Pib

Pib

1. Successful Direct Hit by Interceptor Missile

Ballistic Missile Defence (BMD) System of Defence Research and Development Organisation (DRDO) successfully scored a direct hit on incoming missile today at around 09:45 am from Dr Abdul Kalam Island off the coast of Odisha. The interceptor directly hit the target at an altitude of about 15 kilometre and destroyed it into fragments. The spectacular success puts India in the league of a very few select nations world over in the arena of critical defence technology.

Today’s direct interception is fourth in a row, where the missiles have scored a perfect hit on the incoming missile.

In text book style launch, the incoming ballistic missile was launched from LC-III complex of ITR, which followed the exact path of intended ballistic missile. Radars located at different stations far-off, acquired the target, tracked them and passed on to the Master Control Centre (MCC), which generated the expected trajectory of the target and alerted the interceptor missile. The interceptor was launched from Dr A P J Abdul Kalam Island at appropriate time for interception, which was initially guided by the Inertial Navigational System and the radars. Later, the seeker took over after a proper lock on to the target and guided the missile towards the target. All the radars, Electro Optical and Telemetry Stations tracked both the missiles and recorded the final interception.

2. Scheme of budgetary support for cash component of CGST and IGST for eligible industrial units for residual period in States of North Eastern region and Himalayan states

Pursuant to decision of the Cabinet Committee on Economic Affairs for grant of budgetary support equal to Central share of the cash component of CGST and IGST paid by the affected eligible industrial units for the residual period in the States of North Eastern region and Himalayan States, a scheme of budgetary support has been notified by the Department of Industrial policy and Promotion (DIPP).

The amount of such budgetary support under the scheme shall be the sum total of 58 percent of the Central tax paid and 29 percent of the integrated tax paid through debit in the cash ledger account maintained by the units.

To claim budgetary support for the quarter ending September 2017, it has been decided that unit would be registered by filing an application manually. The sanctioned amount shall be credited into the bank account of the beneficiaries through the PFMS platform.

3. Government Cautions People Against Risks in Investing in Virtual ‘Currencies’; Says VCs are like Ponzi Schemes

“There has been a phenomenal increase in recent times in the price of Virtual ‘Currencies’ (VCs) including Bitcoin, in India and globally. The VCs don’t have any intrinsic value and are not backed by any kind of assets. The price of Bitcoin and other VCs therefore is entirely a matter of mere speculation resulting in spurt and volatility in their prices. There is a real and heightened risk of investment bubble of the type seen in ponzi schemes which can result in sudden and prolonged crash exposing investors, especially retail consumers losing their hard-earned money. Consumers need to be alert and extremely cautious as to avoid getting trapped in such Ponzi schemes. VCs are stored in digital/electronic format, making them vulnerable to hacking, loss of password, malware attack etc. which may also result in permanent loss of money. As transactions of VCs are encrypted they are also likely being used to carry out illegal/subversive activities, such as, terror-funding, smuggling, drug trafficking and other money-laundering Acts.

VCs are not backed by Government fiat. These are also not legal tender. Hence, VCs are not currencies. These are also being described as ‘Coins’. There is however no physical attribute to these coins. Therefore, Virtual ‘Currencies’ (VCs) are neither currencies nor coins. The Government or Reserve Bank of India has not authorised any VCs as a medium of exchange. Further, the Government or any other regulator in India has not given license to any agency for working as exchange or any other kind of intermediary for any VC. Persons dealing in them must consider these facts and beware of the risks involved in dealing in VCs.