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CURRENT AFFAIRS: IMPORTANT DAYS
World Youth Skills Day: July 15
- World Youth Skills Day is celebrated every year on July 15.
- The sole purpose of this day is to provide essential skills to youngsters around the globe so that they can get employment.
- The day helps in disseminating awareness about the importance of skills in getting good work opportunities.
- The theme for this year is “Transforming youth skills for the future”
History:
- The United Nations General Assembly declared July 15 as World Youth Skills Day in December 2014.
- The objective was to improve socio-economic conditions for today’s youth and address the challenge of unemployment.
- Since the inception of World Youth Skills Day, it has facilitated interaction among young people, technical and vocational education and training (TVET) institutions, businesses, governments, and development partners.
CURRENT AFFAIRS: NATIONAL NEWS
PM launched Deoghar Airport and various other development projects:
- Prime Minister Shri Narendra Modi officially established and laid the groundwork for a variety of building projects in Deoghar worth more than 16,800 crores of rupees.
- The prime minister stated during a public event hosted on the grounds of Deoghar College that the government is sponsoring religious institutions to preserve our culture and faith for future generations.
Key Points:
- All holy places that have been constructed with contemporary conveniences, according to PM Modi, have attracted an increasing number of tourists and adherents.
- Modern amenities have also been improved in Baba Baidyanath Dham as part of the PRASAD
- Varanasi’s expansion, according to the prime minister, has enabled small vendors, dealers, and artists to conduct more business. As an example, he cited the Varanasi-Kashi corridor.
- The prime minister repeated the administration’s credo, Sabka Saath, Sabka Vishwas, and Sabka Vikas, noting that our government has worked hard to encourage development in all of the country’s neglected regions.
- For the last eight years, the country has been experimenting with the concept of national growth through state development.
- The same approach and passion have been critical during the last eight years in efforts to link Jharkhand via highways, trains, airways, and waterways.
- All of these benefits will contribute to the state’s economic prosperity.
About Deoghar Airport:
- The prime minister was pleased with the launch of flights to Ranchi, Delhi, and Patna, as well as the excursion from Deoghar to Kolkata.
- He disclosed that construction on the airports in Bokaro and Dumka was still proceeding.
About other Government Projects:
- PM Modi highlighted how PM Urja Ganga Yojana is changing the status quo.
- The Bokaro-Angul stretch of GAIL’s Jagdishpur-Haldia-Bokaro-Dhamra pipeline would expand the city’s gas distribution network across 11 districts in Jharkhand and Odisha.
- Spending money on infrastructure, according to the prime minister, creates new prospects for growth, employment, and self-employment.
Union Minister Shri Piyush Goyal officially launches NIFT, Panchkula:
- Manohar Lal Khattar, the chief minister of Haryana, and Union Minister Shri Piyush Goyal inaugurated the 17th campus of the National Institute of Fashion Technology (NIFT) in Panchkula, describing it as the “fulcrum of growth of the textile sector in the state.”
- According to Khattar, this institute would follow NIFT regulations and reserve 20% of its seats for residents of Haryana.
- He claimed that on December 29, 2016, Smriti Irani, who was the Union Textiles Minister at the time, laid the cornerstone for this facility.
Key Points:
- The institute structure, which was built on 10.45 acres of land in collaboration with the textile ministry, to have cost Rs 133.16 crore to erect.
- Three online hybrid courses in social media marketing, digital textile design, and photography for e-commerce will be offered at the new NIFT campus.
- Creating a co-curriculum with organizations like the National Institute of Design and the National Institute of Packaging might be taken into consideration as part of the complete training.
- For the last 36 years, NIFT has been acknowledged for fashion technology, just like IIM is recognized for business and IIT for engineering.
- In addition to four-year degree programs in clothing production and fashion design/textile design, the Institute will offer two-year master’s degree programs in fashion technology, design, and management.
- There will also be certificate programs available for one year and six months.
75th Independence Day: Govt to start nationwide campaign ‘Har Ghar Tiranga’:
- The Central government will shortly begin the national campaign Har Ghar Tiranga to persuade people to fly the national flag at their homes in honor of the country’s 75th Independence Day.
- The Azadi ka Amrit Mahotsav, whose nodal ministry is the Ministry of Culture, oversaw the initiative’s inception.
- The Indian National Flag is a source of great pride for the whole nation, and to further honor the flag, Union Home Minister Shri Amit Shah, who is in charge of all activities under the Azadi Ka Amrit Mahotsav, has authorized the program known as Har Ghar Tiranga.
Key Points:
- It aims to motivate Indians everywhere to fly the flag.
- The Har Ghar Tiranga campaign represents our commitment to nation-building as well as our ties to the Tricolour in this 75th year of independence.
- Instilling a sense of patriotism in people’s hearts and increasing knowledge of our national flag are the initiatives’ main objectives.
- The Indian National Flag usage, display, and hoisting are governed by the Flag Code of India, 2002.
Flag Code of India, 2002:
- On January 26, 2002, the Indian Flag Code went into
- The Flag Code includes all applicable laws, conventions, practices, and standards that govern how the National Flag is displayed by Private, Public, and Government Institutions.
- In December of last year, the Flag Code of India, 2002 underwent revision to authorize the use of manufactured or polyester national flags.
- The National Flag will now be fashioned of hand-spun, hand-woven, or manufactured cotton, polyester, wool, silk, and khadi bunting.
- The length to width ratio of the national flag must be 3:2, and it must be rectangular.
- Clause of the Flag Code of India states that there must be no limitation on the display of the National Flag by members of the general public, private organizations, or educational institutions that is inconsistent with the dignity and honor of the National Flag.
I&B Ministry unveils New Logo of Prasar Bharati on its Silver Jubilee:
- In celebration of its silver jubilee year, India’s public broadcaster Prasar Bharati launched a new logo on July 11, 2022.
- In front of Mayank Kumar Agrawal, CEO of Prasar Bharati, DPS Negi, Member (Finance), Prasar Bharati officers, and others, the new logo was unveiled by Apurva Chandra, Secretary, Ministry of Information and Broadcasting (I&B).
- In the past, the organization was known as All India Radio (AIR), and later, Doordarshan (DD) was created to provide television services.
- Finally, Prasar Bharati (PB) was established after a law was passed by the parliament, and this is represented in the logo identity as emerging and evolving from the center.
About The new logo:
- Its color, “Dark Moderate Blue,” represents both the sky and the sea and is associated with open spaces, freedom, intuition, imagination, inspiration, and sensitivity.
- The elements in the central circle and map of India signify the service of trust, security, and perfection to the nation.
- Additionally, the color blue connotes depth, loyalty, honesty, knowledge, assurance, stability, faith, and intellect.
- The color blue also honors the culture and customs of India, particularly those connected to mythical and religious figures seen in Indian miniature paintings.
About Prasar Bharati
- CEO: Shashi Shekhar Vempati
- Founded: 23 November 1997
- Headquarters: New Delhi
Delhi Government tie-up with UNICEF for employment opportunities for students:
- The Delhi government has launched a new pilot initiative with the United Nations International Children’s Emergency Fund (UNICEF), which would give students of the Delhi Skill and Entrepreneurship University (DSEU) access to employment prospects.
- “Career Awareness Sessions” for students have been launched by DSEU and UNICEF.
- To provide access to work opportunities, help students become job-ready, and hear and amplify the perspectives of young people, Skill Varsity of Delhi teams together with YuWaah (Generation Unlimited India) at UNICEF.
Key Points:
- The “YuWaah Step Up – Bano job ready” project, a six-month pilot being run by Flywheel Digital Solutions Pvt with DSEU students and other job seekers in Delhi, is another pillar of the partnership.
- Its goal is to increase the reach of young job seekers on the new generation of job portals.
- Beginning on July 20, the pilot will operate at the Ambedkar DSEU Shakarpur-I campus.
About UNICEF
- Founded: 1946
- Headquarters: New York City, USA
- Director General: Catherine M. Russell
- Membership: 192.
CURRENT AFFAIRS: STATE NEWS
Uttarakhand becomes the first state to implement NEP at the pre-primary level
- Uttarakhand became the first state in India to initiate the process of implementing the Center’s New Education Policy at the pre-primary level.
- The Chief Minister Shri Pushkar Singh Dhami inaugurated the ‘Bal Vatikas’ at Anganwadi Kendra to strengthen the pre-primary education system across Uttarakhand.
About ‘Bal Vatikas’ :
- The ‘Bal Vatikas’ will function at 4,457 Anganwadi Kendra in the state and will be equivalent to the nursery classes at a private school.
About NEP :
- The implementation of the New Education Policy (NEP) marks the beginning of culture-based education in the country focusing on the overall personality development of students.
- It offers children an opportunity to pursue choice-based education.
- By 2030, the New Education Policy will be fully implemented in Uttarakhand
About Uttarakhand :
- Governor: Gurmit Singh
- CM: Pushkar Singh Dhami
- Capital: Bhararisain (summer) Dehradun (winter)
PYSE Builds India’s First & Largest Fractionally-owned Solar Power Plant in Karnataka
- PYSE, an investment platform for sustainable projects from a ticket size as low as Rs 5,000, has launched India’s first and largest fractionally owned solar power plant in
- The solar power plant is being built with an investment of INR26 crore and an average investor ticket size of INR25,000.
- Strategically, the project was divided into four tranches.
- The first three tranches are worth Rs 16 crore.
- Tranche 1, 2, and 3 had been oversubscribed by 5x and the money was raised on an average of 3 days.
- The project is backed by more than 600 retail investors and is equipped to supply solar power to marquee clients operating manufacturing plants.
- PYSE will launch the fourth and final tranche with a minimum investment of Rs 5,00,000.
- The plant is set to be commissioned by the end of July 2022 and is designed to offset 65 lakh kgs of carbon footprint every year for the next 25 years.
About PYSE :
- Founder: 05 September 2020
- Directors : Nagarajan Anand, Srinivasan Hemalatha, Vinay Satyanarayana Mantha, and Padakannaya Kaustubh Moodambail
- Co-Founder : Kaustubh Padakannaya
- Headquarters: Bangalore, Karnataka
About Karnataka :
- Governor: Thawar Chand Gehlot
- Chief Minister: Basavaraj Bommai
- Capital: Bengaluru
CURRENT AFFAIRS: BANKING & FINANCE
RBI sets up a mechanism to settle international trade payments in rupees
- The Reserve Bank of India (RBI) announced a mechanism to settle payments for invoicing, payment, and settlement of exports/imports in INR for international trade in rupees.
Aim :
- To promote the growth of global trade with emphasis on exports from India and to support the increasing interest of the global trading community in the Indian Rupee.
Key Highlights :
- Under the new guidelines, all exports and imports under this arrangement may be denominated and invoiced in Rupee (INR).
- The exchange rate between the currencies of the two trading partner countries may be market determined.
- The settlement of trade transactions under this arrangement shall take place in INR.
- In terms of Regulation 7(1) of Foreign Exchange Management (Deposit) Regulations, 2016, Authorized Dealer (AD) banks in India have been permitted to open Rupee Vostro Accounts.
- For settlement of trade transactions with any country, AD banks in India may open Special Rupee Vostro Accounts of correspondent bank/s of the partner trading country.
- The Special Vostro Accounts can be used for payments for projects and investments, import or export advance flow management, and investment in Government Treasury Bills subject to Foreign Exchange Management Act, 1999 (FEMA).
- Letter of Credit (LC) and other trade-related documentation may be decided mutually between banks of the partner trading countries under the overall framework of Uniform Customs and Practice for Documentary Credits (UCPDC) and incoterms.
- Also, the bank guarantee, setting-off export receivables, advance against exports, use of surplus balance, approval process, documentation, etc., related aspects would be covered under FEMA rules.
RBI Cancels Certificate of Registration of Four NBFCs
- The Reserve Bank of India (RBI) has canceled the Certificate of Registration (CoR) of four non-banking financial companies (NBFCs) under the exercise of powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934.
List of 4 NBFCs :
- Kanva Shree Credit Private Limited (formerly known as MCI Leasing Private Limited), Bangalore, Karnataka
- Williamson Magor & Co. Ltd, Kolkata, West Bengal
- Galaxy Capital Finance Limited, Kanpur, Uttar Pradesh
- SRS Finance Limited, Faridabad, Haryana.
Additional Info :
- In May 2022, the RBI canceled the registration of five NBFCs under the above clause for irregular lending practices.
- Further, 3 more NBFCs – PKC Credit Pvt Ltd, Gajanand Lefin Pvt Ltd, and Harita Malini Private Limited surrendered their certificate of registration to the RBI.
RBI imposes a Rs 1.7 cr penalty on Ola Financial Services for non-compliance with norms
- The Reserve Bank of India (RBI) has imposed a penalty of Rs 1.67 crore on Ola Financial Services for non-compliance with certain provisions related to pre-paid payment (PPIs) dated 27 August 2021 and the Master Direction Know Your Customer (KYC) Direction, 2016 dated February 25, 2016.
- The penalty has been imposed in the exercise of powers vested in RBI under Section 30 of the Payment and Settlement Systems Act, 2007.
- The penalty is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by Ola Financial Services with its customers
About Ola Financial Services Private Limited :
- The Ola Financial Services Private Limited, a subsidiary of ride-hailing app Ola.
- It offers financial services such as lending for two-wheelers, four-wheelers, personal loans, and insurance products.
RBI allows Trade transactions with Lanka may be settled outside the Asian Clearing Union mechanism
- The Reserve Bank of India (RBI) has announced that all eligible current account transactions including trade transactions with Sri Lanka may be settled in any permitted currency outside the Asian Clearing Union (ACU) mechanism until further notice.
- Under the ACU, member central banks settle payments for intra-regional transactions on a net basis.
- This reduces the use of foreign exchange reserves and transfer costs.
About ACU :
- Establishment: 1974
- Headquarters: Tehran, Iran
- Members of the union: Bangladesh, Bhutan, India, Maldives, Myanmar, Nepal, Pakistan, Sri Lanka, and Iran
- The Asian Clearing Union (ACU), is an initiative of the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP).
- Currently, ACU settlements are done in three currencies: the US dollar, the euro, and the Japanese yen.
RBI Imposes Monetary Penalties On 3 Cooperative Banks Over Non-Compliance
- The Reserve Bank of India (RBI) imposed monetary penalties on three cooperative banks for deficiencies in regulatory compliance.
- The banks on which the RBI imposed penalties include
- Nasik Merchant’s Co-operative Bank Ltd in Nashik, Maharashtra
- Maharashtra State Co-operative Bank Ltd in Mumbai, Maharashtra
- National Central Cooperative Bank Limited in Bettiah, Bihar.
Nasik Merchant’s Co-operative Bank Ltd :
- The RBI imposed a Rs 50 lakh penalty on The Nasik Merchant’s Co-operative Bank for non-compliance with the directions issued by RBI on ‘Placement of deposits with other banks and ‘Interest Rate on Deposits.
Maharashtra State Co-operative Bank Ltd :
- The RBI imposed a monetary penalty of Rs 37.50 lakh on The Maharashtra State Co-operative Bank, Mumbai for non-compliance with the directions issued by NABARD on ‘Frauds – Guidelines for Classification, Reporting, and Monitoring’
National Central Cooperative Bank Limited :
- A penalty of Rs 2 lakh has been imposed on The National Central Cooperative Bank Limited, Bettiah for non-compliance with provisions of the Depositor Education and Awareness Fund and Know Your Customer (KYC) norms.
- In each case, the penalty is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the banks with their customers.
RBI: Banks’ gross NPAs ratio falls to a six-year low of 5.9% in March 2022
- According to the report by the Reserve Bank of India (RBI), Bank’s gross non-performing assets (GNPA) of scheduled commercial banks (SCBs) in India have hit a six-year low of 5.9 percent in March 2022 to 5.3 percent by March 2023 under the baseline scenario driven by higher bank credit growth and a declining trend in the stock of GNPAs
- The net non-performing assets (NNPA) ratio fell to 1.7 percent in March 2022.
- The provisioning coverage ratio (PCR) increased to 70.9 percent in March 2022 from 67.6 percent in March 2021.
- However, the GNPA ratio may rise under the medium/severe stress scenarios, the GNPA ratio may rise to 6.2 percent/ 8.3 percent, respectively.
About RBI :
- Established: 1 April 1935
- Headquarters: Mumbai Maharashtra, India
- Governor : Shaktikanta Da
- Deputy governors: Mahesh Kumar Jain, M. Rajeshwar Rao, Michael Patra, and T. Rabi Shankar
AMFI to launch mutual fund distributor recruitment campaign ‘Karein Shuru?’
- The Association of Mutual Funds in India (AMFI) has launched a new mutual fund distributor recruitment campaign “Karein Shuru?”- Can We Start?
- The campaign includes television commercial films to reinforce the need and attractiveness of Mutual Funds Distribution as a career option with long-term earning potential for individuals with entrepreneurial aspirations.
- Wunderman Thompson is the advertising agency, while Mirum has created digital campaigns for AMFI.
- The campaign targets women looking to re-enter the workforce, retired professionals, enterprising fresh graduates, and individuals with entrepreneurial aspirations.
About AMFI :
- Founded: 1995
- Headquarters: Mumbai, Maharashtra, India
- Chairman : A Balasubramanian
- Director: Vishal Kapoor
- The Association of Mutual Funds in India (AMFI) is the regulatory body for the mutual fund sector in India.
- It is a division of the Securities and Exchange Board of India, Ministry of Finance, GoI.
RBI Extends Card Tokenization Deadline By 3 Months Till September 30, 2022
- The Reserve Bank of India (RBI) extended the timeline on credit card and debit card tokenization, by three months till September 30 from June 30, 2022.
- The decision was made in consultation with the stakeholders to avoid disruption and inconvenience to cardholders.
- To date, a total of 5 crore tokens have been created.
- RBI stated this extended period may be utilized by the industry for
- To facilitate all stakeholders to be ready for handling tokenized transactions
- To process transactions based on tokens
- To implement an alternate mechanism(s) to handle all post-transaction activities (including chargeback handling and settlement)
- To create public awareness about the process of creating tokens and using them to undertake transactions.
RBI Guidelines for Tokenization :
- Under the framework, RBI directs cardholders to create “tokens” (a unique alternate code) instead of card details; these tokens can then be stored by the merchants for processing transactions in the future.
- The cardholder has to undergo a one-time registration process for each card at every online / e-commerce merchant’s website/mobile application, by entering the card details and giving consent for creating a token.
- This consent is validated by way of authentication through an Additional Factor of Authentication (AFA).
- Thereafter, a token is created which is specific to the card and online/e-commerce merchant, i.e., the token cannot be used for payment at any other merchant.
- For future transactions performed at the same merchant website/mobile application, the cardholder can identify the card with the last four digits during the checkout process.
- Further, RBI also issued a framework for CoF Tokenization (CoFT) services.
- CoFT (i.e., creating tokens) is voluntary for the cardholders.
- Hence, those who do not wish to create a token can continue to transact as before by entering card details manually at the time of undertaking the transaction (commonly referred to as “guest checkout transaction”).
Star Health partners with MeitY to reach rural India
- Star Health and Allied Insurance Co. Ltd., one of the leading standalone health insurance companies in the country, and Common Services Centers (CSC), under the Ministry of Electronics & Information Technology (MeitY), have partnered to provide health insurance to rural India.
- Concurrently, the added distribution network will help Star Health expand its market share and strengthen its presence across India.
Key Highlights :
- The CSCs will provide a host of special features to rural customers including a large bouquet of e-services through a single-delivery platform, localized help-desk support, and sustainability for village-level entrepreneurs (VLEs) through a maximum commission sharing model of operation.
- To provide over 5 lakh CSCs access to a select range of Star Health insurance products.
- These products have been designed to meet the needs of rural customers across tier-II, tier-III cities, and rural markets across India.
- Through its network, CSC will offer a series of beneficial products for the rural markets like Family Health Optima Insurance Plan, Accidental Care Individual Policy, Star Micro Rural and Farmers Care, and other such products to meet the health insurance needs in these regions.
About Star Health and Allied Insurance Co. Ltd :
- Founded: 2006
- Headquarters: Chennai, Tamil Nadu, India
- Chairman & CEO: V Jagannathan
- MD: Anand Roy
About MeitY :
- Cabinet Minister: Ashwini Vaishnav
- Minister of State : Rajeev Chandrasekhar
Arohan launches digital lending app, expects to raise loan portfolio by Rs 600cr by FY23
- Non-Banking Financial Companies – Microfinance Institutions (NBFC-MFI) Arohan Financial Services launched a digital lending app for its existing customers having a good repayment track record to provide them an experience equivalent to that of privilege banking.
Objective :
- To “raise collection efficiency ratio.
- The app, ApnaArohan, will help its customers make repayments and other transactions through the digital mode and reduce physical interaction with the loan officers of the MFI.
- The AI-powered app will provide the microfinance company the “first mover advantage” and help increase the outstanding portfolio from Rs 4,500 crore, as of June 2022, to around Rs 5,100 crore by the end of the FY 2022-23.
- This will also help complete the digitalization of disbursement and collection exercise of the MFI.
About Arohan :
- Founded: 2006
- Headquarters: Kolkata, West Bengal
- Managing Director: Manoj Kumar Nambiar
ReNew Becomes First Indian Renewable Energy Company To Refinance Dollar-Denominated Bonds
- Renew Energy Global plc (‘ReNew’) has successfully refinanced its 2024 maturity dollar-denominated bonds with amortizing project debt from an Indian nonbank financial company.
- ReNew issued bonds worth US$ 525 million in 2019, which were set to mature in 2024.
- By refinancing the dollar-denominated bonds ahead of time, ReNew has shown strong and continued access to domestic debt capital, as well as an ability to proactively manage to refinance risk
- This refinancing has cut the bonds’ INR interest cost by 200 basis points, with the interest rate fixed for three years while pushing out the maturity to the end of the fiscal year 2027.
- The rate reduction, rate fixing, and tenor extension have taken place against the backdrop of a rising interest rate environment in the broader markets.
- This preemptive refinancing mitigates near-term refinancing risk for bonds and provides liquidity to bond investors.
Note :
- ‘ReNew’ has become the first Indian renewable energy company to refinance dollar-denominated bonds.
About ReNew Power :
- Founded: January 19, 2011
- Headquarters: Gurugram, Haryana
- Chairman & CEO : Sumant Sinha
- ReNew Power is India’s largest renewable energy company by operational capacity.
- In 2022, ReNew had a gross total portfolio of ~12.8 GW of renewable energy projects across India.
CURRENT AFFAIRS: BUSINESS NEWS
India’s retail inflation at 7.01% in June:
- Consumer pricing index (CPI)-based retail inflation dropped to 7.01 percent in June of this year from 7.04 percent the month before.
- According to the Ministry of Statistics and Programme Implementation, lower prices in the “Food & Beverages” category were a major factor in the slight decrease in inflation.
Key Points:
- Inflation in the food basket was 7.56% in June 2022 compared to 7.84% in May of this year.
- From 18.26% in May 2022, the inflation rate for vegetables decreased to 17.37% in the reporting month.
- Rising global commodity prices as a result of the conflict in Russia and Ukraine and high costs for crude oil have put inflation over the Reserve Bank of India’s maximum tolerance limit of 6%.
- For a five-year term ending in March 2026, the government has ordered the central bank to keep retail inflation at 4% with a 2% tolerance on each side.
Month-wise list of consumer price index:
| 2022 | CPI |
| January | 6.01% |
| February | 6.04% |
| March | 6.95% |
| April | 7.79% |
| May | 7.04% |
| June | 7.01% |
The Paper Import Monitoring System will be operational on October 1, 2022:
- The Directorate General of Foreign Trade (DGFT) created the Paper Import Monitoring System (PIMS) by modifying the import policy for significant paper goods from “free” to “free subject to required registration under PIMS.”
- The new regulation will go into force on October 1, 2022, according to the Ministry of Commerce and Industry.
- The online registration option, according to a statement from the ministry, will, however, start being offered from July 15, 2022.
Key Points:
- A Domestic Territory Area unit must utilize the PIMS when importing several types of paper goods, such as newspaper, handmade paper, coated paper, uncoated paper, Litho and offset paper, tissue paper, toilet paper, cartons, labels, and more.
- These goods come under one of the 201 tariff lines.
- Paper products, such as bank bonds and check paper, security printing paper, and others, are exempt from the registration requirement.
- A registration fee of Rs 500 must be paid to PIMS no earlier than the 75th day and no later than the 5th day before the expected date of arrival of the import consignment for an importer to be assigned an automatic registration number.
- Various shipments Within the registration’s validity period and for the permitted amount, Bill of Entry (BoE) submissions are permitted under the same registration number.
- For 75 days, the automatic registration number is valid.
- When importing the goods covered by the scheme, a Unit in a Special Economic Zone/Free Trading Warehousing Zone or an Export Oriented Unit must register under the PIMS.
CURRENT AFFAIRS: AWARDS AND HONOURS
Narayanan Kumar received the “Order of the Rising Sun” award from Japan:
- In honor of Vice Chairman Narayanan Kumar of the Sanmar Group’s work to improve trade ties between Japan and India, the government of Japan has awarded him with the “Order of the Rising Sun, Gold and Silver Star”
- Kumar received recognition from Taga Masayuki, the Japanese consul general in Chennai.
- Masayuki praised Kumar for his tireless efforts to foster peace, friendship, and understanding between Japan and India.
- The Indo-Japan Chamber of Commerce and Industry is also led by Kumar.
- He was one of the winners of the “Spring 2022 Imperial Decorations” and had previously served as the president of the Confederation of Indian Industry (CII).
CURRENT AFFAIRS: RANKING AND INDEXES
India is ranked 135th internationally in the WEF’s Gender Gap Report for 2022:
- In the World Economic Forum (WEF) Global Gender Gap Index 2022, India is ranked 135th out of 146 nations
- In the “health and survival” sub-index, where it is placed at 146, it has the lowest results globally.
- India also does poorly among its neighbors, ranking in last place after Bangladesh (71), Nepal (96), Sri Lanka (110), Maldives (117), and Bhutan (126).
- In South Asia, only Iran, Pakistan, and Afghanistan (143, 145, and 146, respectively) fare worse than India
Key Points:
- Iceland retained its place as the world’s most gender-equal country, followed by Finland, Norway, New Zealand, and Sweden, as per the annual Gender Gap Report 2022 of the World Economic Forum (WEF) released in Geneva.
- According to the research, Afghanistan has the poorest performance.
- Only 11 countries are ranked below India on the index of 146 nations, with Afghanistan, Pakistan, Congo, Iran, and Chad being the worst-five.
- India is ranked 48th in political empowerment, 107th in educational attainment, 146th in health and survival, and 143rd in economic involvement and opportunity.
4 key dimensions:
- The Global Gender Gap Index measures gender parity in four key areas, or sub-indices, including political empowerment, health and survival, educational achievement, and economic involvement and opportunity.
- It provides scores on a scale from 0 to 100, which represent the amount of progress made toward parity or the proportion of the gender gap that has been closed.
About the Global Gender Gap Report 2022:
- The 16th edition of the WEF’s annual report, the Global Gender Gap Report 2022, was released this year.
- The World Economic Forum originally established the Global Gender Gap Index in 2006 to assess gender differences across nations across four categories: political leadership, economic opportunity, education, and health.
About WEF:
- Headquarters: Cologny, Switzerland
- Founder: Klaus Schwab
- Chairperson: Borge Brende
- Founded: January 1971
CURRENT AFFAIRS: APPOINTMENTS & RESIGNATIONS
Ex RBI executive Ms. Meena Hemchandra appointed as part-time chairman of Karur Vysya Bank
- Private sector lender Karur Vysya Bank (KVB) announced that the Reserve Bank of India (RBI) has approved the appointment of former RBI executive Ms. Meena Hemchandra as part-time chairman of the bank for three years.
About Ms. Meena Hemchandra :
- Hemchandra is a career banker with over 35 years of banking experience in various departments of the RBI.
- She was the Executive Director of RBI from June 2015 to November 2017.
- She has also served as the nominee of the RBI on the Board of Supervision to NABARD and ECGC for two and half years each.
- She was the secretary to the Board of Note Mudran, an RBI subsidiary, for four years.
- In May 2022, She was an Additional Director in KVB under Independent Category.
About KVB :
- Founded: 1916
- Headquarters: Karur, Tamil Nadu
- MD & CEO: Mr. Ramesh Babu
- Karur Vysya Bank is a Scheduled Commercial Bank in India.
Ms. Madhulika Bhaskar gets an additional charge as NIACL CMD for three months
- The New India Assurance Company Ltd (NIACL) appointed its General Manager Ms. Madhulika Bhaskar as the Chairman cum Managing Director (CMD) for three months with effect from the date of assumption of charge or till a regular appointee takes over, or until further orders, whichever is earlier.
- The Cabinet Appointments Committee (ACC) has approved the proposal by the Department of Financial Services to grant financial and administrative powers and functions to the position of CMD, NIACL.
- She Succeeded Atul Sahai as the Chairman-cum-Managing Director (CMD) of the company had ended on February 28, 2022, following his superannuation.
About Ms Madhulika Bhaskar :
- Bhaskar is working as General Manager in the General Insurance Corporation of India (GIC Re).
- She oversees the operations of the Enterprise Risk Management (ERM), Investment, Internal Audit, and Actuarial Departments.
- She joined the GIC Re in 1988 as a direct recruit officer.
- She has served GIC diligently for the past 33 years in various positions.
About NIACL :
- Founded: 23 July 1919
- Headquarters: Mumbai, Maharashtra, India
- The New India Assurance Co. Ltd is a nationalized general insurance company.
- It is under the ownership of the Ministry of Finance, GoI.
Mr. Sanjai Kumar recommended for the post of CMD, Raitel
- The Public enterprise’s selection board (PESB) selected and recommended Sanjai Kumar for the post of Chairman & Managing Director, RailTel Corporation of India Ltd (RCIL)
About Mr. Sanjai Kumar :
- Sanjai Kumar is an officer of the Indian Railway Service of Signal Engineers (IRSSE) who joined the service on November 30, 1992.
- He has been working in RailTel since May 2018 as Director, Network Planning & Marketing.
- He has over 27 years of experience working as an officer of IRSSE including over 18 years of experience in managing projects and marketing departments.
- Currently, he is serving as Director (Network Planning & Marketing) and (Project, Operations & Maintenance – Additional Charge) in
About RCIL :
- Founded: September 2000
- Headquarters: New Delhi, Delhi, India
- RailTel Corporation of India Ltd. is an Indian public sector enterprise focusing on providing broadband and VPN services.
- It is under the ownership of Indian Railways the Ministry of Railways, and GoI.
Government Appoints 29 Non-Official Members In The Board Of Trade
- The Government of India (GoI) has nominated 29 non-official members from different sectors, including large and small enterprises, to the Board of Trade, the advisory body on foreign trade policy.
- The Board, headed by the Union Minister of Commerce and Industry Shri Piyush Goyal advises the government on policy measures to improve the country’s foreign trade.
- The board, which includes participants from states, union territories, and senior officials from public and private sectors, provides a platform to discuss ways on boosting manufacturing and exports.
- Other non-official members include a chief executive officer of Tata Consultancy Services Rajesh Gopinathan, KKR India Chairman Sanjay Nayyar, Pasha Patel, a former member of Maharashtra Legislative Council, Pankaj Mahindroo, Chairman India Cellular, and Electronics Association, Praveen Khandelwal, Secretary General Confederation of All India Traders (CAIT), Laghu Udyog Bharati Executive Member Om Prakash Mittal, GCMMF (Amul) Managing Director RS Sodhi, among others.
- The official members will include secretaries of the department of revenue, department of commerce, ministry of health, agriculture, Deputy Governor of the Reserve Bank of India, and the chairman Central Board of Indirect Taxes and Customs (CBIC), among others.
- According to a notification of the commerce ministry, In 2019, the government merged the Council of Trade Development and Promotion with the Board of Trade to bring greater coherence in the consultation process with all stakeholders for promoting exports and imports.
- The terms of reference for the new non-official members include providing a platform to States and Union Territories for articulating State-oriented perspectives on trade policy
- The members are also to act as facilitators in the implementation of District Export Hub events including sensitization workshops, and the identification and promotion of identified products.
- They would also help states develop and pursue export strategies in line with national Foreign Trade Policy, facilitate a mechanism for discussion on the operationalization of the trade infrastructure; review policy instruments and procedures for imports and exports and suggest steps to rationalize use.
CURRENT AFFAIRS: ACQUISITIONS & MERGERS
CCI approves the acquisition of Solenergi Power Private Limited by Shell Overseas Investments B.V. from Actis Solenergi Limited
- The Competition Commission of India (CCI) approves the acquisition of Solenergi Power Private Limited (Target) by Shell Overseas Investments B.V. ‘s (Acquirer) from Actis Solenergi Limited under Section 31(1) of the Competition Act, 2002.
- The proposed combination pertains to the acquisition of 100% shareholding and sole control of the Target by the Acquirer.
- The acquirer is a company incorporated in the Netherlands and is a part of the Shell group.
- Shell Plc’s shares are listed on the London Stock Exchange, Euronext Amsterdam, and the New York Stock Exchange.
- Solenergi Power is an investment company incorporated in Mauritius, belonging to the Actis group.
- It currently has investments in the renewable energy sector in India
About CCI :
- Founded: 14 October 2003
- Headquarters: New Delhi, Delhi, India
- First Chairman: Dhanendra Kumar
- Current Chairman: Ashok Kumar Gupta
- Secretary : P K Singh
- The Competition Commission of India (CCI) is the chief national competition regulator in India.
- It is a statutory body within the Ministry of Corporate Affairs, GoI.
CCI approves Shrem InvIT’s acquisition of equity in 10 road infra projects by Dilip Buildcon Limited
- The Competition Commission of India (CCI) approves the acquisition by Shrem InvIT of equity in ten road infrastructure projects (Target SPVs) from Dilip Buildcon Limited (DBL) and its associates under Section 31(1) of the Competition Act, 2002.
- The proposed combination involves the acquisition of 100 percent of the equity in the target special purpose vehicles (SPVs).
- The deal includes the issuance of certain units of Shrem InvIT to Dilip Buildcon and its associates.
- Shrem InvIT is a trust registered under the Indian Trusts Act, 1882, and SEBI under InvIT Regulations 2014 was set up to carry on infrastructure investment trust activities.
- The Target SPVs are undertaking road projects in the state of Karnataka, Jharkhand, Andhra Pradesh, Maharashtra, Odisha, Madhya Pradesh, and
About Dilip Buildcon Limited :
- Founded: 1987
- Headquarters: Bhopal, Madhya Pradesh, India
- Chairman & MD: Dilip Suryavanshi
- CEO: Devendra Jain
- Dilip Buildcon is in the business of construction, operation, and maintenance of roads and highways.
- It was awarded the National Highway Excellence Award in 2020 for highway maintenance.
CURRENT AFFAIRS: SPORTS NEWS
Indian women’s cricket team for upcoming Commonwealth Games announced:
- The BCCI (Board of Control for Cricket in India) has named the Indian women’s cricket team for the upcoming Commonwealth Games, which will be held in Birmingham from July 28 to August 8.
- Harmanpreet Kaur will serve as the team’s captain.
- Sneh Rana, Harleen Deol, and Taniya Bhatiya served as the team’s wicketkeepers.
- The team’s primary choice for a wicketkeeper is Yastika Bhatia.
Key Points:
- Simran Bahadur and Poonam Yadav were chosen as reserve competitors for the event. India is in Group A with Pakistan, Australia, and Barbados.
- It will play Australia in the opening match of the competition on July 29.
- Group B is composed of South Africa, Sri Lanka, England, the host country, and New Zealand.
- All matches will be played at Birmingham’s Edgbaston Cricket Ground for the first time during the CWG, which will feature women’s cricket.
- The men’s 50-over tournament, which South Africa won at the 1998 Kuala Lumpur Games, is the most notable instance of cricket being played in the past.
About BCCI:
- The Board of Control for Cricket in India is the governing body for cricket in India. Its headquarters are situated at Wankhede Stadium in Mumbai.
- The BCCI is an autonomous organization and does not fall under the purview of the National Sports Federation of India.
- Headquarters: Mumbai
- Founded: December 1928
CURRENT AFFAIRS: OBITUARIES
Noted social worker, Padma Shri awardee Avdhash Kaushal Passes away
- Noted social worker and Padma Shri awardee Avdhash Kaushal Passed away at the age of 87.
About Avdhash Kaushal :
- Avadesh Kaushal was a native of Meerut, Uttar Pradesh.
- He was an Indian academic, environmentalist, and activist.
- He was an Associate professor for seven years at Lal Bahadur Shastri National Academy of Administration (LBSNAA) in Mussoorie, Uttarakhand.
- Kaushal who founded an NGO named Rural Litigation and Entitlement Kendra (Dehradun, Uttarakhand) fought for human rights and the conservation of the environment.
- He is credited with bringing mining activities to an end in Mussoorie in the 1980s.
- In 2003, Kaushal was invited by the United Nations to the World Summit in Geneva, to chair the panel on a discussion on the importance of local content within information and communication technology.
- He had claimed to have played a significant role in preparing the drafts of different Acts, including the Environment Conservation Act 1986.
- He had been close to former prime minister Rajiv Gandhi.
Awards & Honors :
- Avadesh Kaushal was awarded a Padma Shri in 1986.
Former New Zealand cricket captain Barry Sinclair Passes away
- Former New Zealand cricket captain and batter Barry Sinclair has Passed away at the age of 85.
About Barry Sinclair :
- Sinclair was born on 23 October 1936 in Wellington, New Zealand.
- He was the third Kiwi batter after Bert Sutcliffe and John R Reid to score 1,000 runs in Test cricket.
- He played 21 Tests for New Zealand between 1963 and 1968, scoring 1148 runs at 29.43, including three centuries against South Africa, Pakistan, and England.
- He captained the side in three Tests, initially taking over the reins from an injured Murray Chapple on the morning of the second Test against England at Dunedin in 1966, retaining them for the final Test of the series at Auckland, and the next Test against India.
- In total, he played 118 first-class games, making 6114 runs at 32.87, including six centuries.
- He was also a stalwart of the Kilbirnie club, for whom he scored 6000 runs at an average of 50.
- In 2008-09 he became the inaugural Patron of the New Zealand Cricket Players Association.
- In the 2016 Queen’s Birthday Honors, Sinclair was appointed a Member of the New Zealand Order of Merit for services to
- His career was captured in a biography written by Bill Francis, Auckland broadcaster & it was published in 2016 as “Pursuit of Excellence: The Barry Sinclair Story.”
James Bond’s iconic theme composer Monty Norman passes away
- British composer Monty Norman, who was the man behind the iconic James Bond theme, passed away at the age of 94.
About Monty Norman :
- Monty Norman was born in 1928, in London.
- He was a composer, singer, writer, and lyricist.
- He got his first guitar when he was 16.
- Producer Albert ‘Cubby’ Broccoli had hired Norman to compose a theme for the first James Bond movie ‘Dr. No’ which was released in 1962.
- In the 1950s, he started singing and composing songs for performers such as Tommy Steele and Bob Hope.
- He also composed various musicals including ‘Poppy’, ‘Expresso Bongo’, ‘Make Me An Offer, ‘Songbook’
Awards & Honors :
- Norman won England’s prestigious Ivor Novello Award from the Performing Rights Society in 1977 for the ‘James Bond’ theme.
Daily CA on July 15:
- World Youth Skills Day is celebrated every year on July 15.
- Prime Minister Shri Narendra Modi officially established and laid the groundwork for a variety of building projects in Deoghar worth more than 16,800 crores of rupees.
- Manohar Lal Khattar, the chief minister of Haryana, and Union Minister Shri Piyush Goyal inaugurated the 17th campus of the National Institute of Fashion Technology (NIFT) in Panchkula, describing it as the “fulcrum of growth of the textile sector in the state.”
- The Central government will shortly begin the national campaign Har Ghar Tiranga to persuade people to fly the national flag at their homes in honor of the country’s 75th Independence Day.
- In celebration of its silver jubilee year, India’s public broadcaster Prasar Bharati launched a new logo on July 11, 2022.
- The Delhi government has launched a new pilot initiative with the United Nations International Children’s Emergency Fund (UNICEF), which would give students of the Delhi Skill and Entrepreneurship University (DSEU) access to employment prospects.
- Consumer pricing index (CPI)-based retail inflation dropped to 01 percent in June of this year from 7.04 percent the month before.
- The Directorate General of Foreign Trade (DGFT) created the Paper Import Monitoring System (PIMS) by modifying the import policy for significant paper goods from “free” to “free subject to required registration under PIMS.”
- In honor of Vice Chairman Narayanan Kumar of the Sanmar Group’s work to improve trade ties between Japan and India, the government of Japan has awarded him with the “Order of the Rising Sun, Gold and Silver Star”
- In the World Economic Forum (WEF) Global Gender Gap Index 2022, India is ranked 135th out of 146 nations
- The BCCI (Board of Control for Cricket in India) has named the Indian women’s cricket team for the upcoming Commonwealth Games, which will be held in Birmingham from July 28 to August 8.
- Uttarakhand became the first state in India to initiate the process of implementing the Center’s New Education Policy at the pre-primary level.
- PYSE, an investment platform for sustainable projects from a ticket size as low as Rs 5,000, has launched India’s first and largest fractionally owned solar power plant in
- The Reserve Bank of India (RBI) announced a mechanism to settle payments for invoicing, payment, and settlement of exports/imports in INR for international trade in rupees.
- The Reserve Bank of India (RBI) has canceled the Certificate of Registration (CoR) of four non-banking financial companies (NBFCs) under the exercise of powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934.
- The Reserve Bank of India (RBI) has imposed a penalty of Rs 1.67 crore on Ola Financial Services for non-compliance with certain provisions related to pre-paid payment (PPIs) dated 27 August 2021 and the Master Direction Know Your Customer (KYC) Direction, 2016 dated February 25, 2016.
- The Reserve Bank of India (RBI) has announced that all eligible current account transactions including trade transactions with Sri Lanka may be settled in any permitted currency outside the Asian Clearing Union (ACU) mechanism until further notice.
- The Reserve Bank of India (RBI) imposed monetary penalties on three co-operative banks for deficiencies in regulatory compliance & the banks on which the RBI imposed penalties include Nasik Merchant’s Co-operative Bank Ltd in Nashik, Maharashtra, Maharashtra State Co-operative Bank Ltd in Mumbai, Maharashtra, National Central Cooperative Bank Limited in Bettiah, Bihar.
- According to the report by the Reserve Bank of India (RBI), Bank’s gross non-performing assets (GNPA) of scheduled commercial banks (SCBs) in India have hit a six-year low of 5.9 percent in March 2022 to 3 percent by March 2023 under the baseline scenario driven by higher bank credit growth and a declining trend in the stock of GNPAs.
- The Association of Mutual Funds in India (AMFI) has launched a new mutual fund distributor recruitment campaign “Karein Shuru?”- Can We Start?
- The Reserve Bank of India (RBI) extended the timeline on credit card and debit card tokenization, by three months till September 30 from June 30, 2022.
- Star Health and Allied Insurance Co. Ltd., one of the leading standalone health insurance companies in the country, and Common Services Centers (CSC), under the Ministry of Electronics & Information Technology (MeitY), have partnered to provide health insurance to rural India.
- Non-Banking Financial Companies – Microfinance Institutions (NBFC-MFI) Arohan Financial Services launched a digital lending app for its existing customers having a good repayment track record to provide them an experience equivalent to that of privilege banking.
- Renew Energy Global plc (‘ReNew’) has successfully refinanced its 2024 maturity dollar-denominated bonds with amortizing project debt from an Indian nonbank financial company.
- Private sector lender Karur Vysya Bank (KVB) announced that the Reserve Bank of India (RBI) has approved the appointment of former RBI executive Ms. Meena Hemchandra as part-time chairman of the bank for three years.
- The New India Assurance Company Ltd (NIACL) appointed its General Manager Ms. Madhulika Bhaskar as the Chairman cum Managing Director (CMD) for three months
- The Public enterprise’s selection board (PESB) selected and recommended Sanjai Kumar for the post of Chairman & Managing Director, RailTel Corporation of India Ltd (RCIL)
- The Government of India (GoI) has nominated 29 non-official members from different sectors, including large and small enterprises, to the Board of Trade, the advisory body on foreign trade policy & the Board, headed by the Union Minister of Commerce and Industry Shri Piyush Goyal.
- The Competition Commission of India (CCI) approves the acquisition of Solenergi Power Private Limited (Target) by Shell Overseas Investments B.V. ‘s (Acquirer) from Actis Solenergi Limited under Section 31(1) of the Competition Act, 2002.
- The Competition Commission of India (CCI) approves the acquisition by Shrem InvIT of equity in ten road infrastructure projects (Target SPVs) from Dilip Buildcon Limited (DBL) and its associates under Section 31(1) of the Competition Act, 2002.
- Noted social worker and Padma Shri awardee Avdhash Kaushal Passed away at the age of 87.
- Former New Zealand cricket captain and batter Barry Sinclair has Passed away at the age of 85.
- British composer Monty Norman, who was the man behind the iconic James Bond theme, passed away at the age of 94.