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CURRENT AFFAIRS : BANKING & FINANCE
Reserve Bank of India Delays Implementation of Rules on Exchange-Traded Forex Derivatives to May 3rd, 2024
- The Reserve Bank of India (RBI) has postponed the implementation of norms on exchange-traded currency derivatives (ETCDs) linked to the Indian rupee until May 3, 2024, in response to investor concerns.
- The norms were scheduled to take effect starting from April 05, 2024.
Key Highlights :
- Requirement for Underlying Exposure: Rupee-denominated currency contracts traded on the National Stock Exchange (NSE) and the BSE now require underlying exposure.
- Though traders are not required to provide evidence of underlying exposure for positions up to $100 million, they must confirm the existence of such exposure.
- Regulatory Framework: The regulatory framework for participation in ETCDs involving the rupee is guided by the provisions of the Foreign Exchange Management Act (FEMA), 1999, and regulations framed thereunder, which mandate that currency derivative contracts involving rupee- both over-the-counter (OTC) and exchange traded are permitted only for the purpose of hedging of exposure to foreign exchange rate risks.
- Norms Remain Unchanged: The RBI stated that the deferred norms reiterated the existing regulatory framework for participation in ETCDs involving the rupee, without introducing any alterations.
- Initially, when currency futures trading began in August 2008, the RBI allowed transactions in dollar-rupee currency futures for hedging foreign exchange rate risks or other purposes.
What are Derivatives?
- The term derivative refers to a type of financial contract whose value is dependent on an underlying asset, group of assets, or benchmark.
- These contracts can be used to trade any number of assets and carry their own risks.
- Common derivatives include futures contracts, forwards, options, and swaps.
- Their prices are determined by fluctuations in the underlying asset.
- Underlying assets for derivatives can range from stocks, bonds, commodities, currencies, and interest rates to market indexes.
- Derivatives are broadly categorised into two types: exchange-traded derivatives, which adhere to standardised terms and are traded on stock exchanges, and over-the-counter derivatives, which are privately negotiated between counterparties without the involvement of a formal intermediary.
What are Exchange Traded Currency Derivatives (ETCDs)?
- Exchange Traded Currency Derivatives (ETCDs) specifically allow traders and investors to speculate on future price movements of currency pairs.
- These financial contracts are traded on exchanges and derive their value from the underlying currency exchange rate.
About RBI :
- Established : 1 April 1935
- Headquarters : Mumbai, Maharashtra, India
- Governor : Shaktikanta Das
Income Tax Department Issues Demands of Rs. 770 Crores to Indian Overseas Bank, Tamilnad Mercantile Bank and Karur Vysya Bank
- The Income Tax (I-T) Department has slapped Tamilnad Mercantile Bank (TMB), Karur Vysya Bank (KVB) and Indian Overseas Bank (IOB) with demand notices for ₹770 crores for the assessment year 2022-23 on account of certain additions and disallowances.
- Indian Overseas Bank (IOB) received a demand notice of ₹620 crore due to certain additions and disallowances, discovered on March 28, 2024.
- IOB is preparing to file an appeal before the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), within the stipulated time frame.
- There is a demand of ₹110 crore on IOB for certain additions and disallowances, with this information received on March 30, 2024.
- Karur Vysya Bank (KVB) received a demand notice for ₹40 crore.
About the Income Tax Department :
- Headquarters : New Delhi, Delhi, India
- Chairman of Central Board of Direct Taxes : Nitin Gupta
- The Income Tax Department (also referred to as IT Department; abbreviated as ITD) is a government agency undertaking direct tax collection of the government of India.
- It functions under the Department of Revenue of the Ministry of Finance.
- It is headed by the apex body Central Board of Direct Taxes (CBDT).
- The main responsibility of the Income Tax Department is to enforce various direct tax laws, most important among these being the Income-tax Act, 1961, to collect revenue for the government of India.
About TMB :
- Founded : 1921 as the Nadar Bank, but changed its name to Tamilnad Mercantile Bank in November 1962
- Headquarters : Thoothukudi, Tamil Nadu, India
- Tagline : Be a step ahead of Life
About IOB :
- Founded : 10 February 1937
- Headquarters : Chennai, Tamil Nadu, India
- MD & CEO : Ajay Kumar Srivastava
- Tagline : Good people to grow with
About KVB :
- Founded : 1916
- Headquarters : Karur, Tamil Nadu
- MD & CEO : B. Ramesh Babu
- Tagline : Smart Way to Bank
36.91 Million New Demat Accounts Opened in Fiscal Year 2024
- Nearly 7 crore (36.91 million ) demat accounts were added in the fiscal year 2024, marking the largest increase ever, averaging over 30 lakh accounts a month, driven by a rally in the market.
- The number of Demat accounts opened with two depositories the Central Depository Services (CDSL) and the National Securities Depository (NSDL) jumped 9% year-on-year, to 15.14 crore from 11.45 crore.
- At the same time, the benchmark Sensex and Nifty50 jumped 24.85 percent and 28.61% in FY24, while the broader BSE Midcap and Smallcap indices jumped 63.4% and 60%.
- The number of Rs 1-trillion market capitalization stocks increased to 80 from 48 in the previous fiscal year.
- Furthermore, there was a substantial increase in coverage by sell-side analysts, with 250 stocks now covered by at least 10 analysts.
What is a Demat account?
- A Demat Account or Dematerialised Account provides the facility of holding shares and securities in an electronic format.
- A Demat Account holds all the investments an individual makes in shares, government securities, exchange-traded funds, bonds and mutual funds in one place.
Benefits of Demat account :
- Seamless and fast transfer of shares
- Facilitates digitally secured storing of securities
- Eliminates theft, forgery, loss and damage of security certificates
- Easy tracking of trading activities
- All-time access
- Allows to add beneficiaries
- Automatic credit of bonus stocks, rights issues, split shares
Recent News :
- The total number of new demat accounts opened in December 2023 reached an unprecedented high of 42 lakh, bringing the total count to 93 crore in India.
Canara Bank Introduces Range of New Products and Services to Improve Customer Experience and Banking Efficiency
- Canara Bank, a Public Sector Bank has unveiled a series of new products and services aimed at enhancing customer experience and streamlining banking operations.
- The bank is launching a healthcare-focused loan product Canara Heal, to meet the shortfall of hospitalization expenditure while settling through Third Party Administrator (TPA) healthcare insurance claims of self and/or dependents.
Key Highlights :
- A customized savings account for women –Canara Angel , with features like Cancer Care policy, pre-approved personal loan Canara ReadyCash and online loan against term deposit product Canara MyMoney.
- The bank has also unveiled ‘Canara UPI 123PAY ASI’, a user-friendly payment interface, and ‘Canara HRMS Mobile App for Staff’, an HR management solution for the bank’s employees.
- The launch ceremony of the new products saw the attendance of Rajesh Bansal, CEO, Reserve Bank Innovation Hub, Canara Bank’s MD & CEO, K Satyanarayana Raju.
- Rajesh Bansal, CEO, Reserve Bank Innovation Hub, launched a Digital SHG initiative named Canara SHG e-MONEY.
- Canara Bank is the first Bank to offer seamless doorstep Digital services to SHGs in collaboration with RBIH.
- Digital SHG will help the customers to get instant digital credit in their accounts.
Recent News :
- In Aug 2023, Canara Bank introduced a specialised savings bank account named “Canara Jeevan Dhara” aimed at catering to the unique financial needs of pensioners and prospective pensioners, including those who have retired voluntarily or through normal retirement.
About Canara Bank :
- Established : 1906
- Headquarters : Bengaluru, Karnataka, India
- MD & CEO : K. Satyanarayana Raju
- Tagline : Together We Can
State Bank of India and Standard Chartered Engage in Credit Default Swap Trade Under New Reserve Bank of India Norms
- The Credit Default Swap (CDS) trade between the State Bank of India (SBI) and Standard Chartered Bank India is significant as it marks the first transaction of its kind following the issuance of fresh guidelines by the Reserve Bank of India (RBI) regarding CDS instruments.
- The CDS trade was valued at ₹25 crore, indicating a substantial financial commitment from both parties involved.
- The trade involved a 1-year rupee CDS featuring REC.
- This landmark transaction marks a pivotal moment in credit risk management and underscores the growing sophistication of financial instruments in the Indian market.
- Credit default swaps are derivative instruments that provide a form of insurance against the risk of default of the issuer of a bond.
What is Credit Default Swap?
- A credit default swap (CDS) is a financial swap agreement in which the seller of the CDS will compensate the buyer in the event of a debt default (by the debtor) or other credit event.
- That is, the seller of the CDS insures the buyer against some reference asset defaulting.
- The buyer of the CDS makes a series of payments (the CDS “fee ” or”spread “) to the seller and, in exchange, may expect to receive a payoff if the asset defaults.
About SBI :
- Founded : 1 July 1955
- Headquarters : Mumbai, Maharashtra, India
- Chairman : Dinesh Kumar Khara
CURRENT AFFAIRS: NATIONAL NEWS
India aims for first strategic petroleum reserve with a private company by 2029-30
- India plans to build its first privately managed strategic petroleum reserve (SPR) by 2029-30, granting the operator the freedom to trade all of the stored oil.
- Allowing a fully commercial SPR mirrors the model adopted by countries such as Japan and South Korea, which allow private lessees, mostly oil majors, to trade the crude.
- So far, India has allowed only partial commercialisation for its three existing SPRs in southern India, which have a combined capacity of 36.7 million barrels.
- The ISPRL had in the first phase built a strategic petroleum reserve in underground unlined rock caverns for storage of 5.33 million tonnes of crude oil at three locations — Visakhapatnam (1.33 million tonnes) in Andhra Pradesh, and Mangalore (1.5 million tonnes) and Padur (2.5 million tonnes) in Karnataka.
Key Highlights
- India plans to build two new SPRs – the first an 18.3 million barrels cavern at Padur in southern Karnataka state, and then a 29.3 million barrels SPR in eastern Odisha state – with private partners allowed to trade all of the oil locally.
- The government will have the first right to the oil in the event of a shortage.
- ISPRL, a company charged with managing India’s SPRs, last month issued a tender to gauge interest among local and global companies for the Padur SPR.
- India, the world’s third biggest oil importer and consumer, is keen to expand its SPR capacity to hedge against global supply disruptions and price spikes.
- Expanding oil storage capacity would also help India join the International Energy Agency (IEA), which requires its members to hold a minimum of 90 days of oil consumption.
- ISPRL estimates the Padur SPR and linked pipeline and oil import facility would cost about 55 billion rupees ($659 million), with the federal government providing up to 60 per cent of the total.
- The bidder requiring the lowest federal financing or paying the highest premium for the 60-year lease would be awarded the rights for the SPR.
New PLI scheme for components to be implemented post-elections
- The Ministry of Electronics and Information Technology (MeitY) will come out with a new production-linked incentive scheme for component manufacturing after the elections.
- As a result, the current Rs 3,285-crore scheme for the promotion of manufacturing of electronic components and semiconductors (SPECS), which came to an end on 31st March 2024, will not be renewed.
- The new component scheme, which will be announced after a new government assumes office, will be designed like other PLI schemes where incentives will be given on achieving the laid down incremental production and sales target.
- The SPECS scheme, which comes to an end, was launched in 2020 for three years and was extended till March 31, 2024.
- It offers a financial incentive of 25% of capital expenditure for the manufacturing of goods such as discrete semiconductor devices including transistors and diodes; USB/data cables.
Key Highlights
- The government has received applications from 42 companies under the SPECS scheme, with a proposed investment of Rs 11,690 crore.
- The committed incentive from the government comes to Rs 1,612 crore.
- As of February end, the government has disbursed Rs 378.37 crore to the applicants.
- The government has set a target of achieving $300 billion in electronics manufacturing production by 2025-2026, from $102 billion in FY23.
PLI schemes attract over Rs 1.06 lakh investment till Dec 2023; pharma sector gets major chunk
- Production-linked incentive (PLI) schemes for 14 sectors have attracted over Rs 1.06 lakh crore investments till December 2023 with pharma and solar modules accounting for nearly half of the total.
- The response to the schemes was tepid in sectors like IT hardware, auto, auto components, textiles, and ACC battery storage till December 2023.
- The government 2021 announced PLI schemes for 14 sectors such as telecommunication, white goods, textiles, manufacturing of medical devices, automobiles, speciality steel, food products, high-efficiency solar PV modules, advanced chemistry cell battery, drones, and pharma with an outlay of Rs 1.97 lakh crore.
- According to the data, the pharmaceuticals and drugs sector attracted Rs 25,813 crore till December last year, exceeding the expected investments of Rs 17,275 crore.
- As regards the high-efficiency solar PV modules, the total investment was Rs 22,904 crore as against the expected investment of Rs 1.10 lakh crore.
Key Highlights
- The other PLI sectors which received healthy investments till December last year included bulk drugs (Rs 3,586 crore as against expected investments of Rs 3,939 crore), medical devices (Rs 864 crore as against expected investments of Rs 1,330 crore), food processing (Rs 7,350 crore as against expected investments of Rs 7,541 crore), and telecom (Rs 2,865 crore as against expected investments of Rs 4,014 crore).
- The lowest investment was received in IT hardware at Rs 270 crore against expected investments of Rs 2,517 crore.
- The other PLI sectors with tepid investments included auto and auto components (Rs 13,037 crore as against expected investments of Rs 67,690 crore), textiles (Rs 3,317 crore as against expected investments of Rs 19,798 crore), and ACC battery storage (Rs 3,236 crore as against expected investments of Rs 13,810 crore).
- The government has disbursed Rs 4,415 crore under the scheme for eight sectors, including electronics and pharma, till October this fiscal.
- The schemes aim to attract investments in key sectors and cutting-edge technology; ensure efficiency, bring economies of size and scale in the manufacturing sector and make Indian companies and manufacturers globally competitive.
CURRENT AFFAIRS : INTERNATIONAL NEWS
Taiwan Struck by Strongest Earthquake in 25 Years, 7.2 Magnitude Quake Hits Near Hualien County
- Taiwan was hit by a 7.2 magnitude earthquake, the strongest in the last 25 years.
- The epicentre of the quake was located just 18 kilometres south-southwest of Hualien County, which is situated in eastern Taiwan.
Key Highlights :
- Taiwan is prone to earthquakes as it lies along the Pacific “Ring of Fire” – where 90% of the world’s earthquakes take place.
- The Ring of Fire is essentially a string of hundreds of volcanoes and earthquake-sites which run along the Pacific Ocean.
- It is a semicircle or horseshoe in shape and stretches nearly 40,250 kilometres.
- The Ring of Fire traces the meeting points of numerous tectonic plates.
- It runs through 15 more countries including the USA, Indonesia, Mexico, Japan, Canada, Guatemala, Russia, Chile, Peru, and the Philippines.
- Taiwan lies along the Pacific Ring of Fire, the line of seismic faults encircling the Pacific Ocean where most of the world’s earthquakes occur.
- The area is particularly vulnerable to temblors due to the tension accumulated from the interactions of two tectonic plates -the Philippine Sea Plate and the Eurasian Plate.
What is an earthquake?
- An earthquake is a sudden and violent shaking of the ground, often caused by movements within the Earth’s crust or volcanic activity.
Types of Earthquakes :
- Tectonic Earthquakes: These earthquakes, the most frequent type, arise from the movement of Earth’s crustal fragments called tectonic plates.
- Volcanic Earthquakes: Less common than tectonic quakes, these seismic events typically precede or follow volcanic eruptions. They result from the movement of magma and the shifting of rocks as the volcano’s chamber fills or empties.
- Collapse Earthquakes: Found in underground mines, these quakes stem from the pressure buildup within rocks, often leading to sudden collapses in mine structures.
- Explosion Earthquakes: This category includes artificially triggered seismic events, such as those caused by high-intensity explosions like nuclear detonations.
About Taiwan :
- President : Tsai Ing-wen
- Capital : Taipei
- Currency : New Taiwan dollar
CURRENT AFFAIRS: BUSINESS NEWS
India’s manufacturing hits a 16-year high in March 2024
- India’s manufacturing industry expanded at a fast pace in the last 16 years due to accelerating demand.
- The last time a reading of this level was recorded was in February 2008, when the HSBC India Manufacturing Purchasing Managers’ Index (PMI) had touched a high of 59.5.
- India’s manufacturing PMI jumped to 59.1 in March 2024 from 56.9 in February 2024.
- In January 2024, the PMI was 56.5.
- PMI is based on responses from purchasing executives of 400 companies.
- The index above 50 means expansion.
- The index below 50 indicates contraction.
Key Highlights
- Purchasing Managers’ Index is an indicator of business activity – both in the manufacturing and services sectors.
- There are two types of PMI — Manufacturing PMI and Services PMI.
- The questions are related to 5 key variables.
- The variables with their weights in the index are — new orders (30%), output (25%), employment (20%), suppliers’ delivery times (15%) and stock of items purchased (10%).
- The surveys are conducted monthly.
- PMI data for India is released by S&P Global – a global major in financial information and analytics.
CURRENT AFFAIRS: APPS AND PORTALS
The Union Health Ministry has recently launched an iOS app called myCGHS.
- Shri Apurva Chandra, Secretary, Ministry of Health and Family Welfare launched the myCGHS app for the iOS ecosystem of devices.
- The app is designed to enhance access to Electronic Health Records, information, and resources for Central Government Health Scheme (CGHS) beneficiaries.
- The myCGHS iOS app is developed by the technical teams of the National Informatics Centre (NIC) Himachal Pradesh and the NIC Health Team.
- It is a convenient mobile application offering features aimed at enhancing information and accessibility for CGHS beneficiaries.
- The app features security features like 2-factor authentication and functionality of mPIN ensuring the confidentiality and integrity of users’ data.
CURRENT AFFAIRS: AWARDS AND HONOURS
SJVN has been honoured with the 15th CIDC Vishwakarma Awards 2024 for its outstanding contribution to the field of Corporate Social Responsibility.
- SJVN Limited has won two prestigious awards at the 15th CIDC Vishwakarma Awards 2024, instituted by the Construction Industry Development Council.
- SJVN has been conferred the ‘Achievement Award for Creating Social Development & Impact’ and ‘CIDC Partners in Progress Trophy’.
- On behalf of SJVN, the awards were received by CGM (HR), Shri Baljeet Singh during a ceremony held at India Habitat Centre, New Delhi.
- CIDC Vishwakarma Awards have become an epitome for recognizing organizations and individuals for their initiatives across various fields, including Corporate Social responsibility, contributing significantly to the growth and sustainable development of the nation.
Recent News
- A subsidiary of state-owned power producer SJVN, SJVN Green Energy, has entered into a long-term pact to supply 600 MW solar electricity to Rajasthan.
CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS
Rakesh Mohan appointed as a member of World Bank economic advisory panel
- President Emeritus and Distinguished Fellow of the Centre for Social and Economic Progress (CSEP), Rakesh Mohan has been appointed by the World Bank Group to serve on the World Bank Group’s Economic Advisory Panel.
- The World Bank panel will be chaired by Lord Nicholas Stern, the IG Patel Professor of Economics and Government at the London School of Economics, while World Bank Group Chief Economist Indermit Gill will co-chair the panel.
- The panel will focus on strategic issues for the World Bank Group in relation to their objectives, research agenda and actions.
About Rakesh Mohan :
- Mohan worked as executive director on the board of the International Monetary Fund, as economic affairs secretary and chief economic adviser in the Finance Ministry, and economic adviser in the industry ministry.
- He also served as senior fellow at the Jackson Institute for Global Affairs, Yale University, and was professor in the practice of international economics and finance at the School of Management from 2010 to 2012.
- He is also a part-time member of the Prime Minister’s Economic Advisory Council.
About World Bank :
- Established : July 7, 1944
- Headquarters : Washington, D.C., United States
- President : Ajay Banga (14th President)
- The World Bank Group consists of 5 institutions ie
- International Bank for Reconstruction and Development (IBRD)
- International Development Association (IDA)
- International Finance Corporation (IFC)
- Multilateral Investment Guarantee Agency (MIGA)
- International Centre for Settlement of Investment Disputes (ICSID)
Cleartrip Announces Mahendra Singh Dhoni as Brand Ambassador
- Cleartrip, a Flipkart company, has onboarded Mahendra Singh Dhoni as its new brand ambassador.
- The collaboration marks a historic milestone for Cleartrip as it joins forces with Mahendra Singh Dhoni and advocates to make the right choices in travel.
- Under the bucket of ‘ClearChoice,’ the brand aims to inspire travellers to simplify decision-making and ensure seamless and anxiety-free travel experiences.
About Cleartrip :
- Headquarters : Mumbai, Maharashtra
- CEO : Ayyappan R
- Cleartrip is a global online travel company.
- The company operates an online travel aggregator website for booking flights, train tickets, hotel reservations, and activities in India and the Middle East countries.
CURRENT AFFAIRS: MOUS AND AGREEMENT
J&K Bank partners with Paymart to launch Virtual ATM Facility
- J&K Bank announced its partnership with Paymart India Pvt Ltd to introduce a Virtual ATM (VATM) facility.
- The partnership aims to introduce cardless cash withdrawals for the Bank’s customers through their neighbourhood merchants.
- The goal of the collaboration is to enhance banking convenience for its customers across its areas of operations especially in J&K and Ladakh.
- It is to be noted that the Virtual ATM facility has a limit to the transaction amounts.
- For now, it enables consumers to withdraw up to Rs 2,000 cash per transaction and a total of Rs 10,000 per month.
About Jammu & Kashmir Bank Limited
- Baldev Prakash, MD and CEO, J&K Bank.
- Jammu & Kashmir Bank Limited is an Indian private sector bank headquartered in Srinagar, Jammu and Kashmir.
- J&K Bank was incorporated on October 1, 1938.
Recent News
- Paymart, a fintech startup, has recently announced its partnership with five Indian banks to introduce a groundbreaking service for cash withdrawal without the need for a physical card or hardware.
- The partnered banks include IDBI Bank, Indian Bank, Jammu & Kashmir Bank, and Karur Vyasa Ban
- Paymart is currently in discussions with four additional banks for further collaboration.
PhonePe Teams Up with Star Health for Health Insurance Options
- Star Health and Allied Insurance Ltd has tied up with PhonePe to offer comprehensive insurance policies with monthly and annual EMI options.
- Under the partnership, payment options are available on the PhonePe app with coverage up to Rs 1 crore.
- This is a first-of-its-kind initiative in the industry.
- Users can also opt to pay their premium with the UPI AutoPay mandate with a monthly EMI option.
- The standalone health insurer is planning to roll out more such offerings across its indemnity and benefit products.
- Anand Roy, MD and CEO, Star Health Insurance, Vishal Gupta, CEO, PhonePe Insurance.
Recent News
- PhonePe enables UPI payments in Singapore through a pact with The Singapore Tourism Board, enhancing cross-border transactions for Indian visitors
- PhonePe and Paytm are testing audio ads on sound boxes at retail stores with FMCG brands.
- PhonePe enables users in the UAE to make payments at Neopay terminals, enhancing cross-border transactions for Indian travelers. The collaboration with Mashreq and NPCI aims to simplify payment processes, including inbound remittances, through the UPI infrastructure.
Meta partners with PTI to expand its fact-checking program in India
- Social media giant Meta announced its collaboration with the Press Trust of India (PTI) under its third-party fact-checking programme in India.
- The partnership will enable PTI to identify, review, and rate content as misinformation across Meta platforms.
- Meta’s fact-checking programme in India includes partnerships with independent fact-checking organisations that assist users in identifying, reviewing, verifying information, and helping to prevent the spread of misinformation on its platforms.
- Under the initiative, Meta partners with fact-checkers certified through the International Fact-Checking Network (IFCN), who identify, review, and rate viral misinformation across Facebook, Instagram, and WhatsApp.
Key Highlights
- In India, the fact-checking partners under the programme can verify information in 16 languages including Hindi, Bengali, Telugu, Kannada, Malayalam, Urdu, Punjabi, Assamese, Manipuri/Meitei, Marathi, Gujarati, Tamil, Kashmiri, Bhojpuri, Oriya, and Nepali, as well as English.
- Meta’s partnership with PTI is part of a series of steps the social media giant has taken to combat misinformation in the past few months, ahead of the Indian general elections.
- Last month, the company collaborated with the Misinformation Combat Alliance (MCA) to launch a dedicated fact-checking helpline on WhatsApp aimed at combating deepfakes and deceptive AI-generated content.
Recent News
- Meta to establish its first data centre in India at Reliance Industries campus in Chennai, enabling local content processing for Facebook, Instagram, and WhatsApp
CURRENT AFFAIRS: RANKING AND REPORTS
Paradip Port emerges as the largest Indian major port in cargo throughput in FY24
- Surpassing Deendayal Port Authority in Gujarat, the State-owned Paradip Port in Odisha has emerged as India’s largest major port in terms of cargo volume with a cargo throughput of 145.38 million tonnes in FY24.
- Deendayal Port Authority has been holding the pole position in cargo handling among the 12 major ports for the last 16 years.
- Paradip Port, for the first time in its 56-year history of operations, has surpassed the previous record set by Deendayal Port on the instructions of the Ministry of Ports.
- During FY24, the port achieved the highest-ever coastal shipping traffic of 59.19 million metric tonnes, an increase of 0.76 million metric tonnes which is 1.30% over the last year.
- The growth path of Paradip Port was driven by an improved system of operations in the mechanized coal hand plant to reduce idle time between rake unloading.
About Paradip Port Trust
- Paradip Port is situated at the confluence of the Mahanadi River and the Bay of Bengal in the Jagatsinghpur district of Odisha.
- The port was commissioned in 1966 to serve as a gateway for the maritime trade of eastern India.
- Paradip Port Trust, a statutory body under the Major Port Trusts Act, 1963, manages and operates the port.
CURRENT AFFAIRS : DEFENCE NEWS
Indian Army Adopts Indigenous Akashteer System
- The Indian Army has initiated the induction of control and reporting systems under ‘Project Akashdeep’ to enhance its air defense capabilities.
- The first batch of Control Centers for the Automated Air Defence Control and Reporting System, named ‘Project Akashteer’, was flagged off from Bharat Electronics Limited (BEL) in Ghaziabad.
- Aim : To deliver an “unprecedented level” of situational awareness and control for the force to ensure safety of friendly aircraft and engage hostile aircraft in in “contested airspace”,
- “The Akashteer Project is a cutting-edge initiative designed to automate air defence control and reporting processes by digitising the entire process,” .
- 2024 has been designated as the ‘Year of Technology Absorption’.
- The induction of Akashteer Control Centers aligns with this initiative, meeting both current and future requirements for complex air defense operations.
About Indian Army :
- Headquarters : New Delhi
- Chief of Defence Staff : General Anil Chauhan
- Chief of the Army Staff : General Manoj Pande
CURRENT AFFAIRS : SCIENCE & TECHNOLOGY
India Among Nations Considering Moon-Based Telescopes
- Astronomers are looking forward to posting high-resolution telescopes on the moon and in orbit around it, including one from India called Probing ReionizATion of the Universe using Signal from Hydrogen (PRATUSH).
About PRATUSH :
- PRATUSH is a radio telescope to be sited on the moon’s far side.
- It is being built by the Raman Research Institute (RRI) in Bengaluru with active collaboration from the Indian Space Research Organisation (ISRO).
- Launch Plan:Initially, ISRO will deploy PRATUSH into Earth’s orbit for adjustments and fine-tuning.
- Subsequently, ISRO plans to launch PRATUSH towards the moon to commence its scientific mission.
- Scientific Objectives:PRATUSH aims to detect signals from the first stars and galaxies, which would reveal insights into the cosmic dawn of the universe.
- It seeks to address fundamental questions such as when the first stars formed, the nature of these stars, and the characteristics of the light they emitted.
- Technological Components:PRATUSH will feature advanced components including a wideband frequency-independent antenna, a self-calibrating analog receiver, and a digital correlator.
- These components are crucial for capturing radio signals, particularly those originating from the “Dark Ages” period of the universe.
- LuSEE Night Project : China’s Lunar Surface Electromagnetic Experiment, or LuSEE Night, a joint NASA-Berkeley Lab project, scheduled for launch in December 2025, will study the Dark Ages period because it connects how the early universe evolved into the universe.
- International Collaboration : LuSEE Night will be followed by many moon-bound instruments currently in various stages of planning with space agencies like NASA and the European Space Agency (ESA).
- ESA is getting ready to launch a radio telescope to the moon’s far side on board its lunar lander, ‘Argonaut’, by 2030.
CURRENT AFFAIRS : OBITUARIES
South African Footballer and Olympian Luke Fleurs Fatally Shot in Carjacking Incident
- South African footballer and Olympian Luke Fleurs has been killed in a hijacking in Johannesburg at the age of 24.
About Luke Fleurs :
- Fleurs was born in Cape Town on 3 March 2000.
- He made his National First Division debut aged 17 and made 18 league appearances in his first season of professional football.
- He represented South Africa at under-20 level.
- He was called up for the Bafana Bafana in 2021 and 2022, albeit without receiving a cap.
- He previously played for the national under-23 side, representing South Africa at the Tokyo Olympics.
Daily CA One- Liner: April 6
- India plans to build its first privately managed strategic petroleum reserve (SPR) by 2029-30, granting the operator the freedom to trade all of the stored oil
- The Ministry of Electronics and information technology (MeitY) will come out with a new production-linked incentive scheme for component manufacturing after the elections.
- Production-linked incentive (PLI) schemes for 14 sectors have attracted over Rs 1.06 lakh crore investments till December 2023 with pharma and solar modules accounting for nearly half of the total.
- India’s manufacturing industry expanded at a fast pace in the last 16 years due to accelerating demand.
- Shri Apurva Chandra, Secretary, Ministry of Health and Family Welfare launched the myCGHS app for iOS ecosystem of devices.
- SJVN Limited has won two prestigious awards at the 15th CIDC Vishwakarma Awards 2024, instituted by the Construction Industry Development Council
- J&K Bank announced its partnership with Paymart India Pvt Ltd to introduce a Virtual ATM (VATM) facility.
- Star Health and Allied Insurance Ltd has tied up with PhonePe to offer comprehensive insurance policies with monthly and annual EMI options
- Social media giant Meta announced its collaboration with the Press Trust of India (PTI) under its third-party fact-checking programme in India
- Surpassing Deendayal Port Authority in Gujarat, the State-owned Paradip Port in Odisha has emerged as India’s largest major port in terms of cargo volume with a cargo throughput of 145.38 million tonnes in FY24
- The Reserve Bank of India (RBI) has postponed the implementation of norms on exchange-traded currency derivatives (ETCDs) linked to the Indian rupee until May 3, 2024, in response to investor concerns.
- The Income Tax (I-T) Department has slapped Tamilnad Mercantile Bank (TMB), Karur Vysya Bank (KVB) and Indian Overseas Bank (IOB) with demand notices for ₹770 crore for the assessment year 2022-23 on account of certain additions and disallowances.
- Nearly 7 crore (36.91 million ) demat accounts were added in the fiscal year 2024, marking the largest increase ever, averaging over 30 lakh accounts a month, driven by a rally in the market.
- Canara Bank, a Public Sector Bank has unveiled a series of new products and services aimed at enhancing customer experience and streamlining banking operations.
- The Credit Default Swap (CDS) trade between State Bank of India (SBI) and Standard Chartered Bank India is significant as it marks the first transaction of its kind following the issuance of fresh guidelines by the Reserve Bank of India (RBI) regarding CDS instruments.
- Taiwan was hit by a 7.2 magnitude earthquake, the strongest in the last 25 years.
- President Emeritus and Distinguished Fellow of the Centre for Social and Economic Progress (CSEP), Rakesh Mohan has been appointed by the World Bank Group to serve on the World Bank Group’s Economic Advisory Panel.
- Cleartrip, a Flipkart company, has onboarded Mahendra Singh Dhoni as its new brand ambassador.
- The Indian Army has initiated the induction of control and reporting systems under ‘Project Akashdeep’ to enhance its air defence capabilities.
- Astronomers are looking forward to posting high-resolution telescopes on the moon and in orbit around it, including one from India called Probing ReionizATion of the Universe using Signal from Hydrogen (PRATUSH).
- South African footballer and Olympian Luke Fleurs has been killed in a hijacking in Johannesburg at the age of 24.
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