Current Affairs November 03rd 2022| Current Affairs News

November 5, 2022

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CURRENT AFFAIRS: IMPORTANT DAYS

Central Vigilance Awareness Week – October 31st to November 6^th:

Vigilance Awareness Week is being held this year from October 31 to November 6, 2022, with the theme “Corruption-free India for a Developed Nation.”
The week that includes October 31st, late Sardar Vallabhbhai Patel’s birthday, is known as Vigilance Awareness Week and is observed by the Central Vigilance Commission.
The Central Vigilance Commission conducted a three-month campaign in advance of Vigilance Awareness Week 2022 to emphasize certain preventative vigilance activities as key areas for all the Ministries, Departments, and Organizations.
To raise public awareness about the dangers of corruption and to enlist the support of all the stakeholders in the anti-corruption campaign, public meetings will be held at the district and block levels during Vigilance Awareness Week.
Participants will include students, young people, academics, current and former government officials, self-help groups, NGOs, and members of civil society.
According to the Central Vigilance Commission Act of 2003, the Central Vigilance Commission is responsible for policing public administration for integrity and preventing corruption.

CURRENT AFFAIRS: NATIONAL NEWS

The Supreme Court has prohibited the use of the two-finger test:

The Supreme Court reiterated its ban on the “two-finger test” in rape cases, warning that those who use such tests will be found guilty of misconduct.
Observing that the test was based on a patriarchal mindset that assumed sexually active women could not be raped, the bench of Justices DY Chandrachud and Hima Kohli expressed regret that such an examination method was still being used today.
This court has repeatedly condemned the use of the two-finger test in rape and sexual assault cases.
The ostensible test has no scientific foundation.
It, on the other hand, re-victimizes and re-traumatises women.
The two-finger test should not be performed.
The test is flawed because it assumes that a sexually active woman cannot be raped.
This could not be further from the truth.

Ranjangaon Electronics Manufacturing Cluster has been approved by the government:

Rajeev Chandrasekhar, Union Minister of State for Electronics and Information Technology, announced the establishment of an Electronics Manufacturing Cluster in the Maharashtra town of Ranjangaon.
The Electronics Manufacturing Clusters will cost 500 crores to build.
Electronics Manufacturing Clusters are expected to create thousands of jobs and attract over 2,000 crores in investment in the coming years.
Union Minister Rajeev Chandrasekhar announced the approval of Electronics Manufacturing Clusters to transform Maharashtra into an electronics hub.
This project will receive up to 500 crores in government funding.
The Electronics Manufacturing Clusters project has joined Tamil Nadu, Noida, and Karnataka in vying to become a powerful electronic hub.
The government will invest 207.98 crores in the development of Ranjangaon’s Electronics Manufacturing Clusters.
The total cost of developing the EMC is expected to be $492.85.
The Central Government will contribute 207.98 crores, with the rest coming from the Maharashtra Industrial Development Corporation (MIDC), the Maharashtra Government’s State Industrial Agency.

CURRENT AFFAIRS: INTERNATIONAL NEWS

1st ASEAN-India Start-up Festival 2022 held in Indonesia

The 1st ASEAN-India Start-up Festival (AISF) was inaugurated by Srivari Chandrashekhar, Secretary of, the Department of Science and Technology in Bogor, Indonesia.
The four-day event was organized with the Indonesia Research and Innovation Expo (INA-RIE) from October 27 to 30, 2022 at the Innovation Convention Centre, Sibinong Bogor, Indonesia.
The inaugural event was felicitated by Satvinder Singh, Deputy Secretary General for ASEAN Economic Community, and Ambassador, Mr. Jayant Khobragde, Indian Mission to ASEAN (IMA).

About ASEAN-India Start-up Festival :

The ASEAN-India Startup Festival is a flagship initiative that aims to improve cooperation and collaboration in science, technology, and innovation between ASEAN Member States and
The first-ever ASEAN-India Start-Up Festival was launched to commemorate the 30th anniversary of ASEAN and India’s partnership.
The festival was part of the overall ASEAN-India Science, Technology, and Innovation Cooperation program between the ASEAN Committee on Science, Technology, and Innovation (COSTI) and the Department of Science and Technology (Govt of India). ∙

About ASEAN :

ASEAN (Association of Southeast Asian Nations) is a regional organization that was set up in 1967.
Headquarters of ASEAN: Jakarta, Indonesia.
Chairmanship of ASEAN: Cambodia
Secretary-General: Lim Jock Hoi
It is an association of 10 countries in Southeast Asia namely; Indonesia, Philippines, Brunei, Thailand, Vietnam, Malaysia, Singapore, Laos, Cambodia, and Myanmar.

CURRENT AFFAIRS: STATE NEWS

Centre approves Maharashtra’s first Electronics Manufacturing Cluster at Ranjangaon, Pune

The Ministry of Electronics and Information Technology (MeitY) has approved the Greenfield Electronics Manufacturing Cluster (EMC) with a project cost of Rs 492.85 crores to be set up in Ranjangaon Phase III, near Pune in Maharashtra.

Objective :

To strengthen the electronics manufacturing ecosystem in India.
The approval for the EMC was given to Maharashtra Industrial Development Corporation (MIDC) and the State government’s State Industrial Agency.
Other EMCs in India are present in Noida, Tirupati, Karnataka, and Tamil Nadu – wherein both multi-national companies and Indian startups have set up their units.
The EMC at Ranjangaon, Pune will catalyze investments to the tune of over 2000 crore shortly & generate employment for over 5,000 people
The Ministry of Electronics and IT plans to give a boost to the 1000 Crore Semicon India Future Design program to support Semiconductor Design Startups in Maharashtra.
The C-DAC, Pune shall be the nodal office for this purpose.

About Ministry of Electronics & IT :

Cabinet Minister: Ashwini Vaishnaw
Minister of State : Rajeev Chandrasekhar

About Maharashtra :

Governor: Bhagat Singh Koshyari
Chief minister: Eknath Shinde
Capital: Mumbai

Orbital Rail Corridor Project launched in Haryana

Union Home Minister Shri Amit Shah laid the foundation stone of the Orbital Rail Corridor Project in Faridabad, Haryana.
Haryana Orbital Rail Corridor (HORC) project is part of the Transport Infrastructure Corridor in Haryana in the approved Master Plan for the National Capital Region.
The project received in-principle approval from the Haryana Government back in 2018 and the Cabinet Committee on Economic Affairs gave its approval for the project in September 2022.

About Haryana Orbital Rail Corridor :

Haryana Orbital Rail Corridor is a new electrified Double Broad-gauge (BG) rail line of around 126 km from Palwal to Sonipat, via Sohna, Manesar, and Kharkhaouda in Haryana, bypassing Delhi.
The Broad Gauge line will have a design speed of 160 kmph.
It will also have the capacity to carry 60 million tonnes of freight and 40 million passengers each way annually.
The project, land acquisition for the Rs. 5,671 crores project is complete, and work on the ground will begin in the next few weeks.
Haryana Orbital Rail Corridor Project is expected to be completed by FY 2025-26.

UP CM Shri Yogi Adityanath inaugurates north India’s first data centre at Greater Noida

Uttar Pradesh Chief Minister Shri Yogi Adityanath inaugurated North India’s first hyper-scale data centre Yotta D1, built at the cost of Rs 5,000 crore and spread over an area of 3,00,000 square feet at the upcoming Data Centre Park in Greater Noida.
Yotta D1, in Greater Noida developed by Yotta Infrastructure Solutions, an arm of the Hiranandani Group.
Yotta D1 has been set up with an investment of around Rs 1,500 crore and has been built and made operational in a record time of 20 months.

About Yotta D1 :

Yotta D-1 will be the first pillar of North India’s 5G revolution.
Spread over 20 acres by Hiranandani Group, this data centre park will have a total of 06 data centres.
The seven-story Yotta D-1 is the first part of this episode.
It is designed as per international quality standards, this exclusive data centre offers direct fibre connectivity to all major telecom operators from 4 different routes.
The data centre will increase the data storage capacity of the country, which until now stood at two percent only even though 5 billion mobile phones and 650 million internet users in the world are from India using 20% of data.
The data centre park is expected to increase GSDP significantly while creating new avenues for investment given the proposed Uttar Pradesh Global Investors Summit 2023 and creating huge employment opportunities
Also, Memorandums of Understanding worth Rs 39,000 crore were signed between the UP Govt and Hiranandani Group to be spent on projects in the next 5 years

About Yotta Infrastructure Solutions :

Founded: 2019
Headquarters: Mumbai, Maharashtra
CEO: Sunil Gupta

About UP :

Governor: Anandiben Patel
Chief minister: Yogi Adityanath
Capital: Lucknow
National Park: Dudhwa National Park,
Wildlife Sanctuaries: Dr. Bhimrao Ambedkar Bird wildlife Sanctuary, Katarniaghat Wildlife Sanctuary, Kaimur Wildlife Sanctuary

CURRENT AFFAIRS: BANKING & FINANCE

RBI launches the pilot project of the Digital Rupee in the wholesale segment

The Reserve Bank of India (RBI) has commenced India’s first Digital Rupee pilot project to implement the central bank digital currency (CBDC) or digital rupee in the wholesale segment.
The first pilot in the Digital Rupee – Retail segment is planned for launch within a month in select locations in closed user groups comprising customers and merchants.
RBI has identified 9 banks for participation in the Digital Rupee’s wholesale pilot project which are

State Bank of India (SBI)
Bank of Baroda (BoB)
Union Bank of India (UBI)
HDFC Bank
ICICI Bank
Kotak Mahindra Bank
Yes Bank
IDFC First Bank
HSBC

The use of the E-Rupee is expected to make the interbank market more efficient.
The Government of India announced the launch of the Digital Rupee from the fiscal year 2022-23 onwards in the Union Budget tabled in Parliament on February 1, 2022.

What is Digital Rupee?

A Central Bank Digital Currency (CBDC) or Digital Rupee is a digital form of currency notes issued by a central bank.
Digital currency or the rupee is an electronic form of money that can be used in contactless transactions.

CBDC can be classified into two types

1) Retail (CBDC-R): Retail CBDC would be potentially available for use by all

2) Wholesale (CBDC-W) is designed for restricted access to select financial institutions.

Difference between the digital rupee and cryptocurrency :

A cryptocurrency is a decentralized digital asset and a medium of exchange based on blockchain technology.
However, it has primarily been controversial due to its decentralized nature, meaning its operation without any intermediary like banks, financial institutions, or central authorities.
On the Contrary, Central Bank Digital Currency (CBDC) issued by the Reserve Bank of India (RBI) will be a legal tender in a digital form.

About RBI :

Established: 1 April 1935
Headquarters: Mumbai, Maharashtra, India
Governor : Shaktikanta Das
Deputy governors: Mahesh Kumar Jain, M. Rajeshwar Rao, Michael Patra, and T. Rabi Shankar

HDFC ERGO launches first-of-its-kind satellite index-based Farm Yield Insurance Policy

HDFC ERGO launched a technology-backed farm yield insurance policy for farmers, a first-of-its-kind insurance solution, where a satellite-based index will be used to provide localized farm-level coverage.

Key Highlights :

It will provide comprehensive coverage across the crop life cycle from sowing to harvesting, based on satellite-based data.
The product is targeted at farmers under corporate/farm input company (FIC) contracts and is valid for food, oilseed, commercial, or horticulture crops.
A threshold Index value is calculated for every yield by using the historical satellite imaging data of the specific crop and a remote sensing mechanism available in the public domain.
The threshold/benchmark index will be then compared with the actual index value arrived at by the reference satellite for the insured crop, to determine if the yield is at loss.
The farm yield insurance cover will provide composite insurance to crops across stages of the cropping cycle, without the requirement of tedious manual surveys.

About HDFC ERGO :

Headquarters: Mumbai, Maharashtra, India
MD: Mr. Ritesh Kumar
HDFC ERGO is a 51:49 joint venture firm between HDFC and ERGO International AG, one of the insurance entities of the Munich Re Group in

SEBI Reduces Face Value for Debt Issues to Rs1 Lakh

The Capital and Commodity markets regulator Securities Exchange Board of India (SEBI) reduced the face value of debt security and non-convertible redeemable preference shares issued on a private placement basis to Rs 1 lakh from the current Rs 10 lakh will be applicable from 1 January 2023.
The face value has been reduced to enhance liquidity in the corporate bond market.
The issuer thereof will have the option while raising funds through a tranche placement memorandum, to keep the face value at Rs 10 lakh or Rs 1 lakh.
Face value is the money amount promised to the holder of the bond upon the maturity of the bond.

About SEBI :

Established: 12 April 1988 and it was given statutory status by the SEBI Act 1992 on 30 January 1992.
Headquarters: Mumbai, Maharashtra
Chairman: Madhabi Puri Buch
It comes under the Ministry of Finance, Government of India.
It is the regulator of the Capital market and Commodities market in India.

India donates USD 2.5 million to UNRWA for the welfare of Palestine refugees

The Government of India (GoI) presented USD 2.5 million (the second tranche of a total contribution of US$ 5 million for the Financial Year 2022-2023) to the United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA), to support Palestinian refugees.
The UNRWA services for Palestinian refugees involve education, health care, relief, infrastructure, camp improvement, protection, and
The financial contribution was presented to Xuran Wu, Associate Donor Relations and Projects Officer, Department of External Relations, UNRWA at the Representative Office of India in Ramallah, Palestine.
India is a dedicated donor to UNRWA, having given USD 20 million in support of core UNRWA services to Palestine refugees across the Middle East since 2018.

About UNRWA :

Established: 8 December 1949
Commissioner-General: Philippe Lazzarini
UNRWA is a UN agency that supports the relief and human development of Palestinian refugees.

RBI imposes Rs 5 lakh penalty on LIC Housing Finance

The Reserve Bank of India (RBI) imposed a monetary penalty of Rs 5 lakh on LIC Housing Finance Ltd for non-compliance with certain provisions of the National Housing Bank (NHB).
The non-banking finance company has not complied with certain provisions of “The Housing Finance Companies (NHB) Directions, 2010” issued by the NHB on July 02, 2018.
The penalty has been imposed in the exercise of powers vested in the RBI under the provisions of clause (b) of sub-section (1) of section 52A read with clause (aa) of sub-section (3) of section 49 of the National Housing Bank Act, 1987 (NHB Act).
Karnataka’s Mysore Merchants Co-operative Bank has been fined Rs 5 lakh for violation of directions issued under Management of Advances-UCBs (Urban Co-operative Banks).
The RBI also imposed a monetary penalty of Rs 2 lakh on The City Co-operative Bank Ltd, Mysore for non-adherence to directions issued under Management of Advances-UCBs.

Zaggle partners with NPCI to issue contactless credit cards on the RuPay network

Zaggle, a profitable SaaS FinTech company and a pioneer in digitizing business spending, has collaborated with National Payments Corp. of India (NPCI) to issue contactless credit cards on the RuPay network.

Key Highlights :

Zaggle and NPCI along with partner banks would use this platform to launch multiple credit cards to address the ever-growing demand of corporates, SMEs, and
The cards would be enabled for international as well as domestic transactions, making business travel convenient and
Also, users would be able to use this credit card for contactless transactions as well.
Zaggle would focus on enhancing the user journey through digital onboarding and instant issuance along with intuitive in-app customer experience, spend insights, credit score, etc.
This would be supplemented by product innovations like gamification, customized partner offers, and other ancillary services.
Reserve Bank of India’s (RBI’s) announcement to link credit cards with a Unified Payment Interface (UPI) will provide a huge boost to this segment.
Recently India witnessed nearly4 billion transactions of ₹10.25 trillion led by UPI.

About Zaggle :

Founder and chairman: Raj N
MD & CEO: Avinash Godkhindi

About NPCI :

Founded: 2008
Headquarters: Mumbai, Maharashtra, India
MD & CEO : Dilip Asbe
The NPCI is the specialized division of the Reserve Bank of India which is under the jurisdiction of the Ministry of Finance, Government of India.

South Indian Bank launches app-based foreign outward remittance

South Indian Bank has launched a foreign outward remittance service through the ‘SIB Mirror+’ mobile banking application.
Non-resident external (NRE) and resident savings bank account holders can make foreign outward remittances through the bank’s ‘SIB Mirror+’ mobile banking application.
The service is also available on its Internet banking platform ‘SIBERNET’.
Customers can transfer foreign currency abroad without visiting the bank’s branch.
The feature allows outward remittance 24×7 in dollars, and other currencies during market hours.
The per day limit for resident customers is $10,000 and in FY $25,000; for NRIs the daily limit is $25,000 and the FY limit is $100,000, within the Liberalised Remittance Scheme (LRS) limit.
Through this newly launched feature, customers can now initiate foreign outward remittances in more than 100 currencies across the globe.

About South Indian Bank :

Founded: 1928
Headquarters: Thrissur, Kerala, India
MD & CEO: Murali Ramakrishnan
Tagline: Experience Next-Generation Banking

CURRENT AFFAIRS: ACQUISITIONS & MERGERS

LIC picks up over 2% additional stake in Capri Global for ₹257 cr

The Life Insurance Corporation of India (LIC) has raised its stake in Capri Global Capital Limited (CGCL), a nonbanking financial company (NBFC) by 2% over the last few months at an investment of ₹257.37 crores.
Its shareholding in Capri Global has increased from 1,24,00,000 to 1,59,51,171 equity shares.
This results in the Life Insurance Corporation of India (LIC) increasing its stake from 052% to 9.072% of the paid-up capital of the company.
Capri Global caters to different segments like MSME, construction, finance, affordable housing, and indirect retail lending segments.
Capri Global’s market capitalization stands at ₹13,014 crores.

About LIC :

Founded: 1 September 1956
Headquarters: Mumbai, Maharashtra, India
Chairperson : M R Kumar

CURRENT AFFAIRS: BUSINESS NEWS

The Twitter-verified badge will cost $8 per month:

Elon Musk announced that the Twitter Blue Tick service will cost USD 8 per month, which is approximately Rs 660.
The coveted verified badge is included in the Twitter Blue Tick service.
This is a result of increasing subscriptions and making social media networks less reliant on advertisements.
The verified badge, which looks like a blue tick, indicates that Twitter has confirmed that the account belongs to the person or company claiming it.
The service is currently free for all current users, and this will be the first time that users will have to pay fees to keep their verified badge.
Elon Musk announced in a tweet that prices would be adjusted based on country and purchasing power parity.
Musk also stated that subscribers would be prioritized in replies, mentions, and searches, which is critical in combating spam and scam.
Publishers who are willing to collaborate with Twitter will receive a paywall bypass, providing Twitter with a revenue stream to reward content creators.
There will be a secondary tag beneath the name of public figures, which is already visible on politicians’ profiles.
Elon Musk purchased Twitter last week for USD 44 billion.

In October, UPI transactions increased by 7.7% to $730 million:

Bharat Interface for Money (BHIM) transactions increased by 7.7 per cent in October to 730 crores using the Unified Payments Interface BHIM-UPI (7.3 Billion).
The total value for the month exceeded 12.11 lakh crore.
In October, the number of instant interbank fund transfers via IMPS (Immediate Payment Service) stood at 48.25 crores, with a value of Rs 4.66 lakh crore.
According to monthly data released by the National Payments Corporation of India (NPCI), transactions increased by 4.3% compared to September.
In September, there were 678 crore UPI transactions with a total value of 11.16 lakh crore.
According to a recent report, digital payments have reached an inflection point and are expected to triple to $10 trillion by 2026 from $3 trillion.
According to a joint report by the Boston Consulting Group and Phone Pe, digital payments will account for nearly 65% of all payments by 2026 as a result of this unprecedented growth.
According to the report, this means that two out of every three transactions will be digital.

CURRENT AFFAIRS: AWARDS AND HONOUR

Edward M. Kennedy receives the ‘Friends of Liberation War’ award from Bangladesh PM Sheikh Hasina:

Former US Senator Edward M Kennedy was posthumously awarded the prestigious ‘Friends of Liberation War honour by Bangladesh Prime Minister Sheikh Hasina in Dhaka for his contribution to Bangladesh’s liberation.
The award was given to his son, Edward M Ted Kennedy Junior.
Prime Minister Sheikh Hasina expressed gratitude for Edward Kennedy Senior’s significant contribution.
Despite the US government’s role in the 1971 liberation war, she claimed that Kennedy Senior took a courageous stand against Pakistan’s genocide against innocent Bengali people.
Prime Minister Hasina recalled Kennedy Senior’s strong opposition to the US government policy of supplying arms to Pakistan, saying that Kennedy worked hard to stop US military and economic aid to Pakistan until the war ended.
She recalled Kennedy visiting refugee camps in West Bengal, where a large number of people from then-East Pakistan had fled to avoid Pakistan army brutality.

The ‘Union Home Minister’s Special Operation Medal’ has been awarded to 63 officers:

For the year 2022, 63 police officers from Maharashtra, Delhi, Punjab, Telangana, Jammu, and Kashmir have been awarded the ‘Union Home Minister’s Special Operation Medal.’
The award was given by the Ministry of Home Affairs (MHA) for four special operations they carried out in the areas of terrorism, border actions, arms control, narcotics smuggling prevention, and rescue operations.
On the occasion of Sardar Vallabhbhai Patel’s birth anniversary, 63 police officers were awarded the special medal.
The officers were from Telangana, Punjab, Maharashtra, Delhi, and the Jammu and Kashmir Union Territories.
The medals were presented at the ‘Run For Unity’ event to commemorate Sardar Vallabhbhai Patel’s birth anniversary.
In 2018, the ‘Union Home Minister’s Special Operation Medal’ was established.
Throughout India, it is bestowed upon state and union territory police forces, central police organizations, central armed police forces, and security organizations.

CURRENT AFFAIRS: SCIENCE & TECHNOLOGY

China launches second lab module Mengtian for its space station in Hainan province

China has launched the space lab module named Mengtian or “Dreaming of the Heavens”, taking the construction of the country’s space station Tiangong into the final stage.
The Long March-5B Y4 carrier rocket, carrying Mengtian, blasted off from the Wenchang Spacecraft Launch Site on the coast of the southern island province of Hainan.
This is the 25th flight mission since the country’s manned space program was approved and initiated in 1992.
2 batches comprising 3 astronauts were flown to the space station, the main module called Tianhe on a 6 months mission to complete the construction.
Once ready, China will be the only country to own a space station.

About the lab module Mengtian :

Scientific equipment in the Mengtian module, the second lab component of China’s under-construction space station.
It will be used for studying microgravity and carrying out experiments in fluid physics, materials science, combustion science, and fundamental physics.
The first lab was Wentian which was sent earlier and focused more on biological and space life sciences.
Also, the Mengtian will carry the world’s first space-based set of cold atomic clocks consisting of a hydrogen clock, a rubidium clock, and an optical clock.
Mengtian weighs in at about 20 tons with a length of 17.9 meters (58.7 feet) and a diameter of 4.2 meters (13.8 feet).
It will provide space for science experiments in zero gravity, an airlock for exposure to the vacuum of space, and a small robotic arm to support extravehicular payloads.

About China :

Capital: Beijing
Currency: Renminbi

CURRENT AFFAIRS: SPORTS NEWS

Max Verstappen won the 2022 Mexican Formula One Grand Prix:

Red Bull driver Max Verstappen won the Mexican Grand Prix 2022 for a record-breaking 14th victory of the season.
Lewis Hamilton of Mercedes and Sergio Perez of Red Bull finished second and third, respectively.
Verstappen’s 14th victory of the season moves him past Michael Schumacher and Sebastian Vettel to become the Formula One driver with the most race victories in a single season.
Verstappen is now the most successful driver in Mexican Grand Prix history, having won four titles.
It was his 34th career victory and 14th of the 2022 season.
Verstappen won his second career world championship at the Japanese Grand Prix earlier this month, and last week he won the US Grand Prix in Austin, Texas, tying him for the most season race wins.
Verstappen’s victory in Mexico also broke the record for most points scored in a single season, which was previously held by Lewis Hamilton in 2019.

Men’s doubles champions Satwiksairaj Rankireddy and Chirag:

Satwiksairaj Rankireddy and Chirag Shetty of India won the French Open Super 2022 badminton tournament men’s doubles title in Paris after defeating Chinese Taipei’s Lu Ching Yao and Yang Po Han in straight games 21-13, 21-19.
Satwik and Chirag also won their first super 750 race and their second BWF World Tour title this year.
This was their fourth BWF World Tour win, but the previous three had been in lower-level competitions.
The Hyderabad Open 2018, their maiden tournament, was a Super 100 event, whereas the Thailand Open 2019 and India Open 2022 were both Super 500 tournaments.
Chirag and Satwiksairaj are also the first Indian doubles duo to win a BWF Super 750 title.
The pair reached the final of the 2019 French Open but were defeated by Indonesian aces Marcus Fernaldi Gideon and Kevin Sanjaya Sukamuljo.

CURRENT AFFAIRS: OBITUARIES

Steel Man of India Jamshed J Irani passes away

The former Managing Director of Tata Steel Jamshed J Irani who was also famously known as the ‘Steel Man of India’ passed away at the age of 86 in Jamshedpur, Jharkhand.

About Jamshed J Irani :

Jamshed J Irani was Born on June 2, 1936, in Nagpur, Maharashtra.
He joined the British Iron and Steel Research Association as a senior scientific officer in Sheffield in 1963.
He joined the Tata Iron and Steel Company (now Tata Steel), in 1968, as Assistant to the Director in charge of Research and Development.
He joined the Board of Tata Steel in 1981 and was also a Non-Executive Director from 2001 for a decade.
He also held the post of National President of the Confederation of Indian Industry (CII) from 1992-93.
Jamshed J Irani retired from the Board of Tata Steel back in June 2011.

Awards & Honors :

Jamshed J Irani was also conferred upon Padma Bhushan- the third highest Civilian Award in 2007.
He was conferred an honorary Knighthood (KBE) by Queen Elizabeth II in 1997 for his contributions to Indo-British Trade and Cooperation.
Irani was appointed as an International Fellow at the Royal Academy of Engineering in 1996.
Irani was also the recipient of the Lifetime Achievement Award by the Government of India in 2008 as an acknowledgement of his services in the area of metallurgy.

About TATA Steel Limited :

TATA Steel Limited is an Indian multinational steel-making company, based in Jamshedpur, Jharkhand.
Headquarters: Mumbai, Maharashtra.

Daily CA on November 3:

Vigilance Awareness Week is being held this year from October 31 to November 6, 2022, with the theme “Corruption-free India for a Developed Nation.”
The Supreme Court reiterated its ban on the “two-finger test” in rape cases, warning that those who use such tests will be found guilty of misconduct.
Rajeev Chandrasekhar, Union Minister of State for Electronics and Information Technology, announced the establishment of an Electronics Manufacturing Cluster in the Maharashtra town of Ranjangaon.
Elon Musk announced that the Twitter Blue Tick service will cost USD 8 per month, which is approximately Rs 660.
Bharat Interface for Money (BHIM) transactions increased by 7.7 per cent in October to 730 crores using the Unified Payments Interface BHIM-UPI (7.3 Billion).
Former US Senator Edward M Kennedy was posthumously awarded the prestigious ‘Friends of Liberation War honour by Bangladesh Prime Minister Sheikh Hasina in Dhaka for his contribution to Bangladesh’s liberation.
For the year 2022, 63 police officers from Maharashtra, Delhi, Punjab, Telangana, Jammu, and Kashmir have been awarded the ‘Union Home Minister’s Special Operation Medal.’
Red Bull driver Max Verstappen won the Mexican Grand Prix 2022 for a record-breaking 14th victory of the season.
Satwiksairaj Rankireddy and Chirag Shetty of India won the French Open Super 2022 badminton tournament men’s doubles title in Paris after defeating Chinese Taipei’s Lu Ching Yao and Yang Po Han in straight games 21-13, 21-19.
The 1st ASEAN-India Start-up Festival (AISF) was inaugurated by Srivari Chandrashekhar, Secretary of, the Department of Science and Technology in Bogor, Indonesia.
The Ministry of Electronics and Information Technology (MeitY) has approved the Greenfield Electronics Manufacturing Cluster (EMC) with a project cost of Rs 492.85 crores to be set up in Ranjangaon Phase III, near Pune in Maharashtra.
Union Home Minister Shri Amit Shah laid the foundation stone of the Orbital Rail Corridor Project in Faridabad, Haryana.
Uttar Pradesh Chief Minister Shri Yogi Adityanath inaugurated North India’s first hyper-scale data center Yotta D1, built at the cost of Rs 5,000 crore and spread over an area of 3,00,000 square feet at the upcoming Data Centre Park in Greater Noida.
The Reserve Bank of India (RBI) has commenced India’s first Digital Rupee pilot project to implement the central bank digital currency (CBDC) or digital rupee in the wholesale segment.
HDFC ERGO launched a technology-backed farm yield insurance policy for farmers, a first-of-its-kind insurance solution, where a satellite-based index will be used to provide localized farm-level coverage.
The Capital and Commodity markets regulator Securities Exchange Board of India (SEBI) reduced the face value of debt security and non-convertible redeemable preference shares issued on a private placement basis to Rs 1 lakh from the current Rs 10 lakh will be applicable from 1 January 2023.
The Government of India (GoI) presented USD 2.5 million (the second tranche of a total contribution of US$ 5 million for the Financial Year 2022-2023) to the United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA), to support Palestinian refugees.
The Reserve Bank of India (RBI) imposed a monetary penalty of Rs 5 lakh on LIC Housing Finance Ltd for non-compliance with certain provisions of the National Housing Bank (NHB).
Zaggle, a profitable SaaS FinTech company and a pioneer in digitizing business spending, has collaborated with National Payments Corp. of India (NPCI) to issue contactless credit cards on the RuPay network.
South Indian Bank has launched a foreign outward remittance service through the ‘SIB Mirror+’ mobile banking application.
The Life Insurance Corporation of India (LIC) has raised its stake in Capri Global Capital Limited (CGCL), a non-banking financial company (NBFC) by 2% over the last few months at an investment of ₹257.37 crores.
China has launched the space lab module named Mengtian or “Dreaming of the Heavens”, taking the construction of the country’s space station Tiangong into the final stage.
The former Managing Director of Tata Steel Jamshed J Irani who was also famously known as the ‘Steel Man of India’ passed away at the age of 86 in Jamshedpur, Jharkhand.