Business, Economy & Banking Current Affairs - 2019

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Counterfeit, Pirated Goods and Global Trade

The assessment  by EU Intellectual Property Office (EUIPO) and the Organisation for Economic Co-operation and Development (OECD) carried out based on data from almost half a million customs seizures by international enforcement agencies highlights the following:

  • Global sales of counterfeit and pirated goods have increased to USD 522 billion a year, amounting to a whopping 3.3 per cent of world trade.
  • The share of counterfeit goods has witnessed a considerable rise since its previous 2016 estimate of 2.5 per cent of global trade.
  • Counterfeit goods represented 121 billion Euros worth of imports into the European Union alone which amounted for a massive 6.8 per cent of total imports into the bloc, up from five per cent in 2016.
  • Counterfeiting and piracy posed a major threat to innovation and economic growth, at both EU and global level.
  • Companies which were most affected by counterfeiting and piracy were mainly based in developed OECD nations like the United States, Japan, South Korea and EU states.
  • Even businesses in China, Brazil and Hong Kong are being increasingly hit.
  • Countries exporting the most counterfeit and pirated goods were China, Hong Kong, United Arab Emirates, Turkey, Singapore, Thailand, India and Malaysia.

The EUIPO has expressed deep concerns about the rise in the counterfeit and pirated goods and called for coordinated action, at all levels, to fully tackle the menace of piracy and counterfeit products.

Month: Categories: Business, Economy & BankingUPSC

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SBI launches cardless ATM withdrawal with YONO Cash

India’s largest Bank State Bank of India (SBI) has announced the launch of YONO Cash through which customers can withdraw money from ATMs without using a card.

How does the Cardless Cash Withdrawal work?

  • This Cardless Cash Withdrawal process works with two-factor authentication and eliminates the risk of skimming and cloning.
  • The customers have to set a 6-digit Yono PIN for withdrawing cash through the Yono app.
  • Once the process is initiated the customer will receive a 6-digit reference code via SMS, which will then have to be entered into a Yono Cash Point.
  • The cash withdrawal must be completed within the next 30 minutes at an ATM using both the PIN and the reference number.
  • ATMs enabled with this service will be termed as Yono Cash Point.

This cardless cash withdrawal will address the concerns over using debit cards at ATMs for cash withdrawals by eliminating the possible associated risks and also maximizes convenience and enhances the banking experience for its customers.

Month: Categories: Business, Economy & BankingUPSC

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