About Online Information and Database Access or Retrieval (OIDAR) services:

• It is a category of services provided through the medium of the internet, and received by the recipient online without having any physical interface with the supplier of such services.
• OIDAR services, delivered over the internet or electronic networks, are highly dependent on information technology and include offerings such as cloud services, digital content, online gaming, and online advertising.
• When such services are provided by an offshore entity to a non-taxable recipient, the supplier becomes liable for obtaining registration and discharging GST on the same.
• Criteria to determine an OIDAR Service
  • These are the services whose delivery is mediated by information technology over the internet/electronic network and Services are automated and impossible to ensure in the absence of internet technology.
• Currently, as many as 574 offshore entities providing OIDAR Services have registered themselves with the GST department, and annual revenue from this sector has increased from Rs 80 crore for the FY 2017-18 to Rs 2,675 crore for 2023-24 fiscal.
• DGGI in its annual report noted that since the OIDAR service providers are located abroad it becomes a challenge in GST enforcement and hence the sector remains relatively untapped and holds tremendous revenue potential.

Q1: What Is Cloud Computing?

Cloud computing is the on-demand delivery of computing services such as servers, storage, databases, networking, software, and analytics. Rather than keeping files on a proprietary hard drive or local storage device, cloud-based storage makes it possible to save remotely. 

Source: OIDAR services sector “untapped”, holds “tremendous” revenue potential: DGGI

About Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE):

• Ministry of Micro, Small & Medium Enterprises (M/o MSME) started Credit Guarantee Scheme for Micro & Small Enterprises (MSEs) in the year 2000.
• Objective: To catalyze the flow of institutional credit to Micro & Small Enterprises (MSEs). 
• The scheme was formally launched on August 30, 2000, and is operational with effect from 1st January 2000.
• The scheme aims to facilitate access to credit for the unserved and underserved MSE segment of the MSME Sector, making the availability of credit from conventional lenders to new generation entrepreneurs and underprivileged, that lack supporting their loan proposal with collateral security and/or a third-party guarantee.
• In order to implement the Credit Guarantee Scheme, CGTMSE was jointly set up by the M/o MSME, Government of India,and Small Industries Development Bank of India (SIDBI).
• Funding: The corpus of CGTMSE is being contributed by the Government of India and SIDBI in the ratio of 4:1.
• Eligible Lending Institutions:
  • Scheduled commercial banks (Public Sector Banks/Private Sector Banks/Foreign Banks) and select Regional Rural Banks (which have been classified under the 'Sustainable Viable' category by NABARD).
  • National Small Industries Corporation Ltd. (NSIC), North Eastern Development Finance Corporation Ltd. (NEDFi), SIDBI, selected Small Finance banks, and NBFCs have also been made eligible institutions.
• Eligible Credit Facility:
  • CGTMSE facilitates collateral free credit support of upto Rs. 5 crores to MSEs, extended by the CGTMSE’s Member Lending Institutions.
  • The extent of guarantee cover is 85% for micro enterprises for credit up to Rs. 5 lakhs. For credit ranging from Rs. 5 lakhs to Rs. 500 lakhs, the extend of guarantee cover is 75%.
  • The extent of guarantee cover is 80% for loans/credits in the North East Region (incl. Sikkim, UT of Jammu & Kashmir, and UT of Ladakh) for credits up to Rs. 50 lakhs. Above Rs.50 lakhs, guarantee cover is 75%.
  • The extent of guarantee cover is 85%for MSMEs owned/operated by SC/ST entrepreneurs, Persons with Disabilities (PwDs), MSEs situated in Aspirational Districts, ZED certified MSEs and MSE promoted by Agniveers.
  • Extent of guarantee cover is 90% for MSME owned/operated by women.
  • For all other category of borrowers, the Extent of guarantee cover is 75%.
• In cases of default, the trust settles the claim up to 75% (85%/80% wherever applicable) of the amount in default of the credit facility extended by the lending institution.

Q1: What is the Small Industries Development Bank of India (SIDBI)?

Small Industries Development Bank of India (SIDBI) was established under an Act of the Parliament in 1990. SIDBI is the Principal Financial Institution engaged in promotion, financing & development of the Micro, Small and Medium Enterprises (MSMEs) sector and coordination of the functions of the various institutions engaged in similar activities.

Source: Enhanced credit guarantee coverage to profit 2.7 mn women-led MSMEs: Manjhi

About Necrotising fasciitis:

• Necrotizing fasciitis, also known as flesh-eating disease, is a rare and life-threatening bacterial infection that affects the tissue under your skin called fascia.
• "Necrotizing" means causing tissue death, and "fasciitis" refers to fascia inflammation, which is tissue under the skin. 
• It includes two types:
  • Type I, or polymicrobial: This type happens when more than one bacteria, usually a mix of aerobic and anaerobic bacteria, causes the infection.
  • Type II, or monomicrobial: The monomicrobial form is typically caused by one bacteria, group A streptococcus or Staphylococcus aureus bacteria.
• The infection may get into the body through:
  • cuts and scratches
  • burns and scalds
  • insect bites
  • surgery
  • injecting drugs
• It is a form of necrotizing soft tissue infection (NSTI). These life-threatening infections affect the skin, muscles, and soft tissue and cause patches of tissue to die.
• Necrotising fasciitis infection typically travels along the fascial plane, which has a poor blood supply, leavingthe overlying tissues initially unaffected, potentially delaying diagnosis and surgical intervention.
• It spreads quickly and aggressively in an infected person, causes tissue death at the infection site, and can be deadly if not treated right away.
• Symptoms:
  • Early symptoms of this condition include signs and symptoms that resemble those of the flu.
  • Later signs and symptoms include Reddened and/or discolored skin,Swelling of affected tissues, Unstable blood flow, Blisters filled with bloody or yellowish fluid, Tissue death (necrosis), Low blood pressure, Sepsis, etc.
• Treatment:
  • Currently, there isn’t a vaccine to prevent necrotizing fasciitis.
  • It’s treated with antibiotics and surgery to remove damaged tissue.

Q1: What are anaerobic bacteria?

Anaerobic bacteria are bacteria that do not live or grow when oxygen is present. In humans, these bacteria are most commonly found in the gastrointestinal tract. They play a role in conditions such as appendicitis, diverticulitis, and perforation of the bowel.

Source: British Man Develops Flesh-Eating Disease After Being Bitten By Deadly Spider

About Windfall Tax:

• It is a higher tax imposed on specific industries when they make unusual and above-average profits.
• The term “windfall” refers to an unexpected rise in profits, and the tax on windfall gains is known as the windfall tax. 
• The increase in profits is not attributed to any expansion or investment strategy of a business but to a favourable external factor for which the business is not responsible.
• A windfall tax is levied on industries or businesses that make disproportionate profits during unexpected situations like commodity shortages, wars, pandemics, changes in government policy, etc. 
• The most common industries that fall target to windfall gains tax include oil, gas, and mining.
• Some individual taxes—such as inheritance tax or taxes on lottery or game-show winnings—can also be construed as a windfall tax.
• Objective:
  • The primary objective of windfall taxes is to appropriate a portion of these extraordinary profits, which are perceived to exceed normal returns, for the public good. 
  • Governments assert that these profits are not solely due to the taxed entity's efforts but also due to external factors, justifying the redistribution of such gains to benefit society as a whole.
  • It is also used as a supplementary revenue stream for the government.

Q1: What is a Direct Tax?

A direct tax is a tax that a person or organization pays directly to the entity that imposed it. Examples include income tax, real property tax, personal property tax, and taxes on assets, all of which are paid by an individual taxpayer directly to the government.

Source: Government scraps windfall tax on crude petroleum, effective from today

About SUBHADRA Scheme: 

• It is named after Goddess Subhadra, the younger sibling of Lord Jagannath, the presiding deity of Odisha.
• All eligible women beneficiaries between the age of 21-60 years would receive Rs. 50,000/- over a period of 5 years between 2024-25 to 2028-29.
• An amount of Rs 10,000/- per annum in two equal installments will be credited directly to the beneficiary’s Aadhaar-enabled and DBT-enabled bank account.
• How will it work?
  • The money will be deposited directly into the beneficiary’s Aadhaar-enabled single-holder bank account.
  • The government has made e-KYC mandatory for the scheme. A Subhadra Debit Card will be issued to the beneficiaries.
  • A total 100 beneficiaries with the highest number of digital transactions in each gram panchayat and urban local body area will receive an additional incentive of Rs 500.
  • Women from economically well-off families, government employees, and income-tax payees will not be eligible for the scheme.
  • Women who receive assistance of Rs 1,500 or more per month (or Rs 18,000 or more per year) under any other government scheme will also be excluded.
  • There is no last date to register; the process will continue until all eligible beneficiaries have been registered.

Q1: What is e-KYC?

The e-KYC (Know Your Customer) is a comprehensive process that financial and non-financial institutions follow to verify the authenticity and identity of their customers. The KYC process is mandatory for every customer before investing in any instruments or starting a bank account.

Source: Prime Minister Shri Narendra Modi launches ‘SUBHADRA’ - the largest women-centric scheme in Bhubaneswar, Odisha

About Phosphoric Acid:

• It is a non-combustible, colorless, odorless phosphorus-containing inorganic acid. 
• Phosphoric acid is not directly found in nature. It can be obtained from phosphate rock deposits.
• Uses
  • It is used to make phosphate salts for fertilizers.
  • It is also used in dental cements, in the preparation of albumin derivatives, and in the sugar and textile industries.
  • It serves as an acidic, fruitlike flavouring in food products.
  • It is also used in lithium-iron-phosphate (LFP) batteries. 
  • It is used in the manufacture of superphosphate fertilisers, livestock feeds, phosphate salts, polyphosphates, soaps, waxes, polishes and detergents.
• It is an irritant or corrosive to the skin, eyes, and other mucous membranes.
• India imports phosphoric acid mainly from Jordan, Morocco, Senegal, and Tunisia.

Key facts about Phosphate Rock

• It is the natural source of phosphorus, an element that provides nutrients to plants for their growth and development.
• How is phosphate formed? It is a sedimentary rock formed millions of years ago by the accumulation of organic matter on the ocean floor.
• Its reserves are found in Africa, North America, Kazakhstan, the Middle East and Oceania.
• The world’s largest deposits are located in Morocco, which is also one of the global leaders in phosphate extraction.
• Phosphorus in India: Phosphate rocks are majorly produced only from two States in India, namely Rajasthan and Madhya Pradesh.

Q1: What are Sedimentary rocks?

These are formed from the accumulation and lithification (compaction and cementation) of sediments. Sediments are small particles of rocks, minerals, organic matter, or shells that are eroded and transported by water, wind, ice, or gravity. 

Source: After ‘food vs fuel’, a looming ‘food vs cars’ dilemma

About Rapa Nui:

• Rapa Nui, also known as Easter Island, is a Chilean dependency in the southeastern Pacific Ocean.
• It is the easternmost outpost of the Polynesian island world.
• It is situated about 3,540 km to the west of Chile and about 1,900 km to the east of Pitcairn Island.
• Covering a total area of 163.6 sq.km., it is one of the most remote inhabited places in the world. 
• It is a small, triangular-shaped volcanic island. It is about 24 km in length and has a maximum width of about 12 km at its widest point. 
• It faces a tropical rainforest climate.
• UNESCO named Easter Island a World Heritage Site on March 22, 1996, and major parts of the island have been protected under the Rapa Nui National Park.
• What are Moai Statues?
  • Rapa Nui is famous for its large statues called moai.
  • They are shaped like large human heads and erected on stone pedestals.
  • They are famous for their carved heads and "Pukao," a hat-like covering made from a soft red stone.
  • Some moai stand 40 feet tall and weigh 75 tonnes.
  • They were carved in volcanic stone at quarries and then moved to their current locations across the island.
  • Scholars believe the Rapa Nui people built the moai between the 13th and the 16th centuries and represented their revered ancestors.
  • Over 900 moai have been found on the island to date.

Q1: What is a volcanic island?

A volcanic island refers to a large volcano that has erupted on the seafloor and has emerged above sea level, occurring in ocean basins or on ocean ridges.

Source: New evidence upends contentious Easter Island theory, scientists say

About Karam Festival: 

• Karma Puja, one of the most popular festivals, is related to the harvest and a tribute to the Karam tree. This tree symbolises fertility, prosperity and everything that is auspicious.
• Origin: The origin of the festival can be traced to the beginning of agriculture by tribal communities.
• How is it celebrated?
  • About a week before the festival commences, young women bring clear sand from the river, in which they sow seven types of grains.
  • On the day of the festival, a branch of the Karam tree is planted in the courtyard or ‘akhra’.
  • Devotees come with jawa (hibiscus) flowers, and the pahan (priest) worships the Karam Raja. Dancing and singing of traditional Karam songs follow.
  • The festival concludes with the immersion of the Karam branch in a river or pond, and the jawa is distributed among the devotees.
  • Towards the end of the Karam festival, branches from sal or bhelua trees are often planted in the fields with the hope that the Karam Raja/ Devta will protect their crops.
• It is traditionally celebrated on the Ekadashi tithi (eleventh day) of the lunar fortnight in the month of Bhado/ Bhadra, which corresponds to August-September in the Gregorian calendar. 
• The festival is popular especially among the Munda, Ho, Oraon, Baiga, Kharia, and Santhal peoples.
• It is mainly celebrated in Jharkhand, West Bengal, Bihar, Madhya Pradesh, Chhattisgarh, Assam, and Odisha.

Q1: What is the Gregorian calendar?

It is a solar dating system used by most of the world. It is named for Pope Gregory XIII, who issued the papal bull Inter gravissimas in 1582, announcing calendar reforms for all of Catholic Christendom. The Gregorian calendar modified the existing Julian calendar, which Julius Caesar had introduced to the ancient Roman Republic in 46 BCE. 

Source: Worshipping the Karam tree: Myth and farm practice in the tribal harvest festival of Karma