| RBI Launches New Features For Unified Payments Interface (UPI) |
Recently, the Reserve Bank of India announced new Unified Payments Interface (UPI) features.
Features are:
- Conversation Payments with AI: users will be able to interact with an AI-powered system to initiate and authorize payments.
- Initially, this feature will be available in both Hindi and English.
- Increased Transaction Limit for UPI Lite: The RBI has raised the transaction limit for UPI Lite from Rs 200 to Rs 500.
- UPI Lite was introduced by the National Payments Corporation of India (NPCI) to facilitate quick small-value transactions by optimizing bank processing resources.
- Offline UPI Payments with NFC: Offline UPI payments will be facilitated using near-field communication (NFC) technology through UPI Lite.
- With this feature, users will be able to make payments by tapping their smartphones on NFC-enabled point-of-sale (PoS) machines.
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| PM Vishwakarma |
Recently, the Union Cabinet approves new Central Sector Scheme ‘PM Vishwakarma’ to support traditional artisans and craftspeople of rural and urban India.
About PM Vishwakarma:
- The Scheme will provide Skill Upgradation, Toolkit Incentive, Incentive for Digital Transactions and Marketing Support.
- Financial Outlay: Rs.13,000 crore
- Duration: Five years (FY 2023-24 to FY 2027-28)
- Aims: To strengthen and nurture the Guru-Shishya parampara or family-based practice of traditional skills by artisans and craftspeople working with their hands and tools.
- Key Features of the Scheme:
- PM Vishwakarma Certificate and ID Card: Artisans and craftspeople will receive formal recognition through a PM Vishwakarma certificate and an ID card, acknowledging their skills and contributions.
- Credit Support:
- First Tranche: Up to Rs. 1 lakh credit support.
- Second Tranche: Rs. 2 lakh in credit support.
- Concessional Interest: 5%
- Eighteen traditional trades are to be covered in the first instance under PM Vishwakarma.
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| Deemed Forests |
On August 11, the Odisha government issued an order stating that the category of “deemed forests” would cease to exist under the recently amended Forest Act.
- The Odisha government subsequently withdrew the order.
About Deemed Forest:
- The term “forests” lacks a comprehensive definition within Indian legal context.
- The ambiguity surrounding this term was resolved by the Supreme Court in the T N Godavarman Thirumulpad v. Union of India case (Godavarman case).
- Clarification by Supreme Court (Godavarman Case):
- The court ruled that “forest” includes any land resembling the dictionary definition of a forest as per the Forest (Conservation) Act, 1980.
- The Godavarman case also introduced the concept of “deemed forests.”
- These are areas not officially notified under legislation as forests but recorded as such in government records.
- Characteristics of Deemed Forests:
- Deemed forests possess forest-like attributes regardless of ownership.
- They reflect land with distinct forest characteristics of ecological importance.
- Once labeled “deemed forests,” these areas can’t be de-reserved or repurposed without prior approval from the Central government.
- This ensures preservation and restricts non-forest activities.
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| Expansion of Digital
India programme |
Recently, the Union Cabinet approved a five-year extension and expansion of the Digital India program.
Key Highlights:
- Aims: To strengthen digital infrastructure, cybersecurity, and accessibility across sectors, fostering India’s digital evolution.
- Budget Allocation: ₹14,903 crore.
- Duration: 2021-22 to 2025-26.
- 6.25 lakh IT professionals will up-skill under the FutureSkills Prime Programme
- Support to 1,200 startups in Tier 2/3 cities
- Bhashini extended to all 22 languages under the 9th Schedule
- 9 New Supercomputers under the National SuperComputer Mission
- Cyber-awareness courses for 12 crores college students
- UMANG platform to add 540 more services for citizens.
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| PM-eBus Sewa |
The Union Cabinet has approved a bus scheme “PM-eBus Sewa” for augmenting city bus operation by 10,000 e-buses on PPP model.
About PM-eBus Sewa:
- Estimated Cost: Rs. 57,613 crore.
- Central Government Contribution: Rs. 20,000 crore
- Operational Support: The scheme aims to provide support for bus operations over a period of 10 years.
- City Coverage: Cities with a population of 3 lakh and above.
- Priority for Uncovered Cities: Priority will be given to cities that currently lack organized bus services.
- Employment Generation: 45,000 to 55,000 direct jobs.
Segments of the Scheme:
- Augmenting the City bus services – (169 cities)
- Augment city bus operations with 10,000 e-buses on Public Private Partnership (PPP) model.
- Associated Infrastructure to provide support for Development/ up-gradation of depot infrastructure.
- Creation of behind-the-meter power infrastructure (substation, etc.) for e-buses
- Green Urban Mobility Initiatives – (181 cities) )
- Green initiatives like bus priority, infrastructure, multimodal interchange facilities, NCMC-based Automated Fare Collection Systems, Charging infrastructure, etc.
- States/Cities to be responsible for running bus services and paying bus operators, Center to provide subsidies.
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| Offer for Sale (OFS) |
The government is planning to sell a part of its holding in State-owned Indian Railway Finance Corp (IRFC) through an offer for sale (OFS).
About OFS:
- It is a share sale method introduced by India’s SEBI in 2012. It’s for publicly-listed companies‘ promoters to reduce holdings and meet minimum shareholding rules.
Key points:
- Eligibility: For promoters or shareholders holding >10% of a company’s share capital.
- Reserved Categories: 25% shares for mutual funds and insurers, max 25% for one bidder.
- Retail Investors & Margins: 10% of offer size for retail.
- Bidding: OFS window is open for a day
- Advantages: Faster, same-day settlements, backed by margins.
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| Demon Particle |
Researchers at the University of Illinois discovered a massless particle, dubbed the “demon particle.“
- The prediction of demon particle was first made by theoretical physicist David Pines in 1956, who believed that electrons would behave strangely when passed through a solid.
- It is a transparent, massless, and neutral particle, with the capacity to manifest regardless of temperature, making it useful for superconductors.
About Superconductor:
- Superconductors conduct electricity without resistance but require low temperatures.
- Uses: Levitating trains and highly accurate magnetic resonance imaging (MRI) machines.
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| Sulina Channel |
Russia’s recent drone strikes targeted Ukraine’s ports and grain storage along the Danube River.
- The Danube delta serves as an alternative route for Ukraine’s grain exports after Russia’s exit from the Black Sea grain deal.
- The ‘new’ trade route is the Sulina Channel – a 63 km long distributary of the Danube.
- It connects major Ukrainian ports on the river to the Black Sea, lying completely within the borders of Romania, a NATO member.
About Danube River:
- It is Europe’s second longest river, and has historically been crucial for the movement of freight.
- Near Tulcea, Romania, the river begins to spread out into its delta which has three major channels – Chilia, Sulina and St George.
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August 17, 2023