National and International News :
1. President Droupadi Murmu Gives Assent to Competition (Amendment) Bill, 2023
The Competition (Amendment) Bill, 2023, which seeks to amend the Competition Act, 2002, regulating competition in the Indian market and prohibiting anti-competitive practices such as cartels, mergers, and acquisitions that may adversely impact competition, has received assent from President Droupadi Murmu.
This amended law, known as the Competition (Amendment) Act, 2023, will come into effect on a date determined by the Ministry of Corporate Affairs (MCA).
Notably, the Act allows for different dates to be chosen for specific provisions of the law.
The responsibility for implementing and enforcing the Act rests with the Competition Commission of India (CCI).
This represents the most comprehensive changes to competition law introduced by the Government of India (GoI).
The bill was first introduced in the Lok Sabha on August 5, 2022, and referred to the Parliamentary Standing Committee on Finance led by Jayant Sinha.
After receiving the committee's report in December 2022, the Bill was reintroduced in February 2023 with several amendments.
On March 29, 2023, the Lok Sabha approved the bill after approximately 13 amendments were proposed by Union Finance Minister Sitharaman.
Subsequently, on April 3, 2023, the Rajya Sabha (the Upper House of Parliament) also approved the Competition (Amendment) Bill, 2023, amending the Competition Act, 2002.
Competition Commission of India (CCI) :
The Competition Commission of India (CCI), established in March 2009, is a statutory agency of the Government of India (GoI) entrusted with the responsibility of upholding the Competition Act, 2002.
The CCI is comprised of one Chairperson and six Members who are appointed by the GoI.
As a quasi-judicial entity, the commission provides recommendations to statutory bodies and also handles disputes related to antitrust matters.
2. NCRTC names India’s first semi high-speed Regional Rail Services as ‘RAPIDX’
(i) The National Capital Region Transport Corporation (NCRTC) has christened India's pioneering semi high-speed Regional Rapid Transit System (RRTS) as "RAPIDX," a name chosen for its easy readability and pronunciation in multiple languages.
The name "RAPIDX" symbolizes speed and progress, with the letter 'X' denoting the next generation technology and cutting-edge mobility solution.
With a remarkable design speed of 182 kmph, RAPIDX is set to connect Delhi with the National Capital Region (NCR), encompassing Meerut, Alwar, and Panipat, providing swift and efficient transportation.
(ii) The NCRTC has also unveiled the logo for RAPIDX, which features a green leaf symbol, signifying the brand's dedication to decarbonization. RAPIDX aims to not only alleviate congestion in the National Capital Region (NCR) by reducing the number of vehicles on the road but also by utilizing green energy.
As part of their sustainability efforts, the NCRTC is incorporating solar panels on stations and depots, and utilizing blended power in traction, showcasing their commitment to eco-friendly practices in line with their decarbonization goals.
(iii) RAPIDX trains are designed to operate on the RRTS corridors, which are being implemented to connect key urban nodes across the National Capital Region (NCR).
The NCRTC aims to commission a 17km priority section between Sahibabad and Duhai of the 84km Delhi-Ghaziabad-Meerut corridor ahead of schedule in 2023, and the entire first RAPIDX corridor by 2025.
The NCRTC is a Joint Venture (JV) company of the Government of India and the states of Delhi, Haryana, Rajasthan, and Uttar Pradesh (UP).
3. Kerala’s Periyar Tiger Reserve Tops in Management Review: 5th cycle of MEE
As per the summary report of the 5th cycle of Management Effectiveness Evaluation (MEE) of Tiger Reserves in India by the National Tiger Conservation Authority (NTCA), Periyar Tiger Reserve (TR) in Kerala has emerged as the best managed tiger reserve with a MEE score of 94.38%. Satpura TR in Madhya Pradesh and Bandipur TR in Karnataka secured the second and third positions with MEE scores of 93.18% and 92.42%, respectively. The report was released by Prime Minister Narendra Modi during the commemoration of 50 years of the Project Tiger programme in Mysuru, Karnataka.
Ratings :
(i) The 5th cycle of MEE for Tiger Reserves in India in 2022 revealed that the mean score was 77.92%, ranging from 50% to 94% for 51 Tiger Reserves.
(ii) Out of the 51 Tiger Reserves, 12 achieved the 'Excellent' category, followed by 20 in the 'Very Good' category, 14 in the 'Good' category, and 5 in the 'Fair' category.
(iii) Notably, in the 5th cycle of assessment, no Tiger Reserve in India was placed in the poor category.
[ About MEE score :
(i) MEE, which stands for Management Effectiveness Evaluation, is a significant approach to enhance the management perspectives of reserves and their associated landscape connectivity. According to the rating system, reserves scoring 90% and above are considered excellent, 75-89% are very good, 60-74% are good, and 50-59% are fair.
(ii) The evaluation of Tiger Reserves was based on 32 parameters, including the status of tiger conservation plan, adequacy of personnel and other resources, availability of manpower trained in wildlife conservation, and population trend of threatened species.
(iii) This evaluation process helps in preparing a mechanism for preserving the forest system by utilizing local resources effectively. ]
Since 2006, the Government of India has been using MEE to assess Tiger Reserves across the country.India currently has 998 Protected Areas covering an area of 1,73,629 sq km, which is around 5.28% of India's geographical area.These Protected Areas include 106 National Parks, 567 Wildlife Sanctuaries, 105 Conservation Reserves, and 220 Community Reserves.Among these, 53 Tiger Reserves have been notified, providing an additional layer of protection to the Protected Areas.
Top five Tiger Reserves :-
(i) A Finance Secretary-chaired committee has been formed in March 2023 to investigate the issue of NPS pensions for government employees and recommend necessary changes to the National Pension System (NPS).
(ii) The committee members include Deepak Mohanty, Chairman of PFRDA; Annie Matthew, Special Secretary of DEA, MoF; and Radha Chauhan, Secretary of DoPT, Ministry of Personnel, Public Grievances, and Pensions.
(iii) The committee's mandate is to ensure that the solution proposed fulfills the requirements of government employees while maintaining budgetary discipline.
(iv) Several states have recently abandoned the NPS in favor of the Old Pension Scheme (OPS) linked to dearness allowance, and employee associations in other states are also demanding the same.
(v) State governments of Rajasthan, Chhattisgarh, Jharkhand, Punjab, and Himachal Pradesh have informed the Government of India (GoI) of their decision to switch back to the OPS and have requested reimbursement of the corpus accumulated under the NPS.
(vi) The committee's functions include making suggestions to enhance pension benefits for government employees covered by the NPS while ensuring economic discipline to protect common citizens.
The committee will establish its own procedure and mechanism, including consultation with states, to arrive at its recommendations.
However, no specific deadline has been mentioned by the Ministry of Finance (MoF) for the submission of the committee's recommendations.
5. TN Governor approved Prohibition of Online Gaming and Regulation of Online Games Bill, 2022
(i) On April 10, 2023, the Governor of Tamil Nadu (TN) approved the 'Tamil Nadu Prohibition of Online Gaming and Regulation of Online Games Bill, 2022' to ban online gambling, including online rummy and poker with stakes.
(ii) The bill aims to address incidents of online gaming addicts losing money and falling into a debt trap.
(iii) Individuals who participate in online gambling may face a fine of Rs 5,000, a jail sentence of up to three months, or both, as per the proposed bill.
(iv) Those who advertise online gambling could face imprisonment for up to 1 year, and those who organize such activities could be imprisoned for 3 years.
(v) The bill prohibits the playing of online gambling and games of chance for money or other stakes.
(vi) It defines online games of chance as those where an element of chance dominates over skill, games are presented as games of chance, the element of chance can only be eliminated by superlative skill, or games involve cards, dice, or wheels that work on random event generators.
6. Odisha gets Rs 26,000 crore investment intent at Business Meet in Tokyo
(i) On 5th April 2023, the Odisha government received investment intents worth around Rs 26,000 crore during the Odisha Business Meet, 2023 held in Tokyo, Japan.
(ii) Naveen Patnaik, Chief Minister (CM) of Odisha, led a high-level delegation to Japan to attract investment in Odisha.
(iii) Odisha received investment intents from several sectors, including logistics, metal ancillary, steel, metal downstream, green hydrogen and green ammonia, green energy equipment manufacturing, and Information Technology (IT) and IT enabled services (ITeS) during the meet.
About the meeting :
The Odisha Business Meet 2023 was organized by the Odisha government in collaboration with the Indian Embassy in Japan, JETRO, and FICCI, and took place in Tokyo. The event witnessed attendance from more than 200 delegates representing diverse industries from Japan and the Indo-Pacific region.
Important :
During the meeting, Nihon-Utkal (NITKAL) and the International Institute of Information Technology in Bhubaneswar, Odisha signed a Memorandum of Understanding (MoU) to collaborate in the skill development sector. The event provided a platform for trade and technology transfer discussions between the business delegation from Odisha and Japanese companies. Additionally, the Chief Minister of Odisha held one-to-one Government-to-Business (G2B) meetings with notable investors from Japan.
7. MHA to provide financial assistance to States to help underprivileged inmates secure bail
(i) Ministry of Home Affairs (MHA) has launched a scheme to provide monetary aid to poor inmates who cannot afford the penalty or bail amount.
(ii) The scheme, called 'Support for Poor Prisoners', is in line with one of the announcements in the Union Budget.
(iii) It aims to provide financial support to underprivileged prisoners, particularly those from socially disadvantaged or marginalized groups with lower education and income levels.
(iv) Technology-driven solutions will be developed to ensure the benefits of the scheme reach the intended beneficiaries.
(v) The E-prisons platform and District Legal Services Authority will be strengthened to support the implementation of the scheme.
(vi) The government has taken various steps to resolve the issue of undertrial prisoners in prisons, including the 'Support for Poor Prisoners' initiative.
(vii) Section 436A has been inserted in the Code of Criminal Procedure, and a new chapter XXIA 'Plea Bargaining' has been introduced in the CrPC specifically for poor undertrial prisoners.
8. Himachal Pradesh to launch ‘Project Sanjeevani’ to empower dairy farmers
(i) The project aims to improve the lives of farmers by providing convenient and quality care for livestock at their doorsteps.
(ii) Telemedicine and technology will be utilized to reduce the turnaround time of services and control outbreaks of diseases.
(iii) The Animal Husbandry Department has signed an agreement with Bharat Financial Inclusion Ltd. (BFIL) for this initiative.
(iv) The collaboration, known as National Animal Disease Control Programme-Mobile Veterinary Van (NADCP-AHD-MVU), will enhance the delivery of livestock care with just a phone call.
(v) A toll-free telephone number for livestock care will soon become operational.
(vi) Doorstep veterinary services will be provided in 44 blocks across all 12 districts.
(vii) The initiative is unique in its use of a mobile app to connect doctors and farmers, while also tracking service efficiency, prescribed medicines, and livestock disease-related data on a single platform.
9. Hindustan Aeronautics Limited’s 3rd Light Combat Aircraft production line inaugurated in Maharashtra
(i) Defence Secretary Shri Giridhar Aramane inaugurated the third production line of Light Combat Aircraft (LCA) by Hindustan Aeronautics Ltd. (HAL) in Nashik, Maharashtra.
(ii) The new production line will increase the production capacity of LCA Tejas (MK1A) from 16 jets to 24 aircraft per year.
HAL currently has 2 manufacturing facilities for LCA Tejas in Bengaluru.
(iii) The Defence Secretary also handed over the 100th Sukhoi-30 MKI ROH (Repair and Overhaul) aircraft to the Indian Air Force (IAF).
About Tejas :
Tejas is an advanced single-engine multi-role fighter aircraft designed to operate effectively in high-threat air environments. It has garnered significant attention from various countries, including Egypt, Argentina, the US, Australia, Indonesia, Malaysia, and the Philippines, expressing interest in acquiring Tejas aircraft. In February 2021, the Indian defence ministry finalized a deal worth Rs 48,000 crore with HAL for the procurement of 83 Tejas jets for the Indian Air Force (IAF).
Important :
(i) HAL's Nashik Division has achieved a peak overhaul capacity of 20 Su-30 aircraft per year, despite supply chain issues in the current geopolitical situations.
(ii) The Signal out Certificate (SOC) of the 100th ROH aircraft was handed over by Saket Chaturvedi, CEO (MiG Complex), to Air Vice-Marshal Sarin.
(iii) HAL plans to reduce dependency on original equipment manufacturers (Russia) by indigenizing the majority of components required for ROH within the next 3 to 5 years.
Banking News :
1. RBI Issued Outsourcing of IT Services Directions 2023; Simplifies Application process for registration of CICs
The Reserve Bank of India (RBI) has issued the "RBI (Outsourcing of Information Technology Services) Directions, 2023" on April 10, 2023. These directions are aimed at regulating the outsourcing of IT services by banks, NBFCs (Non-bank financial companies), and Regulated Entities (REs) to ensure that customer responsibilities and obligations are not compromised. The Directions will come into effect from October 1, 2023, providing REs with sufficient time to comply with the requirements.
As Regulated Entities (REs) extensively rely on IT and IT-enabled Services (ITeS) to support their business models and offerings to customers, they often outsource a significant portion of their IT activities to third parties, which exposes them to various risks.
To effectively manage these risks, the Reserve Bank of India (RBI) proposed regulatory guidelines on Outsourcing of IT Services in the Statement on Developmental and Regulatory Policies dated February 10, 2022. Subsequently, a draft Master Direction on Outsourcing of IT Services was released for public comments in June 2022. Taking into consideration the feedback received, the final RBI (Outsourcing of Information Technology Services) Directions, 2023 have now been released.
(a) Regulatory and Supervisory Requirements for REs :
(i) Outsourcing of any activity should not diminish RE's obligations, including those of its Board and Senior Management, as per RBI directions.
(ii) RE should ensure that the service provider maintains the same high standard of care as would have been employed by RE if the activity was not outsourced.
(iii) Engagement of IT service provider should not compromise or weaken the reputation of RE, as per RBI guidelines.
(iv) Outsourcing should not impede RE's ability to oversee and manage its activities effectively, whether the service provider is located in India or abroad.
(v) Outsourcing should not impede RBI in carrying out its supervisory functions and objectives.
(vi) Additional requirements related to usage of cloud computing services and outsourcing of Security Operations Center (SOC) services are outlined by RBI.
(b) Comprehensive Assessment :
REs should evaluate the need for IT Services outsourcing based on a comprehensive assessment of attendant benefits, risks, and availability of processes to manage those risks.
(c) Compliance with Statutory and Regulatory Requirements :
REs should consider all relevant laws, regulations, rules, guidelines, and conditions of approval, licensing, or registration when performing due diligence in relation to IT services outsourcing.
(d) IT Outsourcing Policy :
REs intending to outsource IT activities should establish a comprehensive Board-approved IT outsourcing policy.
REs should require their service providers to develop and establish a framework for documenting, maintaining, and testing business continuity plans and disaster recovery plans.
2. Kotak General Insurance ties up with actyv.ai to sell Insurance Products to MSMEs
Kotak Mahindra General Insurance Company Limited (Kotak General Insurance-KGI) has teamed up with actyv.ai to provide basic insurance products to new-age Micro, Small, and Medium Enterprises (MSMEs).
Important :
Kotak General Insurance (KGI) has joined forces with actyv.ai, leveraging its Artificial Intelligence (AI)-powered platform, to provide customized small Over The Counter (OTC) insurance products, including health and commercial policies.
This collaboration aims to promote the sustainability of small businesses by extending essential insurance coverage to the final leg of the industrial value chain. Furthermore, enterprises utilizing actyv.ai's platform will now have the opportunity to offer group insurance to their distributors, retailers, and suppliers through this partnership with Kotak General Insurance.
3. ICICI Bank introduces EMI facility for UPI payments by scanning QR code
(i) ICICI Bank has introduced an easy EMI (Equated Monthly Installment) facility for UPI (Unified Payments Interface) payments made by scanning QR code.
(ii) Customers eligible for PayLater, the Bank's 'buy now, pay later' service, can avail of the EMI facility in an instant, easy, and seamless manner.
(iii) This first-of-its-kind facility enhances the affordability of lakhs of the Bank's customers as they can now instantly buy products or services by scanning the required merchant QR code at a store and making payments in EMIs.
(iv) Customers can pay a transaction amount above ₹10,000 in easy instalments of 3, 6, or 9 months.
(v) ICICI Bank was the first bank to introduce the PayLater facility in 2018 to enable customers to buy small ticket items immediately in a completely digital and paperless manner.
(vi) The PayLater facility enables customers to shop online, pay bills, and make payments to any merchant UPI ID at physical stores instantly.
Other News :
1. 58th CRPF Valour Day – 9th April 2023
CRPF Valour Day, also known as Shaurya Diwas, is observed annually on 9th April across India. It commemorates the valour of CRPF personnel during the 1965 war against the Pakistan army.
The day aims to honour the personnel of CRPF and pay tribute to those who lost their lives in the line of duty. 9th April 2023 marks the observance of the 58th CRPF Valour Day.
Director General of CRPF, Sujoy Lal Thaosen, paid tribute to the fallen heroes and martyrs during an event organized at the Shaurya Officers Institute in New Delhi.27 Gallantry medals were presented to CRPF officers who displayed courage and valour in fights against enemies of the nation.Kishan Singh, the surviving veteran of Sardar Post Battle, was also felicitated on this occasion.
2. Jallianwala Bagh Massacre 2023 - 13th April
Every year April 13th is observed as Jallianwala Bagh Massacre.
Jallianwala Bagh Massacre, also known as the Massacre of Amritsar, took place on April 13, 1919, in Amritsar, Punjab region of India.
British troops fired on a large crowd of unarmed Indians who had gathered at Jallianwala Bagh to protest against the arrest of nationalist leaders Satya Pal and Dr. Saifuddin Kitchlew.
British military officer General Dyer entered the park with troops without giving any warning to the people.He ordered the troops to open fire on the unarmed crowd for ten minutes until their ammunition was exhausted, and then left. Congress estimated that about a thousand persons were killed and about 2000 were wounded in the incident. Bullet marks can still be seen on the walls of Jallianwala Bagh Massacre, which is now a national memorial.
General Dyer showed no regrets and went to England, where some Englishmen collected money to honor him. This act of brutality shocked many, and demands were made for an inquiry. A British newspaper called it one of the darkest moments in modern history.
No comments:
Post a Comment