Current Affairs 25th February 2021| Current Affairs News

 

CURRENT AFFAIRS : DAYS

Central Excise Day: 24 February 2021

• Central Excise Day is observed every year on ’24 February’.
• On this day in the year 1944, the Central Excise and Salt Law was created.
• The Central Excise Department has an important role in the industrial development of the country.
• Objective: to encourage the employees of the excise department in carrying out the central excise duty in a better way.
• This Ministry has reformed the tax system to make payment of taxes easier and has also increased the use of techniques.

About Customs and Central Excise : 

• The Customs & Central Excise department was established in the year 1855 by the then British Governor General of India, to administer customs laws in India and collection of import duties / land revenue.
• It is one of the oldest government departments of India.

Important Points About BHIM App and UPI – Banking Awareness

 Dear Readers, Here we have given the Important Information about BHIM APP and UPI which was the most essential Banking Awareness Topic for Upcoming IBPS, SBI, RBI, and all other Banking Exams, candidates who are preparing for competitive exams can use this.

Important Points About BHIM App and UPI – Banking Awareness

Bharat Interface for Money (BHIM APP):

Bharat Interface for Money (BHIM App) is a mobile app developed by the National Payments Corporation of India (NPCI). It was based on the Unified Payment Interface (UPI). The BHIM app supports all Indian banks which use that platform, which is built over the IMPS infrastructure and allows the user to instantly transfer money between bank accounts of any two persons. It can be used on all smart mobile phones.

Features of BHIM App:

• BHIM App allows users to send or receive money to or from UPI payment addresses and also to non-UPI-based accounts.
• Users can create their own QR code for a fixed amount of money, which is helpful in retail transactions. Users can also have more than one payment address.
• Allows users to check the current balance in their bank accounts and to choose which account to use for conducting transactions, although only one can be active at any time.
• No need to register the payee before the transaction.
• For using the BHIM app there is no need for Internet Banking.
• There is a ‘Scan and Pay’ facility which makes the payment transfer quick, especially between merchants and consumers.
• There is no charge for transactions from 1 to Rs. 1 lakh.
• BHIM App currently supports 20 languages including English.

Unified Payments Interface (UPI)

Unified Payments Interface (UPI) is an instant real-time payment system developed by the National Payments Corporation of India facilitating inter-bank transactions. It has been developed for all payments in the country to make the transfer of money easy and simple.

UPI is built over Immediate Payment Service (IMPS) for transferring funds. Being a digital payment system it is available 24*7 and across public holidays. The UPI was launched on 11^th April 2016 in Mumbai. It is a system that powers multiple bank accounts into a single mobile application, merging several banking features, seamless fund routing, and merchant payments into a single platform.

UPI withdraws and deposits funds directly from the bank account whenever a transaction is requested. At the initial, ten major banks have integrated the interface with their mobile apps and they are State Bank of India, Canara Bank, BOI, ICICI Bank, HDFC Bank, Punjab National Bank, Bank of Baroda, HSBC, and Citi Bank.

Features of UPI: