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- 09 March 2023!
News Crux Science & Technology
NISAR Satellite
On March 8, 2023, the Indian Space Research Organization (ISRO) received the NASA-ISRO Synthetic Aperture Radar (NISAR) satellite, which is designed for advanced Earth observation, in Karnataka.
- NISAR is a joint Earth-observing mission between National Aeronautics and Space Administration (NASA) and the ISRO.
- Systematic Mapping of Earth: NISAR's ability to systematically map the entire globe in just 12 days using two distinct radar frequencies will provide a wealth of data and information regarding changes in the Earth's surface,and ecosystem disturbances.
- Managing Natural Disasters: The data provided by NISAR will aid in managing natural disasters like earthquakes, tsunamis, and volcanic eruptions by enabling faster reaction times and more accurate risk assessments.
- Enhancing Agriculture Management: NISAR's data will be utilized to enhance agriculture management and food security by providing information on crop growth, soil moisture, and land-use changes.
News Crux Bill/Act/Amendment
Virtual Digital Asset Regulation
On March 9, 2023, the Finance Ministryhas bought a range of virtual digital asset (VDA) transactions under the ambit of Prevention of Money Laundering Act (PMLA) 2002, to curb money laundering and illegal activities involving virtual digital assets.
- Virtual digital assets were defined as any code or number or token generated through cryptographic means with the promise or representation of having inherent value.
- Any exchange between virtual digital assets and fiat currencies, exchange between one or more forms of virtual digital assets, and transfer of virtual digital assets.
- Safekeeping or administration of virtual digital assets, instruments enabling control over virtual digital assets, and participation in and provision of financial services related to an issuer’s offer and sale of a virtual digital asset.
- As a result, VDA entities such as exchanges, custodians, or administrators handling customer funds will have to comply with PMLA laws and report suspicious transactions to the Financial Intelligence Unit India (FIU-IND) like banks do.
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