Current Affairs 31 December 2023

We are here for you to provide the important Recent and Latest Current Affairs 31 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

Union Minister Piyush Goyal: Govt Extends RoDTEP Benefits to E-Commerce ExportsUnion Minister Piyush Goyal, Ministry of Commerce and Industry (MoCI), announced that the government has extended the benefits of the Scheme for Remission of Duties and Taxes on Exported Products (RoDTEP) to e-commerce exports through courier and postal services.

• Union Minister also released the “E-Commerce Exports Handbook for MSMEs(Micro, Small, and Medium Enterprises)” prepared by the Directorate General of Foreign Trade (DGFT) in New Delhi, Delhi.

Key Points:
i.The scheme provides for refund of taxes, duties, and levies that are incurred by exporters for manufacturing and distribution of goods and are not reimbursed under any other mechanism at the center, state, or local level.
ii.The DGFT will implement the necessary Information Technology (IT) framework and other enablers for the extension of the scheme for the exporters.
Note: The RoDTEP scheme operates under a budgetary framework and for 2023-24, a budget of Rs 15,070 crore is available for it.
E-Commerce Exports Handbook for MSMEs:
i.The handbook stands as a definitive guide in assisting MSMEs to utitlise the potential of e-commerce for expanding their exports.
ii.It is visualised as a one-stop repository, and provides detailed insights into strategies for promoting exports via e-commerce, facilitating MSMEs to venture into global markets effectively.
iii.It was initially released in 4 languages namely English, Hindi, Gujarati, and Kannada.
iv.It will be translated into all official languages across India, ensuring accessibility and benefitting consumers, entrepreneurs, and everyone, who is looking to contribute significantly to trade and commerce.
DGFT and Shiprocket signed a MoU
During the event, DGFT and Shiprocket, an E-Commerce enabler, signed a Memorandum of Understanding (MoU) to support new and first-time exporters, especially from MSMEs, in leveraging E-Commerce for international trade.
The MoU was signed as part of the E-Commerce outreach conducted by DGFT Regional Authorities under its Districts as Export Hubs Initiative.
Note: The “E-Commerce exports handbook for MSMEs” will be a key resource for raising awareness of E-Commerce exports through these outreach events in the districts.

NSE data: Maharashtra tops Among States with Highest Number of Registered InvestorsAccording to recent data from the National Stock Exchange (NSE), Maharashtra tops the list of states with the highest number of registered investors. Maharashtra registered a growth of 16.9% with over 1.48 crore registered investors.

• Uttar Pradesh (UP), with 89.47 lakh investors, has surpassed Gujarat (76.68 lakh) and secured the 2nd position on the list.

Total investors: 
i.As of December 25, 2023, the total count of investors across India was 8.49 crore, which is a hike of 22.4% from last year. The count stood at 6.94 crore on 31st December 2022.
ii.The total count of investors in India increased from around 7 crore to 8 crore in the past 8 months.
iii.The recent market rally and increasing interest towards equity investments contributed to the increase in investor participation.
Points to note: 
i.According to the report, UP has registered a growth of 33.8% in new investors while Gujarat recorded a growth of 17.2%.
ii.West Bengal, Karnataka, Tamil Nadu, and Rajasthan are among the states that have witnessed an increase in the number of investors in the stock market. The registered individuals in these states are more than 47 lakh.
iii.Bihar, Uttar Pradesh and Madhya Pradesh have recorded the highest growth among large states with a rise of 36.6%, 33.8%, and 28.9%, respectively.
iv.The northeastern states have also registered growth in the number of investors. Mizoram; Nagaland and Tripura have witnessed a growth of 54.9%, 54% and 41.3% respectively.
Market cap of NSE Listed Companies’ Surpass USD 4 Trillion Mark
For the first time, the market capitalisation of listed companies on the NSE has surpassed the USD 4 trillion (Rs 334.72 trillion) mark, as of December 29, 2023, it stood at USD 4.32 trillion .
i.At present, India is ranked 4th in the world in terms of market capitalisation, following the United States of America(USA), China and Japan.
ii.Reliance Industries Limited (RIL) is India’s most valued firm with a market valuation of Rs 17,63,001.81 crore, followed by Tata Consultancy Services (TCS) with Rs 13,90,823.72 crore and HDFC Bank with Rs 12,94,593.58 crore.
iii.The frontline index Nifty 50 has risen nearly 20%, while BSE Sensex surged more than 18% in 2023. Nifty Smallcap 100 index surged over 54% and the Nifty Midcap 100 jumped over 45% in 2023.
iv.NSE is now ranked as 3rd largest exchange in the world based on number of trades in the cash market segment. NSE accounts for a 10.8% share globally.
Note: 
In November 2023, the combined market valuation of all listed companies on the BSE (formerly Bombay Stock Exchange) also reached the USD 4 trillion mark.

Union Minister Bhupender Yadav Launched NTPS-“One Nation-One Pass” to Enable Seamless Transit of Forest Produce across India Union Minister Bhupender Yadav, Ministry of Environment, Forest and Climate Change (MoEF&CC) launched the National Transit Pass System (NTPS), envisioned as a One National One Pass system, will enable seamless transportation of timber, bamboo, and other forest produce across India.
Key Points:
i.At present, state-specific transit rules govern the issuance of transit permits(TP) of timber and forest produce; NTPS will replace this with a uniform, pan-India approach.
ii.This unified online mode permit system will ease the process of getting TP for tree growers and farmers involved in agroforestry across India.
Special Pan Indian Vehicle Launch:
i.Union Minister also flagged off the special Pan Indian vehicles carrying forest produce to create awareness abou the applicability and ease of using NTPS.
ii.2 vehicles carrying timber and other forest produce from Gujarat and Jammu & Kashmir (J&K) bound for West Bengal and Tamil Nadu were flagged off during the event.
iii.NTPS generates a QR-coded TP will enable the check gates across different states to verify the permit validity and allow seamless transit.
Features of NTPS:
i.NTPS is designed for user convenience, featuring desktop and mobile applications for easy registration and permit applications.
ii.NTPS manages records for inter-state and intra-state transportation, covering various sources like private lands and government-owned forests.
iii.Transit permits will be issued for tree species that are regulated, while users can self-generate No Objection Certificates(NOC) for exempted species.
Note: 25 States and Union Territories already embraced the unified permit system, streamlining interstate business operations for producers, farmers, and transporters.

DEA releases Interest Rate on Small Saving Schemes for Q4FY24; Hikes rate on SSAS & 3-year Time DepositOn December 29, 2023, the Department of Economic Affairs-DEA (Budget Division), Ministry of Finance released the interest rates for Small Savings Schemes applicable in the January-March 2024 quarter (Q4FY24) i.e. from January 1, 2024 to March 31, 2024.

• As per it, the interest rate on the Sukanya Samriddhi Account Scheme (SSAS) increased by 20 basis points from 8% to 8.2% for Q424.
• The interest rate on three-year time deposits also increased by 10 basis points from 7% to 7.1%.
• The interest rates for all other small savings schemes will remain unchanged from the rates offered in Q3FY24 (October-December 2023).

List of Interest on Small Saving Schemes for Q4FY24:

Click Here for Official Rates
About SSAS:
The Prime Minister (PM) of India Narendra Modi launched the SSAS under the Beti Bachao Beti Padhao campaign on January 22, 2015.

• The scheme is meant to meet the education and marriage expenses of a girl child.
• Minimum deposit is Rs 250, and maximum Rs 1.5 lakh per financial year
• Deposits qualify for Section 80-C deduction, and the interest is tax-free under Sec.10 of the Income Tax (IT) Act, 1961.
• To be eligible for the SSAS, the girl child must be a resident Indian and under the age of 10 at the time of account opening.

Click Here to Read More about SSAS
Key Points:
i.Interest rates for small savings schemes are notified on a quarterly basis by the government.
ii.The formula to arrive at the interest rates for small savings scheme was given by the Shyamala Gopinath Committee.
iii.The committee suggested that interest rates of different schemes should be 25-100 bps higher than the yields of the government bonds of similar maturity.

New Design & Test Facility was Inaugurated at HAL’s AERDC in BengaluruOn 29th December 2023, Giridhar Aramane, Defence Secretary, Ministry of Defence (MoD), inaugurated a new state-of-the-art design and test facility at Aero Engine Research and Development Centre (AERDC) of Hindustan Aeronautics Limited (HAL) in Bengaluru, Karnataka.
Note: AERDC, established in the 1960s, is the only design house that has developed test beds for engines of both Western and Russian origin.
Features:
i.The new facility of over 10,000 sq. meters houses set ups to test engine components and Line Replacement Units (LRUs).
ii.The facility also has special machines, advanced setups leveraging on computational tools and in-house fabrication facility.
iii.Test Beds: The facility has 2 test beds for testing Hindustan Turbo Fan Engine (HTFE)-25 and one testbed each for testing Hindustan Turbo Shaft Engine (HTSE)-1200 and upcoming JV engine for IMRH to be co-developed by France based Safran Helicopter Engines and HAL.
iv.The facility can test

• Air producer of attack aircraft SEPECAT Jaguar
• Gas Turbine Starter Unit (GTSU) – 110 M2 and 127E of Light Combat Aircraft (LCA)
• Auxiliary Power Units of Indian Multi-Role Helicopter (IMRH) and Advanced Medium Combat Aircraft.
• Gas Turbine Electrical Generator (GTEG)-60 for Antonov An-32 aircraft.

About Hindustan Aeronautics Limited (HAL):
CMD – C.B. Ananthakrishnan (additional charge)
Headquarters – Bengaluru, Karnataka
Established in – 1940

TEC Launched online modules for CoA & Technology Approval Under Voluntary Certification Scheme
Telecommunication Engineering Centre (TEC) launched a Online Voluntary Certification modules of Certificate of Approval (CoA) and Technology Approval under its voluntary certification scheme to enhance the Ease of Doing Business and Promote Atmanirbhar Bharat.

• TEC is the technical arm of the Department of Telecommunications (DOT) under the Ministry of  Communications (MoC) .
• The module was launched by A.K.Sahu, Member, Digital Communication Commission (DCC).

i.The online module was developed by Centre for Development of Telematics(C-DOT), a Research and Development(R&D) centre of DOT.
ii.The module will streamline the testing and certification process, and foster an ecosystem for Start-ups and Micro, Small & Medium Enterprises (MSMEs_ in the Telecom and related Information and communication technology(ICT) sector.
iii.Now, the Type Approval Certificate, Interface Approval Certificate, Certificate of Approval (CoA) and Technology Approval Certificate can be applied and processed through the online module.
Note: The On-line modules for Type/Interface approval had been previously made operational with effect from 7th July 2023.

BANKING & FINANCE

RBI Extends Payments Infrastructure Development Fund Scheme Till 2025The Reserve Bank of India (RBI) has revised the Payments Infrastructure Development Fund (PIDF) scheme and extended the deadline by two years, i.e., upto December 31, 2025.
Key Points:
The PIDF scheme has been enhanced to increase the scope of beneficiaries and acceptance infrastructure. The enhancements includes,
i.Included Beneficiaries of PM Vishwakarma Scheme as merchants under the PIDF Scheme.

• All installations since 17th September 2023(inception of PM Vishwakarma Scheme) may prefer claim under the PIDF scheme.

ii.Sound Box devices and Aadhaar-enabled biometric devices are now eligible to claim subsidy under the scheme.
iii.Irrespective of the device type, the subsidy for devices deployed in special focus areas(North Eastern states; Jammu & Kashmir and Ladakh) has been increased to 90% from 75% of the cost of device.

• Installations made from 1st October 2023 are eligible for subsidy.

About PIDF scheme:
i.PIDF scheme was introduced by RBI in 2021 for a period of 3 years (until December 2023).
ii.The scheme aims to encourage deployment of payment acceptance infrastructure such as physical Point of Sale (PoS) terminals, Quick Response (QR) codes by adding 30 lakh touch points every year..
iii.The scheme is targeted in tier-3 to tier-6 centres, North Eastern states, J&K and Ladakh.
iv.In August 2021, beneficiaries of Pradhan Manthiri Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi Scheme) in Tier-1 and 2 centres were included in the PIDF scheme.
v.By August 2023, over 2.66 crore new touchpoints have been deployed under the Scheme.
Governance of PIDF:
i.PIDF is governed by a nine-member ex-officio Advisory Council (AC).
ii.Gunveer Singh who is the Chief General Manager-in-Charge, Department of Payment & Settlement Systems of RBI, functions as the Secretariat to the AC.
Additional info:
The instructions are issued by RBI under Section 18 read with Section 10 (2) of Payment and Settlement Systems Act, 2007.
Fully Owned Subsidiaries of RBI:
i.Deposit Insurance and Credit Guarantee Corporation of India (DICGC)
ii.Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL)
iii.Reserve Bank Information Technology Private Limited (ReBIT)
iv.Indian Financial Technology and Allied Services (IFTAS)
v.Reserve Bank Innovation Hub (RBIH)

IRDAI Annual Report 2022-23: India’s Insurance Penetration Drops to 4% in 2022-23According to the Insurance Regulatory and Development Authority of India (IRDAI)’s Annual Report 2022-23, the overall insurance penetration in India reduced from 4.2% in 2021-22 to 4% in 2022-23.
i.Life insurance penetration has reduced marginally from 3.2% in 2021-22 to 3% in 2022-23 while non-insurance penetration remained unchanged at 1%.
ii.A total of 2.84 crore policies were sold during the fiscal year 2022-2023 (FY23). Of this, 97.38 lakh were sold to women.
iii.Premium income of life insurance companies rose by 12.98% to Rs 7.83 lakh crore in FY23 while the premium income of general insurers increased by 16.4 per cent to Rs 2.57 lakh crore.
About Insurance Regulatory and Development Authority of India (IRDAI):
Chairperson– Debasish Panda
headquarters– Hyderabad, Telangana
Established in 1999 (incorporated in April 2000)
>> Read Full News

RBI cancels licence of Gujarat’s Botad Peoples Co-operative Bank, and Maharashtra’s Adarsh Mahila Nagari Sahakari Bank MaryaditOn December 29, 2023, the Reserve Bank of India (RBI) has cancelled the banking license of The Botad Peoples Co-operative Bank Ltd., Botad, Gujarat but granted the non-banking institution licence. It also cancelled the license of Adarsh Mahila Nagari Sahakari Bank Maryadit, Aurangabad, Maharashtra.
About The Botad Peoples Co-operative Bank:
RBI has cancelled its licence to carry on banking business of the Botad Peoples Co-operative Bank in India which was granted in 1998 under Section 22 read with Section 56 of the Banking Regulation (BR) Act, 1949. However, RBI allows it to function as a non-banking institution under Section 36A (2) read with Section 56 of the BR Act.

• In this regard, the bank must cease banking activities, including non-member deposits, under section 5(b) of the BR Act.
• It is also obligated to repay any outstanding deposits upon demand, even after being designated a non-banking institution.

Click Here for Official Notification
About Adarsh Mahila Nagari Sahakari Bank Maryadit, Aurangabad, Maharashtra
RBI has cancelled the licence of Adarsh Mahila Nagari Sahakari Bank Maryadit, Aurangabad, Maharashtra. Consequently, the bank ceases to carry on banking business i.e.  acceptance of deposits and repayment of deposits as defined in Section 5 (b) read with Section 56 of the Banking Regulation Act, 1949 with immediate effect.

• The Commissioner and Registrar of Cooperative Societies, Maharashtra has also been requested to issue an order for winding up the bank and appoint a liquidator for the bank.

Reason behind Cancellation:
i.Inadequate capital and earning prospects, violating Section 11(1) and Section 22 (3) (d) with Section 56 of BR Act, 1949.
ii.Non-compliance with Sections 22(3)(a), 22 (3)(b), 22(3)(c), 22(3)(d), and 22(3)(e) read with Section 56 of the Banking Regulation Act, 1949.
iii.The bank’s persistence poses a threat to the depositor interests as it is financially incapable of full repayment, negatively impacting public interest.
Key Points:
i.Depositors receive a deposit insurance claim, up to Rs 5,00,000 (monetary ceiling), upon liquidation, subject to Deposit Insurance and Credit Guarantee Corporation (DICGC) Act, 1961.
ii.99.77% of depositors are entitled to the full amount from DICGC, as per bank data.
iii.As of October 31, 2023, DICGC has paid Rs 185.38 crore of insured deposits under Section 18A of the DICGC Act, 1961.

CBI & Kisetsu Saison Finance Partners for MSME Loan
The Central Bank of India Limited (CBI) has entered into a Co-Lending Partnership with Bengaluru (Karnataka) based Kisetsu Saison Finance (India) Private Limited, to offer Micro, Small & Medium Enterprise (MSME) Loans.
i.Under this partnership, CBI will be acquiring 80% of the MSME loans which are originated and processed by Kisetsu Saison Finance.
ii.The partnership aims to expand the portfolio by the CBI and Kisetsu
Saison Finance.
Kisetsu Saison Finance, Established in 2018, is a Non-Banking Financial Company (NBFC), known by its trade name Credit Saison India (“CS India”). It is the subsidiary of Japan based Credit Saison Company Limited.
Chief Executive Officer (CEO) – Presha Paragash

ECONOMY & BUSINESS

RIL Becomes 1st Indian Company to Use Chemical Recycling For ISCC–Plus Certified Circular Polymers
Reliance Industries Limited (RIL) became the 1st Indian company to chemically recycle plastic waste-based pyrolysis oil into International Sustainability & Carbon Certification (ISCC)-Plus certified Circular Polymers.
i.RIL’s Jamnagar(Gujarat) refinery became the 1st refinery to get the ISCC-Plus certification, validating its capability to produce Circular Polymers through chemical recycling.
ii.RIL has shipped its 1st batch of ISCC-Plus-certified Circular Polymers, named CircuRepol™ (Polypropylene) and CircuRelene™ (Polyethylene). These polymers were designed to spearhead the way in Circular Economy practices.
The ISCC-Plus certification ensures adherence to traceability and rules in the production of Circular Polymers.

ACQUISITIONS & MERGERS

LIC reduces Stakes in BHEL to 9.617%
Life Insurance Corporation of India (LIC) reduced its shareholding in Bharat Heavy Electricals Limited (BHEL) from 11.701% to 9.617% through open market operation(OMO).

• LIC sold its BHEL shares at an average price of Rs 79.58 through secondary market between June 2019 and December 2023.
• LIC’s shareholding decreased from 40,74,40,614 to 33,48,62,025 Equity Shares.

BHEL is a Maharatna Central Public Sector Enterprise (CPSE) under the Ministry of Heavy Industries (MHI).
CMD – Koppu Sadashiv Murthy 
Headquarters – New Delhi, Delhi
Established in – 1964

SCIENCE & TECHNOLOGY

Seventh Ferry craft ‘Manjula‘ (Yard 786) Delivered to Indian Navy On 29th December 2023, Kolkata (West Bengal) based The Shalimar Works (1980) Limited has delivered the seventh 250 Men Ferry Craft ‘Manjula’ (Yard 786) to the Indian Navy (IN).

• It was delivered in the presence of Rear Admiral Deepak Kumar Goswami, Admiral Superintendent, Naval Dockyard (ASD), Mumbai(Mbi), Maharashtra.

Contract:
i.The delivery of the ship concludes the contract for construction of seven 250 Men Ferry Craft with Shalimar Works Limited.
ii.The contract is in line with the ‘AatmaNirbhar Bharat’ initiatives of the Government of India (GoI).
About Manjula (Yard 786): 
i.Manjula(Yard 786) Ferry Craft was built under the ‘Make in India’ initiative of the Ministry of Defence (MoD) with all major and auxiliary equipment or systems sourced from indigenous manufacturers.
ii.The ferry craft was built with a life span of 25 years and provide impetus to operational and logistics requirements of the IN.
iii.Manjula has the capacity to ferry 250 Men.
iv.The ferry can transport both Men and Material between Indian Naval Ports and Shipsor Submarines at anchorage.
Additional Info:
Six out of Seven Ferry Crafts have already been delivered at Port Blair(Andaman and Nicobar Islands), Visakhapatnam (Andhra Pradesh) and Mumbai.
Background:
‘Manjula’ was launched by Binod Kumar, Indian Administrative Service (IAS), Principal Secretary Transport, West Bengal on 23 November 2022 at  Shalimar Works Ltd, in presence of Commodore Indrajit Dasgupta, Warship Production Superintendent (Kolkata).
About The Shalimar Works (1980) Limited:
The Shalimar Works (1980) Limited is fully owned by the Government of West Bengal.
Chairman – Anshul Gupta
Established in – 1981 (Originally established by Turner Morrison Limited, United Kingdom in 1885)

STATE NEWS

J&K Panchayati Raj Act, 1989 Amended to Incorporate OBC Reservation Jammu and Kashmir (J&K) Administrative Council led by Lieutenant Governor(LG) Manoj Sinha amended J&K Panchayati Raj Act, 1989 to incorporate the definition of Other Backward Classes (OBCs) in the Act to ensure reservation for OBCs in Panchayati Raj Institutions (PRIs).
For the 1st time, OBCs in J&K will benefit from reservations for positions such as Sarpanchs and Panchs.
Background:
i.The draft J&K Panchayati Raj Act (Amendment) Bill 2023 was submitted to the Ministry of Home Affairs (MHA).
ii.The observations of the MHA were examined and the necessary amendments were incorporated into the revised bill.
iii.Prior to the amendment, the reservations were limited to women, Scheduled Castes (SC), and Scheduled Tribes (ST).
Objective:
i.The proposed amendments aim to align the J&K Panchayati Raj Act, 1989 with the standards observed in other states and Union Territories(UTs).
ii.It underlines the amendment goal to enhance transparency in the functioning of PRIs, adhere to constitutional alignment, and consistency with the practices in other states with OBC reservation, apart from SCs and STs.
About the Amendments:
i.The amendments not only guide new reservations but also bring clarity to the rules governing disqualification from Halqa Panchayat membership.
ii.Moreover, provisions for the suspension or removal of Sarpanch, Naib Sarpanch, and Panch by the government have been outlined.

• Removal is pursued in cases of confirmed misappropriation of funds or specified issues during investigation.

iii.It also defines the process for removal and conditions of service of the State Election Commissioner (SEC).
iv.OBCs will also have reserved positions in Urban Local Bodies (ULBs). It requires separate amendments to the existing J&K Municipal Corporation and Municipalities Acts.

• Presently, reservations in ULBs are only available for Women, SCs, and STs.

Odisha CM Naveen Patnaik Launched 3rd phase of BSKY Health Scheme
Odisha Chief Minister (CM) Naveen Patnaik launched the 3rd phase of its flagship universal health coverage scheme, Biju Swasthya Kalyan Yojana (BSKY), covering nearly 90% of the population of Odisha.

• All the families in rural areas excluded in the 1st and 2nd phases of BSKY will now be covered under the scheme and get the “BSKY Nabin Card’.
• All rural families in Odisha (excluding government employees and income tax payees), who are presently not covered under BSKY, will now receive the BSKY Nabin Card.
• Cardholders are entitled to cashless healthcare of Rs 5 lakh per annum (up to Rs 10 lakh for women members) for critical illnesses in private hospitals, both within and outside Odisha.

Note: In the 1st phase of the BSKY launched in 2018, all services in public health facilities were made free of cost for all persons, irrespective of income or residence. In the 2nd phase, BSKY provided cashless healthcare in private health facilities for all covered under Food Security Schemes and ration card holders.

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