India and Singapore have announced to link their payment apps, namely UPI and PayNow which will allow instantaneous and low-cost money transfers between the two countries.
About the move:
Singapore has now become the first country with which cross-border Person to Person (P2P) payment facilities have been launched. |
Significance:
FINTECH or financial technology refers to the technological innovation in the design and delivery of financial services and products. |
Unified Payments Interface (UPI):
The digital rupee will be legal tender in and of itself and need not necessarily be backed up by physical currency. |
Authorities concerned:
Supreme Court bench hearing a case against the dispute between parents (for divorce/child custody) mentioned that a child should not be lost in its search for paternity and also added that a child’s genetic information is part of his fundamental right to privacy.
About the Judgement:
Court’s argument supporting Child’s privacy:
Laws related to DNA tests:
Power to ask for evidence:
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The Supreme Court mentioning in a case viewing the power of the Speaker under the Tenth Schedule of the Constitution held that the presiding officer is the authority to decide on defecting cases.
About the case:
After KihotoHollohan versus Zachilhu case (1993), the Supreme Court declared that the decision of the presiding officer is not final and can be questioned in any court.
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What is an ‘Anti-Defection Law’?
Exception:
Power of Speaker under 10th schedule:
Important Judgements:
Recently, the government informed that 20 Russian banks, including Rosbank, Tinkoff Bank, Centro Credit Bank and Credit Bank of Moscow have opened Special Rupee Vostro Accounts (SRVA) with partner banks in India.
So, let us analyse its functioning.
What is the SRVA arrangement?
Freely convertible currencies refer to currencies permitted by rules and regulations of the concerned country to be converted to major reserve currencies (like the U.S. dollar or pound sterling) and for which a fairly active market exists for dealings against major currencies. |
How does it function?
All reporting of cross-border transactions is to be done in accordance with the extant guidelines under the Foreign Exchange Management Act (FEMA), 1999. |
What is the eligibility criterion of banks?
Significance:
The UN wants to protect the high seas as they make up more than 60% of the world’s oceans and draw less attention than coastal waters.
Fishing, shipping, tourism and ocean protection are currently controlled by around 20 organizations. However, their regulations only apply to a distance of 200 nautical miles (370 kilometres) from the coast. |
About New Treaty:
What would a High Seas Treaty do?
UN Convention on the Law of the Sea (UNCLOS):
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The Indian Space Research Organisation (ISRO) has made an Announcement of Opportunity (AO) to allow scientists and researchers to analyse data from the first dedicated Indian astronomy mission, AstroSat.
About the development:
AstroSat Mission:
Russia announced to suspension of its participation in the New START treaty — the last remaining nuclear arms control pact with the United States.
What is in the treaty?
Science and Technology (GS-III) Brain-inspired image sensor
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Researchers at the Indian Institute of Science (IISc) in a new study have shown how a brain-inspired image sensor can go beyond the diffraction limit of light to detect miniscule objects. About the study:
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Polity and Governance (GS-II) AI for live transcript of court hearings |
In a first, the Supreme Court launched the use of Artificial Intelligence and technology powered by Natural Language Processing on a trial basis to provide live transcriptions of court hearings. About:
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Economy (GS-III) Enemy properties
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The Government of India has earned over Rs.3, 400 crore from disposal of enemy properties from 2018 to 2022, according to a report. What are enemy properties?
Note:The highest number of enemy properties were found in Uttar Pradesh (6,255) followed by West Bengal (4,088), Delhi (659), Goa (295), Maharashtra (208), Telangana (158), Gujarat (151), Tripura (105), Bihar (94), Madhya Pradesh (94), Chhattisgarh (78) and Haryana (71 properties). |
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Polity and Governance (GS-II) First synchronised vulture survey
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The Kerala Forest and Wildlife department, along with its counterparts in Tamil Nadu and Karnataka, is preparing to organise the first synchronised vulture survey in select regions of the Western Ghats on February 24, 25 and 26. About:
Declining Vulture population:
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Context:
Budgetary commitments:
Verifying, please be patient.