17th February, 2024

1. 2nd edition of the India Energy Week 2024 has been held in Goa from 6-9 February, 2024.
2. Union Minister of Education and Skill Development & Entrepreneurship, Dharmendra Pradhan has inaugurated the 2-day 100 Cube Start-up Conclave at IIT Bhubaneswar.
3. Central Government has granted income tax exemptions for the Dairy Cooperative Society under the Income Tax Act, 1961, to provide relief to the cooperative societies.
4. Central Government has issued scheme guidelines for pilot projects on use of green hydrogen in the transport sector.
5. Arunachal Pradesh has achieved 100% saturation in ‘Har Ghar Jal‘ scheme under the Jal Jeevan Mission (JJM).
6. Bihar government has brought out the ‘Patna Declaration‘ to strengthen bird conservation initiatives and address the challenges posed by illegal hunting in the South Asian region.
7. Insurance Regulatory and Development Authority of India (IRDAI) has issued exposure draft regulations, “IRDAI (Bima Sugam – Insurance Electronic Marketplace) regulations, 2024”.
8. Federal Bank has launched Stellar Savings Account with the objective of transforming the banking sector by delivering exceptional benefits and innovative features.
9. Reserve Bank of India (RBI) and Nepal Rastra Bank (NRB) will integrate their respective fast payment systems to facilitate cross-border remittances between India and Nepal.
10. BOBCARD Limited in collaboration with the National Payments Corporation of India (NPCI) has announced the launch of Corporate Credit Card on RuPay Network.
11. 1st-ever ‘State of the World’s Migratory Species‘ report has been launched at the 14th Meeting of the Conference of the Parties to the Convention on the Conservation of Migratory Species of Wild Animals (CMS COP14).
12. Isha Ambani, Director of Reliance Retail Ventures has received an award at the Lokmat Maharashtrian of the Year 2024 for her remarkable contributions in the field of business.
13. Central Council of the Institute of Chartered Accountants of India (ICAI) has elected CA. Ranjeet Kumar Agarwal as its 72nd President for the term 2024-25.
14. National Women’s Day
15. International Childhood Cancer Day 2024

National News

1. 2nd edition of India Energy Week 2024.
• What ? 2nd edition of the India Energy Week 2024 has been held in Goa from 6-9 February, 2024.
• Key points-
  • Prime Minister has inaugurated integrated Sea Survival Training Centre, ONGC institute in Goa.
  • International Energy Agency (IEA) has released a report ‘Indian Oil Market Outlook to 2030’.
  • Bharat Petroleum Corporation Limited (BPCL) has launch of ‘Pure for Sure’ initiative to eradicate last-mile delivery inefficiencies and improve customer satisfaction.

Source: ET

2. 100 Cube Startup Conclave at IIT Bhubaneshwar.
• What ? Union Minister of Education and Skill Development & Entrepreneurship, Dharmendra Pradhan has inaugurated the 2-day 100 Cube Start-up Conclave at IIT Bhubaneswar.
• Objective-
  • To create 100 start-ups, each with a valuation of Rs 100 crore, by the 100th anniversary of Odisha.
• Key points-
  • 100 Cube Odisha will tap the untapped potential of the youth and engineer solution-driven innovation and start-up revolution.
  • During the conclave, Indian Renewable Energy Development Agency Limited (IREDA) and IIT Bhubaneswar have signed a MoU to support joint research efforts, technology transfer, and the start-up ecosystem in renewable energy.

Source: PIB

3. Exemption of Income Tax for Dairy Cooperative Society.
• What ? Central Government has granted income tax exemptions for the Dairy Cooperative Society under the Income Tax Act, 1961, to provide relief to the cooperative societies.
• Key points-
  • Government provides interest subvention on short-term crop loans up to ₹3 lakh, bringing down the interest rate to 7% per annum.
  • Prompt repayment earns farmers an additional 3% interest subvention, effectively reducing the interest rate to 4%.
  1. Other key benefits-
  2. Tax Benefit for Milk Supply: Cooperative societies supplying milk can deduct their entire related profit from taxes.
  3. Reduced Surcharge: The extra tax (surcharge) for cooperative societies earning between ₹1 crore to ₹10 crores is now lowered from 12% to 7%.
  4. Lower Minimum Tax: The minimum tax rate for cooperative societies is reduced from 18.5% to 15%, making it the same as companies.
  5. Cash Repayment Amendment: Cooperative banks can now repay member deposits or loans in cash up to ₹2 lakh without facing penalties. Previously, the limit was ₹20,000.
  6. Higher Cash Withdrawal Threshold: Cooperative societies can withdraw up to ₹3 crore in cash without facing Tax Deducted at Source (TDS). This threshold is higher than the ₹1 crore limit for others.

Source: PIB

4. Scheme guidelines for pilot projects on use of green hydrogen in the transport sector.
• What ? Central Government has issued scheme guidelines for pilot projects on use of green hydrogen in the transport sector.
• Key points-
  • Guidelines will support Pilot Projects based on use of Green Hydrogen as fuel in Buses, Trucks and 4-wheelers.
  • Pilot Projects for development of infrastructure such as hydrogen refuelling stations to be supported.
  • Pilot projects will be implemented through the Ministry of Road Transport and Highways and the Scheme Implementing Agencies (SIAs) nominated under this Scheme.
  • Scheme will be implemented with a total budgetary outlay of Rs. 496 Crores till the financial year 2025-26.
• What is green hydrogen?
  • Green hydrogen is hydrogen that is obtained through the use of renewable energies in its production, which makes it a clean, sustainable fuel with a zero pollution index.

Source: PIB

State News

1. Arunachal achieves 100% saturation in ‘Har Ghar Jal’ scheme.
• What ? Arunachal Pradesh has achieved 100% saturation in ‘Har Ghar Jal‘ scheme under the Jal Jeevan Mission (JJM).
• Key point-
  • It has become the 1st state in North-East India and as the 10th state/Union territory in overall India to achieve 100% saturation of Har Ghar Jal (tap water in every household) under JJM.

2. ‘Patna Declaration’ to strengthen bird conservation initiatives in South Asian region.
• What ? Bihar government has brought out the ‘Patna Declaration‘ to strengthen bird conservation initiatives and address the challenges posed by illegal hunting in the South Asian region.
• Objectives-
  • To increase collaboration between countries and organisations along the Central Asian Flyway (CAF) and East Asian Australasian Flyway (EAAF) in bird conservation activities and combat illicit hunting and trading of wild birds.
  • To implement the Convention on International Trade in Endangered Species (CITES) at the grassroots level through the Wildlife Protection Action Act of 1972 (as amended in 2022).

Source: DH

Banking and Economy

1. IRDAI has issued exposure draft regulations, “IRDAI (Bima Sugam – Insurance Electronic Marketplace) regulations, 2024.
• What? Insurance Regulatory and Development Authority of India (IRDAI) has issued exposure draft regulations, “IRDAI (Bima Sugam – Insurance Electronic Marketplace) regulations, 2024”.
• Objective-
  • To empower and protect the interest of policyholders, to increase penetration of insurance in India and to enhance availability, accessibility and affordability.
• More about Bima Sugam-
  • Bima Sugam aims to be a comprehensive solution for all insurance stakeholders, including customers, insurers, intermediaries, and agents.
  • It seeks to promote transparency, efficiency, and collaboration throughout the insurance value chain.
  • It will drive technological innovation in the insurance sector and make insurance more accessible to everyone, with the vision of achieving “Insurance for all by 2047”.

2. Federal Bank launches the Stellar Savings Account.
• What ? Federal Bank has launched Stellar Savings Account with the objective of transforming the banking sector by delivering exceptional benefits and innovative features.
• Key features of Stellar Savings Account-
  • Stellar Savings Account comes with a complimentary wellness program that covers Daily Health & Wellness, Mental Wellness, Telemedicine and offline care.
  • It will provide insurance coverage of Rs. 10 Lakhs for Personal Accidental Death and Permanent Disability.
  • It also provide hospital cash benefits of Rs. 1000 per day for 10 days.

3. RBI and Nepal Rastra Bank to integrate their respective fast payment systems.
• What ? Reserve Bank of India (RBI) and Nepal Rastra Bank (NRB) will integrate their respective fast payment systems to facilitate cross-border remittances between India and Nepal.
• Key point-
  • Fast payment systems (FPSs) of India and Nepal are called the Unified Payments Interface (UPI) of India and the National Payments Interface (NPI).

Source: HBL

4. BOBCARD rolls out Corporate Credit Card on RuPay network.
• What ? BOBCARD Limited in collaboration with the National Payments Corporation of India (NPCI) has announced the launch of Corporate Credit Card on RuPay Network.
• Key points-
  • Corporate Credit Card offers luxurious travel perks like lounge access and fuel surcharge waiver.
  • Cardholders enjoy complimentary personal accidental death insurance cover.
  • Rewards program enhances the value of card for business transactions.

Source: npci

Report and Indices

1. 1st-ever report on the “State of the World’s Migratory Species” will be launched at CMS COP14.
• What ? 1st-ever ‘State of the World’s Migratory Species‘ report has been launched at the 14th Meeting of the Conference of the Parties to the Convention on the Conservation of Migratory Species of Wild Animals (CMS COP14).
• Theme- “Nature knows no borders”

Source: cms

Appointment

1. Ranjeet Kumar Agarwal takes over as ICAI President for council year 2024-25.
• What ? Central Council of the Institute of Chartered Accountants of India (ICAI) has elected CA. Ranjeet Kumar Agarwal as its 72nd President for the term 2024-25.
• Charanjot Singh Nanda, Central Council Member, has been elected as Vice-President of ICAI.

Source: HBL

Important Days

1. February 13– National Women’s Day
• day marks the birth anniversary of Sarojini Naidu, an eminent freedom fighter and poet, also known as the “Nightingale of India”.
• She was given the honour of being called the “Nightingale of India” by Mahatma Gandhi.
2. February 15– International Childhood Cancer Day 2024
• Symbol- Gold Ribbon is the universal awareness symbol of Childhood Cancer
• International Childhood Cancer Day 2024 – 2026 (3 Year Campaign Cycle)-
  • Year 2024 – Unveiling Challenges
  • Year 2025 – Inspiring Action
  • Year 2026 – Demonstrating Impact

Start Quiz of 17th February 2024 on Mobile

Start Quiz of 17th February 2024 on Desktop