Rapid Fire Current Affairs | 29 May 2023

Kheer Bhawani Mela

Kashmiri Pandits embark on the annual pilgrimage to Mata Kheer Bhawani temple in Ganderbal, Jammu Kashmir. However, in recent years, the pilgrimage has experienced a decline in attendance due to a rise in militant attacks targeting Kashmiri Pandits. Since the revocation of Jammu and Kashmir's special status in 2019, several Pandits have fallen victim to such attacks in different parts of the region.

The history of Mela Kheer Bhawani dates back centuries, symbolizing the reverence and devotion of the people towards the divine Mother Ragnya Devi. It is observed on the Ashtami day during Shukla Paksha or waxing phase of moon in Jyeshta month (June – July). This vibrant celebration showcases the harmonious coexistence and communal harmony prevalent in the region, fostering cultural exchange and a shared appreciation for Kashmir's rich heritage. Despite the challenges faced by the Kashmiri Pandit community, such as militant attacks, the Mela serves as a testament to their unwavering faith and determination to preserve their traditions. It stands as a powerful symbol of resilience, as the festival continues to unite and inspire hope in the face of adversity.

Read more: In Depth: Jammu and Kashmir

Commemorative Coin of Rs.75 Denomination

In a significant event marking the inauguration of the new Parliament building, Prime Minister Narendra Modi unveiled a commemorative coin of Rs 75 denomination. Commemorative coins have been issued by India since the 1960s for various purposes, such as honoring notable personalities, creating awareness about government schemes, or commemorating significant historical events.

The newly released Rs 75 coin features a circular shape with a diameter of 44mm. It is composed of a quaternary alloy, comprising 50% silver, 40% copper, 5% nickel, and 5% zinc. The face of the coin displays the Lion Capitol of Ashoka Pillar at the center, with the inscription Satyameva Jayate below it. The word Bharat in Devnagri script is placed on the left periphery, while "INDIA" in English is positioned on the right periphery. On the other side, an image of the new parliament building is featured, with "Sansad Sankul" inscribed in Devanagari script on the upper periphery and "Parliament Complex" in English on the lower periphery.

Commemorative coins can be obtained through the website of the Securities of Printing and Minting Corporation of India Limited (SPMCIL). While these coins hold collectible value, their actual worth may not correspond to their face value, as they often contain precious metals such as silver or gold. The central government has the authority to design and mint coins as per the Coinage Act of 2011, with the Reserve Bank of India (RBI) playing a limited role in their distribution. All coins are minted in government-owned mints located in Mumbai, Hyderabad, Kolkata, and Noida. The first-ever commemorative coin in India was released in 1964 as a tribute to Jawaharlal Nehru following his demise.

UPI Transactions Set to Dominate Indian Digital Payments Landscape by 2027

According to a report by PwC India titled "The Indian Payments Handbook- 2022-27" Unified Payments Interface (UPI) transactions are projected to reach an impressive milestone of 1 billion per day by the fiscal year 2026-27.

This growth surge is anticipated to account for 90% of retail digital payments in the country, solidifying UPI's position as the driving force behind India's digital payments revolution. The report highlights that UPI already comprised approximately 75% of total transaction volume in the retail segment during the fiscal year 2022-23.

The Indian digital payments market is expected to experience a remarkable compound annual growth rate (CAGR) of 50% in terms of transaction volume, with an estimated increase from 103 billion transactions in FY 2022-23 to 411 billion transactions in FY 2026-27.

Furthermore, the report underscores the profitability of the credit card business, accounting for nearly 76% of the overall cards' revenue in 2022-2023. It states that revenue from credit card issuance saw a substantial increase of 42% compared to the previous year and is expected to grow at a CAGR of 33% over the next five years.

Read more: Unified Payments Interface (UPI)

Child Marriage-Free Campaign in Udaipur

The district administration in Udaipur, Rajasthan, in collaboration with NGOs, has launched a proactive campaign to combat child marriages in the district. To facilitate reporting, a helpline number has been set up, ensuring the confidentiality of the callers' identities. As an incentive, individuals who report cases of child marriage will receive a cash prize of Rs 2,100.

The district administration has established dedicated teams for the campaign, focusing on obtaining injunction orders against families involved in child marriages. These orders render the marriage null and void from the outset, eliminating the need for the bride and groom to wait until they reach adulthood to take legal action.

Notably, the issuance of an injunction order under Section 13(1) of the Child Marriage Prohibition Act, 2006 in Udaipur is a significant achievement.

Read more: Child Marriages