1. Employees' Provident Fund Organization increased the interest rate on Employees' Provident Fund to 8.15%
Tags: Economy/Finance National News
Employees' Provident Fund Organization (EPFO) has fixed the interest rate on Employees' Provident Fund (EPF) deposits at 8.15% for the financial year 2022-23, which is higher than the previous year's interest rate of 8.10%.
An Overview of the News
Last year's interest rate of 8.10% The interest rate provided by EPFO for EPF deposits was the lowest in more than 40 years.
EPFO has sought approval from the Finance Ministry for the new interest rate.
The CBT will also review the annual accounts of EPFO along with the interest rate on EPF deposits for the financial year 2022-23.
EPFO has given four months time to the subscribers of Employees' Pension Scheme 1995 to opt for higher pension as per the order of the Supreme Court.
Members can opt for higher pension till May 3, 2023.
About Employees Provident Fund Organization (EPFO)
It is a statutory body under the Ministry of Labor and Employment, responsible for operating provident funds, pension schemes and insurance schemes for the organised sector workforce in India.
It manages a corpus of over Rs 17 lakh crore with over 6 crore clients.
EPFO aims to provide social security benefits to workers in the organised sector and ensure their financial stability and well-being.
Since its inception in 1951, the EPFO has expanded its ambit to include pension and insurance benefits, and in 2014, it launched the Universal Account Number (UAN) to ease EPF account management and ensure transparency.
About Employees Provident Fund (EPF)
It is a mandatory retirement savings scheme in India for employees with income below a certain salary limit.
Both the employer and the employee contribute 12% of the employee's basic salary and dearness allowance to the EPF account every month.
Employees can withdraw their EPF balance after a certain period or in case of certain contingencies, and EPF is an important component of an employee's retirement plan.
2. Dilma Rousseff appointed as new President of BRICS New Development Bank
Tags: Person in news International News
Former Brazilian President Dilma Rousseff has been elected as the new President of the New Development Bank (NDB), also known as the BRICS Bank.
An Overview of the News
She replaced Marcus Troyjo as the President of NDB.
Rousseff is an economist who served as the President of Brazil for two consecutive terms from January 2011 to August 2016.
During her presidency, Rousseff prioritised social policies, including poverty reduction and increased access to education and healthcare.
The NDB has so far approved $23 billion in loans for projects including renewable energy and transportation infrastructure in its member countries.
About New Development Bank (NDB)
It is a multilateral development bank established in 2014 by the BRICS countries - Brazil, Russia, India, China and South Africa.
It was created with the aim of mobilising resources for infrastructure and sustainable development projects in emerging economies.
It is headquartered in Shanghai, China and has regional offices in Johannesburg, South Africa and São Paulo, Brazil.
Its authorised capital is $100 billion, with each founding member contributing $10 billion.
Its main focus is on financing infrastructure projects including energy, transport and water supply.
It operates on the principle of "co-ownership, governance and shared benefit", which means that member states have equal representation and decision-making power.
It is seen as an alternative to established financial institutions such as the World Bank and the International Monetary Fund, which are dominated by Western countries.
3. Government imposes surcharge for Google Pay and other payment apps
Tags: Economy/Finance National News
The National Payments Corporation of India (NPCI) has issued a circular suggesting "Prepaid Payment Instruments (PPI)" charges on merchant transactions on Unified Payments Interface (UPI).
An overview of the news
NPCI has introduced an interchange charge of up to 1.1 per cent on merchant UPI transactions done using prepaid payment instruments from April 1.
It will be levied on UPI payments above Rs 2,000 made to online merchants, large merchants and small merchants.
NPCI has clarified that there will be no charges for UPI payment from bank account to bank account or normal UPI payment.
With UPI, customers will have the option of using any bank account, RuPay credit card and prepaid wallet on a UPI-enabled app.
What is the interchange fee?
The interchange fee is levied to cover the costs of accepting, processing, and authorising transactions.
This is likely to make the transaction costlier.
Interchange fee is a fee paid by payment service providers to wallet issuers such as banks.
These wallets are mainly online payments like Paytm, PhonePe and Google Pay.
National Payments Corporation of India (NPCI)
NPCI, an umbrella organization for operating retail payment and settlement systems in India, has been initiated by the 'RBI' and the 'Indian Banks' Association' (IBA) under the 'Payment and Settlement Systems Act, 2007'.
It is a 'not-for-profit' company established under the provisions of Section 25 of the Companies Act 1956 (as amended in 2013), with the objective of providing physical and electronic payment infrastructure to the entire banking system in India.
4. For the first time in the country, the decision on bail in the case of 'murder' with the help of ChatGPT
Tags: Science and Technology National News
For the first time in the country, the Punjab and Haryana High Court used Artificial Intelligence based ChatGPT (ChatGPT) during the hearing of the bail plea in the murder case on March 27.
An overview of the news
Justice Anoop Chitkara used ChatGPT to assess the worldwide outlook on bail in a murder case.
He asked AI tool ChatGPT 'What is the jurisprudence on bail when the assailants brutally attack?'
ChatGPT then offered a comprehensive three-paragraph reply on bail jurisprudence in such cases.
Thereafter, the court refused the bail and dismissed the petition.
However, the court clarified that any reference to ChatGPT and any comment made was not an expression of opinion on the merits of the case.
The court also asked the trial court not to take into account the observations relating to the response of ChatGPT.
The Court noted that the petitioner had a criminal history of two cases of attempt to murder.
What is ChatGPT?
It is a natural language processing tool powered by Artificial Intelligence (AI) technology that allows chatbots to do much more than just have human-like conversations.
This language model can answer questions and assist with tasks such as writing emails, essays and code.
ChatGPT was created by OpenAI, an AI and research company.
The company launched ChatGPT on 30 November 2022.
What is Artificial Intelligence?
It is a broad branch of computer science that deals with the creation of smart machines capable of performing tasks that typically require human intelligence.
5. India’s overall exports cross all time high of 750 Billion US dollars
Tags: Economy/Finance National News
Commerce and Industry Minister Piyush Goyal has said on March 28 that India's total exports have crossed US$ 750 billion which is the highest ever and this achievement has come in the 75th year of independence.
An overview of the news
In 2021-22, the country's goods and services exports reached an all-time high of US$ 422 billion and US$ 254 billion, respectively, taking total shipments to US$ 676 billion.
Exports fell by 8.82 per cent in February 2022, while imports fell by 8.21 per cent, the biggest decline in more than two years.
Experts have expressed concern over the slowdown in exports due to recession concerns and weak global demand.
Exports declined by 8.8 per cent to $33.88 billion in February 2023 from $37.15 billion in February 2022.
Imports also declined for the third consecutive month in February at $51.31 billion, down 8.21 per cent from $55.9 billion a year ago.
The country's trade deficit in February stood at $17.43 billion.
6. Tanzania announces outbreak of deadly Marburg virus disease
Tags: International News
Tanzania recently declared an outbreak of the highly contagious and deadly virus Marburg virus, which causes viral hemorrhagic fever.
An overview of the news
According to the World Health Organization (WHO), through contact tracing in the country, around 161 people have been identified as at risk of infection.
The government has deployed an emergency response team to the area as well as neighboring countries have increased surveillance.
What is Marburg Virus Disease?
According to the World Health Organization, Marburg is a highly contagious viral disease that leads to hemorrhagic fever, with a mortality rate of up to 88%.
Marburg is as deadly as Ebola and no suitable drug or vaccine has yet been discovered to treat and prevent the disease.
Outbreaks of this disease have been reported in many African countries in the past, including Kenya, Congo, Angola, South Africa, and Uganda.
These outbreaks have also resulted in a large number of deaths, most of which have occurred in southern and eastern Africa.
Symptoms of Disease
High fever, severe headache, muscle pain, abdominal pain, and cramping.
Nausea and vomiting may also begin on the third day after infection.
Transmission
Human infection initially results from prolonged exposure to mines or caves inhabited by Rousettus bat colonies.
Once a human has been infected with Marburg virus, it can be spread to others through direct contact with their blood, secretions or other bodily fluids.
Another route of transmission may be through sexual contact.
This virus is secreted in our body fluids such as saliva, sweat, nasal secretions and semen.
Diagnosis and Treatment
Antibody enzyme-linked immunosorbent assay (ELISA),
Antigen detection tests,
Serum neutralization tests,
Reverse-transcriptase polymerase chain reaction (RT-PCR) assay,
Virus isolation by cell culture.
There is no specific treatment for Marburg virus disease yet.
7. Cheetah died of kidney disease in Kuno National Park
Tags: National News
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A cheetah named Sasha, brought from Namibia, died on March 27 due to kidney disease.
An Overview of the News
Sasha was one of eight cheetahs relocated to Kuno National Park in Madhya Pradesh on 17 September.
This female cheetah was four and a half years old.
Sasha's creatinine level was very high, indicating poor kidney function.
Principal Chief Conservator of Forests (Wildlife) - J.S. Chauhan
Important Point
The first batch of cheetahs translocated from Namibia to India were released on 17 September at Kuno National Park in Madhya Pradesh.
The cheetahs (5 females and 3 males) were brought from Namibia in Africa as part of 'Project Cheetah'.
It was the first time in the world that a large carnivore was translocated from one continent to another.
About Kuno National Park
It is a protected area located in Madhya Pradesh, India, named after the Kuno River.
It was established as a wildlife sanctuary in 1981 with an initial area of 344.686 km (133.084 sq mi) in Sheopur and Morena districts.
In 2018, the Kuno National Park was given the status of a national park and is part of the Khathyar-Gir dry deciduous forests ecoregion.
Kuno National Park was selected as a possible site for the Asiatic Lion Reintroduction Project, which aimed to establish a second lion population in India.
Between 1998 and 2003, approximately 1,650 residents of 24 villages were resettled to sites outside the protected area to make way for the project.
8. First meeting of G20 trade and investment working group begins
Tags: Summits National News
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On 28 March the first meeting of the G20 Trade and Investment Working Group began in Mumbai and the conference was inaugurated by Union Minister of Commerce and Industry Piyush Goyal.
An Overview of the News
The primary objective of India's G20 Presidency is to develop a common understanding of the challenges associated with accelerating global trade and investment and to identify opportunities to achieve human-centred outcomes.
The three-day meeting was attended by over 100 delegates from G20 member states, invited countries, regional groupings and international organisations.
The meeting will focus on the role of banks, financial institutions, development finance institutions and export credit agencies in bridging the trade finance gap.
Experience zones on spices, millets, tea and coffee will be set up and an exhibition on textiles will be displayed during the meeting at the conference venue.
About the G20
It is an international forum of the world's leading economies established in 1999.
Its primary objective is to promote international financial stability and sustainable economic growth.
The G20 serves as a forum to discuss and coordinate policies related to a wide range of economic and financial issues such as trade, investment, employment, energy and climate change.
9. First joint conference of army chiefs of India and African countries held in Pune
Tags: Summits National News
The first joint conference of army chiefs of India and African countries was held in Pune on 28 March.
An overview of the news
Defence Minister Rajnath Singh attended the conference as the chief guest. Army Chief General Manoj Pandey was also present.
This is the first ever conference of the army chiefs of these countries.
Army chiefs of 10 countries were present in this conference along with 31 representatives of African countries.
A defense exhibition will be organized under the Atmanirbhar Bharat campaign and the aim of the exhibition is to target African countries as a market for defense products.
About African continent
It is the second largest continent (after Asia), covering about one-fifth of the total land surface of Earth.
It is bounded by the Atlantic Ocean in the west, the Mediterranean Sea in the north, the Red Sea and Indian Ocean in the east, and the Atlantic and Indian Oceans in the south.
The island of Madagascar, off the coast of Africa, is one of the largest islands in the world.
The African continent has a population of over one billion, with a combined GDP of $2.5 trillion, making it a huge potential market.
Africa is a resource-rich continent rich in crude oil, gas, pulses and lentils, leather, gold and other metals, all of which are lacking in substantial quantities in India.
10. Government of India launched National Rabies Control Program (NRCP) for prevention and control of Rabies
Tags: Government Schemes National News
The Central Government has launched the National Rabies Control Programme (NRCP) for prevention and control of Rabies recently.
National Rabies Control Program Strategy
Provision of Rabies Vaccine and Rabies Immune Globulin through National Free Drug Initiative.
Training on proper management of animal bites, prevention and control of rabies, surveillance and inter-sectoral coordination.
Strengthening monitoring of reporting of animal bites and rabies deaths.
Awareness about prevention of rabies.
What is Rabies?
Rabies is a viral disease. This virus is present in the saliva of animals suffering from rabies such as dogs, cats, monkeys etc.
It is caused by the rabies virus of the Lyssavirus genus of the Rhabdoviridae family. It is an RNA virus.
According to statistics, about 99 percent of cases in humans are caused by dog bites.
Rabies is 100% fatal and 100% preventable through vaccines.
India accounts for33% of global rabies deaths.
The time period between bites of an animal infected with rabies and the appearance of symptoms of rabies can range from four days to two years, or sometimes more.
World Rabies Day
The day is observed every year on 28 September to raise awareness about the effects of rabies virus disease and ways to prevent it.
The day is celebrated to mark the anniversary of Louis Pasteur's death.
Louis Pasteur developed the first rabies vaccine and laid the foundation for the prevention of rabies.
The theme of this day for the year 2022 is 'Rabies: One Health, Zero Deaths'.
