Every Monday, we present the UPSC Current Affairs Pointers, a succinct guide tailored for exam preparation to help you excel in both Prelims and Mains.
If you missed last week’s UPSC Current Affairs Pointers covering March 23 to 29, 2026, you can access it here.
The former deputy governor of the Reserve Bank of India (RBI) has proposed that, in light of the rapid decline in the rupee’s value and the dwindling foreign exchange reserves, the RBI should utilize a facility provided by the US Federal Reserve to facilitate a continuous flow of US dollars into and out of the market.
Under the Foreign and International Monetary Authorities (FIMA) Repo Facility, central banks, including the RBI, can deposit their US Treasury holdings with the Federal Reserve’s System Open Market Account, agreeing to repurchase them upon the maturity of the agreement, which may last overnight or for seven calendar days.
Since these transactions are conducted solely in US dollars, they mitigate any exchange rate risks. This mechanism offers an alternative, temporary source of US dollars to those authorized FIMA account holders holding Treasury securities.
In response to fluctuating jet fuel prices, domestic flight fuel costs have seen a modest increase; conversely, international flight fuel prices have surged more than double. According to the Indian Oil Corporation Limited (IOCL), jet fuel is a clear, flammable petroleum distillate based on kerosene, primarily used in jet engines and commonly classified as JET A-1.
Jet fuel prices in India were deregulated in 2001 and are adjusted monthly according to international benchmarks.
The Reserve Bank of India is also looking to revamp the nation’s payment infrastructure by proposing the introduction of electronic cheques (e-cheques). This innovation seeks to combine the reliability of traditional paper cheques with the speed, efficiency, and security of digital payment solutions, aligning with the evolving demands of businesses and consumers.
An e-cheque is essentially a digital counterpart to a paper cheque, created and transmitted online. The payer inputs the necessary details, securely signs it digitally, and sends it to the payee or bank. The bank then verifies and processes it like a traditional cheque, although it offers advantages like speed, enhanced security, and ease of tracking.
In a recent policy update, the RBI has prohibited banks from engaging in non-deliverable derivative (NDD) contracts involving the rupee, marking a significant move towards greater oversight and transparency within the foreign exchange market.
NDDs, commonly traded in financial centers such as Singapore, Hong Kong, London, or Dubai, enable participants to speculate on the rupee’s movement without requiring the actual currency to be delivered. In an NDD agreement, two parties determine a future exchange rate for the rupee but settle the difference in cash, typically in US dollars.
This market is frequently utilized by foreign investors, hedge funds, and global banks that cannot freely access the Indian rupee market, as well as businesses looking to hedge against currency fluctuations. However, these transactions occur offshore, beyond the RBI’s regulatory reach.
There have been instances of misuse in the NDD market, where some participants would cancel and re-enter contracts to exploit favorable market shifts, effectively turning hedging instruments into speculative tools.
The first phase of Census 2027 commenced on April 1, featuring a self-enumeration option allowing individuals to digitally submit their information during a 15-day period leading up to this phase.
This will be followed by the traditional house-to-house listing method, where enumerators will visit homes and record details using a mobile application. The initial phase is expected to conclude within a 30-day timeframe spanning from April to September 2026.
For the 2027 Census, live-in couples who consider their relationship a stable union will be recognized as married couples. The government has also indicated that caste enumeration will take place during the second phase, known as Population Enumeration (PE).
The Census falls under the Union’s jurisdiction and is listed as item number 69 in the Seventh Schedule of the Constitution. In phase one, data will be collected regarding housing conditions, household specifics, and the availability of amenities such as drinking water, toilets, electricity, cooking fuel, and internet access, along with property ownership such as radios, televisions, computers, and vehicles.
The second phase, set to start in February 2027 across India—excluding the Union Territory of Ladakh and certain snowbound areas in Jammu & Kashmir, Himachal Pradesh, and Uttarakhand—will focus on population enumeration. This phase will gather details including the number of individuals, names, ages, genders, marital statuses, castes, religions, education levels, languages, disabilities, migration patterns, occupations, and fertility information concerning married women.
In a notable change from the 2011 Census, the 2027 Census will allow for self-enumeration for the first time, enabling households to log into a government portal or use an app to fill in their own information. After self-enumeration, a unique ID will be generated, which individuals will present to the Census enumerator upon their visit.
On April 3, India launched its third nuclear-powered ballistic missile submarine (SSBN), INS Aridhaman, thereby augmenting its sea-based nuclear deterrence capabilities. This follows the commissioning of INS Arihant and INS Arighaat in 2016 and 2024, respectively, further enhancing India’s nuclear triad, which encompasses the ability to launch nuclear missiles from different platforms.
