Secrets of Zealandia, CAG Report And Sandbox Complete Analysis July 29
Current Affairs and News Digest for 29 July
CAG spots weaknesses in missile defence system
- 70% scanners in Air Force bases are ‘non-functional’.
- The strategic missile system, a medium range supersonic surface to air missile system to counter aerial threats were “deficient in quality” CAG Reports.
- Over 70% of the under vehicle scanners (UVS) installed at Indian Air Force (IAF) bases were non-functional
- IL series of aircraft, which provides vital transport support to the IAF during contingencies, has not been upgraded, and continue to fly with 1985 vintage avionics.
Sandbox approach needed to help nurture.
What is Sandbox Approach ?
- A regulatory sandbox is an experimental oversight mechanism for innovative products and services that do not fall into an existing regulatory regime or cut across traditional regulators’ domains.
- Such innovations are permitted to operate for a limited period of time at a limited scale to understand their efficacy and implications, so that the best alternatives for regulation can be evolved based on concerns that emerge.
Need For Sanbox
The (sandbox) option can be a great way to unlock innovations for mass public adoption, because a regulatory sandbox balances the twin objectives of nurturing financial innovation and safeguarding consumer interests.
- The RBI has been cautioning users about the risks of dabbling in virtual currencies (Cryptocurrencies) that it does not recognise, since 2013.
- Globally, regulatory sandboxes have been introduced in the U.K., Singapore, Australia, Malaysia and UAE.
What is Cryptocurrency?
a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.
Setting sail to unlock secrets of Zealandia
- Scientists are attempting to unlock the secrets of the “lost continent” of Zealandia which is mostly submerged beneath the South Pacific, was once part of the Gondwana supercontinent but broke away some 75 million years ago.
- Australia moved north and the Tasman Sea developed, global circulation patterns changed and water depths over Zealandia fluctuated.
- It extends from south of New Zealand northward to New Caledonia and west to the Kenn Plateau off Australia’s east.
- Major changes in the global tectonic configuration that started about 53 million years ago. This is around the time that the Pacific “Ring of Fire”, a hotspot for volcanoes and earthquakes, came into existence.
Important News For The Day
|The International Tiger Day (also known as Global Tiger Day) is celebrated every year on 29 July to raise awareness for tiger conservation.The International Tiger Day was founded in 2010 at the St. Petersburg Tiger Summit, with an aim to double the big cat population by 2022.|
|6th PetroChemical Conclave to held in GandhiNagar Gujarat on 29th July.
Theme – India Petrochemical 2030 Opportunities and Challenges