Squalus hima
Why in News: Researchers at the Zoological Survey of India (ZSI) have recently identified a new species of deep-sea dogfish shark, named Squalus hima, at a fishing harbor in Kerala along the Arabian Sea.


About Squalus hima:
Discovery: It is a newly identified species of dogfish shark found along the southwest coast of India.
Genus Squalus:
- Squalus is a genus of dogfish sharks in the family Squalidae, commonly known as spurdogs.
- These sharks are characterized by smooth dorsal fin spines.
Physical Characteristics:
- Angular short snout and a small mouth almost as wide as the snout.
- The first dorsal fin originates behind the pectoral fins.
- The body lacks spots.
Exploitation:
- They are harvested for their liver oil, which is rich in squalene (or squalane when processed).
- High demand in the pharmaceutical industry, especially for high-end cosmetics and anti-cancer products.
Species in India:
- On the Indian coast, two species of Squalus are found from the southwest coast.
- The new species, Squalus hima n.sp., closely resembles Squalus lalannei but has many distinctive characteristics.
Distinct Features of Squalus hima:
- Differentiated by the number of precaudal vertebrae, total vertebrae, teeth count, trunk and head heights, fin structure, and fin color.
Liberalised Remittance Scheme (LRS)
Why in News: The Reserve Bank of India (RBI) has recently issued a notification permitting 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).
![Wealthy Indians rush to invest in Liberalised Remittance Scheme funds [UPSC Current Affairs]](https://cdn1.byjus.com/wp-content/uploads/2023/03/unnamed-39.png)
About Liberalised Remittance Scheme (LRS):
Initiated by the RBI in 2004 as a foreign exchange policy.
- Aims to simplify and streamline the process of remitting funds outside India.
Purpose:
- Helps Indians overcome international fund transfer restrictions set by the Foreign Exchange Management Act (FEMA), 1999.
Eligibility:
- Resident individuals, including minors, can remit up to USD 250,000 per financial year (April–March).
- Only individual Indian residents can remit funds; corporates, partnership firms, HUFs, trusts, etc., are excluded.
Permissible Transactions:
- Current Account:
- Private visits (excluding Nepal and Bhutan).
- Gifts or donations, including rupee gifts to close relatives who are NRIs/PIOs.
- Emigration, overseas business trips, medical treatment abroad, pursuing studies abroad, employment abroad, and maintenance of close relatives abroad.
- Capital Account:
- Opening foreign currency accounts abroad.
- Purchasing property abroad.
- Investing in shares, securities, mutual funds, etc., abroad.
- Setting up wholly owned subsidiaries (WOS) and joint ventures (JV) abroad for bona fide business, subject to conditions.
- Extending loans in INR to NRIs who are relatives, as defined in the Companies Act, 2013.
Exclusions:
- Prohibited activities like margin trading, lottery, etc.
- Purchasing Foreign Currency Convertible Bonds issued by Indian companies in the overseas secondary market.
- Trading in foreign exchange abroad.
- Capital account remittances to countries identified by FATF as “non-co-operative countries and territories.”
- Remittances to individuals and entities posing a significant terrorism risk.
Frequency and Limit:
- No restriction on the number of transactions in a financial year, but the total amount should not exceed the LRS limit specified by the RBI.
Tax on LRS:
- Investments held for over two years are subject to a 20% tax on long-term capital gains.
- Profits from investments held for less than two years are taxed at normal income tax rates.
- A 20% Tax Collected at Source (TCS) applies to remittances exceeding INR 7,00,000, except for education and medical reasons.
- TCS can be claimed as a refund when filing an income tax return (ITR).
Technology Development Fund (TDF) Scheme
Why in News: The Defence Research and Development Organisation (DRDO) has approved seven new projects for the private sector under the Technology Development Fund scheme.

About Technology Development Fund (TDF) Scheme:
Objective:
- Established to promote self-reliance in defence technology under the ‘Make in India’ initiative.
- A program by the Ministry of Defence, executed by the DRDO to meet the needs of the Tri-Services, Defence Production, and DRDO.
Participation:
- Encourages public/private industries, especially MSMEs and startups, to enhance cutting-edge technology in the defence sector.
- Provides grants-in-aid for developing indigenous technology and various benefits to the industry.
Funding Support:
- Projects with costs up to INR 50 crore are eligible for funding.
- Funding can cover up to 90% of the total project cost.
- Industry collaboration with academia or research institutions is allowed, with academia’s involvement capped at 40% of the total project cost.
- Funding is milestone-based, released either in advance against a bank guarantee or as reimbursement upon milestone completion.
- Subsequent instalments are released upon successful milestone completion.
Project Duration:
- The maximum development period is four years.
Eligibility:
- Open to public limited companies, private limited companies, partnership firms, limited liability partnerships, one-person companies, or sole proprietorships registered in India, especially MSMEs and startups.
- The industry must be owned and controlled by a resident Indian citizen.
- Entities with over 49% foreign investment are ineligible.
- Startups must be recognized by the Department for Promotion of Industry and Internal Trade (DPIIT) as per Government of India guidelines.
- Startups incorporated for less than three years from the application submission date are considered nascent startups and should be incubated at government-assisted incubators.
- Startups should not have received any grants for similar technology from other government schemes.
- The startup must be owned and controlled by a resident Indian citizen with at least 51% shareholding.