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1. Where is Bhotia Lepcha caste found in India?
- Rajasthan
- Sikkim
- Kerala
- Assam
Show The Answer 2. Sikkim
2. The US Chamber of Commerce released the 12th edition of its International IP (Intellectual Property) Index in the year 2024. What is India’s place in this?
- 41st
- 42nd
- 43rd
- 44th
Show The Answer 2. 42nd
3. Under which Act in India, Lokpal has been established to fight corruption in public offices and ensure accountability on the part of public officials including the Prime Minister?
- Corruption Prevention Act, 2011
- Public Grievance Act, 2012
- Lokpal and Lokayukta Act, 2013
- Civil Liberties Act, 2005
Show The Answer 3. Lokpal and Lokayukta Act, 2013
4. Who has been recently notified by the Finance Ministry as ‘Designated Indian Carrier’ for international flights?
- Air India Express
- SpiceJet
- Star Air
- Akasa Air – SNV Aviation Pvt Ltd
Show The Answer 4. Akasa Air – SNV Aviation Pvt Ltd
5. National Science Day was celebrated on 28 February 2024. What was its theme this time?
- Possibilities of Self-Reliance in Science
- Indigenous Technologies for Viksit Bharat
- Science and Technology: Support for National Development
- Modern Science and Social Security
Show The Answer 2. Indigenous Technologies for Viksit Bharat
6. Where has the Education Ministry recently launched the ‘Swayam Plus’ platform?
- New Delhi
- Sikkim
- Rajasthan
- Kerala
Show The Answer
7. Where was ‘Jagannath Dighi Waterfront Development Project’ inaugurated recently?
- Tripura
- Madhya Pradesh
- Maharashtra
- Telangana
Show The Answer
8. Jan Nicol, who recently scored the fastest century in T20 International in 33 balls, belongs to which country?
- Nepal
- Namibia
- Netherlands
- Australia
Show The Answer 2. Namibia
9. Who has recently resigned from the post of CEO of Indian Hockey?
- Brij Bhushan Singh
- Elena Norman
- Sanjay Singh
- Jenneke Schopman
Show The Answer 2. Elena Norman
10. Who has recently launched the national initiative ‘Vantara’ for animal welfare?
- Mahindra Group
- Tata Group
- Reliance Group
- Adani Group
Show The Answer 3. Reliance Group
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Some lines of current affairs 11 March 2024 news
National
Finance Ministry Changes PMLA: Strengthens Reporting Rules for NPOs, Ownership Guidelines
On March 7, 2023, the Ministry of Finance made changes to the Prevention of Money Laundering Act (PMLA) rules to broaden its scope. They tightened reporting requirements for non-profit organizations (NPOs) and adjusted rules regarding beneficial ownership.
The Ministry of Finance (Department of Revenue) updated the Prevention of Money-laundering (Maintenance of Records) Rules, 2005, which are now known as the Prevention of Money-laundering (Maintenance of Records) Amendment Rules, 2023.
Key Changes:
- The definitions of ‘Politically Exposed Persons’ (PEPs) and NPOs have been revised to align with the charitable purpose definition in the Income Tax Act, 1961.
- Reporting entities must now register details of unregistered NPO clients on the DARPAN Portal of NITI Aayog and maintain these records for at least five years after the business relationship ends.
- Individuals or groups holding 10% ownership in a client of a reporting entity are now considered beneficial owners, down from the previous threshold of 25%.
About the Ministry of Finance:
- Union Minister: Nirmala Sitharaman (RajyaSabha Karnataka)
- Ministers of State: Pankaj Chaudhary, Dr. Bhagwat Kishanrao Karad
International
Countries need to make big efforts to cut down on salt intake, as stated in the WHO Global Report on Sodium Intake Reduction
The WHO’s Global Report on Sodium Intake Reduction emphasizes the urgent need for nations to encourage lower salt consumption to reduce the risk of cancer, heart disease, and stroke.
The report highlights that the world is not meeting its goal of reducing sodium intake by 30% by 2025, as set by the WHO.
Each country is given a Sodium Country Score from 1 to 4 based on its implementation of sodium reduction policies, with only 5% having comprehensive measures in place. The report reveals that 73% of WHO Member States have not fully implemented mandatory sodium reduction policies. Implementing cost-effective sodium reduction policies could potentially save 7 million lives globally by 2030. The World Health Organization (WHO) was established in 1948, headquartered in Geneva, Switzerland, with Dr. Tedros Adhanom Ghebreyesus serving as the Director-General.
Banking & Finance
Axis Bank partners with ITC to offer lending products to farmers
On March 9, 2023, Axis Bank and ITC Limited joined forces to provide financial services to farmers within ITC’s agriculture network. This partnership aims to assist rural farmers who have not been served adequately. Axis Bank’s Bharat Banking initiative focuses on expanding its services to remote areas by opening new accounts and ensuring a smooth customer experience during the fiscal year 2022-2023.
Key Points:
- The collaboration will leverage ITC’s super app, ITCMAARS, to connect with farmers and meet their financial needs. ITCMAARS offers various agricultural services through a digital platform, including personalized advice, agricultural inputs, financial services, and market connections.
- Axis Bank will extend credit facilities such as Farmer Funding loans and Gold Loans to rural customers through its branches in rural-urban and semi-urban areas across 656 districts in India.
About Axis Bank Limited:
- Established in 1993 as UTI Bank Ltd., Axis Bank is one of the pioneer new-generation private sector banks, commencing operations in 1994.
- MD & CEO: Amitabh Chaudhry
- Headquarters: Mumbai, Maharashtra
- Tagline: “Badhti Ka Naam Zindagi”
In FY22, more than 10,000 women entrepreneurs provided financial services totaling over Rs 900 crore, according to a study by PayNearby and RBIH
- The 3rd edition of PayNearby’s annual report, the “PayNearby Women Financial Index (PWFI),” states that in FY22, over 10,000 women entrepreneurs provided financial services worth over Rs 900 crores.
- The report, in collaboration with the Reserve Bank Innovation Hub (RBIH), examines the ‘financial consumption by women at retail outlets’ in 2021-22.
- The survey covered 5,000+ retail stores in India, analyzing the financial transactions of women consumers at those outlets.
- More than 76% of female customers, who used basic banking services at PayNearby’s retail outlets, preferred biometric authentication for cash withdrawal.
About PayNearby:
- Founder, MD, and CEO: Anand Kumar Bajaj
- Headquarters: Mumbai, Maharashtra
SEBI introduces a reward system for informants who share tips on defaulters
SEBI, exercising its authority under the SEBI Act, 1992, released the ‘SEBI (Grant of Reward to Informant Under Recovery Proceedings) Guidelines, 2023’ starting March 8, 2023.
These guidelines introduce a reward system, offering informants up to Rs 20 lakh for providing credible information about defaulters’ assets under recovery proceedings since March 8, 2023. SEBI published a list of 515 defaulters, inviting information from any informant.
Aim: To retrieve fines from elusive offenders.
Reward Details:
- Informants may receive rewards in two stages: interim and final.
- Interim rewards will not exceed 2.5% of the asset’s reserve price or Rs 5 lakh, whichever is lower.
- Final rewards will not exceed 10% of the recovered dues or Rs 20 lakh, whichever is lower.
Insights:
- Informants eligible for rewards provide original information about a defaulter’s asset related to “Difficult to Recover” dues.
- SEBI will establish an Informant Reward Committee to assess eligibility and determine reward amounts.
- The Executive Director of the Recovery and Refund Department will act as the Competent Authority.
- Rewards will be disbursed from the Investor Protection and Education Fund established by SEBI.
Key Notes:
- “Difficult-to-recover” (DTR) dues are those not retrieved despite exhausting all recovery avenues.
- SEBI’s 2021-22 annual report indicates approximately Rs 67,228 crore in DTR dues by March 2022.
- A defaulter refers to an entity facing recovery proceedings under relevant sections of the SEBI Act, Securities Contracts (Regulation) Act, or Depositories Act.
PNB and CWC partnered for financing using e-NWR
On March 9, 2023, Punjab National Bank (PNB) and the Central Warehousing Corporation (CWC) signed an agreement to make it easier for farmers, food processors, and traders to get financing using e-NWR (Electronic Negotiable Warehousing Receipt).
Signatories: Kanwal Jit Shorey, General Manager (GM) of PNB, and Rajiv Kumar Bansal, Group General Manager (GGM) (Commercial) of CWC signed the MoU. Participants: Others present included SK Rana, Chief General Manager of PNB, Neeraj Jakhmola, Senior Manager of PNB, RR Aggarwal, GGM-Finance of CWC, Amit Puri, GM Finance of CWC, and Ashwin, Assistant GM of CWC.
Key Points:
- The MoU aims to provide easy access to finance for farmers, food processors, and traders by allowing them to use agricultural commodities stored in CWC warehouses as collateral.
- The partnership also seeks to increase farmers’ income by preventing distress sales.
About e-NWR (Electronic Negotiable Warehousing Receipt):
- Warehouse Receipts are documents issued by warehouses to depositors against stored commodities.
- The e-NWR, launched by WDRA on September 26, 2018, allows farmers to use receipts from registered warehouses to secure loans from banks, helping them avoid selling their produce at low prices during peak seasons and reduce post-harvest storage losses.
About Punjab National Bank (PNB):
- MD & CEO: Atul Kumar Goel
- Established: May 18, 1894
- Headquarters: New Delhi, Delhi
- Tagline: The name you can bank upon
PNB MetLife launches ‘Genius Plan’ to aid parents in securing their children’s future
PNB MetLife India Insurance Company Limited (PNB MetLife), a leading life insurance company in India, has launched the “PNB MetLife Genius” plan to assist parents in financially preparing for their children’s future.
The “PNB MetLife Genius Plan” is an individual life insurance plan that is simple and secure, focusing on addressing concerns such as higher education costs for children, along with providing life insurance coverage.
Key Features:
- Assured benefits, flexible savings options, premium waiver on death, and the choice of additional protection against Accidental Total Permanent Disability (ATPD).
- A variant of the plan offers extra benefits for parents of female children, providing a 1.5% higher income benefit for policies taken out for daughters.
PV Sindhu, a renowned badminton player in India, serves as the Brand Ambassador for PNB MetLife.
About PNB MetLife India Insurance Company Limited:
- Shareholders include MetLife International Holdings LLC (MIHL), Punjab National Bank (PNB), M. Pallonji and Company Private Limited, Jammu & Kashmir Bank Ltd (JKB), and other investors.
- PNB MetLife, promoted by MIHL and PNB, operates through 117 branches across India.
- MD & CEO: Ashish Kumar Srivastava
- Established in India: 2001
- Headquarters: Bangalore, Karnataka
Kochi Metro now accepts digital currency for parking, a first in India
Kochi Metro Rail Limited (KMRL) is the first metro in India to accept the Central Bank Digital Currency (CBDC) issued by the Reserve Bank of India (RBI). Initially, this service will be available at the parking lot next to Thaikudam Metro Station and will later expand to other station parking lots.
IDFC First Bank, based in Mumbai, has partnered with Anantham Online, a digital parking-focused technology startup, to facilitate the acceptance of digital Rupee at Kochi Metro’s parking facilities. The public can use digital wallets from banks offering e-rupee services for transactions.
Currently, CBDC is in its initial implementation phase with four banks: State Bank of India (SBI), ICICI Bank Limited, Yes Bank, and IDFC First Bank.
Economy & Business
BEL and NITK Surathkal have signed an MoU for research and development in the space sector
Bharat Electronics Ltd. (BEL), a Navratna Defence PSU, has partnered with NITK Surathkal, formerly known as Karnataka Regional Engineering College, for joint R&D efforts in emerging technologies for defense and civilian use. This collaboration seeks to capitalize on the strengths of both organizations and foster indigenous innovation in products and solutions. NITK Surathkal is a renowned public technical university known for its excellence in engineering, basic sciences, and management research.
MRPL and IICT have agreed to collaborate closely through a Master Research Alliance Agreement
MRPL and IICT, a lab under MoS&T, have formed a Master Research Alliance Agreement for joint research in Hyderabad, Telangana. The agreement was signed with Dr. Jitendra Singh, MoS for Science and Technology. They will work together on projects such as refining low-value streams and capturing CO2.
Awards & Recognitions
Hardeep Singh Puri launched the inaugural Women Icons Leading Swacchata Awards in 2023
On March 7th, 2023, Union Minister Hardeep Singh Puri, from the Ministry of Housing and Urban Affairs, launched the first edition of the “Women Icons Leading Swachhata” (WINS) Awards 2023 to recognize the significant contributions of women in urban sanitation and waste management. The aim is to highlight inspiring initiatives by women-led organizations and individuals in this field.
Background:
- The Swachh Bharat Mission Urban (SBM-U) was initiated by Prime Minister Narendra Modi in October 2014.
- SBM-U 2.0, launched in 2021, aims to achieve “Garbage Free” status for all cities through 100% source segregation and door-to-door waste collection.
- The mission promotes safe sanitation, dignity for women, and creates job and skill development opportunities in sanitation and waste management.
About WINS Award:
- Applications for the WINS award 2023 are open from March 8th to April 5th, 2023, and are available to all States.
- Eligible applicants include Self-Help Groups (SHGs), Micro-enterprises, Non-Government Organizations (NGOs), Startups, and Individual Women Leaders/Swachhata champions.
- The award applications are categorized into 10 thematic areas, including management of community toilets, waste-to-wealth products, and technology interventions.
Process of WINS Awards:
- Urban Local Bodies (ULBs) will initially evaluate entries and nominate up to 5 applicants to the State via the Swachhata portal, who will be recognized as city winners.
- States will nominate up to 3 entries in each category to the Ministry of Housing and Urban Affairs (MoHUA), who will be declared as State winners.
- The national evaluation will consider the innovativeness, impact, uniqueness, sustainability, and replicability of the state nominees, with a jury appointed by MoHUA selecting winners in each category.
The Ministry of Tourism won Gold and Silver Stars at the 2023 International Golden City Gate Tourism Awards
On March 8, 2023, India’s Ministry of Tourism won two awards at the Golden City Gate competition during ITB Berlin 2023. They received the Golden Star and Silver Star in the TV/Cinema Commercials International and Country International categories, respectively. The event took place at the 23rd International Tourism Film and Multimedia competition.
ITB Berlin 2023, the world’s foremost tourism trade show, was held from March 7 to 9, 2023, in Berlin, Germany. It featured over 10,000 exhibitors from over 180 countries and regions. The awards were accepted by Shri Arvind Singh, Secretary of Tourism for the Government of India.
Here are some key points about the Golden City Gate 2023:
- The Ministry of Tourism participated in the festival and competition, which showcased entries from various countries, cities, regions, and hotels.
- An international committee from the tourism and film industries judged the entries for the awards.
- The Golden City Gate Tourism Multi-media Awards, presented annually at ITB Berlin, honor achievements in the tourism and hospitality sectors.
The awards were given for promotional films/TV commercials created as part of India’s Post-COVID-19 Promotional Global Campaign. These films, under the New Incredible India brand, aimed to attract foreign tourists to India after the pandemic. They have been widely distributed within the travel industry, with versions in nine international languages: German, French, Spanish, Italian, Russian, Chinese, Japanese, Korean, and Arabic.
Appointments & Resignations
Ram Chandra Poudel from the Nepali Congress has been elected as the third President of Nepal
Ram Chandra Poudel, aged 79, a senior figure in the Nepali Congress, was elected Nepal’s 3rd president on March 9, 2023. He will succeed Bidya Devi Bhandari, whose term ends on March 12, 2023. Poudel, backed by an 8-party coalition, received votes from 214 parliamentarians and 352 provincial assembly members.
The presidential election marked the third since Nepal became a republic in 2008, with 518 provincial assembly members and 313 federal parliamentarians participating in the voting process. The total electorate for the presidency comprises 882 individuals, including members of parliament and provincial assemblies.
Ram Chandra Poudel, born on October 14, 1944, in Bahunpokhari, Nepal, has been a prominent democratic leader for nearly six decades. He played a pivotal role in founding the Nepal Students’ Union and has authored numerous books on democracy, socialism, and agriculture. Notably, he received the Grand Cordon of the Order of the Rising Sun from Japan in 2020 for his efforts in strengthening Nepal-Japan relations. Poudel’s political career spans various positions within the Nepali Congress, including serving as Vice President, General Secretary, and acting president. He has held ministerial roles such as Minister for Local Development and Minister for Agriculture, as well as positions like Speaker and Deputy Prime Minister.
In the broader context, Nepal’s current Prime Minister is Pushpa Kamal Dahal, and the capital is Kathmandu, with the official currency being the Nepalese Rupee.
B. Gopkumar named new MD and CEO of Axis AMC; Chandresh Nigam resigns
B Gopkumar, previously the MD and CEO of Axis Securities, has now been appointed as the MD & CEO of Axis Asset Management Company Ltd, which oversees Axis Mutual Fund. He will succeed Chandresh Nigam, who will serve until April 30, 2023. B Gopkumar’s tenure will commence on May 1, 2023, for a three-year period. Axis AMC Ltd is the mutual fund arm of Axis Bank and ranks as India’s 7th largest AMC.
Key details about B Gopkumar:
- With over 28 years of experience in financial services, he joined Axis Securities as MD and CEO in October 2019.
- He previously held the position of Executive Director & CEO at Reliance Capital Limited.
- Prior to that, he worked at Kotak Group for over 15 years, including roles as Executive Vice President and Head of Broking at Kotak Securities.
In other developments, Axis Mutual Fund has appointed Ashish Gupta as its new Chief Investment Officer (CIO). Before this, Axis MF operated without a CIO, with Jinesh Gopani leading the equity team and R Sivakumar leading the fixed income team. Ashish Gupta, known for his ‘House of Debt’ report on Indian banking NPAs, brings experience from his previous role as a Credit Suisse executive based in Zurich, Switzerland.
About Axis Asset Management Company Ltd (Axis AMC):
- MD & CEO: Chandresh Nigam
- Headquarters: Mumbai, Maharashtra
- Established: 2009
HUL names Rohit Jawa as its new Managing Director and CEO
Hindustan Unilever Limited (HUL), a leading consumer goods company, has appointed Rohit Jawa as its new Managing Director (MD) and Chief Executive Officer (CEO) for a five-year term starting June 27, 2023. He will officially join as CEO designate and Whole-time director from April 1, 2023.
Rohit Jawa will also become the president of Unilever South Asia, in addition to his responsibilities in India. He will begin his role in the Unilever Leadership Executive (ULE) on April 1, 2023, succeeding Sanjiv Mehta, who has been serving as MD & CEO of HUL since October 2013. Rohit Jawa is currently the Chief Transformation Officer for Unilever in London, UK. He started his career with HUL in 1988 as a management trainee and has a successful track record in India, Southeast Asia, and North Asia. During his tenure as Chairman of Unilever Philippines, he played a key role in making it one of Unilever’s top 10 markets globally.
HUL, established through the merger of Hindustan Vanaspati Manufacturing Company, Lever Brothers India Limited, and United Traders Limited in November 1956, has its headquarters in Mumbai, Maharashtra, with Sanjiv Mehta serving as its MD & CEO.
Acquisitions & Mergers
Bank of Baroda’s board has agreed to sell off a 49% stake in BFSL
The Bank of Baroda’s Board of Directors, a public sector bank, has agreed to sell up to 49% of its ownership in BoB Financial Solutions Ltd (BFSL), previously known as BoB Cards Ltd, a subsidiary wholly owned by the bank. Currently, Bank of Baroda holds 100% of BFSL’s equity shares.
Key Points:
- The board has also approved the release of an advertisement inviting Expressions of Interest (EoI) from potential investors or strategic partners interested in purchasing Bank of Baroda’s stake in BFSL.
- On March 10, 2023, Bank of Baroda provided further details for the EoI invitation.
- The decision to divest up to 49% of BFSL follows the withdrawal of Spanish bank BBVA from a contract to acquire a 51% stake in BoB Cards about six years ago.
About BoB Financial Solutions Limited (BFSL):
- Managing Director (MD) & Chief Executive Officer (CEO): Shailendra Singh
- Headquarters: Mumbai, Maharashtra
- Establishment: Incorporated in 1994 (inception in 1996)
About Bank of Baroda:
- MD & CEO: Sanjiv Chadha
- Headquarters: Vadodara, Gujarat
- Establishment: Founded in 1908 (nationalized on July 19, 1969)
Science & Technology
The Central Government has launched a portal called PUShP, which focuses on high-price dams and surplus power
On March 10, 2023, the Central Government introduced the High Price Day Ahead Market (HP DAM) and Surplus Power Portal (PUShP) to increase power availability during peak demand. Union Minister Raj Kumar Singh launched the portal at a virtual event attended by over 200 stakeholders from state governments and the power sector.
Background:
In 2022, the Ministry of Power observed high electricity prices reaching Rs.20 in the exchange. Consequently, the Central Electricity Regulatory Commission (CERC) imposed a price cap of Rs.12 to prevent excessive profits, which was implemented across various market segments by April and May 2022. However, power generation from gas, imported coal-based plants, and Renewable Energy stored in battery systems remained costly due to global factors.
This year, anticipating increased demand, a new segment called HP DAM has been established to schedule gas and imported coal-based plants where production costs may exceed Rs.12.
Key Participants:
Minister of State Krishan Pal Gurjar, Secretary Alok Kumar, Chairperson of CEA Ghanshyam Prasasd, and Chairman and Managing Director of IEX Satyanarayan Goel were among the notable attendees.
About HP DAM:
- HP DAM aims to optimize available power capacity for consumer supply.
- Only generators with production costs exceeding Rs.12 per unit can operate in HP DAM.
- Generators with costs below Rs.12 must offer power in the Integrated Day Ahead Market (I-DAM) with a maximum price of Rs.12 per unit.
Important Days
54th CISF Raising Day – March 10, 2023
Annually on March 10th, India observes CISF Raising Day to honor CISF personnel’s dedication to safeguarding the nation’s key installations. The day commemorates the formation of CISF on March 10, 1969.
In 2023, the 54th CISF Raising Day will be celebrated on March 12th at the National Industrial Security Academy in Hyderabad, marking the first time the event will be held outside New Delhi. Previously, it was hosted at a CISF facility in Ghaziabad, Delhi.
CISF was established under the Central Industrial Security Force Act of 1968 and is one of India’s five Central Armed Police Forces. It’s entrusted with securing public sector organizations, airports, and vital installations.
Key details about CISF:
- Director-General: Sheel Vardhan Singh
- Headquarters: New Delhi
- Establishment: 1969
State
Punjab’s Finance Minister, Harpal Singh Cheema, presents a budget of Rs. 1.96 trillion for the fiscal year 2024
Punjab’s Finance Minister, Harpal Singh Cheema, presented a state budget of Rs. 1,96,462 crore for the fiscal year 2023-24 (FY24), marking a 26% increase from the previous fiscal year (FY23). The budget prioritizes agriculture, education, and health.
Key Fiscal Indicators:
- The Effective Revenue Deficit is estimated at 3.32% of the Gross State Domestic Product (GSDP), while the Fiscal Deficit is estimated at 4.98%.
- Committed Expenditure for FY24 is set at Rs. 74,620 crore, a 12% increase from FY23.
- Effective Capital Expenditure for FY24 is estimated at Rs. 11,782 crore, up 22% from FY23.
- A tax intelligence unit has been established to address revenue leakage, scheduled to be fully operational in FY24.
About Punjab:
- Chief Minister (CM) – Bhagwant Mann
- Governor – Banwarilal Purohit
- Wildlife Sanctuaries (WLS) – Bir Dosanjh WLS; Bir Bhadson WLS
Godrej Agrovet and Andhra Pradesh signed an MoU to establish an Edible Oils Refining Plant costing Rs 100 crore
Godrej Agrovet Limited, based in Mumbai, Maharashtra, a subsidiary of Godrej Industries Limited, has signed an agreement with the Government of Andhra Pradesh during the Andhra Pradesh Global Investors Summit 2023 in Visakhapatnam.
Under the agreement, Godrej Agrovet’s oil palm division plans to invest approximately Rs 100 crore to establish a manufacturing facility for an edible oil refinery and solvent extraction plant. The company already operates a 45,000-hectare oil palm plantation in Andhra Pradesh.
The proposed new plant will be constructed in Seethanagaram, Eluru District, Andhra Pradesh, with a refining capacity of 400 tonnes per day.
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