Current Affairs 29 December 2023

We are here for you to provide the important Recent and Latest Current Affairs 29 December 2023, which have unique updates of Latest Current Affairs 2023 events from all newspapers such as The Hindu, The Economic Times, PIB, Times of India, PTI, Indian Express, Business Standard and all Government official websites.

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NATIONAL AFFAIRS

President Droupadi Murmu Gave Assent to Three New Criminal Bills & Telecommunications Bill 2023On 25th December 2023, the President of India Droupadi Murmu gave assent to three new criminal bills: Bharatiya Nyaya (Second) Sanhita (BNS2), 2023; Bharatiya Nagarik Suraksha (Second) Sanhita(BNSS2), 2023; and Bharatiya Sakshya (Second) Adhiniyam, 2023.

• The three new criminal bills will replace the British-colonial era laws: the Indian Penal Code(IPC), 1860; the Criminal Procedure Code (CrPC), 1973 and the Indian Evidence Act(IEA), 1872 respectively.
• She also gave assent to the Telecommunications Bill, 2023 and Post Office Bill, 2023. 

Note: These three criminal bills were introduced by Union Minister, Amit Shah, Ministry of Home Affairs in August 2023, during the monsoon session of the parliament.
About Ministry of Home Affairs(MoHA): 
Union Minister– Amit Shah (Constituency- Gandhi Nagar, Gujarat)
Minister of State– Nityanand Rai; Ajay Kumar Mishra; Nisith Pramanik
>> Read Full News

Amit Shah releases a Postal Stamp, Marking 50 Years of Pandit Jasraj’s Music Festival Union Minister Amit Shah, Ministry of Home Affairs (MoHA) and Ministry of Cooperation (MoC), has released a commemorative Postal Stamp to mark 50th year of Pandit Jasraj Motiram’s music festival ‘Pandit Motiram Pandit Maniram Sangeet Samaroha’ in New Delhi, Delhi.
About Pandit Motiram Pandit Maniram Sangeet Samaroha:
i.The Pandit Motiram Pandit Maniram Sangeet Samaroha is an annual Indian classical music festival held at Chowmahalla Palace in Hyderabad, Telangana.
ii.It is also the oldest festival of Hyderabad.
iii.The festival was first initiated in 1972 by Pandit Jasraj in memory of his father ‘Sangeet Ratna Pandit Motiram’ and uncle ‘Pandit Maniram’.
iv.51st edition of the musical festival titled ‘Jai Ho Pandit Jasraj’,was observed from 24th to 30th November 2023 by Pandit Jasraj Cultural Foundation.
About Pandit Jasraj Motiram:
i.Pandit Jasraj is an Indian classical vocalist, belonging to the Mewati gharana (a musical apprenticeship tribe of Hindustani classical music)
ii.He was born in 1930 at Haryana and died in 2020
iii.He was a recipient of the Padma Shri (1975), Padma Bhushan (1990) and Padma Vibhushan (2000) in the field of art.
iv.He was nicknamed the “Son of Hyderabad.”
VP Dhankhar released the Postal Cover for Konda Madhava Reddy
Vice-President (VP) of India Jagdeep Dhankhar has released a special postal cover to celebrate the 100th Birth Anniversary of Late Justice Konda Madhava Reddy in Hyderabad, Telangana.
About Konda Madhava Reddy:
i.Konda Madhava Reddy was born in 1923 at Nalgonda (now Telangana).
ii.He served as Vice President of the Bar Council of Andhra Pradesh (AP).
iii.In 1968, he was appointed as Judge of AP High Court and later became the Chief Justice of the same in 1983.
iv.He served as Chief Justice of the Bombay High Court in 1984.
v.He was appointed as the acting Governor of Maharashtra for 2 years-interim.
vi.He founded the Central Administrative Tribunal (CAT) in 1985 and acted as its Chairman (1985-88).

BANKING & FINANCE

RBI approves IDFC-IDFC First Bank Merger; Notifies GSL Directions 2023i.On December 26, 2023, the Reserve Bank of India (RBI) has given its nod for the reverse merger of IDFC Limited and IDFC Financial Holding Company (IDFC FHCL) with its banking subsidiary IDFC First Bank Limited.
ii.As part of the composite scheme of amalgamation, IDFC FHCL would first merge with IDFC and then IDFC into IDFC First Bank Ltd.
iii.RBI has notified RBI (Government Securities Lending/GSL) Directions, 2023 in exercise of the powers conferred under section 45W of the RBI Act, 1934 read with section 45U of the Act and of all the powers enabling it in this behalf w.e.f. December 27, 2023.These are applicable to all GSL transactions, undertaken in Over-the-Counter (OTC) markets.
About Reserve Bank of India (RBI):
Governor– Shaktikanta Das
Deputy Governors– Swaminathan Janakiraman, Michael Debabrata Patra, M. Rajeshwar Rao, T. Rabi Sankar
Establishment– 1st April 1935
Headquarters– Mumbai, Maharashtra
>> Read Full News

SEBI Extends Deadline to June 2024 to add Nominees in Mutual Funds, Demat AccountsOn December 27, 2023, the Securities and Exchange Board of India (SEBI) extended the deadline to add nominees for Demat Accounts (Dematerialisation Account) and mutual fund portfolios to June 30, 2024. Earlier the deadline was December 31, 2023.

• This aims to help the investors to secure their assets and pass them on to their legal heirs.

This information by SEBI was provided in exercise of powers conferred by Section 11(1) of the SEBI Act, 1992, read with Section 19 of the Depositories Act, 1996 and Regulation 77 of SEBI (Mutual Funds) Regulations, 1996 to  protect  the  interests  of  investors  in  securities  and to promote  the development of securities market.
Key Points:
i.If an investor doesn’t want to add nominee then he/she explicitly opt out of nomination by submitting a declaration.
ii.Missing the nomination deadline may result in SEBI freezing debits from mutual funds or trading via demat accounts.
iii.Only individual demat account holders, either singly or jointly, are eligible to nominate.
iv.Non-individual entities like societies, trusts, corporations, etc., cannot nominate.
v.Joint holders can nominate, and in case of death, securities go to surviving holders unless there is a nominee.
vi.NRIs (Non-Resident Indians) can nominate directly, but power of attorney holders or minors cannot nominate.
vii.Up to three nominees are allowed, with the investor specifying the percentage allocation to each.
viii.Depository Participants, Asset Management Companies (AMCs), and Registrar and Transfer Agents (RTA) will regularly remind holders via email and SMS (Short Message Service) to comply with the nomination requirement.

ECONOMY & BUSINESS

ONDC Announced Two Separate Partnership with Google and Meta In December 2023, Open Network for Digital Commerce (ONDC), an open e-commerce platform, announced two Separate partnership with Google and Meta(formerly known as Facebook).

• ONDC and Google has partnered to enable metro ticket booking through its mapping app – Google map.
• ONDC and Meta has partnered to expand its outreach to small businesses through Whatsapp.

ONDC is an initiative of Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry(MoCI).
Details of Partnership between ONDC & Meta:
i.Under this partnership, Meta will leverage its business and technical solution providers to ensure a seamless conversational buyer and seller experiences on Whatsapp.
ii.Around 5 lakh small business will be trained on the Meta Small Business Academy for 2 years.
The academy will offer certification to empower entrepreneurs and marketers to get digital marketing skills needed to grow on the Meta apps like Whatsapp, Facebook and Instagram.
iii.Meta will enhance the services offered on Sahayak, the ONDC’s seller support whatsapp chatbot.
Details of Partnership between ONDC & Google:
i.Google’s collaboration with ONDC, aims to help the ONDC with public transport digitization on a massive scale.
ii.The partnership focuses on leveraging Google Maps to enhance the ONDC-enabled auto-hailing service, Namma Yatri with a focus on bringing metro schedules and bookings to users.
Note: Google plans to launch the Kochi metro on Google Maps powered by Namma Yatri by mid-2024.
About Open Network for Digital Commerce (ONDC):
Chief Executive Officer (CEO)– Thampy Koshy
Headquarters– New Delhi, Delhi
Launched in 2022

APPOINTMENTS & RESIGNATIONS

HDFC Bank Recommends Re-appointment of Atanu Chakraborty as Chairman for 3 years
The Board of Directors of  HDFC Bank Limited has recommended the re-appointment of Atanu Chakraborty as the Part-Time Non-Executive Chairman and Independent Director of the Bank to the Reserve Bank of India (RBI) for a second term of 3 years with effect from 5th May 2024 to 4th May 2027.

• He was appointed to the post in May 2021 and his first tenure of 3 years is set to end on 4th May, 2024.

Atanu Chakraborty:
i.Atanu Chakraborty was an Indian Administrative Service (IAS) officer of the 1985 batch belonging to Gujarat Cadre.
ii.He retired as Secretary of Department of Economic Affairs(DEA), Ministry of Finance(MoF) in April 2020.
iii.He also served as Secretary of the Department of Investment and Public Asset Management(DIPAM), MoF.
iv.In 2019, he served on the board of the World Bank(WB) as Alternate Governor as well as on the Central Board of Directors of the RBI.
RBI Approval:
The reappointment will be subjected to the approval of the RBI and the shareholders of the Bank in accordance with the Banking Regulation Act, 1949 and the Companies Act, 2013.
About HDFC Bank Limited:
Managing Director(MD) & Chief Executive Officer (CEO) – Sashidhar Jagdishan
Headquarters – Mumbai, Maharashtra
Established in – 1994
Tagline – HDFC Bank Parivartan. A Step Towards Progress.

IOA Forms 3-member Ad Hoc Committee to Run Operations of Suspended WFIThe Indian Olympic Association (IOA) constituted a 3-member ad hoc committee to run the day-to-day operations of the Wrestling Federation of India (WFI). This comes after the suspension of the WFI’s governing council by the Ministry of Youth Affairs and Sports (MYAS).

• The IOA appointed Bhupinder Singh Bajwa, the President of Wushu Association of India as chairman of the ad hoc committee.
• The other 2 members of the committee are Maneyapanda Muthanna Somaya, an Olympian in hockey; and Manjusha Kanwar, a former international badminton player.

Note: Bhupinder Singh Bajwa was also one of the members of the previous ad-hoc committee formed by IOA in April 2023.
Task of the Committee:
The ad hoc committee is tasked with overseeing and supervising WFI’s operations, which include:

• athlete selection, submitting entries for athletes to participate in international events, organizing sports activities, handling bank accounts, managing the websites, and other related activities.

Reason for the Suspension:
i.The WFI’s governing council was suspended by the MYAS, after Sanjay Singh, a close aide of former WFI Chief Brij Bhushan Sharan Singh, was elected as President of WFI on 21 December 2023.
ii.It was suspended due to alleged arbitrary decisions by the newly-elected office-bearers in violation of their constitutional provisions and disregarding principles of good governance.

• Concerns were raised about the new WFI body operating under the influence of former office-bearers, contrary to the National Sports Code.

About Indian Olympic Association (IOA):
IOA is the governing body for the Olympic Movement and the Commonwealth Games in India.
President– P.T. Usha
Headquarters– New Delhi, Delhi
Established in– 1927

RBI Approved the Appointment of C S Rajan as the Part-time Chairman of KMBL
Reserve Bank of India (RBI) has approved the appointment of Chandra Shekhar Rajan (C S Rajan) as the Part-time Chairman of Kotak Mahindra Bank Limited (KMBL) for two years with effect from 1st January 2024.
i.C S Rajan is serving as an Additional and Independent Director on KMBL’s Board(since 2022).
ii.He will be replacing incumbent Non-Executive Independent Part-time Chairman, Prakash Apte who is set to retire on 31st December 2023.
About C S Rajan:
i.C S Rajan, an Indian Administrative Service(IAS) Officer of 1978 batch, is a retired Chief Secretary of Rajasthan in 2016.
ii.In 2018, Rajan was appointed as Director of Infrastructure Leasing & Financial Services Limited (IL&FS). 
iii.He was appointed as Managing Director (MD) of IL&FS in 2019 and is currently serving as its Chairman (from 2022).
iv.He was also as a Consultant to the World Bank on a Study on Farmer Participation in Agricultural Research and Extension System.

ACQUISITIONS & MERGERS

CCI Approves Acquisition of Controlling Stake in RCL by IIHL, IIHL BFSI & Aasia The Competition Commission of India (CCI) has approved the acquisition of controlling stakes in Reliance Capital Limited (RCL) by IndusInd International Holdings Limited (IIHL), IIHL BFSI (India) Limited (IIHL BFSI), and Aasia Enterprises LLP (Aasia).
CCI approves acquisition stake in Dilip Buildcon by Alpha Alternatives Group 
CCI approved the acquisition of a 9.99 % equity stake in Dilip Buildcon Limited (DBL) by Alpha Alternatives Holdings Pvt Ltd (AAHPL) and its other entities.
PCBL Ltd received CCI Approval for Aquapharm Chemicals Acquisition
The Competition Commission of India (CCI) has approved the proposal made by Kolkata (West Bengal) based PCBL Limited (formerly known as Phillips Carbon Black Limited) to acquire 100% paid-up share capital in Pune-based Aquapharm Chemicals Private Limited (ACPL).
About IndusInd International Holdings Limited (IIHL):
President & CEO – Moses Harding John
Chairman –  Srichand P. Hinduja
Headquarters – Ebene, Mauritius
>> Read Full News

SCIENCE & TECHNOLOGY

Pakistan Conducted Successful Flight Test of Indigenously Developed ‘Fatah-II’ Rocket System Pakistan Military conducted a successful flight test of the indigenously developed guided Multi-Launch Rocket System (MLRS) ‘Fatah-II‘, which is equipped with state-of-the-art avionics, a sophisticated navigation system, and a unique flight trajectory. It has been developed as a potential challenger to the regional missile defense systems.

• The weapon system is capable of engaging targets with high precision up to a range of 400 kilometers, marking a substantial advancement in long-range artillery.
• The range is significantly more than its predecessor, Fatah-I, which has a range of 140 kilometers.

Note:

• In 2021, Pakistan successfully conducted a flight test of the indigenously developed Fatah-I, a Guided MLRS.
• The flight test of Fatah-II was witnessed by senior officers from tri-services and dedicated scientists and engineers.

Features:
i.Fatah-II is featured with cutting-edge flight control technology and an advanced pathfinding mechanism and is an enhanced version of the Fatah rocket series.

ii.The Fatah-II is distinguished by its advanced precision-targeting technology, utilising a blend of satellite and inertial navigation systems.

• The integration achieves remarkable accuracy with an exceptionally low margin of error.

iii.Its navigation system enables precision-guided strikes with a Circular Error Probable (CEP) of less than 10 meters, exemplifying its capability to hit targets with unparalleled accuracy.
Note: The MLRS gave the Pakistan Army the capability of precision target engagement deep in enemy territory
Key Points:
In October 2023, Pakistan conducted a successful flight test of the Ababeel Weapon System and also conducted a training launch of the Ghauri Weapon System.
About Pakistan:
Capital– Islamabad
President– Arif Alvi
Prime Minister– Anwaar-ul-Haq Kakar (Caretaker)
Currency– Pakistani Rupee (PKR)

NASA Relaunches OSIRIS-APEX mission to study Apophis Asteroid’s 2029 flybyNational Aeronautics and Space Administration (NASA) launched OSIRIS-APEX (Origins, Spectral Interpretation, Resource Identification, and Security – Apophis Explorer) to study the asteroid Apophis and take advantage of the asteroid’s 2029 flyby of Earth.
i.Asteroid 99942 Apophis is named for the demon serpent “Apophis” of the ancient Egyptian mythology, which personifies evil and chaos. It is also known as “God of Chaos”.
ii.Apophis is expected to pass close, within 19,794 miles (31,860 kilometers), to Earth surface on 13th April 2029.
About OSIRIS-APEX:
i.OSIRIS-APEX, previously named OSIRIS-REx(Regolith Explorer), is the 3rd  mission in NASA’s New Frontiers Program, managed by NASA’s Marshall Space Flight Center in Huntsville, Alabama, the United States of America(USA).
ii.OSIRIS-APEX will study Apophis after the pass, and record how the surface changes by interacting with Earth’s gravity.
iii.OSIRIS-APEX will arrive at the asteroid on 13th April 2029, and operate in its proximity for about 18 months.
Note: The name of the mission is inspired from  God Osiris, one of the ancient Egyptian gods associated with the afterlife, the underworld and rebirth.
About Asteroid 99942 Apophis:
i.The Asteroids Apophis is a is a near-Earth object (NEO) which is estimated to be around 367 yards across (~ 340 meters).
ii.This comes close to Earth surface only once every 7,500 years.
iii.It is an “S(stony)-type” asteroid made of silicate materials and nickel-iron.
Note: Apophis was discovered on 19th June 2004, by astronomers Roy Tucker, David Tholen, and Fabrizio Bernardi at the Kitt Peak National Observatory in Tucson, Arizona, USA..
Additional info:
OSIRIS-REx is the first US mission to collect a sample from an asteroid. The mission launched in 2016 returned to Earth on 24th September 2023 and dropped the samples collected from asteroid Bennu.

OBITUARY

Former President of European Commission Jacques Delors Passed Away French Politician Jacques Delors, who served as the President of the European Commission(EC) from 1985 to 1995, passed away at the age of 98 in Paris, France. He was born on 20th July 1925 in Paris, France.
Note: EC is the politically independent executive body of the European Union (EU).
About Jacques Delors:
Career:
i.Jacques Delors started his career at the Banque de France in 1945.
ii.He began his political career as  Counselor for Social Affairs to the Prime Minister of France Jacques Chaban-Delmas (1969-1972).
iii.He served as a Member of the European Parliament and President of the Economic and Monetary Affairs Committee of the European Parliament from 1979 to 1981.
iv.He served as the 8th President of the European Commission from 1985 to 1995 for three terms, longer than any other holder of the office.
v.He also headed the Committee for the Study of Economic and Monetary Union, widely known as the Delors Committee(1988-1989), which proposed to create “Euro”, a new currency, to replace individual national currencies.
vi.From 1992 to 1996, he chaired United Nations Educational, Scientific and Cultural Organization (UNESCO)’s International Commission on
Education for the 21st century.
vii.In 1996, he became the founding President of Notre Europe, which became Notre Europe – Jacques Delors Institute in 2012.
Achievements:
i.During his 2nd term as President of the EC, he played a major role in bringing out the 1992 Maastricht Treaty which established the modern European Union(EU) and paved the way for “Euro” and  EU citizenship.
ii.He played a major role in the creation and completion of the EC single market and supported the establishment of Schengen accords for travel and the Erasmus programme for student exchanges.
Awards: In 2015, he became the 3rd person to be bestowed with the “Honorary Citizen of Europe” Award. The other two were Jean Monnet (1976), and Helmut Kohl (1998).
About European Commission:
President– Ursula von der Leyen
Established in 1958
Headquarters– Brussels, Belgium

Actor-Turned Politician Vijayakanth Passed AwayTamil actor and the founder of Desiya Murpokku Dravida Kazhagam (DMDK), Vijayakanth, passed away in Chennai, Tamil Nadu (TN). DMDK is a regional political party in TN.
About Vijayakanth:
i.Vijayakanth (originally known as Vijayraj Alagaraswami) was born on 25 August 1952 in Madurai, TN.
ii.He started his career as an actor in Tamil cinema in 1979 and acted in more than 150 films.
iii.He was the President of the South Indian Artistes Association (SIAA) from 2001 to 2006.
As a politician:
i.Vijayakanth started his political career in 2005 by forming DMDK and contested in 2006 TN Legislative Assembly Election.
ii.He served as a Leader of the Opposition in TN Legislative Assembly from 2011 to 2016.

• He served as a Member of Legislative Assembly (TN) twice, representing the constituencies of Virudhachalam (2006) and Rishivandiyam (2011), respectively.
• While the national and regional political parties were dominating TN (both ruling and opposition) (over 40 years), DMDK emerged as the first regional party to host an opposition leader in the TN Assembly.

Honours:
i.In 2001, the Government of India(GoI) honoured him with the ‘Best Indian Citizen Award by the Government of India’ for promoting patriotism.
ii.The Government of TN honoured him with ‘Kalaimamani Award’ in 2001.
iii. Vijayakanth won the Filmfare Awards South for Best Actor in 1987 for the movie ‘Amman Koil Kizhakkaalae.’

STATE NEWS

HUDCO Collaborates with Gujarat Govt to Finance Housing & Urban Infrastructure Projects
The Housing and Urban Development Corporation Limited (HUDCO), has signed a Memorandum of Understanding (MoU) with Government of Gujarat to invest up to Rs 14,500 crore to boost the overall development of Gujarat by financing various housing and urban infrastructure projects.

About the MoU:
i.The MoU was executed under the Financial Services Sector in the form of financial assistance.
ii.The MoU is the aftermath of  the proposals made by the Government of Gujarat for Investment Promotion Activity from Banks and Financial Institutions ahead of the 10th edition of Vibrant Gujarat Summit 2024 (scheduled to happen in January 2024).
About Housing and Urban Development Corporation Limited (HUDCO):
HUDCO is a Public Sector Unit (PSU) under the Ministry of Housing and Urban Affairs (MoHUA)
Chairman & Managing Director(CMD) – Sanjay Kulshrestha 
Headquarters – New Delhi, Delhi
Incorporated – 1970 (as Housing and Urban Development Finance Corporation Private Limited) & in 1974 (with its present name Housing and Urban Development Corporation Limited)

Justice Chandrashekhar Appointed CJ of Jharkhand High Court
Droupadi Murmu, the President of India, by exercising her powers conferred by Article 223 of the Constitution of India, has appointed Shree Chandrashekhar as Chief Justice of the Jharkhand High Court with effect from 29th December 2023.
i.Chandrashekhar was serving as the Judge of the Jharkhand High Court.
ii.Chandrashekhar replaced Sanjaya Kumar Mishra who retired on 28th December 2023.
About Shree Chandrashekhar:
i.He was initially appointed as Additional Judge of the Jharkhand High Court in 2013.
ii.In 2014, he was made the Judge of the High Court of Jharkhand.
iii.He held the position of Standing Counsel for the All India Council for Technical Education(AICTE) and the State of Jharkhand in the Supreme Court(SC) of India.

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