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Ministry of Finance Amended PMLA: Tightens NPO Reporting norms, Beneficial Ownership RulesOn March 7, 2023, the Ministry of Finance amended the Prevention of Money Laundering Act (PMLA) rules to increase the scope of the PMLA by tightening reporting norms of ‘non-profit organisations’ (NPO) and the rules relating to beneficial ownership.
- Ministry of Finance (Department of Revenue) amended the Prevention of Money-laundering (Maintenance of Records) Rules, 2005 and the rules are called Prevention of Money-laundering (Maintenance of Records) Amendment Rules, 2023.
i.As per the amendment ‘Politically Exposed Persons’ (PEPs) and The definition of a NPO has been amended and linked to the definition of charitable purpose provided under Section 2 (15) of the Income Tax Act, 1961.
ii.Reporting on DARPAN Portal: The reporting entities are required to register the details of unregistered NPO clients on the DARPAN Portal of NITI Aayog and maintain such registration records for a period of five years after the business relationship between a client and a reporting entity has ended or the account has been closed, whichever is later.
iii.As per the amendments any individual or group holding 10% ownership in the client of a ‘reporting entity’ will now be considered a ‘beneficial owner’ as against the ownership threshold of 25% applicable earlier.
About Ministry of Finance:
Union Minister – Nirmala Sitharaman (RajyaSabha Karnataka)
Minister of State – Pankaj Chaudhary ; Dr. Bhagwat Kishanrao Karad
>> Read Full News
‘WHO Global Report On Sodium Intake Reduction’: Countries Must Make ‘Massive Efforts’ to Reduce Salt IntakeThe World Health Organization (WHO) Global Report On Sodium Intake Reduction states that nations must make “massive efforts” to get people to consume less salt, which can lower their risk of developing cancer, heart disease, and stroke.
- The WHO remarked in its first-of-its-kind global report on sodium intake reduction that the world is falling short of its global target of reducing sodium intake by 30% by 2025.
i.For the first time, a Sodium Country Score is assigned to each Member State based on the level of implementation of sodium reduction policies and other measures, ranging from 1 (the lowest level) to 4 (the highest level).
ii.According to the report, just 5% of WHO Member States are protected by mandatory and comprehensive sodium reduction policies, and 73% lack full implementation of such policies.
iii.An estimated 7 million lives could be saved worldwide by the implementation of highly cost-effective sodium reduction policies by 2030.
About World Health Organization (WHO):
Director-General – Dr Tedros Adhanom Ghebreyesus
Establishment – 1948
Headquarters – Geneva, Switzerland
>> Read Full News
BANKING & FINANCE
Axis Bank ties up with ITC to Lending Products to Farmers On March 9, 2023, Axis Bank collaborated with ITC Limited to offer lending products and services to farmers who are a part of ITC’s agriculture eco-system. This partnership is aimed at reaching out to the unserved and under-served farmers in rural areas, in line with Axis Bank’s Bharat Banking mission to extend its reach in remote regions by opening new bank accounts and providing seamless customer experience in FY22-23.
i.The Bank will utilize ITC’s super app ITCMAARS (Meta Market for Advanced Agricultural Rural Services), a full-stack Agri-tech application for reaching out to the farmers and addressing their financial requirements.
- ITCMAARS a phygital eco-system that provides agricultural and allied services to farmers on a digital platform through Hyperlocal and personalised advisory, Agri- Inputs, Financial services, and Market linkages.
ii.The bank will offer credit facilities for rural lending products like Farmer Funding loans & Gold Loans with easy access, and other products and services to the farmers through its rural-urban and semi-urban (RUSU) branches located across 656 districts of India.
About Axis Bank Limited:
Axis Bank Limited was incorporated in 1993 with the name UTI Bank Ltd.
Axis Bank is one of the first new-generation private sector banks to have begun operations in 1994.
MD & CEO – Amitabh Chaudhry
Headquarters – Mumbai, Maharashtra
Tagline – Badhti Ka Naam Zindagi
10,000+ women entrepreneurs dispensed over Rs 900cr of Financial Services in FY22: PayNearby– RBIH Studyi.According to the 3rd edition of PayNearby’s annual report titled “PayNearby Women Financial Index (PWFI)” over 10,000 women entrepreneurs have dispensed over Rs 900 crores of financial services in FY22.
ii.The report, released by PayNearby in association with the Reserve Bank Innovation Hub (RBIH), is a detailed analysis on ‘financial consumption by women at retail outlets’ in 2021-22.
iii.The survey was conducted among 5,000+ retail stores in India, recording financial transactions of women consumers as observed in those outlets.
iv.More than 76% of female customers, who availed basic banking services at PayNearby’s retail outlets preferred biometric authentication as a mode of cash withdrawal.
Founder, MD and CEO– Anand Kumar Bajaj
Headquarters– Mumbai, Maharashtra
>> Read Full News
SEBI announces Reward Mechanism for Informants providing tips on DefaultersThe Securities and Exchange Board of India (SEBI) in exercise of its powers conferred under Section 11 (1) of SEBI Act, 1992 issued ‘SEBI (Grant of Reward to Informant Under Recovery Proceedings) Guidelines, 2023’ w.e.f. March 8, 2023.
- Under this, there is a reward system up to Rs 20 lakh to informants for sharing credible information/tips about the assets of defaulters under recovery proceedings w.e.f. March 8, 2023.
- SEBI issued a list of 515 defaulters, where information can be provided by any informant.
To recover fines from elusive offenders
The reward may be granted in two stages viz. interim and final.
i.The interim reward amount will not exceed two and a half per-cent of the reserve price of the asset regarding which tips was provided or Rs 5 lakh, whichever is less.
ii.The final reward amount will not exceed 10% of the dues recovered or Rs 20 lakh, whichever is less.
i.A person will be considered to be an informant eligible for reward if he or she furnishes original information in relation to the asset of a defaulter concerning the dues which are certified as ‘Difficult to Recover’.
ii.To recommend the eligibility of reward, SEBI will set-up an Informant Reward Committee comprising the chief general manager of Recovery and Refund Department, the concerned recovery officer having jurisdiction in the matter, another recovery officer nominated by the chief general manager and an officer in the grade of deputy general manager or higher, of the Office of Investor Assistance and Education nominated by the chief general manager in charge of Investor Protection and Education Fund (IPEF).
iii.This committee will give its recommendations to the competent authority on the matters pertaining to eligibility of informants for reward and determination of the amount of reward.
- The Executive Director in-charge of the Recovery and Refund Department will be the Competent Authority.
iv.The amount of reward granted to the informant will be paid from the Investor Protection and Education Fund, established by SEBI under sub-section (5) of section 11 of the SEBI Act, 1992;
i.The difficult-to-recover (DTR) dues are the ones which could not be recovered even after exhausting all the modes of recovery.
ii.According to SEBI’s annual report for 2021-22, the markets regulator segregated dues around Rs 67,228 crore under DTR category at the end of March 2022.
iii.Defaulter means an entity against whom recovery proceedings are initiated under section 28A of SEBI Act, 1992 section 23JB of the Securities Contracts (Regulation) Act, 1956 or section 19-IB of the Depositories Act, 1996.
Click Here for Official Notification
PNB signed MoU with CWC for Financing under e-NWROn March 9, 2023, the Punjab National Bank (PNB) signed a Memorandum of Understanding (MoU) with Central Warehousing Corporation (CWC), under the Ministry of Consumer Affairs, Food & Public Distribution,(MoCAF&PD), to facilitate financing under e-NWR (Electronic Negotiable Warehousing Receipt).
- Signatories: The MoU was signed by Kanwal Jit Shorey, General Manager (GM), PNB and Rajiv Kumar Bansal, Group General Manager (GGM) (Commercial), CWC.
- Participants: The other participants of the event include SK Rana, Chief General Manager, PNB, Neeraj Jakhmola, Senior Manager, PNB and RR Aggarwal, GGM- Finance, CWC, Amit Puri, GM Finance, CWC, and Ashwin, Assistant GM, CWC.
i.The MoU was made to provide easy access to finance to farmers/ food processors/ traders against the pledge of agriculture commodities stored in CWC warehouses.
ii.The partnership also intends to increase the farmers’ income by overcoming the prevailing distress sales by the farmers.
About e-NWR (Electronic Negotiable Warehousing Receipt):
i.Warehouse Receipts are documents issued by warehouses to depositors against the commodities deposited in the warehouses.
ii.The e-NWR was launched by WDRA (Warehousing Development and Regulatory Authority) on 26th September 2018.
iii.e-NWR issued by the registered warehouses could be used by farmers (i.e. depositors) for availing loans against underlying commodities from banks to avoid distressed sales of agricultural produce during the peak marketing season and to avoid post-harvest storage loss.
About Punjab National Bank (PNB):
MD & CEO – Atul Kumar Goel
Establishment – 18 May 1894
Headquarters – New Delhi, Delhi
Tagline – The name you can bank upon
PNB MetLife Introduces ‘Genius Plan’ to Help Parents in Supporting Children’s FuturePNB MetLife India Insurance Company Limited (PNB MetLife), one of India’s leading life insurance firms, has introduced the “PNB MetLife Genius” plan, a new solution to help parents financially prepare for their children’s future.
- The ‘PNB MetLife Genius Plan’ is an individual, non-linked, non-participating life insurance plan.
The plan offers parents a safe and simple way to prepare for their child’s future, addressing key concerns such as higher education and the cost of education, with the added benefit of life insurance coverage.
i,The “PNB MetLife Genius Plan” provides assured benefits, flexibility for saving, a built-in premium waiver on death, and the choice of additional protection against Accidental Total Permanent Disability (ATPD).
ii.The PNB MetLife Genius Plan has a variant that offers additional benefits to parents of female children.
- It provides 1.5% higher income benefits if the policy is obtained for a daughter.
iii.PV Sindhu, an ace badminton player in India, is the Brand Ambassador of PNB MetLife.
About PNB MetLife India Insurance Company Limited (PNB MetLife):
i.MetLife International Holdings LLC (MIHL), Punjab National Bank (PNB), M. Pallonji and Company Private Limited, Jammu & Kashmir Bank Ltd (JKB), and other investors are the shareholders of “PNB MetLife”.
ii.PNB MetLife, which is promoted by MIHL and PNB, has 117 branches across India.
MD & CEO – Ashish Kumar Srivastava
Established in India – 2001
Headquarters – Bangalore, Karnataka
Kochi Metro Becomes India’s 1st Metro to Accept Digital Currency for Parking
Kochi Metro Rail Limited (KMRL) has become the 1st metro in India to accept the Central Bank Digital Currency (CBDC) issued by the Reserve Bank of India (RBI). This service will initially be available at the parking lot adjacent to Thaikudam Metro Station. This facility will be extended to other station parking lots.
- Mumbai (Maharashtra)-based IDFC First Bank has partnered with Anantham Online, a technology startup with a focus on digital parking, to enable the acceptance of the digital Rupee at Kochi Metro’s parking locations.
- The public can make money transactions through digital wallets of banks providing e-rupee service.
- Currently, CBDC is in the 1st phase of its implementation with 4 banks namely the State Bank of India (SBI), the ICICI Bank Limited, the Yes Bank and the IDFC First Bank.
ECONOMY & BUSINESS
BEL signs MoU with NITK Surathkal in R&D Space
Bharat Electronics Ltd. (BEL), Navratna Defence Public Sector Undertaking (PSU), has signed a Memorandum of understanding (MoU) with the Mangalore(Karnataka)-based National Institute of Technology Karnataka (NITK Surathkal), formerly known as Karnataka Regional Engineering College, for cooperation in Research and Development (R&D) for the development of emerging technologies and technical solutions for both defence and non-defence applications.
- The MoU aims to leverage the complementary strengths and capabilities of BEL and NITK Surathkal while promoting the indigenisation of products and solutions.
Note: The NITK Surathkal is a public technical university. The institute is recognised for its strength in R&D in engineering disciplines, basic sciences, and management.
MRPL signs Master Research Alliance Agreement with IICT
Mangalore Refinery and Petrochemicals Ltd. (MRPL) and Indian Institute of Chemical Technology (IICT), a Council of Scientific and Industrial Research lab under the Ministry of Science and Technology (MoS&T), entered into a Master Research Alliance Agreement for collaborative research at Hyderabad, Telangana.
The agreement was signed in the presence of Dr Jitendra Singh, Minister of State (MoS) (Independent Charge) for Science and Technology.
- According to the agreement, MRPL and IICT will collaborate on a number of research and development projects in fields like the valorization of low-value refinery streams and CO2 capture.
AWARDS & RECOGNITIONS
Union Minister Hardeep Singh Puri launched 1st Edition of Women Icons Leading Swacchata Awards 2023On 7th March 2023(eve of International Women’s Day- 8th March), Union Minister Hardeep Singh Puri, Ministry of Housing and Urban Affairs launched the 1st edition of “Women Icons Leading Swachhata’ (WINS) Awards” 2023 to highlight the impact of women in sanitation and waste management.
Aim: To recognize celebrate and disseminate inspiring and exemplary initiatives in urban sanitation and waste management by women-led organizations and individual women.
i.Swachh Bharat Mission Urban [SBM (U)] was launched by Prime Minister Narendra Modi in October 2014.
- SBM-U 2.0 was launched in 2021 to achieve “Garbage Free” status for all cities through 100 per cent source segregation and door-to-door collection of waste.
ii.The Mission enables access to safe sanitation and dignity of women and opens livelihood and skilling opportunities to women in the area of sanitation and waste management.
About WINS Award:
i.The applications for the WINS award 2023 are open from 8th March to 5th April 2023 and will be made available to all States.
ii.Self-Help Groups (SHGs), Micro-enterprises, Non-Government Organisations (NGOs), Startups and Individual Women Leaders/Swachhata champions can apply for this award.
iii.The applications of the WINS Awards 2023 will be considered under 10 thematics areas
- Management of Community/Public Toilets.
- Septic Tanks Cleaning Services.
- Treatment Facilities (Used Water/Septage).
- Municipal Water collection and /or Transportation.
- Operation of Material Recovery Facilities.
- Waste to Wealth products.
- Treatment Facilities (Solid Waste Management).
- IEC, Training, Capacity Building.
- Technology and Intervention.
Process of WINS Awards:
i.Initially the Urban Local Bodies (ULBs) will evaluate entries & nominate up to 5 applicants to the State via the Swachhatam portal. These nominees will be felicitated as city winners.
ii.Up to 3 entries in each category will be nominated by the State to the Ministry of Housing and Urban Affairs (MoHUA). These nominees will be declared as State winners.
iii.State nominations will be evaluated at the national level on their innovativeness, impact, uniqueness, sustainability & replicability and the MoHUA team will set up a Jury to evaluate the applications and select winners in each category.
Ministry of Tourism Receives Gold & Silver Star at International ‘Golden City Gate Tourism Awards 2023On 8th March 2023, the Ministry of Tourism, Government of India won two Golden City Gate awards 2023 – Golden star and Silver Star in ‘TV/Cinema Commercials International and Country International’ Category respectively at the 23rd International Tourism Film and Multimedia competition – The Golden Citygate, during the ITB Berlin(Internationale Tourismus-Börse Berlin) 2023.
- The ITB Berlin 2023, the world’s leading tourism trade show, was held from 7th to 9th March 2023 in Berlin, Germany. It includes around 10,000 exhibitors from more than 180 countries and regions.
- The awards were received by Shri Arvind Singh, Secretary (Tourism), Government of India.
‘Golden City Gate 2023’:
i.The Ministry of Tourism took part in the tourism film & multimedia festival and competition ‘The Golden City Gate 2023’ which includes a number of countries, cities, regions and hotels.
ii.The entries in the competition were judged by an international committee made up of the tourism and film industry, for the awards.
iii.Awards were presented annually under various categories related to the Tourism and Hospitality sectors by the Golden City Gate Tourism Multi-media Awards. ITB Berlin 2023 hosts the award presentation.
- “The Golden City Gate” is the creative and innovative expression of the tourism industry. Since 2001 it takes place during ITB in Berlin as an international tourism film and multimedia competition.
i.The awards were received for the Promotional films/television commercials that are produced by the Ministry of Tourism, GoI as part of its Post COVID-19 Promotional Global Campaign on India reopening.
ii.The New Incredible India brand films were developed by the Ministry of Tourism for welcoming foreign tourists to India after the COVID-19 pandemic.
iii.Those brand films have been widely circulated within the domestic and international travel industry for wider usage for promotional and marketing purposes.
iv.The commercials have been produced in English with voiceovers in 9 international languages, viz. German, French, Spanish, Italian, Russian, Chinese, Japanese, Korean and Arabic.
APPOINTMENTS & RESIGNATIONS
Ram Chandra Poudel of Nepali Congress elected as 3rd President of NepalOn 9th March 2023, Ram Chandra Poudel (79 years old), a senior leader of the Nepali Congress, was elected as the 3rd president of Nepal. He will succeed incumbent President Bidya Devi Bhandari whose tenure will end on 12th March 2023.
- Ram Chandra Poudel was the common candidate of the 8 -party alliance which includes the Nepali Congress and the CPN (Maoist Center).
- He received the votes of 214 lawmakers of the parliament and 352 provincial assembly members.
Note: The term of the President of Nepal is 5 years from the date of the election. A person can be elected to the post for only 2 terms.
Presidential election 2023:
This is the third presidential election in Nepal since the country became a republic in 2008.
518 Provincial Assembly members and 313 Members of the Federal Parliament voted in the presidential election.
- The total number of voters for the election of the President is 882 (332 Members of the Parliament and 550 members of the provincial assemblies of the 7 provinces.)
About Ram Chandra Poudel:
i.Ram Chandra Poudel, born on 14th October 1944 in Bahunpokhari, Nepal, is a veteran democratic leader who has been active in politics for almost 6 decades.
ii.He became the founding central member of the Nepal Students’ Union, the student wing of the Nepali Congress, in 1970.
iii.He has authored several books on democracy, socialism and agriculture.
iv.Awards: He was honoured with the Grand Cordon of the Order of the Rising Sun from Japan in 2020, for his role in strengthening Nepal-Japan ties
i.He was later appointed as the Vice president of the Nepali Congress Tanhu district committee in 1980, and become General Secretary in 2005, Vice President in 2007 and acting president of the party in 2015.
ii.He was elected to the House of Representatives from the Tanhu district for the first time in 1991.
i.He was appointed as the Minister for Local Development in 1991 and became Agriculture Minister in 1992
ii.He served as the Speaker from December 1994 to March 1999.
iii.He also served as the Deputy Prime Minister, Minister for Home and Minister for Information and Communication from 1999 to 2002.
iv.He served as the Parliamentary Party leader of the Nepali Congress and leader of the main Opposition in Parliament from 2008 to 2013.
Prime Minister– Pushpa Kamal Dahal
Currency– Nepalese Rupee
Xi Jinping elected as President of the Republic of China for 3rd term On 10th March 2023, Xi Jinping, the 69-year-old Chinese politician, was unanimously appointed as President of China for the 3rd time, making him China’s longest-serving leader since founding father Mao Zedong (1954-1959).
Xi Jinping received a unanimous 2,952 votes from the National People’s Congress (NPC) of the Republic of China.
- Xi Jinping was reappointed as President for another 5 years by the parliament of China in a ceremonial vote in Beijing’s Great Hall of the People, China.
- Han Zheng, formerly China’s top-ranked vice-premier, has been appointed the country’s Vice-President replacing Wang Qishan. His appointment was passed by a unanimous 2,952 votes from the NPC.
Note: The 14th National People’s Congress (NPC) hosted the 2023 Chinese presidential election on 10 March 2023 in order to indirectly elect China’s President and Vice President.
NPC is the national legislature and constitutionally the supreme state authority of the People’s Republic of China.
About Xi Jinping:
i. Xi Jinping was born on 15 June 1953 in Fuping county, Shaanxi province, China.
ii. In 1974, he joined the Chinese Communist Party (CCP) and served as branch secretary, marking the beginning of his career in politics.
iii. Later, he started to elevate to more senior roles in China such as numerous provincial governor positions and then the CCP’s chief in Shanghai.
iv. In 2007, he was elected as one of the 9 members of the standing committee of CCP’s political bureau- the highest ruling body in the party. Later, he was elected as the Vice President of China in 2008.
v. In 2012, he was elected as the general secretary of the CCP and chairman of the Central Military Commission by the 18th Central Committee of the party, which informally made him China’s leader.
vi. Xi Jinping was 1st elected as President of the Republic of China in 2013 and was reappointed as President for the 2nd term in 2018.
President- Xi Jinping
Currency- Chinese Yuan
B Gopkumar appointed as new MD and CEO of Axis AMC; Chandresh Nigam steps down B Gopkumar, the Managing Director (MD) and Chief Executive Officer (CEO) at Axis Securities, has been elevated as the MD & CEO of Axis Asset Management Company(AMC) Ltd (the formal name of Axis Mutual Fund).
- He succeeds Chandresh Nigam who has stepped down as the MD & CEO of Axis AMC. He will continue till the end of his term (30 April 2023).
- B Gopkumar will take over on 1 May 2023 for a 3-year term.
Axis AMC Limited is the mutual fund investment wing of Axis Bank and India’s 7th largest AMC.
About B Gopkumar:
i. B Gopkumar, who has more than 28 years of professional expertise in the financial services sector joined Axis Securities as the MD and CEO in October 2019.
ii. Previously he served as the Executive Director (ED) & CEO of Reliance Capital Limited, a part of Reliance Group.
iii. He served in Kotak Securities for 5 years as Executive Vice President (2010-2011) and Executive Vice President and Head of Broking (2011).
iv. Prior to Reliance Capital Limited, he worked with Kotak Group where he served for over 15 years across diverse group businesses.
Axis MF appointed Ashish Gupta, a former Zurich (Switzerland)-based Credit Suisse executive, to be its new Chief Investment Officer (CIO).
- Prior to this appointment Axis MF did not have a CIO. The investment team was led by Jinesh Gopani (Head-Equity) and R Sivakumar (Head-Fixed Income).
- Ashish Gupta is known for his ‘House of Debt’ report that first uncovered the extent of non-performing assets (NPAs) in Indian banking.
About Axis Asset Management Company Ltd (Axis AMC):
MD & CEO- Chandresh Nigam
Headquarters- Mumbai, Maharashtra
HUL Appoints Rohit Jawa as New MD & CEO
Hindustan Unilever Limited (HUL), a fast-moving consumer good (FMCG) major, has announced that Rohit Jawa would take over as the new Managing Director (MD) and Chief Executive Officer (CEO) of HUL for a tenure of five years starting June 27, 2023, and join the firm as CEO designate and Whole-time director starting April 1, 2023.
- In addition to the Indian market, Rohit Jawa will take over as president of Unilever South Asia.
- He will join the Unilever Leadership Executive (ULE) on April 1, 2023.
He will succeed Sanjiv Mehta, who assumed the role of MD & CEO of HUL in October 2013.
About Rohit Jawa:
i.Rohit currently serves as the Chief Transformation Officer for Unilever in London, United Kingdom (UK).
ii.He began his career with HUL in 1988 as a management trainee and has a strong track record of long-term business results in India, Southeast Asia, and North Asia.
iii.He guided the company to become one of the top 10 markets for Unilever globally while serving as Chairman of Unilever Philippines.
About Hindustan Unilever Limited (HUL):
Unilever established its first Indian subsidiary, Hindustan Vanaspati Manufacturing Company, in 1931, followed by Lever Brothers India Limited in 1933 and United Traders Limited in 1935. (1935). These three companies merged to form HUL in November 1956.
MD & CEO – Sanjiv Mehta
Headquarters – Mumbai, Maharashtra
ACQUISITIONS & MERGERS
Bank of Baroda board approves 49% stake divestment in BFSLThe Board of Directors of Bank of Baroda (BoB), a public sector bank, has approved the divestment of up to 49% stake in its wholly-owned subsidiary, BoB Financial Solutions Ltd (BFSL), formerly known as BoB Cards Ltd.
- At present, BoB holds 100% of the total equity share capital of BFSL
i. The board also approved the issuance of an advertisement inviting Expressions of Interest (EoI) from suitable investors or strategic partners to purchase BoB’s shareholding in BFSL.
- On 10th March 2023, the BoB revealed more details for inviting EOI from Suitable or Strategic Partners
ii. The bank has decided to sell up to 49% of its 100% ownership of BFSL after the Spanish bank BBVA’s (Banco Bilbao Vizcaya Argentaria) decision to back out of a contract to acquire a 51% investment in BoB Cards roughly 6 years ago.
About BoB Financial Solutions Limited (BFSL):
Managing Director (MD) & Chief Executive Officer (CEO)- Shailendra Singh
Headquarters- Mumbai, Maharashtra
Establishment- 1994 (incorporated in 1996)
About Bank of Baroda:
MD & CEO- Sanjiv Chadha
Headquarters- Vadodara, Gujarat
Establishment- 1908 (nationalised on 19 July 1969)
SCIENCE & TECHNOLOGY
Central Government launches High Price DAM and Surplus Power Portal (PUShP) On March 10, 2023, the Central Government has launched a High Price Day Ahead Market-HPDAM and Surplus Power Portal (PUShP) – an initiative to ensure greater availability of power during the peak demand season.
- The portal was launched by Union Minister Raj Kumar Singh, Ministry of Power at a virtual function in New Delhi, Delhi which was attended by over 200 stakeholders from state governments and the power sector.
Reason for Launch:
In 2022, the Ministry of Power noted that on some days the prices in the electricity exchange had gone upto Rs.20, and directed the CERC (Central Electricity Regulatory Commission) to put a price cap of Rs.12 on the exchange to prevent excessive profits. This cap was implemented in both the Day Ahead Market and Real Time Market on 01.04.2022 and later in all segments on 06.05.2022, which helped to rationalize prices for buyers. However, electricity generated from gas was expensive due to high global gas prices. The same is the case for imported coal-based plants and Renewable Energy stored in battery-energy storage systems.
- This year, due to an expected increase in demand, a new segment called HP DAM has been created to schedule gas-based and imported coal-based plants where the cost of producing power may exceed Rs.12.
Minister of State (MoS) Krishan Pal Gurjar, Ministry of Power; Alok Kumar, Secretary, Ministry of Power; Ghanshyam Prasasd, Chairperson, CEA (Central Electricity Authority); Satyanarayan Goel, Chairman and Managing Director IEX (indian energy exchange), among others.
i.HP—DAM was part of the overall strategy to ensure that all available power capacity is utilized for supply the power to consumers.
ii.Only those generating capacities which have cost of producing power of more than Rs. 12 per unit would be allowed to operate in HP-DAM.
iii.If the cost of production is less than Rs.12, the generators will have to offer power in the Power Exchange’s Integrated Day Ahead Market (I-DAM) only with a ceiling price of Rs.12.
54th Central Industrial Security Force Raising Day – 10 March 2023Central Industrial Security Force (CISF) Raising Day is annually observed across India on 10th March to honour the service and commitment of the CISF personnel to protecting India’s major installations and integrity.
The day also marks the establishment of the Central Industrial Security Force (CISF) on 10th March 1969.
- 10th March 2023 marks the observance of the 54th CISF Raising Day.
i. CISF Raising Day 2023 will be celebrated on 12th March 2023 at the National Industrial Security Academy (NISA) in Hyderabad, Telangana.
ii. This is the 1st time that CISF Raising Day is celebrated outside New Delhi, Delhi.
- It was previously hosted at a CISF facility in Ghaziabad, a part of Delhi.
iii. The Central Industrial Security Force (CISF) was established under the Central Industrial Security Force Act of 1968 (50 of 1968).
iv. CISF is one of India’s 5 Central Armed Police Forces and is responsible for the security of numerous public sector organizations, airports, and other significant installations.
About the Central Industrial Security Force:
Director-General- Sheel Vardhan Singh
Headquarters- New Delhi, Delhi
>> Read Full News
Punjab FM Harpal Singh Cheema Presents Rs. 1,96,462 Crore Budget for FY24 Punjab Finance Minister (FM) Harpal Singh Cheema presented a Rs. 1,96,462 crore state budget for fiscal year 2023-24 (FY24), which is 26% higher than the amount allocated in fiscal year 2022-2023 (FY23), with a focus on agriculture, education, and health.
Key Fiscal Indicators:
i.The Effective Revenue Deficit has been estimated as 3.32% and Fiscal Deficit has been estimated as 4.98% of the Gross State Domestic Product (GSDP).
ii.Committed Expenditure for FY24 has been estimated at Rs. 74,620 crore, an increase of 12% from FY23.
iii.Effective Capital Expenditure is estimated at Rs. 11,782 crore for FY24, up 22% from FY23.
iv.A tax intelligence unit has been formed to combat revenue leakage, and it will be fully functional in FY24.
Chief Minister (CM) – Bhagwant Mann
Governor – Banwarilal Purohit
Wildlife Sanctuary (WLS) – Bir Dosanjh WLS; Bir Bhadson WLS
>> Read Full News
Godrej Agrovet Signs MoU with AP to set up Edible Oils Refining Plant at Rs 100 crore
Mumbai (Maharashtra)-based Godrej Agrovet Limited, a subsidiary of Godrej Industries Limited, has signed a Memorandum of Understanding (MoU) with the Government of Andhra Pradesh(AP) during the Andhra Pradesh Global Investors Summit (APGIS) 2023 held from 3rd to 4th March 2023 in Visakhapatnam, AP.
- Godrej Agrovet’s oil palm division will invest an estimated Rs 100 crore as part of the MoU to build a manufacturing facility for an edible oil refinery and solvent extraction plant.
- Godrej Agrovet already has a 45,000-hectare area of oil palm plantation in AP.
- The proposed new plant will be built in Seethanagaram, Eluru District, AP, with a planned refining capacity of 400 tonnes per day.
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|S.no||Current Affairs 11 March 2023|
|1||Ministry of Finance Amended PMLA: Tightens NPO Reporting norms, Beneficial Ownership Rules|
|2||‘WHO Global Report On Sodium Intake Reduction’: Countries Must Make ‘Massive Efforts’ to Reduce Salt Intake|
|3||Axis Bank ties up with ITC to Lending Products to Farmers|
|4||10,000+ women entrepreneurs dispensed over Rs 900cr of Financial Services in FY22: PayNearby– RBIH Study|
|5||SEBI announces Reward Mechanism for Informants providing tips on Defaulters|
|6||PNB signed MoU with CWC for Financing under e-NWR|
|7||PNB MetLife Introduces ‘Genius Plan’ to Help Parents in Supporting Children’s Future|
|8||Kochi Metro Becomes India’s 1st Metro to Accept Digital Currency for Parking|
|9||BEL signs MoU with NITK Surathkal in R&D Space|
|10||MRPL signs Master Research Alliance Agreement with IICT|
|11||Union Minister Hardeep Singh Puri launched 1st Edition of Women Icons Leading Swacchata Awards 2023|
|12||Ministry of Tourism Receives Gold & Silver Star at International ‘Golden City Gate Tourism Awards 2023`|
|13||Ram Chandra Poudel of Nepali Congress elected as 3rd President of Nepal|
|14||Xi Jinping elected as President of the Republic of China for 3rd term|
|15||B Gopkumar appointed as new MD and CEO of Axis AMC; Chandresh Nigam steps down|
|16||HUL Appoints Rohit Jawa as New MD & CEO|
|17||Bank of Baroda board approves 49% stake divestment in BFSL|
|18||Central Government launches High Price DAM and Surplus Power Portal (PUShP)|
|19||54th Central Industrial Security Force Raising Day – 10 March 2023|
|20||Punjab FM Harpal Singh Cheema Presents Rs. 1,96,462 Crore Budget for FY24|
|21||Godrej Agrovet inks pact with AP Govt to set up Edible Oils Refining Plant at Rs 100 crore|