On 26th October 2023, the Central Board of Indirect Taxes and Customs (CBIC) under the Ministry of Finance issued a notification stating that GST (Goods and Services Tax) will be levied on guarantees provided by corporations to their subsidiaries prospectively. The corporate guarantee would be taxable from the date of the notification.
· As per the notification, GST at 18% will be levied on 1% of the total amount guaranteed by the parent company or the actual consideration, whichever is higher.
This modification was recommended during the 52nd GST Council Meeting, chaired by Union Finance Minister Nirmala Sitharaman, held on 7th October 2023 in New Delhi, Delhi.
In the exercise of the powers conferred by section 164 of the CGST Act 2017 (12 of 2017), the government has amended the Central Goods and Services Tax (CGST) Rules, 2017, which will be now called “CGST (fourth amendment) Rules, 2023”.
The International Energy Agency
(IEA) has released a report, World Energy Outlook 2023, which presents a vision
of substantial changes in global energy system by 2030. The report highlights
India’s growing electricity demand, with annual growth of around 5%, making it
third-largest electricity consumer globally by 2050, after China and the United
States. China is the largest electricity consumer in the world.
i.Global use of fossil fuels is expected to peak by 2025, 2 years earlier than previously anticipated.Fossil Fuels such as Coal, oil, natural gas and bioenergy are each projected to peak before 2030, driven by the rapid growth of low-carbon technologies.Fossil fuels account for close to 80% of total energy supply in 2023.
ii.The International Energy Agency (IEA) has predicted that 18% of the electricity generated in India will be from solar sources by 2030, which set to be 6% increase in 2023. This is a significant increase, and it reflects the growing importance of solar energy in India’s energy mix.
iii. The IEA’s World Energy Outlook-2023 report predicts a 30% reduction in CO2 emissions from India’s industry and a 25% reduction in CO2 emissions per kilometer driven by passenger cars by 2030.
iv.Based on current policy settings, Electric cars is expected to increase globally by almost 10 times by 2030, highlighting the rapid adoption of electric vehicles on a global scale.
Headquarters: Paris, France
Established: November 1974
Executive Director: Fatih Birol
According to the review published by the Financial Action Task Force (FATF) on 27th October 2023, Cayman Islands was removed from the FATF ‘grey list’ – Jurisdictions under Increased Monitoring. Panama, Jordan, and Albania were also removed from FATF’s Grey list while Bulgaria was added to the list.
· FATF is an inter-governmental body that sets anti-money laundering standards.
Points to note:
i.Cayman was added to the grey list in 2021 following the outcome of the jurisdiction’s mutual evaluation. At the time, the FATF acknowledged that the jurisdiction had met 60 out of 63 recommended actions.
ii.According to the National Securities Depository (NSDL), around 385 Foreign portfolio investors registered in India are based in the Cayman Islands and 1 is based in Panama.
What is Grey List?
The grey list identifies countries that are actively working with the FATF to address strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing.
IndusInd Bank Limited has announced a strategic collaboration with Viamericas Corporation to offer digital inward remittance services to Non Resident Indians (NRIs) in the United States of America (USA).
· This collaboration will enable NRIs to send money to their beneficiaries in India through IndusInd Bank’s digital remittance platform Indus Fast Remit(IFR).
i.The Indus Fast Remit platform will allow NRIs to send money to India either through auto debit payment mode (Automated clearing House – ACH) and through the overseas Bank account.
ii.Through IndusInd Bank Vostro relationship, Viamericas Corporation will credit the beneficiary’s account in India using the Reserve Bank of India (RBI)’s Rupee Drawing Arrangement (RDA) scheme.
Indus Fast Remit(IFR):
i.Indus Fast Remit is a first-of-its-kind multi-partner digital platform facilitating remittances to India especially by Non Resident Indians (NRI).
ii.The users of IFR will have the option to choose from multiple Exchange Houses/Money Transfer Companies offering competitive rates
iii.The remittance service will be offered through the licensed overseas Exchange Houses/Money Transfer Companies and the amount will be transferred to the beneficiary’s account in India under RDA Scheme.
About IndusInd Bank Limited:
Managing Director(MD) & Chief Executive Officer(CEO) – Sumant Kathpalia
Headquarters – Mumbai, Maharashtra
Established in 1994
Tagline – We Make You Feel Richer
About Viamericas Corporation:
Chief Executive Officer(CEO) – Paul S. Dwyer
Founders – Paul S. Dwyer, Joseph D. Argilagos Lillian & M. Argilagos
Headquarters – Coral Gables, Florida, USA
Established in – 1999
UST, a leading digital transformation solutions company, has been recognized by the 2023 Mahatma Awards for Corporate Social Responsibility (CSR) Excellence in Community Initiatives, for sustainable and impactful contributions to CSR in areas such as education, health, livelihood, environment, and disaster relief.
· The Mahatma Awards serve to highlight individuals and organisations addressing complex global challenges including poverty, hunger, education, climate change, and healthcare accessibility.
· The Mahatma Award 2023 consolidates UST’s profound commitment to community welfare and global impact.
Note: This is the 2nd time that UST
won the Mahatma Award for CSR Excellence in Community Initiatives. UST also won
the Mahatma Award 2022 for the same category.
CSR Initiatives of UST:
i.UST’s impactful CSR initiative, the Adopt-a-School program, has significantly influenced the lives of more than 32,000 students across India and Mexico.
· UST supports over 104 schools, emphasizing the importance of accessible and quality education.
ii.UST’s humanitarian steps extend to
medical aid for individuals with disabilities, and habitat restoration projects
iii.A noteworthy conservation and sustainable livelihood project that cultivated 75,000 medicinal saplings in 2022, benefiting farmers in diverse Indian regions.
iv.Demonstrating its global standards, UST pledged USD 100,000 to aid victims of the conflict in Ukraine.
v.In a display of social responsibility, UST’s Bengaluru (Karnataka) CSR team acted promptly during the devastating 2023 floods.
About Mahatma Awards:
i.Mahatma Awards were founded and instituted by social entrepreneur and philanthropist Amit Sachdeva, also known as ‘The CSR Man of India’ and are supported by Aditya Birla Group.
ii.It acknowledges and celebrates global leaders dedicated to fostering positive social change.
iii.Since its inception in 2017, the Mahatma Awards has honored the most accomplished social and community initiatives within the private and public sectors, from sustainability to philanthropy to shared value to CSR.
iv.The Mahatma Awards were presented annually on 2nd October, which is the birth anniversary of Mahatma Gandhi.
State Bank of India (SBI)
has roped in former Indian Cricketer and former Captain of Indian Men’s cricket
team Mahendra Singh Dhoni (MS Dhoni) as its official
i.Under this partnership, Dhoni will play a major role in the marketing and promotional campaigns of SBI.
ii.This partnership of SBI aims to reiterate its commitment to serve the nation and its customers with trust, integrity and dedication.
Note: Other noted brands endorsed by Dhoni include, PepsiCo India’s Lay’s; Reliance Industries Limited(RIL)’s JioMart; Oreo, India Cements, Dream11, Garuda aerospace, TVS Motors, Reebok, etc.
About Mahendra Singh Dhoni:
i.MS Dhoni made his international debut in 2004 and captained the Indian national cricket team in limited-overs formats from 2007 to 2017 and in Test cricket from 2008 to 2014.
ii.He is also playing in the Indian Premier League (IPL) for the franchise, Chennai Super Kings (CSK) from 2008 to 2015 and from 2018 to 2023.
iii.He announced his retirement from International cricket on 15 August 2020.
i.Dhoni captained India in 332 matches and has recorded 178 wins and 120 defeats as captain of India.
ii.MS Dhoni is 1st and only captain in international cricket to win all three major International Cricket Council (ICC) trophies (Twenty20 International (T20I) World Cup 2007, One Day International (ODI) World Cup 2011 and ICC Champions Trophy 2013.
· Padma Shri in 2009 and Padma Bhushan in 2018 for sports.
· He is the 2nd cricketer to be awarded Rajiv Gandhi Khel Ratna (now Major Dhyan Chand Khel Ratna) in 2007 after Sachin Tendulkar in 1997–1998.
About State Bank of India
Chairman– Dinesh Kumar Khara
Managing Director (MD)– Ashwini Kumar Tewari
Established in 1955
Headquarters– Mumbai, Maharashtra.
Tagline – The Banker to Every Indian
Katrina Kaif, a British-Indian actress, who
works in Hindi-language films, was appointed as the Global Brand Ambassador
for Rado, a Switzerland-based luxury watch manufacturer.
She is featured in Rado’s campaign emphasizing its dedication to crafting timepieces that combine timeless materials with enduring style.
Points to note:
· She is the founder of “Kay Beauty”, India’s 1st celebrity-owned beauty company.
· Other noted brands endorsed by Katrina include Japanese casual wear brand Uniqlo’s
· Indian Actor Hrithik Roshan has been one of the global brand ambassadors of Rado since 2011.
· Rado was established in 1917 and came to India in 1995.
YES Bank Limited had acquired additional shares of J.C. Flowers Asset Reconstruction Private Limited (“JC Flowers ARC”) to reinstate its equity share capital proportion to 9.9% in accordance with share subscription and purchase agreement.
· This represents the acquisition of 24,643,558 equity shares of JC Flowers ARC at Rs 29.68 per share.
i.In September 2022, Yes Bank signed a share subscription and purchase agreement with JCF ARC LLC and JC Flowers ARC along with a shareholders agreement with CF ARC LLC, JC Flowers ARC, and Emso Asset Management.
ii.Yes Bank aimed to acquire a total of 19.9% of the equity share capital in JC Flowers ARC with initial acquisition of 9.9% shareholding and subsequent acquisition of additional shareholding of 10.00%.
iii.In November 2022, Yes Bank acquired 9.9% equity share in JC Flowers ARC, which fell to 5.01% as a result of certain corporate actions in JC Flowers ARC.
· Yes Bank had become a minority shareholder in JC Flowers ARC and participated in the business of asset reconstruction.
Corporate actions are events that bring material change to a company’s securities or to its shareholders. They can be either voluntary or mandatory.
i.Prior Reserve Bank of India (RBI) approval is required for the acquisition of 10% or more shareholding in ARC by a banking company.
ii.Prior approval should be obtained by ARC for including any entity as a sponsor of the ARC.
About Yes Bank Limited:
Managing Director & Chief Executive Officer – Prashant Kumar Headquarters – Mumbai, Maharashtra
Established in – 2004
Tagline – Experience Our Expertise
About J.C. Flowers Asset Reconstruction Private Limited (“JC Flowers ARC”):
i.JC Flowers ARC is incorporated under the Companies Act, 1956 and existing under the Companies Act, 2013
ii.It is registered as an asset reconstruction company(ARC) under section 3 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.
Headquarters – Mumbai, Maharashtra
Established in – 2015
REC Power Development and
Consultancy Limited (RECPDCL) handed over the project-specific SPV
(Special Purpose Vehicle) formed for the construction of ‘Ramgarh II
Transmission Limited’ transmission project, to Power Grid Corporation of
India Limited (PGCIL).
Rajesh Kumar, Chief Executive Officer (CEO) of RECPDCL handed over the SPV to Pankaj Pandey, Executive Director of PGCIL.
· RECPDCL is a wholly owned subsidiary of REC Limited (formerly Rural Electrification Corporation Limited).
· So far, RECPDCL has successfully handed over 54 transmission projects costing around Rs. 75,000 crore.
About the SPV:
i.The SPV involved in the implementation of a 765/400kV(kilovolt) & 2×500 MVA(Mega Volt Amp) 400/220 kV pooling station at Ramgarh along with 765kV Direct Current(DC) line (Ramgarh PS to Bhadla-3 PS) in Rajasthan.
ii.The project is set to be completed in 18 months. This will help in evacuation of renewable energy from Renewable Energy Zones (REZs) in Rajasthan.
iii.This project is in line with the government’s target of achieving 500 GW(gigawatt) of installed electricity capacity from non-fossil fuel (Renewable Energy + Nuclear) sources by 2030.
Ministry of Power notified that RECPDCL has selected the PGCIL as Transmission Service Provider through the Tariff Based Competitive Bidding (TBCB) in line with Standard Bidding Documents and Guidelines.
On 28th October 2023, Commodore Sunil Kaushik, Warship Production Superintendent(WPS) (Mumbai) launched the 25T Bollard Pull (BP) Tug, ‘Yard 305 – Mahabali’, at M/s Shoft Shipyard Private Limited (SSPL) in Bharuch, Gujarat.
· These Tugs are built under the classification rules of Indian Register of Shipping (IRS).
· These tugs will improve the operational commitments of Indian Navy(IN) by facilitating assistance to Naval ships and submarines during berthing and un-berthing, turning and manoeuvring in confined waters.
· This will also provide afloat firefighting assistance to ships and will have capability to conduct limited Search and Rescue Operations.
i.In November 2021, the IN concluded the contract for construction of three 25 Ton Bollard Pull Tugs with SSPL, Thane, Maharashtra at a cost of Rs 84.75 crore.
ii.The keel for all three 25T Bollard Pull Tugs (Yard 305 – Mahabali, Yard 306 – Baljeet & Yard 307 – Bajrang) were laid in June 2022 at SSPL Bharuch, Gujarat.
iii.This is in line with “Aatmanirbhar Bharat” (Made in India) initiative of the Government of India.
Ericsson, commonly known as Ericsson, Swedish telecommunication company,
has announced setting up a 6G Research and Development(R&D) centre in
Chennai, Tamil Nadu(TN)
Ericsson is also looking to partner with premier engineering institutes in India for 6G-related research.
· This 6G R&D centre in India will be the 3rd such centre of Ericsson. The other 2 are in Sweden and the United States of America (USA).
· At Present, Ericsson has R&D centres at Chennai, Bengaluru(Karnataka) and Gurugram(Haryana). Ericsson was started by Lars Magnus Ericsson in 1876 and it has been present in India since 1903.
Note: On 5th October 2023, Nokia established a 6G Lab at its Global R&D center in Bengaluru.
Li Keqiang, a Chinese economist and politician who served as the Premier of People’s Republic of China (2013-2023), passed away at the age of 68 in Shanghai, China. He was born in July 1955 in Dingyuan County in eastern China’s Anhui province.
· Li Keqiang stepped down from his post in March 2023 and was succeeded by Li Qiang, the incumbent Premier of China
· Premier is the second-highest position in China’s political system after the President.
i.He joined the Chinese Communist Party (CCP) in 1976 and served as party secretary of a production brigade in Fengyang County, Anhui from 1976–78.
ii.In July 1998, he became the youngest provincial governor in the central province of Henan in China.
iii.He then served as party secretary of Liaoning Province from 2004 to 2007. In October 2007, he was promoted to Politburo Standing Committee member.
iv.Later, he was appointed as executive vice premier of the State Council from 2008 to 2013.
vii.In 2013, he became the Premier of the State Council for the 1st term, and in 2018, he was re-elected as premier for a 2nd five-year term.
World Stroke Day is annually observed across the globe on 29 October to raise awareness of the serious nature and high rates of stroke, and the effective treatment options available to drive action on stroke prevention.
· The theme for World Stroke Day 2023, designated by the World Stroke Organisation (WSO), is ‘Together we are #GreaterThan Stroke.’
i.The World Stroke Congress in Vancouver, Canada, in 2004 established World Stroke Day, which falls on October 29.
· Dr. Vladimir Hachinski led the formation of a working group, which in October 2006 became a World Stroke Proclamation.
· In 2006, WSO was formed by the merger of International Stroke Society (ISS) and the World Stroke Federation (WSF).
ii.The first World Stroke Day was observed on 29th
About World Stroke Organisation (WSO):
President– Sheila Martins (Brazil)
President-Elect– Jeyaraj Pandian (India)
Headquarters– Geneva, Switzerland
The United Nations (UN)’s
first-ever International Day of Care and Support was observed
across the globe on 29 October 2023 to emphasise the importance of
caregiving, recognize the contributions of caregivers, and advocate for
policies and initiatives that support and enhance care in all its forms.
i.On 24 July 2023, the United Nations General Assembly (UNGA) adopted a resolution A/RES/77/317 and decided to proclaim the 29 October of every year as the International Day of Care and Support.
ii.29 October 2023 marks the first observance of the International Day of Care and Support.
Vigilance Awareness Week is annually observed across India during the week in which the birth anniversary of Sardar Vallabhbhai Patel (31st October) falls.
· The week is observed by the Central Vigilance Commission (CVC) to promote integrity, transparency, and ethical practices, emphasising the crucial role of vigilance in preventing corruption and ensuring accountability within organizations.
Vigilance Awareness Week 2023 is observed from 30th
October to 5th November 2023.
The 2023 theme of Vigilance Awareness Week is, “Say no to corruption; commit to the Nation.”
About Central Vigilance Commission (CVC):
Central Vigilance Commissioner– Praveen Kumar Srivastava
Headquarters– New Delhi, Delhi
CVC is an apex governmental body in India, established in 1964 as a result of the recommendations of the Santhanam Committee on Prevention of Corruption.
TO READ CURRENT AFFAIRS OF 30th October 2023 : CLICKHERE
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