Daily Current Affairs – August 03, 2023
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Daily Current Affairs - Banking - August 03, 2023
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National News
International Literature Festival & Festival of Folk & Tribal Performing Arts
- President Draupadi Murmu inaugurated the national festival of India’s folk and tribal expressions “Utkarsh” and the international literature festival “Unmesh” in Bhopal.
- Culture Department of Madhya Pradesh along with Sangeet Natak Akademi and Sahitya Akademi of the Union Ministry of Culture is organizing this event from 3rd to 5th August.
- Ministry of Culture – Gangapuram Kishan Reddy,Union Minister (Secunderabad,Telangana) – Meenakshi Lekhi,Minister of State (New Delhi Lok Sabha constituency)
Rajya Sabha passes Offshore Areas Mineral (Development and Regulation) Amendment Bill 2023
- Rajya Sabha passed the Offshore Areas Mineral (Development and Regulation) Amendment Bill 2023.
- The Bill amends the Offshore Areas Mineral (Development and Regulation) Act, 2002.
- The new Bill regulates mining in maritime zones of India.
- It allows the Government to reserve offshore areas that are not held under any operating rights.
- The Bill also allows the administering authority to grant a composite license or production lease to the Government or a government company.
India introduces Ayush Visa category for foreign nationals seeking traditional medicine treatment
- The Ministry of Home Affairs has notified the creation of a new category of Ayush visa for foreign nationals for treatment under Ayush systems/Indian systems of medicine.
- The introduction of the Ayush Visa fulfils the proposal for introducing a special visa scheme for foreigners visiting India for treatment across streams like therapeutic care, wellness and Yoga.
- A new chapter, i.e. chapter 11A – Ayush Visa, has been incorporated after Chapter 11 – Medical Visa of the Visa Manual, which deals with treatment under the Indian systems of medicine.
- Accordingly necessary amendments have been made in various chapters of the Visa Manual, 2019.
- Introducing the Ayush Visa category is part of India’s roadmap for the Heal in India initiative.
- Two ministries – Ayush and Health & Family Welfare – are working together to develop a one-stop Heal in India portal to promote the country as a medical tourism destination.
- The Global Wellness Economy will grow at 9.9 per cent annually; and the Ayush-based healthcare and wellness economy is estimated to grow to $70 billion by 2025.
- Ministry of Health and Family Welfare – Mansukh Laxmanbhai Mandaviya,Union Minister (Rajya Sabha MP,Gujarat) – Dr. Bharati Pravin Pawar,Minister of State (Dindori,Maharashtra), Satya Pal Singh Baghel ,Minister of State (Agra,UP)
- Ministry of Ayush – Sarbananda Sonowal,Union Minister (Rajya Sabha MP,Assam) – Dr. Mahendra Munjpara,Minister of State (Surendranagar,Gujarat)
International News
India, LAC can target USD 100 billion trade by 2027
- External Affairs Minister S Jaishankar, highlighted four key pillars of cooperation between India and Latin America and the Caribbean (LAC region) and said that the two economies can target USD 100 billion in trade by 2027.
- Jaishankar also highlighted four key pillars of enhanced engagement namely; supply chain diversification; resource partnerships; sharing of developmental experiences; and addressing global challenges.
- The Inaugural Session of the 9th CII India-LAC Conclave, being organised in the national capital by the Confederation of Indian Industry (CII) in association with the Ministry of External Affairs and the Ministry of Commerce and Industry.
- Ministry of External Affairs – Subrahmanyam Jaishankar,Union Minister (Rajya Sabha MP,Gujarat) – V. Muraleedharan, Minister of State (Rajya Sabha MP,Maharashtra),Rajkumar Ranjan Singh, Minister of State (Inner Manipur,Manipur),Meenakshi Lekhi, Minister of State (New Delhi)
State News
PM laid foundation for Mangaluru Junction railway station upgradation
- Prime Minister Narendra Modi laid the foundation stone for the upgradation of Mangaluru Junction railway station to international standards through video conferencing.
- The union government has decided to upgrade Mangaluru Junction railway station to international standards under the Amrit Bharat station scheme.
- Mangaluru Junction station will be upgraded at a cost of Rs 19.32 crore.
Karnataka – Bengaluru (Capital) – Basavaraj Bommai (CM) –Thawarchand Gehlot (Governor) – Kannada (Language)
Schemes
PEHCHAN Scheme
- As on 30.06.2023, 31.14 lakhs handicraft artisans have been registered under PEHCHAN scheme across the country to benefit of this programme.
- These registered artisans with Pehchan card can avail the benefits of the National Handicraft Development Programme (NHDP) and Comprehensive Handicrafts Cluster Development Scheme (CHCDS) of Ministry of Textiles.
- It can be done by participating in different marketing events, skill upgradation, training, design workshops etc.
- A total of 1.17 lakhs artisans benefitted through various schemes of the Office of Development Commissioner (Handicrafts) during the year 2022-23.
- PEHCHAN scheme was launched in 2016 to provide new identity to deserving handicraft artisans and help them avail benefits of various schemes implemented by the Ministry of Textiles.
- After due verification, Aadhar linked Pehchan Cards are issued by field functionaries of Office of Development Commissioner (Handicrafts), Ministry of Textiles.
- Pehchan card holders, who have been registered as on 30.06.2023, can avail the benefits across the country.
- Master artisans will be bestowed with Shilp Guru and National Awards.
- Individual benefits to artisans like Mudra loan, Interest Subvention and Margin Money on Mudra loan.
- Awardee artisans will get a monthly pension of Rs. 8,000 under indigent circumstances.
- Ministry of Textile – Piyush Goyal,Cabinet Minister (Rajya Sabha MP,Maharashtra) – Darshana Jardosh, Minister of State (Surat,Gujarat)
Vivad se Vishwas-2 scheme
- The government launched the Vivad se Vishwas-2 scheme for settling contractual disputes involving the government and government undertakings.
- Announced in the Union Budget 2023-24, the scheme aims to resolve the government’s contractual disputes with private parties, clear the backlog of litigation, and improve the ease of doing business.
- The deadline for submitting claims under the scheme is 31 October 2023.
- The scheme will apply to all domestic contractual disputes where one of the parties is either the Government of India or an organisation operating under its control.
- The central government is aiming to resolve approximately 500 cases, involving an estimated Rs 1 trillion, under this new voluntary settlement scheme.
- The one-time settlement scheme will cover cases where the court order was passed by 30 April 2023, and the arbitral order was given by 30 January 2023.
- Under the scheme, for court orders passed on or before 30 April 2023, the settlement amount offered to the contractor will be up to 85 per cent of the net amount awarded or upheld by the court.
- For arbitral orders passed on or before 1 January 2023, the settlement amount offered is up to 65 per cent of the net amount awarded.
Production-linked incentive (PLI) schemes
- Keeping in view India’s vision of becoming ‘Atmanirbhar’, production-linked incentive (PLI) schemes for 14 key sectors have been announced with an outlay of Rs 1.97 trillion to enhance India’s manufacturing capabilities and exports.
- The 14 sectors include:
- Mobile manufacturing and specified electronic components
- Critical key starting materials/drug intermediaries & active pharmaceutical ingredients
- Manufacturing of medical devices
- Automobiles and auto components
- Pharmaceuticals drugs
- Specialty steel
- Telecom & networking products
- Electronic/technology products
- White goods (ACs and LEDs)
- Food products
- Textile products
- High efficiency solar PV modules
- Advanced chemistry cell (ACC) battery
- Drones and drone components.
- The purpose of the PLI schemes is to attract investments in key sectors and cutting-edge technology, ensure efficiency and bring economies of size and scale in the manufacturing sector and make Indian companies and manufacturers globally competitive.
- These schemes also have the potential of significantly boosting production, employment and economic growth over the next five years or so.
Banking and Finance
RBI fines 4 PSUs for late reporting of overseas investments
- The Reserve Bank of India (RBI) has imposed late submission fees (LSF) of ₹2,000 crores on ONGC Videsh Ltd (OVL), Indian Oil Corp. Ltd, GAIL (India) Ltd, and Oil India Ltd for delayed reporting of their overseas investments.
- The move may impact the overseas work commitments of these four state-run energy majors, prompting efforts by them to secure an extension from RBI, which has imposed a late submission fee of ₹500 crores each on the four firms.
- State Bank of India (SBI) is the authorized dealer (AD) bank for these public sector undertakings’ (PSUs’) foreign transactions.
- It is the work of the AD bank to report and reconcile their overseas direct investments (ODIs) within the requisite timelines.
- According to RBI’s Foreign Exchange Management (Overseas Investment) Regulations, 2022, those failing to submit investment evidence within the stipulated timeframe can do so with a late submission fee.
- Late submission fee has been introduced by RBI with retrospective effect vide FEM (OI) Regulation, 2000.
- Regularization of submission of ODI-related data by the companies to RBI, under a specific Unique Identification Number (UIN) assigned to each project through their AD banks, covers several thousands of ODI remittances processed since 2000.
- SBI has invariably reported all ODIs, based on documents provided by the remitting entities, to RBI as per applicable guidelines at the material time.
- Reserve Bank of India (RBI) – 01/04/1935 (Founded) – Mumbai (HQ) – Shaktikanta Das (Governor)
IndiaFirst Life Insurance launches new G.O.L.D. plan
- IndiaFirst Life Insurance Company has launched a non-linked and non-participating product Guarantee of Life Dreams (G.O.L.D.) Plan, that offers policyholders regular long-term income.
- The premium paying terms range between 6, 8, and 10 years for policy terms of 30 years and 40 years.
- The starting premium is as low as ₹4,176 per month and offers the choice to pay annually or in instalments.
- The plan offers three income options: immediate, intermediate and deferred.
Business and Economy
28% GST on online gaming to be implemented from October 1
- Softening its stance, the Goods and Services Tax (GST) Council decided to implement a 28 per cent tax on electronic gaming, casinos, and horse racing, but this would be applied on the initial amount paid upon entry, and not on the total value of each bet placed.
- The proposed amendments are likely to be introduced from October 1, with a comprehensive review to be conducted six months after implementation.
- Ministry of Finance – Nirmala Sitharaman,Cabinet Minister (Rajya Sabha MP,Karnataka) – Bhagwat Karad, Minister of State (Rajya Sabha MP,Maharashtra) & Pankaj Choudhary, Minister of State (Maharajganj,UP)
Government restricts imports of laptops, tablets to boost domestic manufacturing
- The Directorate General of Foreign Trade (DGFT) put under restricted category the import of laptops, tablets, personal computers, ultrasmall form factor computers and servers with “immediate effect”.
- This would mean traders will have to seek a licence from the government for such imports.
- The DGFT clarified that airline passengers returning to India can still carry such items purchased abroad for personal use.
- Exemption will also be allowed for purchase of such items from e-commerce portals, through post or courier.
- Imports shall be subject to payment of duty as applicable.
Science and Technology
Google News adds Gujarati and Punjabi, now supports 10 regional languages
- Google India has announced two significant developments that work in the way of supporting the Indian language news ecosystem and expanding the Indian language web.
- Firstly, Google News will now include two more Indian languages: Gujarati and Punjabi, bringing the total number of supported languages to ten in India.
- The addition of these languages will be available in the coming weeks, helping make information accessible to people across India in the language they prefer.
- Secondly, GNI Indian Languages Program which was announced earlier this year, has received over 600 applications from news publishers across India.
- Of these, 300+ publishers have been selected to participate in the program, which will provide them with support to modernise their digital ecosystem and improve the user experience across web, mobile, and app domains.
- This will be done by providing publishers with access to essential resources and support, such as training workshops, webinars, mentorship sessions, product demos, best practices guides, and case studies.
- These announcements were made at the second edition of the Google India News Summit.
- The summit was opened by Nandan Nilekani, founding chairman of UIDAI, who delivered a keynote on the digital transformation of the Indian economy and the potential for quality content creation and consumption.
Study In India portal launched for international students
- The government launched the Study In India (SII) portal, a one stop platform to simplify the journey of international students in India.
- The portal was launched by Union External Affairs Minister S Jaishankar and Education Minister Dharmendra Pradhan.
- The launch of this portal is aimed at making India a hub of global education by welcoming students from diverse backgrounds.
- It will also help us establish a strong international footprint of brand India in the education sphere.
- The integrated approach of the portal which enables user friendly application processes for international students from registration to visa approval.
- This simplifies their entire journey, facilitating the choice of desired courses and receiving offers from relevant institutions.
- From an Indian perspective, there is no doubt that the presence of international students will be to the benefit of domestic students.
- It will connect the students more closely, to globalising world and prepare them better for global workplace.
- Having students from other countries studying with you creates a better understanding of their cultures, habits, traditions and even thinking.
- Ministry of Education – Dharmendra Pradhan,Union Minister (Rajya Sabha MP,MP) – Subhas Sarkar, Minister of State (Bankura, West Bengal), Annpurna Devi Yadav, Minister of State (Kodarma, Jharkhand), Rajkumar Ranjan Singh, Minister of State (Inner Manipur,Manipur)
Acquisitions and Mergers
RBI approves amalgamation of Navanirman Co-op Urban Bank with Rajadhani Co-op Urban Bank
- The Reserve Bank of India has sanctioned the Scheme of Amalgamation of The Navanirman Co-operative Urban Bank Ltd with Rajadhani Co-op. Urban Bank Ltd.
- Both urban co-operative banks are Hyderabad-based.
- The branch of The Navanirman Co-operative Urban Bank Ltd will function as a branch of Rajadhani Co-op. Urban Bank Ltd with effect from August 03, 2023.
Appointments
3 Indian-origin Singaporeans sworn in as nominated members for parliament in Singapore
- Out of nine Nominated Members of Parliament (NMPs), 3 Indian-origin Singaporeans have been made members for parliament in Singapore.
- The NMPs are appointed for a two-and-a-half-year term.
- Of the nine Nominated Members of Parliament, Raj Joshua Thomas, an Indian-origin lawyer is ready to serve for second term in Singapore parliament.
- Two other Indian origin NMPs are Parekh Nimil Rajnikant, CEO of acquisition firm Pegasus Asia and Chandradas Usha Ranee, an art historian and co-founder of Plural Art magazine.
- Singapore – Singapore City (Capital) – Singapore dollar (Currency) – Halimah Yacob (President) – Lee Hsien Loong (Prime Minister) – Malay (Language)
Books and Authors
How Prime Ministers Decide-Book
- Book: How Prime Ministers Decide
- Author: Neerja Chaudhary
- Publisher: Aleph
- The book throws light on the working style of the Prime Ministers of India and examines six landmark judgements.
Obituary
Noted Marathi poet Namdeo Dhondo Mahanor passes away
- Noted Marathi poet and lyricist Namdeo Dhondo Mahanor, a Padma Shri recipient and popularly known as Na Dho Mahanor passed away at 81.
- Born in 1942, Namdeo Dhondo Mahanor was awarded Padma Shri in 1991.
- He had also been a member of the state legislative council.
Daily Current Affairs - August 03, 2023 - Consolidated
- International Literature Festival & Festival of Folk & Tribal Performing Arts
- Rajya Sabha passes Offshore Areas Mineral (Development and Regulation) Amendment Bill 2023
- India introduces Ayush Visa category for foreign nationals seeking traditional medicine treatment
- India, LAC can target USD 100 billion trade by 2027
- PM laid foundation for Mangaluru Junction railway station upgradation
- PEHCHAN Scheme
- Vivad se Vishwas-2 scheme
- Production-linked incentive (PLI) schemes
- RBI fines 4 PSUs for late reporting of overseas investments
- IndiaFirst Life Insurance launches new G.O.L.D. plan
- 28% GST on online gaming to be implemented from October 1
- Government restricts imports of laptops, tablets to boost domestic manufacturing
- Google News adds Gujarati and Punjabi, now supports 10 regional languages
- Study In India portal launched for international students
- RBI approves amalgamation of Navanirman Co-op Urban Bank with Rajadhani Co-op Urban Bank
- 3 Indian-origin Singaporeans sworn in as nominated members for parliament in Singapore
- How Prime Ministers Decide-Book
- Noted Marathi poet Namdeo Dhondo Mahanor passes away
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