27th March, 2024

1. India has initiated an anti-dumping probe into the import of aluminium foil, used as a packaging material for conservation and preservation of edible and food products, from China.
2. Central Bureau of Investigation (CBI) has signed a working arrangement with European Union Agency for Law Enforcement Cooperation (Europol).
3. IRDAI has approved a consolidated Insurance Regulatory and Development Authority of India (Protection of Policyholders’ Interests and Allied Matters of Insurers) Regulations, 2024.
4. SEBI has instructed Association of Mutual Funds in India (AMFI) to halt inflows into overseas ETFs from April 1 due to nearing exhaustion of the limit set by Reserve Bank of India of USD 1 billion.
5. ABHFL, a subsidiary of Aditya Birla Capital Limited, has introduced a digital lending platform named “ABHFL-Finverse” for its home loan customers.
6. Life Insurance Corporation of India (LIC) is termed as the strongest insurance brand with a steady brand value of $9.8 billion as per a report by Brand Finance Insurance 100 2024.
7. Mukesh Ambani has secured the 10th position on the list of the world’s richest individuals with a total net worth of USD 115 billion in latest 2024 Hurun Global Rich List.
8. S&P Global has raised gross domestic product (GDP) growth forecast of India for Financial Year 2024-25 (FY25) by 40 basis points to 6.8%.
9. Operation Sankalp was launched on 14th December 2023 and completed 100 days on 23rd March 2024.
10. Indian Space Research Organisation (ISRO) announced that the Polar Satellite Launch Vehicle Orbital Experimental Module-3 (POEM-3) has re-entered the atmosphere of Earth, leaving no debris in orbit.
11. Working Group for Planetary System Nomenclature (WGPSN) of International Astronomical Union has approved the name “Statio Shiv Shakti” for the landing site of Chandrayaan-3’s Vikram lander.
12. Sreeja Akula of India has won the women’s singles title at the WTT Feeder Beirut II 2024 table tennis tournament at the Al Kawthar Secondary School in Lebanon.
13. World Tuberculosis Day
14. International Day for the Right to the Truth Concerning Gross Human Rights
    Violations and for the Dignity of Victims 2024
15. International Day of Remembrance of the Victims of Slavery and the Transatlantic
    Slave Trade 2024
16. International Day of Solidarity with Detained and Missing Staff Members 2024
17. Neeraj Chopra has been appointed as the brand ambassador for Eveready Industries India Limited (EIIL).

National News

1. India initiates anti-dumping probe into import of aluminium foil from China.
   • What ? India has initiated an anti-dumping probe into the import of aluminium foil, used as a packaging material for conservation and preservation of edible and food products, from China.
   • Key points:
     • The probe was initiated in response to a complaint from domestic players.
     • Directorate General of Trade Remedies (DGTR), the investigative arm of the Commerce Ministry, is investigating the alleged dumping of aluminium foil.
   • About anti-dumping probes:
     • Countries conduct anti-dumping probes to determine whether domestic industries have been hurt because of a surge in cheap imports.
     • As a countermeasure, they impose these duties under the multilateral regime of the Geneva-based World Trade Organization (WTO).
     • The duty is aimed at ensuring fair trading practices and creating a level-playing field for domestic producers vis-a-vis foreign producers and exporters.

2. Working Arrangement between the Central Bureau of Investigation (CBI) and the European Union Agency for Law Enforcement Cooperation (Europol).
   • What ? Central Bureau of Investigation (CBI) has signed a working arrangement with European Union Agency for Law Enforcement Cooperation (Europol).
   • Objective:
     • To improve cooperative relations between Indian and European law enforcement authorities to prevent and combat serious crime and terrorism.

   • More about working arrangement:
     • The arrangement comprises 26 detailed articles outlining procedures for collaboration across more than 30 unique criminal categories.
     • It covers the exchange of information, expert knowledge, situation reports, results of strategic analysis, participation in training activities, and provision of advice and support in individual criminal investigations.
     • This agreement will promote direct cooperation between the CBI and Europol, utilizing their respective mandates and strategies.
     • It will enhance cooperation between all law enforcement agencies in India, the 27 European countries represented by Europol, and third countries and organizations associated with Europol.

Source: cbi.gov.in

Banking and Economy

1. IRDAI has approved 8 Regulations for Insurance Products and Policyholders.
   • What ? IRDAI has approved a consolidated Insurance Regulatory and Development Authority of India (Protection of Policyholders’ Interests and Allied Matters of Insurers) Regulations, 2024.
   • Objective:
     • To safeguard policyholders’ interests by ensuring fair treatment, protection, and governance, while maintaining prudent risk management practices and oversight of insurer operations.
   • Tenure: Regulations shall be in force for 3 years from the date of their publication in the Official Gazette unless reviewed or amended earlier.
   • The above regulations shall come into effect from the date of their publication in the official Gazette of the Government of India and will supersede the following regulations:
     • IRDAI (Manner of Receipt of Premium) Regulations, 2002
     • IRDAI (Places of Business) Regulations, 2015
     • IRDAI (Fee for Registering Cancellation or Change of Nomination) Regulations, 2015
     • IRDAI (Fee for Granting Written Acknowledgement of Receipt of Notice of Assignment or Transfer) Regulations, 2015
     • IRDAI (Issuance of Insurance Policies) Regulations, 2016
     • IRDAI (Outsourcing of Activities by Indian Insurers) Regulations, 2017
     • IRDAI (Protection of Policyholders’ Interests) Regulations, 2017
     • IRDAI (Insurance Advertisements and Disclosure) Regulations, 2021

2. SEBI instructed AMFI to halt inflows into overseas ETFs from April 1.
   • What ? SEBI has instructed Association of Mutual Funds in India (AMFI) to halt inflows into overseas ETFs from April 1 due to nearing exhaustion of the limit set by Reserve Bank of India of USD 1 billion.
   • Key points:
     • Mutual Fund industry of India offers 2 overseas investment avenues: direct investments and investments through foreign-managed ETFs.
     • The existing limit was established in 2007-08 and remains unchanged, even though forex reserves of India have doubled.
     • SEBI requires that overseas investments are valued based on the acquisition cost, not the current market valuation.
     • Mutual funds allow investments in overseas schemes based on the available headroom within the fund house caps.

   • Current scenario of international MF scheme:
     • Despite strong US market performance, there’s been a significant outflow from MF schemes.
     • Executives attribute this to both regulatory restrictions and tax changes since April 2023.
     • Previously, international schemes and debt funds enjoyed indexation benefits but now, returns are taxed at the investor’s slab rate, potentially increasing tax burdens.

3. Aditya Birla Housing Finance Launches Digital Lending Platform “ABHFL-Finverse”.
   • What ? ABHFL, a subsidiary of Aditya Birla Capital Limited, has introduced a digital lending platform named “ABHFL-Finverse” for its home loan customers.
   • Objective:
     • To digitize the entire lending process, covering everything from prospecting to loan disbursement.

   • Key points:
     • ABHFL-Finverse was developed in collaboration with Tata Consultancy Services (TCS).
     • It aims to enhance customer convenience and satisfaction by streamlining the loan application and approval process.
       Source: The print

4. LIC world’s strongest insurance brand.
   • What ? Life Insurance Corporation of India (LIC) is termed as the strongest insurance brand with a steady brand value of $9.8 billion as per a report by Brand Finance Insurance 100 2024.
   • Key points:
     • LIC has a brand strength index score of 88.3 and an associated AAA brand strength rating.
     • Chinese insurance brands continue to dominate the global rankings of most valuable insurance brands, with Ping An leading the pack.

   • Top 3 rankings:

Source: BS

Reports and Indices

1. 2024 Hurun Global Rich List.
   • What ? Mukesh Ambani has secured the 10th position on the list of the world’s richest individuals with a total net worth of USD 115 billion in latest 2024 Hurun Global Rich List.
   • Key points:
     • Elon Musk, CEO of Tesla Motors has topped the list for the 3rd time with a net worth of USD 231 billion, followed by Jeff Bezos, founder of Amazon, with USD 185 billion.
     • Mumbai has surpassed Beijing to become the billionaire capital of Asia.
     • Mumbai is home to 92 billionaires, while Beijing houses 91 billionaires.
   • 2024 Hurun Global Rich List Overview:
     • It is the 13th edition of the ranking of billionaires, based on wealth calculations as of 15th January 2024.
     • The list features a total of 3,279 billionaires, including 167 new additions.
     • The global billionaire count increased by 5% compared to 2023.
   • Top 3 countries with the highest number of billionaires:

• Top 5 billionaire of the world:

• Top 5 cities with the number of billionaire:

Source: Hurun

GDP Forecasts

1. S&P Global raises India’s FY25 GDP growth forecast.
   • What ? S&P Global has raised gross domestic product (GDP) growth forecast of India for Financial Year 2024-25 (FY25) by 40 basis points to 6.8%.
   • GDP Growth Forecast for India:
     • FY24 GDP Growth: 7.6%
     • It retained GDP growth predictions for FY26 and FY27 at 7%.
   • Leading Asian Emerging Markets:
     • S&P Global identifies India, Indonesia, the Philippines, and Vietnam as leaders in terms of robust growth among Asian emerging market economies.
       Source: BS

Defence News

1. Operation Sankalp launched by Indian Navy completed 100 days.
   • What ? Operation Sankalp was launched on 14th December 2023 and completed 100 days on 23rd March 2024.
   • Objective:
     • The Indian Navy conducted maritime security operations as the First Responder and Preferred Security Partner in the Indian Ocean Region (IOR) to protect against non traditional threats.
   • Key points:
     • Indian Navy has deployed 5000 personnel at sea, over 450 ship days and conducted 900 hours of flying by maritime surveillance aircraft during the operation.
     • Security operations were conducted in three areas: the Gulf of Aden and adjoining areas, the Arabian Sea, and off the East Coast of Somalia.

   • Achievements of Operation Sankalp:
     • Indian Navy saved over 110 lives, including 45 Indian seafarers, during the operation.
     • Indian Navy conducted 1000 boarding operations as part of Operation Sankalp.
     • Over 3000 kilograms of narcotics were seized by the Indian Navy during the operation.
       Source: PIB

Science and Tech

1. PSLV Orbital Experimental Module-3 (POEM-3) mission.
   • What ? Indian Space Research Organisation (ISRO) announced that the Polar Satellite Launch Vehicle Orbital Experimental Module-3 (POEM-3) has re-entered the atmosphere of Earth, leaving no debris in orbit.
   • More about POEM-3:
     • POEM-3 featured a total of 9 experimental payloads aimed at conducting scientific experiments on newly developed indigenous systems.
     • The mission was conceptualized by the Vikram Sarabhai Space Centre (VSSC) to utilize existing resources effectively.

2. IAU Approves to Name Chandrayaan-3’s Landing Site as ‘Statio Shiv Shakti’.
   • What ? Working Group for Planetary System Nomenclature (WGPSN) of International Astronomical Union has approved the name “Statio Shiv Shakti” for the landing site of Chandrayaan-3’s Vikram lander.
   • Key points:
     • Approval for the name has been granted on 19th March 2024.
     • The name, “Statio Shiv Shakti” is derived from Indian mythology, symbolizing the masculine (“Shiva”) and feminine (“Shakti”) duality of nature.
   • National Space day:
     • Earlier, PM Narendra Modi has declared August 23rd as National Space Day to commemorate the country’s achievements in space exploration.
   • The crash site of Chandrayaan-2 on the lunar surface was named ‘Tiranga Point‘.

Source: FP

Sports

1. World Table Tennis (WTT) Feeder Beirut II 2024.
   • What ? Sreeja Akula of India has won the women’s singles title at the WTT Feeder Beirut II 2024 table tennis tournament at the Al Kawthar Secondary School in Lebanon.
   • Key points:
     • Prize Money: Total prize money of USD 22,500.
     • List of winners in different category:

Source: olympics.com

Important Days

1. March 24– World Tuberculosis Day; Theme– Yes! We can end TB
   • World TB Day is an observed to renew commitment, inspire and take action to end TB.
     Source: WHO

   
   
2. March 24– International Day for the Right to the Truth Concerning Gross Human Rights
   Violations and for the Dignity of Victims 2024

   • The Day is observed across the globe on 24th March to pay tribute to human rights activist Monsignor Óscar Arnulfo Romero, who was murdered on 24th March 1980.
     Source: UN

   
   
3. March 25– International Day of Remembrance of the Victims of Slavery and the Transatlantic
   Slave Trade 2024;
   Theme– Creating Global Freedom: Countering Racism with Justice in Societies and Among Nations
   Source: UN
4. March 25– International Day of Solidarity with Detained and Missing Staff Members 2024
   Source: UN

Appointments

1. Neeraj Chopra appointed as the Brand Ambassador for Eveready Industries.
   • What ? Neeraj Chopra has been appointed as the brand ambassador for Eveready Industries India Limited (EIIL).
   • Key points:
     • Neeraj Chopra is the gold medallist in javelin throw at the 2020 Tokyo Olympics.
     • He will be featured in Eveready’s campaigns, including the well-known “Give Me Red” campaign.
       Source: BS

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