Government Schemes UPSC

🔆e-FAST India Initiative ✅Recently, NITI Aayog has announced the launch of the ‘NITI GearShift Challenge’ as part of the e-FAST India initiative ✅e-FAST was born from the recognition of the urgent need to decarbonize road-based freight transportation in India to realize its 2070 net zero commitments. ✅It was launched in September 2022. ✅It aims to galvanize the transition towards cleaner and greener freight transportation. ✅The platform facilitates active collaborations at both the national and international levels, supports ideation and development of pilot programs on a scalable basis, and explores technology integration and associated research. ✅It is a platform that facilitates deliberation, debates and collaboration between different stakeholders including the government, Original Equipment Manufacturers, Logistics Service Providers, Shippers, and industry experts to enable the development and adoption of electric technology in the freight sector at scale. #pib #economy Join @PIB_UPSC

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The Union Home Minister, Amit Shah, reviewed the implementation of the “Vibrant Villages Programme” aimed at developing infrastructure and enhancing tourism in villages along the China border. The programme focuses on all-round development of border villages, providing employment opportunities, increasing connectivity, and preventing migration. Click here Pib #gs3 #economy #goverment_scheme @upsc_4_economy @upsc_government_scheme

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🔆What is the Liberalised Remittance Scheme (LRS)? ✅The Reserve Bank of India (RBI) in a notification issued recently allowed resident individuals to open Foreign Currency Accounts (FCAs) in International Financial Services Centres (IFSCs) at GIFT City in Gujarat under the Liberalised Remittance Scheme (LRS). 📍Liberalised Remittance Scheme (LRS): ✅It is a foreign exchange policy initiative introduced by the RBI in 2004. ✅It is intended to simplify and streamline the process of remitting funds outside India.  ✅This scheme helped Indians overcome international fund transfer restrictions as set by the FEMA (Foreign Exchange Management Act), 1999. ✅Under LRS, all resident individuals, including minors, are allowed to freely remit up to USD 250,000 per financial year (April–March). ✅Only individual Indian residents are permitted to remit funds under LRS. Corporates, partnership firms, HUFs, trusts, etc. are excluded from its ambit. ✅This can be for any permissible current or capital account transaction or a combination of both. ✅The remittances can be made in any freely convertible foreign currency. ✅Permissible current account transactions under LRS: Private visit (other than Nepal and Bhutan) ✅Gift or Donation including a rupee gift to a Non-Resident Indian (NRI) / Person of Indian Origin (PIO), who is a close relative 🔰Emigration 🔰Overseas business trip 🔰Medical treatment abroad 🔰Pursuing studies outside India 🔰Going outside of India for employment 🔰Maintenance of close relatives abroad ✅Permissible Capital account transactions under LRS: 🔰Opening of a foreign currency account abroad with a bank outside India 🔰Purchase of property abroad Investments in shares, securities, mutual funds, etc. abroad 🔰Setting up wholly owned subsidiaries (WOS) and Joint Venture (JV) abroad for bonafide business, subject to stipulated terms and conditions 🔰Extending loans in INR to NRIs who are relatives, as defined in the Companies Act, 2013. #gs3 #economy #goverment_scheme @upsc_4_economy @upsc_government_scheme

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