Rapid Fire Current Affairs | 16 Sep 2023

Ponzi Scheme

  • An actor faces scrutiny over his alleged involvement in a Rs.1,000 crore Ponzi scheme with 2 lakh investors.
  • A Ponzi scheme is a type of investment fraud that promises high returns with little or no risk to investors.
    • These are investment operations that pay returns to old investors from the money garnered from new investors.
  • It is named after Charles Ponzi, an Italian businessman who ran such a scheme in the 1920s.
  • Ponzi schemes do not fall under the regulatory purview of Securities and Exchange Board of India (SEBI).
  • In India, Ponzi schemes are banned under the Banning of Unregulated Deposit Schemes Act, 2019 and Prize Chit and Money Circulation Schemes (Banning) Act, 1978 .

RBI Directs Banks to Return Documents Within 30 Days of Loan Repayment

  • The Reserve Bank of India (RBI) has issued new directives to Regulated Entities (banks and non-banking financial companies) regarding the return of original property documents after the full repayment or settlement of loans.
  • These norms will apply to all cases in which the return of original documents becomes due on or after 1st December 2023.
    • In cases where borrowers are no longer alive, lenders must establish a clear procedure for returning the original property documents to the legal heirs.
    • Applicable to personal loans, including consumer credit, education loans, housing loans, and financial asset loans.
    • If original property documents are lost or damaged, the lender will help the borrower get duplicate or certified copies, covering the costs and compensating at Rs 5,000 per day for delays exceeding 30 days.
  • The aim is to standardise document release practices and promote responsible lending conduct.

Ian Wilmut, Creator of Dolly the Sheep, Passes Away at 79

Ian Wilmut, the renowned cloning pioneer responsible for the groundbreaking creation of Dolly the Sheep in 1996, has recently passed away at the age of 79.

  • In 1996, the birth of Dolly, a cloned sheep at the Roslin Institute in Scotland, rocked the world, sparking both excitement and fear about the possibilities of cloning technology.
  • This achievement marked the first time mature adult cells were induced to mimic newly fertilized embryo cells, resulting in the birth of a genetically identical animal, later named Dolly.
  • Wilmut's legacy extends beyond Dolly, as his work paved the way for advancements in regenerative medicine.

President of India Inaugurates NeVA

Recently, the President of India inaugurated the 'National e-Vidhan Application' (NeVA) and addressed the Gujarat Legislative Assembly in Gandhinagar.

  • The President highlighted the significance of the E-Assembly, which transforms the legislative house into a digital entity, promoting speed and transparency.
  • NeVA is one of the 44 Mission Mode Projects (MMPs) under the “Digital India Programme” which aims to make the functioning of all the State Legislatures paperless by transforming them into ‘Digital House’.

Read more: Digital India Programme