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CURRENT AFFAIRS : BANKING & FINANCE
Reserve Bank of India Increases Unified Payments Interface Transaction Limit for Tax Payments to Rs 5 Lakh
- The Reserve Bank of India (RBI) has raised the upper limit for tax payments through the Unified Payments Interface (UPI) from Rs 1 lakh to Rs 5 lakh per transaction.
- This move is aimed at boosting digital payments and facilitating larger transactions, particularly for tax payments.
- The decision was made during the 50th meeting of the Monetary Policy Committee (MPC).
Key Highlights :
- Impact on Taxpayers:The enhanced limit is expected to provide convenience to taxpayers, especially for high-value transactions, reducing the need for multiple payments.
- RBI’s Ongoing Efforts:This is part of the RBI’s ongoing efforts to promote digital payments and reduce reliance on cash transactions.
- The RBI has previously reviewed and enhanced UPI limits for various categories like capital markets, IPO subscriptions, loan collections, insurance, medical, and educational services.
- Introduction of ‘Delegated Payments’:The RBI introduced a new UPI feature called ‘Delegated Payments.’
- This feature allows a primary user to authorize a secondary user to conduct UPI transactions within a set limit from the primary user’s bank account, expanding the functionality and reach of digital payments.
- UPI Growth:UPI payments reported a 45% year-on-year growth, according to the National Payment Corporation of India (NPCI).
- The value of UPI transactions grew by over 35%, reaching Rs 20.64 trillion.
- Transaction Value Milestone:July 2024 marked the third consecutive month where total UPI transactions exceeded Rs 20 trillion.
- In June 2024, the UPI transaction value was Rs 20.07 trillion, and in May 2024, it was Rs 20.44 trillion.
- Average Daily Transaction Value:The average daily transaction value through UPI in July 2024 was Rs 466 million, approximately Rs 66,590 crore.
- Monthly Growth:The volume of UPI transactions in July 2024 increased by 3.95% compared to June 2024.
- The value of UPI transactions in July 2024 grew by 2.84% compared to June 2024.
About RBI :
- Founded : 1 April 1935
- Headquarters : Mumbai, Maharashtra, India
- Governor : Shaktikanta Das
- Deputy Governors : Shri M. Rajeshwar Rao, Shri Swaminathan J, Shri T. Rabi Sankar, Dr. M.D. Patra
Reserve Bank of India mandates Fortnightly Credit Information Reporting to Enhance Transparency
- The Reserve Bank of India (RBI) has decided to increase the frequency of reporting of credit information by lenders, including Banks and Non Banking Finance Companies (NBFCs), to Credit Information Companies (CICs) from monthly intervals to fortnightly basis or shorter intervals.
- This will be effective from January 1, 2025.
- This is aimed at providing a more up-to-date picture of a borrower’s indebtedness.
- At present credit institutions (CIs) or lenders are required to report the credit information of their borrowers to credit information companies (CICs) at monthly or such shorter intervals as mutually agreed between the CI and CIC.
Key Highlights :
- Benefits:For Borrowers: Faster updation of credit information, especially after loan repayments.
- For Lenders: Improved risk assessment of borrowers and reduced risk of borrower over-leveraging.
- CIC Requirements : CICs will now be required to ingest credit information/ data received from the CIs, as per their data acceptance rules, within 5 calendar days (against 7 calendar days earlier) of its receipt from the CIs.
- CICs must submit a list of CIs not adhering to the fortnightly data submission timelines to the RBI’s Department of Supervision, Central Office, at half-yearly intervals (as of March 31 and September 30).
India’s Forex Reserves Reach Record High of $675 Billion: Reserve Bank of India Governor Shaktikanta Das
- India’s foreign exchange reserves reached an all-time high of $675 billion as of August 2, 2024, indicating strong external sector performance.
- The previous all-time high was $670.86 billion as of July 19.
- Recent data showed that the reserves dipped by $3.47 billion to $667.39 billion for the week ending on July 26, 2024.
Key Highlights :
- Rupee Stability: The Indian Rupee remained largely range-bound in August, with the exchange rate at 83.93 against the US dollar as of August 8, 2024.
- Foreign Portfolio Investment (FPI):Net Buyers: Foreign portfolio investors turned net buyers in the domestic market, with net inflows of $9.7 billion from June to August 6, reversing earlier outflows of $4.2 billion in April and May.
- Foreign Direct Investment (FDI) : FDI flows also showed strong growth in 2024-25, with gross FDI rising by over 20% during April-May 2024.
- Net FDI flows doubled during this period compared to the same time last year.
Recent News :
- In Aug 2024, The RBI Governor-headed six-member Monetary Policy Committee (MPC) decided to keep the benchmark repo rate unchanged at 6.5% and maintain the policy stance of ‘withdrawal of accommodation’.
Reserve Bank of India Introduces Continuous Cheque Clearing Under Cheque Truncation System
- The Reserve Bank of India (RBI) has proposed continuous clearing of cheques under the Cheque Truncation System (CTS) with ‘on-realisation-settlement’, replacing the current two-working-day clearing cycle.
- Presently, cheque clearing through CTS operates in a batch processing mode, taking up to T+1 days for settlement.
Key Highlights :
- Proposed Changes:Under the new system, cheques will be cleared within a few hours on the day of presentation, significantly speeding up the payment process.
- The transition to continuous clearing will allow cheques to be scanned, presented, and processed continuously during business hours.
- Benefits:The new system aims to improve the efficiency of cheque clearing, reduce settlement risks for participants, and enhance customer experience.
- The clearing cycle will be reduced from the current T+1 days to just a few hours.
- Future Guidelines:Detailed guidelines for the implementation of this new system will be issued by the RBI shortly.
Insolvency and Bankruptcy Board of India Issues Guidelines for Committee of Creditors to Ensure Timely Resolution and Maximise Asset Value
- The Insolvency and Bankruptcy Board of India (IBBI) has issued guidelines for the Committee of Creditors (CoC) to facilitate timely resolution and maximise the value of the corporate debtor’s assets.
- Purpose of Guidelines:To address issues that often cause delays and disruptions in the Corporate Insolvency Resolution Process (CIRP).
- They promote transparency, independence, impartiality, and professionalism among CoC members.
Key Provisions:
- Authorization: CoC members must nominate representatives with proper authorization to expedite decision-making and maintain objectivity.
- Dispute Resolution: Inter-se disputes among lenders should be resolved through dialogue or non-adversarial means.
- Inclusion of Belated Claims: The CoC can recommend the inclusion of belated claims deemed acceptable by the Resolution Professional (RP), likely reducing litigation.
- Responsibilities:CoC members are required to share audit reports, valuation reports, and other relevant documents with the RP to enhance efficiency in the CIRP.
- Impact of Guidelines:These self-regulating guidelines are expected to reduce delays, bolster confidence in the insolvency system, and help in completing CIRP in a time-bound manner.
- Current CIRP Duration and Recovery Rates:According to IBBI, the average CIRP duration is 679 days, compared to the standard timeline of 330 days, which erodes asset value.
- The recovery rate for creditors stands at 49.2% if the CIRP is concluded within 330 days, which reduces to 36%, if the CIRP process concludes between 330-599 days; and beyond 600 days, the recovery rate stands at mere 26.1%.
About IBBI :
- Established : 1 October 2016
- Headquarters : New Delhi, Delhi
- Chairman : Ravi Mittal
- IBBI is the regulator for overseeing insolvency proceedings and entities like Insolvency Professional Agencies (IPA), Insolvency Professionals (IP) and Information Utilities (IU) in India.
CURRENT AFFAIRS: NATIONAL NEWS
India Plans Mission CCUS to Advance Carbon Capture and Storage Technologies
- The Indian government is considering launching a new mission to promote Carbon Capture Utilisation and Storage (CCUS) technologies.
- The initiative aims to collaborate with industry and academia to develop an India-specific CCUS ecosystem.
- Incentives and Support:
- The mission is expected to include subsidies, viability gap funding (VGF), tax rebates, and other incentives to encourage the development of India-specific technologies and infrastructure for CCUS.
India’s New Policy Framework for Carbon Capture Technology
- Objective: The government is creating a policy for carbon capture, utilization, and storage (CCUS) to help India meet its net-zero emissions target by 2070.
- Mission Details:
- Focus: Capture carbon dioxide from major sources like power plants using fossil fuels.
- Incentives: The government will offer financial support, including viability gap funding, to attract private sector investments.
- Pilot Projects: Support for pilot plants that capture 500 tonnes of CO2 per day.
- Global Context:
- US: Announced $1.7 billion for carbon capture projects in 2023.
- Japan: Working on large-scale projects to capture 13 tonnes of CO2 per year by 2030.
- Process: Captured CO2 will be used in various applications or stored in geological formations.
- Timeline: The government aims to demonstrate progress within 6 months, similar to the national green hydrogen mission.
CURRENT AFFAIRS: BUSINESS NEWS
Svastha Ecoharvest Set to Export India’s First Sona Masoori Brown Rice Consignment to Europe
- Agtech start-up Svastha Ecoharvest is preparing to export India’s first Sona Masoori brown rice consignment to Europe.
- Traditionally, rice exports from India to Europe have been limited to Basmati.
Technological Action Plan:
- In response to farmers’ prevalent and often unguided use of chemicals, Svastha Ecoharvest has implemented a technological action plan.
- This plan ensures that the rice meets the Maximum Residue Level (MRL) standards, even accounting for potential future revisions.
Expected Shipment:
- The shipment is anticipated to take place around the end of August, according to Chandrasekaran, a representative from Svastha Ecoharvest.
- There may also be a small quantity of Ponni rice included in the shipment.
Finance Minister Nirmala Sitharaman’s Announcement: Centre to treat capex loans to states as grants
- The Centre may convert trillions of rupees given to states into grants, rather than loans. Grants do not need to be repaid.
- Financial Assistance:
- Total Given: Rs 2.17 trillion released under the ‘Scheme for Special Assistance to States for Capital Expenditure’ since its launch.
- Future Assistance: Estimated Rs 1.5 trillion more to be given in FY25, totaling Rs 3.7 trillion from FY21-FY25.
- Impact: Emphasis on capital expenditure post-Covid has helped India become the fastest-growing economy and may continue in FY25.
- Rajya Sabha Update: The Finance Bill has been approved, completing the FY25 Budget process.
- Policy Focus: Balancing growth, jobs, capital expenditure, and fiscal consolidation.
- Insolvency Concerns: Defaulting promoters are not allowed to re-bid for their own companies to prevent unfair practices.
- Agriculture Support: Increased funds allocated to agriculture and allied sectors.
CURRENT AFFAIRS: RANKING AND INDEX
2024 Barclays Private Clients Hurun India Most Valuable Family Businesses List:
- The Ambani family business, led by Reliance Industries Chairman Mukesh Ambani — the richest man in Asia, has topped ‘The 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses List’, as per a Business Standard report.
Top 5 Family Businesses:
- Ambani Family (Reliance Industries)
- Valuation: ₹25.75 lakh crore
- Sector: Energy, Retail, Infrastructure
- Note: The Ambani family business, led by Mukesh Ambani, tops the list, with a valuation equal to 10% of India’s GDP.
- Bajaj Family (Bajaj Group)
- Valuation: ₹7.13 lakh crore
- Sector: Automotive
- Leader: Niraj Bajaj
- Location: Pune
- Birla Family (Aditya Birla Group)
- Valuation: ₹5.39 lakh crore
- Leader: Kumar Mangalam Birla
- Jindal Family (JSW Group)
- Valuation: ₹4.71 lakh crore
- Leader: Sajjan Jindal
- Nadar Family (HCL Technologies)
- Valuation: ₹4.30 lakh crore
- Leader: Roshni Nadar Malhotra
- Note: Roshni Nadar Malhotra is the only woman in the top 10.
Other Notable Family Businesses (6th-10th positions):
- Mahindra Family (Mahindra & Mahindra)
- Dani, Chowksi, and Vakil Families (Asian Paints)
- Premji Family (Wipro)
- Singh Family (DLF)
- Muruguppa Family (Tube Investments of India)
First-Generation Family Businesses (Excluded from Main List):
- Adani Family
- Valuation: ₹15.44 lakh crore
- Leader: Gautam Adani
- Note: They would rank second if included in the main list.
- Poonawalla Family (Serum Institute of India)
- Valuation: ₹2.37 lakh crore
- Divi Family (Divi’s Laboratories)
- Valuation: ₹91,200 crore
Unlisted Family Businesses:
- Haldiram Snacks
- Valuation: ₹63,000 crore
- Note: Tops the unlisted family businesses category.
Key Insights:
- The top three families—Ambanis, Bajajs, and Birlas—collectively have a valuation equal to Singapore’s GDP.
- The list focuses on long-established family businesses, excluding first-generation ventures and adjusting for cross-holdings.
CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS
Nandakumar Velayudhan Pillai Assumes Role as Director-Refinery at Mangalore Refinery and Petrochemicals Limited
- Nandakumar Velayudhan Pillai took charge as Director (Refinery) of Mangalore Refinery and Petrochemicals Ltd. (MRPL).
About Nandakumar Velayudhan Pillai :
- Pillai is a seasoned refining industry expert with over 30 years of experience.
- He was closely associated with all the major milestones in the organisation’s growth having worked in Production Planning, Process Engineering, Operations, and Project Departments, as well as in the Refinery Head Office in various capacities.
- He served as Group General Manager (Corporate Strategy) before taking over as the Director.
- He has led high-value projects, including a $500 million investment portfolio during Phase-3 refinery expansion.
About MRPL :
- Founded : 7 March 1988
- Headquarters : Mangalore, Karnataka
- Chairman : Arun Kumar Singh
- MRPL, is a division of Oil and Natural Gas Corporation (ONGC) which is under the ownership of the Ministry of Petroleum and Natural Gas of the Government of India
Vice Admiral Anupam Kapur Takes Over as Director General of Hospital Services (Armed Forces)
- Surgeon Vice Admiral Anupam Kapur has assumed the role of Director General Hospital Services (Armed Forces) at the office of the Director General Armed Forces Medical Services.
About Vice Admiral Anupam Kapur :
- Vice Admiral Kapur was commissioned into the Indian Navy on June 27, 1987.
- Prior to taking over as the DGHS(Armed Forces), the Flag Officer served as the Command Medical Officer of the Western Naval Command.
- He has also commanded premier Indian Navy hospitals, INHS Asvini and INHS Sanjivani.
Awards & Commendations :
- In recognition of his distinguished service, Surgeon Vice Adm Kapur has been awarded the Nao Sena Medal.
- He has also been commended twice by the Chief of the Naval Staff and by the Flag Officer Commanding-in-Chief (West) for his outstanding contributions to the Indian Navy and the Armed Forces Medical Services.
About Ministry of Defence :
- Defence Minister : Rajnath Singh
- Minister of State : Sanjay Seth
Securities and Exchange Board of India Approves Praveena Rai as New MD & CEO of Multi Commodity Exchange
- The Securities and Exchange Board of India (SEBI) has approved Praveena Rai’s appointment as the Managing Director (MD) and Chief Executive Officer (CEO) of the Multi Commodity Exchange (MCX), India’s largest commodity exchange.
- The position had been vacant for three months following the conclusion of PS Reddy’s five-year term as CEO on May 9, 2024.
- Since his departure, the exchange’s operations have been managed by a special executive committee consisting of key officers, including a Chief Risk Officer (CRO), Chief Technology Officer (CTO), Chief Business Officer (CBO), and Chief Operating Officer (COO).
About Praveena Rai :
- Praveena Rai was previously the Chief Operating Officer (COO) of the National Payments Corporation of India (NPCI).
- She has over 20 years of experience in payments and banking.
- Her expertise includes transaction banking, retail banking, cards, and commercial banking.
- She has held key positions at Kotak Mahindra Bank, HSBC, and Citi.
About MCX :
- Founded : November 10, 2003
- Headquarters : Mumbai, Maharashtra, India
CURRENT AFFAIRS : ACQUISITIONS & MERGERS
Competition Commission of India Approves Full Acquisition of ATC Telecom Infrastructure by Data Infrastructure Trust Along with Related Transactions
- The Competition Commission of India (CCI) has approved the proposed acquisition of 100% of the share capital of ATC Telecom Infrastructure Private Limited (ATC India) by Data Infrastructure Trust (DIT) and certain inter-connected transactions.
About DIT :
- DIT is an infrastructure investment trust registered under the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014.
- DIT, through its special purpose vehicles, is engaged in the business of provision of passive telecom infrastructure services in India.
About ATC India :
- ATC India is an indirect subsidiary of American Tower International, Inc. It is engaged in the business of provision of passive telecom infrastructure services in India.
About CCI :
- Established : 14 October 2003
- Headquarters : New Delhi, 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.
Competition Commission of India Approves Restructuring of Re Sustainability Limited’s Business, Including Demerger of Waste Management and Waste-to-Energy Operations to Ramky Sustainability Solutions
- The Competition Commission of India (CCI) has approved the restructuring of Re Sustainability Limited (ReSL), including its subsidiaries and joint ventures.
- The restructuring involves the demerger of ReSL’s municipal solid waste (MSW) business and waste-to-energy (WTE) business to a newly incorporated entity, Ramky Sustainability Solutions Private Limited (RSSPL).
Key Highlights :
- Shareholding Pattern:Post-restructuring, RSSPL’s fully diluted shareholding will reflect ReSL’s existing shareholding pattern, including the shares held by Metropolis and the Founding Group.
Entities Involved:
- ReSL: Engaged in industrial waste management, municipal solid waste management, bio-medical waste management, operation of waste-to-energy plants, and recycling in India.
- MWML: A wholly owned subsidiary of ReSL, which will amalgamate into ReSL and cease to exist as an independent entity.
- RSSPL: A newly incorporated company that will house the demerged businesses but currently has no business activities in India.
- Metropolis: Metropolis is an investment company incorporated under the laws of Singapore and has been registered as a Foreign Venture Capital Investor under the SEBI (Foreign Venture Capital Investor) Regulations, 2000.
- Metropolis is indirectly wholly owned by investment funds, vehicles, and/or accounts advised and managed by various subsidiaries of KKR & Co. Inc. (KKR & Co. and together with its subsidiaries, “KKR”).
- Founding Group: Comprising individual family members and RK Ventures, involved in waste management and other activities in India through ReSL.
- Transfer of Rights:The Founding Group will relinquish certain rights in the retained businesses of ReSL, while Metropolis will cede certain rights in the demerged businesses now under RSSPL.
Competition Commission of India Approves Highway Infrastructure Trust’s Acquisition of 100% Equity Stake and Control in 12 special purpose vehicles of PNC Infratech and PNC Infra Holdings
- The Competition Commission of India (CCI) has approved the acquisition of 100% equity stake, management and control in 12 special purpose vehicles of PNC Infratech Limited and PNC Infra Holdings (PNC SPVs/Targets) by Highway Infrastructure Trust (Acquirer Trust).
Key Highlights :
- Acquirer Trust:Highway Infrastructure Trust is an irrevocable trust under the Indian Trusts Act, 1882, and registered as an infrastructure investment trust with the Securities and Exchange Board of India (SEBI) under the SEBI (Infrastructure Investment Trusts) Regulations, 2014.
- The trust is involved in operating roads and highways in India through its SPVs, which have government concessions for these activities.
- Trust Management:Galaxy Investments II Pte. Limited is the sponsor of the Acquirer Trust.
- Highway Concessions One Private Limited (HC One) is the investment manager of the Acquirer Trust.
- PNC SPVs : The PNC SPVs have been incorporated as special purpose vehicles.
- The PNC SPVs have entered into concession agreements with the National Highway Authority of India (NHAI)/ Uttar Pradesh State Highways Authority (UPSHA) for holding, developing, operating, and maintaining infrastructure projects under Hybrid annuity model / Build-Operate-Transfer, respectively.
Competition Commission of India Approves 360 ONE Private Equity Fund’s Acquisition of Stake in Vastu Housing Finance Corporation Limited
- The Competition Commission of India (CCI) has approved the acquisition by 360 ONE Private Equity Fund in Vastu Housing Finance Corporation Limited (VHFCL).
- 360 ONE Private Equity Fund (360 Fund) is registered with the Securities and Exchange Board of India (SEBI) as a Category II Alternativ e Investment Fund.
- The fund is established for investing in various sectors both in India and globally.
- 360 ONE Alternates Asset Management Limited (360 AAML) is the investment manager of the 360 Fund.
- 360 AAML is a wholly owned subsidiary and is ultimately controlled by 360 ONE WAM Limited (360 OWL)
- VHFCL provides a range of financial products, including loans, home loans, home extension loans, plot and construction loans, loans against property, and micro/MSME loans in India.
CURRENT AFFAIRS: SPORTS NEWS
India to Host ISSF World Cup Final at Karni Singh Ranges in October
- India will host the ISSF World Cup Final (WCF) at the Karni Singh Ranges in October 2024, bringing together the world’s top shooters.
- The WCF is the season-ending event where elite shooters in pistol, rifle, and shotgun disciplines compete to determine the year’s best in their respective events.
Qualification Criteria:
- Medal winners from the 12 individual shooting events at the Paris Olympics automatically qualify for the WCF, as do titleholders from last year’s event in Doha, Qatar.
- Additionally, the top-six shooters from the ISSF World Cup rankings will qualify, with a maximum of two shooters per country eligible for each event.
Announcement and Background:
- The ISSF World Cup Final in India was announced during the Paris Olympics by ISSF President Luciano Rossi in Châteauroux.
- This marks the 10th international shooting competition hosted by India since the 10th Asian Air Gun Championship in 2015, and the second ISSF World Cup Final, with the first held in 2017.
- In 2023, Bhopal hosted its first ISSF World Cup.
Neeraj Chopra Claims Silver at Paris 2024 Olympics Javelin Event
- Neeraj Chopra achieved his season-best throw of 89.45 meters on his second attempt at the Paris 2024 Olympics held at the Stade de France.
- After an initial foul, Neeraj’s impressive second throw positioned him in second place behind Pakistan’s Arshad Nadeem.
Record-Breaking Competition:
- Arshad Nadeem set a new Olympic record with a throw of 92.97 meters on his second attempt, leading the competition.
- Following the first two throws, Neeraj was in second place with Nadeem leading.
Event Format and Progress:
- The javelin throw event featured 12 athletes, with the bottom four being eliminated after three rounds. The top eight advanced to an additional three attempts.
- Neeraj fouled his third attempt, while Arshad’s third throw was 88.72 meters. Neeraj maintained his second-place position after three rounds.
Final Results:
- Neeraj Chopra ultimately secured the silver medal, while Arshad Nadeem won the gold, concluding a competitive javelin event at the Olympics.
India Wins Olympic Bronze in Field Hockey at Paris 2024
- India clinched the bronze medal in men’s field hockey at the Paris 2024 Olympics, marking their second consecutive Olympic bronze.
- Harmanpreet Singh played a pivotal role, scoring both goals in a tense 2-1 victory over Spain.
- India’s men’s hockey team won the bronze medal at the Paris 2024 Olympics.
- Star Player: Harmanpreet Singh scored two key goals for India.
Match Highlights:
- Spain took an early lead with a penalty stroke.
- Harmanpreet equalized just before halftime and then scored again in the third quarter.
- Spain had a goal overturned due to a penalty corner issue.
- Spain’s late attempts to score were unsuccessful.
Historical Note: India’s field hockey team now has 12 Olympic medals, including eight golds, making them the most successful team in the sport’s history.
CURRENT AFFAIRS: IMPORTANT DAYS
World Lion Day 2024: August 10 History
- World Lion Day is an international annual event observed on the 10th of August.
- World Lion Day 2024 is celebrated to raise awareness about the conservation and protection of Lions.
- Lion’s scientific name is ‘Panthera Leo’.
- The Big Cat Initiative (BCI) was formed in 2009 and was initiated by Dereck and Beverly Joubert to protect the lions.
- Dereck and Beverly Joubert are conservationists and filmmakers. As a result of poaching and hunting these wild cats are declined in large numbers.
- Big Cat Initiative (BCI) was started in partnership with National Geographic to protect the remaining lion species.
- Another initiative ‘World Lion Day’ was launched and the first Lion Day was observed in 2013.
- World Lion Day is celebrated to raise awareness about the conservation and protection of Lions from threats.
- World Lion Day is celebrated to spread awareness and educate people about the importance of lions.
- In India, the “Asiatic Lion Conservation Project” was launched by the Ministry of Environment, Forests, and Climate Change (MoEFCC) under Schedule 1 of the Wildlife (Protection) Act 1972.
World Biofuel Day 2024: August 10
- Every year World Biofuel Day is observed on the 10th of August.
- The theme for World Biofuel Day 2024 is “Sustainable Biofuels: Reducing Waste, Feeding Energy”
- World Biofuel Day 2024 is celebrated to raise awareness about the importance of biofuels and features the efforts made by the Government in the biofuel sector.
- World Biofuel Day 2024 is observed to honor Sir Rudolf Diesel for his research experiments.
- In the year 1983, he successfully ran a diesel engine with the help of peanut oil by predicting that vegetable oil would replace fossil fuels in the next century to fuel various mechanical engines. Biofuel was an innovative discovery as it created a renewable energy source and sustainable alternative to fossil fuels.
- Since 2015, India has celebrated World Biofuel Day through the Ministry of Petroleum and Natural Gas (MoP&NG) and the Ministry of Environment, Forest and Climate Change (MoEFCC).
Daily CA One- Liner: August 10
- The Indian government is considering launching a new mission to promote Carbon Capture Utilisation and Storage (CCUS) technologies.
- Agtech start-up Svastha Ecoharvest is preparing to export India’s first Sona Masoori brown rice consignment to Europe
- The Centre may convert trillions of rupees given to states into grants, rather than loans. Grants do not need to be repaid
- The Ambani family business, led by Reliance Industries Chairman Mukesh Ambani — the richest man in Asia, has topped ‘The 2024 Barclays Private Clients Hurun India Most Valuable Family Businesses List’, as per a Business Standard report
- India will host the ISSF World Cup Final (WCF) at the Karni Singh Ranges in October 2024, bringing together the world’s top shooters.
- Neeraj Chopra achieved his season-best throw of 89.45 meters on his second attempt at the Paris 2024 Olympics held at the Stade de France
- India clinched the bronze medal in men’s field hockey at the Paris 2024 Olympics, marking their second consecutive Olympic bronze.
- The Reserve Bank of India (RBI) has raised the upper limit for tax payments through the Unified Payments Interface (UPI) from Rs 1 lakh to Rs 5 lakh per transaction.
- The Reserve Bank of India (RBI) has decided to increase the frequency of reporting of credit information by lenders, including Banks and Non Banking Finance Companies (NBFCs), to Credit Information Companies (CICs) from monthly intervals to fortnightly basis or shorter intervals.
- India’s foreign exchange reserves reached an all-time high of $675 billion as of August 2, 2024, indicating strong external sector performance.
- The Reserve Bank of India (RBI) has proposed continuous clearing of cheques under the Cheque Truncation System (CTS) with ‘on-realisation-settlement’, replacing the current two-working-day clearing cycle.
- The Insolvency and Bankruptcy Board of India (IBBI) has issued guidelines for the Committee of Creditors (CoC) to facilitate timely resolution and maximise the value of the corporate debtor’s assets.
- Nandakumar Velayudhan Pillai took charge as Director (Refinery) of Mangalore Refinery and Petrochemicals Ltd. (MRPL).
- Surgeon Vice Admiral Anupam Kapur has assumed the role of Director General Hospital Services (Armed Forces) at the office of the Director General Armed Forces Medical Services.
- The Securities and Exchange Board of India (SEBI) has approved Praveena Rai’s appointment as the Managing Director (MD) and Chief Executive Officer (CEO) of the Multi Commodity Exchange (MCX), India’s largest commodity exchange.
- The Competition Commission of India (CCI) has approved the proposed acquisition of 100% of the share capital of ATC Telecom Infrastructure Private Limited (ATC India) by Data Infrastructure Trust (DIT) and certain inter-connected transactions.
- The Competition Commission of India (CCI) has approved the restructuring of Re Sustainability Limited (ReSL), including its subsidiaries and joint ventures.
- The Competition Commission of India (CCI) has approved the acquisition of 100% equity stake, management and control in 12 special purpose vehicles of PNC Infratech Limited and PNC Infra Holdings (PNC SPVs/Targets) by Highway Infrastructure Trust (Acquirer Trust).
- The Competition Commission of India (CCI) has approved the acquisition by 360 ONE Private Equity Fund in Vastu Housing Finance Corporation Limited (VHFCL).
- World Lion Day is an international annual event observed on the 10th of August.
- Every year World Biofuel Day is observed on the 10th of August
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