Daily Current Affairs January 01st 2025 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India Governor projects improved economic outlook for 2025

• Despite facing global uncertainties, the Reserve Bank of India (RBI) Governor Sanjay Malhotra is optimistic about India’s economic prospects, citing high consumer and business confidence in 2025 and expecting an improvement in the second half of the financial year.

Key Highlights :

• Focus on Financial Stability: Malhotra emphasized that the RBI’s focus remains on preserving financial stability, supporting higher economic growth, and ensuring systemic stability in financial institutions.
• Growth and Inflation: India recorded a slowdown in GDP growth to 5.4% in Q2 of FY24, with a 6% growth in the first half of the fiscal year.
• There are discussions about the possibility of RBI reducing policy rates to support growth, especially as inflation moderates.
• Strong Business Confidence: The RBI Governor highlighted that businesses are entering 2025 with robust balance sheets and high profitability, contributing to an improved investment scenario.
• Financial Sector Resilience: Malhotra noted that financial sector regulators are intensifying reforms and strengthening surveillance.
• Stress test results indicate that both banks and NBFCs will maintain capital levels above regulatory minimums even under adverse scenarios.
• Commitment to Financial Inclusion: Malhotra reaffirmed the RBI’s commitment to developing a modern, customer-centric, technologically advanced, and financially inclusive financial system to support India’s growth aspirations.
• Global Economic Resilience: While acknowledging challenges from geopolitical conflicts, trade uncertainties, and economic policy issues,Malhotra pointed out that the global economy shows resilience, and declining inflation may help improve global purchasing power.
• Medium-Term Outlook and Risks: The medium-term outlook remains uncertain, with risks from geopolitical tensions, financial market instability, climate events, and rising global indebtedness.
• Other risks include asset valuation concerns, challenges in the non-bank financial sector, and new emerging technologies.

About RBI :

• Established : 1 April 1935
• Headquarters : Mumbai, Maharashtra, India
• Governor : Sanjay Malhotra

Reserve Bank Innovation Hub Teams Up with Digital Lender Vivifi Finance to Launch Pilot for Unsecured Loans to Gig Workers

• The Reserve Bank Innovation Hub (RBIH) has partnered with Vivifi Finance to launch a pilot project aimed at providing unsecured loans to gig workers.
• The pilot aims to develop a digital platform for providing loans to cab-hailing app drivers, such as those working with Ola and Uber, food delivery drivers employed by Swiggy and Zomato, and other gig workers.

Key Highlights :

• The RBI innovation hub is running a pilot with Vivifi Finance and three other gig platforms, where alternate data is being used to underwrite these gig workers.
• The Reserve Bank Innovation Hub is a wholly owned subsidiary of the Reserve Bank of India (RBI), established to promote and foster an environment that accelerates innovation across the financial sector.
• Unified Lending Interface (ULI) is a digital public infrastructure designed to provide lenders with access to critical financial, non-financial, and alternative data for informed credit decisions.
• Currently, 36 lenders, including banks and NBFCs, are onboarded, leveraging over 50 data services such as authentication, land records from six states, satellite data, property searches, dairy insights, and document verification.
• The RBIH initially launched the Public Tech Platform for Frictionless Credit to develop an end-to-end digital solution for agriculture loans.
• This platform was subsequently renamed the Unified Lending Interface and entered its pilot phase on August 17, 2023.

About Vivifi India :

• Vivifi India was founded by Anil K Pinapala and Srinath Kompella in 2016.
• It offers buy now, pay later (BNPL) services through its major product FlexSalary, an instant personal emergency line of credit.

India’s current account deficit slightly decreases to 1.2% of GDP in Q2FY25

• India’s Current Account Deficit (CAD) marginally reduced to 1.2% of GDP in Q2 FY25, compared to 1.3% in the same quarter of the previous year.

Key Highlights :

• Factors Contributing to Reduction: The reduction in CAD was attributed to:
• Increase in net services receipts
• Rise in private transfer receipts
• Growth in foreign portfolio investment (FPI) inflows
• Higher non-resident deposit inflows
• Absolute CAD Figures: The CAD in absolute terms stood at $11.2 billion in Q2 FY25, slightly down from $11.3 billion in Q2 FY24.
• Foreign Direct Investment (FDI): Net FDI recorded an outflow of $2.2 billion in Q2 FY25, higher than the $0.8 billion outflow during the same period last year.
• Merchandise Trade Deficit: The merchandise trade deficit increased to $75.3 billion in Q2 FY25, compared to $64.5 billion in Q2 FY24.
• Non-Resident Deposits: Net inflows from non-resident deposits (NRI deposits) increased to $6.2 billion in Q2 FY25, up from $3.2 billion in the previous year.
• Half-Year CAD Figures: For the first half of FY25 (April-September), CAD stood at $21.4 billion or 1.2% of GDP, slightly higher than $20.2 billion or 1.2% of GDP in the same period of the previous year.

Reserve Bank of India Introduces Guidelines for Reporting Gold Derivative Transactions to Clearing Corporation of India Limited Trade Repository 

• The Reserve Bank of India (RBI) mandates that Authorized Dealer Category-I Banks report gold derivative transactions to the Clearing Corporation of India Limited. (CCIL) trade repository.
• Effective Date: The reporting requirement will start from February 1, 2025 for all over-the-counter (OTC) transactions in gold derivatives conducted by banks and eligible customers.
• Report Submission: Banks must submit reports by noon (12:00 PM) on the next business day, including any amendments or unwinding of transactions.
• Retrospective Reporting: Banks are required to retrospectively report all matured and outstanding transactions from April 15, 2024, to February 28, 2025, to ensure data completeness.
• Quarterly Reporting: Banks must submit a quarterly report on gold derivative transactions at exchanges in International Financial Services Centres (IFSC) and overseas, including transactions by eligible customers/constituents at IFSC exchanges.
• This report should be submitted within ten days of the succeeding quarter, starting from the quarter ending December 31, 2024.
• Legal Framework: These guidelines are issued under the powers vested in the RBI under Section 45W of the RBI Act, 1934, Foreign Exchange Management Act, 1999, and Banking Regulation Act, 1949.
• Scope: The guidelines apply to both domestic market transactions and those conducted in International Financial Services Centres (IFSC) or overseas.

ICICI Prudential Life and RGA unveil insurance product addressing women’s specific health conditions

• ICICI Prudential Life Insurance has partnered with Reinsurance Group of America (RGA) to launch a unique health insurance product.
• The product specifically caters to women’s health, covering critical illnesses and surgeries.
• Critical Illness Coverage:The product provides an instant payout of up to 100% of the health cover amount upon the diagnosis of critical illnesses.
• Key covered conditions include breast cancer, cervical cancer, uterine cancer, and heart ailments.
• Premium Guarantee and Payment Flexibility:ICICI Pru Wish offers a premium guarantee for 30 years, helping customers plan their premium payments better.
• It also allows customers to take a premium sabbatical for up to 12 months during the premium payment term.
• Target Audience:The product is designed to address health risks specific to women, providing financial support in case of critical illnesses.
• Sunil Sharma, Chief Executive Officer, Reinsurance Group of America.

About ICICI Prudential Life Insurance :

• Founded : 2000
• Headquarters : Mumbai, Maharashtra
• MD & CEO : Anup Bagchi
• It was established as a joint venture between ICICI Bank Limited and Prudential Corporation Holdings Limited

CURRENT AFFAIRS: NATIONAL NEWS

MeitY Plans to Double Subsidy for Semiconductor Startups Under Revised DLI Scheme

• The Ministry of Electronics and IT (MeitY) is proposing a significant revamp to the Design-Linked Incentive (DLI) scheme, a key pillar of India’s Rs 76,000-crore semiconductor incentive programme.
• The proposed enhancements aim to boost the scheme’s effectiveness by addressing funding challenges faced by startups and attracting larger players to the ecosystem.

Proposed Revisions to the DLI Scheme

1. Increased Startup Subsidies

• Current Subsidy: Rs 15 crore.
• Proposed Subsidy: Rs 30 crore to support startups developing intellectual property (IP) for semiconductor designs.

2. Capex-Linked Subsidies for Larger Companies

• MeitY is exploring capital expenditure-linked subsidies to attract fabless companies focused on chip design and IP creation within India.
• This initiative aligns with fiscal incentives for setting up fabrication units under the broader semiconductor policy.

Challenges with the Existing DLI Scheme

• Out of approximately 60 applications, only 14 startups have benefited.
• The initial target was to support 100 startups, but most applicants lacked stable client bases or faced approval hurdles.
• Startups struggle with funding-intensive processes such as prototype production and tapeout (final manufacturing stage).

Financial Overview

• DLI Allocation: Rs 1,000 crore from the total Rs 76,000 crore semiconductor incentive fund.
• Unclaimed Incentives: Despite startups being eligible for deployment-linked incentives (4-6% of net sales), no designs have reached deployment, leaving funds unutilized.

Income Tax Relief: CBDT Extends Vivad Se Vishwas Scheme Deadline to January 31, 2025

• The Central Board of Direct Taxes (CBDT) has extended the Vivad Se Vishwas Scheme 2024 deadline by one month, moving it from December 31, 2024, to January 31, 2025.
• This extension gives taxpayers more time to resolve disputes at reduced tax rates, avoiding an additional 10% tax penalty.

Key Highlights

New Deadline Details

• Previous Deadline: December 31, 2024.
• Extended Deadline: January 31, 2025.
• Applications filed by this new deadline will benefit from lower tax rates under the scheme.
• Starting February 1, 2025, a 10% higher tax rate will apply to new applications.

Benefits of the Extension

1. Cost Savings:
   Taxpayers can settle disputes without incurring the additional 10% tax surcharge, ensuring smoother resolutions.
2. Simplified Dispute Resolution:
   The scheme facilitates settlements by requiring taxpayers to pay a reduced disputed tax amount plus specified percentages of penalties and interest.
3. Rates Before and After January 31, 2025:
   • Before January 31:
     • 100% of disputed tax.
     • 25% of disputed penalty/interest.
   • After January 31:
     • 110% of disputed tax.
     • 30% of disputed penalty/interest.

Who Can Avail of the Scheme?

The Vivad Se Vishwas Scheme 2024 applies to cases under appeal with:

• Commissioner (Appeals).
• Dispute Resolution Panel (DRP).
• Income Tax Appellate Tribunal (ITAT).
• High Court.
• Supreme Court.

Call to Action for Taxpayers

Taxpayers with pending disputes are urged to use this extended window to:

• Resolve disputes at lower costs.
• Avoid the higher tax burden post-February 1, 2025.

Pharma Industry Faces Crisis as Revised Schedule M GMP Norms Take Effect in January 2025

• The revised Schedule M guidelines for Good Manufacturing Practices (GMP), effective January 2025, have put significant pressure on India’s pharmaceutical industry, especially on Micro, Small, and Medium Enterprises (MSMEs).
• With the deadline fast approaching and no extension in sight, many companies risk non-compliance and potential shutdowns.

Key Challenges for the Industry

Non-Compliance Among MSMEs

• Out of 10,500 drug manufacturing units, only 2,000 units comply with the WHO’s GMP norms.
• 80% of these units are MSMEs, which face significant financial and infrastructural hurdles in meeting the revised norms.

Stricter GMP Norms

• The revised guidelines require:
  • Enhanced physical infrastructure and air handling units.
  • Product development reports, process validation, and method validation studies.
  • Pharmacovigilance and post-marketing studies.

Financial Constraints

• MSMEs find it difficult to absorb the compliance costs without price hikes or financial assistance.

Wealth Disparities Among India’s Chief Ministers: ADR Report Analysis

• The Association for Democratic Reforms (ADR), along with the National Election Watch (NEW), has released a report analyzing the self-declared affidavits of India’s 31 Chief Ministers.
• The data highlights significant wealth disparities and provides insights into criminal records, gender representation, and financial trends.

Key Findings

Richest and Poorest Chief Ministers

1. Wealthiest CMs
   • N. Chandrababu Naidu (Andhra Pradesh): ₹931 crore.
   • Pema Khandu (Arunachal Pradesh): ₹332 crore.
   • Siddaramaiah (Karnataka): ₹51 crore.
2. Poorest CMs
   • Mamata Banerjee (West Bengal): ₹15 lakh.
   • Omar Abdullah (Jammu and Kashmir): ₹55 lakh.
   • Pinarayi Vijayan (Kerala): ₹1.18 crore.

Wealth Gap

• The gap between the wealthiest (Naidu) and poorest (Banerjee) CMs is ₹930 crore.

Aggregate Data

• Total Assets of 31 CMs: ₹1,630 crore.
• Average Assets per CM: ₹52.59 crore.
• Average Annual Income of a CM: ₹13,64,310—7.3 times the national per capita income of ₹1,85,854 (2023-24).

Debt Levels

• Pema Khandu: ₹180 crore (highest debts).
• Siddaramaiah: ₹23 crore.
• N. Chandrababu Naidu: Over ₹10 crore.

Criminal Cases

• 13 CMs (42%): Declared criminal cases.
• 10 CMs (32%): Declared serious criminal charges, including attempted murder, kidnapping, bribery, and intimidation.

Gender Representation

• Only two women among 31 CMs:
  • Mamata Banerjee (West Bengal).
  • Atishi (Delhi).

MNRE Introduces ₹100 Crore Payment Security Fund for Renewable Energy Installations

• The Ministry of New & Renewable Energy (MNRE) has unveiled new guidelines establishing a ₹100 crore Payment Security Fund (PSM) to support the Renewable Energy Service Company (RESCO) and Utility-Led or State-Led Aggregation (ULA) models under the PM Surya Ghar: Muft Bijli Yojana.
• This fund aims to de-risk investments and ensure timely payments for rooftop solar (RTS) installations under these models.

Key Highlights of the Guidelines

Purpose of the Payment Security Mechanism (PSM-RTS):

• Objective: To de-risk investments in RESCO-based models for rooftop solar systems by providing timely payments.
• Management: The fund will be administered by the National Programme Implementation Agency (NPIA) and maintained in an interest-bearing bank account.
• Corpus Size: ₹100 crore, with potential for supplementation through grants or other funding sources.

RESCO and ULA Models Explained:

• RESCO Model:
  A third party invests (wholly or partly) in rooftop solar installations.
• ULA Model:
  A state entity aggregates consumer requirements and invests (wholly or partly) on behalf of consumers.

Mechanism for Fund Utilization

1. Timely Payments to Developers:
   • RESCO developers insulated from delays in payments from distribution companies (Discoms) or contracting parties.
2. ULA Access:
   • States and Union Territories can utilize the PSM-RTS to provide payment security for projects awarded through transparent bidding processes.
3. One-Time PSM Fee:
   • RESCOs under ULA must contribute ₹2,000 per installation to the PSM corpus.

Bilateral Agreements and State Commitments

1. NPIA Agreements:
   • NPIA will enter agreements with state-designated entities to ensure regular payment settlements.
2. State Guarantees:
   • States must provide guarantees for RESCO payments and commit to paying dues and interest for delayed payments.

Payment and Penalty Provisions

1. Utility Settlement Timeline:
   • Utilities must settle RESCO claims within 15 days of the claim being raised.
2. Role of NPIA:
   • If utilities fail, NPIA will pay the RESCOs directly and recover the dues from utilities, including applicable interest.
3. Late Payment Surcharges:
   • Utilities are required to pay interest on delays, based on SBI’s marginal cost of funds lending rate (MCLR) plus a percentage penalty:
     • First month: 5% above the MCLR.
     • Additional months: Incremental increase of 0.5%, capped at 3% above the base rate.

Additional Provisions

• Supplementary Funding:
  The PSM may receive additional funds with MNRE approval.
• Late Payment Surcharge Rules, 2022:
  These rules apply to ULA entities functioning as distribution utilities.

CCI Conducts Market Study on Renewable Energy Competition Across BRICS Nations

• The Competition Commission of India (CCI) is conducting a study to analyze competition issues in the renewable energy sector across BRICS nations.
• The study is being carried out under the BRICS framework, as stated by CCI Chairperson Ravneet Kaur.
• Other Ongoing Study:
  • The CCI is also conducting a market study on Artificial Intelligence (AI) and its impact on competition.
• BRICS Grouping:
  • The original BRICS countries were Brazil, Russia, India, China, and later South Africa joined the bloc.
  • Several other countries have since expressed interest in joining or collaborating with BRICS.
• Study Areas:
  • CCI explores market dynamics and enforcement priorities to identify areas where market studies are needed to ensure competitive practices in emerging sectors like renewable energy and AI.

India to Host First-ever World Audio Visual Entertainment Summit (WAVES) in 2024

• India will host the World Audio Visual Entertainment Summit (WAVES) for the first time in February 2025.
• Prime Minister Narendra Modi announced this during his ‘Mann ki Baat’ radio address

Key Highlights:

• Event Overview:
  • Name: World Audio Visual Entertainment Summit (WAVES)
  • Dates: February 5-9, 2024
  • Venue: New Delhi, India
  • Purpose: To showcase India’s creative talent and establish the country as a global hub for content creation and creative collaboration.
• PM Modi’s Address:
  • Prime Minister Narendra Modi announced WAVES during his ‘Mann Ki Baat’ radio address.
  • WAVES is positioned as a landmark initiative for India’s entertainment and creative industries, with an invitation for creators from Bollywood, regional cinema, TV, animation, gaming, and entertainment technology sectors to participate.
• Significance of WAVES:
  • The summit aims to foster global collaborations and partnerships between Indian and international creative professionals.
  • Objective: To position India as a leading player in the creator economy, contributing to the nation’s goal of becoming a $5 trillion economy.
  • Reflects India’s dynamic spirit and the potential of young creators.
• Comparison to Global Events:
  • WAVES is likened to the World Economic Forum for its potential to draw global attention and influence in the media and entertainment sectors.
• Tributes to Indian Cinema Legends:
  • Celebrating the 100th birth anniversaries of:
    • Raj Kapoor: Recognized for showcasing India’s soft power through cinema.
    • Mohammed Rafi: Honored for his timeless voice and contributions to Indian music.
• Acknowledging Industry Pioneers:
  • Akkineni Nageswara Rao: Elevated Telugu cinema and reflected Indian traditions.
  • Tapan Sinha: Known for his socially conscious films, inspiring unity and awareness.
• Technological Advancements:
  • The event will highlight India’s progress in key areas like:
    • Animation and gaming
    • Entertainment technology
    • Regional and mainstream cinema

Delay in Subsidy Disbursal under PM Surya Ghar Muft Bijli Yojana Despite Installation Push

• The government is focusing on increasing the number of installations under the newly launched PM Surya Ghar Muft Bijli Yojana, the disbursal of subsidy to the households has somewhat been delayed.

Key Highlights:

• PM Surya Ghar Muft Bijli Yojana Overview:
  • Launched on February 13, 2024, with the goal of installing rooftop solar plants in 1 crore households by 2026-27.
  • Financial Outlay: ₹75,021 crore allocated, with ₹13,175.33 crore earmarked for FY24-25.
  • Energy Generation Goal: Expected to generate 1 lakh crore units of electricity and reduce CO2 emissions by 72 crore tonnes.
• Installation and Subsidy Delays:
  • Applications: 20 lakh applications received by October 2024, with only 4.8 lakh installations completed.
  • Subsidy Disbursal: Only 58.3% of installations (i.e., 2.8 lakh households) have received subsidies.
  • The delay in subsidy disbursal is attributed to various factors, including a slower momentum during the rainy season, but the average daily capacity remains around 3,000-3,500 installations.
  • The ministry is aiming to reach 12 lakh installations by the end of the fiscal year.
• Committee Recommendations:
  • The Standing Committee urges the ministry to focus on popularizing the scheme, emphasizing its subsidy component to encourage adoption.
  • It also suggests extending the subsidy to schools, hospitals, small industries, and other institutional buildings, which would boost market demand, encourage private investments, and create job opportunities in the solar sector.
• Implementation Challenges:
  • Phase II Rooftop Solar Program has now been subsumed under the PM Surya Ghar scheme. Despite India’s solar potential of 748,990 MWp, only 89,432 MW has been installed till August 2024.
  • The new and renewable energy ministry is coordinating with stakeholders like REC Ltd, discoms, and vendors to overcome challenges.
• Focus on Solar Villages:
  • The scheme includes setting up Model Solar Villages, with one village in every district being selected for solarization.
  • The village with the highest solar installation within a six-month period will receive ₹1 crore in central financial assistance.

CURRENT AFFAIRS : INTERNATIONAL NEWS

Japan’s Iconic Sake Added to UNESCO Cultural Heritage List, Celebrating Brewers and Enthusiasts

• Japan’s traditional rice wine, sake, has been inducted into UNESCO’s Intangible Cultural Heritage of Humanity list.
• This recognition highlights the importance of sake in Japan’s rich culinary and cultural traditions.
• Sake has a deep-rooted history in Japanese culture, being integral to both traditional rites and modern-day culinary practices.
• It is often considered more traditional than even sushi, symbolizing Japanese heritage.
• Sake is made through a detailed process of boiling, fermenting, and pressing Japanese rice over a period of two months.
• Many breweries producing sake are centuries old and located in mountainous regions.
• The UNESCO designation comes at a time when sake faces challenges in Japan’s domestic market.
• Younger Japanese consumers are shifting preferences toward homegrown beers, whiskeys, and international wines.

About Japan :

• Prime Minister : Shigeru Ishiba
• Capital : Tokyo
• Currency : Japanese yen

CURRENT AFFAIRS : STATE NEWS

Gujarat Chief Minister introduces ‘SWAR’ platform to break language barriers

• Gujarat Chief Minister Bhupendra Patel launched the SWAR (Speech and Written Analysis Resource) platform on December 25, 2024, marking the occasion of Good Governance Day.
• Objective: The SWAR platform is a citizen-centric initiative aimed at overcoming language barriers, especially in communication with the government.
• The platform was developed by the Chief Minister’s Office (CMO) in collaboration with the Ministry of Electronics and Information Technology’s Bhashini Team under the National Language Translation Mission (NLTM).

Key Highlights :

• Technology Integration: The platform uses technology to enable communication through voice, with a Speech-to-Text feature integrated into the Gujarat CMO website.
• Bhashini AI System: The SWAR platform utilizes the Bhashini artificial intelligence system, designed to facilitate language translation and voice-to-text functionality.
• Ease of Use: Citizens can now dictate their messages instead of typing them, which is particularly beneficial for those unfamiliar with English keyboards.
• Improved Accessibility: The platform allows citizens to easily submit applications or grievances through voice commands, making government services more accessible to non-English speakers.
• Focus on Inclusivity: The platform aims to provide an inclusive, accessible communication channel for all citizens, particularly those from rural areas or who face difficulties with language barriers.

About Gujarat :

• Governor : Acharya Devvrat
• Chief Minister : Bhupendrabhai Patel
• Capital : Gandhinagar
• National Parks: Gir National Park, Marine National Park, Velavadar National Park
• Wildlife Sanctuaries : Jambughoda Wildlife Sanctuary, Barda Wildlife Sanctuary, Vansda National Park, Purna Wildlife Sanctuary, Gaga Wildlife Sanctuary

CURRENT AFFAIRS: BUSINESS NEWS

Dharavi Redevelopment Project Rebranded as Navbharat Mega Developers Private Ltd

• Dharavi Redevelopment Project Private Ltd (DRPPL), backed by the Adani Group, has been renamed Navbharat Mega Developers Private Ltd (NMDPL) to avoid confusion with the Dharavi Redevelopment Authority (DRA), a Maharashtra government entity.
• Board and Ministry Approval: The rebranding received approval from the board of directors and the Ministry of Corporate Affairs.
• Government’s Role Unchanged: The Maharashtra government, through the DRA, will continue as the supervising authority for the project, ensuring its pivotal role remains intact.

Project Details:

• Scope: The project covers over 600 acres in Dharavi, one of Mumbai’s largest slum areas.
• Stake Distribution:
  • Adani Group: Holds an 80% stake in NMDPL.
  • Maharashtra Government: Controls the remaining 20%.
• Investment:
  • As of November 2024, approximately ₹2,000 crore has been invested, including:
    • ₹1,000 crore for land transactions.
    • ₹1,000 crore for surveys and other preparatory activities.

Legal Developments:

• Preferred Bidder Selection: Adani Properties Private Limited (APPL) was declared the preferred bidder for the project in November 2022 by state authorities.
• High Court Ruling: The Bombay High Court dismissed a writ petition by SecLink Technologies Corporation (STC), a UAE-based firm, which challenged the award of the project.

EEPC Proposes Faceless GST Audit System to Enhance Ease of Doing Business

• The Engineering Export Promotion Council (EEPC), India has proposed the introduction of a faceless GST audit system as part of its Budget 2025 recommendations.
• Inspired by the success of faceless assessment by the Income Tax department, the proposal aims to boost efficiency and reduce compliance burdens.
• Objective:
  • Reduce compliance costs through anonymity and technology.
  • Enable MSMEs to focus on growth and innovation, according to Pankaj Chadha, Chairman of EEPC India.
• Ease of Doing Business Impact:
  • The initiative is expected to improve India’s ranking in the Ease of Doing Business index, enhancing its attractiveness as a destination for foreign investment.

Additional Proposal:

• Reverse Charge Mechanism (RCM):
  • EEPC India recommended that RCM-related liabilities be included under the Amnesty Scheme.
  • This measure would address challenges faced by exporters, particularly regarding foreign bank charges and business services, where they may lack adequate awareness.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

South Korean Parliament Approves Impeachment of Acting President Han Duck-soo

• South Korea’s National Assembly voted to impeach Acting President Han Duk-soo.
• This event marks a significant political development in the country.
• Han Duk-soo became acting president on December 14, 2024, after President Yoon Suk-yeol was impeached for failing to impose martial law.
• The impeachment motion for Han Duk-soo was passed unanimously with a 192-0 vote.
• First Impeachment of an Acting President: This is the first time in South Korean history that an acting president has been impeached by parliament.
• Suspension of Duties: Following the impeachment, Han Duk-soo was suspended from his duties as acting president.
• New Acting President: After Han Duk-soo’s impeachment, Deputy Prime Minister and Finance Minister Choi Sang-mok assumed the role of acting president and acting prime minister.

About South Korea :

• Capital : Seoul
• Currency : Korean Republic won

K N Renuka Pujar Appointed as Karnataka University’s First Transgender Woman Guest Lecturer

• K N Renuka Pujar has become the first transgender person to be appointed as a guest lecturer at a university in Karnataka, specifically Vijayanagara Sri Krishnadevaraya University.
• Pujar, aged 27, completed her post-graduation in Kannada, qualifying her for the guest lecturer position.
• Out of 30 applicants, Pujar was selected based on her qualifications, good marks, and performance in the lecture, as per the selection committee’s assessment.
• Pujar credited her achievement to the strong support of her parents, highlighting their role in her success.
• She joined the Kannada Department at the Nandihalli campus (PG Centre) of Vijayanagara Sri Krishnadevaraya University earlier this month.
• Pujar hails from Kurugodu in Ballari district, Karnataka.

Dr. Sandip Shah Named Chairperson of National Accreditation Board for Testing and Calibration Laboratories-Quality Council of India

• Sandip Shah, an eminent medical professional and visionary leader, has been appointed as the Chairperson of the National Accreditation Board for Testing and Calibration Laboratories (NABL), a constituent board of the Quality Council of India (QCI).
• Shah succeeds Prof. Subbanna Ayyappan in this role, bringing over 35 years of expertise in healthcare and diagnostics with a distinguished career in pathology, molecular biology, and transplant immunology.
• He is the Joint Managing Director at Neuberg Diagnostics and the founder of Neuberg Supratech Reference Laboratories.
• Additionally, he serves as the Honorary Director at the Institute of Kidney Diseases and Research Center.

About QCI :

• The Quality Council of India (QCI) is a premier autonomous body set up by the Government of India.
• QCI is responsible for creating a Quality Mindset and envisions to ensure quality across products and services that touch every citizen.

About NABL’s Role :

• The National Accreditation Board for Testing and Calibration Laboratories (NABL) operates accreditation programs for laboratories, ensuring reliability and accuracy in testing and calibration.
• NABL works to improve the quality of testing and calibration services, ensuring trust in the products and services used by consumers, businesses, and regulators.

NMDC Extends Tenure of Chairman and Managing Director Amitava Mukherjee

• State-owned NMDC Limited, formerly National Mineral Development Corporation, announced the extension of Amitava Mukherjee’s tenure as Chairman and Managing Director (CMD) for an additional year, effective from November 20, 2024.
• Amitava Mukherjee is currently serving as the Director (Finance) at NMDC and was previously given the additional charge of CMD.
• The tenure extension will continue until a regular CMD is appointed or until further orders, whichever comes first, according to a regulatory filing by NMDC.
• NMDC had earlier announced December 27 as the record date to determine shareholders eligible for a bonus share issuance in a 2:1 ratio.

About NMDC Limited :

• Founded : 1958
• Headquarters : Hyderabad, Telangana

Centre appoints 1993-batch UP cadre IPS officer Vitul Kumar as the new Director General of Central Reserve Police Force 

• The Centre appointed Vitul Kumar, a 1993-batch Uttar Pradesh cadre IPS officer, to officiate as the Director General (DG) of the Central Reserve Police Force (CRPF) from January 1, 2025.
• Kumar takes charge following the retirement of Anish Dayal Singh, the outgoing CRPF DG.
• Kumar will hold the position until a regular appointment is made or until further orders.
• Kumar is set to retire in 2028 and has been recognized for his contributions to law enforcement and police services.

About Vitul Kumar :

• Kumar has held several significant positions within the CRPF:
  • Promoted to Deputy Inspector General (DIG) in 2009.
  • Became Inspector General (IG) in 2012.
  • Elevated to Additional Director General (ADG) in 2018.
  • Appointed Special Director General in 2024, before being assigned the officiating DG role.

Awards and Recognition:

• President’s Police Medal (PPM): Awarded on January 26, 2021.
• Police Medal (PM): Awarded on August 15, 2009.
• Director General’s Commendation Disc: Silver in 2016 and Gold in 2018.

About CRPF :

• Headquarters : New Delhi, India
• The CRPF is a central armed police force in India under the Ministry of Home Affairs.
• It is one of the largest paramilitary forces in India, primarily tasked with maintaining law and order and internal security.

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

SBI Life to Acquire 10% Stake in Bima Sugam India Federation for ₹6.6 Crore

• SBI Life’s board has approved the acquisition of a 10% stake in Bima Sugam India Federation for ₹6.6 crore.

Key Highlights :

• Bima Sugam India Federation is an unlisted company, incorporated on June 18, 2024, with the goal of creating and operating a centralized marketplace for insurance products and services.
• SBI Life will invest ₹6.6 crore to acquire 66 lakh equity shares with a face value of ₹10 each in Bima Sugam’s equity share capital.
• The investment is subject to an increase in Bima Sugam’s authorized share capital to accommodate the stake acquisition.
• The investment will be made in cash, at par, with an aim to secure up to 10% of Bima Sugam’s paid-up equity share capital.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

China Introduces World’s Fastest High-Speed Train Prototype

• China unveiled its CR450 prototype, a high-speed bullet train designed to achieve 450 km/h during test runs, making it the world’s fastest high-speed train.

Key Features and Performance

• The CR450 surpassed the previous CR400 Fuxing model, which had a maximum speed of 350 km/h.
• The new train model sets new international benchmarks for key performance indicators such as operational speed, energy consumption, interior noise, and braking distance.
• Travel Time and Connectivity:The CR450 is designed to reduce travel time and improve connectivity, making domestic travel more convenient and efficient for the vast population of China.
• Future Testing and Commercial Launch:China Railway plans to conduct line tests for the CR450 and optimize its technical indicators to ensure it enters commercial service as soon as possible.
• China’s High-Speed Rail Network:China’s operational HSR network spans about 47,000 km, connecting major cities across the country.
• The network has played a critical role in economic and social development, despite not being profitable, by reducing travel times and boosting industrial development along rail routes.
• Economic Impact and Profitability:The Beijing-Shanghai train service is the most profitable, while other city networks are still not profitable.
• International Expansion:In recent years, China’s high-speed rail network has expanded internationally, with exports to Thailand, Indonesia, and the Belgrade-Novi Sad HSR in Serbia.

China Unveils New Amphibious Assault Ship to Boost Naval Combat Capabilities

• China launched a new amphibious assault ship, named Sichuan, designed to enhance the navy’s combat capabilities, particularly in distant seas.

Key Highlights :

• Ship Specifications:The Sichuan is the first ship of the 076 type and is China’s largest amphibious assault ship to date, displacing 40,000 tonnes.
• The ship is equipped with an electromagnetic catapult that allows fighter jets to launch directly from its deck.
• Combat Functionality:The Sichuan is designed to launch ground troops via landing crafts and provide air support to these troops during amphibious operations.
• It also features arrestor technology, enabling fighter jets to land on the ship’s deck.
• Development Timeline: The new ship is part of China’s broader naval expansion, following the introduction of its first amphibious assault ships, the Type 075, in 2019.

About China :

• President : Xi Jinping
• Capital : Beijing
• Currency : Renminbi

CURRENT AFFAIRS: SPORTS NEWS

67th National Shooting Championship: Adarsh Singh Secures Gold in Standard Pistol

• Adarsh Singh was in top form, clinching the men’s 25-metre standard pistol gold with a seven-point margin over Udhayveer Sidhu, Omkar Singh and Olympian Gurpreet Singh in the 67th National shooting championship at the Dr. Karni Singh Range, Tughlakabad.

Key Performances:

1. Men’s 25m Standard Pistol:
   • Gold: Adarsh Singh
     • Won with a seven-point margin, showcasing his dominance.
   • Silver: Udhayveer Sidhu
   • Bronze: Omkar Singh
     • Both Udhayveer and Omkar edged out Olympian Gurpreet Singh for podium finishes based on a better count of inner-10s.
2. Men’s 50m Free Pistol:
   • Gold: Prashant Kumar
   • Displayed consistent precision to claim the top spot.
3. Women’s & Junior 50m Free Pistol:
   • Gold (both categories): Sainyam
     • Achieved an impressive score of 548, underlining her versatility across categories.

Additional Achievements

• Mixed Skeet Gold:
  • Maheshwari and Anantjeet secured the title for Rajasthan, continuing their fine form in the championship.

CURRENT AFFAIRS: IMPORTANT DAYS

Global Family Day: 1st January

• Global Family Day 2025 is observed on the 1st of January 2025.
• Every year, Global Family Day, also known as World Peace Day, is observed to encourage the idea of peace and unity in the world.
• Additionally, it highlights the notion that everyone on the planet is related to one another regardless of nationality, borders, or ethnicity.
• On the first day of the new millennium, in 1997, the United Nations General Assembly declared the International Decade for the Culture of Peace and Nonviolence for the Children of the World.
• A significant contributor to its promotion in the United States was Linda Grover and other initiatives included the publication of publications like “One Day in Peace – January 1, 2000.”
• The idea of a time in the future when there is only peace and no war permeated this book.
• But this was only the beginning of a new peaceful world, and in 1999, all U.N. member states were officially invited to spend the first day of that year developing peacebuilding plans.
• As a result of the day’s success, the U.N. proclaimed Global Family Day a yearly occasion in 2001.

CURRENT AFFAIRS : OBITUARIES

Retired IPS Acharya Kishore Kunal, Founding Secretary of Patna Mahavir Mandir, Passed Away

• Acharya Kishore Kunal, a retired IPS officer, passed away due to cardiac arrest in Patna.

About Acharya Kishore Kunal :

• Kunal was an IPS officer of the 1972 batch.
• He served as the Chief of the Bihar State Board of Religious Trust (BSBRT), overseeing religious trust affairs in Bihar.
• He served as the Secretary of the Mahavir Mandir Trust, which manages several hospitals in the state.
• From 1990 to 1994, Kunal served as an Officer on Special Duty in the Home Ministry, where he was known for his mediation skills.
• During VP Singh’s tenure as Prime Minister, he was appointed as a Special Officer to mediate between the Vishwa Hindu Parishad (VHP) and the Babri Masjid Action Committee concerning the Ayodhya issue.
• His efforts in mediation were crucial in addressing sensitive religious and political issues, particularly the Ayodhya dispute.

Charles F. Dolan, Founder of Home Box Office Inc and Cablevision, Passed Away

• Charles F. Dolan, founder of some of the most prominent U.S. media companies, passed away at the age of 98.

About Charles F. Dolan :

• Dolan was instrumental in shaping modern cable broadcasting and media.

Key Contributions:

• 1972: Launched Home Box Office (HBO), which became a leading premium cable television network.
• 1973: Founded Cablevision Systems Corp., a major cable provider.
• 1984: Established American Movie Classics (AMC), a television station focused on classic films.
• Created News 12, the first 24-hour local cable news channel in the U.S., in New York City.
• Dolan played a critical role in introducing premium and specialized programming to cable television.

Jimmy Carter, 39th US President and Honoree of Haryana Village “Carterpuri,” Passed Away     

• Jimmy Carter, the 39th President of the United States, passed away peacefully at the age of 100 at his home in Plains, Georgia.
• Carter was the longest-lived president in U.S. history.
• He was the third American president to visit India, during which a village in Haryana was named Carterpuri in his honor.

About Jimmy Carter :

• Jimmy Carter served as the 39th President of the U.S. from 1977 to 1981.
• He is known for his work in human rights, peacebuilding, and diplomacy.
• Carter was considered a friend of India and was the first American president to visit India after the emergency and Janata Party victory in 1977.
• He served in both the Atlantic and Pacific fleets and later joined the elite nuclear submarine program.
• He was elected as Georgia State Senator in 1962 and as the Governor of Georgia in 1970.
• He launched his presidential campaign in 1974 during the Watergate scandal, which led to the resignation of President Richard Nixon.
• His presidency faced major challenges, including the Soviet invasion of Afghanistan and the Iran hostage crisis.
• Carter helped broker the Camp David Accords in 1979, leading to a historic peace agreement between Egypt and Israel.
• He established a diplomatic relationship with China and emphasized human rights in U.S. foreign policy.
• After leaving office, Carter became an advocate for peace, human rights, and the environment.
• He undertook a peace mission to North Korea, resulting in the Agreed Framework to address the nuclear issue.

Awards & Honors :

• In 2002, he was awarded the Nobel Peace Prize for his efforts to find peaceful solutions to international conflicts, advance democracy, and promote economic and social development.

Osamu Suzuki, the Pioneer of Maruti and Catalyst for India’s Automobile Industry, Passed Away

• Osamu Suzuki, the man behind India’s automobile revolution and former chairman of Suzuki Motor Corporation, passed away at the age of 94.

About Osamu Suzuki :

• Osamu Suzuki is credited with igniting India’s automobile industry through his leadership and vision.
• Under his guidance, Suzuki Motor Corporation became the largest automaker in India, with a market share of around 40% in passenger vehicle retail sales as of 2024.
• Suzuki joined Suzuki Motor Corporation in 1958 and became the president in 1978.
• He later became the Chairman of Suzuki Motor Corporation in 2000.
• In 1982, Osamu Suzuki forged a strategic partnership with the Indian Government to establish Maruti Udyog.
• The partnership led to the launch of the Maruti 800, which became an iconic car and a symbol of India’s growing middle class aspirations.
• The Maruti 800 transformed India’s automobile sector, making car ownership accessible to a larger portion of the population and changing the industry’s dynamics.
• Over time, Maruti Udyog evolved into Maruti Suzuki India after the Indian Government’s exit from the company in 2007.
• In 2021, Osamu Suzuki stepped down as Chairman and became Senior Advisor, with his eldest son, Toshihiro Suzuki, taking over leadership of the company.

Daily CA One- Liner: January 1^st

• The Ministry of Electronics and IT (MeitY) is proposing a significant revamp to the Design-Linked Incentive (DLI) scheme, a key pillar of India’s Rs 76,000-crore semiconductor incentive programme.
• The Central Board of Direct Taxes (CBDT) has extended the Vivad Se Vishwas Scheme 2024 deadline by one month, moving it from December 31, 2024, to January 31, 2025.
• The revised Schedule M guidelines for Good Manufacturing Practices (GMP), effective January 2025, have put significant pressure on India’s pharmaceutical industry, especially on Micro, Small, and Medium Enterprises (MSMEs).
• The Association for Democratic Reforms (ADR), along with the National Election Watch (NEW), has released a report analyzing the self-declared affidavits of India’s 31 Chief Ministers.
• The Ministry of New & Renewable Energy (MNRE) has unveiled new guidelines establishing a ₹100 crore Payment Security Fund (PSM) to support the Renewable Energy Service Company (RESCO) and Utility-Led or State-Led Aggregation (ULA) models under the PM Surya Ghar: Muft Bijli Yojana.
• The Competition Commission of India (CCI) is conducting a study to analyze competition issues in the renewable energy sector across BRICS nations.
• India will host the World Audio Visual Entertainment Summit (WAVES) for the first time in February 2025.
• The government is focusing on increasing the number of installations under the newly launched PM Surya Ghar Muft Bijli Yojana, the disbursal of subsidy to the households has somewhat been delayed.
• Dharavi Redevelopment Project Private Ltd (DRPPL), backed by the Adani Group, has been renamed Navbharat Mega Developers Private Ltd (NMDPL) to avoid confusion with the Dharavi Redevelopment Authority (DRA), a Maharashtra government entity.
• The Engineering Export Promotion Council (EEPC), India has proposed the introduction of a faceless GST audit system as part of its Budget 2025 recommendations
• Adarsh Singh was in top form, clinching the men’s 25-metre standard pistol gold with a seven-point margin over Udhayveer Sidhu, Omkar Singh and Olympian Gurpreet Singh in the 67th National shooting championship at the Dr. Karni Singh Range, Tughlakabad.
• Despite facing global uncertainties, the Reserve Bank of India (RBI) Governor Sanjay Malhotra is optimistic about India’s economic prospects, citing high consumer and business confidence in 2025 and expecting an improvement in the second half of the financial year.
• The Reserve Bank Innovation Hub (RBIH) has partnered with Vivifi Finance to launch a pilot project aimed at providing unsecured loans to gig workers.
• India’s Current Account Deficit (CAD) marginally reduced to 1.2% of GDP in Q2 FY25, compared to 1.3% in the same quarter of the previous year.
• The Reserve Bank of India (RBI) mandates that Authorized Dealer Category-I Banks report gold derivative transactions to the Clearing Corporation of India Limited. (CCIL) trade repository.
• ICICI Prudential Life Insurance has partnered with Reinsurance Group of America (RGA) to launch a unique health insurance product.
• Japan’s traditional rice wine, sake, has been inducted into UNESCO’s Intangible Cultural Heritage of Humanity list.
• Gujarat Chief Minister Bhupendra Patel launched the SWAR (Speech and Written Analysis Resource) platform on December 25, 2024, marking the occasion of Good Governance Day.
• South Korea’s National Assembly voted to impeach Acting President Han Duk-soo.
• K N Renuka Pujar has become the first transgender person to be appointed as a guest lecturer at a university in Karnataka, specifically Vijayanagara Sri Krishnadevaraya University.
• Dr. Sandip Shah, an eminent medical professional and visionary leader, has been appointed as the Chairperson of the National Accreditation Board for Testing and Calibration Laboratories (NABL), a constituent board of the Quality Council of India (QCI).
• State-owned NMDC Limited, formerly National Mineral Development Corporation, announced the extension of Amitava Mukherjee’s tenure as Chairman and Managing Director (CMD) for an additional year, effective from November 20, 2024.
• The Centre appointed Vitul Kumar, a 1993-batch Uttar Pradesh cadre IPS officer, to officiate as the Director General (DG) of the Central Reserve Police Force (CRPF) from January 1, 2025.
• SBI Life’s board has approved the acquisition of a 10% stake in Bima Sugam India Federation for ₹6.6 crore.
• China unveiled its CR450 prototype, a high-speed bullet train designed to achieve 450 km/h during test runs, making it the world’s fastest high-speed train.
• China launched a new amphibious assault ship, named Sichuan, designed to enhance the navy’s combat capabilities, particularly in distant seas.
• Acharya Kishore Kunal, a retired IPS officer, passed away due to cardiac arrest in Patna.
• Charles F. Dolan, founder of some of the most prominent U.S. media companies, passed away at the age of 98.
• Jimmy Carter, the 39th President of the United States, passed away peacefully at the age of 100 at his home in Plains, Georgia.
• Osamu Suzuki, the man behind India’s automobile revolution and former chairman of Suzuki Motor Corporation, passed away at the age of 94.
• Global Family Day 2025 is observed on the 1st of January 2025