Month: December 2022

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.

Electric two-wheelers are getting the push for support

The electric two-wheeler market is one of the fastest-growing markets in our country. This segment is also gaining popularity among the public in a rapid manner. The large number of companies that are currently providing options in this segment are trying their level best to attract more customers to his segment.

But due to some glitches, the segment has been under the scanner for some time now. There have been cases recently that involved some two-wheelers burning up right after coming out of the showroom. So, to make the segment better in terms of quality, the government has released some new rules which need to be followed by the manufacturers. The new features can improve the user experience and can also ensure that the vehicles are safer for general users.

There have been rising concerns regarding the environmental damage that general vehicles are causing. This has caused the general public to steer away from fossil fuels. As a result, electric vehicles are getting more attention. The other reason has been the fewer emissions that electric two-wheelers have. They do not pollute the environment with smoke and keep the environment clean. 

As a plus point, there has been also an increase in the number of charging stations all over the country. There were 1000 charging stations all over the country. Currently, there are around 2000 charging stations. There have also been incentives from the government for EVs and all the other equipment related to it. The equipment includes chargers/ charging stations and the parts that are used in the manufacturing of an electric two-wheeler. 

https://unsplash.com/photos/LN8IwrFW_Ow

But some hurdles need some treatment. The hurdles are like involving the real-estate tycoons to enable the charging options in their skyscrapers. There is also a requirement for charging stations in the residential complexes as well as in the commercial complexes in the parking areas. This will enable more people to adopt electric vehicles in the future.

Now, after looking at all of the above points it is evident that electric vehicles are the future. But the hurdles are still there. There still needs to be some changes in the system that is controlling the entire electric vehicle field. For example, we will be able to see electric two-wheelers that will be fireproof.

There are also some recent efforts from the governments in different states and even the central government. The efforts have resulted in more use of electric public transport vehicles in different cities. The vehicles like electric buses and even the Indian Railways are now trying to promote more use of electric vehicles for transport. This will in turn help in improving the quality f the air that we breathe in. 

In the end, there are several other campaigns like Switch Delhi that are trying to attract people towards electric vehicles. This will ensure that the capital of our country remains clean and safe for living in the future.  So, the various efforts will surely help in reducing global warming which is creating several problems like untimely natural calamities and even the disruption of the natural season cycle in nature. Also, people need to support such initiatives and help the government in making more such efforts to allow electric vehicles to rule our roads. 

How the climate adversities hit India in 2022.

The year 2022 saw several extreme weather events all over the world due to climate emergency. These events are expected to increase if the effects of climate change are not mitigated.

Vulnerable countries also geared up this year for a renewed battle over compensation for the growing hazards of global warming from richer countries, also known as loss and damage, at the 27th Conference of Parties (COP27) to the United Nations Framework Convention on Climate Change (UNFCC).

There is more evidence of the worsening impact of global warming on the Indo-Gangetic Plain (IGP) that straddles eastern Pakistan, northern India, southern Nepal and the whole of Bangladesh. 

A loss and damage fund was created at the COP27, focusing on particularly vulnerable countries. But questions remain about who is eligible to receive money and who has to pay it.

Every state and Union territory (UT) reported dengue cases till November 2022. The increasing burden of dengue has often been linked with climate change, among other factors. India recorded 63,280 dengue cases as of September 30, 2022. 

The average global surface temperature January-December 2021 was the sixth highest since global records began in 1880.

How the climate adversities hit India in 2022.

The year 2022 saw several extreme weather events all over the world due to climate emergency. These events are expected to increase if the effects of climate change are not mitigated.

Vulnerable countries also geared up this year for a renewed battle over compensation for the growing hazards of global warming from richer countries, also known as loss and damage, at the 27th Conference of Parties (COP27) to the United Nations Framework Convention on Climate Change (UNFCC).

There is more evidence of the worsening impact of global warming on the Indo-Gangetic Plain (IGP) that straddles eastern Pakistan, northern India, southern Nepal and the whole of Bangladesh. 

A loss and damage fund was created at the COP27, focusing on particularly vulnerable countries. But questions remain about who is eligible to receive money and who has to pay it.

Every state and Union territory (UT) reported dengue cases till November 2022. The increasing burden of dengue has often been linked with climate change, among other factors. India recorded 63,280 dengue cases as of September 30, 2022. 

The average global surface temperature January-December 2021 was the sixth highest since global records began in 1880.

Global Economy is headed for a recession in 2023, says researcher.

The world faces a recession in 2023 higher borrowing costs aimed at tackling inflation cause a number of economies to contract, according to the Centre for Economics and Business Research.


The global economy surpassed $100 trillion for the first time in 2022 but will stall in 2023 as policy makers continue their fight against soaring prices, the British consultancy said in its annual World Economic League Table.

The report added that, “The battle against inflation is not won yet. We expect central bankers to stick to their guns in 2023 despite the economic costs. The cost of bringing inflation down to more comfortable levels is a poorer growth outlook for a number of years to come.”

The findings are more pessimistic than the latest forecast from the International Monetary Fund. That institution warned in October that more than a third of the world economy will contract and there is a 25% chance of global GDP growing by less than 2% in 2023, which it defines as a global recession.

“The consequences of economic warfare between China and the West would be several times more severe than what we have seen following Russia’s attack on Ukraine. There would almost certainly be quite a sharp world recession and a resurgence of inflation,” CEBR said.

Global Economy is headed for a recession in 2023, says researcher.

The world faces a recession in 2023 higher borrowing costs aimed at tackling inflation cause a number of economies to contract, according to the Centre for Economics and Business Research.

The global economy surpassed $100 trillion for the first time in 2022 but will stall in 2023 as policy makers continue their fight against soaring prices, the British consultancy said in its annual World Economic League Table.

The report added that, “The battle against inflation is not won yet. We expect central bankers to stick to their guns in 2023 despite the economic costs. The cost of bringing inflation down to more comfortable levels is a poorer growth outlook for a number of years to come.”

The findings are more pessimistic than the latest forecast from the International Monetary Fund. That institution warned in October that more than a third of the world economy will contract and there is a 25% chance of global GDP growing by less than 2% in 2023, which it defines as a global recession.

“The consequences of economic warfare between China and the West would be several times more severe than what we have seen following Russia’s attack on Ukraine. There would almost certainly be quite a sharp world recession and a resurgence of inflation,” CEBR said.

Most favourite spritual destination, report by OYO.

Northern India has emerged as the most favoured spiritual travel destination followed by Southern, Western and Eastern regions in the country, reveals OYO Cultural Travel 2022 Roundup Report by global hospitality chain OYO.

Regarded as the spiritual capital of India, Varanasi, which is also one of the oldest cities in the world, emerged as the top religious destination for bookers across India. This was followed by Tirupati, Puri, Amritsar and Haridwar, as per the report.

In the North zone, Varanasi emerged as the most popular destination due to its favored status among Hindus and Buddhists. This was followed by Prayagraj, Amritsar, Haridwar, Katra, and Rishikesh.

The cultural cities of Vijayawada, Mysore, Tirupati, Madurai and Vellore were most favored in South India. In the West zone, Shirdi received the maximum traction from travellers followed by Mahabaleshwar, Nashik, Ujjain, and Pushkar. Goa, which has always been a popular tourist spot, was the most favoured destinations in East India, along with Puri.

Most favourite spritual destination, report by OYO.

Northern India has emerged as the most favoured spiritual travel destination followed by Southern, Western and Eastern regions in the country, reveals OYO Cultural Travel 2022 Roundup Report by global hospitality chain OYO.

Regarded as the spiritual capital of India, Varanasi, which is also one of the oldest cities in the world, emerged as the top religious destination for bookers across India. This was followed by Tirupati, Puri, Amritsar and Haridwar, as per the report.

In the North zone, Varanasi emerged as the most popular destination due to its favored status among Hindus and Buddhists. This was followed by Prayagraj, Amritsar, Haridwar, Katra, and Rishikesh.

The cultural cities of Vijayawada, Mysore, Tirupati, Madurai and Vellore were most favored in South India. In the West zone, Shirdi received the maximum traction from travellers followed by Mahabaleshwar, Nashik, Ujjain, and Pushkar. Goa, which has always been a popular tourist spot, was the most favoured destinations in East India, along with Puri.

Indian Army Day

On April 1st, 1895, the Indian Army became a legally recognized entity. In 1949, India appointed its first Army Chief. Field Marshal K. M. Cariappa succeeded General Francis Butcher, the final British Commander-in-Chief of India, as the first Commander-in-Chief of the Indian Army on January 15, 1949. The 75th Army Day in India will be observed on January 15, 2023.

The Indian army is thought to have the fourth-strongest army in the world, according to the Global Fire Power Index 2017. This rating indicates that India’s army is inferior to those of the United States, Russia, and China. Pakistan, a neighbor of India, is listed as the thirteenth on this list.


The East India Company’s forces were the ancestors of the Indian army, which later went by the name “British Indian Army” before becoming known as the National Army upon Independence.

The British established the Indian Army on April 1, 1895. Although the Indian Army was founded on April 1st, Army Day is observed in India on January 15th.

Significance of Indian Army Day

The day is observed at all Army Command Headquarters. Although preparations are being made, due to the ongoing global epidemic, the day will be observed under stringent guidelines. The soldiers of the Indian Army are honoured on this day for their selfless dedication to the country and for serving as the best possible examples of brotherhood. Salutations are given to all the brave soldiers who have given their all to protect the motherland and maintain the nation’s sovereignty.

Why is Army Day Celebrated in India?

India ultimately achieved independence from more than 200 years of British rule on August 15, 1947. Racial strife, Pakistani refugees entering, and some individuals moving there were all occurring at the time of India’s independence.

When the army had to take over to preserve peace during partition, many administrative problems had already begun to arise as a result of the chaotic situation.

At the time of India’s independence, British general Sir Francis Butcher oversaw the Indian army. As a result, it was the perfect time to give the Indians full control over the country. On January 15, 1949, Field Marshal K. M. Cariappa was appointed the first Indian Army Chief of Independent India.

Because it was such an incredible opportunity for the Indian Army, it was decided to commemorate this historic day in India every year as Army Day. Since that time, this custom has continued.

In recognition of the handover of command of the army to Indian civilians, the nation celebrates January 15 as Army Day.

Every year, army parades and other military performances are organised in all Army Command headquarters and in the nation’s capital to mark the occasion.

Every year, a parade is held at Delhi Cantonment’s Cariappa Parade Ground to commemorate Army Day. The head of the Indian Army bows before it. During the celebration of the 70th Army Day in 2018, General Bipin Rawat and General M.M. Narwane respectively saluted the Parade.

The 71st Indian Army Day will be observed on January 15, 2019, in Delhi, the nation’s capital.

A female officer led an Army group in the Army Day parade for the first time ever. Lt. Bhawana Kasturi is the first female officer to command a group of 144 male officers.

The Indian Army Chief traditionally salutes the parade each year; in 2022, that honour will go to General Manoj Mukund Naravane.

A report released by Taste Atlas, that ranks cuisine all around the world.

According to an online survey done by Taste Atlas, Indian cuisine was termed as the fifth best cuisine in the world. In the global list of best cuisines in the world for the year 2022, Italy was ranked first followed by Greece and Spain on second and third spot respectively. India ranked fifth on the ranking which is based on votes by the audience for ingredients, dishes and beverages while Japanese cuisine earned the fourth spot.

Overall, India got 4.54 points as per the TasteAtlas Awards 2022 results and the best-rated foods in India were Garam Masala, Ghee, Malai, Butter Garlic Naan, and Keema among other more than 400 items.

There are a total of 465 Indian food items on the list, including dishes, stews, drinks, snacks, flatbreads and desserts.

The website also came out with a list of 464 restaurants selling Indian cuisine. The list includes: Shree Thaker Bhojanalay (Mumbai), Karavalli (Bangalore), Bukhara (New Delhi), Dum Pukht (New Delhi), Comorin (Gurugram).

A report released by Taste Atlas, that ranks cuisine all around the world.

According to an online survey done by Taste Atlas, Indian cuisine was termed as the fifth best cuisine in the world. In the global list of best cuisines in the world for the year 2022, Italy was ranked first followed by Greece and Spain on second and third spot respectively. India ranked fifth on the ranking which is based on votes by the audience for ingredients, dishes and beverages while Japanese cuisine earned the fourth spot.

Overall, India got 4.54 points as per the TasteAtlas Awards 2022 results and the best-rated foods in India were Garam Masala, Ghee, Malai, Butter Garlic Naan, and Keema among other more than 400 items.

There are a total of 465 Indian food items on the list, including dishes, stews, drinks, snacks, flatbreads and desserts.

The website also came out with a list of 464 restaurants selling Indian cuisine. The list includes: Shree Thaker Bhojanalay (Mumbai), Karavalli (Bangalore), Bukhara (New Delhi), Dum Pukht (New Delhi), Comorin (Gurugram).