Current Affair 1:

World Population Prospects 2022

 

World Population Prospects 2022 is the twenty-seventh edition of the official United Nations population estimates and projections.

Two important graphs for you:

With respect to India:

• In 2022, the two most populous regions were both in Asia. China and India, with more than 1.4 billion each, accounted for most of the population in these two regions.
• More than half of the projected increase in global population up to 2050 will be concentrated in just eight countries: the Democratic Republic of the Congo, Egypt, Ethiopia, India, Nigeria, Pakistan, the Philippines and the United Republic of Tanzania. Disparate growth rates among the world’s largest countries will re-order their ranking by size.
• India is projected to surpass China as the world’s most populous country during 2023.
• India is projected to surpass China as the world’s most populous country in 2023, according to World Population Prospects 2022, released on World Population Day, July 11, 2022.

Current Affair 2:

International Trade Settlement in Indian Rupees (INR)

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In order to promote growth of global trade with emphasis on exports from India and to support the increasing interest of global trading community in INR, it has been decided to put in place an additional arrangement for invoicing, payment, and settlement of exports / imports in INR. Before putting in place this mechanism, AD banks shall require prior approval from the Foreign Exchange Department of Reserve Bank of India, Central Office at Mumbai.

Authorized Dealer (AD) banks are basically those banks in India, which perform such kind of services like acting as a correspondent bank and opening vostro accounts. They have to seek RBI approval to open such kind of vostro accounts. AD bank maintaining the special Vostro Account shall ensure that the correspondent bank is not from a country or jurisdiction in the updated FATF Public Statement on High Risk & Non Co-operative Jurisdictions on which FATF has called for counter measures.

 

The broad framework for cross border trade transactions in INR under Foreign Exchange Management Act, 1999 (FEMA) is as delineated below:

1. Invoicing: All exports and imports under this arrangement may be denominated and invoiced in Rupee (INR).
2. Exchange Rate: Exchange rate between the currencies of the two trading partner countries may be market determined.
3. Settlement: The settlement of trade transactions under this arrangement shall take place in INR in accordance with the procedure laid down as below:

In terms of Regulation 7(1) of Foreign Exchange Management (Deposit) Regulations, 2016, AD banks in India have been permitted to open Rupee Vostro Accounts. Accordingly, for settlement of trade transactions with any country, AD bank (defined below) in India may open Special Rupee Vostro Accounts of correspondent bank/s of the partner trading country. In order to allow settlement of international trade transactions through this arrangement, it has been decided that:

• Indian importers undertaking imports through this mechanism shall make payment in INR which shall be credited into the Special Vostro account of the correspondent bank of the partner country, against the invoices for the supply of goods or services from the overseas seller /supplier.
• Indian exporters, undertaking exports of goods and services through this mechanism, shall be paid the export proceeds in INR from the balances in the designated Special Vostro account of the correspondent bank of the partner country.

Current Affair 3:

Marburg virus disease

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Ghana has reported its first-ever suspected cases of Marburg virus disease.

Marburg virus is the causative agent of Marburg virus disease (MVD), a disease with a case fatality ratio of up to 88%, but can be much lower with good patient care. Marburg virus disease was initially detected in 1967 after simultaneous outbreaks in Marburg and Frankfurt in Germany; and in Belgrade, Serbia.

It’s a highly infectious viral haemorrhagic fever with a fatality ratio of up to 88 per cent and belongs to the same family as Ebola

Transmission

Initially, human MVD infection results from prolonged exposure to mines or caves inhabited by Rousettus bat colonies.

Marburg spreads through human-to-human transmission via direct contact (through broken skin or mucous membranes) with the blood, secretions, organs or other bodily fluids of infected people, and with surfaces and materials (e.g., bedding, clothing) contaminated with these fluids.

Symptoms of Marburg virus disease

The incubation period (interval from infection to onset of symptoms) varies from 2 to 21 days.

Illness caused by Marburg virus begins abruptly, with high fever, severe headache and severe malaise. Muscle aches and pains are a common feature. Severe watery diarrhoea, abdominal pain and cramping, nausea and vomiting can begin on the third day. Diarrhoea can persist for a week.

Treatment and vaccines

There are no specific vaccines or antiviral treatments to treat the disease. While the Ebola vaccine may potentially protect against a Marburg virus infection, clinical studies are yet to confirm this.

Current Affair 4:

Metaverse-based virtual lounge

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State-led the first Indian bank to open a virtual shop for publicity, Union Bank of India (UBI) on July 8 launched a Metaverse-based virtual lounge where it will showcase its products to customers virtually.

“Uni-verse, the Metaverse virtual lounge of the bank, hosts the bank’s product information and videos in the initial phase. Uni-verse will deliver a unique banking experience to the customers who can roam around the lounge, and get information about the bank’s deposits, loans, government welfare schemes, and digital initiatives as if they are experiencing the real world.

Note: Union Bank is not the first lender to open a shop in the Metaverse; US-based JPMorgan Chase & Co achieved that feat earlier this year in February.

So, what is Metaverse and why is it important?

Imagine a virtual world in which people live, work, shop and interact with others -- all from the comfort of their couch in the physical world. This is known as the metaverse.

"Metaverse" didn't become a household term until Facebook changed its corporate name to Meta in October 2021.

The metaverse will take many forms, including gaming, online communities and business meetings where people collaborate via a digital facsimile or avatar of themselves.

In the metaverse, people use avatars to represent themselves, communicate with each other and virtually build out the community. In the metaverse, digital currency is used to buy clothes -- or weapons and shielding in the case of video games -- and many other items. Users can also virtually travel through the metaverse for fun with no goal in mind using a virtual reality headset and controllers.

What is the difference between the internet and the metaverse?

The internet is a network of billions of computers, millions of servers and other electronic devices. Once online, internet users can communicate with each other, view and interact with websites, and buy and sell goods and services.

The metaverse doesn't compete with the internet -- it builds on it. In the metaverse, users traverse a virtual world that mimics aspects of the physical world using such technologies such as virtual reality (VR), augmented reality (AR), AI, social media and digital currency. The internet is something that people "browse." But, to a degree, people can "live" in the metaverse.

 

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