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CURRENT AFFAIRS: BANKING & FINANCE

IRDAI removes the age limit of 65 years for individuals buying health insurance policies

To widen the market and foster adequate protection from healthcare expenses, insurance regulator IRDAI has removed the age limit of 65 years for individuals buying health insurance policies.
This marks a significant departure from the conventional constraints that limited individuals in securing comprehensive coverage.
Under the earlier guidelines, individuals were allowed to purchase a new insurance policy only till the age of 65.
However, with the recent amendment, which is from April 1, anyone, regardless of age, is eligible to buy a new health insurance policy.

Key Highglights:

In a recent gazette notification, IRDAI stated, “Insurers shall ensure that they offer health insurance products to cater to all age groups. Insurers may design products specifically for senior citizens, students, children, maternity, and any other group as specified by the competent authority.”
Besides, insurers have been mandated to offer health policies to individuals with pre-existing medical conditions of any kind.
Consequently, insurers cannot refuse to issue policies to individuals with severe medical conditions such as cancer, heart or renal failure, and AIDS.
Insurers are allowed to offer premium payment in instalments for the convenience of policyholders. Travel policies can only be offered by general and health insurers, it stated.
There is no limit on AYUSH treatment coverage. Treatments Ayurveda, Yoga, Naturopathy, Unani, Siddha, and Homeopathy will receive coverage up to the sum insured without any cap, it stated.
Policyholders with benefit-based policies can file multiple claims with various insurers.

Insurance Regulatory and Development Authority:

Chairperson: Debasish Panda
Founded: 1999
Headquarters: Hyderabad, Telangana
Abbreviation: IRDAI
Owner: Ministry of Finance, Government of India

CURRENT AFFAIRS: NATIONAL NEWS

Majority of top-100 companies making disclosures about carbon emissions:

Supplementing the efforts of the Indian government to achieve a net-zero emission target by 2070, as many as 51 per cent of the top 100 companies have started making disclosures voluntarily about carbon emissions, according to a PwC India survey.
The survey further said that about 31 per cent of the respondent companies have disclosed their net-zero targets.
The government and the regulators have introduced new regulations pertaining to ESG (environmental, social and governance) for businesses.
India’s transition to BRSR Core positions the nation as a frontrunner in the global transition towards a more credible and transparent sustainability reporting landscape.
51 per cent of India’s top 100 listed companies by market capitalisation disclosed their Scope 3 data for FY23 despite it being a voluntary disclosure in Business Responsibility and Sustainability Reporting (BRSR).

All cases of organ transplants, whether from living or deceased donor, to be given unique NOTTO-ID

All cases of organ transplants, whether from a living or deceased donor, will be allocated a unique National Organ and Tissue Transplant Organisation (NOTTO)-ID for both the donor and the recipient.
It must be generated by the hospital from the NOTTO website (www.notto.mohfw.gov.in).
The Union Health Ministry has issued the directive to eliminate commercial dealing in organs, especially those involving foreign citizens.
The latest order, issued to all States and Union Territories, comes following reports of malpractice and a surge in the number of organ transplants related to foreigners in the country.
It has also called for stricter monitoring of such transplants by the local authorities.

CURRENT AFFAIRS: STATE NEWS

India’s first semiconductor fabrication unit chips in Punjab

Nearly 35 years after a mysterious fire destroyed its facilities at the 51-acre campus at Mohali in Punjab, Semi-Conductor Laboratory (SCL) is fighting back to extinguish old memories and earn its place in the sun.
That’s courtesy of a generous Rs 10,000 crore modernisation plan drawn up by the Ministry of Electronics and IT (Meity), which wants India’s original semiconductor fabrication unit to not only continue its operations in the 180 nanometers (nm) technology fab, but upgrade to 28 nm.
It’s ironic that SCL first started manufacturing in 1984, three years before Taiwan’s Semiconductor Manufacturing Company (TSMC), which eventually became a global chip leader, set up shop.
But the fire and slow decision-making, typical of a government-owned company, stopped SCL in its tracks as it took nearly a decade to resume operations in
When the US-based Micron rolls out the first chip from its assembly, test, marking, and packaging (ATMP) facility at Sanand, Gujarat, part of the credit will go to SCL, which has not only provided the first-level training to the professionals working on Micron’s project, but is busy doing the same for other such projects in the pipeline.

Key Highlights:

SCL has two fabrication lines — for 6-inch and 8-inch wafers — an ATMP unit, and a compound semiconductor unit.
So far, SCL has been serving strategic sectors like space and satellites, railways, and telecom, among others by supplying them 180 nm Once it starts manufacturing 28 nmtechnology, the target is to increase its capacity to 24,000 wafers per month.
Currently, it rolls out 700 wafers per month — 180 nm.
Wafer acts as the foundation for creating chips. Chip manufacturing starts with wafer preparation.

About Punjab:

Capital: Chandigarh
Chief minister: Bhagwant Mann
Governor: Banwarilal Purohit

CURRENT AFFAIRS: INTERNATIONAL NEWS

Nepal leads inaugural Rainbow Tourism Conference, pledges safe destination for all

The first International Rainbow Tourism Conference opened, with Nepal offering itself as a safe and respectful destination in South Asia for the sexual minority community.
The single-day international conference was organised by Mayako Pahichan Nepal, a non-governmental organisation.
“This pioneer event organised by Mayako Pahichan Nepal in collaboration with Nepal Tourism Board marks a significant milestone in promoting diversity and inclusivity within the tourism industry,” reads a press release issued ahead of the event.
The conference’s main objective is to position Nepal as an LGBT-friendly tourism destination.
The international conference was inaugurated by Minister for Women, Children and Senior Citizens, Bhagawati Chaudhary, who underlined the need to forge collaboration among different stakeholders to promote LGBT tourism in
Nepal’s Supreme Court in 2007 issued a landmark decision asking the government to formulate laws recognising the identity of the third gender and scrap all discriminatory laws.
In June 2023, through an interim order, it allowed same-sex marriage to be registered legally.

About Nepal:

Capital: Kathmandu
Currency: Nepalese Rupee
President: Ram Chandra Poudel
Prime minister: Pushpa Kamal Dahal

CURRENT AFFAIRS: BUSINESS NEWS

Net direct tax collections exceed the 2023-24 target

India’s net direct tax collections grew 17.7% in 2023-24 to hit ₹19.58 lakh crore, marginally surpassing the revised estimates for the year, thanks to a surge in personal income taxes whose share of the tax kitty rose to 53.3% from 50.06% in the previous year while corporate taxes’ contribution dipped to 46.5% from 49.6%.
Net collections of income and corporate taxes, which make up for most of the direct taxes, in the 2023-24 financial year exceeded the Budget estimates by Rs 1.35 lakh crore (7.40 per cent) and the revised estimates by Rs 13,000 crore.

Key Highlights

The gross collection (provisional) of Direct Taxes (before adjusting for refunds) for the FY 2023-24 stood at Rs 23.37 lakh crore, showing a growth of 18.48 per cent over the gross collection of Rs 19.72 lakh crore in FY 2022-23.
The gross corporate tax collection (provisional) in FY 2023-24 was up 13.06 per cent to Rs 11.32 lakh crore as compared to the gross corporate tax collection of Rs 10 lakh crore of the preceding year.
The Net Corporate Tax collection (provisional) in FY 2023-24 at Rs 9.11 lakh crore showed a growth of 10.26 per cent over the net corporate tax collection of Rs 8.26 lakh crore of the preceding year.

CURRENT AFFAIRS: ACQUISITIONS & MERGERS

UltraTech Cement gains on plan to acquire grinding unit from India Cements

Ultratech Cement rose 1.80% to Rs 9,535.65 after the company announced that its board has approved the purchase of a grinding unit from India Cements for Rs 315 crore.
The grinding unit, with an installed capacity of 1.1 million metric tonnes per annum (mtpa), along with a captive railway siding, is located at Parli, Maharashtra.
The acquisition, valued at Rs 315 crore, was formalized through an asset purchase agreement between UltraTech Cement and India Cements.
After the acquisition, the cement major stated that it will expand the grinding capacity at Parli by 1.2 mtpa with an investment of Rs 166.4 crore.
UltraTech will also expand capacity at its Dhule plant in Maharashtra by 1.8 mtpa with an investment of Rs 338 crore.
The brownfield expansions will be completed by FY26 with an investment of Rs 504.4 crore through internal accruals.
In a separate filing, the cement manufacturer added that it has received the National Company Law Tribunal (NCLT), Kolkata approval for the scheme of amalgamation of UltraTech Nathdwara Cement, a wholly-owned subsidiary of the company and its wholly-owned subsidiaries, Swiss Merchandise Infrastructure and Merit Plaza with itself. The merger has come into effect from April 20,2024.

CURRENT AFFAIRS: APPOINTMENTS & RESIGNATIONS

Citroen India ropes in MS Dhoni as brand ambassador

French automaker Citroen, a Stellantis brand, has signed popular Indian cricketer Mahendra Singh Dhoni as its brand ambassador.
The company has paid INR 7 crore in the initial phase, sources aware of the matter told ETAuto.
Dhoni made his debut as captain for Team India in 2007.
Over the years, he has won many accolades and has received various awards and honours, including the Rajiv Gandhi Khel Ratna, Padma Shri, Padma Bhushan, ICC ODI Player of the Year, and many others.
Citroen entered the Indian passenger vehicle market in April 2021 with the launch of its C5 Aircross.
Currently, it sells three more models including C3, eC3 and C3 Aircross.
Since its market entry, the company has recorded wholesales of about 17,000 units for its four products.

Parekh resigns as HDFC Life Chairman: Keki Mistry to chair the board

Banker Deepak S Parekhresigned from the post of chairman and non-executive director of HDFC Life Insurance on April 18, 2024.
Now, Keki Mistryhas been appointed the Chairman of HDFC Board in place of Deepak Parekh.

Keki Mistry becomes chairman of HDFC board:

HDFC Life Insurance Company has appointed Keki Mistry as the new chairman of the board.
The company’s board has unanimously approved Keki Mistry’s appointment as Chairman of HDFC Life Insurance with immediate effect.
This decision will be implemented after getting the permission of the Insurance Regulatory and Development Authority (IRDA).
Mistry has been associated with the company since December 2000 and currently serves as a non-executive director.
With the merger of HDFC Limited with HDFC Bank, Mistry retired from HDFC Limited.
He has been appointed as a Non-Executive Director on the Board of HDFC Bank Limited. Mistry has also been a director on the boards of several other major companies.

Deepak Parekh has received Padma Bhushan:

Deepak S Parekh received the Padma Bhushan from the Government of India in 2006 for his contributions to industry and trade.
The Maharashtra government has given this veteran banker a lot of respect in the industry.
Recently, Nephro Care India Limited, a company backed by former HDFC Bank chairman and banking sector veteran Deepak S Parekh, has also started preparations for an IPO. The company has submitted IPO documents to NSE Emerge.

CURRENT AFFAIRS: DEFENCE

‘Poorvi Leher’: Indian Navy conducts mega exercise along the east coast to test preparedness

The Indian Navyhas carried out an extensive exercise “Poorvi Leher” along the East Coast as part of efforts to check its preparedness to meet any maritime security challenges.

More About Poorvi Leher Exercise:

The Indian Navy conducted Exercise Poorvi Lehar on the East Coast under the Operational Control of the Flag Officer Commanding-in-Chief, Eastern Naval Command.

The exercise ‘Poorvi Leher’ witnessed participation of ships, submarines, aircraft and special naval forces.

The exercise was aimed at validation of procedures towards assessment of the Indian Navy’s preparedness to meet maritime security challenges in the region.
The exercise was conducted in multiple phases,
Including combat training in a realistic scenario during the tactical phase and successful conduct of various firings during the weapon phase, towards reaffirming the Indian Navy’s capability to deliver ordnance on target.
With operation of aircraft from diverse locations, a near continuous maritime domain awareness was maintained throughout the Area of operations.
In addition to the participation of assets from Eastern Naval Command,
The exercise also witnessed the participation of assets from IAF, Andaman and Nicobar Command, and Coast Guard indicating a very high degree of interoperability among the Services.
The exercise offered valuable lessons to participating forces operating under realistic conditions, thereby enhancing their readiness to respond effectively to maritime challenges in the region.

Raksha Mantri Shri Rajnath Singh visits Siachen, the world’s highest battlefield

Defence Minister Rajnath Singh stated that Siachen, the world’s highest battlefield, is no ordinary land as it represents the sacrifice, valour and determination of Indian soldiers who serve in extremely harsh terrain and inclement weather to protect the motherland.
Interacting with the Armed Forces personnel deployed at Kumar Post, one of the world’s most inhospitable locations, Singh thanked them for placing the call of duty above everything while safeguarding the country’s sovereignty and perseverance.
The Indian Army marked Siachen Day on April 13 as ‘Operation Meghdoot’ — launched on April 13, 1984 — completed 40 years.
Remembering the feat which is considered unparalleled in the history of high-altitude warfare, Singh stated that it remains a golden chapter in the history of the Indian Armed Forces.
Accompanied by Chief of the Army Staff General Manoj Pande, Singh stated that he believes that the festivals should first be celebrated by and with the protectors of the country.

CURRENT AFFAIRS: MOUS AND AGREEMENT

Indian Biogas Association joins hands with HAI to promote hydrogen

The Indian Biogas Association (IBA) has partnered with the Hydrogen Association of India (HAI) to promote bio-based energy solutions with a special emphasis on green and blue hydrogen.
IBA and HAI have signed a memorandum of understanding (MoU) aimed at promoting the production of green energy within the nation”.
This strategic alliance will facilitate comprehensive measures — including training, capacity building, and policy advocacy — directed towards catalysing the promotion and advancement of bio-based energy solutions with a special focus on green and blue hydrogen.
With a shared objective of minimising the country’s reliance on imported energy sources, the MoU marks commitment to joint efforts in propelling sustainable energy initiatives forward.
The agreement is focussing on harnessing synergies from both associations, thereby catalysing the continued growth of the growing bio-based energy sector.

CURRENT AFFAIRS: SPORTS NEWS

Balraj Panwar secures India’s first quota in rowing for Paris Olympics

Balraj Panwar proved his talent by confirming his Paris Games berth by clinching the single scull bronze at the Asia-Oceania Olympic Qualification rowing competition in Chungju, South Korea.
Para rowers Anita and Narayana Konganapalle also made their trip to France official after winning the mixed double scull gold ahead of Thailand’s Chintana Chueasaart and Poramin Phongamthippayakul – only two boats featured in the event.
But there was a sense of disappointment in the lightweight double scull as Arvind Singh and Ujjwal Kumar came third at the Tangeum Lake, and thereby missing the flight to France.
The final Olympics rowing qualifying event offered five quota places in single scull but only two in lightweight double scull.

Rybakina Wins Her Third Title This Season at Stuttgart Open

World No.4 Elena Rybakina captured her third Hologic WTA Tour title of the year after defeating No.27 Marta Kostyuk 6-2, 6-2 in the final of the Porsche Tennis Grand Prix.
Stuttgart is Rybakina’s eighth career title and third on clay, following wins at 2023 Rome and 2019 Bucharest.
The 24-year-old leaves Germany with the outright lead in titles this season, adding Stuttgart to a collection that includes Brisbane and Abu Dhabi.
The victory over Kostyuk was her tour-leading 26th win of the season. Wimbledon 2022 champion Rybakina had little trouble in seeing off Marta Kostyuk 6-2 6-2 to win the WTA 500 tournament, adding to her titles at the Brisbane International and the Abu Dhabi Open.

Karnataka’s Nandini dairy to sponsor Ireland and Scotland teams in upcoming T20 World Cup

The state-owned dairy brand in Karnataka, Nandini, is all set to present itself on a global stage during the cricket T20 World Cup scheduled in June this year(2024).
Karnataka Milk Federation (KMF)’s Nandini will sponsor Scotland and Ireland cricket teams during the upcoming cricket tournament.
This is the first time for a home-grown brand, which was in the news during the assembly elections, to sponsor international cricket teams.
Nandini is also reportedly going to enter the energy drink market in the United States with ‘Nandini Splash,’ a whey-based energy drink.
The T20 cricket world cup will begin on June 4, soon after wrapping up the ongoing IPL.
The United States of America (USA) and the West Indies will jointly host the World Cup.

CURRENT AFFAIRS: IMPORTANT DAYS

Every year World Book and Copyright Day is celebrated on April 23 and it is also known as World Book Day.
The day is celebrated by United Nations, Educational, Scientific, and Cultural Organizations, and other related organisations across the world to honour authors, and books, and to promote the art of reading etc.
United Nations, Educational, Scientific and Cultural Organizations has selected 23rd April as World Book Day to pay tribute to great literary figures including William Shakespeare, Miguel Cervantes, and Inca Garcilaso de la Vega who died this day.
In 1995, this date was finalised by the United Nations, Educational, Scientific and Cultural Organizations general conference, held in pairs, to pay tribute to and honour authors and books worldwide.
The idea to celebrate a day of books came originally from the Catalan Day of Books called Dia del Llibere.
Dia del Llibere is celebrated in Catalonia every year on April 23.

English Language Day 2024: April 23

Every year April 23rd is celebrated as UN English Language Day.
The day was chosen because it is thought to be William Shakespeare’s birthday and the anniversary of his death.
The English Language Day is celebrated as a mark of respect and to celebrate the life and work of English poet and writer William Shakespeare.
He was born on 23rd April 1564 and died on 23rd April 1616.
His new words are like new-fangled, dauntless, lackluster, multitudinous, arch-villain, etc.
The day was established by the UN Department of Global Communications in 2010.
English is one of the two working languages of the UN. In total, there are six official languages of the United Nations.
They are English, Arabic, Chinese, French, Spanish, and Russian.

Daily CA One- Liner: April 23

Supplementing the efforts of the Indian government to achieve a net-zero emission target by 2070, as many as 51 per cent of the top 100 companies have started making disclosures voluntarily about carbon emissions, says a PwC India survey
All cases of organ transplants, whether from a living or deceased donor, will be allocated a unique National Organ and Tissue Transplant Organisation (NOTTO)-ID for both the donor and the recipient.
India’s net direct tax collections grew 17.7% in 2023-24 to hit ₹19.58 lakh crore, marginally surpassing the revised estimates for the year, thanks to a surge in personal income taxes whose share of the tax kitty rose to 53.3% from 50.06% in the previous year while corporate taxes’ contribution dipped to 46.5% from 49.6%
The Indian Biogas Association (IBA) has partnered with the Hydrogen Association of India (HAI) to promote bio-based energy solutions with a special emphasis on green and blue hydrogen
Balraj Panwar proved his talent by confirming his Paris Games berth by clinching the single scull bronze at the Asia-Oceania Olympic Qualification rowing competition in Chungju, South Korea
World No.4 Elena Rybakina captured her third Hologic WTA Tour title of the year after defeating No.27 Marta Kostyuk 6-2, 6-2 in the final of the Porsche Tennis Grand Prix.
The state-owned dairy brand in Karnataka, Nandini, is all set to present itself on a global stage during the cricket T20 World Cup scheduled in June this year.
To widen the market and foster adequate protection from healthcare expenses, insurance regulator IRDAI has removed the age limit of 65 years for individuals buying health insurance policies.
India’s first semiconductor manufacturing unit comes in Mohali, Punjab.
The first International Rainbow Tourism Conference opened, with Nepal offering itself as a safe and respectful destination in South Asia for the sexual minority community.
Ultratech Cement rose 80% to Rs 9,535.65 after the company announced that its board has approved the purchase of a grinding unit from India Cements for Rs 315 crore.
French automaker Citroen, a Stellantis brand, has signed popular Indian cricketer Mahendra Singh Dhoni as its brand ambassador.
Banker Deepak S Parekhresigned from the post of chairman and non-executive director of HDFC Life Insurance on April 18, 2024. Now Keki Mistry has been appointed the Chairman of the HDFC Board in place of Deepak Parekh.
The Indian Navyhas carried out an extensive exercise “Poorvi Leher” along the East Coast as part of efforts to check its preparedness to meet any maritime security challenges.
Raksha Mantri Shri Rajnath Singh visits Siachen, the world’s highest battlefield.
Every year, World Book and Copyright Day is celebrated on April 23 and it is also known as World Book Day
Every year April 23rd is celebrated as UN English Language Day.

Daily Current Affairs 23 April 2024 | Latest News | Download PDF