02nd April, 2024

1. The Government of India’s Geographical Indication Registry granted Geographical Indication (GI) tags to 19 traditional crafts of Assam (13 products are related to Bodo culture), 2 from Tripura, and 4 from Meghalaya.
2. National Mineral Development Corporation (NMDC Limited), a Navratna Public Sector Enterprise (PSE) under the Ministry of Steel, has launched the “Samman” portal for its former employees.
3. The National Highways Authority of India (NHAI) has implemented the ‘One Vehicle, One FASTag’ norm starting from April 1, 2024,
4. The Ministry of Home Affairs (MHA) has extended the validity of registration for all Foreign Contribution (Regulation) Act (FCRA)-registered NGOs whose licenses are expiring on March 31, 2024, until June 30, 2024. This extension provides relief to those whose renewal applications are still under consideration.
5. The Election Department of Puducherry will provide Braille signage in English and Tamil in Electronic Voting Machines (EVMs) in all 967 polling stations.
6. The Ministry of New and Renewable Energy (MNRE) has reinstated the Approved List of Models & Manufacturers (ALMM) for Solar Photovoltaic (PV) Modules from April 1, 2024.
7. The closing ceremony of the International Year of Millet 2023 (IYM 2023) was held in Rome, Italy, and was hosted by the Food and Agriculture Organization (FAO) of the United Nations.
8. INTERACT is a significant project that involves a large network of research stations concentrated in the Arctic and its surrounding regions.
9. Indian authorities uncover a massive cyber scam in Cambodia, involving over 5,000 Indian nationals coerced into online fraud targeting India.
10. The Insurance Regulatory and Development Authority of India (IRDAI) has released a set of new regulations in relation to the surrender value of insurance policies.
11. The Indian stock market ended the financial year 2023-24 (FY24) on a healthy note with the frontline indices Nifty 50 soaring nearly 29 percent -logging its best performance in three fiscal years, while the 30-share BSE Sensex rose 24.85 percent in FY24.
12. The Financial Action Task Force (FATF) notes that numerous countries have yet to fully implement measures to prevent the misuse of virtual assets and virtual asset service providers (VASPs).
13. The International Monetary Fund (IMF) approved a $5 billion augmentation to its loan program for Egypt, part of a wave of global aid pledged to bolster a stumbling economy put under added pressure by the war in Gaza.
14. The Reserve Bank of India (RBI) is setting up the Digital India Trust Agency (DIGITA) to tackle the spread of illegal lending apps.
15. Hindustan Aeronautics Limited (HAL) has signed a contract worth Rs 1,173.42 crore with Cochin Shipyard Limited (CSL), Kochi, Kerala, to supply 6 sets of LM2500 gas turbines (GT) and GT Auxiliaries (GTAE), spares, and tools for the Indian Navy’s Next Generation Missile Vessel (NGMV) project.
16. Prestige Group, along with its subsidiaries, has struck a strategic deal valued at Rs 2,001 crore with the Abu Dhabi Investment Authority (ADIA) and Kotak AIF (Alternative Investment Fund).
17. The National Power Training Institute (NPTI) under the Ministry of Power and PTC India Ltd. signed a MoU to establish a Centre of Excellence (CoE) for Research & Development (R&D) in the Energy Domain.
18. In a bid to generate saplings of threatened or rare native Delhi trees, the city’s forest and wildlife department is setting up a tissue culture laboratory at the Asola Bhatti Wildlife Sanctuary.
19. The Indian Space Research Organization (ISRO) has introduced the ‘Space Science and Technology Awareness Training (START)’, an online training program aimed at inspiring youth to pursue careers in space science and technology.
20. ATP Miami Open 2024, was held in Florida, USA.
21. The 6th Hockey India Annual was hosted in New Delhi by Hockey India.
22. International Transgender Day of Visibility is observed annually on March 31.
23. Tim McGovern, the esteemed American Visual Effects (VFX) pioneer, passed away.
24. Vaikom Satyagraha: It started in the princely state of Travancore (now in Kerala), and marked a pivotal moment in temple entry movements across India.

National News

1. Recent Announcement of GI Tags

   • What: The Government of India’s Geographical Indication Registry granted Geographical Indication (GI) tags to 19 traditional crafts of Assam (13 products are related to Bodo culture), 2 from Tripura, and 4 from Meghalaya.
   • Tell me more (List of products awarded GI Tags)

   
   

Source: NDTV

2. NMDC launches the “Samman” portal for former employees.
   • What: National Mineral Development Corporation (NMDC Limited), a Navratna Public Sector Enterprise (PSE) under the Ministry of Steel, has launched the “Samman” portal for its former employees.
   • Why: It has been launched to manage medical claims, view personal profiles, ensure on-time reimbursements and easy access to all services, bringing comfort and convenience to the former employees.

     Source: The Hindu

3. One Vehicle, One FASTag norm implemented
   • What: The National Highways Authority of India (NHAI) has implemented the ‘One Vehicle, One FASTag’ norm starting from April 1, 2024,
   • Why: To discourage the use of a single FASTag for multiple vehicles or linking multiple FASTags to a particular vehicle.
   • Tell me more:
     • NHAI introduced the ‘One Vehicle, One FASTag’ policy to streamline electronic toll collection, enhance system efficiency, and reduce congestion at toll plazas.
     • With over 8 crore users and a penetration rate of approximately 98%, FASTag has revolutionized toll collection in India.
     • FASTags with valid balances but incomplete Know Your Customer (KYC) details may face deactivation/blocklisting. It’s essential to complete KYC by updating details per RBI guidelines by March 31, 2024.
     • NHAI had extended the ‘One Vehicle, One FASTag’ initiative compliance deadline to March-end, in view of the problems being faced by Paytm FASTag users (due to restrictions imposed by the RBI on Paytm)
       Source: Business Standard

   
   

4. MHA extends FCRA registration of NGOs till June 30
   
   

   • What: The Ministry of Home Affairs (MHA) has extended the validity of registration for all Foreign Contribution (Regulation) Act (FCRA)-registered NGOs whose licenses are expiring on March 31, 2024, until June 30, 2024. This extension provides relief to those whose renewal applications are still under consideration.
   • Tell me more:
     • According to the law, all NGOs receiving foreign contributions have to be registered under the Foreign Contribution (Regulation) Act.
     • NGOs that want to receive foreign donations must register with the MHA. Registration is valid for 5 years and can be applied for renewal.
       Source: Indian Express

   
   
   
   
5. Bilingual Braille signage at all polling stations in Puducherry
   
   

   • What: The Election Department of Puducherry will provide Braille signage in English and Tamil in Electronic Voting Machines (EVMs) in all 967 polling stations.
   • Why: This facility is being provided on the instructions of the Election Commission of India to make it easy for visually impaired electors to cast their votes without the help of an attendant.
     Source: The Hindu

   
   
6. The reimposition of ALMM order on solar PV modules from 1st April 2024
   • What: The Ministry of New and Renewable Energy (MNRE) has reinstated the Approved List of Models & Manufacturers (ALMM) for Solar Photovoltaic (PV) Modules from April 1, 2024.
   • Why: It’s meant to help Indian solar panel makers.
   • Tell me more:
     • This list says that the government can only buy solar panels from certain Indian companies. It’s meant to help Indian solar panel makers.
     • Now, importing solar panels is restricted. Before this, importing was allowed until March 31, 2024, because there weren’t enough Indian companies making them.
     • Back in 2019, the government made this list called ALMM, saying only panels from certain companies can be used in government projects.
     • But for a year (2023-24), this rule was stopped.
     • Projects that started before March 31, 2024, don’t have to follow this rule.
     • ALMM applies to government projects like PM-KUSUM and PM Surya Ghar Muft Bijli Yojana, but not to private projects.
       Source: Livemint

Banking and Finance

1. IRDAI has come out with final regulations in relation to surrender value.
   • What: The Insurance Regulatory and Development Authority of India (IRDAI) has released a set of new regulations in relation to the surrender value of insurance policies.
     • The new set of rules will come into effect from April 1, 2024. 
     • A surrender value in insurance refers to the amount paid by the insurance company to the policyholder upon terminating the policy before its maturity date. If the policyholder surrenders during the policy tenure, the earnings and savings portion will be paid to him or her.
   • Why: These regulations are designed to foster good governance pertaining to pricing mechanisms and to ensure the provision of guaranteed surrender value, coupled with comprehensive disclosures to policyholders.
   • Tell me more:
     • The surrender value is expected to remain the same or even lower if policies are surrendered for up to a period of three years. For policies that have been surrendered from the fourth to the seventh year, the surrender value may see a minor increase.
     • Proposed surrender value percentages:
     • 30% of total premiums paid if surrendered during the second year.
     • 35% of total premiums paid if surrendered during the third year.
     • 50% of total premiums paid if surrendered between the fourth and seventh years.
     • 90% of total premiums paid if surrendered during the last two years.

   • However, for non-single premium life insurance policies, a guaranteed surrender value will be given after the payment of insurance premiums for a minimum of two years in a row.
     • Non-single premium life insurance policies are basically any life insurance plan where you don’t pay the entire cost upfront with a one-time lump sum. This is in contrast to single-premium life insurance.
       Source: livemint

2. Stock Market reaches new heights in FY24
   • What: The Indian stock market ended the financial year 2023-24 (FY24) on a healthy note with the frontline indices Nifty 50 soaring nearly 29 percent -logging its best performance in three fiscal years, while the 30-share BSE Sensex rose 24.85 percent in FY24.
     • Both indices cumulatively showed a return on investment of about 27%-31% between April 2023 and March 2024.
   • Tell me more:
     • Equity investors became richer by ₹128.77 lakh crore in FY24, driven by increased investment inflows, a resilient economy, and promising corporate earnings.
     • Bajaj Auto, Tata Motors, Coal India Limited, Adani Ports, and Hero MotoCorp emerged as the Top 5 Index Performers in FY24.
     • The top 5 best performers in large caps for FY24 are Zomato, TATA Motors – DVR Ltd, Adani Power, Punjab National Bank, and Delhi Land & Finance (DLF Limited).
       • Zomato emerged as the market’s best-performing large cap with a growth of 261.86% in the market.
     • The top 10 best-performing large-cap stocks of FY24 on Dalal Street saw an increase of 110%-270% in their market value during the fiscal year under review.
     • Bullish investor sentiment drove the market capitalization (M-cap) of BSE-listed companies to surge by ₹1,28,77,203.77 crore to ₹3,86,97,099.77 crore in FY24.
     • The M-cap of BSE-listed firms reached an all-time high of ₹394 lakh crore this year.
     • Reliance Industries Ltd (RIL) became the first Indian company to achieve an M-cap of ₹20 lakh crore this year.
       • RIL holds the top position as the most valued domestic firm by market valuation with an M-cap of ₹20 lakh crore, followed by Tata Consultancy Services (TCS) at ₹14 lakh crore, HDFC Bank at ₹11 lakh crore, ICICI Bank at ₹7 lakh crore, and Bharti Airtel at ₹6 lakh crore in the top five order.
         Source: Livemint

3. Countries yet to fully implement steps to prevent misuse of virtual assets, says FATF
   • What: The Financial Action Task Force (FATF) notes that numerous countries have yet to fully implement measures to prevent the misuse of virtual assets and virtual asset service providers (VASPs).
     • Virtual assets (crypto assets) refer to “any digital representation of value that can be digitally traded, transferred or used for payment.

   • Tell me more:
     • FATF, in February 2023, outlined a roadmap to strengthen standards concerning virtual assets and VASPs.
     • A recent survey assessed the current implementation status, leading to the publication of a paper titled “Recommendation 15 by FATF Members and Jurisdictions with Materially Important VASP Activity”.
       • This survey involved 58 jurisdictions, including both FATF and non-FATF members.
       • India has conducted a risk assessment on virtual assets and VASPs, prohibiting their use while ensuring compliance with legislation requiring registration or licensing of VASPs and applying Anti-money Laundering/Counter-terrorism Financing measures.
       • Countries like China, Egypt, and Saudi Arabia have explicitly prohibited virtual assets and VASPs, while Seychelles and Indonesia are in the process of doing so.
         Source: The Hindu

4. IMF approves $8 billion loan plan for Egypt as global bailout takes shape
   
   

   • What: The International Monetary Fund (IMF) approved a $5 billion augmentation to its loan program for Egypt, part of a wave of global aid pledged to bolster a stumbling economy put under added pressure by the war in Gaza.
   • Tell me more:
     • The executive board’s assent increases the Extended Fund Facility arrangement from the $3 billion originally approved in December 2022 to $8 billion.
       Source: Business Standard

     
     
   
   
   
   
5. RBI creates a special agency to combat illegal lending apps – “DIGITA”
   
   

   • What: The Reserve Bank of India (RBI) is setting up the Digital India Trust Agency (DIGITA) to tackle the spread of illegal lending apps.
   • Why: The agency’s goal is to check digital lending apps for compliance and maintain a public list of verified apps.
   • Tell me more:
     • DIGITA will play a crucial role in fighting against illegal lending apps.
     • Apps without the ‘verified’ mark from DIGITA will be considered unauthorized and dealt with by law enforcement.
     • RBI shared a list of 442 digital lending apps with Google, resulting in the removal of over 2,200 apps from the Play Store from September 2022 to August 2023
     • Google now allows only RBI-regulated entities or their partners to publish apps on the Play Store, following requests from RBI and the Department of Financial Services.
       Source: Hindustan Times

   
   

International News

1. FAO organizes the closing ceremony of the International Year of Millets (IYM)

   • What: The closing ceremony of the International Year of Millet 2023 (IYM 2023) was held in Rome, Italy, and was hosted by the Food and Agriculture Organization (FAO) of the United Nations.
   • Tell me more:
     • FAO has declared millets a ‘global superfood’ at the closing ceremony of the IYM 2023.
       Source: The Print

     
     

2. Launch of the International Network for Terrestrial Research and Monitoring in the Arctic (INTERACT)

   • What: INTERACT is a significant project that involves a large network of research stations concentrated in the Arctic and its surrounding regions.
   • Why: The primary objective of INTERACT is to build capacity for identifying, understanding, predicting, and responding to diverse environmental changes in the Arctic.
   • Tell me more:
     • These research stations are spread across various countries, including northern Europe, Russia, the US, Canada, Greenland, Iceland, the Faroe Islands, and Scotland. The project is funded by the European Union.
       Source: INTERACT

   
   
3. Cyber Slavery: 5,000 Indians Forced into Fraud in Cambodia

   • What: Indian authorities uncover a massive cyber scam in Cambodia, involving over 5,000 Indian nationals coerced into online fraud targeting India.
   • Why: Victims were promised employment in Cambodia but forced into illegal cyber activities.
   • Tell Me More:
     • Around 250 victims rescued by the Ministry of External Affairs. Indian police arrested traffickers and are collaborating with Interpol.
       Source: NDTV

Defence News

1. HAL signs ₹1,173 crore contract with CSL for Indian Navy’s NGMV project

   • What: Hindustan Aeronautics Limited (HAL) has signed a contract worth Rs 1,173.42 crore with Cochin Shipyard Limited (CSL), Kochi, Kerala, to supply 6 sets of LM2500 gas turbines (GT) and GT Auxiliaries (GTAE), spares, and tools for the Indian Navy’s Next Generation Missile Vessel (NGMV) project.
   • Tell me more:
     • The domestic contract will be executed between FY26 to FY29.
       Source: The Hindu Business Line

   
   

Memorandum of Understanding

1. Prestige group raises ₹2,001 crore to build housing projects across four cities.
   • What: Prestige Group, along with its subsidiaries, has struck a strategic deal valued at Rs 2,001 crore with the Abu Dhabi Investment Authority (ADIA) and Kotak AIF (Alternative Investment Fund).
   • Why: The deal aims to develop residential projects in prominent locations across four Indian cities, Bengaluru, Mumbai, Goa, and Delhi NCR
     • The agreement is set to accelerate the growth and expansion of early-stage residential projects.
   • Tell me more:
     • The investment will focus on developing Greenfield residential projects in Bengaluru, Mumbai, Goa, and Delhi NCR, with an estimated revenue potential of Rs 18,000 crore.
       Source: Hindustan Times

2. NPTI and PTC Will Conduct Joint R&D in the Energy Domain
   
   

   • What: The National Power Training Institute (NPTI) under the Ministry of Power and PTC India Ltd. signed a MoU to establish a Centre of Excellence (CoE) for Research & Development (R&D) in the Energy Domain.
   • Why: The collaboration aims to address pressing challenges in the energy domain while aligning with Sustainable Development Goals (SDGs).

     Source: PIB

   
   

Agriculture and Rural Development

1. Tissue culture lab to generate saplings of threatened or rare native Delhi trees.
   • What: In a bid to generate saplings of threatened or rare native Delhi trees, the city’s forest and wildlife department is setting up a tissue culture laboratory at the Asola Bhatti Wildlife Sanctuary.
     • Plant Tissue Culture (PTC)– It refers to the cultivation of undifferentiated plant cells, tissues or organs on synthetic media under an aseptic environment and suitable controlled physical conditions.
   • Why: The aim is to help grow endangered native Delhi trees in a controlled environment, and to regenerate saplings whose seeds are not readily available in large quantities.
   • Tell me more:
     • The species identified are Hingot, Khair, Bistendu, Siri, Palash etc.
       Source: Hindustan Times

Science and Tech

1. ISRO launches a space science online training program. 
   • What: The Indian Space Research Organization (ISRO) has introduced the ‘Space Science and Technology Awareness Training (START)’, an online training program aimed at inspiring youth to pursue careers in space science and technology.
   • Tell me more:
     • The program is designed for postgraduate (PG) and final-year undergraduate students in physical science and technology.
     • The START 2024 initiative is scheduled to take place in April and May 2024.
     • The program covers various domains including space science, astronomy & astrophysics, and will be conducted by scientists from Indian academic institutes and ISRO centers.
       Source: The Times of India

Sports

1. ATP Miami Open 2024 – a Tennis Tournament

   • What: ATP Miami Open 2024, was held in Florida, USA.
   • Winners and Runner-up of Miami Open 2024

   
   

Source: Firstpost

2. Hockey India 6th Annual awards

   • What: The 6th Hockey India Annual was hosted in New Delhi by Hockey India.
   • Why: To honor India’s finest Hockey talents, officials, and legends of the game.
   • Tell me more: (List of awardees)

   
   

Source: SPORTSTAR

Important Days

1. March 31: International Transgender Day of Visibility
   • What: International Transgender Day of Visibility is observed annually on March 31.

     Source: Reuters

Miscellaneous

1. Oscar Awardee Tim McGovern passed away.
   • What: Tim McGovern, the esteemed American Visual Effects (VFX) pioneer, passed away.
   • Tell me more:
     • Won the Academy Award (Oscar) – Special Achievement Award (Visual Effects) in 1991 for ‘Total Recall’, sharing with Eric Brevig, Rob Bottin, and Alex Funke.
       Source: Pinkvilla

2. 100 years of Vaikom Satyagraha

   • What: It started in the princely state of Travancore (now in Kerala), and marked a pivotal moment in temple entry movements across India.
     • It was against the exclusion of “lower caste” Hindus from accessing the Vaikom Mahadeva temple and its surrounding roads.

   
   
   
   
   
   

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