the ratio between the number of seats allotted to each State and the Population of the State is, so far as practicable, the same for all States.
Qualifications for being a member of Lok Sabha
The qualifying age for membership of Lok Sabha is25 years.
He / She should be a citizen of India.
He/ She possesses such other qualifications as may be prescribed in that behalf by or under any law made by Parliament.
He / She should not be proclaimed criminal i.e. they should not be a convict, a confirmed debtor or otherwise disqualified by law.
He / She should have his/ her name in the electoral rolls in any part of the country.
However, a member can be disqualified for being a member of Parliament:
If he/ she holds the office of profit
If he/she is of unsound mind and stands so declared by the competent court
If he/ she is not a citizen of India, or has voluntarily acquired the citizenship of a foreign state, or is under any acknowledgement of allegiance or adherence to a foreign state
If he/ she is violating party discipline
Lok Sabha, unless sooner dissolved, continues for five years from the date appointed for its first meeting and the expiration of the period of five years operated as the dissolution of the House. However, while a proclamation of emergency is in operation, this period may be extended by Parliament by law for a period not exceeding one year at a time and not extending, in any case, beyond a period of six months after the proclamation has ceased to operate.
Lok Sabha elects one of its own members as its Presiding Officer and he is called the Speaker. He is assisted by the Deputy Speaker who is also elected by Lok Sabha. The conduct of business in Lok Sabha is the responsibility of the Speaker.
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