India and Brazil decided to collaborate on production and use of Sustainable Aviation Fuels (SAF).

About SAF

• Currently, SAF remains major mature and viable pathway to decarbonise aviation sector.
• It is a liquid fuel currently used in commercial aviation which reduces CO₂ emissions by up to 80%.
  • It contains fewer impurities (such as sulphur), which enables an even greater reduction in sulphur dioxide and particulate matter emissions.
• It can be produced from a number of sources (feedstock) including waste oil and fats, green and municipal waste and non-food crops.
• It can also be produced synthetically via a process that captures carbon directly from the air.

Third indigenous Pressurized Heavy Water Reactor (PHWR) unit of the Rajasthan Atomic Power Project (RAPP) has attained criticality.

• It is located at Rawatbhata. 
• Earlier 2 PHWRs units of the Kakrapar Atomic Power Station in Gujarat have attained criticality. 

What is Criticality?

• A reactor achieves criticality (and is said to be critical) when each fission event releases a sufficient number of neutrons to sustain an ongoing series of reactions.
• The reactor is neither increasing nor decreasing in power—this is the ideal operating condition for energy production.

Securities and Exchange Board of India (SEBI) allowed mutual funds to buy and sell Credit Default Swaps (CDS) to improve liquidity in corporate bond market.

• A CDS is a financial derivative that allows an investor to swap or offset their credit risk with that of another investor.
• CDS are like insurance contracts that protect the investor in case the bond borrower defaults on their payment of dues.
  • It is maintained through premium payments similar to insurance contracts for the bond market

Government launched the FIRA online portal during the 2nd edition of the Global Food Regulators Summit 2024.

• Hosted by the Food Safety Standards Authority of India (FSSAI) in New Delhi.

About FIRA

• Developed by FSSAI
• Generates alerts on food consignments rejected by India due to poor safety standards notifying the public and food safety authorities. 
• Has an online interactive interface for rapid dissemination of information ensuring enhanced traceability and transparency. 
• Provides a database for tracking rejected food products, strengthening of the risk management system and preventing health risks arising from rejected food. 

Highlighting the importance of witnesses as “eyes and ears of justice”, the Supreme Court raised concerns over the implementation of the WPS, 2018.

• Scheme was endorsed by the SC in 2018 enforceable in all States/UTs. 

About WPS, 2018

• Objective: Protection of witnesses based on the threat assessment and protection measures inter alia include protection/change of identity of witnesses, their relocation, etc.
• Provides protection under three categories on the basis of threat:
  • Category A: Threat to the life of a witness or his family. 
  • Category B: Threat to safety, reputation or property. 
  • Category C: Threat   is   moderate
• Provides for a State Witness Protection Fund operated by the Department/Ministry of Home under State/UT Government.

Government has introduced the FRT two factor authentication process for delivering Take Home Ration (THR) as a pilot project.

• THR is part of Integrated Child development scheme (ICDS). 
• Two factor authentication: beneficiary’s photo will be captured and verified and a onetime password will be sent on their phones.

About FRT

• An Artificial intelligence (AI) system which allows identification or verification of a person based on certain images or video data using complex algorithms.
• Uses key features of the face and their respective distances from one another to morph a virtual facial map.
• FRT can be used for two purposes:
  • 1:1 verification: matches a person’s facial map to a specific photograph 
  • 1:n identification: compares a person’s face against an entire database

Square Kilometer Array (SKA), world’s largest radio telescope in making, has carried out its first observations and became partially functional.

About SKA

• SKA project aims at building world’s largest radio telescope, with eventually over a square kilometre of collecting area.
• SKA will consist of one global observatory, operating two large telescopes (South Africa and Australia).
• Objectives of SKA Telescopes: 
  • Understand about the birth of Universe. 
  • Detect Gravitational Waves. 
  • Understand evolution of Galaxies, Dark matter and Cosmic Magnetism.
• India joined SKA Organization in 2012 as an Associate Member and has actively participated in the pre-construction phase of the SKA telescopes.

Finance ministry notifies Direct Tax Vivad Se Vishwas Scheme, 2024 (VSV 2.0).

About VSV 2.0

• Aim: To resolve income tax disputes currently under appeal. 
• Objectives: Simplify taxes, improve taxpayer services, and reduce litigation while also enhancing government revenue.
• It will allow taxpayers to settle appeals, writ petitions, and special leave petitions pending in the Supreme Court, high courts, and appellate tribunals before the cutoff date of July 22, 2024.
  • Settlement by paying the full tax amount, thereby waiving any interest and penalties.

• Scheme is open to both taxpayers and tax authorities involved in the disputes.