Daily Current Affairs July 05 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

SBI launched an upgraded version of the YONO app & an interoperable cardless cash withdrawal facility at ATMs

• As a part of the 68th Bank Day celebrations, the State Bank of India (SBI) has launched its upgraded digital banking application, ‘YONO (You Only Need One) for Every Indian’, and introduced the Interoperable Cardless Cash Withdrawal (ICCW) facilities.
• The YONO app has been revamped, keeping in mind the expectations of customers for a seamless and pleasant digital experience.
• This will further fulfil the goal of making the ‘YONO for Every Indian’ mission a reality.”

Key Highlights :

• With ‘YONO for Every Indian’, bank customers will have access to UPI features like Scan and Pay, Pay by contacts, and Request money, among others on YONO’s new avatar.
• With the rollout of the ICCW facility, customers of SBI, as well as other banks, can withdraw cash seamlessly from ICCW-enabled ATMs of any bank by using the ‘UPI QR Cash’ functionality.
• The transaction will be facilitated through a single-use dynamic QR code displayed on the ATM screen.
• By eliminating the need to enter a PIN or physically handle a debit card, the ICCW facility minimises the risks associated with shoulder surfing or card cloning.

Additional Info :

• Since its launch in 2017, YONO, the mobile banking app, has over 60 million registered users.
• In FY23 alone, 64% or 7.86 million savings accounts were acquired digitally through YONO.

About SBI :

• Founded : 1 July 1955
• Headquarters : Mumbai, Maharashtra, India
• Chairman : Dinesh Kumar Khara
• Tagline : The Banker to Every Indian

UPI transactions falls 0.9% in June 2023

• Transactions undertaken on the UPI (Unified Payments Interface) network dipped 0.9% in June,2023 both in terms of volumes and value of transactions, after touching a record high in May, 2023.
• This is the first decline in transaction volume since February 2023.

Key Highlights :

• According to National Payments Corporation of India (NPCI) data, UPI transactions fell to ₹14.75 lakh crore in June, with 933 crore transactions being processed during the month.
• The number of transactions was higher by 59% on the year, and the value of transactions was 45% higher compared with June 2022.
• In its annual report for 2022-23, RBI stated that UPI-led retail digital payments increased at a compounded annual growth rate (CAGR) of 50% in terms of volume between 2016-17 and 2021-22.
• In the same report, UPI-led retail digital payments grew at a CAGR of 27% in terms of value between 2016-17 and 2021-22.
• According to a report by PwC India, UPI transactions will cross 100 crore transactions per day by FY27.

What is UPI?        

• Unified Payments Interface (UPI) is one of the globally accepted payment systems and has emerged as a trusted payment mode ever since its launch in 2016.
• UPI is an instant payment system.
• It has been developed by the National Payments Corporation of India (NPCI).
• It makes the possible instant transfer of money between any two individuals’ bank accounts.

Recent News :

• In May 2023, Transactions undertaken on the UPI (Unified Payments Interface) network, touched a record high of ₹14.89 lakh crore, also crossing the milestone of 900 crore transactions per month.

State Bank of India Grants Rs. 22.5 Crore to IIT-Bombay to Strengthen its data analytics & Artificial Intelligence Capabilities

• On the occasion of 68th Foundation Day of the State Bank of India (SBI), the bank through its CSR arm SBI Foundation, has pledged a grant of ₹22.5 Crores to establish a Banking Data and Analytics Hub at the Indian Institute of Technology, Bombay (IIT-B).
• The focus of the Hub will be to address the unique challenges faced by the Indian banking and financial services sector.
• The collaboration aims to leverage SBI’s extensive experience in banking and IIT Bombay’s research expertise.

Key Highlights :

• The Banking Data and Analytics Hub will include a modern 10,000 square feet lab facility where innovative research will be undertaken to solve growing banking concerns.
• The goal is to create new and efficient solutions for the industry.
• In addition to conducting research, the Hub will focus on skill development in data analytics and AI, cultivating a talent pool of banking analytics specialists.

Recent News :

• In June 2023, The country’s largest public sector lender State Bank of India (SBI), raised USD 750 million under its USD 10 billion Global Medium Note programme to fund its overseas business growth.

Indian bank Collaborate with National E-Governance Services Limited to Introduce digital services under ‘Project WAVE’ initiative

• Public sector lender Indian Bank in collaboration with National E-Governance Services Limited (NeSL), has unveiled new services under its digital transformation initiative – Project WAVE (world of advanced virtual experiences)
• In January 2022, the process of digitization under Project WAVE was first launched.

Key Highlights :

• As part of the digital transformation initiative, the Indian bank & NeSL has introduced an electronic bank guarantee (e-BG) service to ease traditional paper-based processes.
• This move is expected to significantly reduce the turnaround time for issuing and delivering bank guarantees from the industry average of 3-4 working days to just a few minutes.
• Besides, the facility would replace the need for physical stamp paper and physical signatures of customers by replacing them with digital stamping and e-signing making the entire process digital.
• Indian Bank has launched a facility to avail pre-approved business loans, an end-to-end digital journey, for eligible individuals and proprietor firms to cater to their respective businesses.
• The newly launched digital vehicle loan product enables individual customers of the bank to get their dream vehicle with hassle-free loan processes.
• This facility would be available for loan value up to Rs 25 lakh.

Recent News :

• In June, 2023, state-owned Indian Bank partnered with Manipal Technologies Limited (MTL) to drive financial inclusion by offering customised banking products.

About NeSL :

• NeSL is an Information Utility (IU) appointed by the Insolvency and Bankruptcy Board of India (“IBBI”).
• It is a Union government company and is governed by the provisions of Insolvency and Bankruptcy Code, 2016 (IBC) and Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017.

Primary role :

• To serve as a repository of legal evidence holding the information pertaining to any debt/claim, as submitted by the financial or operational creditor and verified and authenticated by the parties to the debt.

About Indian Bank :

• Founded : 15 August 1907
• Headquarters : Chennai, Tamil Nadu
• MD & CEO : Shanti Lal Jain
• Tagline : Your Own Bank/ Apka Apna Bank

SEBI imposed Rs 30 lakh penalty on Vedanta Limited for incorrect disclosures

• The Capital market regulator Securities and Exchange Board of India (SEBI) has imposed a fine of Rs 30 lakhs on Anil Agarwal-owned Vedanta Limited.
• The fine has been slapped for the failure to provide correct disclosures, including misrepresentation on the company’s website.
• In March,2023 the Securities and Exchange Board of India (SEBI) issued a show cause notice to Vedanta Ltd.
• In September 2021, Vedanta Ltd issued a press release stating that “Vedanta signs Memorandum of Understanding (MoUs) with Gujarat Government to set up semiconductors and display fab units”.
• Following this, SEBI has levied the penalty on the company for making false representations through press release on its letterhead regarding a material event, which was not pertaining to the listed entity and publishing the press release on its website.

Recent News :

• In June 2023, Capital markets regulator Securities and Exchange Board of India (SEBI) allowed mutual funds (MFs) houses to conduct repo transactions on corporate debt securities, commercial papers (CPs) and certificate of deposits (CDs), in a bid to boost growth of the corporate bond market.

About SEBI :

• Established : 12 April 1988 as an executive body and was given statutory powers on 30 January 1992 through the SEBI Act, 1992
• Headquarters : Mumbai, Maharashtra
• Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
• SEBI is the regulatory body for securities and commodity markets in India under the ownership of the Ministry of Finance (MoF), GoI

CURRENT AFFAIRS: NATIONAL NEWS

The Prime Minister inaugurates the Sai Hira Global Convention Centre in Puttaparthi, Andhra Pradesh, via video conference:

• The Prime Minister, Shri Narendra Modi inaugurated Sai Hira Global Convention Centre in Puttaparthi, Andhra Pradesh via video conferencing.
• The inauguration ceremony witnessed the presence of prominent dignitaries and devotees from around the world.
• The Prime Minister lauded the theme of the event – ‘Practice and Inspire’ and called it effective as well as relevant.
• Shri Modi emphasized the importance of good conduct by the leaders of the society as society follows them.
• The Prime Minister continued, whereas there is rejuvenation of the places of spiritual significance, India is also leading in technology and economy.
• The Prime Minister underlined that India has now become one of the top 5 economies in the world which supports the third-largest startup ecosystem in the world.
• India is competing with the leading nations in the world in sectors like digital technology and 5G.
• The Prime Minister emphasized that 40 per cent of real-time online transactions happening in the world are taking place in India and urged the devotees to transform the entire district of Puttaparthi towards a digital economy.

About Andhra Pradesh

• Chief minister: YS Jagan Mohan Reddy
• Capital: Amaravati
• Governor: S. Abdul Nazeer

Recent News:

• The Union Cabinet, chaired by the Hon’ble Prime Minister Shri Narendra Modi, approved Metro Connectivity from HUDA City Centre to Cyber City with Spur to Dwarka Expressway, Gurugram covering a distance of 28.50 km having 27 stations on the route.
• Prime Minister Shri Narendra Modi inaugurated the first-ever National Training Conclave at the International Exhibition and Convention Centre, Pragati Maidan, New Delhi.

Shri Nitin Gadkari inaugurates and sets the foundation stone for 11 NH projects in Pratapgarh, Rajasthan, totalling Rs 5600 crore:

• Union Minister for Road Transport and Highways Shri Nitin Gadkari inaugurated and laid the foundation stone of 11 NH projects worth Rs 5600 Crore in Pratapgarh, Rajasthan.
• The foundation stone of 7 projects costing Rs 1850 crore and a total length of 221 km was also laid.
• These projects will provide direct connectivity from the famous religious place Nathdwara to Udaipur airport.
• The construction of the Pratapgarh bypass will reduce the traffic pressure inside the city.
• With the construction of the road from Raas to Biaora, the vehicles going towards Bhilwara will be facilitated.
• Tribal areas of Dungarpur, Udaipur and Banswara regions will get better connectivity.
• With the construction of a bypass in Sangwara and Garhi, the distance of Dungarpur-Banswara will be reduced by 10 km.
• Thirteen animal underpasses will be constructed in Todgarh Wildlife Sanctuary on the Beawar-Gomti road for the protection of wildlife.
• In Rajasthan, approval of 74 projects under CRF for 2250 crores was also announced during this program.
• The work on these projects will start soon.

About Rajasthan

• Capital: Jaipur
• Chief minister: Ashok Gehlot
• Governor: Kalraj Mishra

Recent news

• Union Minister for Road Transport and Highways Shri Nitin Gadkari inaugurated the Shelad to Nandura project costing Rs 816 crores on Amravati-Chikhali National Highway 53 at Khamgaon, Buldhana, Maharashtra.
• Union Minister for Road Transport and Highways Shri Nitin Gadkari inaugurated the 4-Lane Section between Nagaon Bypass-Teliagaon, and Teliagaon-Rangagara and laid the foundation for Mangaldai Bypass and the 4-lane section between Daboka-Parakhuwa in Assam, in the presence of Chief Minister Shri Himanta Biswa Sarma, MP Shri Dilip Saikia, MP Shri Pradyut Bordoloi, and State Minister of Forest & Environment Shri Chandra Mohan Patowary through video conferencing.

The Department of Telecommunications has established the Bharat 6G Alliance to promote innovation and collaboration in next-generation wireless technology.

• Telecom sector is a continuously evolving sector with high technological obsolescence.
• It has seen the transformation from Wire-line to Mobile services, which has become the lifeline of the people.
• Mobile services have also seen the transformation from 2G to 3 G to 4G to 5G and now 6G is in the horizon.
• Formation of the Bharat 6G Alliance (B6GA), a collaborative platform consisting of public and private companies, academia, research institutions, and Standards development organizations.
• The website for Bharat6G Alliance was also launched, the link for the same is https://bharat6galliance.com
• B6GA will forge coalitions and synergies with other 6G Global Alliances, fostering international collaboration and knowledge exchange
• In addition, with a grant of 240.51 crores under the Telecom Technology Development Fund (TTDF), two agreements were signed for projects.

About Bharat 6G Alliance (B6GA)

• The primary objective of B6GA is to understand the business and societal needs of 6G beyond technical requirements, foster consensus on these needs, and promote high-impact open research and development (R&D) initiatives.
• B6GA aims to bring together Indian startups, companies, and the manufacturing ecosystem to establish consortia that drive the design, development and deployment of 6G technologies in India.

About Telecom Technology Development Fund (TTDF)

• Telecom Technology Development Fund (TTDF) scheme was launched by DoT/USOF on 01.10.2022. 5% of annual collections from USOF will be available for the TTDF Scheme for funding research & development of technologies, products, and services.
• The scheme is envisaged to bridge the digital divide by developing and manufacturing state-of-the-art technologies and forming synergies among academia, start-ups, research institutes, and the industry to build and develop the telecom ecosystem

The G20 Research and Innovation Initiative Gathering (RIIG) Summit and Research Ministers’ Meeting held in Mumbai.

• Mumbai host the G-20 Research and Innovation Initiative Gathering (RIIG) Summit and Research Ministers’ Meeting from 4th to 5th July 2023.
• Union Minister of State (Independent Charge) for Science and Technology Dr Jitendra Singh will chair the G-20 Research Ministers’ Meeting (RMM) on 5th July 2023.
• A total of about 107 foreign delegates including Research Ministers from 29 G-20 members, guest countries and international organizations are likely to participate in the meeting.
• The RIIG Summit is taking place tomorrow, that is, on 4th July 2023, in Mumbai and will be chaired by the Secretary, Department of Science and Technology (DST), Dr Srivari Chandrasekhar.
• India has taken forward the Research and Innovation Initiative (RIIG) during its Presidency in 2023 under the theme “Research and Innovation for Equitable Society”.
• A total of 5 RIIG meetings were hosted by India this year under the theme “Research and Innovation for Equitable Society”.
• The RIIG Inception Meeting was held at Kolkata, followed by four thematic conferences in

1. i) Ranchi on the theme: ‘Materials for Sustainable Energy;
2. ii) Dibrugarh on the theme: ‘Circular Bioeconomy’,

iii) Dharamshala, on the theme: ‘Eco-Innovations for Energy Transition’; and

1. iv) Diu, on the theme ‘Sustainable Blue-economy’.

Recent News

• The Comptroller and Auditor General of India (CAG) is hosting a three-day SAI20 Summit under India’s G20 Presidency in Goa.

Prime Minister Narendra Modi will chair a meeting of his Council of Ministers in New Delhi

• Prime Minister Narendra Modi will chair a meeting of his Council of Ministers in New Delhi.
• According to sources, the meeting is likely to be held at the newly-built convention centre at Pragati Maidan in the national capital, which will host the G20 summit in September.
• This is going to be the second meeting of the Union Council of Ministers.
• In January, before the presentation of the Union Budget, the Prime Minister held such a meeting.
• The meeting has been called after senior BJP leaders met at the Prime Minister’s residence to discuss the party’s strategy for the 2024 Lok Sabha elections.
• It was attended by Home Minister Amit Shah, BJP President JP Nadda and other senior party leaders.
• In July 2021, the Cabinet had undergone a major revamp when 12 ministers were axed from the Modi government and 17 new ministers were sworn in.
• During the previous reshuffle, ministers like Ravi Shankar Prasad, Harsh Vardhan, Prakash Javadekar, Ramesh Pokhriyal Nishank and Santosh Gangwar were removed from the Cabinet.

PM-PRANAM scheme gets CCEA approval to boost alternative fertilisers

• The Cabinet Committee on Economic Affairs (CCEA) has recently approved the PM-PRANAM scheme with a total outlay of ₹3,70,128.7 crore for three years ending March 2025.
• PM-PRANAM will promote the use of nutrient-based, biofertilizers for sustainable agriculture.
• The name of the scheme stands for PM Programme for Restoration, Awareness, Generation, Nourishment and Amelioration of Mother Earth.
• The PM-PRANAM scheme will try to conserve the soil by promoting sustainable and balanced use of fertilizers.
• The Centre would incentivise those States which would adopt alternative fertilizers using the amount of subsidy that was saved by reducing the use of chemical fertilizers.
• The scheme includes various schemes which can boost farmers’ income, strengthen natural or organic farming, rejuvenate soil productivity, and ensure food security.
• The Sulphur coated Urea (Urea Gold) is being introduced in the country for the first time under this scheme.
• The scheme will not have a separate budget.
• It will be financed by the savings of existing fertiliser subsidies under schemes run by the Department of Fertilisers.
• At present, the MRP of urea is Rs.242 per 45 kg bag of urea (exclusive of charges towards neem coating and taxes as applicable), whereas the actual cost of the bag comes to around Rs. 2200.
• By 2025-26, eight Nano urea plants with a production capacity of 44 Crore bottles equaling 195 LMT of conventional urea will be commissioned.
• The outlay also provides for the setting up and revival of 6 urea production units (at Chambal Ferti Ltd. – Kota Rajasthan, Matix Ltd. Panagarh West Bengal, Ramagundam-Telangana, Gorakhpur-UP, Sindri-Jharkhand and Barauni-Bihar) to reduce the current import dependency for urea and make India self-sufficient in this aspect by 2025- 26.
• The Cabinet approved ₹1,451.84 crore for Market Development Assistance (MDA) for promoting organic fertiliser from Gobardhan Plants.
• Under the scheme, a subsidy of ₹1,500 per tonne will be provided.
• This subsidy will be provided to support the marketing of organic fertilisers produced as by-products from Biogas Plants/Compressed Biogas (CBG) Plants set up under the umbrella GOBARdhan initiative.

Recent News

• Union Cabinet approves continuation of Central Sector Scheme of ‘Exploration of Coal and Lignite Scheme’
• Union Cabinet approves Minimum Support Prices (MSP) for Kharif Crops for Marketing Season 2023-24
• The Cabinet Committee on Economic Affairs (CCEA) approved a package of innovative schemes for farmers with a total outlay of Rs 3,70,128.7 crore

Union Government launches scheme for shelter, aid to pregnant minor rape victims

• The Union Government launched a scheme for pregnant minor rape victims.
• A scheme for providing shelter, food and legal aid to pregnant minor victims of sexual assault, who have no family support, has been launched by Union Minister Smriti Irani.
• Women and Child Development Ministry have approved the proposal for “critical care and support for accessing justice to rape/gang rape survivors and minor girls who get pregnant”.
• It has been launched with an outlay of Rs 74.10 crore and becomes applicable across the country very soon.
• The government will also provide medical infrastructural support, apart from financial support to victims.
• Under this scheme, minor girls who have been abandoned by their families due to forced pregnancy, either due to rape or gang rape or due to any other reason will get support.
• NCRB reported 51, 863 cases under the POCSO Act in 2021.
• Out of total cases, 33,348 cases were reported under sections 3 and 5 of the Act.
• The government has set up 415 POCSO fast-track courts for accelerating access to justice for minor victims of rape.

CURRENT AFFAIRS : INTERNATIONAL NEWS

United States To Rejoin the United Nations Educational, Scientific and Cultural Organization after 5 years

• The United States of America (USA) rejoined as a member of the United Nations cultural and scientific agency, United Nations Educational, Scientific and Cultural Organization (UNESCO) after 5 years.
• In 2017, the USA, during the presidency of Donald Trump decided to withdraw from UNESCO.
• The Biden administration has also requested $150 million for the 2024 budget to fulfil UNESCO dues and arrears, with similar requests anticipated in subsequent years until the total debt of $619 million is cleared.

Why did the US decide to rejoin the organisation?

• The decision to return was motivated by concern that China is filling the gap left by the US in UNESCO policymaking, notably in setting standards for artificial intelligence and technology education around the world.

History :

• The US and Israel stopped funding UNESCO after it voted to include Palestine as a member state in 2011.
• The Trump administration decided in 2017 to withdraw from the agency altogether the following year.
• Earlier, the United States had withdrawn from UNESCO in 1984 during the Cold War era & the country rejoined the organization in 2003 under the administration of President George W. Bush.

About UNESCO :

• Established : 16 November 1945
• Headquarters : Paris, France
• Director General : Audrey Azoulay
• Parent Organisation : United Nations Economic and Social Council
• UNESCO is a specialized agency of the United Nations (UN) aimed at promoting world peace and security through international cooperation in education, arts, sciences and culture.

New Zealand becomes the first country to ban thin plastic bags

• New Zealand has become the first country to ban the thin plastic bags that supermarket customers use to collect their fruit and vegetables.
• The ban is also applicable to plastic straws and silverware.

Key Highlights :

• The New Zealand government started a campaign against single-use plastics in 2019.
• The government is now expanding this campaign.
• In 2019, the government banned the thicker plastic shopping bags that were used by customers to carry home their grocery items.
• Lightweight plastic bags are banned across Australia.
• Plastic straws, cutlery and food and drink containers are also being banned by some jurisdictions.
• In India, the amended Plastic Waste Management Rules 2016 provide the statutory framework and the prescribed authorities for enforcement of the rules, including ban on identified single use plastic items.
• Single use plastic items, which have low utility and high littering potential, have been prohibited, with effect from 1st July, 2022.
• As of 2021, 8 U.S. states -California, Connecticut, Delaware, Hawaii, Maine, New York, Oregon and Vermont had passed laws that prohibited stores from providing single-use plastic shopping bags.

About New Zealand :

• Prime Minister : Chris Hipkins
• Capital : Wellington
• Currency : Dollar

Canada Introduced ‘digital nomad strategy’ for foreign workers                      

• Canada launched the “digital nomad strategy” which will make temporary arrangements for foreigners looking for jobs.

Aim :

• To attract talented individuals from around the world.
• The announcement was made during Collision’s technical conference in

About digital nomad strategy :

• The digital nomad strategy” will allow workers with a foreign employer to stay and work in Canada for up to 6 months.
• If they get a job offer then an individual can remain in Canada for longer.
• The strategy focuses primarily on the technology industry, recognizing its importance in driving innovation and economic growth.
• Canada’s government is looking to poach talent from abroad through 3 new initiatives.
• The Canadian government will develop an immigration stream, which will allow the world’s most talented people to work for tech companies.
• The government will also create an innovation stream under its international mobility program for skilled workers.
• Government will create an open work-permit stream to allow 10,000 American H-1B visa holders to come and work in Canada.
• H-1B visas allow foreign nationals to temporarily work in the U.S. in certain specialised occupations, including the technology sector.

About Canada :

• Prime Minister : Justin Trudeau
• Capital : Ottawa
• Currency : Canadian Dollar

CURRENT AFFAIRS: BUSINESS NEWS

Between 2005 and 2022, India’s share in global commercial services exports doubles, according to a World Bank and WTO analysis:

• India has doubled its share of global commercial services exports to 4.4 per cent in 2022 from 2 per cent in 2005, according to a World Bank and World Trade Organization (WTO) report.
• The report titled ‘Trade in development services’ said that in India, South Africa and Türkiye, jobs directly linked to cross-border services exports account for more than 10 per cent of total services sector jobs.
• India has become a popular destination for medical travel, and hosted around 3.5 million foreign patients from 2009 to 2019,” the report said.
• According to the report, foreign patients from developed countries such as the United Kingdom and the United States, as well as from developing countries such as Bangladesh, Nepal and Sri Lanka visit India in search of less costly, high-quality treatment.

About WTO:

• Founded: 1 January 1995
• Headquarters: Geneva, Switzerland

About World Bank

• Headquarters: Washington, D.C., United States
• President: Ajay Banga
• Founded: July 1944

Recent News

• Indian merchandise exports have remained stagnant for the past 15 years, accounting for only 1.8% of global trade. Imports, on the other hand, have consistently grown.

Centre to soon notify rules for setting up GST appellate tribunals

• The Centre will soon notify rules for setting up GST appellate tribunals and appoint members after approval from the GST Council.
• Central Board of Indirect Taxes and Customs (CBIC) member (GST) Shashank Priya said the department is working to expand the taxpayer base and doing data triangulation with the corporate taxpayers in the income tax regime.
• As per data, currently, only 40 per cent of the corporate income taxpayer base is also registered under GST.
• As many as 1.39 crore businesses are registered under GST, almost double the number when GST has launched six years ago on July 1, 2017.
• Goods and Services Tax (GST) revenue buoyancy, which was 1.25 after the introduction of the indirect tax regime in 2017, has risen to 1.40 in the last two years.
• Average monthly GST revenue increased from Rs 89,885 crore in 2017-18 to Rs 1.50 lakh crore in 2022-23.
• In 2023-24, the average revenue stands at Rs 1.69 lakh crore per month.
• The council will also approve the work experience and qualifications of members of the tribunal.
• In March, Parliament cleared changes in the Finance Bill to pave the way for setting up appellate tribunals for the resolution of disputes under GST.

Recent News

• India’s gross Goods and Services Tax (GST) revenue collection in the month of June stood at Rs 1,61,497 crore, registering a rise of 12 per cent on a year-on-year basis
• The department launched the automated return scrutiny module in May 2023 from FY 2019-20 onwards. The move aims to streamline communication between GST officers and taxpayers, saving much time and effort for the parties involved.

Tamil Nadu emerges as India’s top electronics exporter, triples exports to $5.37 bn in FY23

• Tamil Nadu’s electronics exports nearly tripled in one year to $5.37 billion in FY23 from $1.86 billion in the previous year.
• From the fourth spot in FY22, Tamil Nadu moved to the top spot in FY23.
• Companies like Tata Electronics and Pegatron starting production have helped Tamil Nadu overtake three states – Uttar Pradesh, Karnataka and Maharashtra – to become India’s top exporter of electronic goods in FY23.
• Tamil Nadu retained the top spot in the first two months of the current fiscal year.
• In 2020-21, of India’s total electronics goods export of $15.59 billion, Tamil Nadu’s share was 11.98 per cent.
• However, this zoomed to 22.83 per cent, out of a total value of $23.57 billion, according to Central government data.
• In the current fiscal, Tamil Nadu continued to top the trend by being the top exporter, followed by Karnataka and Uttar Pradesh.
• In FY23, Tamil Nadu exported electronic goods worth $5.37 billion, while Uttar Pradesh was second with $4.90 billion and Karnataka third with $4.52 billion.
• In FY22, Karnataka was the top exporter of electronic goods with $3.87 billion; Uttar Pradesh was second with $3.77 billion; Maharashtra was third with $2.08 billion.

About Tamilnadu

• Chief minister: M. K. Stalin Trending
• Capital: Chennai
• Governor: R. N. Ravi
• NP: Guindy National Park, Mudumalai National Park, Mukurthi National Park, Indira Gandhi National Park (Annamalai), and Gulf of Mannar Marine National Park.

Recent News

• Industries Minister T.R.B. Rajaa inaugurated a new initiative called ‘SIPCOT BizBuddy Outreach’ which aims at improving the industrial ecosystem in Tamil Nadu.
• The Tamil Nadu government plans to raise ₹25,000 crore from market borrowings in the second quarter (July-September) of fiscal 2024, as per the indicative calendar released by the Reserve Bank of India (RBI).

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

China’s Qu Dongyu re-elected unopposed as head of United Nations’ Food and Agriculture Organization

• The head of the United Nations’s (UN) Food and Agriculture Organization (FAO), Qu Dongyu, was re-elected for a second term as head of the FAO.
• Qu, will serve a new four-year term from August 1, 2023.
• FAO directors can hold the role for a maximum of two consecutive terms.
• He was the only candidate standing for the role of FAO Director-General, and received 168 out of 182 votes in a ballot in Rome, Italy.

About Qu Dongyu :

• Qu was born in Yongzhou, Hunan, China in October 1963.
• From 2001 to 2011 he was Vice President of the Chinese Academy of Agricultural Sciences.
• Between 2011 and 2015 he served as vice-chair of the Ningxia Hui Autonomous Region in China and in 2015 he became Vice-Minister of the Ministry of Agriculture and Rural Affairs.
• On 1 August 2019, Qu Dongyu served as 9th Director-General of the Food and Agriculture Organization (FAO) of the United Nations.
• He is the first Chinese national to head the Organization.

About FAO :

• Established : 16 October 1945
• Headquarters : Rome, Italy
• The FAO is a specialised agency of the United Nations (UN) that leads international efforts to defeat hunger and improve nutrition and food security.
• The FAO comprises 195 members, including 194 countries and the European Union.

About China :

• President : Xi Jinping
• Capital : Beijing
• Currency : Renminbi

Ajit Pawar sworn-in as second Deputy Chief Minister of Maharashtra

• Nationalist Congress Party (NCP) leader Ajit Pawar, took oath as Maharashtra’s second deputy chief minister with Chief Minister Eknath Shinde and existing Deputy Chief Minister Devendra Fadnavis in attendance.
• Earlier, Ajit Pawar resigned as Leader of the Opposition after a meeting with NCP MLAs.
• Ajit Pawar joined Eknath Shinde-led Shiv Sena and the BJP government in Maharashtra.
• Now, Maharashtra will have two deputy chief ministers.
• Devendra Fadnavis is the other deputy chief minister.
• Along with Ajit Pawar, 8 other NCP Leaders also took oath as ministers.
• They are Chhagan Bhujbal, Dilip Walse Patil, Hassan Mushrif, Dharmarao Baba Atram, Aditi Sunil Tatkare, Sanjay Bansode, Anil Patil and Dhananjay Munde.

Recent News :

• In June 2023, Tribhuvaneshwar Saran Singh Deo appointed as 1st Deputy Chief Minister of Chhattisgarh

Debadatta Chand assume charge as MD and CEO of Bank of Baroda

• Debadatta Chand has taken charge as the managing director (MD) and chief executive officer (CEO) of Bank of Baroda.
• His appointment follows superannuation of Sanjiv Chadha.

About Debadatta Chand :

• Chand began his career in 1994 as an officer at Allahabad Bank and later worked as a manager at the Small Industries Development Bank of India (SIDBI) from 1998 to 2005.
• In 2005, he joined Punjab National Bank (PNB) as chief manager and progressed to the position of chief general manager.
• During his over 15-year tenure at PNB, he held various roles, including head of the zonal audit office in Patna, circle head of the Bareilly region, head of integrated treasury operations, and head of the Mumbai Zone.

About BoB :

• Founded : 20 July 1908
• Headquarters : Vadodara, Gujarat, India
• MD & CEO : Debadatta Chand
• Tagline : India’s International Bank
• Bank of Baroda operates more than 11,000 ATMs across India

CURRENT AFFAIRS : DEFENCE NEWS

Indian Naval Ship Rana & INS Sumedha undertook Maritime Partnership Exercise with French Navy ship FS Surcouf in Bay of Bengal

• Indian Naval ships (INS) Rana and INS Sumedha undertook a Maritime Partnership Exercise (MPX) with French Navy ship FS Surcouf in the Bay of Bengal along the coast of Vishagapatnam, Andhra Pradesh (AP).
• INS Rana, a guided missile destroyer and INS Sumedha, an indigenously built offshore patrol vessel were from the Indian Navy side.
• The French Navy’s La Fayette class frigate Surcouf participated in a variety of activities with Indian Navy ships.
• The Exercise included tactical manoeuvres, replenishment at sea approaches, air defence against fighter aircraft and cross deck helicopter operations.
• The Partnership Exercise signifies the strong navy-to-navy links, interoperability and strong bonds between Indian Navy and French Navy.

Other Exercises between India & France :

• The 6th edition of the biennial training exercise ‘Yudhbhayas Shakti 2021’ between the armies of India and France was conducted from November 15-26, 2021 at Frejus, France.
• The 7th edition of the bilateral air exercise between the Indian Air Force (IAF) and the French Air and Space Force (FASF), ‘Exercise Garuda-VII’ concluded at Air Force Station, Jodhpur on 12 November 2022.
• The 21st Edition of the Bilateral Naval Exercise between India and France – Exercise Varuna commenced on the Western Seaboard, 16 Jan 23.

Recent News :

• Indian Navy’s indigenously built guided missile frigate, Indian Naval Ship (INS) Sahyadri participated in a Maritime Partnership Exercise (MPX) with French Navy (FN) ships FS Dixmude, a Mistral Class Amphibious Assault Ship and FS La Fayette, a La Fayette Class Frigate, in the Arabian Sea on 10 – 11 March 2023.

About Ministry of Defence : 

• Defence Minister :  Rajnath Singh
• Minister of State : Ajay Bhatt
• Defence Secretary : Giridhar Aramane

About France :

• President : Emmanuel Macron
• Prime Minister : Élisabeth Borne
• Capital : Paris
• Currency : Euro

Daily CA One- Liner: July 5

• As a part of the 68th Bank Day celebrations, State Bank of India (SBI) has launched its upgraded digital banking application, ‘YONO (You Only Need One) for Every Indian’, and introduced the Interoperable Cardless Cash Withdrawal (ICCW) facilities.
• Transactions undertaken on the UPI (Unified Payments Interface) network dipped 0.9% in June,2023 both in terms of volumes and value of transactions, after touching a record high in May, 2023.
• On the occasion of the 68th Foundation Day of the State Bank of India (SBI), the bank through its CSR arm SBI Foundation, has pledged a grant of ₹22.5 Crores to establish a Banking Data and Analytics Hub at the Indian Institute of Technology, Bombay (IIT-B).
• Public sector lender Indian Bank in collaboration with National E-Governance Services Limited (NeSL), has unveiled new services under its digital transformation initiative – Project WAVE (world of advanced virtual experiences)
• The Capital market regulator Securities and Exchange Board of India (SEBI) has imposed a fine of Rs 30 lakh on Anil Agarwal-owned Vedanta Limited.
• The Prime Minister, Shri Narendra Modi inaugurated Sai Hira Global Convention Centre in Puttaparthi, Andhra Pradesh via video conferencing.
• Union Minister for Road Transport and Highways Shri Nitin Gadkari inaugurated and laid the foundation stone of 11 NH projects worth Rs 5600 Crore in Pratapgarh, Rajasthan.
• Telecom sector is a continuously evolving sector with high technological obsolescence.
• Mumbai host the G-20 Research and Innovation Initiative Gathering (RIIG) Summit and Research Ministers’ Meeting from 4th to 5th July 2023.
• Prime Minister Narendra Modi will chair a meeting of his Council of Ministers in New Delhi.
• The Cabinet Committee on Economic Affairs (CCEA) has recently approved the PM-PRANAM scheme with a total outlay of ₹3,70,128.7 crore for three years ending March 2025.
• The Union Government launched a scheme for pregnant minor rape victims.
• India has doubled its share of global commercial services exports to 4.4 per cent in 2022 from 2 per cent in 2005, according to a World Bank and World Trade Organization (WTO) report.
• The Centre will soon notify rules for setting up GST appellate tribunals and appoint members after approval from the GST Council.
• Tamil Nadu’s electronics exports nearly tripled in one year to $5.37 billion in FY23 from $1.86 billion in the previous year.
• The United States of America (USA) rejoined as a member of the United Nations cultural and scientific agency, United Nations Educational, Scientific and Cultural Organization (UNESCO) after 5 years.
• New Zealand has become the first country to ban the thin plastic bags that supermarket customers use to collect their fruit and vegetables.
• Canada launched the “digital nomad strategy” which will make temporary arrangements for foreigners looking for jobs.
• The head of the United Nations’s (UN) Food and Agriculture Organization (FAO), Qu Dongyu, was re-elected for a second term as head of the FAO.
• The Nationalist Congress Party (NCP) leader Ajit Pawar, took oath as Maharashtra’s second deputy chief minister with Chief Minister Eknath Shinde and existing Deputy Chief Minister Devendra Fadnavis in attendance.
• Debadatta Chand has taken charge as the managing director (MD) and chief executive officer (CEO) of Bank of Baroda.
• Indian Naval ships (INS) Rana and INS Sumedha undertook a Maritime Partnership Exercise (MPX) with French Navy ship FS Surcouf in the Bay of Bengal along the coast of Vishagapatnam, Andhra Pradesh (AP).