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CURRENT AFFAIRS BOOSTER : 31st OCTOBER 2023
Current Affairs
31st October 2023
NATIONAL AFFAIRS
1) 52nd
GST Council Meeting: Ministry of Finance Notifies 18% GST on Corporate
Guarantee
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.
Background:
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”.
INTERNATIONAL AFFAIRS
2) IEA’s
World Energy Outlook 2023: Major Energy Changes by 2030
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.
About IEA:
Headquarters: Paris, France
Established: November 1974
Executive Director: Fatih Birol
3) FATF
Removed Cayman Islands from Its ‘Grey List’
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.
BANKING & FINANCE
4) IndusInd
Bank Collaborates with Viamericas to Offer Inward Remittance Services to NRIs
in USA
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).
Working
Mechanism:
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
AWARDS & RECOGNITIONS
5) UST
Won Mahatma Awards 2023 for CSR Excellence in Community Initiatives
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
in Kerala.
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.
APPOINTMENTS & RESIGNATIONS
6) Indian
Cricketer MS Dhoni Roped in as brand Ambassador of SBI
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
brand ambassador.
Key Points:
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.
Records:
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.
Awards:
·
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
(SBI):
Chairman– Dinesh Kumar Khara
Managing Director (MD)– Ashwini Kumar Tewari
Established in 1955
Headquarters– Mumbai, Maharashtra.
Tagline – The Banker to Every Indian
7) Indian
Film actor Katrina Kaif Roped in as Brand Ambassador of Rado
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
Note:
·
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.
ACQUISITIONS & MERGERS
8) Yes
Bank Reinstate Its Stake in JC Flowers ARC to 9.9%
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.
Background:
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:
Corporate actions are events that bring material change to a company’s
securities or to its shareholders. They can be either voluntary or mandatory.
RBI’s approval:
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
9) RECPDCL
Hands Over a Project Specific SPV to Power Grid Corporation
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.
Key Points:
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.
SCIENCE & TECHNOLOGY
10)
25T BP Tug ‘Mahabali’ launched at Shoft
Shipyard Pvt Ltd in Gujarat
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.
Background:
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.
11)
Ericsson Sets up 6G R&D Centre in
Chennai, TN
Telefonaktiebolaget LM
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.
OBITUARY
12)
Li Keqiang, Former Chinese Premier
Passed Away
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.
About Li
Keqiang:
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.
IMPORTANT DAYS
13)
World Stroke Day 2023- October 29
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.’
Background:
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
October 2006.
About World Stroke Organisation (WSO):
President– Sheila Martins (Brazil)
President-Elect– Jeyaraj Pandian (India)
Headquarters– Geneva, Switzerland
14)
First ever UN’s International Day of
Care and Support – 29th October 2023
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.
Background:
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.
15)
Vigilance Awareness Week 2023 – October
30 to November 05
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.
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