Facts in News

                        Facts in News

Ponzi Scheme 

• It is a fraudulent investing scam promising high rates of return with little risk to investors.
• It involves unscrupulous investors taking advantage of unsuspecting individuals by promising them extraordinary returns in exchange for their money.
• Investors give money to a portfolio manager. Then, when they want their money back, they are paid out with the incoming funds contributed by later investors.
• It eventually bottoms out when the flood of new investors dries up and there is not enough money to go around. At that point, the schemes unravel.

                          (Image Courtesy: Dreamstime)

FASTag

• FASTag, India’s electronic toll collection chip for national highways, is a sticker or a tag usually pasted on the windscreen of the vehicle.
• It uses Radio-Frequency Identification (RFID) technology to ensure that the relevant charges are automatically deducted from a bank account or a prepaid wallet linked to the FASTag.
• Vehicles can drive through plazas without stopping and once the car crosses the toll plaza the requisite toll amount is automatically deducted with an SMS alert on the deduction.
• The National Highways Authority of India (NHAI) through its subsidiary Indian Highway Management Company Limited (IHMCL) sells and operates FASTag.
• It is mandatory for all vehicles.

                                          (Image Courtesy: Asset)

Azhdarchid Pterosaurs 

• These are one type of pterosaur and one of the distinguishing characteristics about them is their big size and especially the necks, longer than Giraffe’s.
  • Pterosaurs are reptiles that are close cousins of dinosaurs, the first animals after insects to evolve powered flight.
• Some of these had wingspans greater than 30 feet.
• The name azhdarchid comes from Azhdarcho or the Uzbek word azhdarkho, which means dragon.
• They existed nearly 65 million years ago.
• The thin neck vertebrae were supported by an intricate internal structure that is unlike anything seen before.
  • It was filled with radial, spoke-like trabeculae that crossed each other like the spokes of a bicycle supporting itself and the weight of the pterosaurs’ heads.

                              (Image Courtesy: MW)

National Startup Advisory Council

Department for Promotion of Industry and Internal Trade (DPIIT) had constituted the ‘National Startup Advisory Council to drive sustainable economic growth and generate large scale employment opportunities.

Composition

• Chairman: Minister for Commerce & Industry.
• Convener of the Council: Joint Secretary, Department for Promotion of Industry and Internal Trade.
• Ex-officio Members: Nominees of the concerned Ministries/Departments/Organisations not below the rank of Joint Secretary.
• Non-official members, to be nominated by the Central Government, from various categories like founders of successful startups, veterans who have grown and scaled companies in India, persons capable of representing the interests of investors into startups, etc.
• The term of the non-official members will be for a period of two years.

Functions

• Foster a culture of innovation amongst citizens and students in particular.
• Promote innovation in all sectors of the economy across the country, including semi-urban and rural areas
• Facilitate public organizations to assimilate innovation with a view to improving public service delivery
• Promote creation, protection and commercialization of intellectual property rights
• Provide access to global markets for Indian startups.

Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY)

• The Department of Food & Public Distribution started the implementation of “Pradhan Mantri Garib Kalyan Anna Yojana (PM-GKAY)” for a period of three months i.e. April, May and June 2020 and had been extended for five more months.
• It is a scheme as part of Atmanirbhar Bharat to supply free food grains to migrants and the poor.
• Under the scheme, five kgs of wheat or rice and one kg of pulses per month will be given free of cost to the poor.
• It aimed to ensure sufficient foods for the poor and needy amid the coronavirus crisis.

Electronic Visa (e-visa)

• The India e-Visa is an electronic authorization to travel to India for business, tourism, or medical visits.
• It was introduced by the Narendra Modi government in 2014.
• An e-visa is provided in five categories — tourist, business, conference, medical, and medical attendant.
• The e-visa is a regular visa issued electronically.
•  The Ministry of Home Affairs (MHA) has restored the electronic visa (e-visa) facility for foreigners from 156 countries, who intend to visit India for the purposes of business, conferences, and for medical reasons, including in the case of medical attendants.
• Though the facility is available to 171 countries, after restrictions were announced in 2020,China, the U.K., Canada, Hong Kong, Indonesia, Iran, Malaysia and Saudi Arabia are notable exclusions.