Day: December 27, 2022

USB type – C will be available in all laptops and smartphones

Electronic devices are back in demand. They can get huge profits from various companies. Consumers are now trying to utilize the various benefits of technological advancements. As a result, many companies are trying to find out ways that can reduce electronic waste.

The waste that is getting generated due to rapid technological change is creating problems for the environment. Electronic devices are getting older and obsolete very quickly. This is creating problems for people also. They need to buy new devices now and then. The worst situation is in the case of the accessories. Things like chargers are the worst hit. There are various types of chargers for different types of electronic devices. This creates a lot of problems for the environment and the public.

But to reduce this issue, the government is discussing following the footsteps of the European Union. The European Union EU decided earlier this year that there will be a USB type – C charging feature for all consumer electronic devices like laptops and mobile phones. It will reduce electronic waste and will also enable people to charge any device using the same cable. 

Now, this step has been directed to all consumer electronic device manufacturers. They have been given a deadline of December 28, 2024. The Indian government is also planning to set the same deadline for the companies in India. It will give some relaxation to the companies to reset the systems for the manufacturing of their devices. Other than that, there will also require some planning in terms of the devices that will be exported to other countries.

https://unsplash.com/photos/4xMAiJZPQXI

Now, the biggest problem, in this case, will be Apple. It is because Apple is the only company which has not been able to provide the USB type – C charging option in its iPhones, which is the major seller. It says that if it does so, then there will be a huge amount of waste because people will then throw away their lightning cables, which will be bad for the environment.

On the other hand, all the Android manufacturers are almost transitioned to USB type – C charging features. It also enables their device to have a faster-charging speed which is not possible in micro-USB cable after a certain extent. Another advantage of USB type – C cable is the ease of use. 

Now, these changes will make sure that there will also be further fewer accessories in the electronic packaging. Just like the phase we are facing right now, in which companies are slowly removing the chargers from their package. But there will be phased implementation of this plan in India. It will enable the users to transition to the new norms smoothly. 

These changes will pave the way for a universal experience for the users. The new rules will also enable that the devices in the future like smartphones and laptops will become more compatible with the advancement that is being implemented in charging technology. These changes will slowly reduce some pressure from the environment also.  

What is ‘Vostro’ account, initiated by RBI to facilitate smoother trade.

Vostro accounts are accounts a bank holds on behalf of another, often foreign bank, and this forms a key part of correspondent banking.’

In July 2022, the Reserve Bank of India introduced a new mechanism for international trade settlements in rupees, aiming to promote exports and facilitate imports.

Rupee Vostro Accounts keep a foreign entity’s holdings in the Indian bank, in Indian rupees. When an Indian importer wants to make a payment to a foreign trader in rupees, the amount will be credited to this Vostro account, and when an Indian exporter needs to be paid for supplying goods or services, this Vostro account will be deducted, and the amount will be credited to the exporter’s account.

“The banks are acting in a fiduciary relationship and they share a principal-agent relationship. The correspondent foreign bank is a financial intermediary in the transactions that they are involved in. The foreign bank acts as an agent that provides services such as executing wire transfers, performing foreign exchange, enabling deposits, enabling withdrawals, expediting international trade on behalf of the domestic bank. It is most used in settlement of foreign exchanges or foreign trade. No interest will be paid on the vostro account maintained, as per the directives that have been issued by the RBI in India. An overdraft facility can only be availed if it is specifically sanctioned,” explained tax experts at Clear.

“In order to promote growth of global trade with emphasis on exports from India and to support the increasing interest of global trading community in INR, it has been decided to put in place an additional arrangement for invoicing, payment, and settlement of exports / imports in INR,” the RBI had said in a statement.

What is 'Vostro' account, initiated by RBI to facilitate smoother trade.

Vostro accounts are accounts a bank holds on behalf of another, often foreign bank, and this forms a key part of correspondent banking.’

In July 2022, the Reserve Bank of India introduced a new mechanism for international trade settlements in rupees, aiming to promote exports and facilitate imports.

Rupee Vostro Accounts keep a foreign entity’s holdings in the Indian bank, in Indian rupees. When an Indian importer wants to make a payment to a foreign trader in rupees, the amount will be credited to this Vostro account, and when an Indian exporter needs to be paid for supplying goods or services, this Vostro account will be deducted, and the amount will be credited to the exporter’s account.

“The banks are acting in a fiduciary relationship and they share a principal-agent relationship. The correspondent foreign bank is a financial intermediary in the transactions that they are involved in. The foreign bank acts as an agent that provides services such as executing wire transfers, performing foreign exchange, enabling deposits, enabling withdrawals, expediting international trade on behalf of the domestic bank. It is most used in settlement of foreign exchanges or foreign trade. No interest will be paid on the vostro account maintained, as per the directives that have been issued by the RBI in India. An overdraft facility can only be availed if it is specifically sanctioned,” explained tax experts at Clear.

“In order to promote growth of global trade with emphasis on exports from India and to support the increasing interest of global trading community in INR, it has been decided to put in place an additional arrangement for invoicing, payment, and settlement of exports / imports in INR,” the RBI had said in a statement.

Medical Experts suggests of second covid booster dose amid rising concern.

In a meeting with Union Health Minister Mansukh Mandaviya, doctors of the Indian Medical Association (IMA) suggested allowing people to take another booster dose of the COVID-19 vaccine. If approved, this would be the second booster dose, with the first one having been approved in early 2022. The meeting was held virtually between doctors, health experts, and the Union Health Minister on 26th dec to discuss preparedness as the apprehension of another COVID-19 wave seeps through the country.

In the meeting, the doctors stressed on the fact that despite the many efforts by the health system, only a small proportion of the population got their booster dose. Dr. Sahajanand Prashad Singh, President of IMA, said that only 30 percent of the population is covered with booster doses. He urged the Health Minister to take the necessary actions to vaccinate the maximum population with booster doses.

Medical Experts suggests of second covid booster dose amid rising concern.

In a meeting with Union Health Minister Mansukh Mandaviya, doctors of the Indian Medical Association (IMA) suggested allowing people to take another booster dose of the COVID-19 vaccine. If approved, this would be the second booster dose, with the first one having been approved in early 2022. The meeting was held virtually between doctors, health experts, and the Union Health Minister on 26th dec to discuss preparedness as the apprehension of another COVID-19 wave seeps through the country.

In the meeting, the doctors stressed on the fact that despite the many efforts by the health system, only a small proportion of the population got their booster dose. Dr. Sahajanand Prashad Singh, President of IMA, said that only 30 percent of the population is covered with booster doses. He urged the Health Minister to take the necessary actions to vaccinate the maximum population with booster doses.