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📝 Revision Notes
Key takeaways from today’s quiz to strengthen your preparation
Taxation & Fiscal Policy
Health and National Security Cess on Pan Masala
The revised taxation framework replaces compensation cess with the Health and National Security Cess specifically for pan masala, while tobacco products attract additional excise duty. This dual-levy structure aims to increase revenue from sin goods beyond standard GST rates.
Digital Payments
BRISKPE’s Payment Aggregator–Cross Border Authorisation
BRISKPE received RBI’s final authorisation as a PA-CB under the Payment and Settlement Systems Act, 2007. This enables both inward and outward cross-border payment flows for Indian businesses, supporting import-export transactions digitally.
Digital Payments
UPI Ecosystem: TPAP and PSP Bank Architecture
Rediff.com received NPCI approval as a Third-Party Application Provider (TPAP) for UPI, with Axis Bank designated as its Payment System Provider (PSP) bank. This structure enables non-bank entities to offer UPI services through banking partnerships.
Innovation & Startups
IGNITE Programme for Deep-Tech Startups
Launched by FITT (IIT-Delhi) and IDFC First Bank, IGNITE bridges deep-tech research with funding, mentorship, and market access. The initiative helps innovation-led startups transition from proof-of-concept to market-ready commercialisation.
Environment & Conservation
Eco-Sensitive Zones Around Protected Areas
The Parvati–Arga Bird Sanctuary ESZ designation creates a protective buffer to strengthen conservation while enabling sustainable eco-tourism. ESZs restrict intensive industrial activities to protect ecologically significant areas.
Manufacturing & Strategic Industries
Rare Earth Permanent Magnets (REPM) Scheme
India’s REPM scheme promotes domestic manufacturing of sintered rare earth permanent magnets, which are critical for clean energy systems, electric vehicles, and high-tech industries. This builds strategic self-reliance in critical components.
Agriculture & Bio-Economy
Himachal’s Green to Gold: Industrial Hemp
The “Green to Gold” initiative promotes industrial hemp as a regulated, multi-sectoral resource with applications in medicine, textiles, paper, cosmetics, and biofuel. This strengthens the bio-economy and sustainability goals.
Energy & Infrastructure
Dulhasti Stage-II Hydroelectric Project
The Dulhasti Stage-II project in Jammu and Kashmir comprises a 260 MW capacity with two units of 130 MW each. This adds to India’s renewable energy portfolio through hydroelectric power generation.
Regulatory Framework
Payment and Settlement Systems Act, 2007
This Act provides the regulatory framework for all payment systems in India, including digital wallets, payment aggregators, and cross-border payment services. RBI grants authorisations under this legislation.
🎴 Revision Flashcards
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Tap to Reveal
What additional levy is imposed on pan masala under the revised taxation framework?
Health and National Security Cess
Over and above GST, replacing compensation cess
Tap to Reveal
Under which Act does RBI grant Payment Aggregator authorisations?
Payment and Settlement Systems Act, 2007
Regulates all payment systems and related authorisations
Tap to Reveal
What does PA-CB stand for in digital payments?
Payment Aggregator–Cross Border
Facilitates inward and outward cross-border payment flows
Tap to Reveal
Which bank is the PSP bank for RediffPay?
Axis Bank
Required for TPAP operations on UPI ecosystem
Tap to Reveal
Which organisations launched the IGNITE programme for startups?
FITT (IIT-Delhi) and IDFC First Bank
Bridges deep-tech research with funding and mentorship
Tap to Reveal
What is the capacity of Dulhasti Stage-II Hydroelectric Project?
260 MW (two units of 130 MW each)
Located in Jammu and Kashmir
Tap to Reveal
Which state launched the “Green to Gold” industrial hemp initiative?
Himachal Pradesh
Promotes hemp for textiles, medicine, cosmetics, and biofuel
Tap to Reveal
What are REPM magnets critical for?
Clean energy, electric vehicles, and high-tech industries
Rare Earth Permanent Magnets – strategic manufacturing initiative
Think & Discuss
Balancing Innovation and Regulation in India’s Digital Payments Ecosystem
Context from today’s quiz: India’s digital payments landscape is expanding rapidly with new players like BRISKPE (cross-border payment aggregator) and Rediff.com (UPI TPAP) receiving regulatory approvals. This growth reflects India’s ambition to build a robust digital economy while maintaining regulatory oversight through frameworks like the Payment and Settlement Systems Act, 2007.
🤔 Your Perspective Matters
As India continues to open up its digital payments ecosystem to new players and technologies, how should regulators balance the twin objectives of fostering innovation and ensuring consumer protection, financial stability, and national security?
Should regulatory frameworks like PSP bank requirements and RBI authorisations be tightened further to prevent risks, or relaxed to encourage faster fintech innovation?
Should regulatory frameworks like PSP bank requirements and RBI authorisations be tightened further to prevent risks, or relaxed to encourage faster fintech innovation?
- What are the potential risks of having too many payment aggregators and TPAPs operating in the market without adequate oversight mechanisms?
- How can India ensure that cross-border payment platforms like BRISKPE don’t become channels for money laundering or capital flight while still facilitating legitimate business transactions?
- Given that traditional banks must partner with fintech platforms (as PSP banks), how should responsibilities and liabilities be distributed in case of fraud, data breaches, or system failures?
We’d love to hear your thoughts! Share your perspective in the comments.
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