On Thursday, Japan announced that it would lift tough COVID restrictions on foreign tourists and reopen its borders after two and a half years. Speaking at the New York Stock Exchange, Prime Minister Fumio Kishida said that the pandemic had interrupted the free flow of people, capital, and goods that helped the nation to flourish. 

From October 11 to 11, Japan will relax border control measures to be on par with the US and will resume visa-free travel and individual travel. These are the words of Kishida as he is in the city for the United Nations General Assembly. Japan, like China, has been a holdout in continuing tough restrictions on visitors. But Japan and China never imposed a strict lockdown during the crisis. 

Visitors who come to Japan will enjoy a week yet it has plummeted so low against the dollar that the finance ministry intervened in the currency market. For the first time since 1998, all of this happened on Thursday. The return visa-waiver program was suspended in March 2020 to restore the ease of access that saw a record of 31.9 million foreign visitors to the country in 2019. Since June, Japan has allowed tourists to visit in groups accompanied by guides, a requirement that was further relaxed to include self-guided package tours as well.

FAQ

• When was the return of the visa-waiver program suspended?

Ans. March 2020

• When did the currency market intervene?

Ans. Thursday since 1998

• When will Japan relax border control measures?

Ans. October 11

On Thursday, RBI Executive Director Ajay Choudhary said there is a surefire way to regulate fintech players. They made it clear that the responsibility lies with these institutions to operate all of these balanced. He also said companies in the industry should have the right intent while coming up with proffered and robust governance for the orderly growth of the industry.

Words from Choudhary at Global Fintech Fest:

There is no surefire way to regulate fintech in a way that maximizes its positive impact while protecting the financial system and customers from the risks. When it comes to protecting and promoting the interests of customers and orderly development of the financial system, the actor in the great balancing act must be the fintech industry.

He added that he believes in life or business as balance comes from focusing on what is right. It cannot just come from the regulation as it can only be a supporting ingredient. But the fintech has to do the balancing act themselves. He also prescribes that fintech players focus on customer orientation and governance.

If the RBI has increased its focus on the fintech sector, the comments will come gradually. It also recently released guidelines on digital lending apps, which has caused a stir with some companies that have raised concerns.

FAQ

• Who is the CEO of RBI?

Ans. Ajay Choudhary

• What is the goal of future fintech companies?

Ans. Orderly development of the financial system and technology

• According to the RBI governor, how does the deal come about?

Ans.Regulation

Former Justice Minister Fu Zhenghua has led several anti-corruption campaigns and has been jailed for bribery. He pleaded guilty in July to accepting gifts and money totaling 117 million yuan. Chinese media also reported that he has received a suspended death sentence for the past two years, which is set to be commuted to life imprisonment.

The conviction also comes amid a sudden crackdown on officials ahead of the Communist Party’s main congress next month. The Chinese ruling party holds the event every five years. This time, President Xi Jinping is expected to sit a historic third exam that will also consolidate his power. The failed Fu served as China’s Minister of Justice from 2018 to 2020 and, after a career, worked his way up from police officer to deputy head of China’s Ministry of Public Security.

He also led numerous high-profile investigations into corrupt politicians. All of this includes an investigation that saw Zhou Yongkang convicted of bribery as one of the most powerful officials in recent years.

Last October, one party, an internal surveillance agency, announced that it would investigate Fu for serious violations of national laws and disciplinary measures. He was dismissed from public office and expelled from the Communist Party in March of this year. A month later he was also arrested on corruption charges.

FAQ

• Who is the former Minister of Justice of China?

Ans. to Fu Zhenghua

• How high is the corruption?

Ans. to 117 million yuan

• Who is China’s Farsighted?

Ans. to Xi Jinping

According to Google, the loan disbursal applications and the credit aggregators on the Google Play store have to prominently display a link with the partner bank or with the non-banking finance company. It will be introduced as an additional security feature by Google after a serious meeting of the company with the officials of the Ministry of Electronics and Information Technology and the RBI. 

Google updates this policy on September 5th, and if the apps that have failed to comply with the deadline on the 19th of September are deleted from the play store. A Google spokesperson said that for apps that remain non-compliant with the requirement past the deadline provided. It is done for any policy non-compliance, we have been taking necessary enforcement action as part of our ongoing policy compliance sweeps, which includes the removal of apps from the Play Store. 

The live links will allow users to verify the connection with the bank and NBFC. In turn, it will highlight on their web pages a list of the loan disbursal apps and credit facilitators that they have approved or tried out. The government has been trying to tackle the menace of digital lending apps as they defraud customers through the lure of instant credit. As it has been putting pressure on the ecosystem. It all includes platforms such as Google, as it distributes the majority of these apps. 

FAQ

• How does Google update this policy?

Ans. On September 5th, 

• What is the deadline for the policy?

Ans. September 19. 

• What is the full form of NBFC?

Ans. Non-Banking finance company.

Western nations have condemned Moscow’s plan to hold the urgent so-called referendum in a part of Ukraine as they are currently under Russian control. Votes have been called by Russian-backed officials to ask whether they are a part of Russia or not. Germany, France, and the US have said that they would never recognize the result of sham ballots. 

The Nato military alliance plans to cause an escalation in the war. There are some plans to run polls for the five days which will start on Friday. They have been announced in the eastern parts of Luhansk and Donetsk, along with Zaporizhzhia and Kherson in the south. 

The quarter represents around 15% of the Ukrainian territory in an area the size of Hungary, according to the Reuters news agency. The suggestion of a legitimate and fair poll, which was run in the middle of the war, was immediately scorned by the West. The German chancellor, Olaf Scholz, blasted the Russian plans for sham votes. On the other hand, French president Emmanuel Macron labeled them a parody of democracy. 

He said if the Donbas referendum idea was not tragic, it would be very funny. He attended a meeting with the United Nations General Assembly. He also pleaded with the neutral countries to change their stance on the war by saying silence or complicity was a historic error. 

FAQ

• Who is the president of France?

Ans. Emmanuel Macron. 

• How many days will polls run in the eastern region of Ukraine?

Ans. Five days 

• Who never recognized the result of sham ballots?

Ans. US, Germany, and France