Daily Current Affairs August 24 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India Expands E-Mandate Framework to Cover Auto Replenishment of FASTag and National Common Mobility Card      

• The Reserve Bank of India (RBI) has incorporated the auto replenishment of Fastags and national common mobility cards (NCMCs) into the e-mandate framework.
• This inclusion applies when the balance falls below a customer-defined threshold.

Key Highlights :

• Exemption from Pre-Debit Notification: Issuers of FASTags and NCMCs are exempt from the requirement to send a pre-debit notification 24 hours before a debit, due to the recurring nature and lack of fixed periodicity of auto-replenishment payments.
• Effective Date: This circular from the RBI is effective from August 22, 2024.
• E-Mandate Framework Requirements: Under the RBI’s e-mandate framework, issuers are typically required to send a pre-debit notification to customers at least 24 hours before a debit.
• The notification must include details like the merchant’s name, transaction amount, date and time of debit, and transaction reference number or e-mandate.
• Customer Rights: Customers can opt out of a specific transaction upon receiving a pre-debit notification.
• Transaction Limit without AFA: For e-mandate-based recurring transactions, the limit without Additional Factor Authentication (AFA) is Rs 2,000 per transaction.
• Transactions exceeding this limit must include an AFA.

What is the e-mandate framework?

• Established in 2019, the e-mandate framework aims to safeguard customers by ensuring they are informed of upcoming debits to their accounts.

About NCMC :

• The NCMC is an inter-operable transport card conceived by the Ministry of Housing and Urban Affairs of the Government of India.
• It was launched on 4 March 2019.

PGIM India Mutual Fund unveils a multicap fund; Axis Mutual Fund introduces a consumption-focused fund    

• PGIM India Mutual Fund has announced the launch of PGIM India Multi Cap Fund, an open-ended equity scheme investing across large-cap, mid-cap and small-cap stocks.
• The fund is benchmarked against Nifty 500 Multicap 50:25:25 TRI.
• The New Fund Offer (NFO) opened for subscription on August 22, 2024, and will close on September 05, 2024.

Key Highlights :

• Investment Strategy:Market Caps: The fund invests across large-cap, mid-cap, and small-cap stocks, with a minimum allocation of 25% each in these categories.
• Other Investments:
• Up to 25% in debt.
• Up to 10% in Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs).
• Up to 20% in foreign securities, including overseas ETFs.
• Management: The equity portion of the scheme will be managed by Vivek Sharma, Anandha Padmanabhan Anjeneyan and Utsav Mehta while the debt portion will be managed by Puneet Pal.
• The Multi Cap strategy entails a balanced approach towards investment, in both established and emerging fast-growing sectors across the mid and small-cap space.
• The fund aims to capitalise on themes such as healthcare, financialization, mobility, consumption, new energy, among others, which are emerging on account of the structural changes undergoing in the Indian economy.

LIC Housing Finance Secures ₹1,050 Crore via 5-Year Bond Issued at 7.75%     

• LIC Housing Finance raised ₹1,050 crore through a bond issue with a 5-year maturity period at a coupon rate of 7.75%.
• The company aimed to raise up to ₹3,000 crore through the bond issue.
• The initial base size of the issue was ₹1,000 crore, with an additional greenshoe option of ₹2,000 crore.
• This option allows the issuer to sell more bonds than originally planned if demand exceeds expectations, providing flexibility in the amount raised.
• ICICI Bank and ICICI Securities Primary Dealership were the arrangers for the bond issue.

About LIC Housing Finance Limited (LIC HFL) :

• Founded : 19 June 1989
• Headquarters : Mumbai, Maharashtra
• MD & CEO : Tribhuwan Adhikary

IndusInd Bank Receives Reserve Bank of India Approval for Asset Management Subsidiary        

• IndusInd Bank has received approval from the Reserve Bank of India (RBI) to establish a wholly owned subsidiary focused on asset management in the mutual fund sector.
• The RBI’s approval includes the provision for infusion of equity capital into the new subsidiary.
• The approval letter from the RBI outlines additional conditions that IndusInd Bank must comply with while setting up the asset management entity.
• The new subsidiary will be responsible for managing mutual fund assets, which will help IndusInd Bank expand its presence in the financial services sector and tap into the growing mutual fund market.
• IndusInd Bank’s shares closed 1.30% lower at ₹1,347.70 per share on the BSE on August 19, 2024.

Recent News :

• In April 2024, IndusInd International Holdings Limited (IIHL), a Mauritius-based investment holding company, entered into a definitive agreement with Invesco Ltd. to form a joint venture, under which IIHL will acquire a 60% stake in Invesco Asset Management India Limited.

About IndusInd Bank :

• Established : April 1994
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Sumant Kathpalia
• Tagline : We Care Dil Se, We Make You Feel Richer

World Bank Issues 1st-Ever Carbon Removal Bond to Finance Amazon Reforestation      

• The World Bank (International Bank for Reconstruction and Development, IBRD) has issued a 9-year, $225 million principal-protected Amazon Reforestation-Linked Bond.
• The bond features a fixed guaranteed coupon component and a variable component linked to the generation of Carbon Removal Units (CRUs) from reforestation projects in the Amazon rainforest regions of Brazil.
• This is the first bond that links investors’ financial returns to carbon removal from the atmosphere, as opposed to previous bonds tied to the sale of carbon credits from avoided emissions.
• Through the transaction, approximately USD 36 million of capital is mobilized to support the reforestation activities of Mombak, a Brazilian-based company.
• The bond represents the largest outcome bond ever issued by the World Bank and is a pioneering financial instrument in the context of carbon removal and environmental impact.

About World Bank :

• Established : July 7, 1944
• Headquarters : Washington, D.C., United States
• President : Ajay Banga

CURRENT AFFAIRS: NATIONAL NEWS

Central Government Plans to Extend Udan Scheme for 10 More Years

• The Central Government is considering extending the Udan (Ude Desh ka Aam Nagrik) scheme for an additional 10 years.
• The extension aims to build confidence among private sector players to operate more regional flights across India.

1. Udan Scheme Overview:
   • Launch Date: October 21, 2016
   • Objective: Enhance regional air connectivity and make air travel affordable for the general population.
   • Support: Financial incentives provided through Viability Gap Funding (VGF) from the Centre, state governments, and airport operators to selected airlines.
2. Private Sector Participation:
   • The government aims to encourage private players by addressing the viability challenges on regional routes through VGF.
   • The ministry is working on a proposal for “RCS 2.0,” which would continue the scheme for another 10 years.
3. Seaplane Operations:
   • Guidelines for seaplane operations under the Udan scheme were launched.
   • The government plans to offer VGF for seaplane operations and promote the domestic design and manufacturing of aircraft, helicopters, and seaplanes.

Power Finance Corp Commits ₹21,000 Crore for India’s Largest Container Port

• State-owned Power Finance Corporation (PFC) has committed approximately ₹21,000 crore for the development of the Vadhavan Port.

1. Vadhavan Port Project:
   • Location: Palghar district, Maharashtra, along India’s western coast.
   • Total Project Cost: ₹76,220 crore.
   • Significance: Set to be India’s largest container port once completed.
2. Union Cabinet Approval:
   • The project received approval from the Union Cabinet nearly two months ago, paving the way for its development.
3. Strategic Importance:
   • The Vadhavan Port will play a critical role in enhancing India’s port infrastructure and boosting the country’s trade capabilities.

PSA Report Advocates for Electric Trucks in FAME-III Scheme

• Title: Bharat Zero Emission Trucking (ZET) Policy Advisory
• Author: Office of the Principal Scientific Adviser (PSA) to the Government of India
• Recommendation: The report advocates for the inclusion of electric trucks in the third phase of the Faster Adoption and Manufacturing of Electric Vehicles (FAME-III) scheme.

1. Goals:
   • Objective: Transition India’s trucking sector to zero-emission vehicles.
   • Target: Achieve 100% zero-emission truck sales by 2050.
2. Current Initiatives:
   • Lead Agency: Ministry of Heavy Industries (MHI)
   • Focus: MHI is spearheading various initiatives for electric trucks, including exploring potential incentives for their adoption.
3. Future Actions:
   • The inclusion of electric trucks in FAME-III is aimed at accelerating the adoption of zero-emission vehicles in the trucking sector.’

India’s Ambitious Space Economy Goals

1. Target Growth:
   • Current Status: India’s space economy is valued at $8 billion.
   • Future Ambition: Aim to reach $44 billion by 2033.
2. Global Market Share:
   • Target Market Share: India aspires to capture 8% of the global space market.
   • Export Goals: Projected export of $11 billion in space products.
3. Growth Sectors:
   • Key Areas:
     • Communications: Expected to contribute significantly to the growth.
     • Navigation: Anticipated to play a major role.
     • Earth Observation: Important for overall sector expansion.

4. National Space Day:
   • Significance: Celebrated on August 23, marking the first anniversary of Chandrayaan III’s landing on the moon’s South Pole.

NEHHDC Achieves Oeko-Tex Certification for Eri Silk

• The North-Eastern Handicrafts and Handlooms Development Corporation (NEHHDC) under the Ministry of Development of North-Eastern Region (DoNER), Govt. of India, has successfully obtained the prestigious Oeko-Tex certification for its Eri Silk, directly from Germany on the Nation’s 78th Independence Day.
• About Eri Silk:
  • Unique Characteristics: Known as the world’s only vegan silk, produced without killing the moth inside the cocoon.
  • Sustainability: The moth exits naturally, making the process ethical and eco-friendly.
• Significance of Oeko-Tex Certification:
  • Standards: Ensures textiles are free from harmful substances and produced in environmentally friendly conditions.
  • Endorsement: Validates Eri Silk’s global recognition as a sustainable textile.
• Geographical Indication (GI) Status:
  • Regional Importance: Eri Silk is a GI product of Assam, emphasizing its authenticity and regional heritage.
• Impact on Global Market:
  • Expansion: The certification facilitates Eri Silk’s entry into the global export market, enhancing its international presence.
  • Sustainability Focus: Positions Eri Silk as a leading eco-friendly fabric, reflecting NEHHDC’s commitment to sustainable practices and regional craftsmanship.
• Future Prospects:
  • Global Reach: Opens new opportunities for Eri Silk in the international textile industry.
  • Cultural Preservation: Highlights NEHHDC’s role in promoting and preserving Assam’s rich cultural heritage.

CURRENT AFFAIRS: BUSINESS NEWS

GST Rate Rationalisation Panel Moves Towards 4-Tier Slab Structure

• The ministerial panel on GST rate rationalisation largely agreed to maintain the existing 4-tier slab structure.
• The panel has tasked the committee of tax officers with analysing the implications of adjusting rates for specific items and reporting back to the GST Council.

1. Discussion on Insurance:
   • Issue: States raised concerns about GST rates on health and life insurance.
   • Next Steps: The matter has been referred to the fitment committee, which includes central and state tax officers, for detailed data analysis.
2. Upcoming Meeting:
   • Date: September 9
   • Agenda: The GST Council, chaired by Union Finance Minister Nirmala Sitharaman, will review the suggestions made by the Group of Ministers (GoM) on rate rationalisation.

Finance Ministry’s Monthly Economic Report Highlights Resilient Growth and Inflation Outlook

• The finance ministry reaffirms the projection of real GDP growth at 6.5%-7% for FY25, as outlined in the 2023-24 economic survey.
• The projection remains appropriate due to the ongoing resilience of domestic economic activities.

1. Sector Performance:
   • Manufacturing and Services: The robust performance of the manufacturing and services sectors is reflected in strong Purchasing Managers’ Indices (PMIs).
   • Drivers of Growth:
     • Manufacturing Sector: Expansion in demand conditions, an increase in new export orders, and growth in output prices are key drivers.

2. Inflation Outlook:
   • Food Inflation: There is optimism that food inflation may ease as monsoons replenish water levels in reservoirs, potentially stabilizing prices.
3. Overall Economic Resilience:
   • Domestic Activity: The resilience is evident from the performance metrics of both the manufacturing and services sectors, highlighting sustained economic activity despite broader challenges.

CURRENT AFFAIRS: MOUS AND AGREEMENT

India and the US Explore Collaborative Opportunities in Clean Energy and Manufacturing

• The Indian Power Ministry engaged with a US delegation led by John Podesta, Senior Advisor to the President for International Climate Policy.

Meeting Overview:

• US Delegation: Led by John Podesta, Senior Advisor to the President for International Climate Policy.
• Focus: Exploring technical exchanges and financial support for energy system upgrades.

Areas of Collaboration:

• Transmission Systems: Upgrading infrastructure for improved efficiency.
• Transformers: Enhancing manufacturing capacity for large transformers.
• Energy Storage: Partnership on long-duration energy storage studies and grid-scale battery solutions.

Key Discussion Points:

• Manufacturing Projects: Stimulating projects and policies to boost capacity for high-efficiency air conditioning systems and fans.
• State-to-State Partnerships: Collaborating on long-duration energy storage studies.

Outcome:

• Both India and the US reiterated their commitment to deepening cooperation in critical areas to drive the global clean energy transition.

India-Africa Bilateral Trade Targets and Collaboration Opportunities

• Bilateral trade between India and Africa reached $100 billion in 2022.
• Future Target: The aim is to double this figure to $200 billion by 2030.

1. Key Sectors for Collaboration:
   • Identified Sectors: The African Continental Free Trade Area (AfCFTA) has highlighted four sectors for potential growth:
     • Automobiles
     • Agriculture and Agro-Processing
     • Pharmaceuticals
     • Transportation and Logistics

2. Opportunities in Agriculture:
   • Focus Areas: Increased trade and cooperation in processed foods and seed technology.
   • Current Trade: Pharmaceutical exports to Africa stood at $3.8 billion in 2023.
   • Healthcare: Potential to provide affordable medicines and healthcare services.
3. Pharmaceutical and Logistics Expertise:
   • Pharmaceutical Trade: India’s expertise can help expand pharmaceutical trade and improve healthcare access.
   • Logistics: India can share best practices and expertise in logistics.
4. Capacity Building and Trade:
   • Capacity Building: Implementing tailored capacity-building programs in Africa.
   • Import Basket: There is substantial scope to broaden the range of imports from Africa.
5. International Collaboration:
   • WTO Cooperation: Both India and Africa need to collaborate effectively in the World Trade Organization (WTO) to support trade and economic goals.

CURRENT AFFAIRS : STATE NEWS

Jharkhand Chief Minister Hemant Soren Launches the Highly Anticipated Jharkhand Mukhyamantri Maiyan Samman Yojna   

• Jharkhand Chief Minister Hemant Soren launched the much-hyped Jharkhand Mukhyamantri Maiyan Samman Yojna (JMMSY).
• Soren transferred the amount to 81, 000, women with Rakshabandhan around the corner.
• Under this scheme, the state government will send ₹ 1,000 honorarium to the bank accounts of eligible women between the ages of 21 and 50 by the 15th of every month through DBT.
• A total of ₹ 12,000 will be sent to the bank accounts of all eligible women every year.
• The Chief Minister stated that his government is dedicated to the upliftment of the farmers in the state.
• The state government has decided to waive off agriculture loans up to 2 lakhs instead of just ₹ 50,000.

Recent News :

• In Aug 2024, Jharkhand Chief Minister Hemant Soren launched ‘Upasthiti (attendance) Portal’ to ensure daily attendance of doctors, para-medical staff and other employees under the state health department.

About Jharkhand :

• Governor :Santosh Kumar Gangwar
• Chief Minister : Hemant Soren
• Capital : Ranchi
• Tiger Reserve : Palamu Tiger Reserve
• Wildlife Sanctuary : Dalma Wildlife Sanctuary, Gautam Budha Wildlife Sanctuary, Udhwa Lake Bird Wildlife Sanctuary

Defence Minister Rajnath Singh Unveils Rs 100 Coin to Honor Birth Centenary of Former DMK President M. Karunanidhi, Praises Him as a ‘Titan’ of Indian Politics  

• Defence Minister Rajnath Singh released a Rs 100 commemorative coin to mark the birth centenary of late DMK president and former Tamil Nadu Chief Minister M. Karunanidhi. Singh praised Karunanidhi as a “titan” of Indian politics.
• The coin was released in the presence of Tamil Nadu Chief Minister MK Stalin, who is the son of M. Karunanidhi.

Key Highlights :

Coin Specifications:

• Weight: 35 grams.
• Diameter: 44 millimetres.
• Edge: 200 serrations.
• Composition: Made of an alloy with 50% silver, 40% copper, 5% nickel, and 5% zinc.
• Design Features:The reverse side of the coin features a portrait of M. Karunanidhi with his signature below.
• The inscription “The Birth Centenary of Kalaignar M Karunanidhi” is in English on the right periphery of the coin.
• The years “1924-2024” are written at the bottom.
• Nature of Commemorative Coins:Commemorative coins are issued to celebrate specific events, honor notable individuals, or promote messages.
• They feature unique designs related to the occasion and are often minted in larger denominations than regular coins.
• Typically, these coins are produced in limited quantities and are considered collectors’ items by the Reserve Bank of India (RBI).
• Issuance Authority: The Reserve Bank of India (RBI), under the Union Finance Ministry, holds the sole authority to mint and issue Indian currency, including commemorative coins.
• The final decision to issue commemorative coins is made by the Union Finance Ministry.
• Historical Context: India’s first commemorative coin was issued in 1964 after the death of Prime Minister Jawaharlal Nehru.
• Requests for Commemorative Coins: State governments, government-run cultural institutions, or private organizations can request the issuance of commemorative coins.

About Tamil Nadu :

• Governor: R. N. Ravi
• Chief minister: M. K. Stalin
• Capital: Chennai
• Dance : Bharatnatyam, Karakattam
• National Park: Mudumalai National Park, Mukurthi National Park, Guindy National Park, Gulf of Mannar Marine National Park
• Wildlife Sanctuaries: Kalakad Wildlife Sanctuary, Karikili Bird Sanctuary, Vedanthangal Bird Sanctuary
• Tiger Reserve: Anamalai Tiger Reserve
• Biosphere Reserve : Agasthyamalai Biosphere Reserve

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Ashok Kumar Singh Assumes Role as Director General of Employees’ State Insurance Corporation   

• Ashok Kumar Singh has been appointed as the Director General of the Employees’ State Insurance Corporation (ESIC), which operates under the Ministry of Labour & Employment, Government of India.

About Ashok Kumar Singh :

• Ashok Kumar Singh is an Indian Administrative Service (IAS) officer from the 1999 batch, belonging to the Kerala cadre.
• Earlier, he has worked as a Principal Secretary, Water Resources Department, Govt. of Kerala.
• He has got vast experience of governance and management of District and State level organisations.
• At the centre level, he has served as the Executive Director of the National Mission for Clean Ganga, as Joint Secretary in the Ministry of Defence and as Director in the Ministry of Finance in the Govt. of India.

About ESIC :

• Established : 24 February 1952
• Headquarters : New Delhi, India
• ESIC is one of the two main statutory social security bodies under the administrative control of the Ministry of Labour and Employment, the other being the Employees’ Provident Fund Organisation.

Central Government Approves Senior-Level Bureaucratic Reshuffle and New Appointments    

• The Appointments Committee of the Cabinet (ACC) approved a series of postings and reshuffle at senior bureaucratic positions in various departments and ministries.

Appointments :

• Department of Personnel and Training: Vivek Joshi (IAS, Haryana cadre), Secretary of the Department of Financial Services under the Finance Ministry, is appointed as Secretary, the Department of Personnel and Training.
• Department of Defence: Rajesh Kumar Singh (IAS, Kerala cadre), currently Secretary, Department for Promotion of Industry and Internal Trade, appointed as Officer on Special Duty in the Department of Defence.
• He will assume the role of Secretary of, the Department of Defence, after the tenure of incumbent Aramane Giridhar ends on October 31, 2024. Singh’s tenure has been extended until October 31, 2026.
• Ministry of Housing and Urban Affairs: Katikithala Srinivas (IAS, Gujarat cadre), Secretary (Minority Affairs), posted as Secretary.
• Department of Expenditure: Manoj Govil (IAS, Madhya Pradesh cadre), currently Secretary in the Corporate Affairs Ministry, appointed as Secretary.
• Cabinet Secretariat (Coordination): Vandana Gurnani (IAS, Karnataka cadre) appointed as Secretary (Coordination).
• Ministry of Minority Affairs:Chandra Sekhar Kumar (IAS, Odisha cadre), Special Secretary in the Panchayati Raj Ministry, appointed as Secretary.
• Neelam Shammi Rao (IAS, Madhya Pradesh cadre), former Central Provident Fund Commissioner, appointed as Secretary, National Commission for Minorities.
• Department of Health and Family Welfare: Punya Salila Srivastava (IAS, AGMUT cadre), Special Secretary in the Prime Minister’s Office, appointed as Officer on Special Duty. She will take over as Secretary upon Apurva Chandra’s superannuation.
• Corporate Affairs: Deepti Gaur Mukherjee (IAS, Madhya Pradesh cadre), CEO of the National Health Authority, appointed as Secretary.
• President’s Secretariat: Deepti Umashankar (IAS, Haryana cadre), Establishment Officer and Additional Secretary, DoPT, appointed as Officer on Special Duty to the President of India. She will assume the role of Secretary to the President upon the superannuation of Rajesh Verma on August 31.
• National Authority Chemical Weapons Convention: Sukriti Likhi (IAS, Haryana cadre), Additional Secretary and Financial Adviser, Steel Ministry, appointed as Officer on Special Duty. She will become Chairman on Mukhmeet Singh Bhatia’s retirement on September 30.
• Department of Defence Production: Sanjeev Kumar (IAS, Maharashtra cadre), former Chairman of Airports Authority of India, appointed as Secretary.
• Department for Promotion of Industry and Internal Trade: Amardeep Singh Bhatia (IAS, Nagaland cadre), Additional Secretary in the Department of Commerce, appointed as Secretary.
• Ministry of New and Renewable Energy: Prashant Kumar Singh (IAS, Manipur cadre), CEO of Government e-Marketplace Special Purpose Vehicle, to take over as Secretary upon Bhupinder Singh Bhalla’s superannuation on September 30.
• Department of Drinking Water and Sanitation: Ashok Kumar Kaluram Meena (IAS, Odisha cadre), Chairman and Managing Director of the Food Corporation of India, will become Secretary following Vini Mahajan’s superannuation on October 31.
• Department of Financial Services: Nagaraju Maddirala (IAS, Tripura cadre), Additional Secretary, Coal, appointed as Secretary.
• Atomic Energy Commission: Pankaj Kumar Mishra (IRS) appointed as Member-Finance.
• National Commission for Backward Classes: A. Neeraja (Indian Forest Service), Special Secretary, Department of Fertilisers, to take over as Secretary upon Ashish Upadhyaya’s superannuation on September 30.
• Special Secretary Upgrades:
• Sunil Paliwal (IAS, Tamil Nadu cadre) was promoted in-situ to Chairman, Chennai Port Trust.
• Vikram Dev Dutt (IAS, AGMUT cadre) was promoted in-situ as Director General, Directorate General of Civil Aviation.

Parvathaneni Harish Named India’s Permanent Representative to the United Nations    

• The Ministry of External Affairs appointed seasoned diplomat Parvathaneni Harish as India’s next Permanent Representative to the United Nations in New York.
• The position of India’s ambassador or permanent representative to the UN has been lying vacant after Ruchira Kamboj retired in June.

About Parvathaneni Harish :

• Harish, a 1990-batch Indian Foreign Service officer, is presently serving as India’s ambassador to Germany.

Previous Roles:

• Additional Secretary (Economic Relations) in the Ministry of External Affairs, overseeing economic diplomacy and relations with other countries.
• Led the multilateral economic relations division and served as Deputy Sherpa for G20, G7, BRICS, and IBSA.
• Served in Indian missions in Egypt and Saudi Arabia, and as India’s representative to the Palestinian Authority stationed in Gaza.
• Worked with the United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA) as Chief of the Policy Analysis Unit in Gaza.
• Held positions such as Officer on Special Duty to the Vice President (2007-2012), Consul General in Houston (2012-2016), and Ambassador to Vietnam (2016-2019).

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

Competition Commission of India approves IndusInd International Holdings Limited’s stake acquisition in Invesco Asset Management (India) and Invesco Trustee Private Limited   

• The Competition Commission of India (CCI) approved the acquisition of a 60% shareholding in Invesco Asset Management (India) Private Limited and Invesco Trustee Private Limited by IndusInd International Holdings Limited (IIHL).

Key Highlights :

Entities Involved:

• IndusInd International Holdings Limited (IIHL): A Global Business License (Category 1) company based in Mauritius, primarily involved in investment holding across various sectors.
• Invesco Asset Management (India) Private Limited (Invesco AMC): Asset management company for Invesco Mutual Fund, registered under SEBI (Mutual Funds) Regulations, 1996.
• Invesco Trustee Private Limited (Invesco Trustee): Trustee company for Invesco Mutual Fund.
• Structure of Acquisition: IIHL will make the acquisition through its wholly owned subsidiary, IIHL AMC Holdings Limited, specifically incorporated for this purpose.
• Regulatory Compliance: Both Invesco AMC and Invesco Trustee are approved by SEBI, with Invesco AMC also registered as a portfolio manager under SEBI (Portfolio Managers) Regulations, 2020.
• Significance of the Deal: This acquisition allows IIHL to expand its investment portfolio in the financial services sector, particularly in asset management and trustee services in India.

About CCI :

• Established : 14 October 2003
• Headquarters : New Delhi, India
• Chairman : Ravneet Kaur
• The CCI is the chief national competition regulator in India.
• It is a statutory body within the Ministry of Corporate Affairs and is responsible for enforcing the Competition Act, 2002 to promote competition and prevent activities that have an appreciable adverse effect on competition in India.

Pine Labs Gets National Company Law Tribunal approval for Merging Its Domestic and Singapore Operations   

• Fintech major Pine Labs has received an initial approval from the National Company Law Tribunal (NCLT) to merge its entities in India and Singapore.
• The company will file a second motion with the NCLT for final approval after the initial motion has been approved.
• The development comes as the Singapore-based digital payments company is shifting its domicile back to India.
• The cost of the reverse flipping could not be acsertained.
• The merger is expected to lead to a reduction in overhead expenses such as administrative and statutory compliances.
• The company had previously received approval from a Singapore Court to relocate its base to India.
• Pine Labs is potentially planning an initial public offering (IPO) worth $1 billion, which would be the largest IPO by an Indian fintech firm since Paytm’s 2021 listing.

About Pine Labs :

• Founded : 1998
• Headquarters : Noida, Uttar Pradesh
• Executive Chairman : Lokvir Kapoor
• CEO : B.Amrish Rau
• Pine Labs is an Indian company that provides point of sales systems and payment systems.

About NCLT :

• The NCLT is a quasi-judicial body in India that adjudicates issues relating to Indian companies.
• The tribunal, established under the Companies Act 2013, was constituted on 1 June 2016 by the government of India and is based on the recommendation of the Balakrishna Eradi committee on law relating to the insolvency and the winding up of companies.

CCI approves Mango Crest Investment Limited’s acquisition of stake in Shriram Housing Finance Limited   

• The Competition Commission of India (CCI) has approved the acquisition of shareholding in Shriram Housing Finance Limited by Mango Crest Investment Limited.
• Mango Crest Investment Ltd. is a company incorporated in the Republic of Mauritius.
• The principal business activity of the Acquirer is undertaking investment holding activities.
• Shriram Housing Finance Limited is a housing finance company registered with the National Housing Bank.

CCI approves Advent’s acquisition of Apollo Healthco via Rasmeli, Apollo Healthco’s acquisition of Keimed, and Keimed’s merger into Apollo Healthco  

• The Competition Commission of India (CCI) has approved the proposed combination involving the acquisition by Advent (through Rasmeli) in Apollo Healthco, the acquisition by Apollo Healthco in Keimed and the Merger of Keimed into Apollo Healthco.

Transaction Breakdown:

• Advent’s Investment: Advent, through its entity Rasmeli Limited, will make a minority investment in Apollo Healthco Limited (AHL) in two tranches.
• AHL’s Acquisition in Keimed: AHL will acquire shares in Keimed through primary and secondary transactions, phased over time.
• Merger of Keimed into AHL: Following Advent’s investment, Keimed will be merged into AHL within a specified timeframe.
• Additional Investment by Apollo Hospitals Enterprise Limited (AHEL): AHEL will invest in AHL by subscribing to equity shares through preferential allotment and a bonus issuance.

Entities Description:

• Rasmeli Limited: An investment holding entity based in Cyprus with no direct activities or presence in India.
• Apollo Hospitals Enterprise Limited (AHEL): An Indian healthcare company involved in tertiary and secondary healthcare, hospital management, consultancy services, and retail healthcare.
• Apollo Healthco Limited (AHL): Operates the “Apollo 24|7” digital healthcare platform and engages in pharmacy distribution.
• Keimed Private Limited: Involved in the wholesale distribution of pharmaceuticals, medical equipment, and other healthcare products.

CURRENT AFFAIRS: SPORTS NEWS

First Women’s Test Match at Lord’s in 2026

• The England and Wales Cricket Board (ECB) announced that Lord’s, often called the ‘home of cricket,’ will host its first-ever women’s Test match in 2026.
• The historic match will feature the national teams of India and England, marking a significant moment in women’s cricket.
• Schedule: The Test match is scheduled to follow a three-match ODI series between India and England in July 2025, as per the ECB’s official announcement.
• Venue History: While Lord’s has hosted England Women’s limited-overs games over the past three seasons, this will be the venue’s inaugural Test match for women.
• Match Duration: It remains to be decided whether the Test will be played over four or five days

ICC Undergoes Leadership Transition with Departure of Indra Nooyi and Search for New Chairman

• The International Cricket Council (ICC) is undergoing a significant leadership transition following the completion of Indra Nooyi’s six-year term as the first female independent director and the upcoming election for a new chairman.
• Indra Nooyi, former CEO of PepsiCo, made history in 2018 as the first female independent director of the ICC, marking a pivotal moment for the organization in promoting diversity and inclusion at the leadership level.
• Role of Independent Director: The ICC statute mandates the inclusion of a female independent director to ensure representation and promote gender equality within the sport.
• This individual will serve an initial two-year term and has voting rights during the chairman’s election, highlighting the position’s importance.
• Chairman Election: The ICC is also in the process of selecting a new chairman following Greg Barclay’s decision not to seek a third term. This change signifies a crucial period of transition for the ICC’s governance.
• Global Impact: The outcomes of these leadership changes will be closely observed, as they will significantly influence the future direction and governance of cricket on a global scale.

CURRENT AFFAIRS: IMPORTANT DAYS

National Space Day 2024: August 23, 2024

Date of Celebration:

• August 23, 2024

Significance:

• Marks the first National Space Day in India, commemorating the first anniversary of the successful Chandrayaan-3 mission.

Historical Context:

• Chandrayaan-3 Achievement: On August 23, 2023, India became the fourth nation to successfully land on the moon. This milestone demonstrated ISRO’s advancing capabilities, instilling national pride and earning international recognition.

Theme: “Touching Lives while Touching the Moon”

• Technological Advancements: Highlights India’s progress in space technology and innovation.
• Societal Impact: Emphasizes the positive effects of space exploration on daily life and national development.
• Economic Growth: Reflects how space technology contributes to economic prosperity and spinoff technologies.
• International Cooperation: Demonstrates India’s commitment to global space research and collaboration.

Chandrayaan Missions Overview:

• Chandrayaan-1: Launched in October 2008, India’s first lunar mission discovered water molecules on the Moon, laying the groundwork for future missions.
• Chandrayaan-2: Launched in July 2019, this mission faced challenges with the Vikram lander’s landing but continues to provide valuable lunar data via its orbiter.
• Chandrayaan-3:
  • Mission Objectives:
    • Achieve a controlled soft landing near the Moon’s south pole.
    • Deploy the Pragyan rover for lunar exploration.
    • Continue scientific studies on lunar surface composition, seismic activity, the lunar exosphere, and water presence.
  • Components:
    • Lander (Vikram): For soft landing.
    • Rover (Pragyan): For terrain exploration and scientific experiments.
    • Propulsion Module: To transport the lander and rover to lunar orbit.

Celebrations and Activities:

• Events: Over 1,000 nationwide events organized to celebrate National Space Day.
• Notable Activities: Bharatiya Antariksh Hackathon, ISRO Robotics Challenge, and educational events at institutions like the Jawaharlal Nehru Planetarium in Bengaluru.

Daily CA One- Liner: August 24

• The Central Government is considering extending the Udan (Ude Desh ka Aam Nagrik) scheme for an additional 10 years
• State-owned Power Finance Corporation (PFC) has committed approximately ₹21,000 crore for the development of the Vadhavan Port
• PSA Report Advocates for Electric Trucks in FAME-III Scheme
• India’s space economy is valued at $8 billion.
• The Northeastern Handicrafts and Handlooms Development Corporation (NEHHDC) under the Ministry of Development of North-Eastern Region (DoNER), Govt. of India, has successfully obtained the prestigious Oeko-Tex certification for its Eri Silk, directly from Germany on the Nation’s 78th Independence Day
• The ministerial panel on GST rate rationalisation largely agreed to maintain the existing 4-tier slab structure
• The finance ministry reaffirms the projection of real GDP growth at 6.5%-7% for FY25, as outlined in the 2023-24 economic survey
• The Indian Power Ministry engaged with a US delegation led by John Podesta, Senior Advisor to the President for International Climate Policy
• Bilateral trade between India and Africa reached $100 billion in 2022
• The England and Wales Cricket Board (ECB) announced that Lord’s, often called the ‘home of cricket,’ will host its first-ever women’s Test match in 2026
• The International Cricket Council (ICC) is undergoing a significant leadership transition following the completion of Indra Nooyi’s six-year term as the first female independent director and the upcoming election for a new chairman.
• Marks the first National Space Day in India, commemorating the first anniversary of the successful Chandrayaan-3 mission on August 23
• The Reserve Bank of India (RBI) has incorporated the auto replenishment of Fastags and national common mobility cards (NCMCs) into the e-mandate framework.
• PGIM India Mutual Fund has announced the launch of PGIM India Multi Cap Fund, an open-ended equity scheme investing across large-cap, mid-cap and small-cap stocks.
• LIC Housing Finance raised ₹1,050 crore through a bond issue with a 5-year maturity period at a coupon rate of 7.75%.
• IndusInd Bank has received approval from the Reserve Bank of India (RBI) to establish a wholly-owned subsidiary focused on asset management in the mutual fund sector.
• The World Bank (International Bank for Reconstruction and Development, IBRD) has issued a 9-year, $225 million principal-protected Amazon Reforestation-Linked Bond.
• Jharkhand Chief Minister Hemant Soren launched the much-hyped Jharkhand Mukhyamantri Maiyan Samman Yojna (JMMSY).
• Defence Minister Rajnath Singh released a Rs 100 commemorative coin to mark the birth centenary of late DMK president and former Tamil Nadu Chief Minister M. Karunanidhi. Singh praised Karunanidhi as a “titan” of Indian politics.
• Ashok Kumar Singh has been appointed as the Director General of the Employees’ State Insurance Corporation (ESIC), which operates under the Ministry of Labour & Employment, Government of India.
• The Appointments Committee of the Cabinet (ACC) approved a series of postings and reshuffling at senior bureaucratic positions in various departments and ministries.
• The Ministry of External Affairs appointed seasoned diplomat Parvathaneni Harish as India’s next Permanent Representative to the United Nations in New York.
• The Competition Commission of India (CCI) approved the acquisition of a 60% shareholding in Invesco Asset Management (India) Private Limited and Invesco Trustee Private Limited by IndusInd International Holdings Limited (IIHL).
• Fintech major Pine Labs has received initial approval from the National Company Law Tribunal (NCLT) to merge its entities in India and Singapore.
• The Competition Commission of India (CCI) has approved the acquisition of shareholding in Shriram Housing Finance Limited by Mango Crest Investment Limited.
• The Competition Commission of India (CCI) has approved the proposed combination involving the acquisition by Advent (through Rasmeli) in Apollo Healthco, the acquisition by Apollo Healthco in Keimed and the Merger of Keimed into Apollo Healthco.

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