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).
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.