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30th-31st December, 2023

Section 194-O of the Income-tax Act, 1961, Remission of Duties and Taxes on Exported Products (RoDTEP) scheme, Arohan scheme, Biju Swasthya Kalyan Yojana, Indian Ocean Naval Symposium, ‘zero coupon zero principle, Social Stock Exchange, domestic systematically important banks, National Transit Pass System (NTPS)- ‘One Nation-One Pass’, Payment Infrastructure Development Fund (PIDF)

  1. Central Board of Direct Taxes (CBDT) has issued guidelines under section 194-O of the Income-tax Act, 1961.
  2. Government has announced the extension of export benefits under the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme for e-commerce exports through post or couriers.
  3. Indian Institute of Technology, Guwahati has collaborated with the Assam Government flagship Arohan scheme to motivate meritorious students to pursue Science, Engineering, Technology and Mathematics (STEM) subjects in their higher education.
  4. Jammu and Kashmir administration has approved amendments to the Panchayati Raj Act to allow reservation for the Other Backward Class (OBC).
  5. Odisha Chief Minister Naveen Patnaik has launched the third phase of the state’s flagship health scheme Biju Swasthya Kalyan Yojana (BSKY).
  6. 8th edition of Indian Ocean Naval Symposium (IONS) Conclave of Chiefs (CoC) has been conducted by Royal Thai Navy at Bangkok, Thailand from 19 to 22 Dec 23.
  7. Russia and NASA have agreed to continue joint International Space Station (ISS) flights until 2025.
  8. SEBI has issued procedure for public issuance of ‘zero coupon zero principle’ instrument by not-for-profit organisations (NPOs) and listing of such instrument on Social Stock Exchange (SSE).
  9. Reserve Bank of India has released the 2023 list of domestic systematically important banks (D-SIBs).
  10. Vice-President of India, Jagdeep Dhankhar has unveiled new ‘CA India’ logo of Institute of Chartered Accountants of India (ICAI) at a recently held Global Professional Accountants Convention (GloPAC), in Gandhinagar, Gujarat.
  11. RBI has given approval to ICICI Prudential Asset Management Company (ICICI AMC) to acquire an aggregate holding of up to 9.95% of stake in Federal Bank, RBL Bank, and Equitas Small Finance Bank.
  12. Investor base of the National Stock Exchange (NSE) has increased by 22% from 7 crore to 8.54 crore during the calendar year 2023.
  13. Union Minister for Environment, Forest and Climate Change, Bhupender Yadav has launched the National Transit Pass System (NTPS)- ‘One Nation-One Pass’ pan-India to facilitate the seamless transit of timber, bamboo, and other forest produce across the country.
  14. Department of Economic Affairs (DEA), Ministry of Finance has announced interest rates applicable to small savings scheme for the quarter January-March 2024.
  15. Telecommunication Engineering Centre (TEC) has launched an online module of Certificate of Approval (CoA) and Technology Approval under voluntary certification scheme.
  16. Reserve Bank of India has extended Payment Infrastructure Development Fund (PIDF) Scheme by two years till December 2025.
  17. Reserve Bank of India (RBI) has cancelled banking licence of The Botad Peoples Co-operative Bank and Adarsh Mahila Nagari Sahakari Bank Maryadit.
  18. Reliance Industries has become 1st Indian company to chemically recycle plastic waste-based pyrolysis oil into International Sustainability and Carbon Certification (ISCC)-Plus certified circular polymers.
  19. New design and test facility has been inaugurated at Aero Engine Research and Development Centre (AERDC) of Hindustan Aeronautics Limited (HAL) in Bengaluru, Karnataka.
  20. Indian Navy has unveiled new design of epaulettes for Admirals.
  21. Hyundai Motor India has appointed Bollywood actress Deepika Padukone as brand ambassador.
  22. US President Joe Biden has appointed prominent Indian-American global venture capitalist Deven Parekh as a member of the Board of Directors of International Development Finance Corporation (DFC).

Table of Content

National News

  1. Central Board of Direct Taxes (CBDT) has issued guidelines under section 194-O of the Income-tax Act, 1961.
      • More about Section 194-O of the Income-tax Act
        • Section 194-O of the Income-tax Act, 1961 provides that an e-commerce operator shall deduct income-tax at the rate of 1% of the gross amount of sale of goods or provision of service, or both, facilitated through its digital or electronic facility or platform.
Knowledge Nuggets -
About CBDT-
• Central Board of Direct Taxes is a statutory authority functioning under the Central Board of Revenue Act, 1963.
• It is a part of Department of Revenue in the Ministry of Finance.
• Headquarters- New Delhi
• Established- 1964
• Chairperson- Nitin Gupta
Source: PIB

  1. Government has announced the extension of export benefits under the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme for e-commerce exports through post or couriers.
      • About RoDTEP Scheme
        • Launched in January 2021, it provides for refund of taxes, duties and levies that are incurred by exporters in the process of manufacturing and distribution of goods.
        • Reimbursements are provided for the products which are not being reimbursed under any other mechanism at the centre, state, or local level.
        • RoDTEP scheme operates under a budgetary framework and for 2023-24, a budget of Rs 15,070 crore is available for it.
        • Rate of tax refund under the scheme ranges from 0.5% to 4.3% of the value of the product.
        • It covers business-to-business exports of 10,610 products.
        • Sectors which can benefit from this extension include gem and jewellery, handloom, handicraft, AYUSH products, pharma, leather and textiles.
          Source: Business Standard

State News

  1. Indian Institute of Technology, Guwahati has collaborated with the Assam Government flagship Arohan scheme to motivate meritorious students to pursue Science, Engineering, Technology and Mathematics (STEM) subjects in their higher education.
      • About Arohan Scheme
        • It is a Mentor-Mentee program for secondary class students in Government schools.
        • It operates under the umbrella of Samagra Shiksha Assam.
        • It comprises different activities such as mentoring, exposure trips, competitions, and interactions tailored for the career progression of government school students in classes 9 to 12.
      • Collaboration with IIT-Guwahati
        • IT Guwahati has hosted meritorious students (Mentees) along with their Guide teachers/Officers in a total of 12 batches.
        • Institute has successfully hosted 3311 students (2009 girls and 1302 boys)
        • Number of girl students was around 65% of the total participants
          Source: Indian Express
  2. Jammu and Kashmir administration has approved amendments to the Panchayati Raj Act to allow reservation for the Other Backward Class (OBC).
      • More about amendments
        • Administrative council met under the Chairmanship of Lieutenant Governor Manoj Sinha, and it approved amendments to J&K Panchayati Raj Act, 1989.
        • Amendment has incorporated the method of disqualification from membership of ‘halqa panchayat’ and suspension and removal of various office holders by government.
        • Also, it has defined the process for removal and conditions of service of the state election commissioner.
          Source: TOI
  3. Odisha Chief Minister Naveen Patnaik has launched the third phase of the state’s flagship health scheme Biju Swasthya Kalyan Yojana (BSKY).
      • Key observation
        • In third phase of expansion, it is estimated that over 1.10 crore families, which is around 90% of the population of state.
        • In the first phase of the BSKY, all services in public health facilities were made free of cost for all persons, irrespective of income or residence.
        • In second phase, BSKY has provided cashless healthcare in private health facilities for all covered under Food Security Schemes and ration card holders.
Knowledge Nuggets -
About Biju Swasthya Kalyan Yojana-
• It is a universal health coverage scheme launched by Chief Minister of Odisha Naveen Patnaik.
• It provides cashless healthcare assistance to the people.
• Launched in- 2018

International News

  1. 8th edition of Indian Ocean Naval Symposium (IONS) Conclave of Chiefs (CoC) has been conducted by Royal Thai Navy at Bangkok, Thailand from 19 to 22 Dec 23.
      • Key points
        • Thailand has taken on the responsibilities of Chair of the Indian Ocean Naval Symposium (IONS) for the next two years.
        • India has assumed the role of co-Chair for IONS Working Groups on Maritime Security and Humanitarian Assistance and Disaster Relief (HADR) for the upcoming cycle.
        • Republic of Korea Navy was welcomed as the latest ‘Observer,’ bringing the total collective strength of IONS to 34 (25 Members & 9 Observers).
        • Flag designed by India has been chosen as the official IONS Flag.
        • Inaugural edition of IONS was held in Feb 2008 at New Delhi, with Indian Navy as the Chair for two years (2008 – 2010).
        • India is also scheduled to take over as the Chair of IONS (2025-27) during 9th CoC planned to be conducted in India in end 2025.
Knowledge Nuggets -
About Indian Ocean Naval Symposium-
• It was conceived by the Indian Navy in 2008 to serves as a forum to enhance maritime cooperation among the Navies of the littoral states of the Indian Ocean Region.
• It provides an open and inclusive platform for discussions on regionally relevant maritime issues, fostering a common understanding among member nations.
Source: PIB

  1. Russia and NASA have agreed to continue joint International Space Station (ISS) flights until 2025.
      • Objective
        • To maintain the reliability of International Space Station (ISS) and guarantee the presence of representatives from the Russian Space Agency, Roscosmos and US Space agency, NASA.
Knowledge Nuggets -
About International Space Station-
• It was launched in 1998 to perform microgravity and space environment experiments.
• ISS partners- USA, Russia, Europe, Canada and Japan.

Source: TOI

Banking and Economy

  1. SEBI has issued procedure for public issuance of ‘zero coupon zero principle’ instrument by not-for-profit organisations (NPOs) and listing of such instrument on Social Stock Exchange (SSE).
      • Key points
        • NPOs (Non-Profit Organizations) need to file the draft fundraising document with the SSE (Stock Exchange) through the lead manager.
        • Application seeking in-principle approval for listing the instrument on the SSE is also required.
        • SSE will provide observations on the draft fundraising document within 30 days from filing or receipt of clarification, whichever is later.
        • NPOs must incorporate SSE’s observations in a draft document and file final papers before opening the issue.
        • Both draft and final fundraising documents must contain true and adequate material disclosures for informed decision-making.
        • Instrument Characteristics and Minimum Requirements:
          • “Zero coupon zero principal” instruments will be issued in dematerialized form only.
          • They are not transferable.
          • Minimum issue size: Rs 50 lakh
          • Minimum application size: Rs 10,000
          • Minimum subscription required: 75% of the funds proposed to be raised
          • If subscription is less than 75% of the issue size, funds will be refunded.
          • SSE is required to maintain details of allotment for zero coupon and zero principal instruments issued by an NPO.
Knowledge Nuggets -
About Zero coupon zero principle-
• These are financial instruments that any non-profit organisation can use to raise funds.
• Organisations raise money through donations from individuals or corporates can issue a zero-coupon, zero-principal security through a social stock exchange (SSE).
• People who are willing to donate money to their cause can buy these securities.
• As it is a donation, the borrowing entity does not have to pay interest (zero coupon) and it does not have to pay the principal (zero principal) either.
About Social Stock Exchange (SSEs)-
• SSEs are trading platforms that allow social businesses and non-profits to raise capital by attracting ethical investors willing to invest in organisations that have a dual corporate and social mission.
Source: ET

  1. Reserve Bank of India has released the 2023 list of domestic systematically important banks (D-SIBs).
      • Key points
        • D-SIBs include State Bank of India (SBI), HDFC Bank, and ICICI Bank.
        • ICICI bank will remain in same bucketing structure as last year.
        • SBI has been shifted from bucket 3 to bucket 4 and HDFC has been shifted from bucket 1 to bucket 2, both moving to the higher buckets.

      • New Additional common equity Tier 1 (CET-1) requirement
        • SBI’s additional common equity Tier 1 (CET-1) requirement as a percentage of Risk Weighted Assets will be 0.80% as compared to 0.60%
        • HDFC Bank’s additional common equity Tier 1 (CET-1) requirement as a percentage of Risk Weighted Assets will be 0.40% as compared to 0.20%.
        • For ICICI Bank it remains same.
        • D-SIB buffer requirements for SBI and HDFC Bank due to the bucket increase will be effective from April 1, 2025.


Knowledge Nuggets -
About D-SIBs-
• A bank is considered a D-SIB if its failure might seriously disrupt the financial system due to the bank’s size, cross-jurisdictional activities, complexity, lack of substitutability and interconnectedness.
• Generally, banks whose assets exceed 2% of GDP are considered part of this group.
Source: ET

  1. Vice-President of India, Jagdeep Dhankhar has unveiled new ‘CA India’ logo of Institute of Chartered Accountants of India (ICAI) at a recently held Global Professional Accountants Convention (GloPAC), in Gandhinagar, Gujarat.
      • Features of New Logo
        • New logo consists of the letters ‘CA’ in blue with a tricolour tick mark (upside down) on a white background.
        • Blue colour denotes creativity, innovativeness, knowledge, integrity, trust, truth, stability, and depth.
        • Upside-down tick mark in tricolour, used by Chartered Accountants during audits, has been included to symbolise the wisdom and value of the professionals.
        • ‘India’ is added to the logo, which epitomizes the Institute’s commitment to the India First approach and commitment to serve the Indian economy in public interest.
Knowledge Nuggets -
About ICAI-
• Institute of Chartered Accountants of India (ICAI) is largest professional accounting body of India under the administrative control of Ministry of Corporate Affairs, Government of India.
• It was established on 1 July 1949 as a statutory body under the Chartered Accountants Act, 1949 enacted by the Parliament for promotion, development and regulation of the profession of Chartered Accountancy in India.
• President- Aniket Sunil Talati
Source: Indian Express

  1. RBI has given approval to ICICI Prudential Asset Management Company (ICICI AMC) to acquire an aggregate holding of up to 9.95% of stake in Federal Bank, RBL Bank, and Equitas Small Finance Bank.
    Source: ET
  2. Investor base of the National Stock Exchange (NSE) has increased by 22% from 7 crore to 8.54 crore during the calendar year 2023.
      • Key observations
        • Maharashtra has topped with 1.49 crore investors, Uttar Pradesh is at the 2nd position in terms of total registered investors with 90 lakh investors as on December 29, 2023.
        • Gujarat with 77 lakh investors has ranked 3rd and West Bengal comes at 4th with 48 lakh investors.
        • According to the NSE, 99.85% of India’s postal PIN codes were covered in terms of investor registrations.
        • Around 161.4 lakh new investors were added in 2023.
        • India is ranked 4th in the world in terms of market capitalisation.
Source: Indian Express

  1. Union Minister for Environment, Forest and Climate Change, Bhupender Yadav has launched the National Transit Pass System (NTPS)- ‘One Nation-One Pass’ pan-India to facilitate the seamless transit of timber, bamboo, and other forest produce across the country.
      • Key points about ‘One Nation-One Pass’
        • At present, transit permits are issued for transport of timber and forest produce based on state specific transit rules, ‘One Nation-One Pass’ will enable seamless transit across the country.
        • Initiative will streamline the issuance of timber transit permits by providing a unified, and online mode contributing to the ease of doing business.
        • QR coded transit permits generated under NTPS will allow check gates across various states to verify the validity of the permits and allow seamless transit.
        • Initiative will boost agroforestry practices in the nation.
          Source: PIB

  2. Department of Economic Affairs (DEA), Ministry of Finance has announced interest rates applicable to small savings scheme for the quarter January-March 2024.
      • Interest rates on various small savings schemes for the fourth quarter of FY 2023-24
InstrumentRates of interest from Oct-Dec 2023 (%) Rates of Interest from Jan-March 2024 (%)
Senior Citizen Saving Scheme8.2 8.2
Monthly Income Account Scheme7.4 7.4
National Saving Certificate7.7 7.7
Public Provident Fund Scheme7.1 7.1
Kisan Vikas Patra7.5 (will mature in 115 months) 7.5 (will mature in 115 months)
Sukanya Samriddhi Account8 8.2
Source: ET

  1. Telecommunication Engineering Centre (TEC) has launched an online module of Certificate of Approval (CoA) and Technology Approval under voluntary certification scheme.
      • Objective
        • To improve the Ease of Doing Business and promote Atmanirbhar Bharat.
        • Developed by– Centre for Development of Telematics (C-DOT)
          Source: ET

  2. Reserve Bank of India has extended Payment Infrastructure Development Fund (PIDF) Scheme by two years till December 2025.
      • More about PIDF Scheme
        • It was operationalised in January 2021 for 3 years.
        • Objective
          • To encourage deployment of payment acceptance infrastructure such as physical Point of Sale (PoS), Quick Response (QR) codes, in tier-3 to tier-6 centres, North Eastern states and Union Territory of Jammu and Kashmir and Ladakh.
            Source: ET

  3. Reserve Bank of India (RBI) has cancelled banking licence of The Botad Peoples Co-operative Bank and Adarsh Mahila Nagari Sahakari Bank Maryadit.
      • More about cancellation of Botad Peoples Co-operative Bank
        • RBI has notified Botad Peoples Co-operative Bank as a non-banking institution.
        • Now, it is obligatory for The Botad Peoples Co-operative Bank to stop conducting the business of ‘banking’, including acceptance of deposits from non-members.

      • More cancellation of Adarsh Mahila Nagari Sahakari Bank Maryadit
        • Under the suspension, bank has to stop banking business with effect from December 29.
        • Its license is cancelled because it failed in complying with multiple sections of the banking regulation act.
          Source: Financial Express
  4. Reliance Industries has become 1st Indian company to chemically recycle plastic waste-based pyrolysis oil into International Sustainability and Carbon Certification (ISCC)-Plus certified circular polymers.
    Source: ET

Defence News

  1. New design and test facility has been inaugurated at Aero Engine Research and Development Centre (AERDC) of Hindustan Aeronautics Limited (HAL) in Bengaluru, Karnataka.
      • More about AERDC
        • AERDC is currently involved in the design and development of several new engines including two strategic engines.
        • New state-of-the-art facility is spread in over 10,000 sq. meters, and it houses special machines, advanced setups leveraging on computational tools with in-house fabrication facility.
Knowledge Nuggets -
About HAL-
• Hindustan Aeronautics Limited is an Indian public sector aerospace and defence company.
• Headquarters- Bangalore
• Established- 1940
• Chairman & Managing Director- C.B. Ananthakrishnan
Source: PIB

  1. Indian Navy has unveiled new design of epaulettes for Admirals.
      • What are the new epaulettes for?
        • New epaulettes are for the ranks of Admiral, Vice Admiral, Rear Admiral, Surgeon Vice Admiral and Surgeon Rear Admiral.

      • How are the new epaulettes different from the earlier ones?
        • New epaulettes have the new golden Navy button carrying the new naval crest which was unveiled last year, a red octagon as the backing to the national emblem, and a sword and a telescope.

      • What do the new epaulettes signify?
        • New Navy button reflects the new crest.

      • Why the change?
        • Change is in line with the Indian Armed Forces’ increasing efforts in the last two years to discard their colonial-era vestiges, customs and traditions.

Appointments

  1. Hyundai Motor India has appointed Bollywood actress Deepika Padukone as brand ambassador.
    Source: ET
  2. US President Joe Biden has appointed prominent Indian-American global venture capitalist Deven Parekh as a member of the Board of Directors of International Development Finance Corporation (DFC).
Knowledge Nuggets -
About International Development Finance Corporation (DFC)-
• It is a development finance institution and agency of the United States federal government.
• It invests in development projects primarily in lower and middle-income countries.
• Headquarters- Washington DC, USA
• Established- 2019

Source: ET

CEO of Anujjindal.in

About Anuj Jindal

━━━━━
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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