Daily Current Affairs March 30 2024 | Latest News | Download PDF

By rihana rihana - Mar 30 2024

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CURRENT AFFAIRS : BANKING & FINANCE

Government Releases Updated List of Banks Authorized for Gold and Silver Imports in Fiscal Year 2025                            

  • The government has updated the list of banks authorized to import gold and silver during the fiscal year 2024-25.
  • The authorization for importing gold and silver has been granted by the Reserve Bank of India (RBI), which is the central banking institution in India.
  • The authorization is effective from April 1, 2024, indicating the beginning of the fiscal year, and it will be valid until March 31 of the following year, aligning with the fiscal year-end.

Key Highlights :

  • Authorized Banks: A total of 11 banks, including prominent ones like HDFC Bank and ICICI Bank, have been authorized to import both gold and silver during 2024-25.
  • Special Authorization for Gold Import: 3 banks – Indian Overseas Bank (IOB), Punjab National Bank (PNB), and Union Bank of India (UBI) – have been specifically authorized to import only gold during the fiscal year.
  • Import Trends : Gold imports rose 38.76 per cent to $44 billion during April-February this fiscal.
  • Silver Import Decline : However, silver imports dipped 11.53 per cent to $4.62 billion during the period.

LIC, GIC Re, New India Remain Designated Systemically Important Insurers (D-SIIs) for 2023-24, Confirms IRDAI                            

  • The public sector insurance companies – Life Insurance Corporation of India (LIC), General Insurance Corporation of India (GIC Re) and the New India Assurance Company continue to be identified as Domestic Systemically Important Insurers (D-SIIs) by the Insurance Regulatory and Development Authority of India (IRDAI).

What are Domestic Systemically Important Insurers?

  • D-Slls refer to insurers of such size, market importance and domestic and global interconnectedness, whose distress or failure would cause a significant dislocation in the domestic financial system.
  • Besides the perception that D-Slls are too big or too important to fail, the perceived expectation of government support may amplify risk-taking, reduce market discipline, create competitive distortions and increase the possibility of distress in the future.
  • These considerations require that D-Slls be subjected to additional regulatory measures to deal with systemic risks and moral hazard issues.

Key Highlights :

  • Designated Systemically Important Insurers (D-SIIs) : LIC and New India are the largest life and general insurance companies in the country, respectively. Meanwhile, GIC Re is the sole Indian reinsurer.
  • Critical Role in Financial System : The distress or failure of these D-SIIs would lead to a significant dislocation in the domestic financial system.
  • Therefore, the continued functioning of D-SIIs is critical for the uninterrupted availability of insurance services to the national economy.
  • Potential Risks and Government Support Perception : The perception and the perceived expectation of government support by these entities is likely to amplify risk-taking, reduce market discipline, create competitive distortions and increase the possibility of distress in the future.
  • Regulatory Measures and Corporate Governance : It is due to these considerations that D-SIIs are subjected to additional regulatory measures to deal with systemic risks and moral hazard issues with an increased level of corporate governance and the need for these insurers to identify all relevant risks and promote a sound risk management framework and culture.

RBI Offices to Temporarily Halt Exchange and Deposit Services for ₹2000 Banknotes on April 1

  • The Reserve Bank of India (RBI) announced that the facility to exchange or deposit Rs 2,000 banknotes will not be available on April 1, 2024 due to operations associated with the annual closing of accounts.
  • The facility will resume April 2, 2024 at the 19 issue offices of the RBI.
  • The 19 RBI offices depositing/exchanging the bank notes are in Ahmedabad, Bengaluru, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna, and

Key Highlights :

  • Timeline of Availability : The exchange of ₹2000 banknotes has been available at the 19 RBI issue offices since May 19, 2023.
  • Additionally, from October 9, 2023, these offices began accepting ₹2000 banknotes from individuals and entities for deposit into their bank accounts.
  • Currency Return Statistics : According to the RBI’s statistics, as of March 1, 2024, 97.62 per cent of the ₹2,000 currency notes in circulation as of May 19, 2023, have been returned to the banking system.
  • The total value of ₹2000 banknotes in circulation declined from ₹3.56 lakh crore at the close of business on May 19, 2023, to ₹8,470 crore as of the close of business on February 29, 2024.
  • Deadline Extensions:Initially, the deadline for exchanging or depositing ₹2000 banknotes was September 30, 2023, which was later extended to October 7, 2023.
  • Deposit and exchange services at bank branches were discontinued on October 7, 2023.
  • Starting October 8, 2023, individuals were provided with the choice of either exchanging the currency or having the equivalent sum credited to their bank accounts at the 19 RBI offices.

Commodity Participants Association of India Urges Prompt Clarification Regarding RBI’s New Regulation on Exchange-Traded Rupee Derivatives                   

  • The Commodity Participants Association of India (CPAI) has requested timely clarification and Frequently Asked Questions (FAQs) documents from the stock exchanges regarding the Reserve Bank of India’s (RBI) new rule for rupee derivatives, set to be effective from April 5, 2024.
  • The RBI issued a circular on January 5, 2024 outlining that recognized stock exchanges may offer forex derivative contracts involving the rupee to users for hedging contracted exposure.

Key Highlights :

  • In 2008, the RBI allowed transactions in rupee/dollar currency futures to “hedge an exposure to foreign exchange rate risk or otherwise”.
  • Volumes in the offshore currency futures markets viz. Dubai Gold and Commodities Exchange (DGCX) have steadily increased vis-a-vis on-shore exchanges .
  • The policy makers have also been making efforts to promote trade in India.

About CPAI :

  • The Commodity Participants Association of India was formed in 2006.
  • It is a body comprising participants of all recognised commodities, currency & equity exchanges.
  • It is the only registered All India Association of all the National Commodity Exchanges and composed of Commodities Participants of the recognized Commodity Exchanges like MCX, NCDEX, NMCE, ICEX etc.

NTPC Secures $200 Million Loan Agreement with Japan Bank for International Cooperation                                            

  • The state-run NTPC group has signed foreign currency loan agreements worth JPY 30 billion (approximately $200 million) with the Japan Bank for International Cooperation (JBIC).

Key Highlights :

  • Loan Allocation : The loan facility of around ₹1,650 crore extended by the Japanese Government’s policy-based financial institution, is divided into two halves for NTPC and its clean energy solutions arm NTPC Renewables Energy (NREL).
  • Financing Structure : JBIC has provided 60 per cent of the facility amount and the balance of the facility amount has been provided by other commercial banks under JBIC guarantee.
  • Purpose of the Loan : The facility has been extended under JBIC’s initiative, Global action for reconciling economic growth and Environment Preservation (GREEN), for projects that ensure conservation of the global environment.
  • Previous Loan : This is the second loan extended to NTPC under JBIC’s GREEN operations in India.
  • Utilization of Loan Proceeds: The loan proceeds will also be used by NREL for funding its capex for renewable energy projects, which would facilitate its mission to provide reliable, affordable and sustainable energy.
  • Generation Milestone: Earlier in March 2024, NTPC surpassed the 400 billion units (BU) generation mark.
  • In the previous fiscal year (FY23), the company had generated 399.3 BU.

About Japan Bank for International Cooperation :

  • Headquarters : Tokyo, Japan
  • President & CEO : Tadashi Maeda
  • JBIC, is a Japanese public financial institution and export credit agency that was created on October 1, 1999, through the merger of the Japan Export-Import Bank (JEXIM) and the Overseas Economic Cooperation Fund (OECF).

Decline in Number of Currency Chests and Coin Depots Noted: CCs Drop to 2,838 from 3,812 in FY19, Coin Depots at 2,293 from 3,519

  • The number of currency chests (CCs) in the country stands at 2,838 in FY23 from 3,812 in FY19 while that of coin depots is at 2,293 (3,519).
  • This follows the Reserve Bank of India (RBI) revamping its systems in FY19– as in getting bigger storage units.
  • The amount of cash in CCs was placed at a minimum of ~1,000 crore and was to be housed in a 1,500 sq ft strong room in hilly and inaccessible places.
  • The strong room was to be at least 600 sq ft.
  • The functions relating to issuing currency (banknotes and coins) and their management are performed by the RBI through its 19 issue offices, CCs and small coin depots in the country.

Key Highlights :

  • State Bank of India’s Dominance: In FY23, the State Bank of India accounted for the highest share (53.14%) of currency chests in the country.
  • Banknote Circulation : The value and volume of banknotes in circulation increased by 7.8 percent and 4.4 percent, respectively, in FY23 compared with 9.9 percent and five percent in FY22.
  • In value terms, the share of ~500 and ~2,000 banknotes together accounted for 87.9 per cent of the total value of banknotes in circulation in FY23 compared to 87.1 per cent in the previous financial year.
  • Cash in Circulation (CiC) Trends : While the number of CCs (and coin depots) has fallen due to the revamp in their holding pens, cash in circulation (CiC) has inched up despite the huge increase in digital payments.
  • In FY22, cash-on-delivery (CoD) made for more than 60 per cent of e-commerce payments, indicating the significance of cash with respect to payments.
  • QR Code-Based Coin Vending Machine (QCVM) : The QR code-based Coin Vending Machine (QCVM) has been introduced in collaboration with 5 lenders: Axis Bank, Bank of Baroda, ICICI Bank, State Bank of India, and Federal Bank.
  • The QCVM is a cashless coin dispensation system which allows payment transactions through UPI on scanning a QR code generated by the machine on the mobile phone of the customer.
  • Unlike cash-based traditional coin vending machines, the QCVM eliminates the need for physical tendering of banknotes.
  • In QCVMs, customers can withdraw coins in required quantities and denominations.

What is a Currency Chest?

  • Currency chests are established by select scheduled banks authorized by the Reserve Bank of India (RBI) to stock money meant for banks and ATMs.
  • The RBI holds monitoring authority over currency chests and conducts periodic inspections through its representatives.
  • New currency notes printed by the RBI are initially delivered to currency chests before distribution to other banks.
  • Currency chests serve as cash distribution centers and are responsible for distributing banknotes and rupee coins to other bank branches within their operational area.

E Magazine

CURRENT AFFAIRS: NATIONAL NEWS

Army Commanders’ Conference starts in hybrid mode for the first time

  • Army Commanders’ Conference, the first for the year 2024 will be organised in hybrid mode with the conference in virtual mode scheduled on 28thMarch 2024 and thereafter physical mode in New Delhi on 01st and 02nd April 2024.
  • Shri Rajnath Singh, Hon’ble Raksha Mantri will also address and interact with senior military leadership during the conference.
  • The conference serves as a pivotal forum for apex leadership of the Indian Army to brainstorm conceptual issues, review and assess the overall security situation.
  • Starting on 28thMarch 2024, the conference will be chaired by the Chief of the Army Staff (COAS), General Manoj Pande at New Delhi with Army Commanders’ participating in virtual mode from their respective Command Headquarters.
  • The deliberation will be on critical agendas impacting the field army and veterans’ welfare. The conference will also feature talks by distinguished Subject Matter Experts on the evolving geopolitical landscape and ramifications for national security.
  • During the conduct in physical mode on 01stApril 2024, the Army’s top leadership will engage in intensive brainstorming sessions.
  • On 02ndApril 2024, Shri Rajnath Singh, Hon’ble Raksha Mantri will deliver a keynote address.
  • The senior hierarchy of the Army will also be addressed by the Chief of Defence Staff, General Anil Chauhan, the Chief of the Naval Staff, Admiral R Hari Kumar and the Chief of the Air Staff, Air Chief Marshal VR Chaudhari.
  • The event will also be attended by the Defence Secretary and other senior officials from the Ministry of Defence.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Nidhu Saxena Named Managing Director & Chief Executive Officer of Bank of Maharashtra

  • The Ministry of Finance (MoF), appointed Nidhu Saxena as Managing Director and Chief Executive Officer (MD & CEO) of Bank of Maharashtra (BoM) for 3 years.
  • Saxena is currently Executive Director of Union Bank of India, he will be replacing AS Rajeev upon his selection as Vigilance Commissioner in Central Vigilance Commission, for 3 years.

About BoM :

  • Established : 16 September 1935
  • Headquarters : Pune, Maharashtra
  • Tagline : One Family One Bank
  • Bank of Maharashtra is a public sector bank in India.
  • The Government of India held 86.46% stake in the bank as of 30 September 2023.

Pankaj Dwivedi Assumes Position of Executive Director at Union Bank of India                            

  • Pankaj Dwivedi has taken charge as an Executive Director (ED) at Union Bank of India (UBI).
  • With his appointment, the total number of Executive Directors at UBI has increased to 4.
  • Besides Pankaj Dwivedi, the other Executive Directors at UBI are Nitesh Ranjan, Ramasubramanian S, and Sanjay Rudra.
  • Before joining UBI, Dwivedi was General Manager in Punjab & Sind Bank (P&SB).

About Union Bank of India:

  • Established: 1919
  • Headquarters: Mumbai, Maharashtra
  • CEO: A. Manimekhalai
  • Tagline: Good People to Bank with

Opposition Leader Bassirou Diomaye Faye Named President-Elect in Senegal Election                                        

  • Bassirou Diomaye Faye, the opposition leader in Senegal, is set to become the next President of the country.
  • Faye will become Africa’s youngest elected president.
  • The former Prime Minister (Amadou Ba) was the other frontrunner candidate in the election.
  • It was the fourth democratic transfer of power in Senegal since it gained independence.

About Senegal :

  • Senegal got independence from France in 1960.
  • Senegal is the westernmost country in continental Africa. Its capital is Dakar.

CURRENT AFFAIRS : DEFENCE NEWS

United Kingdom Ministry of Defence Successfully Tests First Laser Weapon ‘DragonFire                         

  • The successful testing of the “DragonFire” laser weapon by the United Kingdom’s (UK) Ministry of Defence (MoD) represents a significant milestone in the country’s military technology development.
  • Purpose and Functionality: “DragonFire” is a high-powered laser designed specifically to target and neutralize drones.
  • It offers a potentially cost-effective alternative to traditional missile-based air defense systems.
  • Cost-Effective Solution: By utilizing laser technology, the UK MoD aims to reduce the reliance on expensive ammunition, providing a more cost-effective solution for air defense operations.
  • Dual Usage: The “DragonFire” laser weapon is intended for use by both the Army and the Royal Navy, indicating its versatility and potential for enhancing air defense capabilities across various branches of the military.
  • Operational Advantages: The deployment of “DragonFire” is expected to offer operational advantages such as enhanced precision, rapid response capabilities, and reduced logistical burden compared to conventional air defence systems.
  • Strategic Implications: The introduction of laser-based air defence systems like “DragonFire” reflects ongoing efforts by military organizations to adapt to evolving threats and leverage emerging technologies for national security purposes.

CURRENT AFFAIRS: BUSINESS NEWS

Centre notifies 3-10% hike in MGNREGA wage rates for FY25 ahead of polls

  • The new wage rates for unskilled manual workers under the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA), 2005 for the financial year 2024-2025 have been introduced ahead of the Lok Sabha elections 2024.
  • These new wage rates will become effective from the upcoming financial year that begins from April 1, 2024.

Key Highlights:

  • The state of Goa witnessed a maximum hike of 10.56 percent over the current wage rate taking the wage to ₹356 per day for financial year 2024-2025 against ₹322 per day in the current fiscal year.
  • Meanwhile, Uttar Pradesh and Uttarakhand registered the lowest raise of 3.04 percent each from existing ₹230 to ₹237 per day.
  • The highest rate of NREGS wage is₹374 per day has been allotted for Haryana, while the lowest NREGS wage that is ₹234 per day has been fixed for Arunachal Pradesh and Nagaland.
  • As per the notification, three other states including Karnataka, Andhra Pradesh and Telangana, have registered over 10 percent hike in the NREGS wages for the financial year 2024-25.
  • The new NREGS wage rate will be₹349 per day in Karnataka which marks a 10.44 percent increase than the previous rate of ₹316 per day.
  • Considering Andhra Pradesh and Telangana, the new NREGS wage rates will be ₹300 per day, which marks 10.29 increase from the previous rate which stood at ₹272 per day during the current financial year.
  • Under the NREGS, Madhya Pradesh and Chhattisgarh share the same wage rate, both these states have seen a 10 percent surge in rates taking existing ₹221 to ₹243 per day.
  • Additionally, other states that witnessed a hike of NREGS wage rates below 5 percent include Haryana, Assam, Manipur, Arunachal Pradesh, Nagaland, Rajasthan, Kerala and Lakshadweep.
  • Moreover, the wages witnessed an average increase of about 7 percent from the existing all-India average wage rate which stood at ₹267.32 per day and is now ₹285.47 per day for the financial year 2024-25.

Government to borrow ₹7.5-lakh crore in April-September (2024-2025)

  • The government will borrow ₹7.5-lakh crore between April 1 and September 30, the Finance Ministry stated.
  • The interim Budget has set a target of ₹14.13-lakh crore of gross borrowing during FY25 to bridge the deficit between expenditure and Income.
  • This means 53 per cent of the yearly target is to be borrowed during the first half of the current fiscal, which is lower than the previous years’ number of 60 per cent or more.

First-half borrowing:

  • According to the calendar, first half borrowing through dated securities will include ₹12,000 crore through issuance of Sovereign Green Bonds (SGBs).
  • Based on market feedback and in line with global market practices, it has been decided to introduce a new dated security of 15-year tenor, a Finance Ministry statement stated while adding that first half borrowing to be completed through 26 weekly auctions.
  • The market borrowing will be spread over 3, 5, 7, 10, 15, 30, 40 and 50-year securities. The share of borrowing (including SGBs) under different maturities will be: 3-year (4.80 per cent), 5-year (9.6 per cent), 7-year (8.80 per cent), 10-year (25.60 per cent), 15-year (13.87 per cent), 30-year (8.93 per cent), 40-year (19.47 per cent) and 50-year (8.93 per cent).
  • While long-term borrowing (1 year-50 years) is made through dated securities, there is also provision of Treasury Bills for short-term borrowing (91 days, 182 days and 364 days).
  • Dated securities are issued with an interest rate.
  • Although Treasury Bills do not carry interest rate, they are issued at discount and redeemed at face value.
  • The government will continue to reserve the right to exercise green-shoe option to retain an additional subscription of up to ₹2,000 crore against each of the securities indicated in the auction notifications.
  • Weekly borrowing through issuance of Treasury Bills in the first quarter (Q1) of FY25 is expected to be ₹27,000 crore for the first seven auctions and ₹22,000 crore for the subsequent six auctions with net borrowing of ₹(-)3,000 crore during the quarter.

GST collection in FY 23 set to cross ₹20 lakh-crore 

  • Goods and Services Tax (GST) collection in the current financial year ending March 31 is expected to surpass the ₹20 lakh crore mark with an annualised growth of approximately 12%, two officials aware of the development stated, attributing the increase to heightened economic activity and ease of compliance-driven by technology.
  • Robust collections are also expected for GST cess in the 2023-24 period, with total revenue under the component likely to be around ₹1.45 lakh crore, the officials added.
  • This increases the probability that it could be rolled back sooner than the March 31, 2026 deadline set initially.
  • The government extended the GST cess, which is levied on luxury items and so-called sin goods such as automobiles, liquor, cigarettes, aerated water and coal, up to March 31, 2026 to retire the ₹2.69 lakh crore debt taken to compensate states for their revenue shortfall during the pandemic years.

April-February of FY24 fiscal deficit at 86.5% of the revised annual target

  • The central government’s fiscal deficit in the first 11 months of 2023-24 stood at ₹15 lakh crore, 5% of the revised target for this financial year, according to official data released.
  • By February-end, the Centre had spent ₹37.47 lakh crore in this fiscal, 4% of the revised expenditure target for the year.
  • Experts stated the Centre would comfortably meet the downwardly revised fiscal deficit target for the fiscal.
  • The fiscal deficit in absolute terms was revised down to ₹ 17.35 lakh crore or 5.8% of gross domestic product (GDP) from the earlier budget estimate of ₹17.87 lakh crore.
  • The Centre spent ₹8.05 lakh crore of its revised capex target of ₹9.60 lakh crore by the end of February, according to data from the Controller General of Accounts.
  • This was 36.5% higher than the total capex for the corresponding period of the previous fiscal.

Key Highlights:

  • ICRA stated the Centre may not be able to fully utilise the capex target.
  • Fiscal deficit was ₹ 11 lakh crore by the end of January, lower than ₹14.5 lakh crore a year ago.
  • Experts attributed the surge in fiscal deficit in February to the higher tax devolution released during the month.
  • The Centre has transferred ₹10.33 lakh crore to state governments as devolution of share of taxes, ₹2.25 lakh crore higher than in the previous year.
  • Revenue expenditure at the end of February was ₹29.41 lakh crore, out of which the Centre had spent ₹8.80 lakh crore on interest payments and ₹3.60 lakh crore on major subsidies.
  • The government’s total receipts stood at ₹22.45 lakh crore, including net tax revenue of ₹18.49 lakh crore, ₹3.60 lakh crore non-tax revenue and non-debt capital receipts of ₹36,140 crore.

Reliance acquires 26% stake in Adani’s power project

  • In the first collaboration between rival billionaires, Mukesh Ambani’s Reliance Industrieshas picked up a 26 per cent stake in Gautam Adani’s Madhya Pradesh power project and signed a pact to use the plants’ 500 MW of electricity for captive use.
  • Reliance will pick up 5 crore equity shares in Mahan Energen Ltd, a wholly owned subsidiary of Adani Power Ltd, of face value Rs 10 at par (Rs 50 crore) and will use 500 MW of generation capacity for captive use, the two firms stated in separate stock exchange filings.
  • With Ambani’s interests spanning oil and gas to retail and telecom and Adani’s focus on infrastructure spanning sea ports to airports, coal and mining, they rarely crossed each other’s path except in the clean energy business where the two have announced multi-billion investments.

Key Highlights:

  • Adani aspires to be the world’s largest renewable energy producer by
  • Reliance is building four gigafactories at Jamnagar in Gujarat — one each for solar panels, batteries, green hydrogen, and fuel cells.
  • Adani is also building three giga factories to manufacture solar modules, wind turbines, and hydrogen electrolysers.

Core sector growth at a 3-month high of 6.7% in February 2024

  • Output growth in eight core infrastructure sectors that include electricity, steel, cement and crude oil, accelerated to a three-month high of 6.7% in February from 4.1% in the previous month, official data released.
  • Sequential improvement was recorded in six out of the eight sectors.
  • During February growth rate in cement, coal, crude oil, electricity, natural gas and refinery products, were higher than January 2024.
  • Two sectors, fertilisers and steel, witnessed sequential deceleration.
  • Electricity generation, which has 19.85% weight in the Index of Eight Core Industries, witnessed 6.3% year-on-year growth in February.
  • Cumulative year-on-year growth in the sector in the first 11 months of the fiscal stood at 6.8%, data released by the Ministry of Commerce & Industry showed.
  • Steel production, which has 17.92% weight in the index, jumped by 8.4% in February year-on-year.
  • Cumulative growth in the sector in the April-February period of the current financial year stood at 12.9%.
  • Three of the eight core industries displayed a double-digit expansion in February 2024, namely, coal, cement and natural gas.
  • These eight core sectors contribute 40.27% to the Index of Industrial Production (IIP).

Tata Motors will be the biggest loser when the FAME-II scheme expires on March 31

  • The country’s largest electric vehicle (e-PV) maker, Tata Motors, was the biggest beneficiary of the Faster Adoption and Manufacturing of (Hybrid and) Electric Vehicles in India (FAME)
  • With the expiration of the scheme on March 31, it is set to be the biggest loser.
  • Sources stated that the government did not extend the FAME-II scheme because the benefits of the scheme were not widely spread.
  • Tata Motors got the maximum benefits (for both the e-buses and e-PVs) simply because it was producing the maximum number of EVs compared with companies like Mahindra & Mahindra or MG Motor India (in the e-PVs segment).

Tata’s Advantage:

  • According to sources, the company has sold around 2,200 electric buses and 15,000 e-PVs (for fleet services) under the scheme, for which it has got an average of ₹20,000 per kWh for each of the buses and ₹10,000 on an average for the electric cars on a per kWh basis.
  • Under the FAME scheme, the company gets incentives for three of its vehicles, including the Ace EV (small commercial vehicle), EV Bus and XPres-T (fleet cars for aggregators like BluSmart and Uber).
  • According to the Ministry of Heavy Industries (MHI), the company gets ₹2,15,000 of the incentive amount on Xpres-T, which means the company would have benefited around ₹322.5 crore (₹2,15,000×15,000) from the scheme.
  • Similarly, for Ace EV, Tata Motors gets an incentive of ₹2,13,000 on each vehicle sold, which it passes on to the customers.
  • For e-Buses, even if hypothetically the company gets an incentive amount of around ₹5 lakh, then it comes to around ₹110 crore from the 2,200 e-Buses it sold.

About FAME-II scheme:

  • The FAME-II scheme was launched in 2019 with a budget outlay of ₹10,000 crore, targeting to support 7,000 e-buses, five-lakh electric three-wheelers, 55,000 electric passenger cars, and 10-lakh electric two-wheelers.

CURRENT AFFAIRS: AWARDS AND HONOURS

Vijay Jain, Managing Director of Star Estate Bags Prestigious Times Power Icon 2024 Award

  • In a glittering event honouring top industry leaders, Vijay Jain, Managing Director of Star Estate, was adjudged the prestigious Times Power Icon 2024 Award.
  • The award ceremony, held recently in Noida, was organized by The Times Group.
  • The visionary leadership and outstanding achievements of Vijay Jain in the real estate sector were acknowledged and celebrated on the occasion.
  • The event was graced by industry leaders and celebrities, including Cine icon Ada Sharma, who presented the award to Vijay Jain.

CURRENT AFFAIRS: RANKING AND REPORTS

World wastes 19% of its food while 783 million face chronic hunger: UN 

  • The UN Environment Programme’s Food Waste Index Report published, tracks the progress of countries to halve food waste by
  • The world wasted an estimated 19% of the food produced globally in 2022, or about 1.05 billion metric tons, according to a new United Nations report.
  • The U.N. stated the number of countries reporting for the index nearly doubled from the first report in 2021.
  • The 2021 report estimated that 17% of the food produced globally in 2019, or 931 million metric tons (1.03 billion tons),was wasted, but authors warned against direct comparisons because of the lack of sufficient data from many countries.
  • The report is co-authored by UNEP and the Waste and Resources Action Programme (WRAP), an international charity.

Key Highlights:

  • Researchers analyzed country data on households, food service and retailers. They found that each person wastes about 79 kilograms (about 174 pounds) of food annually, equal to at least 1 billion meals wasted worldwide daily.
  • Most of the waste — 60% — came in households. About 28% came from food service, or restaurants, with about 12% from retailers.
  • The report comes at a time when 783 million peoplearound the world face chronic hunger and many places facing deepening food crises.
  • Food waste is also a global concern because of the environmental toll of production, including the land and water required to raise crops and animals and the greenhouse gas emissions it produces, including methane, a powerful gas that has accounted for about 30 percent of global warming since pre-industrial times.

CURRENT AFFAIRS: MOUS AND AGREEMENT

NCC, NPCIL ink deal to raise awareness on peaceful use of nuclear power

  • The National Cadet Corps (NCC) joined hands with Nuclear Power Corporation of India Limited (NPCIL) to conduct awareness programmes across the country to enhance public perceptions on the peaceful use of nuclear power and disseminate scientific information.
  • The memorandum of understanding between NCC and NPCIL, a public sector undertaking, also facilitates a unique opportunity to cadets to visit various facilities of NPCIL, thereby giving a “first-hand experience” on peaceful use of nuclear energy, its technical and technological aspects.
  • The MoU was signed in New Delhi in presence of Director General of the NCC, Lt Gen Gurbirpal Singh and Executive Director (Corporate Communication & Corporate Planning), NPCIL, BVS Shekhar, the defence ministry stated in a statement.

CURRENT AFFAIRS: BOOKS & AUTHORS

From A Car Shed To The Corner Room & Beyond authored by S Raman

  • A book titled “From A Car Shed To The Corner Room & Beyond”is written by S Raman.
  • S Raman, who retired as CMD of Canara Bank, and as a wholetime Member of the board of SEBI, rose to the top, having started his career as a clerk with SBI.
  • Within two years, he was selected as a direct recruit officer in Bank of India and rose meteorically to be an Executive Director in Union Bank and then as CMD of Canara.
  • He hails from a middle-class Tamil family in

CURRENT AFFAIRS: SPORTS NEWS

IIT Madras to host the 6th Shaastra Rapid FIDE Rated Chess Tournament.

  • An International Chess Federation (FIDE)-rated Rapid Chess Tournament will be hosted by IIT Madras on March 30 and 31, 2024.
  • The ‘6th Shaastra Rapid FIDE Rated Chess Tournament’ will witness the participation of six Grandmasters, sixteen International Masters, three Women Grandmasters and a Women International Master.
  • Players from various countries will also participate in the event, informed IIT Madras.
  • The total prize fund of the tournament is ₹5,00,000 with the first prize being ₹65,000.

Sreejesh and Camila Caram were appointed as co-chairs in the FIH Athletes Committee

  • Former Indian men’s hockey team captain and its goalkeeper goalkeepers PR Sreejesh and Camila Caramof Chile have been appointed by the International Hockey Federation (FIH) as co-chairs of the FIH Athletes Committee.
  • President Dilip Tirkey of Hockey India welcomed the appointment of PR Sreejesh.

Role of PS Sreejesh as co-chair of FIH Athletes Committee:

  • Camila Caram has been assigned co-chair and athlete committee representative on the executive board.
  • PR Sreejesh, former Indian men’s hockey team captain, is the co-chair, and he will lead the planning and meetings along with Caram.
  • 35-year-old PR Sreejesh was first elected a member of the FIH Athletes Committee in 2017.
  • He has been appointed co-chair of the committee for the first time.

About PR Sreejesh:

  • PR Sreejesh was born into a family of farmers in the Kizhakkambalam village of Ernakulam district in
  • He made his Indian debut at the 2006 South Asian Games in Sri Lanka. He has represented India in three Summer Olympics.
  • He was part of the Indian team which won a gold medal at the 2014 Asian Games, ending a 16-year drought.
  • He was also part of the Indian team, which won a bronze medal in the 2015 FIH Hockey World League Final.
  • PR Sreejesh was also part of the Indian squad that won the silver medal at the 2014 Commonwealth Games in Glasgow.
  • PR Sreejesh got the sports Arjuna Award in 2015 and the civilian award Padam Shri in 2017.
  • He was made the captain of the Indian hockey team in

CURRENT AFFAIRS : OBITUARIES

Nottingham Forest Legend Larry Lloyd, Twice European Cup Winner Passed away                      

  • Larry Lloyd, twice a European Cup winner with Nottingham Forest, has passed away at the age of 75.

About Larry Lloyd :

  • Larry Lloyd was an English professional football player and coach.
  • His career with local side Bristol Rovers before being signed by legendary Liverpool manager Bill Shankly for £50,000 in
  • He also won the First Division title and Uefa Cup with Liverpool, was a key player in the Forest side which won the European Cup in 1979 and 1980 under manager Brian Clough.
  • He won four England caps and later managed Wigan and Notts County after the end of a trophy-laden career as a player.
  • The Reds won the league and Uefa Cup double in 1973, with Lloyd remarkably playing in every game that season.

Daily CA One Liner: March 30

  • The government has updated the list of banks authorized to import gold and silver during the fiscal year 2024-25.
  • The public sector insurance companies – Life Insurance Corporation of India (LIC), General Insurance Corporation of India (GIC Re) and the New India Assurance Company continue to be identified as Domestic Systemically Important Insurers (D-SIIs) by the Insurance Regulatory and Development Authority of India (IRDAI).
  • The Reserve Bank of India (RBI) announced that the facility to exchange or deposit Rs 2,000 banknotes will not be available on April 1, 2024 due to operations associated with the annual closing of accounts.
  • The Commodity Participants Association of India (CPAI) has requested timely clarification and Frequently Asked Questions (FAQs) documents from the stock exchanges regarding the Reserve Bank of India’s (RBI) new rule for rupee derivatives, set to be effective from April 5, 2024.
  • The state-run NTPC group has signed foreign currency loan agreements worth JPY 30 billion (approximately $200 million) with the Japan Bank for International Cooperation (JBIC).
  • The number of currency chests (CCs) in the country stands at 2,838 in FY23 from 3,812 in FY19 while that of coin depots is at 2,293 (3,519).
  • The Ministry of Finance (MoF), appointed Nidhu Saxena as Managing Director and Chief Executive Officer (MD & CEO) of Bank of Maharashtra (BoM) for 3 years.
  • Pankaj Dwivedi has taken charge as an Executive Director (ED) at Union Bank of India (UBI).
  • Bassirou Diomaye Faye, the opposition leader in Senegal, is set to become the next President of the country.
  • The successful testing of the “DragonFire” laser weapon by the United Kingdom’s (UK) Ministry of Defence (MoD) represents a significant milestone in the country’s military technology development.
  • Larry Lloyd, twice a European Cup winner with Nottingham Forest, has passed away at the age of 75.
  • Army Commanders’ Conference, first for the year 2024 will be organised in hybrid mode with the conference in virtual mode scheduled on 28thMarch 2024 and thereafter physical mode in New Delhi on 01st and 02nd April 2024.
  • The new wage rates for unskilled manual workers under the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA), 2005 for the financial year 2024-2025 have been introduced ahead of Lok Sabha elections 2024.These new wage rates will become effective from the upcoming financial year that begins from April 1, 2024.
  • The government will borrow ₹7.5-lakh crore between April 1 and September 30, the Finance Ministry stated.
  • Goods and Services Tax (GST) collection in the current financial year ending March 31 is expected to surpass the ₹20 lakh crore mark with an annualised growth of approximately 12%, two officials aware of the development stated, attributing the increase to heightened economic activity and ease of compliance driven by technology.
  • The central government’s fiscal deficit in the first 11 months of 2023-24 stood at ₹15 lakh crore, 86.5% of the revised target for this financial year, according to official data released.
  • In the first collaboration between rival billionaires, Mukesh Ambani’s Reliance Industrieshas picked up a 26 per cent stake in Gautam Adani’s Madhya Pradesh power project and signed a pact to use the plants’ 500 MW of electricity for captive use.
  • Output growth in eight core infrastructure sectors include electricity, steel, cement and crude oil, accelerated to a three-month high of 6.7% in February from 4.1% in the previous month, official data released.
  • The country’s largest electric vehicle (e-PV) maker, Tata Motors, was the biggest beneficiary of the Faster Adoption and Manufacturing of (Hybrid and) Electric Vehicles in India (FAME) With the expiration of the scheme on March 31, it is set to be the biggest loser.
  • In a glittering event honouring top industry leaders, Vijay Jain, Managing Director of Star Estate, was adjudged the prestigious Times Power Icon 2024 Award.
  • The world wasted an estimated 19% of the food produced globally in 2022, or about 1.05 billion metric tons, according to a new United Nations report.
  • The National Cadet Corps (NCC) joined hands with Nuclear Power Corporation of India Limited (NPCIL) to conduct awareness programmes across the country to enhance public perceptions on the peaceful use of nuclear power and disseminate scientific information.
  • A book titled “From A Car Shed To The Corner Room & Beyond”is written by S Raman.
  • An International Chess Federation (FIDE)-rated Rapid Chess Tournament will be hosted by IIT Madras on March 30 and 31, 2024.
  • Former Indian men’s hockey team captain and its goalkeeper goalkeepers PR Sreejesh and Camila Caram of Chile have been appointed by the International Hockey Federation (FIH) as co-chairs of the FIH Athletes Committee.

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