Daily Current Affairs February 12 & 13 2023 | Latest News | Download PDF

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CURRENT AFFAIRS: BANKING & FINANCE

SEBI amends rules governing the mode of payment by market intermediaries

• Securities and Exchange Board of India (SEBI) has notified rules asking all market intermediaries and companies to make regulatory payments to it by way of direct credit into the bank account through digital payment systems.
• Under the rules, market intermediaries and companies are required to pay various fees to the SEBI.

Key Highlights : 

• The fee can be paid to the regulator by way of direct credit into the bank account through digital payment systems NEFT (National Electronic Funds Transfer), RTGS (Real-Time Gross Settlement), and IMPS (Immediate Mobile Payment Service) or online payment using the SEBI Payment Gateway.
• To give these effects, the regulator has notified SEBI (Payment of Fees and Mode of Pay).
• In Jan 2023 the SEBI clarified that all payment mechanisms provided by banks and payment aggregators authorized by the Reserve Bank of India (RBI) will be used for the settlement of trades executed on the Request for Quote or RFQ platform.

About SEBI :

• Established: on 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.

NRI deposits grow 38% to $3.6 billion during April-November 2022

• Net inflows under non-resident deposits increased to $3.6 billion during April-November 2022 from $2.6 billion a year ago.
• According to RBI Governor Shaktikanta Das, the net inflows under non-resident deposits have been boosted by the Reserve Bank’s July 6th measures.
• As part of measures to attract Non-Resident Indian (NRI) deposits, RBI had announced that incremental FCNR (B) deposits and NRE Term deposits mobilized by banks (regarding base date of July 1, 2022) will be exempt from maintenance of reserves-Cash Reserve Ratio (CRR) and Statutory Liquidity Ratio (SLR).
• Foreign exchange reserves have rebounded from USD 524.5 billion on October 21, 2022, to USD 576.8 billion as on January 27, 2023, covering around 9.4 months of projected imports for 2022-23.
• The exemptions became effective from the reporting fortnight beginning July 30, 2022.
• These are valid for deposits raised till November 04, 2022.

What is CRR?

• CRR is the percentage of a bank’s total deposits that it needs to maintain as liquid cash.
• The cash reserve is kept with the RBI.
• A bank does not earn interest on this liquid cash maintained with the RBI and neither can it use this for investing and lending purposes.

What is SLR?

• SLR is the minimum percentage of deposits that a commercial bank has to maintain in the form of liquid cash, gold, or other securities.

Ujjivan Small Finance Bank launches Hello Ujjivan – India’s first voice, visual, vernacular banking app

• Ujjivan Small Finance Bank (SFB) launched Hello Ujjivan, India’s first mobile banking application with 3 V’s – voice, visual, and vernacular-enabled features to provide banking access to individuals who have limited reading and writing skills.
• ‘Hello Ujjivan’, co-created with Navana. AI.

About Hello Ujjivan : 

• The app is designed to instill banking habits in MicroBanking and Rural customers who are digitally challenged.
• It is accessible by voice in 8 languages – Hindi, Marathi, Bengali, Tamil, Gujarati, Kannada, Odia, and Assamese.

Features :

• Customers can speak to the app in their native language to perform banking transactions and access services such as paying loan Equated Monthly Instalment (EMIs), opening Fixed Deposit (FD) and Recurring Deposit (RD) accounts, transferring funds, checking account balances, and updating passbooks, among others.
• The app also provides a visual representation, along with a recorded voice guide in the user’s preferred language.
• Currently, the bank serves over 72 million customers through its 600 branches across India.
• As of December 31, 2022, the gross loan book is valued at INR 21,895 cr. and the deposit base is valued at INR 23,203 cr.

About Ujjivan SFB : 

• Founded: 1 February 2017
• Headquarters: Bangalore, Karnataka
• Managing Director & Chief Executive Officer: Mr. Ittira Davis
• Tagline: Build a Better Life
• Ujjivan Financial Services holds an 80% stake in the bank.

CAD likely to moderate in H2 FY23 – RBI Governor

• Reserve Bank of India (RBI) Governor Shaktikanta Das stated that Current Account Deficit (CAD) is expected to moderate in the second half of 2022-23(H2 FY23) from 3.3% of GDP in April-September.
• CAD is expected to moderate primarily due to moderation in imports.

Key Highlights : 

• CAD had widened to 3.3% of GDP in the first half of 2022-23 (H1 FY23) from 0.2% in the comparable period of 2021-22 on the back of a sharp increase in the merchandise trade deficit.
• The situation improved in Q3 FY23 as imports moderated as a consequence of lower commodity prices leading to the narrowing of the merchandise trade deficit.
• He stated that services exports rose 24.9% year-on-year in the third quarter of 2022-23, driven by software, business, and travel services.
• Remittance growth for India in April-September 2022-23 was around 26% more than twice the World Bank’s projection for the year.
• India’s external debt/GDP ratio declined from 19.9% in March 2022 to 19.2% in September.
• The debt service ratio fell from 5.2% in 2021-22 to 5% at the end of September 2022.

About CAD : 

• CAD means a country is having negative income from trade in goods, trade in services, and transfer payments (remittances, grants, and gifts received by a country or its residents).

Edelweiss General Insurance rebranded as Zuno General Insurance

• Edelweiss General Insurance has rebranded as Zuno General Insurance Limited (Zuno GI), a new-age digital insurer with an aspiration to reimagine and redefine Insurance to make it easy, friendly, and transparent.
• The name & identity represents the young, innovative, approachable, digital native, and upbeat personality of the brand and resonates with the Millennial and GenZ audience.
• Along with the new identity, the company has launched a consumer study titled ‘Usage Based Insurance: Decoding Awareness, Perception, and Behaviour’.
• The study was done to understand Millennials and GenZ’s awareness, understanding, and consideration for UBI.
• In 2022, Edelweiss General Insurance launched India’s first mobile telematics-based, on-demand motor insurance product, SWITCH.
• The policy is an app that shows customers the savings that are accumulating because of good driving for every drive.
• MD & CEO of  Zuno General Insurance: Shanai Ghosh

Bajaj Finance launches Insurance Mall with refined products & experience

• Bajaj Finance Limited has launched a new portal named Insurance Mall for its customers to ensure an Easy-buy experience.

Aim : 

• To simplify all the inconveniences customers can face during their policy purchase.
• The policies offered in the single platform for all policies include Health insurance, two-wheeler, and four-wheeler insurance, application extended warranties, pocket insurance, and subscriptions.

About Insurance Mall : 

• It offers 250+ policies and plans, designed to cater to every customer’s needs.

Features and benefits of the portal : 

• 100% digital process
• Extensive product list
• Budget-friendly premiums

About Bajaj Finance Limited : 

• Headquarters: Pune, Maharashtra, India
• Managing Director: Rajeev Jain
• Bajaj Finance Limited is a subsidiary of Bajaj Finserv, an Indian non-banking financial company (NBFC).

RBI renews the authorization for White Label ATMs to Vakrangee

• The RBI has extended the validity of authorization issued to Vakrangee to set up, own and operate White Label Automated Teller Machines (ATMs) in India till March 31, 2024.
• The company currently operates 6,283 White Label ATMs and 77% of these are in Tier 4 and 6 locations

About White Label ATM: 

• ATMs set up, owned, and operated by non-banks are called White Label ATMs.
• Non-bank ATM operators are authorized under the Payment & Settlement Systems Act, 2007 by the Reserve Bank of India (RBI).
• Such non-bank entities should have a minimum net worth of Rs 100 crore as per the latest financial year’s audited balance sheet, which is to be maintained at all times.
• Foreign Direct Investment (FDI), up to 100%, is allowed under the automatic route in the activity of White Label ATM (WLA) Operations.

About Vakrangee : 

• Founded: 28 May 1990
• Headquarters: Mumbai, Maharashtra, India
• MD and Group CEO  : Dinesh Nandwana

CURRENT AFFAIRS: NATIONAL NEWS

Urban-20 City Sherpas meeting was held in Ahmedabad

• A two-day Urban-20 City Sherpas meeting was held in Ahmedabad, Gujarat.
• The purpose of the meeting was to focus on fostering solidarity between cities to find common solutions that are in line with the overall objectives of the G20.
• It is the third of the G20 events being held in Gujarat as part of India’s presidency of the Group of 20.
• The U20 is one of the G20’s engagement groups.
• It provides a forum for cities in the G20 countries to discuss and propose collective solutions to key urban development issues, such as climate change, social inclusion, sustainable mobility, and affordable housing.
• The U20 highlights six priority areas – eco-friendly behavior, water security, climate finance, local identity, urban planning and governance, and digitization of urban facilities.
• More than 30 international cities are participating in this two-day event to discuss the sustainable development of cities.

Ministry of Health & Family Welfare launches nationwide Sarva Dawa Sevan or MDA campaign

• Union Health Ministry Mansukh Mandaviya has launched a nationwide mass drug administration (MDA) campaign.
• Its main aim is to end filariasis disease transmission through the door-to-door distribution of anti-filarial drugs, especially in 10 affected states.
• Bihar, Chhattisgarh, Jharkhand, Maharashtra, Uttar Pradesh, West Bengal, Karnataka, etc. have jointly launched this campaign.
• Recently, the government announced the elimination of filariasis by 2027, three years ahead of the global target.
• The Government has also released a renewed five-pronged strategy for the elimination of filariasis.
• Uttar Pradesh government has launched a D2C (direct-to-consumer) campaign to reach out to 80 lakh families with the message of the importance of MDA drugs.

About Filariasis:

• Filariasis is a parasitic disease.
• This disease is caused by nematode worms.
• It is also known as elephantiasis.

The Animal Welfare Board of India has issued a notice appealing to people to celebrate ‘Cow Hug Day’ on February 14

• The Animal Welfare Board of India has issued a notice appealing to people to celebrate ‘Cow Hug Day’ on February 14 to spread “positive energy” and encourage “collective happiness”.
• The notice said hugging cows will bring “emotional richness” and increase “individual and collective happiness”.

About AWBI

• The Animal Welfare Board of India (AWBI) is a statutory advisory body on animal welfare laws and promotes animal welfare in the country.
• AWBI was set up in 1962 by Section 4 of the Prevention of Cruelty to Animals Act 1960.
• The well-known humanitarian Rukmini Devi Arundale was the founder and chairperson of the Board.
• The Board is reconstituted once in three years.
• The headquarters of AWBI is at the National Institute of Animal Welfare (NIAW) campus, Ballabhgarh in Haryana.

CURRENT AFFAIRS: INTERNATIONAL NEWS

108 Buddhist pilgrims from South Korea on a 43-day walking tour

• Secretary, Ministry of Information and Broadcasting, Shri Apurva Chandra announced that 108 Buddhist pilgrims from the Republic of Korea will walk over 1,100 km over 43 days.
• With the slogan ‘Oh, We! Oh, Love! Oh, Life!‘, the pilgrimage, being organized by the Sangwol Society of South Korea.
• Also, the occasion gains importance as India and South Korea celebrate 50 years of the establishment of diplomatic ties.
• The walking pilgrimage will start from Varanasi and will end at Shravasti after traveling through Nepal.

Key Highlights : 

• The Buddhist tourism circuit is one of the 15 thematic circuits under the Swadesh Darshan scheme.
• It aims to provide travelers with an experience of the teachings of Lord Buddha and traces of his footsteps during his lifetime.
• There are 4 primary sites of Buddhism pilgrimage:

1. Lumbini (southern Nepal)- the birthplace of Buddha
2. Bodh Gaya (Bihar, India)- the site where Buddha attained enlightenment
3. Sarnath (Uttar Pradesh, India)- First sermon delivered by Buddha
4. Kushinagar (Uttar Pradesh, India)- Buddha attained Mahaparinirvana.

About Ministry of Information & Broadcasting : 

• Cabinet Minister : Anurag Thakur
• Minister of State : L. Murugan
• Secretary: L. Murugan

About South Korea : 

• President: Yoon Suk-yeol
• Prime Minister: Han Duck-soo
• Capital: Seoul
• Currency: Korean Republic won
• Buddhism is the official religion of South Korea.

CURRENT AFFAIRS: STATE NEWS

Punjab Cabinet Approves New Industrial And Electric Vehicle Policies

• The Punjab Cabinet under the chairmanship of Chief Minister (CM) Bhagwant Mann approved a new industrial and electric vehicle policy-Punjab Electric Vehicle Policy (PEVP) 2022.
• The policy has been released just ahead of Punjab’s investors’ summit scheduled to be held from 23-24 February in Mohali, Punjab.
• PEVP 2022 aims to reduce pollution in the state from vehicles.

Key Highlights : 

• The industrial policy will mainly focus on 3 key sectors– Micro, small and medium enterprises (MSMEs), infrastructure, and power.
• Main key areas of the policy: Startups and entrepreneurship, large enterprises, innovation, skill development, and ease of doing business.
• Under the new policy, the Punjab government will develop 15 industrial parks.
• These parks will cover the general and sector-specific requirements of various industrial sectors and rural clusters.
• The policy aims to create infrastructure, manufacturing, research and development, job creation, and ensure sustainability.
• It will identify sectors like the manufacturing of autos and their components for fiscal incentives.
• It will also support the manufacturing of electric vehicles (EVs), and sports goods including fitness equipment and hand tools.

Other Approval : 

• The cabinet also approved the introduction of public mining sites to ensure that sand and gravel are available at reasonable rates to common people.
• Initially, 18 such sites will come up in 7 districts, of which, one will be inaugurated on February 5, 2023, by the CM.
• By the end of March 2023, 50 such sites will be functional in Punjab.

About Punjab : 

• Governor : Banwarilal Purohit
• Chief Minister : Bhagwant Mann
• Capital: Chandigarh
• Wildlife Sanctuary: Bir Bhadson Wildlife Sanctuary, Harike Wildlife Sanctuary

Goa CM Pramod Sawant launches new Heli-Tourism service in Panaji

• Goa Chief Minister Dr. Pramod Sawant launched the 1st premium Helicopter Service, Heli-Tourism service under the Public Private Partnership (PPP) model in Goa.
• The service is provided by the Department of Tourism, Government of Goa through its Operation & Maintenance Operator M/s Soaring Aerospace Pvt.
• The Union Ministry of Tourism’s Swadesh Darshan Scheme has contributed vitally to the execution of this project.
• The helipad at Dauji-Ella, Old Goa has been constructed under the scheme.

About Swadesh Darshan Scheme : 

• Swadesh Darshan Scheme is a Central Sector scheme launched in 2014-15 by the Ministry of Tourism and Culture, Government of India (GoI) for the integrated development of theme-based tourist circuits.

Aim : 

• To promote, develop and harness the potential of tourism in India.
• Under the scheme, the Ministry of Tourism (MoT) provides Central Financial Assistance (CFA) to State Governments and Union Territory (UT) Administrations for the infrastructure development of circuits.

About Goa : 

• Governor: P. S. Sreedharan Pillai
• Chief Minister : Pramod Sawant
• Capital : Panaji (Panjim)
• Wildlife Sanctuary: Molem Wildlife Sanctuary, Bondla Wildlife Sanctuary, Salim Ali Bird Sanctuary
• Airport: Goa International Airport (Dabolim Airport)

Madhya Pradesh Govt Renames Bhopal’s Historic Islam Nagar As Jagdishpur

• The Madhya Pradesh (MP) government announced that Islam Nagar village, situated in the Bhopal district, has been renamed Jagdishpur.

Key Highlights : 

• Islam Nagar village is located at a distance of around 12 km from Bhopal and is famous for forts.
• The name of Islam Nagar used to be Jagdishpur 308 years ago.
• In 1719, Islam Nagar was made the capital of Bhopal and its control was held by the ruler Dost Mohammad Khan.
• The name change comes amid protests and uproar about the alleged ‘Hindufication’ allegation in changing Mughal Garden’s name in Rashtrapati Bhavan to Amrit Udyan.
• The iconic Mughal Gardens at the Rashtrapati Bhavan was renamed Amrit Udyan.
• Earlier, in February 2021, the CM Shivraj Singh Chouhan-led government had renamed Hoshangabad as Narmadapuram, and Nasrullahganj was renamed as Bhairunda.
• Meanwhile, Mughal Garden in Delhi University’s North Campus has been renamed as the ‘Gautam Buddha Centenary’ Garden.

About MP : 

• Governor: Mangubhai C. Patel
• Chief Minister: Shivraj Singh Chouhan
• Capital: Bhopal
• National Park: Van Vihar National Park
• Wildlife Sanctuary: Bagdara Wildlife Sanctuary, Bori Wildlife Sanctuary, Gandhi Sagar Wildlife Sanctuary
• Dams : Indra SagarDam (Punasa Dam – largest dam in India), Bansagar Dam, Adampura Dam

Karnataka High Court – Gift vouchers neither goods nor services, exempted from GST

• Karnataka High Court stated that Gift Vouchers, Cash Back Vouchers, and E-Vouchers are not goods or services, and will not attract Goods and Services Tax (GST).
• Earlier, the Authority for Advance Rulings had ruled Gift Vouchers, Cash Back Vouchers, and E-Vouchers will be taxable.
• Later, this ruling was affirmed by Appellate Authority for Advance Ruling (AAAR).

Key Highlights : 

• These vouchers are mere instruments accepted as consideration for the supply of goods or services & these have no inherent value of their own.
• The vouchers would fall under the definition of money defined under the Central Goods & Services Tax (CGST) Act because they are considered instruments.
• The CGST Act excludes money from the definition of goods and services.
• The vouchers involved in this case are PPIs (prepaid payment instruments) which do not disclose the goods and services at the time of issuance.
• As per the bench, vouchers are semi-closed PPIs in which the products or services that will be redeemed are not specified at the time the voucher is issued.

CURRENT AFFAIRS: APPOINTMENTS & RESIGNATIONS

Myntra appointed Ranbir Kapoor as a brand ambassador

• Flipkart-owned Myntra Designs Private Limited has appointed Indian Bollywood actor Ranbir Kapoor as its brand ambassador.
• Kapoor will be seen focusing on men’s fashion wear, in its upcoming brand campaign.
• The actor will feature in a brand campaign titled ‘Be Extraordinary Everyday’ slated to go live shortly alongside Kiara Advani.
• The brand’s existing ambassador and fashion icon, Kiara Advani, will continue to drive awareness about the women’s western wear category.
• Kapoor joins Tamannaah Bhatia and Vijay Deverakonda in representing the brand.

About Myntra : 

• Launched: 2007
• Headquarters: Bengaluru, Karnataka, India
• CEO: Nandita Sinha
• Myntra is a major Indian fashion e-commerce company
• In May 2014, Myntra.com was acquired by Flipkart.

CURRENT AFFAIRS: AWARDS AND HONOURS

“Raja Ram Mohan Roy National Award” will be given to the Veteran Journalist Dr. ABK Prasad:

• The prestigious “Raja Ram Mohan Roy National Award” will be given to the Veteran Journalist Dr. ABK Prasad.
• He has been selected for the prestigious “Raja Ram Mohan Roy National Award for Excellence in Journalism-2020” for his outstanding contribution to the field of journalism.
• Annie Bhavani Koteswara Prasad’s journalistic career spans over 75 years and he has the unique honor of being the editor of all the mainstream magazines of Andhra Pradesh.
• He also served as the Chairman of the Official Language Commission in the United Andhra Pradesh from 2004 to 2009.
• On February 28, 2023, the award will be presented to him in New Delhi.

Blue Origin wins first NASA business for New Glenn

• NASA has awarded the ESCAPADE contract to Blue Origin’s New Glenn.
• ESCAPADE is a twin-spacecraft Class D mission.
• It will study the transfer of solar wind energy through Mars’ unique hybrid magnetosphere.
• The full form of ESCAPADE is Escape and Plasma Acceleration and Dynamics Explorers.
• ESCAPADE is part of the NASA Small Innovative Missions for Planetary Exploration (SIMPLEx)
• ESCAPADE is a task order under the Venture-Class Acquisition of Dedicated and Rideshare (VADR) launch services contract of NASA.
• SIMPLEx program is a dual spacecraft mission to study Mars’ magnetosphere.
• New Glenn is a heavy-lift orbital launch vehicle of Blue Origin.

About Blue Origin

• Blue Origin is an American privately funded aerospace manufacturer and sub-orbital spaceflight services company.
• It was founded by Jeff Bezos, the founder of Amazon.
• Blue Origin is trying to carry astronauts to space on New Shepard, a fully reusable suborbital launch vehicle for space tourism.

CURRENT AFFAIRS: RANKING AND INDEX

India’s accreditation system ranked 5th globally

• India’s national accreditation system under the Quality Council of India (QCI) is in the fifth spot in the recent Global Quality Infrastructure Index (GQII) 2021.
• Global Quality Infrastructure Index (GQII) gives a ranking to 184 economies based on quality infrastructure (QI).
• In 2020, India was ranked ninth in the world in accreditation.
• India’s overall QI system continues to be ranked 10th in the world.
• India is in 9th position in the standardization system and 21st in the world in the metrology system (under NPL-CSIR).
• The ranking of 2021 is based on the data till the end of December 2021.
• GQII rankings are published each year based on the data collected till the end of that year.
• The GQII measures growth by comparing the QIs of countries.
• A formula calculates scores for each country based on its position in the sub-rankings for metrology, standards, and accreditation.
• The Top 25 QI systems are mainly located in Europe, North America, and Asia-Pacific.
• Germany is in the top spot in the GQII rank while China and the United States are in the second and third spots.
• The National Accreditation System as per international standards in India is established by the Quality Council of India (QCI).

About QCI:

• The Quality Council of India was set up as a public-private partnership model on the model existing in the Netherlands at the time, where although the NAB was not owned by the government, it was supported by it and was exceedingly used as a third-party agency to improve quality in departments and industry.
• Founded: 1997
• Headquarters: New Delhi
• Chairman: Mr. Jaxay Shah

Rise of AMR could result in up to 10 million annual deaths by 2050: UN report

• UNEP has recently released the ‘Bracing for Superbugs: strengthening environmental action in the One Health response to antimicrobial resistance’ report at the sixth meeting of the Global Leaders Group on AMR.
• As per United Nations Environment Programme (UNEP) report, the rise of antimicrobial resistance (AMR) could result in 10 million deaths annually by 2050.
• Antimicrobial resistance threats could push 24 million more people into extreme poverty.
• The loss due to Antimicrobial resistance could be $3.4 trillion of GDP annually by 2030.
• Antibiotic resistance occurs when disease-causing microorganisms such as bacteria, fungi, viruses, and parasites adapt to antimicrobial drugs due to continuous exposure.
• UNEP report said that Superbugs bacteria have become resistant to antibiotics.
• The increased use of antimicrobials has developed resistance both in humans and the environment.
• Pollution reduction in many key sectors like pharmaceuticals, agriculture, and healthcare is important to stop the transmission and spread of superbugs.
• Antibiotic resistance is among the top 10 threats to global health.
• As per the report, in 2019, 1.27 million deaths occurred due to direct drug-resistant infections while 4.95 million people died due to bacterial AMR.
• The implementation of comprehensive and coordinated environmental action will help in reducing the risk and burden of AMR on societies.

About UNEP:

• The United Nations Environment Programme is responsible for coordinating responses to environmental issues within the United Nations system.
• It was established by Maurice Strong, its first director, after the United Nations Conference on the Human Environment in Stockholm in June 1972.
• Founded: 5 June 1972, Nairobi, Kenya
• Founder: Maurice Strong
• Head: Inger Andersen

India jumps to 55th place in ICAO aviation safety oversight ranking: DGCA

• India’s aviation safety oversight ranking has improved from 112th place to 55th place, with significant improvement in the score.
• ICAO Coordinated Validation Mission (ICVM) was implemented in India from 9 to 16 November 2022 under the Universal Safety Oversight Audit Programme (USOAP).
• ICAO undertakes the audit of all contracting states under this program.
• ICAO Coordinated Validation Mission covered the areas of LEG, ORG, PEL, OPS, and AGA on site.
• The ICAO team reviewed the progress in addressing 137 Protocol Questions (PQs).
• LEG is Primary Aviation Legislation and Specific Operating Regulations while ORG is Civil Aviation Organisation.
• PEL is Personnel Licensing and Training and OPS are Aircraft Operations.
• The USOAP audit of the civil aviation system of India was conducted in 2017.
• It generated an overall EI of 55.15 percent for the eight critical elements of India’s safety oversight system.

About DGCA:

• The Directorate General of Civil Aviation is a statutory body of the Government of India to regulate civil aviation in India.
• It became a statutory body under the Aircraft Act, of 2020.
• Headquarters: New Delhi
• Minister responsible: Suresh Prabhu

CURRENT AFFAIRS: MOUS AND AGREEMENT

GAIL signs advance pricing agreement with CBDT

• GAIL (India) Limited signed an advance pricing agreement (APA) with the Central Board of Direct Taxes (CBDT).
• The APA scheme was launched in 2022 to improve the ease of doing business in India and support the government’s goal of promoting a non-adversarial tax system.
• Advance pricing agreement (APA) programs are operational in many countries like Canada, the USA, Japan, and the UK.
• The main aim of the APA program is to provide certainty to taxpayers in respect of the transfer price of cross-border transactions.
• GAIL (India) is dependent on the US for a stable supply of LNG cargoes.
• 55 percent of India’s local gas demand is fulfilled through imports.

About APA

• An Advance pricing agreement (APA) is a mechanism to minimize any confusion regarding the pricing of international transactions through a mutual agreement between the taxpayer and tax authority.
• APA guidelines are part of the Income Tax Act 1961.

About GAIL

• GAIL (India) Limited is a Maharatna Central Public Sector Enterprise.
• It was established in 1984.
• Sandeep Kumar Gupta is the Chairman and Managing Director.

Mahindra to set up ‘Last Mile Mobility Electric Vehicle’ manufacturing facility in Telangana

• The Telangana government signed an MoU with Mahindra & Mahindra Ltd. for establishing a manufacturing facility, including the development and production of electric three and four-wheelers, on its ‘Last Mile Mobility’ business.
• The MoU was signed on the sidelines of the announcement of Telangana Mobility Valley, ‘India’s first new mobility-focused cluster’, at the first edition of Mobility Next Hyderabad Summit.
• The state-of-the-art facility from M&M, together with its group companies (‘Mahindra Group’), is an expansion of their existing factory in Zaheerabad, and involves an investment of approximately Rs 1,000 crore, creating employment to about 800-1,000 people.

About Mahindra & Mahindra Limited

• Mahindra & Mahindra Limited is an Indian multinational automotive manufacturing corporation headquartered in Mumbai.
• It was established in 1945 as Mahindra & Mohammed and later renamed Mahindra & Mahindra.

Samunnati Agro Solutions Private Limited joins hands with Germany-based GLOBALG.A.P

• Samunnati Agro Solutions Private Limited, one of the prominent agri enterprises in India, joins hands with Germany-based GLOBALG.A.P., the leading body for setting global standards for agricultural produce particularly, on food safety and quality.
• Samunnati and GLOBALG.A.P. together aim to collaborate in developing standards for crops such as cereals, pulses, and oilseeds that are important for the nation.
• The GLOBALG.A.P. protocols are used as benchmarks for enabling international trade in agri commodities and are widely used by many of the biggest companies involved in the cross-border trading of agricultural produce.

About Samunnati

• Samunnati is an open agri-network to unlock the trillion-dollar-plus potential of Indian agriculture with smallholder farmers at the center of it.
• Headquartered in Chennai, Tamil Nadu.
• Anil Kumar S G, Founder & CEO, Samunnati.

CURRENT AFFAIRS: IMPORTANT DAYS

National Productivity Day: 12th February

• National Productivity Day 2023 is observed on the 12th of February 2023.
• The National Productivity Day 2023 theme set for this year is “A chance to set goals”.
• On February 12, 1958, the National Productivity Council of India got Registered under Societies Registration Act XXI, 1860.
• To mark the council’s establishment, its members decided to observe National Productivity Day every year on the same day.
• So, apart from encouraging people to be more productive in their work, National Productivity Day also celebrates the anniversary of the establishment of the National Productivity Council.

World Radio Day 2022: 13th February

• World Radio Day is celebrated on 13 February a date proclaimed by UNESCO to celebrate radio broadcasts, improve international cooperation among radio broadcasters, and encourage decision-makers to create and provide access to information through radio, including community radios.
• “Yes to Radio, Yes to trust” is the theme of this year’s World Radio Day, being held on 13 February.
• Many people in history have contributed to perfecting radio waves and frequencies, but it was Italian inventor Guglielmo Marconi who proved the feasibility of communication over the radio.
• He sent and received a telegram over the first radio signal in history from Italy in 1895.
• The first radio station in America was established in Pittsburgh in 1919, and FM radio debuted in 1939. Broadcasting over radio went digital in 1994 when radio streaming started via the internet.
• This was accompanied by the first internet-only 24-hour radio station.
• In 2011, at the 36th session of UNESCO’s General Conference, February 13 was proclaimed as World Radio Day.
• This date was chosen by UNESCO’s director-general as it was the anniversary date of the United Nations international broadcasting service, which was created on February 13, 1946.

Daily CA One-Liners: Feb 12 & 13

• A two-day Urban-20 City Sherpas meeting was held in Ahmedabad, Gujarat
• Union Health Ministry Mansukh Mandaviya has launched a nationwide mass drug administration (MDA) campaign.
• The Animal Welfare Board of India has issued a notice appealing to people to celebrate ‘Cow Hug Day’ on February 14 to spread “positive energy” and encourage “collective happiness”.
• The prestigious “Raja Ram Mohan Roy National Award” will be given to the Veteran Journalist Dr. ABK Prasad
• NASA has awarded the ESCAPADE contract to Blue Origin’s New Glenn
• India’s national accreditation system under the Quality Council of India (QCI) is in the fifth spot in the recent Global Quality Infrastructure Index (GQII) 2021
• UNEP has recently released the ‘Bracing for Superbugs: strengthening environmental action in the One Health response to antimicrobial resistance’ report at the sixth meeting of the Global Leaders Group on AMR
• India’s aviation safety oversight ranking has improved from 112th place to 55th place, with significant improvement in the score
• GAIL (India) Limited signed an advance pricing agreement (APA) with the Central Board of Direct Taxes (CBDT)
• The Telangana government signed an MoU with Mahindra & Mahindra Ltd. for establishing a manufacturing facility, including the development and production of electric three and four-wheelers, for its ‘Last Mile Mobility’ business
• Samunnati Agro Solutions Private Limited, one of the prominent agri enterprises in India, joins hands with Germany-based GLOBALG.A.P., the leading body for setting global standards for agricultural produce particularly, on food safety and quality
• National Productivity Day 2023 is observed on the 12th of February 2023.
• World Radio Day is celebrated on 13 February is a date proclaimed by UNESCO to celebrate radio broadcasts, improve international cooperation among radio broadcasters and encourage decision-makers to create and provide access to information through radio, including community radios

• Securities and Exchange Board of India (SEBI) has notified rules asking all market intermediaries and companies to make regulatory payments to it by way of direct credit into the bank account through digital payment systems.
• Net inflows under non-resident deposits increased to $3.6 billion during April-November 2022 from $2.6 billion a year ago.
• Ujjivan Small Finance Bank (SFB) launched Hello Ujjivan, India’s first mobile banking application with 3 V’s – voice, visual, vernacular-enabled features to provide banking access to individuals who have limited reading and writing skills.
• Reserve Bank of India (RBI) Governor Shaktikanta Das stated that Current Account Deficit (CAD) is expected to moderate in the second half of 2022-23(H2 FY23) from 3.3% of GDP in April-September.
• Edelweiss General Insurance has rebranded as Zuno General Insurance Limited (Zuno GI), a new-age digital insurer with an aspiration to reimagine and redefine Insurance to make it easy, friendly, and transparent.
• Bajaj Finance Limited has launched a new portal named Insurance Mall for its customers to ensure an Easy-buy experience.
• The RBI has extended the validity of authorization issued to Vakrangee to set up, own and operate White Label Automated Teller Machines (ATMs) in India till March 31, 2024.
• Secretary, Ministry of Information and Broadcasting, Shri Apurva Chandra announced that 108 Buddhist pilgrims from the Republic of Korea will walk over 1,100 kms over 43 days.
• The Punjab Cabinet under the chairmanship of Chief Minister (CM) Bhagwant Mann approved a new industrial and electric vehicle policy-Punjab Electric Vehicle Policy (PEVP) 2022.
• Goa Chief Minister Dr. Pramod Sawant launched the 1st premium Helicopter Service, Heli-Tourism service under the Public Private Partnership (PPP) model in Goa.
• The Madhya Pradesh (MP) government announced that Islam Nagar village, situated in the Bhopal district, has been renamed Jagdishpur.
• Karnataka High Court stated that Gift Vouchers, Cash Back Vouchers, and E-Vouchers are not goods or services, and will not attract Goods and Services Tax (GST).
• Flipkart-owned Myntra Designs Private Limited has appointed Indian Bollywood actor Ranbir Kapoor as its brand ambassador.