Daily Current Affairs 29 May 2024 | Latest News | Download PDF

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CURRENT AFFAIRS : BANKING & FINANCE

SEBI Expands Scope of Self-Regulatory Organisations for Social Impact Assessors

• The Securities and Exchange Board of India (SEBI) has identified self-regulatory organizations (SROs) for social impact assessment of entities listed on the Social Stock Exchange (SSE).
• Under the SSE framework, non-profit organisations can raise funds for social causes.

Key Highlights :

• Current Certification:Individuals qualified by the National Institute of Securities Market and registered with SRO under the Institute of Chartered Accountants in India can act as social impact assessors.
• Newly Identified SROs:SEBI has also identified:
• ICMAI Social Auditors Organization (ICMAI SAO) under the Institute of Cost Accountants of India.
• ICSI Institute of Social Auditors (ICSI ISA) under the Institute of Company Secretaries of India.
• Reporting Requirement : Further, SEBI has directed already listed non-profit organisations to submit Annual Impact Report to SSE by October 31 for the financial year 2023-24.

What is a Social Impact Assessor?

• An individual registered with a self-regulatory organization (SRO) under the Institute of Chartered Accountants of India or other approved agencies.
• Must have qualified a certification program conducted by the National Institute of Securities Market (NISM).

What is the social stock exchange?

• SSE is a novel concept in India and it is a separate segment of the existing stock exchange, which helps social enterprises to garner funds from the public through the stock exchange mechanism.

Eligible Social Enterprises:

• Entities eligible for participation in SSE include non-profit organizations (NPOs) and for-profit social enterprises.
• Must have social intent and impact as their primary goal.

What Is a Self-Regulatory Organisation (SRO)?

• A self-regulatory organisation (SRO) is an entity such as a non-governmental organisation, which can create and enforce stand-alone industry and professional regulations and standards independently.
• An SRO shall be set up as a not-for-profit company registered under Section 8 of the Companies Act, 2013.

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.

Reserve Bank of India Fines ICICI Bank ₹1 Crore, YES Bank ₹91 Lakh for Regulatory Violations

• The Reserve Bank of India (RBI) imposed a penalty of ₹1 crore on ICICI Bank and fined Yes Bank ₹91 lakh for non-compliance with regulatory directions.

Key Highlights :

• ICICI Bank Penalty Details:ICICI Bank was penalized for non-compliance with certain directions related to ‘Loans and Advances – Statutory and Other Restrictions’.
• The bank had sanctioned term loans to certain entities instead of utilizing budgetary resources intended for specific projects, as revealed during the statutory inspection for FY22.
• Yes Bank Penalty Details: Yes Bank faced a penalty for violating norms concerning ‘Customer Service in Banks’ and ‘Unauthorized Operation of Internal/Office Accounts’.
• The inspection for FY22 disclosed that the bank levied charges for non-maintenance of minimum balance in specific savings accounts with insufficient or zero balance.
• Yes Bank also opened and operated internal accounts in customers’ names for unauthorised purposes.
• Regulatory Basis for Penalty:The penalties were imposed by RBI under the powers conferred by section 47A read with section 46 of the Banking Regulation Act, 1949.

Recent News :

• In May 2024, The Reserve Bank of India (RBI) levied a penalty of Rs 3.1 lakh on Hero FinCorp Limited for non-compliance with specific provisions concerning fair practices code.

About ICICI Bank :

• Established : 5 January 1994
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Sandeep Bakhshi

 About Yes Bank :

• Established : 2004
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Prashant Kumar
• Tagline : Experience our expertise

Insurance Regulatory and Development Authority Limits Audit Firms’ Engagement with Insurers to 4 Years

• The Insurance Regulatory and Development Authority of India (IRDAI) has reduced the engagement period of statutory auditors with insurance companies from 10 years to 4 years.

Objective:

• The updated guidelines are designed to improve corporate governance in the insurance sector by ensuring regular rotation and independence of audit firms.

Key Highlights :

• Mandatory Cooling-off Period:After completing a four-year term, audit firms must observe a mandatory three-year cooling-off period.
• During this cooling-off period, outgoing auditors and their affiliates are barred from undertaking investment risk management or concurrent audits of the insurer.
• Restrictions on Incoming Auditors:Incoming auditors must not include any affiliates of the retiring auditor.
• Enhanced Audit Quality:The new guidelines aim to enhance audit quality by ensuring a fresh review of financial statements every 4 years, reducing the potential for complacency.
• Transparency and Accountability:The change promotes transparency and accountability by introducing new auditors at regular intervals, thereby maintaining rigorous financial reporting standards.

About IRDAI :

• Established : 1999
• Headquarters : Hyderabad, Telangana
• Chairperson : Debasish Panda
• The IRDAI is a statutory body under the jurisdiction of the Ministry of Finance (MoF), Government of India (GoI) and is tasked with regulating and licensing the insurance and reinsurance industries in India.

SEBI fines IOC, GAIL, ONGC for fourth consecutive quarter over director appointment failures 

• Indian Oil Corporation (IOC), Hindustan Petroleum Corporation Ltd (HPCL), Bharat Petroleum Corporation Ltd (BPCL), Oil and Natural Gas Corporation (ONGC), Oil India Ltd (OIL), GAIL (India) Limited, and Mangalore Refinery and Petrochemicals Ltd (MRPL) have been fined for the 4th consecutive quarter for failing to meet listing requirements regarding the number of directors on their board.
• Stock exchanges imposed a cumulative fine of Rs 34 lakh on these companies for non-compliance in the March quarter, as per exchange filings.
• Reason for Fines:The fines were imposed because these companies did not have the requisite number of independent directors or the mandated women director, as required by listing norms.

Key Highlights :

• Appointment Process:The companies clarified that the government is responsible for appointing directors, implying that they have limited control over board composition.
• Fine Amounts:Each of the companies, except ONGC, faced a fine of Rs 536,900 for the fourth quarter.
• ONGC’s fine amount was Rs 182,900.
• Consistent Non-Compliance:These companies have faced fines for the same reason in the previous three quarters as well, indicating consistent non-compliance with listing requirements.

Recent News :

• In Feb 2024, State-owned oil and gas giants, including Indian Oil, ONGC, and GAIL, were fined a cumulative Rs 32.5 lakh for the third consecutive quarter for not meeting listing requirements regarding the number of directors on their boards.
• The fines were imposed by stock exchanges for non-compliance with these norms.

SEBI Reduces Commodity Derivatives Delivery Period to 3 Days

• The Securities and Exchange Board of India (SEBI) has reduced the deliverable period for commodity derivatives to 3 days from the previous 5 days.
• Objective: To improve liquidity in delivery-based commodity derivatives.
• The new regulation will be effective from July 1, 2024, for contracts with staggered delivery scheduled after this date.
• Reason for Change: The decision was based on representations from market participants and recommendations from the Commodity Derivatives Advisory Committee.

What is the Staggered Delivery Period?

• Staggered delivery is the period before contract expiry when buyers and sellers with open positions can indicate their intent to give or take delivery.
• All compulsory delivery commodity futures contracts must include a staggered delivery period.
• The SEBI had fixed a minimum duration for the staggered delivery (now 3 days and earlier 5 days) in 2019 after it noticed that different exchanges were following different delivery schedules.

CURRENT AFFAIRS: NATIONAL NEWS

Uttar Pradesh tops in transmission line addition by state utilities

• According to the Central Electricity Authority (CEA), Uttar Pradesh has emerged as the leading state in terms of adding transmission lines by state transmission utilities in FY24.

UPPTCL’s Remarkable Achievement

• In FY24, the Uttar Pradesh Power Transmission Corporation Ltd (UPPTCL) outperformed other state utilities by adding 1,460 circuit kilometers (ckm) of transmission lines rated at 220kV or higher.

Gujarat Ranks Second

• The Gujarat Energy Transmission Corporation Ltd (GETCO) followed UPPTCL with an addition of 898 ckm by the end of FY24.

Contribution to Overall Increase

• UPPTCL’s contribution accounted for slightly more than 20 percent of the overall increase in transmission lines from the state sector. Gujarat’s share stood at 13 percent.

Other Notable States

• Following Gujarat, Tamil Nadu, Andhra Pradesh, and Bihar ranked next in the addition of transmission lines.

Role of the Central Electricity Authority

• The CEA, originally constituted under Section 3(1) of the repealed Electricity (Supply) Act, 1948, now functions under Section 70 of the Electricity Act, 2003, overseeing and coordinating the transmission infrastructure across the country.

New plant of Sun Pharma inaugurated in Bangladesh

• India has been a credible partner in the growth story of Bangladesh’s pharmaceutical industry.
• A new plant of a leading Indian pharmaceutical company was recently inaugurated in Bangladesh.

Inauguration of Sun Pharma’s New Plant

• The new plant of Sun Pharma was jointly inaugurated by Salman F Rahman, Private Industry and Investment Adviser to the Bangladesh Prime Minister, and Pranay Verma, Indian High Commissioner to Bangladesh.
• The plant is located at the Meghna Industrial Economic Zone in the Sonargaon upazila of Narayanganj district, near the river Meghna and adjacent to the Dhaka-Chittagong highway.

Sun Pharma’s Global Presence

• Sun Pharma is the world’s fourth-largest specialty generic pharmaceutical company, with operations in over 100 countries.

Significant Investment in Bangladesh

• This marks Sun Pharma’s second investment in Bangladesh, featuring a production capacity of over 1 billion tablets and capsules per year. Notably, this plant is the first pharmaceutical unit established in any Economic Zone of Bangladesh.

India Hosts 46th Antarctic Treaty Consultative Meeting

• India welcomes the 46th Antarctic Treaty Consultative Meeting (ATCM 46), dubbed the Antarctic Parliament, held in Kochi from May 20-30. Organized by the National Centre for Polar and Ocean Research
• Ministry of Earth Sciences-affiliated National Centre for Polar and Ocean Research, Goa, orchestrates the gathering, uniting representatives from the treaty’s 56 member nations.

India’s Previous Host Stint and Treaty Background

• India’s prior hosting of ATCM was in New Delhi in 2007. The historic Antarctic Treaty, signed in 1959 by 12 nations, laid the groundwork for international cooperation in Antarctica, with membership swelling to 56, including India, by 1983.

India’s Antarctic Endeavors

• Indian scientific forays into Antarctica trace back to 1981, culminating in the establishment of Dakshin Gangotri (1983), followed by Maitri (1989) and Bharati (2012) research stations. The forthcoming Maitri II station, slated to commence operations by 2029, underscores India’s commitment to Antarctic research.

Legislative Commitment: Antarctic Act

• In 2022, India reinforced its dedication to the Antarctic Treaty with the enactment of the Antarctic Act.

Global Dialogue on Antarctic Affairs

• ATCM fosters comprehensive discussions on legal, logistical, governance, scientific, and tourism-related facets of the Southern Hemisphere’s icy expanse.

CURRENT AFFAIRS: BUSINESS NEWS

The income Tax department sets the Cost Inflation Index at 363 for the financial year 2024-25

• The income tax department has announced the Cost Inflation Index (CII) for the fiscal year beginning April 2024.
• This index is crucial for calculating long-term capital gains from the sale of immovable property, securities, and jewellery.

Purpose of the Cost Inflation Index

• Taxpayers use the CII to compute gains from the sale of capital assets, adjusting for inflation to reflect the true gain.

New CII Value for 2024-25

• For the financial year 2024-25, which pertains to the assessment year 2025-26, the CII is set at 363, according to a notification from the Central Board of Direct Taxes (CBDT).

Comparison with Previous Years

• The CII for the previous fiscal year was 348, and for the 2022-23 financial year, it was 331.

Annual Inflation Rate Reflected in the CII

• The updated CII for 2024-25 shows an increase of 15 points from the previous year, indicating an annual inflation rate of approximately 4.3%.

Annual Notification Under Income-tax Act

• The CII is notified annually under the Income-tax Act, 1961.

Use in Calculating Capital Gains

• The CII is commonly used to calculate the “indexed cost of acquisition” when determining capital gains at the time of selling any capital asset.

Net FDI declines by 62% to $10.5 billion in FY24

• Net foreign direct investment (FDI) flows into India fell dramatically by 62.17 percent to $10.58 billion in the 2023-24 fiscal year (FY24), marking the lowest level since 2007.
• This is a sharp decline from the $27.98 billion recorded in the previous year.
• Causes of the Decline: The primary reasons for the decline include higher repatriation of capital and increased investments by Indian companies abroad.
• RBI Data on Gross FDI Flows: According to the Reserve Bank of India (RBI), of the $70.9 billion gross FDI flows into the country in FY24, $44.4 billion was repatriated through dividends, share sales, or disinvestment.
• Additionally, $15.96 billion was invested overseas by Indian entities.

Comparison with Previous Fiscal Year

• In FY23, gross FDI flows were $71.3 billion. Out of this, $29.3 billion was repatriated, and outward FDI from India stood at $14 billion, resulting in net FDI inflows of $27.98 billion.

Sectoral Distribution of FDI Equity Flows

• The RBI’s latest ‘State of Economy’ report highlights that over 60 percent of the FDI equity flows were directed towards sectors like manufacturing, electricity and other energy, computer services, financial services, and retail and wholesale trade.

Major Source Countries for FDI

• More than 80 percent of the FDI flows originated from six countries: Singapore, Mauritius, the US, the Netherlands, Japan, and the UAE.

Global FDI Capital Expenditure Trends

• The share of global FDI capital expenditure from G20 emerging markets increased to 14.9 percent in 2023, up from 8.2 percent in 2003.

Market capitalisation to GDP ratio scales a 15-year high of 140.2%

• The market capitalisation (mcap) of all listed companies on the Bombay Stock Exchange (BSE) has increased by 61 percent since the end of March 2023.
• This is in stark contrast to the estimated 10 percent growth in India’s Gross Domestic Product (GDP) at current prices for FY24.

Record High Mcap-to-GDP Ratio

• India’s mcap-to-GDP ratio has soared to a 15-year high of 140.2 percent, a significant rise from 95.8 percent at the end of March 2023. As of May 21, the total valuation of all BSE-listed companies reached $5 trillion (over Rs 414.46 trillion), compared to India’s GDP at current prices of Rs 296.6 trillion for FY24.

Nearing Historical Peaks

• The current mcap-to-GDP ratio is just below the all-time high of 149.4 percent recorded at the end of December 2007.

Rapid Growth Milestones

• The total market capitalisation of BSE-listed companies reached $4 trillion in November 2023 and surpassed $5 trillion in just six months. Historically, the BSE-listed companies hit the $1-trillion market cap in May 2007, doubled to $2 trillion by July 2017, and reached $3 trillion in May 2021.

Performance of S&P BSE Sensex Companies

• The combined mcap of India’s top 30 listed companies, which are part of the S&P BSE Sensex, has increased by 27.2 percent during the same period.
• The Sensex companies’ combined mcap rose from Rs 115.9 trillion at the end of March 2023 to Rs 147.4 trillion.

Tata Communications, Cisco to tap ‘$400-mn calling market in India’

• Tata Communications and Cisco join forces to tap into India’s burgeoning calling market, valued between $300 to $400 million, with a yearly growth rate of 10 to 12%.

Launch of Webex Calling Solution in India

• Cisco and Tata Communications introduce Webex Calling solution in India, leveraging cloud-based PSTN, facilitating the transition for businesses from on-premises phone systems to a global cloud calling infrastructure.

Local Compliance Ensured Through Mumbai Data Centre

• Calls routed through Tata Communications’ Mumbai data center ensure adherence to local regulations, offering organizations regulatory compliance while leveraging cloud-based communication solutions.

Webex Calling: Empowering Businesses Globally

• Webex Calling, a sophisticated business phone system, operates on a worldwide cloud platform with over 14 million users, promising enterprise-grade calling capabilities.

Enhanced Connectivity and Collaboration for Enterprises

• Integrating Webex Calling with Tata Communications’ Cloud PSTN reach and local regulatory expertise in India promises enterprises an improved connectivity and collaboration experience, fostering seamless business operations.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Cabinet Committee Extends Tenure of DRDO Chief Dr Samir V. Kamat by One Year Until May 31, 2025

• The Appointments Committee of Cabinet (ACC) approved a one-year extension in service for Samir V Kamat, Secretary of the Department of Defence R&D and Chairman of DRDO, extended his term to May 31, 2025, beyond his normal retirement date of May 31, 2024.
• Kamat has been in his current position since August 2022, succeeding Dr. G. Satheesh Reddy, who became the Scientific Adviser to the Defence Minister.

About Dr Samir V Kamat :

• Samir V Kamat joined DRDO in 1989 and previously served as Director General (Naval Systems and Materials).

Awards:

• Distinguished Alumni Award from IIT Kharagpur
• Metallurgist of the Year Award from the Ministry of Steel
• Scientist of the Year Award from DRDO
• Publications: Dr. Kamat has published over 180 papers in international peer-reviewed journals.

Recent News :

• In May 2024, The ACC approved a one-month extension for Chief of the Army Staff (COAS) General Manoj C. Pande, extending his service beyond his normal retirement date of May 31, 2024, to June 30, 2024, under Rule 16 A (4) of the Army Rules 1954.

About ACC :

• Formed : January 26, 1950
• Headquarters : New Delhi, Delhi
• Chairman : Narendra Modi

About DRDO :

• Established : 1958
• Headquarters : New Delhi, India
• The DRDO is an agency under the Department of Defence Research and Development in the Ministry of Defence of the Government of India (GoI).

P K Tripathi Appointed as Secretary of Lokpal & R K Goyal Named as Secretary of Department of Justice    

• Senior bureaucrat Pradip Kumar Tripathi has been appointed as the Lokpal Secretary as part of a secretary-level reshuffle effected by the Centre.
• Tripathi, a 1987-batch Indian Administrative Service officer (IAS), is currently Secretary (Coordination) in the Cabinet Secretariat.
• He has been appointed as Secretary to the Lokpal till the date of his superannuation (June 30, 2024) and thereafter on contract basis for a period of 2 years beyond the date of his superannuation on usual terms and conditions applicable to re-employed central government officers.
• Border Management Secretary Raj Kumar Goyal has been appointed as Secretary, Department of Justice under the Ministry of Law & Justice.
• Rajendra Kumar, Director General of Employees’ State Insurance Corporation (ESIC), will be the Border Management Secretary in place of Goyal.

Other Appointments:

• Amit Yadav: New Delhi Municipal Council (NDMC) chairperson Amit Yadav has been named as Officer on Special Duty in the Department of Social Justice & Empowerment.
• Rakesh Ranjan: Rakesh Ranjan, currently serving as Special Secretary in the Department of Agriculture and Farmers Welfare, has been appointed as Chairman of the Staff Selection Commission (SSC).

About Lokpal :

• Established : 19 March 2019
• Headquarters : New Delhi, Delhi, India
• Chairperson : Ajay Manikrao Khanwilkar
• Motto : Do not be greedy for anyone’s wealth
• A Lokpal is an anti-corruption authority or body of ombudsman who represents the public interest in the Republic of India.
• The term “Lokpal” was coined by L.M.Singhvi in 1963.

Santosh Desai joins Nykaa’s Board as Independent Director

• FSN E-Commerce Ventures, known as Nykaa, has appointed Santosh Desai as an Independent Director on its board, effective from July 15, 2024.
• The appointment is for a period of 3 years, subject to shareholder approval.

About Santosh Desai :

• Desai brings extensive experience to Nykaa, having served as the CEO of Future Brands for nearly 17 years.
• He has also held the position of President at McCann, a prominent advertising agency in India.
• Additionally, he is a member of the governing councils of Mudra Institute of Communication, Ahmedabad, and Praxis Business School, Kolkata.
• He has served on the boards of ING Vysya Bank and Oxfam India, showcasing his diverse leadership experience.
• Currently, Desai serves on the boards of Think9 Consumer Technologies, Dainik Jagran Group, and

About Nykaa :

• Founded : April 2012
• Headquarters : Mumbai, Maharashtra, India
• Executive chairperson, founder, and CEO : Falguni Nayar
• Nykaa is an Indian e-commerce company, sells beauty, wellness and fashion products through its website, mobile app, and over 100 physical stores.
• Nykaa’s current board of directors comprises 10 members.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Indian Army Collaborates with Indian Oil Corporation Limited for Hydrogen Fuel Cell Bus Technology Trials

• Indian Army has collaborated with Indian Oil Corporation Limited (IOCL) for demonstration trials of Hydrogen Fuel Cell Bus technology.
• The Indian Army is known for its commitment to innovation and environmental stewardship.
• A Memorandum of Understanding (MoU) was signed between the Indian Army and the IOCL in the presence of General Manoj Pande, Chief of the Army Staff (COAS) and Mr Shrikant Madhav Vaidya, Chairman of Indian Oil.
• During the event, one Hydrogen Fuel Cell Bus was received by the Indian Army.
• This marks the commencement of a mutually beneficial partnership between the Indian Army and IOCL.

Key Highlights :

• Clean and Efficient Technology : Hydrogen Fuel Cell technology offers a clean and efficient alternative by converting Hydrogen gas into electricity through an electro-chemical process.
• The process leaves water vapour as the only by-product, thus ensuring zero emission.
• Features of the Hydrogen Fuel Cell Bus : The Hydrogen Fuel Cell Bus has a seating capacity of 37 passengers.
• It promises an impressive mileage of 250-300 km on a full 30 kg onboard tank of Hydrogen fuel.
• Prior Initiatives:On March 21, 2023, the Indian Army became the first government entity to sign an MoU with National Thermal Power Corporation Renewable Energy Limited for the installation of Green Hydrogen-based Microgrid Power Plants along the Northern Borders.
• A pilot project is being set up at Chushul, where a 200 Kilowatt Green Hydrogen-based Microgrid will provide 24×7 clean electricity to troops deployed in inhospitable terrain and extreme climatic conditions.

What is a hydrogen fuel cell?

• A hydrogen fuel cell uses the chemical energy of hydrogen to produce electricity.
• It is a clean form of energy with electricity, heat and water being the only products and by-products.
• Fuel cells offer a variety of applications, from transportation to emergency back-up power, and can power systems as large as a power plant or as small as a laptop.
• Fuel cells provide advantages over traditional combustion-based technologies, including greater efficiencies and lower emissions.

About Indian Army :

• Founded : 26 January 1950
• Headquarters : New Delhi, Delhi
• Chief of Defence Staff : General Anil Chauhan
• Chief of the Army Staff : General Manoj Pande

About IOCL :

• Founded : 30 June 1959
• Headquarters : New Delhi, Delhi, India
• Chairman : Shrikant Madhav Vaidya
• Indian Oil Corporation Limited (IOCL or IOC), trading as IndianOil, is an Indian oil and gas company under the ownership of the Ministry of Petroleum and Natural Gas, Government of India.

CURRENT AFFAIRS: SPORTS NEWS

Women’s Tennis Association Multi-Year Partnership with Saudi Arabia’s PIF

• The Women’s Tennis Association (WTA) has agreed to a multi-year partnership with Saudi Arabia’s Public Investment Fund (PIF).
• This landmark deal marks PIF as the first-ever naming partner of the WTA rankings.

PIF’s Commitment to Women’s Tennis

• The Saudi sovereign wealth fund has committed to collaborating with the WTA to expand existing programs and create new opportunities for young players.

Dual Partnership with WTA and ATP

• With this agreement, PIF now becomes the naming partner for both the WTA and ATP rankings, having entered a strategic partnership with the ATP in February.
• The deal with the ATP is reportedly worth in the low seven figures.

Hosting the WTA Finals in Saudi Arabia

• The partnership follows the announcement that Saudi Arabia will host the WTA Finals for the next three years.
• This arrangement will also bring record prize money for the season-ending tournament, with US$15.25 million up for grabs.

About the Women’s Tennis Association

• The Women’s Tennis Association is the principal organizing body of women’s professional tennis.
• It governs the WTA Tour, the worldwide professional tennis tour for women.
• Founded by Billie Jean King
• The WTA is headquartered in St. Petersburg, Florida, United States.

CURRENT AFFAIRS: IMPORTANT DAYS

International Everest Day 2024 – May 29

• International Everest Day 2024 is observed on May 29.
• This day is in the memory of two persons who climbed Mt. Everest in 1953.
• The Theme allocated for International Everest Day 2024 is yet to be released.

International Everest Day History

• The first attempt to climb mountains was by the British people in the 1920s.
• 68 years ago, Nepalese Tenzing Norgay and New Zealand’s Edmund Hillary climbed mountains and that day history was created.
• Since 1953, several people have climbed the mountain and more and more visitors have increased each year.
• Everest is the highest mountain when measured at sea level.
• Several International climbers and families actively participated in the events that were celebrated on International Everest Day.
• International Mount Everest Day was celebrated in 2008, and it was the day Edmund Hillary passed away Nepal decided on May 29 as International Everest Day.

International Day Of United Nations Peacekeepers 2024 – May 29

• The International Day of United Nations Peacekeepers is observed every year on May 29.
• The first United Nations Peacekeeping mission was first established in May 1948.
• This year, the theme of International Day of United Nations Peacekeepers 2024 is “Fit for the future, building better together”.

International Day of United Nations Peacekeepers History

• The General Assembly designated May 29 as International Day of United Nations Peacekeepers.
• On this day, we have to pay respect to the courage of all men and women who sacrifice their lives for the cause of peace.
• In the first UN Peacekeeping Mission in 1948, 3,800 military, police and other personnel lost their lives in the service of peace.
• On 29th May UN offices, member states, and non-governmental organizations conducted several events to honour peacekeepers.
• At UN Headquarters in New York, Secretary-General conducted a ceremony to honour all peacekeepers who lost their lives.

Daily CA One- Liner: May 29

• According to the Central Electricity Authority (CEA), Uttar Pradesh has emerged as the leading state in terms of adding transmission lines by state transmission utilities in FY24.
• India has been a credible partner in the growth story of Bangladesh’s pharmaceutical industry
• India welcomes the 46th Antarctic Treaty Consultative Meeting (ATCM 46), dubbed the Antarctic Parliament, held in Kochi from May 20-30.Organized by the National Centre for Polar and Ocean Research
• The income tax department has announced the Cost Inflation Index (CII) for the fiscal year beginning April 2024
• Net foreign direct investment (FDI) flows into India fell dramatically by 62.17 percent to $10.58 billion in the 2023-24 fiscal year (FY24), marking the lowest level since 2007.
• The market capitalisation (mcap) of all listed companies on the Bombay Stock Exchange (BSE) has increased by 61 percent since the end of March 2023
• Tata Communications and Cisco join forces to tap into India’s burgeoning calling market, valued between $300 to $400 million, with a yearly growth rate of 10 to 12%.
• The Women’s Tennis Association (WTA) has agreed to a multi-year partnership with Saudi Arabia’s Public Investment Fund (PIF).
• The Securities and Exchange Board of India (SEBI) has identified self-regulatory organizations (SROs) for social impact assessment of entities listed on the Social Stock Exchange (SSE).
• The Reserve Bank of India (RBI) imposed a penalty of ₹1 crore on ICICI Bank and fined Yes Bank ₹91 lakh for non-compliance with regulatory directions.
• The Insurance Regulatory and Development Authority of India (IRDAI) has reduced the engagement period of statutory auditors with insurance companies from 10 years to 4 years.
• Indian Oil Corporation (IOC), Hindustan Petroleum Corporation Ltd (HPCL), Bharat Petroleum Corporation Ltd (BPCL), Oil and Natural Gas Corporation (ONGC), Oil India Ltd (OIL), GAIL (India) Limited, and Mangalore Refinery and Petrochemicals Ltd (MRPL) have been fined for the 4th consecutive quarter for failing to meet listing requirements regarding the number of directors on their board.
• The Securities and Exchange Board of India (SEBI) has reduced the deliverable period for commodity derivatives to 3 days from the previous 5 days.
• The Appointments Committee of Cabinet (ACC) approved a one-year extension in service for Samir V Kamat, Secretary of the Department of Defence R&D and Chairman of DRDO, extending his term to May 31, 2025, beyond his normal retirement date of May 31, 2024.
• Senior bureaucrat Pradip Kumar Tripathi has been appointed as the Lokpal Secretary as part of a secretary-level reshuffle effected by the Centre.
• FSN E-Commerce Ventures, known as Nykaa, has appointed Santosh Desai as an Independent Director on its board, effective from July 15, 2024.
• The Indian Army has collaborated with Indian Oil Corporation Limited (IOCL) for demonstration trials of Hydrogen Fuel Cell Bus technology.
• International Everest Day 2024 is observed on May 29.
• The International Day of United Nations Peacekeepers is observed every year on May 29.