News In Short 30-07-2026

U.S. Fast-Tracks Act for 100% Tariffs on Trade Partners of Russia

Syllabus: GS2/IR

Context

• The U.S. Senate has voted to fast-track the passage of the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026.

About

• The bill allows the US to impose 100% tariffs on the world’s top five purchasers of Russian oil or natural gas, including India and China.
  • Apart from China and India, the other top purchasers of Russian oil are Slovakia, Hungary and Azerbaijan.
• The bill calls for the US Trade Representative to reassess the top five purchasers every 180 days, to adjust tariff rates based on changes in purchasing behaviour.
• It provides exceptions for countries that import less than 15% of their natural gas from Russia and are taking steps to reduce those imports.
• Regarding Iran, the legislation extends the Iran Sanctions Act for an additional five years, keeping critical secondary restrictions in place until 2031.
  • It also extends existing sanctions authority aimed at restricting funding for Iran’s energy and weapons sectors.
• Supporters of the bill claim it’s necessary to choke off Russia’s energy income, weakening the Russian President’s ability to finance the war in Ukraine.

Source: TH

DAANVEER Initiative

Syllabus: GS2/Governance 

In News

• The Ministry of Panchayati Raj launched the DAANVEER initiative to digitize Gram Panchayats.

DAANVEER

• It is a citizen participation initiative aimed at strengthening the digital infrastructure of Gram Panchayats across the country.
• It will enable citizens, organisations, philanthropists, and the Indian diaspora to donate standardised computer bundles to eligible Gram Panchayats voluntarily.
• The initiative is likely to benefit around 2.5 lakh Gram Panchayats by supplementing existing digital governance platforms like e-GramSwaraj, Meri Panchayat, Sabha Saar, AuditOnline and Gram Manchitra.
• Major Features:  It provides pre-approved, quality-checked computer bundles tailored to fulfil the specifications of each state.
  • It provides end-to-end digital tracking, automatic delivery details, transparency, and a digital certificate of appreciation to donors.
  • It is available on the Meri Panchayat Mobile App
  • It is connected to the DigiHaat marketplace for easy donations.

Significance

• It will improve digital governance and delivery of public services at the grassroots level.
• It will improve the efficiency, transparency and accessibility of Gram Panchayat services.
• It makes voluntary public participation institutionalised through a transparent and accountable digital platform.
• It enables Digital India, Viksit Bharat and digitally empowered rural governance.

Source: PIB

Govt Approves RBI’s Trials of ₹10, ₹20 Polymer Notes 

Syllabus: GS3/ Economy

Context

• The government has approved the Reserve Bank of India’s (RBI’s) proposal to introduce polymer banknotes in the denominations of 10 and 20 rupees.

About

• The RBI will introduce one billion (100 crore) polymer banknotes each of the ₹10 and ₹20 denominations for field trials. 
• Regular issuance of polymer banknotes in these denominations will be considered after the successful completion of the field trials. 

What are Polymer Banknotes?

• Unlike conventional cotton-based banknotes, polymer banknotes (also known as plastic banknotes) are more resistant to dirt, moisture and tearing, giving them a longer lifespan. 
• They also incorporate advanced security features, making counterfeiting more difficult. 
• Australia became the first country to introduce polymer currency in 1988, and today over 60 countries, including the UK, Canada, Australia, New Zealand, Singapore, Malaysia and Vietnam, use polymer notes either fully or partially.
• India had earlier experimented with polymer banknotes. In 2012, the RBI conducted pilot trials of ₹10 polymer banknotes in Kochi, Mysuru, Jaipur, Bhubaneswar and Shimla, representing diverse climatic conditions. However, the initiative was later discontinued due to operational and ATM-related challenges. 
• These technological limitations have since been addressed, enabling ATMs to process polymer banknotes without difficulty.

Why is the Move Significant?

• Cash demand is still rising. India’s currency in circulation reached a record ₹42.86 trillion, growing 11.5% year-on-year, showing that despite UPI’s success, cash remains important.
• At the same time, maintaining paper currency is becoming expensive. India spent over ₹6,370 crore on printing banknotes in FY25, while nearly 23.8 billion soiled notes had to be withdrawn from circulation.

Source: AIR

Indian Association for the Cultivation of Science (IACS)

Syllabus: GS3/Science and Technology

Context

• 2026 Marks the 150 years of establishment of the Indian Association for the Cultivation of Science (IACS).

About

• In 1869, Mahendralal Sircar (1833-1904) in an article published in the Calcutta Journal of Medicine, proposed the establishment of the Indian Association for the Cultivation of Science (IACS).
• In 1876, IACS was established by Dr. Mahendralal Sircar as the country’s first national institution dedicated to scientific research by Indians.
• It is located in Kolkata, West Bengal. 
• It is an autonomous public research institution funded jointly by the Department of Science and Technology (DST) and the Government of West Bengal.
• The Institute is run by the Governing Council, which is the apex policy making body.
• The IACS has cultivated a legacy of intellectual curiosity, scientific excellence, and national service that continues to inspire generations of researchers.
• Most Celebrated Scientists from the IACS: Prof CV Raman, Nobel Laureate and discoverer of the Raman Effect; Jagadish Chandra Bose, pioneer of radio and plant sciences; Meghnad Saha, creator of the Saha ionisation equation and architect of modern scientific institutions in India; and Satyendra Nath Bose, whose collaboration with Albert Einstein gave the world Bose Einstein statistics and the concept of Bosons.

Source: TH

Fields Medal 2026

Syllabus: Miscellaneous

Context

• The Fields Medal 2026, often described as the “Nobel Prize of Mathematics,” has been awarded to Yu Deng, John Pardon, Jacob Tsimerman, and Hong Wang. 

About

• The Fields Medal was established in 1936 and is named after Canadian mathematician J. C. Fields. 
• It is awarded once every four years by the International Mathematical Union (IMU), an international non-governmental and non-profit scientific organisation that aims to promote international cooperation in mathematics.
• The medal recognises outstanding contributions to mathematics by researchers under the age of 40. 
• Unlike the Nobel Prize, which can be shared by at most three people, the Fields Medal recognises at least two, and up to four people, in every four-year cycle.
• Each recipient receives the Fields Medal along with a cash prize of 15,000 Canadian dollars.

Did you know?

• Two mathematicians of Indian origin have won the Fields Medal so far. Manjul Bhargava won it in 2014, followed by Akshay Venkatesh in 2018.

Source: TH