Current Affairs 30 December 2023

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NATIONAL AFFAIRS

Cabinet Approval on 27th December 2023The Union Cabinet chaired by Prime Minister(PM) Narendra Modi approved the following proposals on 27th December 2023.

• Minimum Support Prices (MSPs) for Copra for the 2024 season.
• Project for the improvement and widening of the Khowai-Harina road covering a total length of 134.913 kms in Tripura.
• Construction of a New 4556 meter-long, 6-Lane High Level/ Extra Dosed Cable-stayed Bridge across the River Ganga connecting Patna and Saran, in Bihar.
• Migration and Mobility Agreement between India and Italy
• Opening of the Consulate General of India in Auckland, New Zealand
• MoU between Prasar Bharati and Radio Televisyen Malaysia (RTM), Malaysia

>> Read Full News

CBDT Issues Guidelines on Under Section 194-O of IT Act 1961 On 28th December 2023, the Central Board of Direct Taxes (CBDT), under the Department of Revenue in the Ministry of Finance (MoF), issued the guidelines under sub-section 4 of section 194-O of the Income-tax Act 1961.

• The guidelines was issued to provide clarity on issues related to the applicability of section 194-O in e-commerce operator (ECO) model framework.

About Section 194-O:
Section 194-O of the IT Act, 1961 states that an ECO shall deduct income tax at the rate of 1% of the gross amount of sale of goods or provision of service, or both, facilitated through its platform.
Note: The section was inserted through the Finance Act, 2020.
Key Points:
i.According to the guidelines, the tax deducted at source (TDS) liability will cover the gross amount of transaction including the packaging and shipping fee as well as the convenience fee levied by the e-commerce platforms on the side of both the buyer and the seller.
ii.TDS is deducted by the seller side ECO during the payment or credit.
About Central Board of Direct Taxes (CBDT):
Chairman – Nitin Gupta
Headquarters – New Delhi, Delhi
Established in – 1964

Reliance Jio & IIT-Bombay collaborates to Build ‘BharatGPT’Reliance Jio Infocomm Limited (Jio), a subsidiary of Reliance Industries Limited(RIL), has collaborated with the Indian Institute of Technology (IIT) Bombay, Mumbai, Maharashtra, to develop the ‘BharatGPT(Generative Pre-Trained Transformer)’ program.
About Bharat GPT program:
i.Bharat GPT program aims to use large language models and generative Artificial Intelligence (AI) to improve various sectors in India.
ii.The program is part of an upgraded mobile ecosystem ‘Jio 2.0’ of Reliance Jio.
IIT Guwahati & Assam Govt Collaborated for Arohan Scheme to Promote STEM Subjects
Indian Institute of Technology (IIT) Guwahati, Assam in collaboration with the Government of Assam had hosted a career progression session for meritorious students of Assam to help them to pursue Science, Technology, Engineering, and Mathematics (STEM) subjects in their higher education as part of Assam’s flagship programme ‘Arohan’.
IIT Guwahati & Assam:
i.The programme was happened during four/five-days stay in IIT Guwahati from October to December 2023.
ii.The programme enabled students(mentees) to engage with institute faculty members and explore institutional facilities.
iii.So far IIT Guwahati has hosted 3311 students (about 65% are girls) and few hundred teachers.
iv.It is coordinated by the Offices of Outreach Education Program (OEP), Public Relations Branding and Ranking (PRBR) and Students’ Affairs at IIT Guwahati.
About Arohan:
i.Arohan (means Ascent) is a Mentor-Mentee programme for career progression of meritorious students of Secondary classes(9th standard to 12th standard) studying in Government schools in Assam.
ii.The program was launched in 2022 by Himanta Biswa Sarma, Chief Minister (CM) of Assam.
iii.The programme is in alignment with the National Education Policy (NEP) 2020.
Additional Info:
The mentors of the programme include senior government officials, alumni of schools, students of esteemed universities, entrepreneurs, professionals or corporate individuals from Assam.
About Reliance Jio Infocomm Limited :
Chairman – Akash Ambani
Headquarters – Mumbai, Maharashtra
Established in – 2007

Indian Navy Unveils New Admirals’ Epaulettes Inspired By Chhatrapati Shivaji’s
Rajmudra
The Indian Navy (IN) has introduced a new design for the Admirals’ Epaulettes, drawn from the Naval Ensign and features elements inspired by the Rajmudra of Chhatrapati Shivaji Maharaj.

• Prime Minister Narendra Modi unveiled the new design during Navy Day (4 December 2023) at Sindhudurg, Maharashtra.

Note: This new design signifies a departure from the previous design, which features Nelson’s Ring, a colonial legacy and reflects the rich maritime heritage of India.
About the New Admirals’ Epaulettes:
i.The new design incorporates several symbolic elements such as the Golden Navy Button, Octagon, Indian Sword, and Telescope.
ii.The redesigned Epaulettes have been unveiled for the ranks of Admiral, Vice Admiral, and Rear Admiral, the top 3 positions in the naval forces.
Rajmudra: Rajmudra, or the Royal Seal, was an authentic stamp that Chhatrapati Shivaji Maharaj used to use in his correspondences and ordinances.
Shivaji Maharaj received the Rajmudra from his father Shahajiraje Bhosale, making it a symbol of historical significance.
Golden Navy Button:  It reiterates the resolve to do away with ‘Ghulam ki Maansikta’ (Colonial mindset).
Octagon: Representing the 8 cardinal directions, emphasising the Navy’s all-round long-term vision.
Indian Sword: It embodies the essence of the Navy’s Raison d’etre, emphasising the purpose of being at the forefront of national power and winning wars through dominance, defeating adversaries and overcoming every challenge.
Telescope: It symbolises long-term vision, foresight and a weather eye in an ever-changing world.
Discontinuation of Batons for Commanders:
i.The IN is undergoing a significant transformation, aiming to discard colonial traditions.
ii.The traditional use of batons for commanders is now discontinued, marking a departure from outdated colonial symbols of authority.
iii.As a broader initiative to drop colonial military traditions, IN has also conducted a review of sailor ranks.
iv.Over 65,000 sailors will now carry Indianised designations, aligning with the broader initiative, while officer ranks remain unchanged.
v.The new sailor ranks include:

• Master Chief Petty Officer I Class, Master Chief Petty Officer II Class, Chief Petty Officer, Petty Officer, Leading Seaman, Seaman I Class, and Seaman II Class.

INTERNATIONAL AFFAIRS

8th Edition of IONS Conclave of Chiefs Held in Bangkok, Thailand from 19-22 Dec 2023The 8th edition of the Indian Ocean Naval Symposium (IONS) Conclave of Chiefs (CoC) (2023) hosted by the Royal Thai Navy (RTN) was held in Bangkok, Thailand from 19–22 December 2023.

• The 8th Conclave marks the transition of IONS Chairmanship from France(2021-23) to Thailand(2023-2025).

Participants
i.Chiefs of Navies, and Heads of Maritime Agencies from 27 IONS member/observer countries participated in the conclave.
 ii.Admiral R Hari Kumar, Chief of the Naval Staff (CNS) of the Indian Navy (IN),  led the 3-member Indian Naval delegation for the conclave.
Key Points:
i.During the CoC, Thailand assumed the duties of Chair of IONS, and finalised the Work Plan for the next 2 years.
ii.As a first, the Flag designed by India has been chosen as the IONS Flag.
iii.India also took over as the co-chair of IONS Working Groups on Maritime Security and Humanitarian Assistance and Disaster Relief (HADR) for the forthcoming cycle.
Seminar:
i.A Seminar on the theme ‘Blue Economy: Ways Forward for Sustainable Development of IONS Member States’, was conducted on the sidelines of CoC.
ii.Cmde Manmeet S Khurana, Cmde (Foreign Cooperation) from IN presented a paper on ‘Security is Foundation for Peaceful and Sustainable Blue Economy’.
iii.Various bilateral interactions were also conducted during the Conclave to facilitate a greater degree of maritime cooperation and understanding between the IONS countries.
Highlights of the Conclave:
i.Commendations were exchanged between CNS IN and Adm Adoong Pan-Iam, Commander-in-Chief, RTN to uphold a trajectory of Bilateral Defence engagements.

• It includes the naming of IN – RTN Bilateral based on historical and cultural connections.

ii.CNS engaged with Heads of Delegation from Australia, Bangladesh, France, Iran, Italy, Malaysia, Maldives, Russia, Saudi Arabia, and Spain, and discussed bilateral maritime issues.
iii.CNS also visited the Indian Naval Ship (INS) Kadmatt in Bangkok.
About IONS:
i.IONS, conceived in 2008 by the IN, aims to enhance maritime cooperation among Navies of the littoral states of the Indian Ocean Region (IOR).

• It provides an open platform for discussions on regionally relevant maritime issues.

ii.The inaugural edition of IONS was held in February 2008 in New Delhi, Delhi with IN as the Chair for 2 years (2008 – 2010)
iii.Republic of Korea Navy became the latest ‘Observer,’ raising IONS’ collective strength to 34 (25 Members and 9 Observers).
Note: India is scheduled to take over the Chair of IONS (2025-27) during the 9th CoC, which planned to be conducted in India in late 2025.
About Thailand:
Capital– Bangkok
Prime Minister– Srettha Thavisin
Currency– Thai Baht (THB)

BANKING & FINANCE

SEBI issues Procedure for Public Issuance of ZCZP instrument by NPOsi.On December 28, 2023, the Securities and Exchange Board of India (SEBI) notified a procedure for public issuance of Zero Coupon Zero Principal (ZCZP) Instruments by a Not for Profit Organization (NPO) and listing of such instruments on the Social Stock Exchange (SSE).
ii.This procedure is added in the Framework on Social Stock Exchange (SSE) issued in September 2022.
iii.It should be noted that SSE framework resulted in the amendment of (Issue  of  Capital  and  Disclosure  Requirements)  Regulations,  2018 (ICDR Regulations) and (Listing  Obligations  and  Disclosure   Requirements)   Regulations, 2015 (LODR Regulations).
iv.ZCZP instruments on the SSE are donation instruments offering no interest or principal return. Since it is a donation, not a loan or investment, the contributed funds will not be refunded to the donor.
v.SEBI has also allowed stock brokers to settle Client’s Funds lying with Trading Member (TM) on Saturdays i.e. one more day is provided. Now, stock brokers can settle the running account of clients’ funds on the first Friday or Saturday of the quarter or month at the choice of the clients.
About Securities and Exchange Board of India (SEBI):
It was established as a statutory body in 1992 and the provisions of the SEBI India Act, 1992 (15 of 1992) came into force on January 30, 1992.
Chairperson– Madhabi Puri Buch
Headquarters– Mumbai, Maharashtra
>> Read Full News

SBI, HDFC Bank will need to maintain Higher Capital from FY25On December 28, 2023, the Reserve Bank of India (RBI) released the list of Domestic Systemically Important Banks (D-SIBs) in which State Bank of India (SBI), HDFC Bank and ICICI Bank continued to be identified as D-SIBS. However, SBI and HDFC Bank will need to maintain higher capital from April 1, 2025.

• The additional common equity Tier 1 (CET-1) as a percentage of Risk Weighted Assets (RWAs) requirement for SBI will be 0.80%, and for HDFC Bank, it will be 0.40%.

Note: The RBI has moved SBI from bucket 3 to bucket 4 and HDFC Bank from bucket 1 to bucket 2. This means they will have to meet the above mentioned higher additional CET 1 requirements. Upto March 31, 2025, the D-SIB surcharge applicable to SBI and HDFC Bank is 0.60% and 0.20%, respectively.

• ICICI Bank continues to be in the same bucketing structure i.e. bucket 1 with 0.20% addition CET-1 requirement.

Key Points:
i.The RBI has to provide information about the names of banks that are important for the financial system every year in August since 2015.
ii.D-SIBs are those institutions which are “too big to fail”, meaning their failure will negatively impact the economy.

• The banks are placed in appropriate buckets depending upon their Systemic Importance Scores (SISs).

iii.The additional CET-1 requirement is in addition to the capital conservation buffer.
iv.RBI had named SBI and ICICI Bank as D-SIBs in 2015 and 2016, and HDFC Bank in 2017.
Click Here for Official Notification
How D-SIBs are Selected and Assessed?
i.The D-SIBs will be selected by RBI based on the size of the bank as a percentage of GDP(Gross Domestic Product) i.e the banks having a size beyond 2% of GDP.
ii.The selected D-SIBs are assessed through the 4 indicators of Size, Interconnectedness, Lack of readily available substitutes or financial institution infrastructure, and Complexity.
About State Bank of India (SBI):
Chairman– Dinesh Kumar Khara
Headquarters– Mumbai, Maharashtra
Establishment– 1955
Tagline–The banker to Every Indian

ECONOMY & BUSINESS

VP Jagdeep Dhankhar Launched the New Logo of ICAI
Jagdeep Dhankhar, Vice-President(VP) of India, launched the new logo of the Institute of Chartered Accountants of India (ICAI) during the 1st ever Global Professional Accountants Convention (GloPAC) held in Gandhinagar, Gujarat from 24th-26th November 2023. 
Union Minister Piyush Goyal, Ministry of Commerce and Industry, graced the event as a Guest of honour.
i.The logo features the letters ‘CA’ in blue colour with an inverted tricolour tick mark on a white background and the word ‘India’ at the bottom of the symbol.
ii.The upside-down tick mark is used by Chartered Accountants (CA) during audits is included to symbolise the wisdom and value of the professionals.
iii.The logo epitomizes the Institute’s connection to the India-first approach and as a trusted partner in nation-building
Note: ICAI is India’s largest professional accounting body under the Ministry of Corporate Affairs(MCA).

Adani Global and Sirius International partners to form a JV –  Sirius Digitech International
Adani Global Limited has formed a joint venture “Sirius Digitech International Limited (Sirius JV)” with United Arab Emirates (UAE)-based Sirius International Holding Limited (Sirius) to deploy Artificial Intelligence (AI), Internet of Things (IoT), and Secured Blockchain Products for industrial applications.

• Sirius will own 51% of the Sirius JV, while Adani will own 49%. 
• Abu Dhabi based Sirius JV will focus on the USD 175 billion digitalization of the Indian economy

Note: Ahmedabad (Gujarat) based Adani Global is a subsidiary of Adani Enterprises Limited. Sirius is a subsidiary of International Holding Company (IHC).

APPOINTMENTS & RESIGNATIONS

Nina Singh Appointed as 1st Woman DG of CISF; Anish Dayal Appointed as DG of CRPFNina Singh was appointed as the 1st woman Director General (DG) of the Central Industrial Security Force (CISF). She will hold the post till her superannuation on July 31, 2024.
she was holding the additional charge of DG of CISF from August 2023 following the superannuation of Sheel Vardhan Singh, who held the position from November 2021 to  August 2023.
Other Appointments:
i.Anish Dayal Singh, DG of Indo-Tibetan Border Police (ITBP) was appointed as the full-time DG of the Central Reserve Police Force (CRPF) till his superannuation on 31 December 2024.

• He was holding the additional DG, CRPF charge following S L Thaosen’s retirement on 30 November 2023.

ii.Rahul Rasgotra succeeded Anish Dayal Singh and will be the new DG of ITBP till the date of his superannuation on 30 September 2025.

• Rahul Rasgotra served as the Special Director of the Intelligence Bureau (IB).

iii.Vivek Srivastava was appointed as DG of the Fire Service, Civil Defence, and Home Guards till the date of his superannuation on 30 June 2025.

• Before that, he was a special director of IB.

Key Points:
i.Nina Singh, a 1989-batch Indian Police Service (IPS) officer was the 1st woman IPS officer allocated to the Rajasthan cadre.

• She currently serves as the Special DG of CISF and held the position of Joint Director in the Central Bureau of Investigation (CBI) from 2013 to 2018.
• Nina Singh was awarded the prestigious President’s Police Medal for Distinguished Service in 2015 by Prime Minister Narendra Modi.

ii.Anish Dayal Singh, a 1988-batch IPS officer of Manipur cadre. He was working as a Special Director of IB. In 2022, he was appointed as the DG of ITBP.
iii.Rahul Rasgotra, a 1989-batch IPS officer of the Manipur cadre was working as a Special Director in IB.
iv.Vivek Srivastava, a 1989-batch IPS officer of Gujarat cadre became the 1st from Bihar to head the Special Protection Group (SPG).
About Central Industrial Security Force (CISF):
Director-General– Nina Singh
Headquarters– New Delhi, Delhi
CISF was set up under the “Central Industrial Security Force Act, 1968 (50 of 1968).” Later, it was established in 1969.

Hyundai Motor Appointed Deepika Padukone as Brand Ambassador 
Hyundai Motor India Limited (HMIL),  a wholly-owned subsidiary of South Korea-based Hyundai Motor Company (HMC), has roped in Deepika Padukone, a Bollywood actress and producer as its brand ambassador. 

• Deepika Padukone’s profound connection with the Indian audience represents Hyundai’s commitment to its customers.
• As a brand ambassador, Deepika will act as a catalyst to bridge the gap between cutting-edge automobiles and Indian customers.

Note:  Indian actor Shah Rukh Khan is also a brand ambassador of Hyundai.
About Hyundai Motor India Limited (HMIL):
Managing Director(MD) & Chief Executive Officer (CEO) –  Unsoo Kim
Headquarters – Gurugram, Haryana
Established in – 1996

US President nominated Indian American Deven Parekh to the Board of DFC
Joe Biden, The President of the United States of America (USA) has nominated Indian-American global venture capitalist Deven Parekh, Managing Director at Insight Partners, as a member of the Board of Directors of the US International Development Finance Corporation (DFC) for 3 years.

• He is the nominee recommended by Charles Ellis Schumer, Senate Majority Leader.
• Previously in 2020, he was nominated to the Board of DFC by then-President Donald Trump.

Note: DFC is America’s development finance institution, based in Washington, DC, USA. Chief Executive Officer- Scott Nathan

ACQUISITIONS & MERGERS

I-Pru AMC & I-Pru Life Gets RBI Approval to Acquire a 9.95% Stake in RBL, IDFC FIRST, Equitas SFB, Federal and IndusInd BankThe Reserve Bank of India (RBI) has given its approval to ICICI Prudential Asset Management Company Limited (I-Pru AMC) and ICICI Prudential Life Insurance Company Limited (I-Pru Life) to acquire aggregate holding of up to 9.95% of the paid-up share capital or voting rights in RBL Bank Limited, IDFC FIRST Bank Limited, Equitas Small Finance Bank (SFB), Federal Bank, and IndusInd Bank Limited.

• The companies must complete the acquisition within 1 year, by December 26, 2024. The approval will be canceled if the companies fail to acquire the stake within the mentioned year.
• The approval has been granted concerning an application submitted by I-Pru AMC and I-Pru Life to RBI.
• I-Pru AMC and I-Pru Life hold 2.08% of the equity share capital of RBL Bank Limited as of December 22, 2023.

Conditions:
i.The aggregate holding should not exceed 9.95% of the paid-up share capital or voting rights of the banks at all times.
ii.If the aggregate holding falls below 5%, prior approval from the RBI is required to increase it to 5% or more of the share capital or voting rights of the banks.
Regulatory Framework:
i.The approval granted by the RBI is subject to compliance with the relevant provisions of the Banking Regulation Act of 1949.
ii.Adherence to RBI’s Master Direction and Guidelines on Acquisition and Holding of Shares or Voting Rights in Banking Companies dated January 16, 2023 (as amended from time to time);
iii.Comply with the provisions of the Foreign Exchange Management Act of 1999;
iv.Follow regulations issued by the Securities and Exchange Board of India (SEBI), and any other guidelines, regulations, and statutes as applicable.
About ICICI Prudential Life Insurance Company Limited (I-Pru Life):
I-Pru Life is promoted by ICICI Bank Limited and Prudential Corporation Holdings Limited.
Managing Director (MD) and Chief Executive Officer (CEO)– Mr. Anup Bagchi
Headquarters– Mumbai, Maharashtra
Incorporated in– 2000
Started Operations– 2001

SCIENCE & TECHNOLOGY

Russia & NASA Agrees to Extend Cross-flight Programme to ISS until 2025 Russia’s Roscosmos and the National Aeronautics and Space Administration (NASA) have agreed to extend their partnership in space exploration by continuing cross-flights, involving crews of various nationalities to travel on a single spacecraft to the International Space Station (ISS) until 2025.

• The mutual commitment is aimed at ensuring the overall reliability and operational continuity of ISS and will be carried out on Russian and United States of America (U.S.) spacecraft.

Representative Presence:
The cross-flights involve sending 1 American astronaut to the ISS as part of the crew of a Russian spacecraft and 1 Russian cosmonaut as part of an American crew.
Key Points:
i.The ISS was launched in 1998 at a time of increased US-Russia cooperation following the Cold War “Space Race.”
ii.The current ISS partners, including the U.S., Russia, Europe, Canada, and Japan, have officially committed to operate the space station until 2024.

• The 5 space agencies are NASA (U.S.), Roscosmos (Russia), the European Space Agency (ESA), the Japan Aerospace Exploration Agency (JAXA), and the Canadian Space Agency (CSA).

iii.An international partnership of 5 space agencies from 15 countries operates the ISS and the space station has been continuously occupied since November 2000.
iv.US officials have shown interest in extending operations until 2030, while Russia has stated its intention to use the ISS until 2028.
Key Facts about ISS:
i.The ISS is an orbital laboratory, that was designed to perform microgravity and space environment experiments,
ii.It orbits Earth at an average altitude of 400 kilometers (250 miles) and orbits Earth about every 90 minutes and in 24 hours.
iii.In 24 hours, the ISS makes 16 orbits of Earth, traveling through 16 sunrises and sunsets.
About Roscosmos:
Director General– Yury Borisov
Headquarters– Moscow, Russia
It is a State Space Corporation, established in August 2015 to oversee and implement a comprehensive reform of the Russian space industry. It is a member of the International Astronautical Federation (IAF).

LSAM 10 (Yard 78): Indian Navy’s 4th MCA Barge Launched in Mumbai On 28 December 2023, The Indian Navy (IN) inducted the Missile Cum Ammunition (MCA) Barge, LSAM 10 (Yard 78), the 4th Barge of the 08 x MCA Barge project at Naval Dockyards in Mumbai, Maharashtra for the Naval Armament Depot (NAD), Karanja, Mumbai.

• The induction Ceremony was presided over by Cmde MV Raj Krishna, CoY(Mbi).
• The barge was built by the SECON Engineering Projects Pvt Ltd (SEPPL), Visakhapatnam, Andhra Pradesh for the IN.

Note: The 1st Barge of series LSAM 7 (Yard 75) was delivered to IN on 18th July 2023.
Background:
i.On 19 February 2021, Ministry of Defence (MoD) and SEPPL signed the contract for building the 08 x MCA Barges.
ii.The induction of these Barges aims to enhance the IN’s operational commitments by facilitating seamless Transportation, Embarkation, and Disembarkation of articles and ammunition to IN Ships, both alongside jetties and at outer harbors.
Key Points:
i.The Barges are indigenously designed and built by the classification Naval Rules and Regulations of the Indian Register of Shipping (IRS).
ii.The model testing of the Barge during the design stage was conducted at the Naval Science and Technological Laboratory (NSTL), Visakhapatnam.
iii.These indigenously crafted Barges exemplify the Make in India and Atmanirbhar Bharat (self-reliant India) initiatives of the Government of India (GoI).

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