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MoWCD issues Guidelines for Mission Shakti Schemei.On July 14, 2022, the Ministry of Women and Child Development (MoWCD) issued detailed guidelines for ‘Mission Shakti’ scheme. It will be applicable retrospectively w.e.f. April 1, 2022.
ii.Under the guidelines, the Women Helplines (WHL) running under 181 number will be integrated with Emergency Response Support System number 112 for all emergency assistance and with One Stop Centre (OSC) and other platforms like 1098 Child line.
iii.Mission Shakti is a scheme in mission mode to strengthen interventions for women safety, security and empowerment, and by making them equal partners in nation-building through convergence and citizen-ownership.
About Ministry of Women and Child Development (MoWCD):
Union Minister– Smriti Zubin Irani (Constituency- Amethi, Uttar Pradesh)
Minister of State (MoS)– Dr. Munjpara Mahendrabhai Kalubhai
>> Read Full News
Department of Consumer Affairs Sets Up Committee to Develop Comprehensive Framework On the Right to Repair
The Department of Consumer Affairs (DoCA) of the Ministry of Consumer Affairs, Food and Public Distribution (MoCA, F & PD) has formed a committee to develop a comprehensive framework on the ‘Right to Repair’ in order to emphasize the LiFE (Lifestyle for the Environment) movement through sustainable consumption.
Aim of this Framework:
- To promote trade between original equipment manufacturers and third-party buyers and sellers while empowering local consumers and product buyers.
- It also aims to emphasize electronic waste (e-waste) reduction and fosters sustainable use of products.
The Practice of Right to Repair Across the World:
i. The Right to Repair has been recognized in several countries across the world, including the United States of America (USA), the United Kingdom (UK), & the European Union (EU).
ii.The Federal Trade Commission in the USA has directed manufacturers to stop unfair anti-competitive practices and mandated them to ensure that customers can make repairs either on their own or through a third-party agency.
About Ministry of Consumer Affairs, Food & Public Distribution (MoCA, F&PD):
Union Minister – Piyush Goyal (Rajya Sabha – Maharashtra)
Minister of State (MoS) – Ashwini Kumar Choubey (Buxar Constituency, Bihar)
>> Read Full News
MHA Website Places First Among Central Ministry Services Portals: DARPGIn a National e-Governance Service Delivery Assessment, the Ministry of Home Affairs (MHA) website is ranked first under the Central Ministries Portal.
- The Digital Police Portal is ranked number 2 under the Central Ministry Services Portal.
This was unveiled in the National e-Governance Service Delivery Assessment done by the Department of Administrative Reforms and Public Grievances (DARPG) in collaboration with its knowledge partners, NASSCOM (National Association of Software and Services Companies) and KPMG in 2021.
i. The service portals and the portal of their Parent Ministry/Department were evaluated in this exercise.
ii.In regard to MHA, the Digital Police portalof the National Crime Records Bureau (NCRB), accessible at https://digitalpolice.gov.in/, was shortlisted for evaluation under the Services Portal.
About Ministry of Home Affairs (MHA):
Union Minister – Amit Shah (Gandhi Nagar Constituency, Gujarat)
Minister of State (MoS) – Nityanand Rai
>> Read Full News
Govt extends RoSCTL scheme till March 31, 2024 for Exports of Apparel/Garments
The Ministry of Commerce and Industry (MoCI) approved the continuation of the Scheme for Rebate of State and Central Taxes and Levies (RoSCTL) with the same rates as announced by the Ministry of Textiles for exports of apparel/garments and made-ups until March 31, 2024.
- This extension of RoSCTL scheme is to increase exports and generate employment in the textile industry.
About RoSCTL Scheme:
It succeeded the RoSL (Rebate of State Levies) initiative in March 2019 after the implementation of GST (Goods and Service Tax) in 2017. It aims to reimburse all embedded State and Central Taxes/Levies for exports of manufactured goods and garments by way of rebate to enhance the productivity of the garment and made-up sectors.
- It compensates the State and Central Taxes in addition to the Duty Drawback Scheme on export of apparel/ garments and Made-ups.
- It promotes incubation of start-ups & entrepreneurs, and also led to the large number of MSMEs (Micro, Small & Medium Enterprises) joining the apparel export business.
Rebate of State Taxes/Levies:
It includes VAT (Value Added Tax) on fuel used in transportation, captive power, farm sector, mandi tax, duty of electricity, stamp duty on export documents, embedded SGST (State Goods and Service Tax) paid on inputs such as pesticides, fertilizers etc. used in production of raw cotton, purchases from unregistered dealers, coal used in production of electricity and inputs for transport sector.
Rebate of Central Taxes/Levies;
It includes central excise duty on fuel used in transportation, embedded Central Goods and Services Tax (CGST) paid on inputs such as pesticides, fertilizer etc. used in production of raw cotton, purchases from unregistered dealers, inputs for transport sector and embedded CGST and Compensation Cess on coal used in production of electricity.
i.All exporters of garments/Apparels and made-ups manufactured in India are eligible to take benefit under this scheme except entities under the Denied Entity List of the Directorate General of Foreign Trade (DGFT).
ii.Importer-Exporter Codes (IECs) are necessary in order to apply for the RoSCTL.
National Conference of State Agriculture and Horticulture Ministers’ Conference held in Bengaluru; MoA&FW launches e-NAM POP
On July 14-15, 2022, the National Conference of State Agriculture and Horticulture Ministers’ Conference was held in Bengaluru, Karnataka. It was organized by the Department of Agriculture & Farmers Welfare, Ministry of Agriculture & Farmers Welfare (MoA&FW) to commemorate Azadi Ka Amrit Mahotsav.
The conference saw the presence of Union Minister Narendra Singh Tomar, MoA&FW; and Ministers of State for MoA&FW, Sushri Shobha Karandlaje and Kailash Choudhary Union Minister Mansukh Mandaviya, Ministry of Health and Family Welfare (MoH&FW); Karnataka Chief Minister (CM) Basavaraj Bommai, along with Ministers of Agriculture & Horticulture of the States.
Launch of e-NAM POP
The Union Minister Narendra Singh Tomar launched the e-NAM (National Agriculture Market) Platform of Platform (PoP) to promote trade & marketing of agriculture produce for getting better prices of agriculture commodities to farmers.
Benefits of e-NAM PoP:
i.It will enable participation of all stakeholders, and can facilitate the Indian Farmers to sell their produce beyond their state boundaries.
ii.This will enhance farmers’ accessibility digitally to multiple numbers of markets, buyers, service providers and to bring transparency in trade transactions
iii.It will create an efficient and effective “One Nation One Market” ecosystem.
iv.41 Service providers from different platforms are covered under POP facilitating various value chain services like trading, quality checks, warehousing, fintech, market information, transportation etc.
Equity Grant of over Rs 37 crore was released to 1,018 FPOs
The Union Minister Narendra Singh Tomar also released an equity grant of over Rs 37 crore was also released to 1,018 Farmer Producer Organizations (FPOs) under the CSS (Centrally Sponsored Scheme) that will benefit about 3.5 lakh farmers.
- Under the scheme, upto Rs 18 lakh financial aid per FPO will be provided for a period of 3 years.
- In addition, a loan of Rs. 2,000 for each farmer member of the FPO within a limit of Rs.15 lakh per FPO will be available.
- There is also a provision of project loan or equivalent grant from any eligible lending institution of up to Rs 2 crore per FPO.
Release of Coffee Table Book
The Union Minister Narendra Singh Tomar also released a Coffee Table Book showcasing the endeavour and journey of e-NAM in bringing transparency and efficiency in the trade of agricultural products in the country through innovation and technology.
Kerala Becomes First State to have Own Internet ServiceKerala has become the first and the only state in India to have its own internet services through the Kerala Fibre Optic Network (KFON) Limited’s KFON project, an Information Technology (IT) Infrastructure project that aims to provide internet access to everyone in Kerala.
- The KFON Limited has received Internet Service Provider (ISP) licence from the Department of Telecommunications (DoT), Ministry of Communication for providing the internet access
i.The KFON project will bridge the digital divide in Kerala that is set to provide internet to Below Poverty Line (BPL) families and around 30,000 government offices.
ii.Background – In 2019 the Kerala government made internet connection a basic right and KFON project was launched with a financial outlay of Rs. 1548 crores.
iii.Objectives – To provide core network infrastructure with a reliable, secure and scalable intranet that connects all government offices, educational institutions and hospitals.
Governor – Arif Mohammad Khan
Festivals – Thiruvathira, Pooram festival
Rivers – Neyyar (Kerala, Tamil Nadu), Pampa (Kerala)
India’s Ahmedabad & Kerala named in the list of ‘World’s 50 Greatest Places of 2022’ by Time Magazine
The TIME Magazine in its first list of the World’s Greatest Places of 2022 named India’s Ahmedabad (Gujarat), and Kerala among the 50 extraordinary destinations to explore. It should be noted that Ahmedabad is India’s first UNESCO World Heritage City.
- The list also includes Ras Al Khaimah, UAE; Park City, Utah; Seoul; Great Barrier Reef, Australia; The Arctic; Valencia, Spain; Trans Bhutan Trail, Bhutan; International Space Station; Bogota; Lower Zambezi National Park, Zambia; Istanbul; Kigali, Rwanda; Buahan in Bali.
About Ahmedabad, as per list:
i.As per the list, Ahmedabad showcases both ancient landmarks and contemporary innovations thus promoting cultural tourism. It includes the serene Gandhi Ashram/ Sabarmati Ashram on 36 acres on the banks of the Sabarmati River to Navratri.
ii.Also, its Navratri festival which is a vibrant nine-day celebration (for 2022 from September 26 to October 5) is the longest dance festival in the world.
iii.Ahmedabad’s Gujarat Science City, an entertainment center and theme park unveiled three major attractions in 2021, including a 20-acre nature park to educate the public on local flora, and to provide spaces for playing chess and practicing yoga.
About Kerala, as per list:
Kerala aka ‘God’s own country’ is one of India’s most beautiful states with beaches and lush backwaters, temples, and palaces.
In 2022, Kerala is boosting motor-home tourism in India.
Its 1st caravan park, Karavan Meadows, opened in Vagamon which is a scenic hill station.
Click Here for Full List
First I2U2 Leaders’ Virtual Summit 2022 – July 14, 2022The first virtual summit of India, Israel, the United Arab Emirates (UAE), and the United States of America (USA) dubbed “I2U2″—“First I2U2 Leaders’ Virtual Summit 2022”—was held on July 14, 2022. It was virtually attended by Narendra Modi, Prime Minister (PM) of India; Yair Lapid, Caretaker PM of Israel; Mohammed bin Zayed Al Nahyan, President of the UAE; and Joseph R. Biden, President of the USA.
- The summit was organized while Biden was in Israel as part of his maiden trip to West Asia as President of the US, and it was hosted by Israel’s Caretaker PM Yair Lapid.
During US President Joseph R. Biden’s visit to Israel, Israel’s President, Isaac Herzog, awarded him the highest civilian accolade of Israel – the Presidential Medal of Honour, in recognition of his 50 years of political support for the country.
i. The I2U2 group aims to mobilize private sector funding and expertise to modernize infrastructure, advance low-carbon development pathways for their industries, enhance public health and access to vaccines, and promote physical connectivity between Middle Eastern nations.
ii.Along with assuring short- and long-term food and energy security, it also intends to jointly develop novel waste treatment solutions, explore potential for joint financing, connect startups to I2U2 investments, and encourage the development of vital emerging and green technologies.
About United States of America (USA):
President – Joseph R. Biden
Capital – Washington, D.C.
>> Read Full News
BANKING & FINANCE
ADB & Singapore Govt Partners to Enhance Investment in Asia & the Pacific Region
On 14th July 2022 Asian Development Bank (ADB) and the Singapore government signed a Memorandum of Understanding (MoU) to promote investments in the Asia and Pacific region and to recognize the importance of private sector finance as well as catalysing public sector resources for sustainable and inclusive development.
- The MoU was signed by Masatsugu Asakawa, ADB president and Singapore Deputy Prime Minister and Finance Minister Lawrence Wong.
- The signing ceremony was held on the sidelines of the Group of 20 (G20) Finance Ministers meeting and Central Bank Governors meeting in Bali, Indonesia.
i.Under the MoU, both sides cooperate to support private sector development projects that contribute to infrastructure, social and financial needs for Sustainable Development Goals (SDG) commitments in Asia and the Pacific regions.
- This replaces the 2012 MoU signed between ADB and Singapore on knowledge sharing and cooperation in governance, public policy, climate change including private sector development.
- The new MoU aims to build on these areas of collaboration by focusing on mobilising investment, financing, management skills, and technologies for private sector development projects in ADB Developing Member Countries (DMCs).
ii.Both sides will further cooperate on digital innovation, promoting new technologies in the field of financial marketing and climate change.
ADB & Singapore:
i.Singapore was a founding member of ADB and it’s Singapore office plays the central role in enhancing investments under the MoU.
ii.Initially, Singapore had borrowed funds from ADB but from 2001, it became a contributor towards ADB’s concessional fund, Asian development fund and technical assistance special fund.
- Singapore is also an active partner in the Association of SouthEast Asian Nations (ASEAN) infrastructure fund that is supported by ABD.
About Asian Development Bank (ADB):
President – Masatsugu Asakawa
Establishment – 1966
Headquarters – Manila, Philippines
Members – 68 members (48 from Asia & Pacific region)
YES Bank Signs Term sheet with JCF ARC LLC & JC Flowers for Sale of Stressed Loans
YES Bank has signed a binding term sheet with JCF ARC LLC and JC Flowers Asset Reconstruction Private Limited for the sale of bad loans worth Rs. 48000 crore.
- JC Flowers ARC will be the base bidder for the proposed bad loan and the term sheet has become effective from 15th July 2022.
i.Based on Reserve Bank of India (RBI) guidelines, YES Bank will run a transparent bidding process for the sale of bad loans on swiss challenge basis using JC Flowers bid as the base bid.
- This was also approved by the Board of directors and Board Credit committee.
ii.In March 2022, YES bank had total gross non-performing exposure Rs 36,479 crore and total gross restructured loans Rs 6,752 crore respectively.
- This largest sale of bad loans results in YES Bank becoming nearly a zero non-performing asset (NPA) bank and making it easier for the bank to raise capital.
About YES Bank:
MD & CEO – Prashant Kumar
Establishment – 2004
Headquarters – Mumbai, Maharashtra
Tagline – Experience Our Expertise
Kotak Mahindra Bank: First Private Bank to Integrate with New Income Tax Portal
Kotak Mahindra Bank has become the 1st private sector bank to be fully integrated with the new e-filing portal of the Income Tax department after the completion of its technical integration with the new e-filing portal.
- Customers, both Individual and corporate can pay direct taxes through the portal’s e-pay tax tab using Kotak net banking.
Note – In October 2021, Kotak Mahindra Bank became the 1st private sector bank to receive approval as a collections partner for taxes.
About e-filing portal:
i.In May 2021, the new income tax portal (https://www.incometax.gov.in/) was launched for the taxpayers to file Income Tax Returns (ITR), seek refunds and raise complaints.
- Other communication regarding penalties, exemptions and appeals are also done on the portal
About Kotak Mahindra Bank:
MD & CEO – Uday Kotak
Establishment – 2003
Headquarters – Mumbai, Maharashtra
Tagline – Let’s Make Money Simple
Quantum MF Launches India’s 1st Nifty 50 ETF FoF – Quantum Nifty 50 ETF
Quantum Mutual Fund (MF) launches Quantum Nifty (QNifty) 50 Exchange Traded Fund (ETF), India’s first Nifty 50 and an open-ended Fund of Fund (FoF) that invests in units of Quantum Nifty 50 ETF that is approximately equal to the price of 1/10 (one-tenth) of the Nifty 50 Index.
- The scheme opens for subscription on 18th July 2022 and closes on 1st August 2022. the scheme will re-open for subscription and redemption on an ongoing basis from 10th August 2022.
- Hitendra Parekh will be the fund manager, who is managing Quantum 50 ETF since 10th July 2008.
- Objective – To provide capital by investing in units of Quantum Nifty 50 ETF replicating/tracking Nifty 50 Index.
i.The FoF allows investors to invest in Nifty 50 without a Demat account. The scheme allows them to invest in units of Quantum Nifty 50 ETF, a passive scheme that is active for the past 14 years.
- Quantum Nifty 50 has an expense ratio of 15 basis points for direct plans and 27 basis points for regular plans, which is at the lower end of the expense ratio range of the existing Nifty 50 index funds.
- The scheme is suitable for long-term capital appreciation by investing in equity and equity-related securities of companies in Nifty 50.
ii.According to Quantum MF’s Asset Allocation strategy, investors allocate 20 % of investable money towards Gold and the remaining 80 % to equity.
- The investors can allocate 85 % of their equity investment to Quantum Nifty 50 ETF FoF and the rest 15 % to Quantum India Environment, Social & Governance (ESG) equity fund.
AWARDS & RECOGNITIONS
Indian Bank Secured SHG Linkage Award from NABARDIndian Bank was awarded with the ‘Best Performing Bank Award’ in Tamil Nadu for the Fiscal Year 2021-22 under ‘SHG (Self Help Group)Bank Linkage Programme’ category from National Bank for Agriculture and Rural Development(NABARD).
- The award was presented by the Tamil Nadu finance minister, Dr Palanivel Thiaga Rajan to S L Jain, Managing Director (MD) & Chief Executive Officer (CEO), and V Chandrasekaran, general manager (Rural Banking) during NABARD 41st foundation day(12th July 2022).
NABARD’s 41st foundation day:
i.On 12 July 2022, the National Bank for Agriculture and Rural Development (NABARD) celebrated its 41st Foundation Day.
ii.The Finance Minister of Tamil Nadu, Dr. Palanivel Thiaga Rajan was the Chief Guest of the function organized in Chennai.
iii.He inaugurated the “Bank on wheels” of Kancheepuram DCCB (District Central Cooperative Bank Ltd) and also inaugurated FPO (Farmers Producer Organization) stalls.
Financial assistance by NABARD in Tamil Nadu reached a new growth of 20% , of Rs. 32,443 crore in FY’22 up from Rs.27,135 crore in the FY’21. For Rural Infrastructure Rs.3,111 crore of projects sanctioned in FY’22
About National Bank for Agriculture and Rural Development:
Founded- 12 July 1982
Headquarters– Mumbai, Maharashtra
Chairperson– GR Chintala
APPOINTMENTS & RESIGNATIONS
PM Ranil Wickremesinghe Sworn in as Sri Lanka’s Interim President
On 15 July 2022, 73 years old Ranil Wickremesinghe, Prime Minister (PM) of Sri Lanka, was sworn in as the acting (interim) President of Sri Lanka in the presence of Chief Justice Jayantha Jayasuriya. He has sworn in after the speaker of the parliament, Mahinda Yapa Abeywardenaon, accepted a resignation letter sent by President Gotabaya Rajapaksa.
i.Ranil Wickremesinghe will remain in the position of President of Sri Lanka until the Sri Lankan Parliament votes for a new president, which is expected to take place on 20th July 2022.
ii.Wickremesinghe also holds the position of Minister of Finance of Sri Lanka. He belongs to the United National Party.
i.The newly elected President will serve out the remainder of Rajapaksa’s term ending in 2024.
ii.The election will be conducted with special measures to expedite the smooth transition of power.
- The measures will be according to No.02 of the Presidential Election Act of Sri Lanka of 1981 and Article 40 of the Constitution of the Democratic Socialist Republic of Sri Lanka.
About Sri Lanka:
Capitals- Colombo, Sri Jayawardenepura Kotte
Currency- Sri Lankan rupee
SCIENCE & TECHNOLOGY
KVIC Launches Knowledge Portal for Khadi by the CoE for Khadi
On 14 July 2022, The KVIC (Khadi and Village Industries Commission) launched a Knowledge Portal to provide design directions to the Khadi institutions. It was developed by the Center of Excellence (CoE) for Khadi.
- The portal was inaugurated by Preeta Verma, Chief Executive Officer (CEO) of KVIC.
- The portal can be accessed through www.coek.in (website of the Center of Excellence for Khadi)
The Center of Excellence for Khadi has been set up by KVIC, Ministry of MSME (Ministry of Micro, Small & Medium Enterprises) at National Institute of Fashion Technology
(NIFT) Delhi to support Khadi Institutions.
About the Portal:
i.The portal will disseminate design knowledge to a broader section of Khadi Institutions in India.Four stories/design directions have been conceptualized and presented in Volume I. of the portal.
ii.Every story has been separated into two segments – Home and Apparel.
- The portal also provides size charts, silhouette boards, buttons and closures, seams and finishes for both home and apparel.
iii.Each story has a key theme, colour palette, and directions for woven designs, prints, textures, and surfaces.
- The information will be updated twice a year based on the seasons and trends.
World Youth Skills Day 2022 – July 15
The United Nations (UN’s) World Youth Skills Day (WYSD) annually will be observed on July 15 to provide proper training to the youth and create skills for decent work, employment and entrepreneurship.
- Theme for World Youth Skills Day 2022 -‘Transforming youth skills for the future’.
World Youth Skills Day provided a unique opportunity for young people, Technical and Vocational Education and Training (TVET) institutions, firms, employers’ and workers’ organizations, policy makers and development partners to discuss importance of skill development among youth
About The UNESCO – UNEVOC :
The UNESCO – UNEVOC International Centre for Technical and Vocational Education and Training is one of 8 UNESCO institutes and centres working in the field of education.
- The acronym UNEVOC is a combination of ‘UNESCO’ and ‘vocational education’.
Director– Soo – Hyang Choi
Head Person– Shyamal Majumdar
Headquarters- Bonn, Germany
>> Read Full News
Telangana govt announces DiCRA in partnership with UNDP
The government of Telangana and the United Nations Development Programme (UNDP) collaborated to add Data in Climate Resilient Agriculture (DiCRA) as the latest addition to the Digital Public Goods Registry.
- This is the first-of-its-kind digital initiative to drive climate action.
It aims to equip farmers with information on the impact of climate change.
i.The platform is facilitated by the Government of Telangana and UNDP, in collaboration with Zero Huger Lab (Netherlands), JADS (Netherlands), ICRISAT (International Crops Research Institute for the Semi-Arid Tropics), PJTSAU (Professor Jayashankar Telangana State Agricultural University is a state agriculture university), and RICH (Research and Innovation Circle of Hyderabad).
- It is part of UNDP’s ‘Data for Policy’ initiative supported by Rockefeller Foundation.
i.DiCRA provides open access to both data as well as analytics derived through open software based on Artificial Intelligence (AI). It will help in strengthening food systems, food security and Industries in India.
ii.DiCRA will use its remote sensing and pattern detection algorithms to help in identifying farms that are resilient to climate change and those highly vulnerable. iii.It will also facilitate analysis and insight sharing on climate resilience, based on empirical inputs from data scientists and citizen scientists on best-performing farms.
- It will enable farmers to mitigate the adverse effects of climate change on their crops and livestock.
Governor –Tamilisai Soundararajan
Festival – Sammakka Saralamma Jatara or Medaram Jatara , Peerla Panduga and Muharram , Nagoba jatara , Lumbini festival
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Current Affairs Today (AffairsCloud Today)
|S.no||Current Affairs 16 July 2022|
|1||MoWCD issues Guidelines for Mission Shakti Scheme|
|2||Department of Consumer Affairs Sets Up Committee to Develop Comprehensive Framework On the Right to Repair|
|3||MHA Website Places First Among Central Ministry Services Portals: DARPG|
|4||Govt extends RoSCTL scheme till March 31, 2024 for Exports of Apparel/Garments|
|5||National Conference of State Agriculture and Horticulture Ministers’ Conference held in Bengaluru; MoA&FW launches e-NAM POP|
|6||Kerala Becomes First State to have Own Internet Service|
|7||India’s Ahmedabad & Kerala named in the list of ‘World’s 50 Greatest Places of 2022’ by Time Magazine|
|8||First I2U2 Leaders’ Virtual Summit 2022 – July 14, 2022|
|9||ADB & Singapore Govt Partners to Enhance Investment in Asia & the Pacific Region|
|10||Yes Bank Signs Term sheet with JCF ARC LLC & JC Flowers for Sale of Stressed Loans|
|11||Kotak Mahindra Bank Becomes First to Integrate with New Income Tax Portal|
|12||Quantum MF Launches India’s 1st Nifty 50 ETF FoF – Quantum Nifty 50 ETF|
|13||Indian Bank Secured SHG Linkage Award from NABARD|
|14||PM Ranil Wickremesinghe sworn in as Sri Lanka’s Interim President|
|15||KVIC Launches Knowledge Portal For Khadi Develops By The CoE For Khadi|
|16||World Youth Skills Day 2022 – July 15|
|17||Telangana govt announces DiCRA in partnership with UNDP|