Now Money kept in various online wallets like Amazon pay, Ola money, Mobikwik, Phone pe, Delhi Metro Card etc. can be withdrawn using an ATM or Point of Sale Terminal.
Key takeaways
RBI has permitted cash withdrawal of Rs. 2,000 per transaction with maximum limit of Rs. 10,000 per month.
All non-bank Payment prepaid instruments can provide this service.
Till date, RBI has permitted 37 Prepaid Payment Instruments (PPIs) in country.
Maximum two lakh rupees can be kept in various wallets after completion of full KYC.
All PPIs have to ensure interoperability by 31st March 2022
Important value additions
PPIs help facilitate the purchase of goods and services, including financial services, remittances and fund transfers against the value stored on such instruments.
These instruments are generally pre-loaded cards.
Examples: Paytm and GPay (semi-closed system PPIs), gift cards (closed system PPIs) and debit or credit cards (open system PPIs).
In a new advisory, the government has warned that the SARS-CoV-2 virus can be transported through air as well in the form of aerosols, and infect people up to 10 metres away.
The general advisory on Covid-19 was issued by the office of the Principal Scientific Advisor.
Key takeaways
The warning is in line with the latest evidence that suggests that airborne transmission of the virus, especially in enclosed spaces, cannot be ruled out.
It was initially suggested that the virus spreads predominantly through large droplets that come out when a person is talking, sneezing or coughing.
These droplets, because of their large size, were supposed to travel only short distances before falling on the ground.
A person 6 feet (2 metres) away was considered safe from infection.
However, over the months, scientists have been finding increasing evidence of the virus travelling through aerosols as well.
Do you know?
Aerosols are small solid particles suspended in the air.
Relatively light, aerosols can carry the virus to much larger distances.
Also, they can remain suspended in the air for several minutes, or even hours, thereby greatly increasing the chance of the infecting a nearby person.
Researchers at the IIT, Ropar in Punjab and Monash University, Australia have developed a unique detector named ‘FakeBuster’.
Significance: To identify imposters attending a virtual conference without anybody’s knowledge.
FakeBuster is a DeepFakes Detection Tool for Video Conferencing Scenarios.
The technique will find out if some imposter is attending a Webinar or virtual meeting on behalf of one of your colleagues by morphing his image with his own.
It can also find out faces manipulated on social media to defame or make a joke of someone.
(Mains Focus)
GOVERNANCE/ECONOMY
Topic:
GS-2: Effect of policies and politics of developed and developing countries on India’s interests.
During early 1920s both regions fight against colonial rule and oppression.
After India gained independence, it became a leading voice in support of African decolonisation at UN
Independent India, though extremely poor after two centuries of colonial exploitation, strived to share its limited resources with African countries under the banner of South-South cooperation
In 1964, India launched the Indian Technical and Economic Cooperation (ITEC) programme to provide technical assistance through human resource development to other developing countries – Africa was biggest beneficiary
India’s economic engagement with Africa, on the other hand, only began intensifying in the early 2000s. India’s total trade with Africa grew from US$ 6.8 billion in 2003 to US$ 76.9 billion in 2018, and India is now Africa’s third-largest trade partner
Challenges
Government aimed to export 10 million vaccine doses to the African continent. However, due to second wave and increasing domestic demand, export prospects may be hampered.
Indian Line of Credits(LoCs) have not been designed to achieve a larger development goal such as food security, health security, clean energy or education for all. LoCs are typically used by recipient countries to fund small development projects such as roads, bridges, railway lines.
There is no synchronisation between different development instruments of India.
Moreover, implementation has been a key constraint for Indian LoCs, with poor disbursal rates and project completion record.
There has instances of violence against African students is common in India that has created unease in India-Africa relationship
Although India has immense social capital among African nations, it has not matched this in material ties, and China’s economic and investment presence in Africa has been outstripping India’s for many years
China is essentially trying to offer an alternative authoritarian model of development to African countries. Its message is that no longer is the liberal international path the only road for African countries to take and prosper.
With its limited resources, India can try to make its development cooperation with Africa more impactful in the following ways:
Clear strategy for African development
Continue the current focus on capacity building
Harness Indian civil society organisations, NGOs, and Indian diaspora:
Promote development-friendly private investments:
Timely completion of projects
Improve the experiences of Africans in India
A thought-fully planned vaccine strategy that balances interest of India and that of Africa
Context: As global businesses look to diversify their supply chains, the spotlight is back on the government’s ‘Atmanirbhar Bharat’ (Self-Reliant India) campaign.
Benefits for Localisation
Benefits for Customers:
Locally produced goods are aptly suited for their home markets as they are developed and tested in local conditions
Due to local manufacturing, customers (intermediary or end use) can expect faster deliveries.
Local product tend be cheaper than imported goods due to differential rates of taxation
Benefits to Companies
Local manufacturing enables a great deal of flexibility which allows cost efficiencies, control over quality, faster turn-around times in terms of production, transportation, deliveries, etc.
Manufacturing locally helps India’s industries grow and its talent pool to develop specialised skill sets.
Localisation can be the gateway to further opportunities such as export growth, import substitution, and contract manufacturing.
Benefits to Country
India has the world’s largest population of youth at an employable age. Local manufacturing makes for a great opportunity for the country to supply a workforce to its industries.
Localisation assists in raising the standards of the lives in the area.
Localisation enables knowledge sharing and tech transfer with other countries, lending the home country access to the latest global technologies too
Allows country to position itself as a manufacturing hub for other countries.
Conclusion
With greater government support and industries’ combined efforts, India will surely reap the numerous benefits of localisation in years to come
Model questions: (You can now post your answers in comment section)
Note:
Correct answers of today’s questions will be provided in next day’s DNA section. Kindly refer to it and update your answers.
Comments Up-voted by IASbaba are also the “correct answers”.
Q.1 Weddell Sea is a part of which of the following Ocean?
Indian Ocean
Pacific Ocean
Southern Ocean
Arctic Ocean
Q.2 Consider the following statements regarding Epidemic Diseases Act, 1897:
This law enables states to ban public gatherings, ask schools and large institutions to stop functioning, and issue advisories to companies to explore work-from-home models.
It also gives the state a right to penalise media organisations spreading misinformation.
Which of the above is or are correct?
1 only
2 only
Both 1 and 2
Neither 1 nor 2
ANSWERS FOR 20th May 2021 TEST YOUR KNOWLEDGE (TYK)
