PIB Summary- 13th July, 2021 | PIB (Press Information Bureau) Summary - UPSC PDF Download

BHIM–UPI

Context: BHIM–UPI launched in Bhutan.

Details

• On the occasion, India’s Finance Minister said that the services have started in Bhutan under India’s neighbourhood first policy.
• She also said that the BHIM UPI is one of the brightest spots and an achievement for digital transactions in India during the time of the COVID-19 pandemic with more than 100 million UPI QRs having been created in the last 5 years.
• The BHIM UPI in 2020-21 has processed 22 billion transactions worth value Rs 41 lakh crore.
• With this launch, Bhutan becomes the first country to adopt UPI standards for its QR deployment.
• RuPay cards are also accepted in Bhutan with it being officially launched in Bhutan in 2019 during PM Modi’s visit.
• Hence, Bhutan is also the only country to both issue and accept RuPay cards as well as accept BHIM-UPI.
• Over 200,000 tourists from India travel to Bhutan every year.
• Bharat Interface for Money (BHIM) is India’s digital payment application (app) that works through UPI, a system that powers multiple bank accounts into a single mobile application.

Key Features of BHIM

The BHIM app was launched in December 2016 by the National Payments Corporation of India (NPCI). A new and modified version of Bharat Interface for Money (BHIM), BHIM 2.0 has been launched under the Ministry of Electronics and Information Technology. Under BHIM 2.0, the existing cap of Rs. 20,000 has been increased to Rs. 1,00,000, from verified merchants.
The BHIM app can replace the existing mobile wallets and can appear as a comparatively reliable option for the bank to bank transfers, unlike other e-wallets. Since the transactions happen directly from the bank accounts, there is no need to recharge the wallet and no commissions/hidden charges are required for using the app. With the BHIM UPI app, the upper limit of a single transaction is Rs. 10,000 and one can transfer Rs. 20,000 in 24 hours.
Some of the key features of BHIM are mentioned below:

1. The BHIM app is tied to the mobile number and device ID. So using the app on a different handset will require a separate authentication process.
2. Three-point authentication via mobile number, device ID, and UPI PIN.
3. Fingerprint-based biometric verification of transactions via Aadhaar will prevent fraudulent transactions.
4. UPI PIN is needed for both opening the app as well as for transactions.
5. Resetting UPI pin requires debit card details and OTP SMS to authenticate.

To know what other initiatives such as this is part of the Digital India campaign

Advantages of BHIM

The Bharat Interface for Money (BHIM) is an innovative payment system developed by the Government of India. BHIM provides an easy and secure mode of money transfer for users on a mobile platform. It provides the facility to easily send or receive money from other customers using the Unified Payment Interface (UPI). Some of the benefits provided by the Bharat Interface for Money (BHIM) to the users are mentioned below:

• Allows easy money transfer without the hassle of knowing the recipient’s bank or account number. The entire transaction can be done in under a minute.
• Instant money transfer at all times. It does not require prior beneficiary registration, unlike net-banking.
• Allows the use of Unstructured Supplementary Service Data (USSD)to access bank account details, since it is UPI-based. USSD does not require an internet connection.
• Customers who don’t have UPI accounts can also receive money via the Indian Financial System Code (IFSC) and Mobile Money Identifier (MMID) codes.
• It is available in English and Hindi, with other language interfaces in the pipeline.
• A fixed amount can be transferred by generating a QR code, in case the receiver does not want to share their phone number. Useful for merchants and vendors.
• A Virtual Payment Address is generated. Flexibility to transfer money either via the receiver’s mobile number, the VPA, or the UPI ID.
• Nearly all commercial banks support BHIM. Unlike e-wallets, money can be directly transferred to bank accounts via BHIM.
• Aadhaar based payments at the scan of a “thumb” (biometric authentication) are also possible by the app.

BHIM has the potential to demolish private mobile wallets owing to the various advantages over the latter. Nevertheless, the challenge of advertising and creating awareness about the app and getting the merchants on board prevails. It would be difficult to make an impact unless BHIM is accepted at physical stores, public transport, etc.
Financial institutions and government initiatives in the finance sector are a very important part of the UPSC Syllabus. Candidates should follow the latest developments in Current Affairs related to their UPSC 2021 preparation. 

CSIR-CSIO’s UV-C Disinfection Technology

Context: The UV-C Disinfection Technology developed by the Council of Scientific and Industrial Research (CSIR) to be installed in Parliament.

Details

• The Union Minister of State for Science & Technology held a meeting with senior scientists of CSIR to discuss the modalities of installing the system in the Parliament ahead of the monsoon session.

About the Technology

• The UV-C Disinfection Technology is essentially an air duct system which has been developed by the Chandigarh based CSIR-CSIO (Central Scientific Instruments Organisation) and can be used in auditoriums, large conference rooms, class-rooms, malls, etc.
• It provides a relatively safer environment for indoor activities amid the pandemic.
• The CSIR-CSIO developed product is tested for more than 99 % disinfection and could be used as a retrofit solution to Air Handling Units (AHUs) of buildings, transport vehicles and other spin off applications.
• The UV-C is an energy efficient system, improves airflow through coils, enhances indoor air quality, requires less maintenance, easy to retrofit with any existing system having AHU ducts, and has low initial setup cost. The system comes with commercialized standards and certifications.
• CSIR-CSIO has transferred the technology to many companies for commercialisation.

Prelims Facts

Directorate General of GST Intelligence (DGGI)

• DGGI is a law enforcement agency under the Central Board of Indirect Taxes & Customs (CBIC), Department of Revenue, Ministry of Finance responsible for fighting tax evasion in India.
• DGGI is entrusted with the task of collection, collation and dissemination of intelligence relating to evasion of Goods and Services Tax (GST) (introduced w.e.f. 01.07.2017) and duties of Central Excise and Service Tax on an all India basis.
  • It develops intelligence, especially in new areas of tax evasion through its intelligence network across the country and disseminates such information, by issuing Modus Operandi Circulars and Alert Circulars to sensitize the field formations about the latest trends in duty evasion.
  • Wherever found necessary, this Directorate General, on its own or in co-ordination with field formations, organizes operations to unearth evasion of GST, Central Excise Duty and Service Tax.
• It was founded in 1979 as the Directorate General of Anti-Evasion and was later renamed the Directorate General of Central Excise Intelligence.
• It was renamed DGGI after GST was introduced in India.
• It is a part of NATGRID.