08th-10th June, 2024
Artemis Accord, UNGA, Air India, PickMe, Duty drawback amount, Wisdom next, Adani ports, PNB, UNESCO, 6th edition of Staff Talks, Oleg Kononenko, TRISHNA, Vellayan Subbiah, ‘Best Conduct of Business Regulator’ in the Asia-Pacific, Anamika B Rajeev, Cotton Corporation of India (CCI), (UN) World Food Safety Day, PNB MetLife, painting with light, Reverse flipping, Cherukuri Ramoji Rao
- Peru and Slovakia officially became the 41st and 42nd nation to sign the National Aeronautics and Space Administration (NASA)’s ‘Artemis Accords‘.
- The UN General Assembly recently elected Pakistan, Somalia, Panama, Denmark, and Greece.
- The National Company Law Tribunal (NCLT) granted the approval of merging Vistara airlines with Air India.
- Indian fintech firm PhonePe has announced a partnership with Sri Lanka-based ride-hailing platform PickMe
- In an effort to facilitate trade, Central Board of Indirect Taxes and Customs (CBIC) will electronically disburse duty drawback amount directly to exporter’s bank account.
- Tata Consultancy Services (TCS) a global leader in IT services, has launched TCS AI WisdomNext platform.
- Adani Ports and Special Economic Zone Limited (APSEZ) has secured a five-year Operation and Maintenance (O&M) contract at the Syama Prasad Mookerjee Port in Kolkata.
- Punjab National Bank (PNB) is set to enhance its global presence by establishing a representative office in Dubai.
- The United Nations Educational, Scientific and Cultural Organization (UNESCO) State of the Ocean Report 2024 has been released.
- The 6th edition of Staff Talks between the Indian Navy and the Royal Navy of Oman was conducted in New Delhi.
- Russian Cosmonaut Oleg Kononenko Becomes the First Person to Spend 1,000 Cumulative Days in Space.
- The Indian Space Research Organisation (ISRO) announced the Mission TRISHNA (Thermal Infra-Red Imaging Satellite for High-Resolution Natural Resource Assessment).
- Vellayan Subbiah, Executive Vice-Chairman of Tube Investments of India (TII) and Chairman of Cholamandalam (Chola) Investment and Finance Co. Ltd., was named the EY World Entrepreneur Of The Year 2024.
- The Securities and Exchange Board of India (SEBI) was awarded the ‘Best Conduct of Business Regulator’ in the Asia-Pacific by The Asian Banker for its regulatory enhancements.
- Sub-Lieutenant Anamika B Rajeev has made history as the first woman helicopter pilot in the Indian Navy. She received the prestigious “Golden Wings” (given to Naval pilots).
- The Cotton Corporation of India (CCI) will open two godowns in Coimbatore and a nearby place for sale of cotton to spinning mills in Tamil Nadu.
- The United Nations (UN) World Food Safety Day (WFSD) is annually observed on 7 June.
- PNB MetLife has appointed Sameer Bansal as Managing Director and Chief Executive Officer
- Recently, Researchers and artists joined the “painting with light” international project to make invisible air pollution in India visible, demonstrating the health risks posed to the population
- Reverse flipping
- Cherukuri Ramoji Rao, the Chairman of Ramoji Group passed away
Table of Content
International News
- Peru and Slovakia officially became the 41st and 42nd nation to sign the ‘Artemis Accords’
- What: Peru and Slovakia officially became the 41st and 42nd nation to sign the National Aeronautics and Space Administration (NASA)’s ‘Artemis Accords‘, which establish a practical set of guidelines for peaceful space exploration and use of outer space.
Source: Space News
- What: Peru and Slovakia officially became the 41st and 42nd nation to sign the National Aeronautics and Space Administration (NASA)’s ‘Artemis Accords‘, which establish a practical set of guidelines for peaceful space exploration and use of outer space.
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About Artemis Accord - The Artemis Accords was jointly launched by NASA and US Department of State in 2020 with an aim of advancing bilateral and multilateral space cooperation between the signatories. - The Artemis Accords are a series of non-binding bilateral agreements initiated by the United States government with the purpose of establishing a common set of principles to guide space exploration It was formally signed on 13th October 2020 by eight founding countries: Australia, Canada, Italy, Japan, Luxembourg, the United Arab Emirates (UAE), the United Kingdom (UK), and the United States of America In the year 2023, India became the 27th member of the Artemis Accord. |
- UNGA elected Denmark, Greece, Pakistan, Panama, and Somalia to UNSC
- What: The UN General Assembly recently elected Pakistan, Somalia, Panama, Denmark, and Greece as non-permanent members of the UN Security Council for two-year terms starting from 1 January 2025 to 31st December 2026.
- They will be replacing the outgoing non-permanent members Ecuador, Japan, Malta, Mozambique, and Switzerland, whose terms end on 31 December this year.
- Each year UNGA elects five non-permanent members (out of 10 in total) of UNSC for a two-year term.
- The election was conducted via secret ballot and the elected countries needed a two-thirds majority of Member States present and voting, typically 129 votes if all 193 member states are present
Source: UN
- The election was conducted via secret ballot and the elected countries needed a two-thirds majority of Member States present and voting, typically 129 votes if all 193 member states are present
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UNSC - It is one of the six principal organs of the UN (others are UNGA, Economic and Social Council, Trusteeship Council, International Court of Justice, and UN Secretariat). - Composed of 15 Members (5 permanent and 10 non-permanent). - 5 Permanent members (China, France, Russia, UK, and US) enjoy veto power. - Holds primary responsibility for the maintenance of international peace and security. Note: India was a member of UNSC for the years 2021 and 2022 |
Banking and Economy
- NCLT approves Vistara-Air India merger
- What: The National Company Law Tribunal (NCLT) granted the approval of merging Vistara airlines with Air India.
- Tell me more:
- NCLT has granted nine months to complete the merger after obtaining necessary permissions such as foreign direct investment approval, security clearances and other relevant approvals from civil aviation ministry.
- In November 2022, Tata Sons and Singapore Airlines (SIA) announced plans to merge the two airlines.
- Since Tata Sons owns both Air India and a part of Vistara (which is a joint venture with Singapore Airlines), they are planning to merge the two airlines.
- By combining them, Tata can reduce competition between its own companies.
- As part of the merger transaction, SIA shall also invest ₹2,059 crore in Air India.
- SBICAP trustee limited will hold the shares on behalf of Air India Employee Settlement Trust.
Source: Indian Express
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About National Company Law Appellate Tribunal - It was established under Section 410 of the Companies Act, 2013 for hearing appeals against the orders of the National Company Law Tribunal(s) (NCLT), with effect from 1st June 2016. - The NCLAT was established to provide an efficient and specialized forum for addressing matters related to company law, insolvency, and competition law. Structure of NCLAT - The NCLAT includes a Chairperson, 3 judicial members, and 2 technical members. It consists of a total of not more than eleven members. - Appointment: These members are appointed by the Central Government based on their expertise and experience in relevant fields such as law, finance, accountancy, management, and administration. - Headquarter: New Delhi. |
- PhonePe Partners with Sri Lankan firm PickMe to Offer UPI Payments For Indians
- What: Indian fintech firm PhonePe has announced a partnership with Sri Lanka-based ride-hailing platform PickMe (same as OLA or Uber in India) to offer UPI payments for Indian travellers in the country.
- Tell me more:
- Benefit to PhonePe: The partnership will enable PhonePe to bolster its international presence and cater to the growing number of Indian tourists travelling to Sri Lanka.
- Benefit to PickMe: This will help the company increase its user base of Indian tourists.
Source: Zee News
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Here is a list of countries where Indians can use UPI to make payments UPI in Bhutan - NPCI International Payments Ltd (NIPL), the International arm of National Payment Corporation of India and Royal Monetary Authority (RMA) of Bhutan have partnered for enabling and implementing BHIM UPI QR-based payments in Bhutan on July 13, 2021. UPI, Rupay in Oman: The MoU between NPCI and the Central Bank of Oman (CBO) was signed in 2022. Sri Lanka: The digital payments connectivity with Sri Lanka will enable Indian travellers to make QR code-based payments at merchant locations in Sri Lanka using their UPI apps. Nepal: In the year 2024, RBI and Nepal Rastra Bank signed and exchanged Terms of Reference for integration of fast payment systems of India and Nepal, viz., Unified Payments Interface (UPI) of India and National Payments Interface (NPI) of Nepal, respectively. The integration is aimed at facilitating cross-border remittances between India and Nepal by enabling users of the two systems to make instant, low-cost fund transfers." Abu Dhabi: In the year 2024, Prime Minister Narendra Modi and United Arab Emirates President Sheikh Mohammed Bin Zayed Al Nahyan launched UPI services in Abu Dhabi. France: NPCI International Payments Limited (NIPL) in partnership with Lyra, a French leader in securing e-commerce and proximity payments, has announced the acceptance of UPI payment mechanism in France. Southeast Asia: In the year 2021, NIPL signed an agreement with Liquid Group to enable QR-based UPI payments in 10 countries, including Malaysia, Thailand, Philippines, Vietnam, Singapore, Cambodia, South Korea, Japan, Taiwan, and Hong Kong. - Also with Namibia the agreement for UPI has been signed |
- CBIC initiates electronic disbursal of duty drawback amount
- What: In an effort to facilitate trade, Central Board of Indirect Taxes and Customs (CBIC) will electronically disburse duty drawback amount directly to exporter’s bank account in a transparent and efficient manner with effect from 5th June, 2024.
- Tell me more:
- The payment of duty drawback amounts into the exporters’ accounts will be facilitated through the Public Finance Management System (PFMS) automatically.
- PFMS is a financial management platform for payments, developed by the Controller General of Accounts (CGA).
- The PFMS portal is used to make direct payments to beneficiaries of government schemes
Source: PIB
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Duty Drawback - Duty Drawback under section 75 of the Customs Act, 1962 is a refund of customs duties, taxes, and fees paid on imported goods that are subsequently exported. - This mechanism is designed to encourage exports by reducing the costs associated with importing materials or components that are used to manufacture goods for export. |
- TCS launches GenAI platform WisdomNext
- What: Tata Consultancy Services (TCS) a global leader in IT services, has launched TCS AI WisdomNext platform.
- Why: This platform combines several Generative Artificial Intelligence (GenAI) services into one interface. It helps organizations quickly adopt advanced technologies on a large scale, reduce costs, and comply with regulations.
Source: TCS
- Adani Ports bags 5-yr operation contract at Kolkata port
- What: Adani Ports and Special Economic Zone Limited (APSEZ) has secured a five-year Operation and Maintenance (O&M) contract at the Syama Prasad Mookerjee Port in Kolkata.
- This contract requires APSEZ to deploy cargo handling equipment within seven months from the date of acceptance.
- The Kolkata port is the nominated port for the Indo-Bangladesh Protocol on Inland Water Transit and Trade route.
Source: India Today
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| Indo-Bangladesh Protocol is an Inland water transit and trade protocol that exists between India and Bangladesh. It allows mutually beneficial arrangements for the use of their waterways for movement of goods between the two countries by vessels of both countries. The protocol is of significant benefit to both countries, promoting better connectivity with other neighbouring countries and improving trade between India and Bangladesh. |
- PNB to open office in Dubai, expanding international footprint
- What: Punjab National Bank (PNB) is set to enhance its global presence by establishing a representative office in Dubai.
- A representative office is a location established by a company or legal entity to conduct marketing and other non-transactional operations, typically in a foreign country where a branch office or subsidiary is not necessary present.
- In the context of PNB, this would allow PNB to engage with the local market, understand customer needs, and perform market research without conducting direct operations. It’s a strategic move for PNB to expand its global presence and support its international operations.
- This move is part of PNB’s strategy to expand its overseas footprint. The bank has already received approval from its board of directors and is currently in the process of seeking regulatory clearance.
Source: Economic Times
- What: Punjab National Bank (PNB) is set to enhance its global presence by establishing a representative office in Dubai.
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- As of March 31, 2024, - PNB had a presence in six countries through two subsidiaries in London-UK and Bhutan, one joint venture in Nepal, and two representative offices in Myanmar and Bangladesh. |
Report and Indices
- UNESCO Releases State of the Ocean Report (2024)
- What: The United Nations Educational, Scientific and Cultural Organization (UNESCO) State of the Ocean Report 2024 has been released.
- It provides crucial insights into the current state of global oceans, emphasising the challenges posed by climate change and human activities.
- Tell me more (Key findings)
- Warming: Ocean is now warming at twice the rate it was twenty years ago.
- Ocean temperatures have increased by an average of 1.45°C..
Source: UNESCO
Defence News
- 6TH EDITION OF INDIAN NAVY – ROYAL NAVY OF OMAN STAFF TALKS
- What: The 6th edition of Staff Talks between the Indian Navy and the Royal Navy of Oman was conducted in New Delhi.
- Tell me more:
- The delegation from the Royal Navy of Oman was led by Commodore Jasim Mohammed Ali Al Balushi, Director General of Operations & Plans. From the Indian side, Commodore Manmeet Singh Khurana, Commodore, led the delegation.
- During their visit, the delegation also went to the Information Fusion Centre – Indian Ocean Region (IFC-IOR), located in Gurugram, Haryana.
Source: PIB
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About IFC-IOR) - Hosted by the Indian Navy. - Established in 2018 within the Information Management and Analysis Centre (IMAC). - At IMAC data from various sensors and databases is aggregated, correlated and then disseminated to various stations for enhanced awareness. - Established to promote collaboration for maritime safety and security in line with India’s vision of Security and Growth for All in the Region (SAGAR) Hosts International Liaison Officers (ILOs) from partner nations and engages multinational maritime constructs. |
Science and Technology
- Russian Kononenko becomes first person to spend 1,000 days in space
- What: Russian Cosmonaut Oleg Kononenko Becomes the First Person to Spend 1,000 Cumulative Days in Space.
- Kononenko’s has gone for multiple missions for International Space Station (ISS) since his first journey in 2008.
- If Kononenko’s mission ends as scheduled September 23, 2024, he will have spent a total of 1,110 days in orbit.
Source: Times of India
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Gaganyaan Mission - The Gaganyaan Mission is India's first human space flight program. - Gaganyaan will launch four astronauts into an orbit 400 kilometers above the Earth for a 3-day mission. - The mission is expected to be launched by 2025. The four individuals selected for the Gaganyaan mission are: - Group Captain Prashanth Nair - Group Captain Angad Prathap - Group Captain Ajit Krishnan - Wing Commander Shubhanshu Shukla |
- TRISHNA – ISRO announces Indo-French Thermal Imaging Mission
- What: The Indian Space Research Organisation (ISRO) announced the Mission TRISHNA (Thermal Infra-Red Imaging Satellite for High-Resolution Natural Resource Assessment).
- It has been launched by ISRO with CNES (Centre national d’études spatiales), French space agency.
- Why: TRISHNA is a dedicated satellite to monitor Earth’s surface temperatures and mitigate climate change.
- Tell me more:
- The mission will be launched in 2025, is designed for a 5-year operational life.
Source: ISRO
- The mission will be launched in 2025, is designed for a 5-year operational life.
- What: The Indian Space Research Organisation (ISRO) announced the Mission TRISHNA (Thermal Infra-Red Imaging Satellite for High-Resolution Natural Resource Assessment).
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- India’s international Space Cooperation)
India-France: Strategic Space Dialogues, signed Letter of Intent on Defense Space Cooperation, space exchanges and defense space industrial cooperation, etc. - India-US: Bilateral space situational awareness arrangement (2022), NASA-ISRO Synthetic Aperture Radar (NISAR) Mission, etc. - Others: Lunar Polar Exploration (LUPEX) Mission between India and Japan, South Asia Satellite (SAS) to boost communication and improve disaster links among India’s 6 neighbors, etc. |
Awards
- Vellayan Subbiah named EY World Entrepreneur for 2024
- What: Vellayan Subbiah, Executive Vice-Chairman of Tube Investments of India (TII) and Chairman of Cholamandalam (Chola) Investment and Finance Co. Ltd., was named the EY World Entrepreneur Of The Year 2024.
- He is the fourth winner from India in the award’s 24-year history.
- Past Indian winners are NR Narayana Murthy, Uday Kotak, and Kiran Mazumdar Shaw
Source: EY
- Past Indian winners are NR Narayana Murthy, Uday Kotak, and Kiran Mazumdar Shaw
- SEBI Honoured with ‘Best Conduct of Business Regulator’ Award by The Asian Banker
- What: The Securities and Exchange Board of India (SEBI) was awarded the ‘Best Conduct of Business Regulator’ in the Asia-Pacific by The Asian Banker for its regulatory enhancements.
- The award was received by SEBI’s Whole Time Member, Kamlesh Chandra Varshney, at a ceremony held in Hong Kong.
- Tell me more:
- Significant Achievements:
- SEBI’s notable achievements include the introduction of the T+1 settlement cycle. This phased initiative, which began in 2021 and was fully implemented by January 2023.
- The T+1 settlement refers to the maximum time allowed for the settlement of trades. It stands for trade-day-plus-one-business-day.
Source: Zee News
- The T+1 settlement refers to the maximum time allowed for the settlement of trades. It stands for trade-day-plus-one-business-day.
- SEBI’s notable achievements include the introduction of the T+1 settlement cycle. This phased initiative, which began in 2021 and was fully implemented by January 2023.
- Significant Achievements:
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About The Asian Banker The Asian Banker creates platforms to foster community among financial services industry players, including traditional banks, digital disruptors, fintechs, and platform players. It publishes rankings and ratings to establish high standards in the delivery of financial products and solutions |
- Indian Navy gets its first woman helicopter pilot
- What: Sub-Lieutenant Anamika B Rajeev has made history as the first woman helicopter pilot in the Indian Navy. She received the prestigious “Golden Wings” (given to Naval pilots).
- She will be allowed to fly helicopters such as Sea Kings, ALH Dhruvs, Chetaks, and MH-60R Seahawks.
- In addition, Lieutenant Jamyang Tsewang, became the first commissioned naval officer from Ladakh, also successfully graduated as a qualified helicopter pilot.
Source: The Hindu
Agriculture and Rural Development
- CCI plans to open depots in Coimbatore (Tamil Nadu)
- What: The Cotton Corporation of India (CCI) will open two godowns in Coimbatore and a nearby place for sale of cotton to spinning mills in Tamil Nadu.
Source: The Hindu
- What: The Cotton Corporation of India (CCI) will open two godowns in Coimbatore and a nearby place for sale of cotton to spinning mills in Tamil Nadu.
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About CCI - Genesis: Established as a PSU under the Companies Act, 1956 in 1970. - Ministry: It is under the administrative control of Ministry of Textiles. - Headquarters: Navi Mumbai. - Functions: Undertakes price support operations, whenever market prices of kapas (seed cotton) fall below minimum support prices, without any quantitative limit. Undertakes commercial purchase operations to fulfill raw material requirement of domestic textile industry. - Operations: Cover all cotton growing states in northern (Punjab, Haryana, Rajasthan), central (Gujarat, Maharashtra, Madhya Pradesh, Orissa), and southern zones (Andhra Pradesh, Telangana, Karnataka, Tamil Nadu). |
Important Days
- June 7: UN World Food Safety Day
- What: The United Nations (UN) World Food Safety Day (WFSD) is annually observed on 7 June
- Why: It was dedicated as a day to confront and tackle the issues regarding food safety and raise awareness among the public about the need to eradicate foodborne risks.
- Tell me more:
- 7 June 2024 marks the observance of the 6th WFSD.
- Organized by: Food and Agriculture Organization of the UN (FAO) and the World Health Organization (WHO).
- The 2024 theme of WFSD is, “Food safety: prepare for the unexpected” and the slogan of WFSD 2024 is “Food safety is everyone’s business.”
Source: WHO
Appointments
- PNB MetLife appoints Sameer Bansal as MD & CEO
- What: PNB MetLife has appointed Sameer Bansal as Managing Director and Chief Executive Officer.
- He will succeed Ashish Srivastava.
Source: Money Control
Miscellaneous
- Researchers and artists have joined the ‘Paint with Light’ initiative
- What: Recently, Researchers and artists joined the “painting with light” international project to make invisible air pollution in India visible, demonstrating the health risks posed to the population.
- Painting with Light initiative is part of the Air of the Anthropocene project (AoA)
- Paint with light’ involved combining digital light painting and low-cost air pollution sensors, to produce photographic evidence of air pollution in cities of India, Ethiopia and the UK.
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About ‘AoA’ project - Created by artist Robin Price and an environmental scientist at the University of Birmingham to document air pollution levels around the world through photography. - It has also been used to raise air pollution awareness by UN. |
- Reverse flipping
- It also known as re-domiciling, is the process of shifting the domicile of an Indian company back to India after it had previously moved its headquarters overseas.
- This trend has gained traction among Indian startups, especially in the fintech sector due to rising economic growth of India.
- Ramoji Rao, founder of Eenadu Group & Ramoji Film City passed away
- What: Cherukuri Ramoji Rao, the Chairman of Ramoji Group passed away.
- In 2016, he was honoured with Padma Vibhushan, the second highest civilian award of the country for his contributions in journalism, literature and education.
- What: Cherukuri Ramoji Rao, the Chairman of Ramoji Group passed away.
- Tell me more:
- He headed the Ramoji Group, which includes:
- Ramoji Film City (RFC) in Hyderabad: World’s largest film production facility.
- The shooting of the famous Tollywood movie, Bahubali part 1 and 2 was done in the same place.
- Eenadu Telugu daily, the largest circulating Telugu newspaper
- ETV network of TV channels (First satellite entertainment channels in Telugu).
- Usha Kiran movies: A film production company.
- Ramoji Film City (RFC) in Hyderabad: World’s largest film production facility.
- Achievements
- He was honoured with Padma Vibhushan, the 2nd highest civilian honour of India, in 2016 for his contributions to journalism, literature, and education.
- He had received National Film Award for Best Feature Film in Telugu (Producer) for ‘Nuvve Kavali’.
Source: Hindustan Times
- He headed the Ramoji Group, which includes:
About Anuj Jindal
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Anuj Jindal, the founder, is an ex-manager from SBI, with an M.Com from Delhi School of Economics. He also has a JRF in Commerce & Management and NET in HRM, along with more than 5 years of experience in the field of Education.
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