The Supreme Court has issued an interim stay on the Karnataka High Court’s ruling that online games, such as rummy, should not be taxed as ‘betting’ and ‘gambling’ under the Central Goods and Services (GST) Act, 2017.
This decision follows the Union Cabinet’s approval to increase the GST rate for online games from 18% to 28%.
The interim stay aligns online skill games played for stakes with online gambling for taxation purposes.
Why discuss this?
The GST department had issued a show-cause notice to a company for dues worth Rs 21,000 crore, which was quashed by the Karnataka High Court.
The Karnataka HC had ruled that online rummy is a game of skill and should not be taxed as gambling.
Taxing Online Games
Karnataka High Court Ruling: The Karnataka HC had determined that online rummy is substantially a game of skill, not chance, and should not be considered gambling. This ruling was based on the Goods and Services Act, which taxes games of skill at 19% and games of chance at 28%.
GST Department’s Notice: The GST department had issued a notice to GamesKraft under Section 74(5) of the CGST Act, demanding a substantial sum to be deposited along with interest and penalty by September 16, 2022. This notice was challenged in the Karnataka HC and led to an interim stay.
Show-Cause Notice: Following the interim stay, the GST department issued a show-cause notice under Section 74(1) of the CGST Act to GamesKraft and its founders, CEOs, and CFOs. This notice sought an explanation regarding the tax evasion and penalties.
Distinction between Skill and Chance: The Karnataka HC emphasized the distinction between games of skill and games of chance, citing relevant legal precedents. It noted that the question of whether a game of skill could still be classified as gambling remained to be seen.
Key takeaways
The Supreme Court’s interim stay temporarily taxes online skill games played for stakes on par with online gambling.
The Karnataka High Court’s ruling that online rummy is a game of skill and not gambling has been challenged by the GST department.
Legal distinctions between games of skill and games of chance remain a subject of debate and legal scrutiny in India’s taxation system.
Prospects of online gaming
State List Subject: The state legislators are, vide Entry No. 34 of List II (State List) of the Seventh Schedule, given exclusive power to make laws relating to betting and gambling.
Distinction in laws: Most Indian states regulate gaming on the basis of a distinction in law between ‘games of skill’ and ‘games of chance’.
Classification of the dominant element: As such, a ‘dominant element’ test is utilized to determine whether chance or skill is the dominating element in determining the result of the game.
Linked economic activity: Staking money or property on the outcome of a ‘game of chance’ is prohibited and subjects the guilty parties to criminal sanctions.
‘Game of Skill’ debate: Placing any stakes on the outcome of a ‘game of skill’ is not illegal per se and may be permissible. It is important to note that the Supreme Court recognized that no game is purely a ‘game of skill’ and almost all games have an element of chance.
Conclusion
This case reflects the need for a nuanced approach in crafting tax policies that adapt to the evolving landscape of online entertainment and gaming.
Further legal proceedings will likely shed more light on the classification of such games and their tax implications.
At the G20 Summit in New Delhi, leaders from member countries reached a consensus and adopted the New Delhi Declaration.
This declaration outlines significant commitments and agreements on various global issues.
Here are the key points from the G20 New Delhi Leaders’ Declaration:
[1] War in Ukraine
Peaceful Resolution: The G20 countries emphasize the importance of peace and call on all states to uphold the principles of international law, including territorial integrity and sovereignty.
Humanitarian Concerns: The declaration expresses deep concern about the human suffering and adverse impacts of wars and conflicts worldwide, specifically addressing the war in Ukraine.
UN Charter Principles: It emphasizes that all states must act in accordance with the Purposes and Principles of the UN Charter, refraining from the threat or use of force to seek territorial acquisition.
Nuclear Disarmament: The use or threat of use of nuclear weapons is deemed inadmissible.
[2] Countering Terrorism and Money Laundering
Condemnation of Terrorism: The G20 condemns terrorism in all its forms, including those rooted in xenophobia, racism, and intolerance or carried out in the name of religion.
Holistic Approach: A holistic approach based on international law is advocated to effectively counter terrorism, with an emphasis on strengthening international cooperation to deny terrorist groups safe haven, freedom of operations, and financial support.
Illicit Trafficking: Concerns about illicit trafficking and diversion of small arms and light weapons are addressed, with an emphasis on international cooperation among states to combat these phenomena.
Financial Action Task Force (FATF): The G20 leaders commit to supporting the resource needs of the FATF and FATF Style Regional Bodies to combat money laundering and terrorist financing.
[3] Economy & Climate
Sustainable Growth: G20 leaders call for strong, sustainable, and inclusive growth in response to the uneven recovery from the pandemic.
Climate Action: Trillions of dollars will be required for countries to meet their climate goals and invest in clean energy technologies.
Reforming Financial Institutions: Reforms of international financial institutions are urged, along with efforts to manage debt vulnerabilities in low and middle-income countries.
Crypto Asset Taxation: The exchange of tax-relevant information on crypto assets is set to begin by 2027.
Energy Transition: The declaration calls for accelerated efforts to phase down unabated coal power and eliminate inefficient fossil fuel subsidies.
Financial Stability: Emphasis is placed on the need for well-calibrated monetary, fiscal, financial, and structural policies to promote growth, reduce inequalities, and maintain macroeconomic and financial stability.
[4] Global Growth
Policy Coordination: The G20 leaders reiterate the need for well-calibrated monetary, fiscal, financial, and structural policies to promote growth, reduce inequalities, and maintain macroeconomic and financial stability.
Central Banks Commitment: They also stress that central banks remain committed to achieving price stability in line with their respective mandates.
Financial Stability Board (FSB): Initiatives by the FSB, Standard Setting Bodies (SSBs), and jurisdictions to examine lessons from recent banking turbulence are welcomed.
[5] Multilateral Development Banks
Enhancing MDBs: G20 leaders emphasize the importance of delivering better, bigger, and more effective multilateral development banks (MDBs).
Leveraging Private Capital: Financial institutions are encouraged to leverage private capital through innovative financing models and partnerships for maximum development impact.
Capital Adequacy Frameworks (CAFs): The roadmap for implementing the recommendations of the G20 Independent Review of MDBs CAFs is endorsed.
[6] Cross-border Payments
Payment Improvements: The G20 reaffirms its commitment to achieving global targets for faster, cheaper, and more transparent cross-border payments by 2027.
CBDC Discussion: Discussions on the potential macro-financial implications of Central Bank Digital Currencies (CBDCs) are welcomed, especially concerning cross-border payments and the international monetary and financial system.
[7] Education
Digital Education: The G20 recognizes the importance of investing in human capital development and supporting digital technologies to bridge educational divides.
Scientific Collaboration: The promotion of open, equitable, and secure scientific collaboration and mobility of students, scholars, researchers, and scientists is encouraged.
Inclusive Education: Emphasis is placed on inclusive, equitable, high-quality education and skills training, with foundational learning as a primary building block.
[8] Agriculture
Trade Facilitation: Rising commodity prices contributing to cost of living pressures are addressed.
Rules-Based Trade: The G20 leaders commit to facilitating open, fair, predictable, and rules-based trade in agriculture, food, and fertilizers, in line with relevant WTO rules.
Food Security: Support for developing countries’ efforts to address food security challenges is emphasized, aligning with the G20 Deccan High-Level Principles on Food Security and Nutrition 2023.
[9] Religion
Religious Tolerance: The G20 strongly condemns acts of religious hatred against individuals, religious symbols, and holy books.
Cultural Diversity: Emphasis is placed on promoting respect for religious and cultural diversity, dialogue, and tolerance.
Rights Interdependence: The interdependence of freedom of religion or belief, freedom of opinion or expression, peaceful assembly, and freedom of association is recognized as a means to combat intolerance and discrimination based on religion or belief.
[10] Corruption
Zero Tolerance: The G20 reaffirms its commitment to zero tolerance for corruption.
International Cooperation: Strengthening international cooperation and information sharing for combating corruption is urged.
Asset Recovery: The joint Declaration also called for strengthening asset recovery mechanisms for combating corruption.
Conclusion
In essence, the New Delhi Declaration serves as a testament to the collaborative efforts of G20 member countries in addressing global challenges and striving for a more prosperous, peaceful, and sustainable world.
In 2023, the rise in disasters is not an anomaly; it’s a disturbing trend. Headlines have been dominated by a relentless wave of bad news: severe flooding in China, devastating wildfires in Europe and Hawaii, and July marking the hottest month ever recorded.
Central idea
The world is standing at a precarious crossroads, where the challenges we face are multiplying faster than our ability to mitigate them. The aftershocks of the COVID-19 pandemic, combined with a complex web of crises encompassing war, debt, and food insecurity, have placed our collective resilience to the test. All of this unfolds against the ever-looming backdrop of the climate crisis, which drives increasingly frequent and severe extreme weather events.
Disproportionate Impact on Vulnerable Communities
Debt crisis: A majority of the 50 countries most vulnerable to climate change also grapple with severe debt issues. India, already one of the world’s most disaster-prone countries, is acutely experiencing this new reality.
Extreme weather events: In 2022, disasters or extreme weather events battered the country nearly every day, with this year’s severe monsoon causing widespread loss of livelihoods and lives.
Solutions Within Reach
SDG: The Sustainable Development Goals (SDGs) continue to serve as our most comprehensive blueprint for achieving peace and prosperity.
Paris Agreement: Additionally, commitments made in the Paris Agreement to limit global warming to 1.5°C offer a clear path forward.
Sendai Framework: The Sendai Framework for Disaster Risk Reduction provides a global framework to reduce disaster risks, although progress in its implementation has been slow.
Accelerating Resilience Building: One valuable lesson we have learned from the COVID-19 pandemic is the importance of systemic disaster risk reduction, resilience, and adaptation. The crisis has not only exposed our vulnerability to risks but has also catalyzed innovative approaches, such as digital technologies and modeling. India’s proactive efforts in disaster risk reduction, including state-level disaster management plans and early warning systems, have demonstrated tangible results in reducing mortality from extreme weather events.
Financial Reforms for Disaster Preparedness: India’s 15th Finance Commission has introduced significant reforms for disaster risk financing, allocating substantial resources for preparedness, response, recovery, and capacity development. On the international stage, India is championing disaster resilience and sustainability through initiatives like the Coalition for Disaster Resilient Infrastructure and the deployment of its National Disaster Response Force.
The Transformations We Need
Early detection system: Disaster risk reduction must be integrated at all levels of our societies. This includes how we build, invest, and live. One highly cost-effective method is the establishment of early warning systems for all, with India’s support for this endeavor being noteworthy. Such systems can significantly reduce the damage caused by impending disasters. However, it is crucial to recognize that over a third of the world’s population, primarily in the least developed countries and Small Island Developing States, lacks access to these life-saving systems.
The Path to a Global Multi-Risk Warning System: Our ultimate goal should be a global multi-risk warning system that covers all types of hazards, be they biological, tectonic, or technological. Improving global data capabilities is essential for better prediction and response to the risks we face. India’s leadership in knowledge sharing, joint data infrastructure, and risk analysis through its G-20 presidency deserves commendation.
Leaving No One Behind: We must strengthen international cooperation in disaster prevention, response, and recovery, particularly for countries in the Global South. No one should be left behind in our collective efforts to mitigate the impacts of disasters.
Conclusion
The recent G-20 summit and the outcomes of the Disaster Risk Reduction Working Group offer a unique opportunity to shape a future where we are equipped to withstand disaster risk. As UN Secretary-General António Guterres wisely noted, Extreme weather events will happen. But they do not need to become deadly disasters. Together, through decisive action and unwavering commitment, we can forge a more resilient and sustainable world for generations to come.
The G20 summit attracted attention as it started with a clear consensus to invite the African Union (AU) as its member. India’s initiative to include African Union in G20 was unanimously accepted. This was a unique reordering of the global high table.
India’s efforts for inclusion of the African Union
India’s big bet: Of the AU’s 55 members, 54 are in the United Nations. Only one African country, South Africa, has been an original member of the G20. No presidency has ever risked amending the membership for fear of competing rivalries.
Global platform for Africa: It has been India’s case that not only must the G20 reflect the priorities of the Global South but must also include those who are underrepresented, particularly from Africa.
Inviting major African countries: The AU has double the number of countries as the EU. The AU has been invited to G20 meetings, and some presidencies have held African outreach events in a manner of telling them what is good for them. It is India that has actually taken the initiative of talking with them rather than at them.
Importance of AU
Africa as the road to the global south: India aspires to bring the global south to the center of the G20 agenda. The elevation of the AU is courageous; no presidency has attempted to alter the composition for fear of claims from other regional organizations.
Branding itself using Africa: The AU fits in with the rebranding of the G20 that India undertook. This is India’s harambee (Swahili word for co-operation) factor—the spirit of developmental cooperation in action.
AU as a voiceless block: The AU is the largest of regional institutions and the one with a limited voice in most international fora, despite having 54 votes in the United Nations General Assembly.
Partner for India at the High Table: The prospects of Africa getting a permanent seat in the UN Security Council remain distant. What India has achieved, as always, is to provide Africa with a voice at the high table.
India’s engagement with Arican Nations
Nigeria: Inviting Nigeria, particularly at this stage, recognizes it as the largest economy in Africa and a consistent friend of India. This is Nigeria’s biggest outing since President Bola Ahmed Tinubu was elected. Nigeria was qualified to be in the BRICS but perhaps did not pursue it hard enough. Nigeria participated with great enthusiasm, with a number of ministers accompanying their president in advance of the G20 Summit.
Egypt: Egypt is another African powerhouse, representing North Africa. It is also the current chair of AU-NEPAD, which is a permanent invitee to the G20. Egypt is a recent strategic partner of India. India backed it to join the BRICs. Egypt brings balance to the presence of South Africa and Nigeria.
Mauritius: Mauritius is a close friend of India due to its PIO population, its regular engagement with India, and its strategic location in the Indian Ocean.
Comoros: Comoros is another Indian Ocean country representing Eastern Africa. With their participation, India ensured two of the four African countries in the Indian Ocean and most of the regions of Africa were represented, making the G20 better balanced.
Conclusion
The African Union is hot bed for great power rivalry between India and China. Even if India cannot match the deep pockets of Chinese investments in Africa, India has shown that it can deliver on the African Interest at global platform.
The UN Environment Programme’s Emissions Gap Report for 2022 highlights a sobering reality: India’s carbon emissions policy, as of 2022, falls short of significantly reducing the national carbon footprint.
Central idea
India, as one of the world’s major contributors to global warming, is facing a concerning trend with the highest growth rate in carbon emissions. Recent years have witnessed a significant increase in electronic device usage, which has given rise to a pressing issue: the digital carbon footprint. To effectively combat this issue, it is imperative to adopt a multipronged approach.
What is meant by carbon footprint?
A carbon footprint is a measure of the total amount of greenhouse gases, primarily CO2 and other carbon compounds, that are emitted into the atmosphere as a result of human activities, particularly the consumption of goods and services, energy production, transportation, and various industrial processes.
What is meant by digital carbon footprint?
A digital carbon footprint refers to the environmental impact associated with the use of digital technologies, including electronic devices, software applications, and data centers.
Digital Carbon Footprint: A Growing Concern
Hardware Production: The production of hardware devices like laptops, smartphones, and microprocessors is a significant contributor to the digital carbon footprint. The machines used in manufacturing these devices emit substantial amounts of carbon dioxide during the process.
Energy Consumption During Device Use: Electronic devices require electricity for their operation. If the electricity used comes from non-renewable sources, such as coal or natural gas, the emissions generated during each device’s use add to its digital carbon footprint.
Smartphone Charging Emissions: Research conducted in 2021 revealed that global smartphone charging alone releases more than 8 million tonnes of carbon dioxide into the atmosphere annually.
Data Centers:
The software used on electronic devices is typically stored and maintained in large data centers. These data centers demand a constant and intensive supply of electricity to operate efficiently and prevent system failures.
According to a 2022 report by the International Energy Agency, data centers contribute significantly to global electricity use, accounting for approximately 1–1.5 percent, which is equivalent to the combined electricity consumption of Germany and Japan.
Data Center Cooling Systems: In addition to the energy consumed for computing operations, data storage facilities require additional electricity to power massive cooling systems. These systems ensure that the servers and storage devices in data centers operate optimally, contributing further to the digital carbon footprint.
Digital Software Usage:
Every action in the life cycle of digital entities, whether it’s hardware or software, consumes energy and thereby contributes to the carbon footprint.
For instance, a seemingly simple action like conducting a Google search results in the creation of 0.2 grams of carbon dioxide emissions.
Given the scale of online searches, this adds up to a substantial daily contribution, with Google’s operations, cloud services, and devices emitting over 10 million tonnes of carbon dioxide in 2020.
Corporate Efforts and Carbon Reduction:
Companies like Apple are taking steps to reduce their carbon footprint by improving energy efficiency, adopting low-carbon design principles, and striving for carbon neutrality in their operations and supply chains.
Apple, for example, has reduced its carbon emissions by 40 percent between 2015 and 2022 and aims to achieve a 100 percent carbon-neutral supply chain and products by 2030.
Global Emission Reduction Goals: Despite commendable efforts by individual organizations, such initiatives alone may not be sufficient to meet the ambitious global emission reduction targets set by agreements like the Paris Agreement, which seeks to reduce emissions by 45 percent by 2030.
Government Intervention and Legislation
Global Goals and Emission Reductions: Government intervention is a crucial factor in achieving global climate goals. Some nations have implemented legislated emission reduction targets, which play a pivotal role in driving the efforts of technology organizations.
Inspiration from the United States: For instance, Apple’s initiatives to reduce its carbon footprint draw inspiration from the United States’ National Climate Task Force. This federal task force is dedicated to achieving a net-zero emissions economy by 2050, providing a clear mandate and incentive for companies to align with emission reduction goals.
Legislation in the Netherlands: Similarly, the Netherlands has enacted climate legislation, including a target of achieving a 49 percent reduction in greenhouse gas emissions by 2030 compared to 1990 levels.
International Policies: Various other countries, including Denmark and the United Kingdom, have implemented policies and acts addressing carbon footprint reduction. These initiatives underline the global commitment to mitigating climate change and push technology companies to align their practices accordingly.
Indian Power Savings Guide: In India, the Ministry of Power’s Bureau of Energy Efficiency (BEE) has established the Power Savings Guide. This initiative specifically targets technology emissions and includes an energy efficiency label for electronic devices.
Eco-Labels and Certifications: The United States Environmental Protection Agency (EPA) and the Department of Energy (DOE) offer the Energy Star program, which certifies energy-efficient products. These certifications, known as eco-labels, are part of a broader solution called ‘green computing,’ aimed at reducing the digital carbon footprint.
Way forward: Green computing
Energy Efficiency Focus: Green Computing is dedicated to enhancing the energy efficiency and reducing the environmental impact of computer systems. This approach aims to lower the digital carbon footprint associated with both hardware and software production and consumption.
Electricity Source Significance: A critical aspect of reducing the digital carbon footprint is the source of electricity used to power electronic devices. Initiatives aimed at increasing the proportion of renewable energy in a nation’s electricity supply are vital for emissions reduction.
India’s National Action Plan on Climate Change (NAPCC): India, through initiatives like the NAPCC, emphasizes the importance of transitioning to renewable electricity sources to mitigate the carbon footprint attributed to energy consumption.
Private Sector Initiatives: Private sector players are also actively involved in green computing developments. For instance, Apple’s iOS 16.1 features Clean Energy Charging, a provision that assesses the carbon emissions of the local energy grid and charges the iPhone when the electricity source is greener. This innovation is currently available in the United States as of July 2023.
Green Software Foundation (GSF): The GSF plays a significant role in the field of green computing. It offers research, tools, and code for building applications with lower carbon footprints. Moreover, it provides frameworks for applications that can adapt their behavior based on the availability of clean, low-carbon electricity sources.
Government Support: Governmental support for initiatives like GSF is essential, as these organizations provide information tools to enable sustainable software and hardware production.
Eco-Labels and Certifications: Eco-labels like Energy Star and BEE offer valuable information to developers and users, helping them reduce their digital carbon footprint. Additionally, the private sector has made notable progress with initiatives like the Electronic Product Environmental Assessment Tool (EPEAT) and TCO Certified, which focus on both hardware and software sustainability.
Integration of Eco-Labels: Governments have the opportunity to support these eco-label initiatives or integrate them with their own labeling systems. This integration can provide consumers with comprehensive and accurate information about the environmental footprints of electronic devices.
Improving Data Center Efficiency: Data centers, known for their high carbon footprints, require attention. Collaborating with initiatives like The Green Grid (TGG), which offer tools and expertise to enhance data center energy efficiency, can be instrumental in reducing their environmental impact.
Conclusion
India’s digital carbon footprint is a pressing concern that requires immediate attention. Government intervention, industry initiatives, and public awareness are crucial components of the solution. By acknowledging the extent of the issue and framing policies to address it, significant progress can be made in reducing India’s carbon emissions and contributing to global climate goals.
The rapid growth of neurotechnology, driven by advances in neuroscience and technology, has given rise to a field with immense potential and profound ethical implications.
Central Idea
Neurotechnology encompasses various aspects, from Brain-Computer Interfaces (BCIs) to neuroimaging and neurostimulation. As this field expands, it poses challenges to human privacy, autonomy, and dignity. In this context, the need for ethical guidelines and governance becomes paramount.
What is neurotechnology?
Neurotechnology is a multidisciplinary field that combines neuroscience, engineering, and technology to study, interact with, and manipulate the human nervous system, particularly the brain and its functions.
It involves the development and application of various techniques, tools, and devices to better understand and interface with the brain and nervous system.
What is neurowarfare?
Neurowarfare, also known as neurotechnology warfare, refers to the use of advanced neurotechnological tools, techniques, and agents in military operations and conflicts.
It represents the convergence of neuroscience, neurotechnology, and warfare strategies, with the aim of gaining a tactical or strategic advantage on the battlefield or in intelligence operations.
Neurowarfare explores the manipulation of the human nervous system, particularly the brain, for various purposes, both offensive and defensive.
The ethics of neurotechnology
Brain-Computer Interfaces (BCIs) and Brain-Machine Interfaces (BMIs): BCIs offer direct communication between the brain and external devices, while BMIs integrate neural signals with machines for various applications, including prosthetics and exoskeletons. Ethical concerns arise regarding privacy, autonomy, and mental influence.
Neuroimaging and Neurostimulation: Neuroimaging provides access to neurological data, while neurostimulation modulates neural activity for therapeutic purposes. The potential for behavioral changes and privacy invasion necessitates regulation.
Gathering and Use of Neurological Data: The absence of guidelines for gathering, studying, and using neurological data requires immediate attention, especially in light of private sector developments such as Neuralink’s brain implant chip.
The Case of Neuralink
Elon Musk’s company, Neuralink, recently unveiled an upgraded brain implant chip approved for human trials.
This chip boasts capabilities to potentially alter memories and treat conditions like hearing loss, blindness, paralysis, and depression.
This development serves as a stark reminder of the urgent need for comprehensive regulations, especially when such technology is being explored within the private sector.
Neurowarfare: The Emerging Threat
Neurotechnological Agents: Advances in synthetic biology open doors to neurotechnological agents that can impact neurological abilities. This includes neuropharmacological agents like amphetamines and neurotechnological devices.
Dual-Use Nature: Neurotechnology can have dual-use applications, both civilian and military. Neurowarfare refers to its use in military operations, potentially enhancing soldiers’ cognitive abilities or disrupting the cognitive functions of adversaries.
Case Study: Havana Syndrome: The mysterious Havana Syndrome experienced by US intelligence personnel raises concerns about directed energy weapons and intentional attacks. Similar cases have been reported in Guangzhou, China.
Ethical Concerns in Neurowarfare
Informed Consent and Privacy: Ethical use of neurotechnology in warfare requires informed consent for soldiers and civilians. Oversight and restrictions on using such innovations for harm are essential.
Psychological Harm: Studying the psychological impact of neurotechnology weapons is imperative to establishing limits on their deployment.
Protection of Non-Combatants: Civilians must be shielded from neurotechnology applications, ensuring their privacy, consent, and protection from manipulation.
Importance of International Cooperation and Responsible Governance
International Cooperation: Organizations like the OECD and UNESCO have initiated ethical guidelines for neurotechnology. However, global governance must extend to neurowarfare, with disarmament forums incorporating ethical oversight and transparency.
Accountability: State actors should be held accountable through reporting systems, ensuring responsible research and the use of neurotechnology in warfare.
Conclusion
Neurotechnology holds immense potential for human advancement but also raises profound ethical challenges in the context of neurowarfare. Striking a balance between technological progress and ethical considerations is crucial to safeguarding human rights and global security in the age of neurotechnology.
If you’re overwhelmed by the vast sea of information that UPSC preparation demands, you are not alone!
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Topic: How did AIR 22, Pavandatta make UPSC notes and stay consistent during his UPSC prep? LIVE Masterclass
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You’re seeking proven strategies to streamline your UPSC preparation and need guidance on staying committed to your IAS goals in the long run.
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State Bank of India (SBI) unveiled the ‘Nation First Transit Card’ for seamless and convenient digital fare payments.
The card is designed to enhance the commuting experience by facilitating digital ticketing across various modes of transport and parking, all within one card.
Nation First Transit Card
Aims to streamline customer commuting and digital fare payments for metro, buses, water ferries, and parking through a single card.
Provides versatility by enabling retail and e-commerce payments.
Powered by RuPay and National Common Mobility Card (NCMC) technology.
Key Facts about the National Common Mobility Card (NCMC)
Launched on March 4, 2019.
Enables SBI customers to use their Debit Cards as travel cards for metro rail and buses in enabled locations.
The concept originated from the Nandan Nilekani committee, established by the Reserve Bank of India (RBI).
An initiative by the Ministry of Housing and Urban Affairs in India, promoting cashless transactions and a unified payment platform for commuters.
Offers a unified contactless transport solution via the RuPay platform, developed by the National Payments Corporation of India (NPCI).
Functions as an automatic fare collection system, transforming smartphones into interoperable transport cards for metro, bus, and suburban railway services.
The Reserve Bank of India (RBI) announced the phased discontinuation of the Incremental Cash Reserve Ratio (I-CRR) on September 8, 2023.
This measure aimed to absorb surplus liquidity created by factors such as the return of Rs 2,000 notes to the banking system.
RBI’s Decision
RBI conducted a review and decided to discontinue I-CRR in stages.
The central bank aims to release the impounded amounts gradually to avoid sudden shocks to the system’s liquidity, ensuring orderly money market functioning.
Understanding Cash Reserve Ratio (CRR)
CRR is a fundamental concept before delving into Incremental Cash Reserve Ratio (ICRR).
Banks are mandated to maintain a certain portion of their deposits and specific liabilities in liquid cash with the RBI.
CRR serves as a crucial tool in the RBI’s arsenal for managing liquidity in the economy and acts as a safety net during times of banking stress.
Currently, banks are required to uphold 4.5% of their Net Demand and Time Liabilities as CRR with the RBI.
Introduction to ICRR
I-CRR was introduced on August 10, 2023, as a temporary measure by RBI to absorb surplus liquidity.
Banks were required to maintain an I-CRR of 10% on the increase in their Net Demand and Time Liabilities (NDTL) between May 19, 2023, and July 28, 2023.
It came into effect from the fortnight starting August 12, 2023.
The RBI has the authority to implement an additional measure called Incremental Cash Reserve Ratio (ICRR), in addition to the standard CRR.
ICRR is employed during periods characterized by excess liquidity in the financial system.
Essentially, ICRR mandates that banks park even more liquid cash with the RBI than what is required under CRR.
This serves as a means to further manage and control liquidity in the banking system.
Reason for I-CRR
Excessive liquidity emerged due to factors like the return of Rs 2,000 banknotes, RBI’s surplus transfer to the government, increased government spending, and capital inflows.
The daily liquidity absorption by RBI in July reached Rs 1.8 lakh crore.
Managing surplus liquidity was necessary to maintain price and financial stability.
Impact on Liquidity Conditions
I-CRR was expected to absorb over Rs 1 lakh crore of excess liquidity from the banking system.
It temporarily shifted the banking system’s liquidity from surplus to deficit on August 21.
Factors like GST outflows and central bank selling of dollars contributed to tight liquidity.
However, liquidity conditions reverted to surplus from August 24.
On September 8, RBI absorbed Rs 76,047 crore of surplus liquidity from the system.
