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Daily Current Affairs November 06th 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

Securities and Exchange Board of India permits mutual funds to invest in foreign schemes with exposure to India

  • The Securities and Exchange Board of India (SEBI) has authorized mutual funds (MFs) to invest in foreign funds and unit trusts (UTs) that have up to 25% exposure to Indian equities.
  • This decision expands the investment options for domestic funds, particularly in prominent global schemes, including passive funds that provide diversified market exposure.

Key Highlights :

  • Increased Indian Equity Weight: Indian equities have been gaining higher weights in significant global indices, making this move timely for investors seeking global diversification.
  • Facilitating Investments: The initiative aims to streamline the process of investing in overseas MFs/UTs, enhance transparency, and allow MFs to diversify their international investments.
  • Exposure Monitoring: If an overseas MF/UT’s exposure to Indian equities exceeds the 25% threshold, a six-month observance period will be initiated for monitoring portfolio rebalancing. During this period, Indian MFs cannot make new investments in the breached fund.
  • Resumption of Investments: MFs may resume investments in the overseas MF/UT only when the exposure to Indian securities falls below the 25% limit.
  • Non-compliance Consequences: If MFs do not comply with the regulations, they face suspension of fresh subscriptions into the scheme, and the asset management company (AMC) will be prohibited from launching new schemes.
  • Immediate Implementation: The new framework is effective immediately upon SEBI’s announcement.
  • Investment Limits: MFs currently have limited capacity to invest in international stocks and schemes due to exhausted international investing limits.
  • Conditions for Investment: MFs must ensure that all investor contributions to an overseas MF/UT are pooled into a single investment vehicle without segregated portfolios, guaranteeing equal rights for all investors in the fund.

About SEBI :

  • Established: 12 April 1988 as an executive body and was given statutory powers on 30 January 1992 through the SEBI Act, 1992
  • Headquarters: Mumbai, Maharashtra
  • Chairman: Madhabi Puri Buch
  • SEBI is the regulatory body for securities and commodity markets in India under the ownership of the Ministry of Finance, GoI.

Franklin Templeton Mutual Fund Introduces New Arbitrage Fund

  • Franklin Templeton (India) Mutual Fund has launched the Franklin India Arbitrage Fund.
  • It is an arbitrage-focused, open-ended hybrid scheme that seeks to capitalize on arbitrage opportunities in the cash and derivatives segments of the equity market.

Key Highlights :

  • NFO Details:The New Fund Offer (NFO) period closes on November 18 and will reopen for continuous sale and repurchase on November 21.
  • Investment Strategy:The fund will employ an active investment strategy, adjusting its defensive or aggressive posture based on available opportunities.
  • It aims to exploit the implied cost of carry between cash and derivatives markets to provide potential returns.
  • The fund is expected to allocate a minimum of 65% of its investments to equity and equity-related securities, and up to 35% in debt, money market instruments, and cash equivalents.
  • Benchmark:The fund will be benchmarked against the Nifty 50 Arbitrage Index.
  • Tax Efficiency:Holding arbitrage funds for over one year allows investors to benefit from lower capital gains tax rates, making it a tax-efficient investment option.
  • Minimum Investment:The minimum investment for a lumpsum is ₹5,000, while for a Systematic Investment Plan (SIP), it is ₹500.
  • Exit Load:An exit load of 0.25% will apply if units are redeemed or switched out within 30 days from the date of allotment; the exit load will be nil thereafter.
  • Fund Management:The scheme will be managed by Rajasa K, Yogik Pitti, and Pallab Roy.
  • Definition of Arbitrage Funds:Arbitrage funds are mutual funds that profit from price differentials in the derivatives and cash markets through simultaneous buy and sell transactions.

Finance Ministry Seeks Feedback from Sponsor Banks on Proposed Regional Rural Bank Merger

  • The Union Finance Ministry has asked sponsor banks to submit comments on the proposed RRB amalgamation by November 20, 2024.

Key Highlights :

  • Transferee RRB Selection:The RRB with the largest business volume (total deposits and advances) among those amalgamating in a state will be designated as the transferee RRB.
  • The sponsor bank of this transferee RRB will be the one with the largest business volume and branch network.
  • Naming Convention: A common syntax will be used for naming the newly amalgamated RRBs.
  • Core Banking Solution (CBS):The CBS platform of the transferee RRB will be retained to minimise costs and time related to data migration and CBS integration.
  • Objective:The amalgamation aims to achieve ‘One State-One RRB’ to enhance scale efficiency and cost rationalization.
  • It emphasizes retaining the rural and community focus of RRBs.
  • Amalgamation Roadmap:The roadmap, developed in consultation with NABARD, targets reducing the number of RRBs from 43 to 28 under Phase IV of amalgamation.

About Ministry of Finance :

  • Cabinet Minister : Nirmala Sitharaman
  • Minister of State : Pankaj Choudhary

Reserve Bank of India Reports That Only 2% of ₹2000 Notes Are Still in Circulation

  • The Reserve Bank of India (RBI) initiated the withdrawal of ₹2000 banknotes on May 19, 2023, citing that their objective of fulfilling currency needs post the demonetization of ₹500 and ₹1000 notes in 2016 had been achieved.

Key Highlights :

  • Current Circulation: As of October 31, 2024, only 2% of the original ₹2000 notes remain in circulation, equating to ₹6,970 crore, down from ₹3.56 lakh crore on May 19, 2023.
  • Return Rate: Approximately 98.04% of the ₹2000 banknotes in circulation as of May 19, 2023, have been returned to the RBI.
  • Legal Tender Status: The remaining ₹2000 banknotes still in circulation continue to hold legal tender status, allowing them to be used for transactions.
  • Exchange Facilities: The RBI has facilitated the exchange of ₹2000 banknotes at its 19 Issue Offices since May 19, 2023.
  • Deposit Options: Since October 09, 2023, individuals and entities can deposit ₹2000 notes into their bank accounts at RBI Issue Offices, and they can also send these notes through India Post for credit to their accounts.
  • Usage Statistics: About 89% of ₹2000 denomination banknotes were issued before March 2017 and are nearing the end of their estimated lifespan of 4-5 years.
  • The RBI noted that this denomination is not commonly used for transactions.
  • Currency Supply: The stock of banknotes in other denominations is deemed sufficient to meet public currency requirements, supporting the decision to withdraw ₹2000 notes under the RBI’s “Clean Note Policy.”

About RBI :

  • Established : 1 April 1935
  • Headquarters : Mumbai, Maharashtra, India
  • Governor : Shaktikanta Das

SBI Mutual Fund Becomes the First to Exceed ₹10 Lakh Crore in Asset Under Management , Leading ICICI and HDFC

  • SBI Mutual Fund (SBI MF) became the first fund house in India to surpass ₹10 lakh crore in Assets Under Management (AUM), reaching ₹10.99 lakh crore in the September quarter of 2024.

Key Highlights :

  • Growth Comparison:SBI MF saw an 11% growth in AUM from ₹9.88 lakh crore in the June quarter.
  • Comparison with Competitors: SBI MF’s AUM is significantly higher than that of its competitors:
  • ICICI Mutual Fund: ₹8.41 lakh crore
  • HDFC Mutual Fund: ₹7.59 lakh crore
  • SBI MF’s AUM is 30% higher than ICICI MF and 45% higher than HDFC MF.
  • Growth Rate: SBI MF’s AUM grew by 11% from ₹9.88 lakh crore in the June quarter to ₹10.99 lakh crore in the September quarter.
  • New Fund Launch: The SBI Innovative Opportunities Fund, launched in August 2024, has an AUM of ₹8,174 crore.
  • Market Performance: The benchmark Sensex increased by 7% in September, reaching 84,300 points, compared to 79,033 points in June.
  • Industry Growth: The overall mutual fund industry’s AUM rose by 12% from ₹58.96 lakh crore in June to ₹66.22 lakh crore in September.
  • Other Fund Houses: Two fund houses, Franklin Templeton MF and Canara Robeco MF, have crossed the ₹1 lakh crore AUM mark. A total of 16 fund houses out of 40 operate with over ₹1 lakh crore AUM, collectively accounting for 90% of the industry’s AUM.
  • New Fund Offers (NFOs): Funds raised through NFOs increased by 67% to ₹44,955 crore in the September quarter compared to ₹26,899 crore in the June quarter, with the number of NFOs rising from 35 to 60.
  • Equity NFO Performance: Equity NFOs alone raised ₹34,675 crore in the last quarter, a significant increase from ₹25,152 crore in the previous quarter.

About SBI Mutual Fund :

  • Founded : 29 June 1987
  • Headquarters : Mumbai, Maharashtra, India
  • MD & CEO : Shamsher Singh

Finance Minister Nirmala Sitharaman leads review meeting on Income Tax Act

  • Finance Minister Nirmala Sitharaman chaired a meeting on November 4, 2024 to conduct a comprehensive review of the Income Tax Act 1961, in line with the announcement made during the last Union Budget.
  • The meeting included key officials from the finance ministry, such as Revenue Secretary Sanjay Malhotra and Ravi Agarwal, Chairman of the Income Tax Department.

Key Highlights :

  • Sub-Committees Formation: Revenue Secretary Malhotra reported that 22 specialized sub-committees have been created to evaluate different aspects of the Income Tax Act.
  • Engagement with Experts: These committees have conducted numerous meetings with domain experts to propose enhancements to the Act.
  • Public Participation: Since the opening of a suggestion portal on October 6, 2024, the ministry has received around 6,500 suggestions from the public, indicating active involvement in the simplification of the Act.
  • Union Budget Announcement: The review of the Income Tax Act was announced during the Union Budget for 2024-25 presented on July 23, 2024, focusing on the need for simplification.
  • Review Committee: The review is being overseen by a committee led by Chief Commissioner of Income Tax VK Gupta, with an expectation to submit its report by October 2024.
  • Specialized Sub-Committees Focus Areas: The sub-committees are tasked with addressing various issues, including compliance, income from non-profit organizations, penalties, exemptions under Section 10, income tax on businesses, and TDS/TCS regulations.

Securities and Exchange Board of India suggests increasing the threshold for high-value debt listed entities to ₹1,000 crore

  • Markets regulator Securities and Exchange Board of India (SEBI) has proposed raising the threshold for identifying High Value Debt Listed Entities (HVDLEs) to Rs 1,000 crore from Rs 500 crore at present to reduce compliance burdens.
  • Currently, an entity having outstanding value of listed non-convertible debt securities of Rs 500 crore and above are referred to as ‘High Value Debt Listed Entities’.

Key Highlights :

  • Sunset Clause : Sebi has proposed introducing a sunset clause that would end governance obligations if an HVDLE’s outstanding debt falls below the threshold for a specified period, providing more flexibility.
  • Governance Reports : Also, it has been proposed filing of governance reports in XBRL format, voluntary Business Responsibility and Sustainability Reporting (BRSR), and harmonise HVDLE reporting with equity-listed entities.
  • Relaxation for Non-Companies : Further, SEBI has proposed relaxation for HVDLEs which are not companies as per the Companies Act, 2013, relaxation with regard to the constitution of the Nomination and Remuneration Committee (NRC), Risk Management Committee (RMC) and Stakeholders Relationship Committee (SRC).
  • Committee Constitution Flexibility: The board of directors of HVDLEs may choose to form the NRC/RMC/SRC or delegate their functions to the audit committee, preventing the formation of multiple committees.
  • Director Committee Limits: SEBI proposes a cap on the total number of committees a director can serve on, covering both equity and debt-listed entities.
  • This aims to avoid over-commitment and ensure directors can fulfill their responsibilities effectively.
  • Investor Protection: The proposals aim to protect investors’ interests by ensuring that directors have adequate time for their roles, thereby promoting good corporate governance.
  • Public Comments: SEBI has sought public comments on these proposals until November 15, reflecting a collaborative approach in refining corporate governance norms for HVDLEs.

CURRENT AFFAIRS: NATIONAL NEWS

Government Advances Electric Mobility with ₹320 Crore Disbursed under PM E-DRIVE Scheme

  • The Prime Minister Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) scheme, launched on October 1, 2024, aims to accelerate the adoption of electric two-wheelers (e2W) and three-wheelers (e3W).
  • With a total budget of ₹10,900 crore over two years, the scheme intends to subsidize 11,87,917 EVs in the first year alone.

Current Progress and Disbursements

  • As of October 28, 2024, the Ministry of Heavy Industries (MHI) reports:
    • 52% of e2Ws sold, reaching 5,49,698 units, with subsidy claims submitted for 3,28,524 units.
    • 73% of e3W (L5 category) sold, with 58,640 units delivered and 40,075 claims submitted.
    • 6,09,250 vehicles sold in total, with subsidy claims for 3,69,357 EVs (51%) submitted.
  • A total of ₹320 crore has been disbursed out of ₹514 crore in subsidy claims submitted as of October, while ₹147 crore in claims are under review.

Scheme Details and Incentives

  • The PM E-DRIVE scheme will be effective through March 31, 2026 and covers a wide range of electric vehicles including e-ambulances, e-trucks, and e-buses as well as charging infrastructure upgrades.
  • Demand incentives for FY 2024-25:
    • ₹5,000 per kWh for e2Ws and e3Ws.
    • For FY 2025-26, the incentive is ₹2,500 per kWh.
  • Subsidy cap: 15% of ex-factory price or the specified cap, whichever is lower.

Integration with Previous Schemes

  • The PM E-DRIVE scheme subsumes the Electric Mobility Promotion Scheme (EMPS) 2024, which ran from April 1 to September 30, 2024, with an expenditure of ₹778 crore for e2Ws and e3Ws.

Broader Impact

  • By 2026, the scheme is projected to support 28,81,436 units of electric vehicles, enhancing India’s transition to sustainable mobility and boosting charging and testing infrastructure nationwide.

New Flight Connectivity Rules Allow Wi-Fi Use Above 3,000 Meters Altitude

  • The Government of India clarified that Wi-Fi services for in-flight internet access will be allowed only once the aircraft reaches 3,000 meters in altitude.
  • The new guideline is part of the recently updated Flight and Maritime Connectivity (Amendment) Rules, 2024, which amend the previous rules from 2018.

Wi-Fi Access Aligned with Device Use Permissions

  • Wi-Fi services will be accessible when electronic devices (such as smartphones, tablets, and laptops) are permitted onboard.
  • The use of these devices, however, is restricted during critical flight phases like takeoff and landing to maintain safety.
  • This update specifies that Wi-Fi can be used once electronic devices are cleared for operation at 3,000 meters, in line with existing protocols for electronic device usage on flights.

Ensuring Compliance with Safety Protocols

  • The 2018 rules required mobile communication services in aircraft to operate only above 3,000 meters to prevent interference with terrestrial networks.
  • The amended rules reaffirm this height requirement, ensuring service providers activate mobile and Wi-Fi services only after reaching the prescribed altitude to comply with safety standards.

Government e-Marketplace Introduces 170 Seed Categories for Enhanced Procurement

  • The Government e-Marketplace (GeM) has introduced 170 new seed categories aimed at simplifying access to quality agricultural and horticultural seeds.
  • This initiative comes just in time for the upcoming cropping season.

Procurement Options

  • Nearly 8,000 seed varieties are now available for procurement by Central and State Public Sector Undertakings (PSUs) and other governing bodies. This move facilitates the efficient distribution of quality seeds nationwide.

Consultative Development

  • The new categories were developed in collaboration with stakeholders, including state seed corporations and research organizations, ensuring they align with the Government of India’s rules and regulations.

Broader Strategy for Efficiency

  • This rollout is part of GeM’s broader strategy to enhance category-based procurement. The goals of this strategy include:
    • Improving procurement efficiency.
    • Reducing tendering time.
    • Promoting transparency and accountability in government procurement processes.

CURRENT AFFAIRS: BUSINESS NEWS

AIOCD Warns Against Rapid Medicine Delivery Partnership Between Swiggy Instamart and PharmEasy

  • The All India Organisation of Chemists and Druggists (AIOCD) raised serious objections to a collaboration between Swiggy Instamart and PharmEasy for 10-minute medicine deliveries via dark stores, citing potential public health risks.
  • AIOCD leaders JS Shinde and Rajiv Singhal expressed their concerns in a letter to the Drugs Controller General of India (DCGI), warning that the model could bypass critical Indian drug regulations designed to ensure patient safety.

Regulatory Risks of Rapid Delivery

  • AIOCD argued that the ultra-fast delivery approach might compromise essential safety protocols like prescription verification and patient identification, which are vital to prevent misuse and ensure accurate medication dispensation.
  • The association highlighted that the absence of these checks could put consumers at risk, potentially leading to severe health repercussions.

Antimicrobial Resistance (AMR) Concerns

  • The AIOCD underscored that unregulated e-pharmacy operations could aggravate antimicrobial resistance (AMR) in India, a significant public health issue. This concern aligns with government efforts to curb AMR, which unchecked antibiotic sales could compromise in a high-speed delivery model.

Quality and Safety Risks

  • There are also concerns over medicine quality under a rapid delivery system, as the AIOCD noted that ensuring high standards within a 10-minute timeframe could be challenging. This raises the risk of patients receiving expired or counterfeit medicines.
  • AIOCD argued that ultra-fast delivery might not allow for the stringent quality checks necessary for safe distribution, potentially exposing Swiggy and PharmEasy to legal scrutiny.

AIOCD’s Call to Action

  • AIOCD has called on the Central Drugs Standard Control Organization (CDSCO) to review the partnership and ensure adherence to regulatory standards. They stressed the association’s dedication to upholding public health standards through traditional pharmacies.

CURRENT AFFAIRS: MOUS AND AGREEMENT

Uttar Pradesh Boosts Solar Capacity with Floating Solar Plants and Renewable Energy Initiatives

  • Uttar Pradesh aims to generate 14,000 MW of solar power by 2027, expanding its renewable energy portfolio to reduce carbon emissions and promote sustainable energy.

Floating Solar Power Projects in Partnership with Energy Firms

  • The state will develop floating solar power plants across seven major reservoirs in partnership with NTPC, Tehri Hydro Development Corporation (THDC), and Satluj Jal Vidyut Nigam (SJVN). These floating projects will utilize water bodies to produce solar power efficiently without occupying land space.

PM Surya Ghar Yojana Targets Solar Energy for 2.5 Million Households

  • Under the PM Surya Ghar Yojana, Uttar Pradesh plans to connect 2.5 million households to solar energy, making solar power accessible and reducing dependence on conventional electricity.

Significant Investments in Renewable Energy

  • Uttar Pradesh has received investment proposals totaling Rs 7 trillion for renewable energy projects, with Rs 57,000 crore under the UP State Bio-Energy Policy 2022.

PM-KUSUM Yojana’s Focus on Rural Solar Installations

  • The PM-KUSUM Yojana targets 2,000 MW of solar power by 2027 by installing solar panels on vacant rural land. This project has already equipped 48,000 houses with solar power, and another 30,000 homes are expected to follow by the end of FY 2024-25.

Large-Scale Solar Projects in Progress

  • The state government is also progressing on 4,800 MW of solar parks with ongoing tendering, aiming to bolster large-scale solar production.

NTPC and ONGC Join Forces to Drive Renewable Energy Growth in India

  • NTPC Green Energy Ltd. and ONGC Green Energy Ltd. have established a 50:50 Joint Venture Company (JVC) to enhance their efforts in the renewable energy sector.
  • This partnership was formalized on February 7, 2024, during the India Energy Week 2024.

Focus Areas of the Joint Venture

  • The JVC will concentrate on a diverse range of renewable and new energy initiatives, including:
    • Solar and Wind Energy: Both onshore and offshore projects.
    • Energy Storage: Development of pumped storage and battery storage systems.
    • Green Molecules: Production of green hydrogen, green ammonia, sustainable aviation fuel (SAF), and green methanol.
    • E-Mobility: Exploration of electric mobility solutions.
    • Carbon and Green Credits: Participation in carbon credit and green credit schemes.

Plans for Asset Acquisition and Offshore Tenders

  • The joint venture aims to acquire renewable energy assets and engage in upcoming offshore wind energy tenders in states such as Tamil Nadu and Gujarat, expanding their footprint in the renewable energy landscape.

Government Support for Clean Energy Transition

  • The Indian government has reaffirmed its commitment to combating climate change through clean energy initiatives. In a recent meeting, Minister of State for New and Renewable Energy, Shripad Yesso Naik, discussed the Production-Linked Incentive (PLI) scheme with industry representatives to promote domestic manufacturing in the renewable sector.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Financial Services Institutions Bureau Recommends Rahul Bhave, Current Deputy MD of IFCI, for MD and CEO Position

  • The Financial Services Institutions Bureau (FSIB), the headhunter for directors of state-owned banks and financial institutions, recommended Rahul Bhave for the position of Managing Director (MD) and Chief Executive Officer (CEO) of IFCI Limited.
  • Bhave is currently the Deputy Managing Director of IFCI.
  • Besides, FSIB has recommended Palash Srivastava for the position of Deputy Managing Director in IIFCL.
  • Srivastava is currently the Chief Executive Officer of IIFCL Projects Limited, a subsidiary of IIFCL.
  • The final decision on FSIB’s recommendations will be taken by the Appointments Committee of the Cabinet (ACC), headed by Prime Minister Narendra Modi.
  • FSIB is led by Bhanu Pratap Sharma, former Secretary, Department of Personnel and Training (DoPT).

FSIB Members:

  • Animesh Chauhan: Former Chairman and MD of the erstwhile Oriental Bank of Commerce.
  • Deepak Singhal: Former Executive Director of RBI.
  • Shailendra Bhandari: Former MD of the erstwhile ING Vysya Bank.

India and France Re-elected as President and Vice-President of the International Solar Alliance

  • The Minister of New & Renewable Energy Pralhad Joshi announced that India has been re-elected as the President of the International Solar Alliance (ISA) for two years till 2026.
  • Besides, France also retained the post of Vice-President of the global body promoting renewable energy in least developed countries.
  • The election of the president and the vice-president was held as part of the seventh session of the Assembly, the apex decision making body of the ISA.
  • Vice Presidents: Eight Vice Presidents from various regions were selected:
  • Africa Region: Ghana and Seychelles as Vice Presidents; South Sudan and Comoros as Vice-Chairs.
  • Asia and the Pacific: Australia and Sri Lanka as Vice Presidents; United Arab Emirates and Papua New Guinea as Vice-Chairs.
  • Europe and Others: Germany and Italy as Vice Presidents; Greece and Norway as Vice-Chairs.
  • Latin America and Caribbean: Grenada and Suriname as Vice Presidents; Jamaica and Haiti as Vice-Chairs.
  • Director General Appointment: Ashish Khanna has been designated as the third Director General of the ISA and will take office in March 2025.
  • Demonstration Projects: The ISA initiated demonstration projects in 2020 to promote solar technology applications for Least Developed Countries (LDCs) and Small Island Developing States (SIDS), with 11 projects dedicated to specific countries.
  • Viability Gap Funding Scheme: Discussion on guidelines for the Viability Gap Funding Scheme, which offers 10% to 35% of the total solar project cost as a grant to support solar project development in LDCs and SIDS.
  • Women’s Involvement: The ISA Assembly will consider proposals to enhance women’s involvement in its initiatives and programs across member countries.
  • Focus Areas: The 7th session of the ISA Assembly is focusing on three critical issues: energy access, energy security, and energy transition, aimed at addressing global energy concerns.

Yamaha Motor India names Itaru Otani as chairman to enhance market strategy

  • India Yamaha Motor has appointed Itaru Otani as its new Chairman.
  • In his new role, Otani plans to address changing consumer preferences by emphasizing the development of innovative two-wheelers specifically designed for the Indian market.

About Itaru Otani :

  • Otani has over 30 years of experience with Yamaha Motor Company, having held significant leadership positions in various global markets, including Australia, Brazil, and Japan.
  • Prior to becoming Chairman, Otani served as Chief General Manager, overseeing the Land Mobility Business Operations based in Japan.

About Yamaha Motor India :

  • Yamaha Motor India is a subsidiary of Yamaha Motor Company and has established itself as a key player in India’s two-wheeler market, providing motorcycles and scooters that meet consumer demands for reliability, fuel efficiency, and appealing design.

Senior IAS Tuhin Kanta Pandey appointed as additional Secretary of the Department of Personnel and Training

  • Senior IAS Officer Tuhin Kanta Pandey has received additional charge as Secretary of the Department of Personnel and Training (DoPT).
  • Tuhin Kanta Pandey is a senior IAS Officer from the Orissa cadre 1987 batch.
  • He is currently serving as the Secretary of the Department of Investment and Public Asset Management in the Ministry of Finance, Government of India.
  • He will hold the additional charge of Secretary DoPT till the appointment of a regular incumbent or until further orders.
  • Earlier, senior IAS Officer Vivek Joshi was holding the post of Secretary, Department of Personnel and Training (DoPT).
  • Vivek Joshi has been sent back to his cadre state Haryana. He is a 1989 batch IAS officer.
  • The Department of Personnel and Training (DoPT) is a department of the Ministry of Personnel, Public Grievances and Pensions

CURRENT AFFAIRS : DEFENCE NEWS

Indian Army Sets Off for 15th Joint Special Forces Exercise VAJRA PRAHAR with United States Army

  • The Indian Army contingent departed for the 15th edition of India- US joint Special Forces Exercise VAJRA PRAHAR.
  • The exercise is scheduled to be conducted from 2nd to 22nd November 2024 at Orchard Combat Training Centre in Idaho, United States of America (USA).
  • The first edition of VAJRA PRAHAR was conducted in 2010.
  • The 14th edition, VAJRA PRAHAR 2023, was held in December 2023 at the Joint Training Node, Umroi, Meghalaya.
  • This will be the second exercise of the year between Indian and the US Army, the previous being Exercise YUDH ABHYAS 2024, conducted at Rajasthan in September 2024.
  • Participation : Contingents of both the countries taking part in the joint exercise will comprise 45 personnel each.
  • The Indian Army contingent will be represented by Special Forces units and the US Army contingent will be represented by Green Berets of the US.
  • Aim of Exercise : To promote military cooperation between India and the US through enhancement of interoperability, jointness and mutual exchange of special operations tactics.
  • Objectives : The exercise will enhance combined capabilities in executing joint Special Forces Operations in desert/ semi desert environments.
  • The exercise will focus on a high degree of physical fitness, joint planning and joint tactical drills.
  • Focus Areas:
  • The exercise will emphasize physical fitness, joint planning, and tactical drills.
  • Key drills will include:
    • Planning a Joint Team Mission.
    • Conducting a Reconnaissance Mission.
    • Employing Unmanned Aerial Systems.
    • Executing Special Operations.
    • Actions of Joint Terminal Attack Controllers.
    • Psychological Warfare in Special Operations.
  • Expected Outcomes:The exercise will facilitate the sharing of best practices and experiences for conducting joint Special Forces operations.
  • It aims to develop interoperability, camaraderie, and mutual understanding between soldiers of India and the US.

Indian Army Special Forces Contingent Heads to Indonesia for Joint Exercise ‘GARUD SHAKTI’

  • The Indian Army contingent comprising 25 personnel departed for Cijantung, Jakarta, Indonesia to take part in the 9th edition of India-Indonesia Joint Special Forces Exercise GARUD SHAKTI 24.
  • The Exercise will be conducted from 1st to 12th of November 2024.
  • The Indian contingent is being represented by troops from The Parachute Regiment (Special Forces) and an Indonesian contingent comprising 40 personnel is being represented by Indonesian Special Forces Kopassus.
  • The aim of Exercise GARUD SHAKTI 24 is to acquaint both the sides with each other’s operating procedures, enhance mutual understanding, cooperation and interoperability between the Special Forces of both armies.
  • The Exercise is designed to develop bilateral military cooperation and strengthen bond between two armies through conduct of discussions and rehearsal of tactical military drills.
  • The Exercise will involve planning and execution of special operations, orientation to advance special forces skills, sharing of information on weapons, equipment, innovations, tactics, techniques & procedures.
  • Joint Exercise GARUD SHAKTI 24 will also involve jointly practicing Special Forces Operations in Jungle terrain, strikes on terrorist camps and a Validation Exercise integrating basic and advance special forces skills apart from gaining an insight into the lifestyle and culture of both countries to foster military cooperation.
  • The Exercise will provide an opportunity to both the contingents to strengthen their bond and share best practices.
  • It will also act as a platform to achieve shared security objectives and foster bilateral relations between two friendly nations.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Japan Achieves Successful Launch of Defense Satellite Using New H3 Rocket

  • Japan launched a defence satellite named Kirameki No. 3 aboard its new flagship H3 rocket.
  • The launch took place from the Tanegashima Space Centre, located on a southwestern island of Japan.
  • The H3 rocket successfully placed the satellite into its targeted orbit.

Key Highlights :

  • Satellite Functionality:Kirameki No. 3 is equipped with X-band communication technology, designed to enhance military operations and information sharing.
  • X-band satellites are less susceptible to weather interference, ensuring stable communication.
  • This satellite joins two earlier X-band satellites, Kirameki No. 1 and No. 2, already operational to meet Japan’s increasing communication needs.
  • Military and Strategic Implications:The new satellite system aims to improve high-speed, large-capacity data transmission among Japan’s Ground, Maritime, and Air Self Defence Forces.
  • It is expected to bolster national security and operational capabilities, especially for units deployed on peacekeeping missions.
  • Background and Context:Japan is focusing on military expansion due to growing tensions from regional threats, particularly from China, North Korea, and Russia.
  • The launch aligns with Japan’s 2022 security strategy aimed at enhancing defense capabilities.
  • Launch Timeline:The launch was initially scheduled for October 20 but faced delays due to technical issues and adverse weather conditions.
  • This launch marks the third consecutive successful flight of the H3 system, following a previous failed debut flight in the prior year.
  • Future Plans:Kirameki No. 3 is expected to start operations by the end of March after being positioned in a designated geostationary orbit above Japan.
  • Japan’s space agency, JAXA, alongside Mitsubishi Heavy Industries, is working to make the H3 launch system commercially viable by significantly reducing launch costs compared to its predecessor, the H-2A rocket.

About Japan :

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

CURRENT AFFAIRS : OBITUARIES

US music legend Quincy Jones, who transformed the landscape of pop music, Passed away

  • Quincy Jones, the man known simply as “Q” who worked with musicians ranging from Count Basie to Frank Sinatra and reshaped pop music with his collaborations with Michael Jackson, passed away at the age of 91.

About Quincy Jones :

  • Quincy Delight Jones Jr. was born on March 14, 1933, in Chicago.
  • He developed a passion for music early on and became proficient with the trumpet by age 13.
  • Diverse Roles: Jones had a multifaceted career spanning over 65 years as a trumpeter, bandleader, arranger, composer, producer, and writer. He is renowned for his work across various music genres.
  • Grammy Awards: He won an impressive 28 Grammy Awards throughout his career, underscoring his influence and contributions to the music industry.
  • Notable Collaborations: Jones collaborated with legendary artists, including:
  • Jazz: Worked with Miles Davis and produced for Frank Sinatra.
  • Pop: He partnered with Michael Jackson on three landmark albums: “Off the Wall,” “Thriller,” and “Bad.”
  • “We Are the World”: In 1985, he co-produced the hit single “We Are the World,” which featured numerous prominent artists and raised funds for famine relief in Ethiopia.
  • Film and Television: Jones was also a successful film score composer, contributing to nearly 40 films, including “The Color Purple,” and co-produced the iconic TV show “The Fresh Prince of Bel-Air.”
  • Historic Milestones: In 1971, Jones became the first Black musical director for the Academy Awards television broadcast.
  • He is set to receive an honorary Oscar at the upcoming Governors Awards.
  • Innovative Productions: His production style was innovative, blending various musical elements. For “Thriller,” he incorporated rock influences, notably featuring Eddie Van Halen’s guitar solo in “Beat It.”
  • Legacy and Impact: Jones is recognized as a key figure in reshaping pop music and enhancing the careers of numerous artists, leaving a lasting legacy in both music and film.

CURRENT AFFAIRS: IMPORTANT DAYS

International Day for Preventing Exploitation of Environment in War and Armed Conflict 2024: 6th November

  • International Day for Preventing the Exploitation of the Environment in War and Armed Conflict is observed on 6th November 2024.
  • The United Nations General Assembly declared this day in 2001.
  • The day recognizes that the environment is often a victim of war and that destroying natural resources can lead to a lack of durable peace.
  • Some ways the environment is exploited in war include: Polluting water wells, Torching crops, Cutting down forests, Poisoning soils, and Killing animals to gain military advantage.
  • The UN Environment Assembly (UNEA) adopted a resolution in 2016 that recognized the role of healthy ecosystems in reducing the risk of armed conflict.
  • International humanitarian law (IHL) also aims to protect the natural environment during armed conflict.

Daily CA One- Liner: November 6

  • The Prime Minister Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) scheme, launched on October 1, 2024, aims to accelerate the adoption of electric two-wheelers (e2W) and three-wheelers (e3W).
  • The Government of India clarified that Wi-Fi services for in-flight internet access will be allowed only once the aircraft reaches 3,000 meters in altitude.
  • The Government e-Marketplace (GeM) has introduced 170 new seed categories aimed at simplifying access to quality agricultural and horticultural seeds
  • The All India Organisation of Chemists and Druggists (AIOCD) raised serious objections to a collaboration between Swiggy Instamart and PharmEasy for 10-minute medicine deliveries via dark stores, citing potential public health risks
  • Uttar Pradesh aims to generate 14,000 MW of solar power by 2027, expanding its renewable energy portfolio to reduce carbon emissions and promote sustainable energy
  • NTPC Green Energy Ltd. and ONGC Green Energy Ltd. have established a 50:50 Joint Venture Company (JVC) to enhance their efforts in the renewable energy sector.
  • The Securities and Exchange Board of India (SEBI) has authorized mutual funds (MFs) to invest in foreign funds and unit trusts (UTs) that have up to 25% exposure to Indian equities.
  • Franklin Templeton (India) Mutual Fund has launched the Franklin India Arbitrage Fund.
  • The Union Finance Ministry has asked sponsor banks to submit comments on the proposed RRB amalgamation by November 20, 2024.
  • The Reserve Bank of India (RBI) initiated the withdrawal of ₹2000 banknotes on May 19, 2023, citing that their objective of fulfilling currency needs post the demonetization of ₹500 and ₹1000 notes in 2016 had been achieved.
  • SBI Mutual Fund (SBI MF) became the first fund house in India to surpass ₹10 lakh crore in Assets Under Management (AUM), reaching ₹10.99 lakh crore in the September quarter of 2024.
  • Finance Minister Nirmala Sitharaman chaired a meeting on November 4, 2024 to conduct a comprehensive review of the Income Tax Act 1961, in line with the announcement made during the last Union Budget.
  • Markets regulator Securities and Exchange Board of India (SEBI) has proposed raising the threshold for identifying High Value Debt Listed Entities (HVDLEs) to Rs 1,000 crore from Rs 500 crore at present to reduce compliance burdens.
  • The Financial Services Institutions Bureau (FSIB), the headhunter for directors of state-owned banks and financial institutions, recommended Rahul Bhave for the position of Managing Director (MD) and Chief Executive Officer (CEO) of IFCI Limited.
  • The Minister of New & Renewable Energy Pralhad Joshi announced that India has been re-elected as the President of the International Solar Alliance (ISA) for two years till 2026.
  • India Yamaha Motor has appointed Itaru Otani as its new Chairman.
  • Senior IAS Officer Tuhin Kanta Pandey has received additional charge as Secretary of the Department of Personnel and Training (DoPT).
  • The Indian Army contingent departed for the 15th edition of India- US joint Special Forces Exercise VAJRA PRAHAR.
  • The Indian Army contingent comprising 25 personnel departed for Cijantung, Jakarta, Indonesia to take part in the 9th edition of India-Indonesia Joint Special Forces Exercise GARUD SHAKTI 24.
  • Japan launched a defence satellite named Kirameki No. 3 aboard its new flagship H3 rocket.
  • Quincy Jones, the man known simply as “Q” who worked with musicians ranging from Count Basie to Frank Sinatra and reshaped pop music with his collaborations with Michael Jackson, passed away at the age of 91.
  • International Day for Preventing the Exploitation of the Environment in War and Armed Conflict is observed on 6th November 2024.

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