Virtual Currency : A Complete Draft

Virtual Currency : A Complete Draft

Virtual currency is a medium of exchange that operates like a currency in some environments, but does not have all the attributes of real currency. In particular, Virtual currency does not have legal tender status in any jurisdiction. It is a type of unregulated, digital money, which is issued and usually controlled by its developers, and used and accepted among the members of a specific Virtual community, and it is digital unit of exchange that is not backed by a government-issued legal tender. Virtual currencies can be used entirely within a Virtual economy, or can be used in lieu of a government-issued currency to purchase goods and services in the real economy. A form of unregulated digital money, not issued or guaranteed by a central bank, which can act as means of payment. Virtual currency refers to the unit of exchange used in Virtual worlds. Originally provided to users of Virtual worlds by game creators for use in-game, a robust market has developed for these currencies offline.

Read More...

News Digest this week 17th to 23rd August

• Five Indian troopers have been killed in an ambush by a heavily armed special troops of Pakistan army along the Line of Control (LOC) in Poonch Sector of Jammu and Kashmir.
• Mr. Raghuram Rajan has been appointed as the next Governor of Reserve Bank of India. Rajan, 50, is currently the Chief Economic Advisor and will takeover from the present incumbent , Mr D. Subbarao on September 4.
• The National Green Tribunal has ordered a nationwide stay on sand mining on river beds without the Environment  Ministry clearance.
• The Food Security Bill aimed at giving subsidized food to three fourth of the country's population has been introduced in Lok Sabha. 
• India clinched their first ever medal in the Junior Women's Hockey World Cup. India defeated England 3-2 and won a bronze medal.
• Leading military analyst Air Commodore Jasjit Singh passed away. He was 79. A Padma Bhushan awardee, he founded the Air Force think tank 'Centre for Air Power Studies'.

Read More...

News Digest of this week : To be noted in Diary

The Government has decided to increase the foreign Direct Investment (FDI) cap in telecom , insurance , credit Information and asset reconstruction companies. The government also made it easier for foreign investors to invest in single brand retail, petroleum refineries, commodity exchanges, power exchanges, tea and courier services by changing the investment rate to automatic.

The Supreme court has barred persons lodged behind bars from contesting polls to legislative bodies. The disqualification would not be applicable to a person subjected to preventive detention under law.

The Allahabad High Court has ordered immediate end to caste base political rallies in Uttar Pradesh.

Important Union Cabinet Decisions :

1. To set up two National Universities in Raebareli, UP. This includes first - ever National Aviation University and the second will be a University only for Women.

   2. To Setup Civil Aviation Authority.

   3.  To hike the total family income ceiling under its scholarship scheme for             scheduled Tribe students from Rs. 2.00 Lakh to Rs. 4.50 Lakh per annum from its fiscal year. 

• The Reserve Bank of India ( RBI ) has announced a slew of measures to ensure stability in the foreign exchange market. It pushed up the rate at which it lends money to banks by 200 basis points to 10.25 %. RBI also limited the sum banks can borrow at the softer rate of 7.25 percent to Rs. 75,000 crore per day.
• Kudankulam Nuclear power project has attained first critically after getting clearance from Atomic Energy Regulator Board to start nuclear chain reaction in the first 1000 MW of the power plant.
• In Bhutan People's Democratic Party (PDP) has won a landslide victory in country's second national election. It defeated ruling Druk Phuensum Tshogpa (DPT) by winning 32 seats out of the 47 in the national Assembly.
• Pran, Bollywood's most loved villain and Dada Saheb Phalke Awardee passed awayat 93 after prolonged illness.
• Amar G Bose, the Indian American visionary entrepreneur and acoustic pioneer, famous for making Bose Audio Systems and speaker for homes, auditorium has died. He was 83.
• Razia Sultan, a teenager from a village in Uttar Pradesh's Meerut  has been awarded the United Nation's Special Envoy for Global Education's Youth Courage Award for Education. The Award is for her efforts to liberate 48 children from child labour bondage and motivate them to go to school.

Read More...