Daily Current Affairs – April 06 & 07, 2024
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Daily Current Affairs - Banking - April 06 & 07, 2024
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National News
Sitars and Tanpuras of Miraj got GI Tag
- The sitars and tanpuras of Miraj, a small town in Maharashtra’s Sangli district known for its craftsmanship in making musical instruments, have been awarded the coveted Geographical Indication (GI) tags.
- These instruments made in Miraj are much in demand among some of the prominent artistes, including those renowned in the field of classical music as well as film industry, the makers claim.
Banking and Finance
Monetary Penalty imposed by RBI
- The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹1.00 crore on IDFC First Bank Limited for non-compliance with certain directions issued by RBI on ‘Loans and Advances – Statutory and Other Restrictions’.
- This penalty has been imposed in exercise of powers vested in RBI conferred under the provisions of section 47 A (1) (c) read with sections 46 (4) (i) of the Banking Regulation Act, 1949.
- RBI has also imposed a monetary penalty of on ₹49.70 lakhs LIC Housing Finance Limited for non-compliance with certain provisions of the ‘Non-Banking Financial Company – Housing Finance Company (Reserve Bank) Directions, 2021’ issued by RBI.
- This penalty has been imposed in exercise of powers vested in RBI conferred under section 52A of the National Housing Bank Act, 1987.
RBI to roll out cash deposit facility through UPI
- The Reserve Bank of India (RBI) has proposed allowing cash deposit facility at Cash Deposit Machines (CDMs) through UPI, which is currently available only through the use of debit cards.
- The initiative has been taken given the popularity and acceptance of UPI, as also the benefits seen from the availability of UPI for card-less cash withdrawal at ATMs, adding that operational instructions will be issued shortly.
- CDMs deployed by banks enhance customer convenience while reducing cash-handling load on bank branches.
- Allowing UPI will further enhance customer convenience and make the currency handling process at banks more efficient.
Around 50 Lakh Users in The Country Are Using Central Bank Digital Currency
- Reserve Bank of India has said that currently around 50 lakh users in the country are using Central Bank Digital Currency (CBDC).
- Out of which 46 lakh are retail customers while 4 lakh are Merchants.
- On Cumulative basis 2 crore transactions have been completed on CBDC.
RBI to offer CBDC-R accessible to non-bank payments system operators
- The Reserve Bank of India (RBI) proposed to make CBDC-R (CBDC-Retail) accessible to a broader population by allowing non-bank payment system operators to offer CBDC wallets.
- Non-bank payment system operators include third-party payment applications like Phone Pe, Google Pay, etc.
- According to RBI, this move is expected to enhance access and expand choices available to the users apart from testing the system resilience to handle multi-channel transactions.
- According to experts, this step from the apex bank is in the right direction as CBDC will aid in financial inclusion and boost innovation.
J&K Bank Partners with Paymart India to Introduce Virtual ATM Facility
- J&K Bank announced a strategic collaboration with Paymart India Pvt Ltd to introduce an innovative Virtual ATM (VATM) facility, enhancing banking convenience for its customers across its areas of operations especially in J&K and Ladakh.
- The tie-up is aimed at introducing card-less cash withdrawal for the Bank’s customers through their neighbourhood merchant.
- This partnership aims to empower J&K Bank customers with seamless access to cash withdrawal services through the mobile banking application, mpay Delight plus.
- It marks a significant step forward in J&K Bank’s commitment to leverage technology to enhance banking accessibility and convenience for its valuable customers.
Business and Economy
Indian pipe manufacturer Global Seamless to invest $35 million in Louisiana
- An India-based pipe manufacturing company has announced that it will invest $35 million to establish its first US production facility in northwest Louisiana and expects to create hundreds of jobs in the region.
- Howrah-based Global Seamless Tubes & Pipes exports its products to industry customers in more than 10 countries
Over ₹2 lakh crore GST evasion in FY24, almost 10% of collections
- Goods and Services Tax (GST) authorities are learnt to have detected evasion of around ₹2.01 lakh crore in 2023-24 — an amount equal to almost 10% of the total GST collected during the financial year.
- The all-time high level of detection of GST evasion cases in FY24 came even as gross GST collections recorded a 6% increase from the previous financial year to ₹20.18 lakh crore.
- The Directorate General of GST Intelligence (DGGI), the intelligence wing under the Ministry of Finance’s Department of Revenue, has found that the majority of the alleged tax evasion was in sectors such as online gaming and casinos (₹83,588 crore), co-insurance/re-insurance (₹16,305 crore) and secondment (₹1,064 crore).
- The FY24 year-end data, it is learnt, shows 6,074 cases of duty evasion involving a sum of around ₹2,01,931 crore — a 99% jump from the previous financial year’s amount.
- In FY23, around 4,872 cases of GST evasion were detected involving duty of ₹1,01,354 crore, with voluntary payment of ₹20,713 crore and 92 arrests.
Agreements and MoUs signed
IFFCO signed MoU with ACME to boost sustainability in agriculture sector
- Indian Farmers Fertiliser Cooperative Limited (IFFCO), the world’s biggest fertiliser cooperative and leader in the fertiliser manufacturing industry, signed a MoU with ACME Cleantech Solutions Private Limited (ACME), a pioneer in renewable energy for the purchase and supply of about 200,000 MT Ammonia made through the renewable energy route; a significant step towards sustainable agriculture and renewable energy usage in India.
- This initiative is in line with PM’s vision of the National Green Hydrogen Mission.
- This will make India the global hub for the production, usage and export of green hydrogen and its derivatives.
- This collaboration will also contribute to India’s aim to become Aatmanirbhar through clean energy and serve as an inspiration for the global clean energy transition.
- Indian Farmers Fertiliser Cooperative Limited (IFFCO) – 03/11/1967 (Founded) – New Delhi (HQ) – Dr U S Awasthi (MD & CEO)
BEML Ltd signed MoU with Bharat Electronics Limited
- BEML Ltd signed a Memorandum of Understanding (MOU) with Bharat Electronics Limited (BEL) to jointly develop an indigenous Train Control Management System (i-TCMS).
- This pioneering collaboration between two of India’s major Defence PSUs, BEML and BEL, aims to drive innovation and foster self-reliance in the critical domain of train control management systems.
- The primary objective of this partnership is to identify potential areas of cooperation between BEML and BEL, with a focus on exploring the joint development of high-value products and solutions tailored to the requirements of Indian Railways and Metro systems.
- Bharat Electronics Limited (BEL) – 1957 (Founded) – Bangalore (HQ) – Bhanu Prakash Srivastava (Chairman & Managing Director)
- BEML Limited (formerly Bharat Earth Movers Limited) – May 1964 (Founded) – Bangalore (HQ) – Amit Banerjee (Chairman & MD)
Summit & Conference
Ministry of Defence holds first tri-service conference 'Parivartan Chintan'
- Parivartan Chintan, a pioneering Tri-Service Conference aimed at generating new and fresh ideas, initiatives and reforms to propel Jointness and Integration efforts was held in New Delhi.
- The day long discussion was chaired by Chief of Defence Staff, General Anil Chauhan.
- It will be the first ever conference of the Heads of all Tri- Services Institutions, the Department of Military Affairs, Headquarters Integrated Defence Staff and the three Services.
- Ministry of Defence – Rajnath Singh,Union Minister (Lucknow,UP) – Ajay Bhatt,Minister of State (Nainital–Udhamsingh Nagar,Uttarakhand)
Power
AGEL to invest $5 bn on expanding RE capacity at Khavda by 2026
- Adani Green Energy (AGEL) will invest around ₹41,400 crores, or roughly $5 billion, in expanding the solar and wind power capacities at its flagship renewable energy (RE) park in Gujarat by 2026.
- The renewables arm of the mining-to-energy Adani Group is setting up the world’s largest RE plant with 30 gigawatt (GW) of renewables capacity by 2030 near Khavda village in Kutch district.
- Earlier, AGEL became India’s first company in the renewables space to surpass the 10 GW mark with an operating portfolio of 93 GW.
- It aims to achieve a capacity of 45 GW by the end of this decade.
- Adani Green Energy Limited (AGEL) – 2015 (Founded) – Ahmedabad, Gujarat (HQ) – Vneet S. Jain (Managing Director) and (CEO)
Appointments
P S Dinesh Kumar appointed as presiding officer of Securities Appellate Tribunal
- Ministry of Finance has appointed P S Dinesh Kumar, a retired judge, as the presiding officer of the Securities Appellate Tribunal (SAT) for four years.
- He is a former chief justice of the Karnataka High Court.
- He was a judge at the High Court since 2015 and vacated office in February this year.
- The ministry has also appointed Dheeraj Bhatnagar as a technical member of the tribunal for four years or till he reaches the age of 67, whichever is earlier. Bhatnagar retired as principal chief commissioner of Income Tax, Delhi.
- The tribunal was without a presiding officer or a judicial member for three months after Justice Tarun Agarwala demitted office in December 2023.
- The three-member tribunal has been functioning with only Meera Swarup as its technical member.
- SAT hears and disposes of appeals against the orders of the Securities and Exchange Board of India, the Insurance Regulatory Development Authority of India, and the Pension Fund Regulatory and Development Authority along with appeals against the stock exchanges and depositories.
Meenesh Shah elected as chairman of NCDFI
- The National Cooperative Dairy Federation of India Ltd. (NCDFI), unanimously elected Meenesh Shah as its Chairman.
- Prior to this, NCDFI elected eight directors on the Board unopposed.
- This included Dr Meenesh Shah, Jharkhand Milk Federation, Mangal Jit Rai, Sikkim Milk Union, Shamalbhai B. Patel, Gujarat Milk Federation, Randhir Singh, Haryana Milk Federation, K. S. Mani, Kerala Milk Federation, Balachandra L. Jarakiholi, Karnataka Milk Federation, Narinder Singh Shergill, Punjab Milk Federation and Sameer Kumar Parida, West Assam Milk Union.
- NCDFI is a national-level apex dairy cooperative registered on December 7, 1970 and is governed under the provisions of the Multi State Cooperative Societies (Amendment) Act, 2023.
- It has 20 Regular Members, 14 Associate Members and the National Dairy Development Board (NDDB) as its Institutional Member.
- Apart from these elected directors, S Regupathi, Executive Director, NDDB is the nominated director on the Board of NCDFI.
- Meenesh Shah served as Chairman of several esteemed Institutions such as National Dairy Development Board (NDDB), Mother Dairy, IDMC, Indian Immunologicals Ltd (IIL), National Cooperative Organics Ltd (NCOL), NDDB Dairy Services (NDS), Institute of Rural Management (IRMA), NDDB CALF, NDDB MRIDA, Anandalaya, among others.
Awards and Recognitions
SJVN was honoured at 15th CIDC Vishwakarma Awards 2024
- SJVN Limited has won two prestigious awards at the 15th CIDC Vishwakarma Awards 2024, instituted by the Construction Industry Development Council.
- SJVN has been conferred with ‘Achievement Award for Creating Social Development & Impact’ and ‘CIDC Partners in Progress Trophy’.
- On behalf of SJVN, the awards were received by CGM (HR), Baljeet Singh during a ceremony held at India Habitat Centre, New Delhi.
- CIDC Vishwakarma Awards have become an epitome for recognizing organizations and individuals for their initiatives across various fields, including Corporate Social responsibility, contributing significantly to the growth and sustainable development of the nation.
Sports News
Indian Shuttlers Anupama Upadhyaya, M Tharun Clinch Their Singles Titles At Kazakhstan International Badminton Challenge Tournament
- Indian shuttlers Anupama Upadhyaya and Tharun have clinched Women’s and Men’s singles titles, at Kazakhstan International Badminton Challenge tournament in Astana.
- Anupama Upadhyaya defeated Isharani Baruah and M Tharun defeated Malaysian Soong Joo Ven.
- In mixed doubles, Sanjai Srivatsa Dhanraj and Maneesha K pair lost to Malaysia’s Wong Tien Ci and Lim Chiew Sien.
- Kazakhstan – Astana (Capital) – Tenge (Currency) – Kassym-Jomart Tokayev (President) – Olzhas Bektenov (Prime Minister) – Kazakh & Russian (Official Language)
Virat Kohli becomes first batter to complete 7,500 IPL runs
- Virat Kohli has completed 7,500 runs in the Indian Premier League (IPL).
- Virat Kohli reached the landmark while playing for Royal Challengers Bengaluru against Rajasthan Royals at the Sawai Mansingh Stadium, Jaipur.
- He became the first batter to touch the 7,500-run mark
Max Verstappen won Japanese Grand Prix 2024
Position | Player | Company | Country |
1 | Max Verstappen | Red Bull | Belgium |
2 | Sergio Pérez | Red Bull | Mexico |
3 | Carlos Sainz Jr. | Ferrari | Spain |
Important Days
International Day of Conscience is observed on April 05
- International Day of Conscience is annually observed on April 05.
- The day was established by the United Nations General Assembly on July 25, 2019, with the adoption of UN resolution 73/329 and was first observed on April 05
- Theme – ‘Promoting a Culture of Peace with Love and Conscience’
National Handmade Day is observed on April 06
- National Handmade Day is annually celebrated on the first Saturday of April.
- This year the day falls on April 06.
- The day dedicated to honoring, celebrating, and recognizing the skill and dedication of people who create handmade goods.
- The day also serves as a reminder of the importance of small businesses and their contributions to the economy.
- National Handmade Day was first established in 2017 by Amy Bierstadt, the founder of the website from Scratch Farm, which provides creative content and tips on making handmade crafts at home.
- In 2018, the day was announced by the government.
- Theme – ‘Buy a Handmade Product’
International Day of Sport for Development and Peace is observed on April 06
- International Day of Sport for Development and Peace is annually observed on April 06.
- The day presents an opportunity to recognize the positive role sport and physical activity play in communities and in people’s lives across the globe.
- The day was created by the United Nations General Assembly in August 23 2013, supported by the International Olympic Committee since April 6 2014.
- Theme – “Sport for the Promotion of Peaceful and Inclusive Societies”
- United Nations General Assembly – 1945 (Founded) – New York City (HQ) – Dennis Francis (President)
- International Olympic Committee (IOC) – 23/06/1894 (Founded) – Lausanne, Switzerland (HQ) – Thomas Bach (President) – 104 active members, 45 honorary members, 1 honour member (United States), 206 individual National Olympic Committees – French & English (Language)
World Health Day is observed on April 07
- World Health Day is annually observed on April 07.
- The day is observed in order to raise awareness about global health issues and highlight the importance of well-being.
- The day also commemorate the establishment of World Health Organisation (WHO).
- The Day is one of 11 official global health campaigns marked by WHO.
- Theme – My health, my right
- World Health Organization (WHO) – 07/04/1948 (Founded) – Geneva, Switzerland (HQ) – Tedros Adhanom (Director-General)
Defence
INS SHARDA awarded on the spot unit citation for Anti-Piracy Operations
- Admiral R Hari Kumar, Chief of the Naval Staff, during his visit to Southern Naval Command, Kochi, awarded ‘On the Spot Unit Citation’ to INS Sharda for successful conduct of anti-piracy operations.
- The ship was involved in the safe release of all 19 crew members (11 Iranian & 08 Pakistani) of Iranian fishing vessel Omari which was held hostage by pirates off East coast of Somalia.
- Iran – Tehran (Capital) – Iranian rial (Currency) – Ali Khamenei (Supreme Leader) – Ebrahim Raisi (President) – Persian (Official Language)
Daily Current Affairs - January 01 & 02, 2024 - Consolidated
- Sitars and Tanpuras of Miraj got GI Tag
- Monetary Penalty imposed by RBI
- RBI to roll out cash deposit facility through UPI
- Around 50 Lakh Users in The Country Are Using Central Bank Digital Currency
- RBI to offer CBDC-R accessible to non-bank payments system operators
- J&K Bank Partners with Paymart India to Introduce Virtual ATM Facility
- Indian pipe manufacturer Global Seamless to invest $35 million in Louisiana
- Over ₹2 lakh crore GST evasion in FY24, almost 10% of collections
- IFFCO signed MoU with ACME to boost sustainability in agriculture sector
- BEML Ltd signed MoU with Bharat Electronics Limited
- Ministry of Defence holds first tri-service conference ‘Parivartan Chintan’
- AGEL to invest $5 bn on expanding RE capacity at Khavda by 2026
- P S Dinesh Kumar appointed as presiding officer of Securities Appellate Tribunal
- Meenesh Shah elected as chairman of NCDFI
- SJVN was honoured at 15th CIDC Vishwakarma Awards 2024
- Indian Shuttlers Anupama Upadhyaya, M Tharun Clinch Their Singles Titles At Kazakhstan International Badminton Challenge Tournament
- Virat Kohli becomes first batter to complete 7,500 IPL runs
- Max Verstappen won Japanese Grand Prix 2024
- International Day of Conscience is observed on April 05
- National Handmade Day is observed on April 06
- International Day of Sport for Development and Peace is observed on April 06
- World Health Day is observed on April 07
- INS SHARDA awarded on the spot unit citation for Anti-Piracy Operations
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