29th December, 2023

National News

1. President Droupadi Murmu has given assent to the three Criminal Code bills and signed Telecommunications Act, 2023.
   • The New Criminal laws are–
     • Bharatiya Nyaya Sanhita, it will replace Indian Penal Code.
     • Bharatiya Nagarik Suraksha Sanhita, it will replace Code of Criminal Procedure.
     • Bharatiya Sakshya Act, it will replace the Indian Penal Code, Indian Evidence Act of 1872.
   • More about 3 bills–
     • Three bills have proposed to reform the criminal justice system by providing clear definitions for various offenses and their corresponding punishments.
     • The legislation includes a precise definition of terrorism and introduces a new section called “offenses against the state”.
     • One of the changes includes the abolition of sedition as a criminal offense in the proposed change.
   • More about Telecommunication Act, 2023–
     • New Act has formalized practices, such as reserving specific spectrum bands for various purposes in the telecom industry.
     • It has established dispute resolution measures to address conflicts between licensed service providers and the government.
     • Act has introduced streamlined processes for telecom operators to obtain permissions for setting up equipment in different states, offering newer and more efficient ways to navigate regulatory requirements.
       Source: The Hindu, The Hindu
2. Union Home Minister, Amit Shah has released a commemorative Postal Stamp to mark 50 years of Pandit Jasraj’s music festival ‘Pandit Motiram Pandit Maniram Sangeet Samaroha’, in New Delhi.
   • More about Pandit Motiram Pandit Maniram Sangeet Samaroha–
     • Stamp has been released on the occasion of music festival initiated by Pandit Jasraj in 1972 to honour his father, Sangeet Ratna Pandit Motiram ji.
     • Pandit Jasraj has played a crucial role in introducing young musicians to Hyderabad audiences, many of whom have become legends.
     • For 47 years Pandit Jasraj has hosted the annual Sangeet Samaroh without a break, making it the oldest festival in Hyderabad.
     • Pandit Jasraj was affectionately called the “Son of Hyderabad” for his unique contributions.
       Source: PIB

   
   

International News

1. National Aeronautics and Space Administration (NASA) has relaunched OSIRIS-REx spacecraft to explore the asteroid Apophis‘ very close flyby of Earth in 2029.
   • More about OSIRIS-Rex–
     • OSIRIS-REx spacecraft had earlier been sent to collect samples from the space rock Bennu.
     • It has been renamed the OSIRIS-APEX (Origins, Resource Identification, Spectral Interpretation and Security – Apophis Explorer).
     • Asteroid Apophis is also known as ”God of Chaos” and it is supposed to fly by Earth on April 13, 2029, from about just 20,000 miles away.

Source: Business Standard

Banking and Economy

1. Reserve Bank of India (RBI) has approved the reverse merger of IDFC-IDFC First Bank.
   • More about merger–
     • Under the proposed reverse merger scheme, an IDFC shareholder will get 155 shares for every 100 shares he/she holds in the bank.
     • Post merger, the standalone book value per share of the bank will increase by 4.9%.
       Source: ET

   
   
   
   
2. Securities and Exchange Board of India (SEBI) has extended the deadline for demat and mutual fund account holders to provide a nomination to June 30, 2024.
   • Objective–
     • To help investors to secure their assets and pass them on to their legal heirs.
   • Earlier, the deadline to nominate a beneficiary or opt out of it by submitting a declaration form was December 31, 2023.
     Source: livemint
   
   
   
   
3. Open Network for Digital Commerce (ONDC) has partnered with Google and Meta to expand its outreach to small businesses through Google Maps and WhatsApp.
   • With Google Maps, ONDC is onboarding the Kochi Metro as a mobility service on its platform.
   • Users can make ticket bookings for the metro service directly in Google Maps by using ONDC framework.
   • With Meta, ONDC is being integrated into WhatsApp, where small businesses will be able to streamline their onboarding process on the framework.

4. Reliance Jio is set to launch a groundbreaking initiative in collaboration with the Indian Institute of Technology-Bombay (IIT-B) the ‘Bharat GPT‘.
   • More about Bharat GPT–
     • It aims to transform sectors in India using large language models and generative AI.
     • It is part of broader vision of Jio, “Jio 2.0,” for which Jio is collaborating with IIT Bombay since 2014.
     • Jio is also planning to launch an operating system for televisions.
       Source: livemint
     
     

   
   
5. Adani Group has formed a joint venture with a unit of UAE’s International Holding Company (IHC) to explore artificial intelligence and other technologies.
   • More about joint venture–
     • Adani Global Ltd. and IHC’s Sirius International Holding Ltd. will own 49% and 51% respectively in the Sirius Digitech International Ltd.
     • Headquarters of Joint Ventures will be in Abu Dhabi.
     • Both Adani Group and IHC will have an equal representation on the board of new entity which will also explore Internet of Things and blockchain besides AI.
       Source: Business Standard

Reports and Indices

1. India is set to become the world’s 3rd largest economy by 2032 as per a ‘World Economic League Table 2024’ report released by the Centre for Economics and Business Research (CEBR).
   • Key observation of report–
     • India will sustain an average growth rate of 6.5% from 2024 to 2028.
     • As per report India will surpass Germany to become the 4th largest economy in 2027, and it will overtake Japan to become the 3rd largest economy by 2032.
     • India is expected to overtake both China and the US after 2080, based on demographic estimates and projections.
     • India is expected to become the largest economic superpower and is expected to have a GDP of 90% larger than China’s and 30% larger than that of the US by the end of the century.
     • Key drivers include India’s large and youthful population, a growing middle class, a dynamic entrepreneurial sector, and increasing global economic integration.

Source: moneycontrol

Awards

1. Sahitya Akademi has announced its annual Sahitya Akademi Award 2023 in 24 Languages.
   • More about award–
     • Awards cover works first published between January 2017 and December 31, 2021.
     • The award presentation function is scheduled for 12th March next year.
     • The award includes a casket containing an engraved copper-plaque, a shawl, and one lakh rupees.
     • Award is also given in English and Rajasthani along with 22 official languages of India.
   • Winning Authors and Categories–
     • Novel Category
       • Tamil author Rajasekaran for “Neervazhi Padooum”
       • Hindi author Sanjeev for “Mujhe Pahachaano”
       • English author Neelam Saran Gour for “Requiem in Raga Janki”
     • Short Story Collection Category:
       • Telugu writer Patanjali Sastry
       • Assamese author Pranavjyoti Deka
       • Bodo writer Nandeswar Daimary
       • Santali author Taraceen Baskey
     • Literary Study Category:
       • Malayalam litterateur EV Ramakrishnan for “Malayala Novelinte Deshakalangal”
     • Poetry Category:
       • Vijay Verma in Dogri
       • Vinod Joshi in Gujarati
       • Ashutosh Parida in Odia
         Source: AIR

Memorandum of Understanding

1. Housing and Urban Development Corporation Ltd (HUDCO) has signed a MoU with State Government of Gujarat for financing housing and infrastructure project in the state of Gujarat.
   • More about MoU–
     • Under MoU 14,500 crores will be provided as for housing and infrastructure projects.
     • HUDCO will provide financial assistance for housing and urban development project.

Source: ET, hudco.org.in

Appointments

1. HDFC bank has approved the extension of non-executive chairman Atanu Chakraborty for a period of 3-years.
   • The appointment will be effective from May 5, 2024 to May 4 2027.
     Source: ET
   
   
   
   
2. Indian Olympic Association (IOA) has announced a three-member ad-hoc committee to run the Wrestling Federation of India (WFI) following the newly-elected federation’s suspension.
   • About ad-hoc committee–
     • It is headed by its Executive Committee member Bhupinder Singh Bajwa.
     • It also comprising Olympic gold medallist hockey player M.M. Somaya and former National champion shuttler Manjusha Kanwar.

3. Reserve Bank of India (RBI) has approved appointment of CS Rajan as the Chairman of Kotak Mahindra Bank for 2 years.
   • Appointment is effective from January 1, 2024.
     Source: livemint

4. Justice Shree Chandrashekhar has been appointed as acting Chief Justice of Jharkhand High Court.
   • President Droupadi Murmu has appointed him by exercising powers conferred under Article 223 of Constitution of India.
     Source: livelaw

   
   
5. Nina Singh has become 1st woman to head Central Industrial Security Force (CISF).
   • Central government has appointed Nina Singh as the Director General of CISF.
   • Also, Centre has appointed ITBP chief Anish Dayal Singh as the new Director General of the Central Reserve Police Force (CRPF).
     Source: Indian Express
   
   
   
   

Miscellaneous

1. Former European Union Commission President Jacques Delors, who was a key figure in the creation of the euro currency has passed away.
   • He served as the head of the European Commission from 1985 to 1995.
   • It was during his tenure Euro was introduced as the whole European Union bloc’s single currency.
     Source: livemint

2. Tamil actor and the founder of Desiya Murpokku Dravida Kazhagam (DMDK), Vijayakanth has passed away in Chennai, Tamil Nadu.
   • DMDK is a regional political party in TN.
     Source: livemint
   
   
   
   

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