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  • IFSC Code
    Indian Financial System Code (IFSC) is an eleven-character alphanumeric code that helps in transferring funds online. This 11-character code helps in identifying the bank branches where people have their bank accounts that participate in the various online money transfer options like National Electronic Funds Transfer (NEFT), Real-Time Gross Settlements (RTGS), IMPS and Unified Payment Interfaces (UPI).
     
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  • Farm Bills
    On September 27, India's President gave assent to three farm bills passed by the Parliament a week ago.
     
    What are the three farm bills passed by the government
     
    Farmer's Produce Trade and Commerce(Promotion and Facilitation) Bill, 2020
     
    Through this, farmers can enter into ‘written agreements’ with anyone, including a company, and sell them their produce for a set period of time, as per the contract. In other words, companies can now have contracts with farmers for buying produce. They can set the price for the produce, the standards and qualities, and other legalities beforehand.
     
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  • Bitcoin
    A type of cryptocurrency, Bitcoin is a digital currency created in January 2009 following the housing market crash. Bitcoin offers the promise of lower transaction fees than traditional online payment mechanisms and is operated by a decentralised authority, unlike government-issued currencies. There are no physical bitcoins, only balances kept on a public ledger that everyone has transparent access to, that – along with all Bitcoin transactions – is verified by a massive amount of computing power. Balances of Bitcoin tokens are kept using public and private "keys," which are long strings of numbers and letters linked through the mathematical encryption algorithm that was used to create them.
     
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  • E-way Bill
    E-way bill or Electronic-way bill is a document introduced under the GST regime that needs to be generated before transporting or shipping goods worth more than Rs 50,000 within state or inter-state.
     
    It is usually a unique bill number generated for the specific consignment involving the movement of goods.
     
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  • IBC
    Insolvency and Bankruptcy Code (IBC) 2016 was implemented through an act of Parliament. It got Presidential assent in May 2016.
     
    Centre introduced the IBC in 2016 to resolve claims involving insolvent companies.
     
    The bankruptcy code is a one stop solution for resolving insolvencies, which previously was a long process that did not offer an economically viable arrangement. The code aims to protect the interests of small investors and make the process of doing business less cumbersome. The IBC has 255 sections and 11 Schedules.
     
    IBC was intended to tackle the bad loan problems that were affecting the banking system.
     
    The IBC process has changed the debtor-creditor relationship. A number of major cases have been resolved in two years, while some others are in advanced stages of resolution.
     
    It provides for a time-bound process to resolve insolvency. When a default in repayment occurs, creditors gain control over debtor’s assets and must take decisions to resolve insolvency. Under IBC, debtor and creditor both can start 'recovery' proceedings against each other.
     
    Companies have to complete the entire insolvency exercise within 180 days under IBC. The deadline may be extended if the creditors do not raise objections on the extension. For smaller companies, including startups with an annual turnover of Rs 1 crore, the whole exercise of insolvency must be completed in 90 days and the deadline can be extended by 45 days. If debt resolution doesn't happen the company goes for liquidation.
     
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  • FinCEN
    Financial Crimes Enforcement Network (FinCEN) is a part of the United States of America's Department of the Treasury. Established on April 25, 1990, FinCEN collects information about financial transactions and analyses it to prevent domestic and international money laundering, terrorist financing, and other financial crimes.
     
    Why is FinCEN in news
     
    Panama Papers, Paradise Papers and now, FinCEN Files. The case sheds light into the dubious transactions involving potential money laundering, terrorism, drug dealing or financial fraud around the world. In 2020, media houses, who are part of the International Consortium of Investigative Journalists (ICIJ) and 109 other news publications, uncovered stories of suspected cases of financial frauds worth $2 trillion. These transactions took place between 2000 and 2017.
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  • Creditor
    A creditor is an entity, a company or a person of a legal nature that has provided goods, services, or a monetary loan to a debtor
     
    Once a creditor has given a loan, the payment is expected at a later date, typically agreed upon beforehand. Usually, each creditor has a specific agreement with their debtors about the terms of payment, discount offerings, etc.
     
     
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  • IP Address
    IP (Internet Protocol) Address is an address of your network hardware. It helps in connecting your computer to other devices on your network and all over the world. An IP Address is made up of numbers or characters.
     
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  • API
    An application programming interface (API) is a computing interface which defines interactions between multiple software intermediaries. It defines the kinds of calls or requests that can be made, how to make them, the data formats that should be used, the conventions to follow, etc.
     
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  • VPN
    A VPN, or Virtual Private Network, allows you to create a secure connection to another network over the Internet. VPNs can be used to access region-restricted websites, shield your browsing activity from prying eyes on public Wi-Fi, etc.
     
    VPNs originally were just a way to connect business networks together securely over the internet or allow you to access a business network from home.
     
    VPNs essentially forward all your network traffic to the network, which is where the benefits – like accessing local network resources remotely and bypassing Internet censorship – all come from. Most operating systems have integrated VPN support.
     
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