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CURRENT AFFAIRS : BANKING & FINANCE

Securities and Exchange Board of India to Introduce Mutual Fund Investment Tracing and Retrieval Assistant Platform for Tracing Inactive and Unclaimed Mutual Fund Investments   

• The Securities and Exchange Board of India (SEBI) has proposed the creation of MITRA (Mutual Fund Investment Tracing and Retrieval Assistant).
• MITRA will be a centralized platform enabling investors to search for inactive mutual fund investments at an industry level.

Key Highlights :

• Platform Features:The platform will allow investors to search for inactive and unclaimed mutual fund investments.
• It will be jointly developed and hosted by CAMS (Computer Age Management Services) and KFin Technologies, which are qualified Registrar and Transfer Agents (RTAs).
• Inactive Folios:Inactive folios are defined as those where no investor-initiated transactions (financial or non-financial) have occurred in the last 10 years, but the units still remain available.
• Objective of MITRA:The platform aims to encourage investors to search for forgotten mutual fund investments and update their KYC in accordance with current norms.
• Platform Accessibility and Security:The platform will be accessible via:
  • MF Central
  • AMC websites (Asset Management Companies)
  • AMFI (Association of Mutual Funds in India) website
  • **SEBI’s official website
• It will be cyber-resilient and compliant with SEBI’s security and audit norms.

About SEBI :

• Established : 12 April 1988 as an executive body and was given statutory powers on 30 January 1992 through the SEBI Act, 1992
• Headquarters : Mumbai, Maharashtra
• Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
• SEBI is the regulatory body for securities and commodity markets in India under the ownership of the Ministry of Finance (MoF), GoI.

Reserve Bank of India Removes Restrictions on ECL Finance and Edelweiss ARC Following Compliance Measures    

• The Reserve Bank of India (RBI) lifted business restrictions on two entities of the Edelweiss Group, ECL Finance Limited and Edelweiss Asset Reconstruction Company Limited (Edelweiss ARC), with immediate effect.
• Imposition of Restrictions: On May 29, 2024, RBI had imposed business restrictions under the Reserve Bank of India Act, 1934, and the SARFAESI Act, 2002.
• ECL Finance Ltd was directed to cease structured transactions related to its wholesale exposures, except for regular repayments or account closures.
• Edelweiss ARC was restricted from acquiring financial assets, including security receipts (SRs), or reorganizing SRs into senior and subordinate tranches.
• Remedial Measures: Both entities engaged with RBI to address the supervisory concerns raised earlier.
• They implemented corrective actions to comply with regulatory guidelines.
• Satisfaction with Compliance: RBI expressed satisfaction with the remedial measures and submissions by the companies, confirming their commitment to ongoing regulatory compliance.
• Impact: The lifting of restrictions enables ECL Finance Ltd and Edelweiss ARC to resume full business operations, reflecting their improved compliance and the resolution of previous concerns.

Central Board of Indirect Taxes and Customs Chairman Sanjay Kumar Agarwal unveils new initiatives to improve taxpayer services  

• Shri Sanjay Kumar Agarwal, Chairperson of the Central Board of Indirect Taxes and Customs (CBIC), launched new initiatives in the presence of the CBIC Board Members, focusing on improving taxpayer services.
• The initiatives aim to simplify tax processes, enhance transparency, and build trust with taxpayers by empowering them and incorporating their feedback.

Key Initiatives Launched:

Revised Citizen's Charter:

• The CBIC has updated its Citizen's Charter to improve service standards.
• New timelines and service standards are introduced for taxpayer services.
• Key areas include Drawback, Import & Export of Air Cargo, and CPGRAMS (Centralized Public Grievance Redress and Monitoring System).
• The revised Charter promotes transparency, accountability, and efficiency in service delivery.
• Focus on Ease of Doing Business (EoDB) to improve taxpayer experience.

‘Ease of Doing Business’ Tab for Suggestions:

• A new platform allows taxpayers to submit suggestions for improving tax policies and procedures.
• This initiative is part of insights from Chintan Shivir 2023.
• Aimed at collaboration with taxpayers to create a more business-friendly tax environment.
• Encourages participation from businesses and individuals in refining tax regulations.

Revamped Citizen's Corner:

• The Citizen's Corner portal has been enhanced for better access to tax-related information.
• Aimed at empowering taxpayers with knowledge to encourage self-compliance.
• Provides easy access to tax regulations, updates, and resources.
• Promotes voluntary adherence to tax rules through a user-friendly interface.

CBIC Archives :

• A digital archive has been launched to preserve the history of indirect taxes in India.
• Features six interactive tiles with approximately 82 submenus containing videos, webinars, and updates on tax topics.
• Aims to educate the public on the role of indirect taxes in India's economic development.
• Provides a historical view of the evolution of indirect taxes, serving as an educational tool and a tribute to the CBIC’s legacy.
• The Directorate General of Taxpayer Services (DGTS) is leading these efforts as part of the ongoing initiatives to streamline tax administration and improve service delivery.

About CBIC :

• Formed : 26 January 1944
• Headquarters : New Delhi, India
• Chairman : Shri Sanjay Kumar Agarwal
• The CBIC is a statutory body under the Department of Revenue, Government of India.

About Ministry of Finance :

• Cabinet Minister : Nirmala Sitharaman
• Minister of State : Pankaj Choudhary

Central Board of Direct Taxes initiates electronic campaign to resolve income and transaction mismatches for Financial Year 2023-24 and FY 2021-22   

• The Central Board of Direct Taxes (CBDT) has initiated an electronic campaign to assist taxpayers in resolving mismatches between income and transactions reported in the Annual Information Statement (AIS) and those disclosed in Income Tax Returns (ITRs) for FY 2023-24 and FY 2021-22.

Key Highlights :

• Target Audience:Taxpayers with mismatches between AIS and ITRs.
• Individuals with taxable income or high-value transactions reported in AIS but who have not filed ITRs for the respective years.
• e-Verification Scheme, 2021: This campaign is part of the e-Verification Scheme launched in 2021 to improve compliance.
• Informational Messages:SMS and email messages have been sent to taxpayers and non-filers.
• These messages remind individuals to file revised or belated ITRs for FY 2023-24.
• The last date for filing revised or belated ITRs for FY 2023-24 is December 31, 2024.
• For FY 2021-22, the updated ITRs can be filed by March 31, 2025.
• AIS Portal Feedback:Taxpayers can provide feedback or dispute information reported in the AIS via the e-filing portal (https://www.incometax.gov.in/iec/foportal/).
• Technology Utilization: The initiative reflects the Income Tax Department’s effort to leverage technology to streamline compliance, improve transparency, and simplify the tax process using third-party data.
• Vision of Viksit Bharat: This initiative aligns with the government's vision of a developed India (Viksit Bharat) and promotes a culture of transparency, accountability, and voluntary compliance.

About CBDT :

• Formed : 1 January 1964
• Headquarters : New Delhi, India
• Chairman : Ravi Agarwal
• The CBDT is a statutory body under the Department of Revenue, Ministry of Finance, Government of India.

InCred Finance Plans INR 5,000 Crore initial public offering by Diwali 2025     

• InCred, a fintech unicorn, is planning its initial public offering (IPO) to raise INR 4,000 Cr (approx. $470 Mn) to INR 5,000 Cr (approx. $590 Mn) by late 2025.
• The company is targeting a valuation between INR 15,000 Cr (approx. $1.78 Bn) and INR 22,500 Cr (approx. $2.6 Bn).
• InCred aims to finalize merchant bankers to manage the IPO by January 2025, with a launch expected around Diwali 2025.
• The IPO will include an Offer for Sale (OFS) component, allowing existing investors to offload stakes and realize returns.
• InCred's founder and CEO, Bhupinder Singh, stated the IPO will only proceed once global private equity firm KKR, which holds a 13.4% stake, agrees to sell its shares during the IPO.
• InCred reached unicorn status after raising $60 Mn in a Series D funding round led by Manipal Education and Medical Group’s Ranjan Pai, which valued InCred at $1.04 Bn.
• The company became one of only two startups to achieve unicorn status in 2023, along with Zepto, amid a challenging funding environment.

About InCred Group :

• Founded in 2016 by Bhupinder Singh, InCred Group operates across three verticals in the banking, financial services, and insurance (BFSI) sector:
  • InCred Money: Focuses on retail bonds and alternative investments.
  • InCred Finance: Specializes in lending.
  • InCred Capital: Handles wealth and asset management.

ICICI Prudential Life Leads with 99.04% Claim Settlement Ratio in Q2 FY2025     

• ICICI Prudential Life Insurance recorded a claim settlement ratio of 99.04% for the July-September quarter of FY2025.
• This is the highest claim settlement ratio among all life insurance companies in the country for the mentioned period.
• The average claim settlement turnaround time was just 1.2 days, indicating quick processing of claims by the insurer.
• The total value of death claims settled by ICICI Prudential Life Insurance during this period was ₹451.05 crore.
• The claim settlement ratio is an important indicator of an insurer’s ability to pay the nominee of the policyholder.

About ICICI Prudential Life Insurance :

• Founded : 2000
• Headquarters : Mumbai, Maharashtra
• MD & CEO : Anup Bagchi
• It was established as a joint venture between ICICI Bank Limited and Prudential Corporation Holdings Limited

CURRENT AFFAIRS: NATIONAL NEWS

Union Sports Minister Mansukh Mandaviya Launches 'Fit India' Cycling Movement

• Union Minister of Youth Affairs and Sports, Mansukh Mandaviya, flagged off the 'Fit India' cycling movement at the Major Dhyan Chand National Stadium in Delhi.
• The event marks a nationwide campaign with cycling events held at 1,000 locations nationwide.

1. Objective:
   • Aimed at promoting fitness, combating pollution, and building a healthier and developed nation.
   • Encourages individuals to dedicate at least one hour a week to cycling.
2. Event Participation:
   • The minister participated in a cycling ride from the stadium to Raisina Hills and back.
   • Elite athletes, fitness influencers, and political figures, including BJP MP Tejasvi Surya, also joined the event.
3. Organizational Support:
   • The event was organized in collaboration with:
     • Cycling Federation of India (CFI).
     • MY Bharat initiative.
     • Sports Authority of India (SAI) regional centres.
     • Khelo India centres (KICs).
     • District administrations across the nation.

4. Alignment with Fit India Movement:
   • The Fit India Movement, launched in 2019 by Prime Minister Narendra Modi, serves as the foundation for this initiative.
   • Focuses on health, sports, and promoting indigenous games, aligning with the vision of India becoming a sports superpower.

India Ends Duty-Free Import Policy for Solar Power Equipment

• India has scrapped duty-free imports for solar power generation equipment under the Manufacturing and Other Operations in Warehouse Regulations (MOOWR).
• Effective 17 December 2024, the Central Board of Indirect Taxes and Customs (CBIC) has prohibited customs-bonded warehouses from being used for solar power generation.
• Reason for Withdrawal:
  • Government Concern: Potential revenue losses and misuse of bonded warehousing benefits.
  • The decision aims to protect public interest and create a level playing field in the renewable energy sector.
• Implications for Solar Sector:
  • Companies relying on duty-free imports must now undergo “de-bonding” of goods, requiring payment of customs duties and taxes.
  • This move could cause cash flow disruptions and affect profitability for firms already utilizing the scheme.
• Expert Views:
  • Rajat Mohan (AMRG & Associates):
    • Bonded warehousing allowed indefinite customs duty deferment for imported goods, creating risks of misuse.
    • The solar industry already benefits from GST concessions and government subsidies, making warehousing benefits unnecessary.
  • Saurabh Agarwal (EY):
    • The policy change retroactively affects companies, forcing import duty payments on previously duty-free equipment.
    • Firms with fixed Power Purchase Agreements (PPAs) may face profitability challenges if tariff adjustments due to legal changes are not accounted for.
  • Broader Context:
    • Bonded warehousing under Section 65 of the Customs Act promotes duty deferment for manufacturing and trade.
    • Other industries using MOOWR, such as pharmaceuticals, food processing, electronics, and textiles, remain unaffected.

10th World Ayurveda Congress (WAC 2024) and Arogya Expo Inaugurated in Dehradun

• The 10th World Ayurveda Congress (WAC 2024) and the Arogya Expo were inaugurated in Dehradun, marking a pivotal event for Ayurveda and digital health. The inauguration was attended by notable dignitaries, including:
• Shri Prataprao Jadhav, Union Minister of State, Ministry of Ayush
• Shri Pushkar Singh Dhami, Chief Minister of Uttarakhand
• Vaidya Rajesh Kotecha, Secretary, Ministry of Ayush
• Shekhar Mande, President, Vijnana Bharati

Key Highlights from the Inaugural Address:

• Shri Prataprao Jadhav highlighted the convergence of digital health and Ayurveda, calling the event a milestone for global discussions on integrating modern technology with Ayurveda.
• He also emphasized the launch of the "Desh Ka Prakriti Parikshan Abhiyan" to evaluate the Prakriti of 1 crore individuals based on Ayurvedic principles, urging widespread participation.
• Vaidya Rajesh Kotecha discussed the importance of Ayush Grid, a tech-enabled solution aimed at enhancing healthcare effectiveness, safety, and affordability. He also shared that over $1.3 billion investment is in the pipeline from global partners.

Event Overview:

• Organizer: The event is organized by the World Ayurveda Foundation (WAF), an initiative by Vijnana Bharati.
• Participants: Over 5500 Indian delegates and 350 international delegates from 54 countries have registered.
• Duration: The event will span 4 days and will feature:
  • 150+ scientific sessions
  • 13 associate events
  • Plenary sessions
  • Technical sessions and panel discussions

Theme for WAC 2024:

"Digital Health: An Ayurveda Perspective"
This theme will explore how modern technologies can transform Ayurveda by enhancing healthcare delivery, improving research, and ensuring its integration into the evolving global health landscape.

Additional Highlights:

• The Ministry of Ayush plays a significant role in organizing the Congress, emphasizing the promotion of Ayurveda globally.
• Key activities will include:
  • Health Ministers’ Conclave
  • Investors’ Meeting
  • International Delegates Assembly
  • Satellite Seminars

CURRENT AFFAIRS : INTERNATIONAL NEWS

Russia to Offer Visa-Free Entry for Indians Starting 2025, Joining 62 Countries   

• By March 2025, Indian tourists may be able to enter Russia without requiring a visa.
• This follows discussions between Russia and India in June 2024 to relax visa requirements.

Key Highlights :

• Current Visa Requirements:Currently, Indian visitors need visas based on their travel purposes (tourist, business, humanitarian, private, work, or student categories).
• Tourism Growth in Moscow:Indian tourism to Moscow has been increasing. In the first half of 2024, 28,500 Indian tourists visited Moscow, a 1.5-fold increase compared to the same period in 2023.
• India ranked high in 2023 among non-CIS countries, with over 60,000 visitors, marking a 26% increase compared to 2022.
• India is considered a priority market for Moscow due to strong ties between the two countries.
• Visa-Free Travel Definition:Visa-free travel means individuals can enter a country without a visa, simply by presenting their passport on arrival.
• This simplifies the process and eliminates visa-related expenses.
• Unified E-Visa System:Since August 1, 2023, Indian travelers can apply for a unified e-visa (UEV), which takes around four days for processing.
• The UEV is valid for single-entry travel across Russia and is available to citizens of 55 countries, including India.
• The e-visa system is applicable for various purposes such as tourism, business, and events (scientific, cultural, political, or sports gatherings).

About Russia :

• President : Vladimir Putin
• Prime Minister : Mikhail Mishustin
• Capital : Moscow
• Currency : Ruble

UN Desertification Talks Conclude Without Agreement on Drought Combat Measures   

• The 16th Conference of the UN Convention to Combat Desertification (UNCCD) took place in Riyadh, Saudi Arabia.
• The talks ended without a binding agreement on addressing droughts, despite increasing global aridification trends.

Key Highlights :

• Deferment of Global Drought Response:Nations deferred consensus on a global drought response regime to the COP17 conference scheduled for 2026 in Mongolia, coinciding with the International Year of Rangelands and Pastoralists.
• Funding for Land Restoration:Funding for land restoration has increased from $37 billion in 2016 to $66 billion by 2022. However, this still falls short of the estimated need of $355 billion per year.
• Economic Impact of Droughts:A UN report revealed that droughts, exacerbated by human-driven environmental degradation, cost the global economy more than USD 300 billion annually.
• Global Drying Trends:A report released on December 9 stated that 77% of Earth's land has become drier over the past 30 years, with drylands expanding by 4.3 million sq km, an area larger than India.

About UNCCD :

• Headquarters : Bonn, Germany
• Executive Secretary : Ibrahim Thiaw

CURRENT AFFAIRS : STATE NEWS

Mamata Banerjee Launches "Banglar Bari" Scheme to Provide Homes for Rural Poor in West Bengal   

• West Bengal (WB) Chief Minister (CM) Mamata Banerjee launched the "Banglar Bari" scheme to provide houses for the rural poor in the state.
• The scheme was launched ahead of the 2024 Lok Sabha elections, as a response to the Centre's failure to release funds for PM Awas Yojana (PMAY).
• 42 beneficiaries across 21 districts received the first installment of funds as part of the launch event.

Key Highlights :

• Details of the Scheme:A total of ₹1.20 lakh will be given to each eligible family for constructing a house, with ₹60,000 released as the first installment.
• Beneficiaries in certain regions, including Jangalmahal and Darjeeling hills, will receive ₹1.30 lakh.
• The scheme was initiated after 12 lakh beneficiaries in the state were identified as eligible.
• Beneficiaries and Survey:The state conducted a survey identifying over 28 lakh genuine beneficiaries for the Banglar Bari scheme, an increase from the initial 11 lakh identified in the first list.
• Funds and Future Plans:In the first phase, ₹60,000 was transferred directly to 12 lakh beneficiaries via their bank accounts.
• The Chief Minister announced that 18 lakh additional beneficiaries will receive their benefits in 2025.
• The state government will bear the total cost of ₹14,773 crore for the scheme.
• Political Allegations Against the Centre:The Chief Minister accused the Central government of not releasing funds for the PM Awas Yojana and Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) for the last three years.
• The Centre’s failure to release funds for the Awas Yojana is a key issue, with the CM stating that the state is not asking for charity but its due rights.
• MGNREGA Funds Issue:The state government has started its own employment scheme to provide 50 days of work to the rural poor after MGNREGA funds were put on hold by the Centre since December 2021 due to allegations of corruption.
• Financial Allocation for the Scheme:The total expenditure of the Banglar Bari scheme is estimated at ₹14,773 crore, with the state government committed to funding the project in the absence of central support.
• The Chief Minister mentioned that if the Centre does not release funds, the state will cover the costs for the remaining 16 lakh beneficiaries, paying ₹8 lakh families by May-June and the rest by December.

About West Bengal :

• Governor : C. V. Ananda Bose
• Chief Minister : Mamata Banerjee
• Capital : Kolkata

CURRENT AFFAIRS: BUSINESS NEWS

Government Realises Rs 1.46 Lakh Crore Investment under PLI Scheme

• The government investment of Rs 1.46 lakh crore has been realised, resulting in incremental production and sales of over Rs 12.50 lakh crore across 14 PLI sectors till August 2024.
  Key Highlights:

1. PLI Scheme Performance (August 2024):
   • Investment Realised: ₹1.46 lakh crore across 14 sectors.
   • Incremental Production and Sales: Over ₹12.50 lakh crore.
   • Employment Generated: Over 9.5 lakh jobs.
   • Exports Surpassed: ₹4 lakh crore.
2. PLI Scheme Overview:
   • Objective: Enhance manufacturing capabilities, promote exports, and support India's vision of becoming self-reliant.
   • Total Outlay: ₹1.97 lakh crore across 14 key sectors.
3. Incentives Distributed:
   • 2022-23: ₹2,968 crore across 8 sectors.
   • 2023-24: ₹6,753 crore across 9 sectors.
4. Applications Approved:
   • 764 applications cleared under the PLI scheme across 14 sectors.
5. Impact on Trade with FTA Partners:
   • Exports Growth: Increased by 100% since the implementation of Free Trade Agreements (FTAs) until 2023-24.
   • Imports Growth: Grew by 84.7% during the same period.

Bharat Vandana Park Project: Updated Progress and Features

• The Delhi Development Authority (DDA) has set March 31, 2025, as the new deadline to complete the Bharat Vandana Park in Dwarka’s Sector 20.
• Current Status:
  • Construction of entry plazas, restaurant, kiosks, and 20 toilet blocks is complete.
  • 85% of the pylons and skywalk structures are finished.
  • Horticulture and landscape work are expected to conclude by December, with pathway and road work in the final stage.
• Project Overview:
  • A 200-acre facility designed to showcase India's cultural diversity, shaped like lotus petals.
  • Waterbodies cover 25% of the park, including restored natural features.
• Key Attractions:
  • Cultural and Recreational Zones:
    • Congregation zone for picnics and gatherings.
    • Pushpkriti Vatika, meditation zone, and an eco-zone resembling a forest.
    • Fun Park with animatronics, open gyms, and adventure activities like zip-lining.
  • Mini India Section:
    • Features 36 scaled-down monuments, stalls for local cuisines, and souvenir shops.
  • Other Highlights:
    • Nine 44-metre pylons connected by a 2-km skywalk for aerial views.
    • Waterbodies with paddle boats, a boating track, and Vandana Sarovar in the center.
    • Two open-air theatres, a lake-view restaurant, and Wall of India
  • Sustainability Features:
    • Use of 90,000 cubic metres of treated water initially, followed by daily supply of 1,000 cubic metres for maintenance.
    • Rainwater harvesting with six storage tanks of 5,000 cubic metres each.
    • 500 KW solar panels and eco-friendly lighting systems.
  • Execution and Monitoring:
    • Project execution is being handled by National Buildings Construction Corporation (NBCC) under DDA’s supervision.
    • Lieutenant Governor VK Saxena has been regularly inspecting the site and holding review meetings.

Key Outcomes Expected from the GST Council Meeting

• The GST Council, chaired by Finance Minister Nirmala Sitharaman, is set to discuss and decide on several important issues in its upcoming meeting in Jaisalmer.

1. Clarification on Taxation of Delivery Apps (Zomato, Swiggy)

• Retrospective GST Levy:
  • A 5% GST on delivery charges by apps like Zomato and Swiggy will be applied retrospectively from 2022.
  • The clarification could lead to a tax liability of around ₹750 crore, as these platforms may find it challenging to collect tax for past transactions.
• Impact on Consumers:
  • Going forward, this move is unlikely to significantly burden consumers as delivery charges constitute a small part of total order costs.
• Background:
  • GST authorities had earlier proposed an 18% levy, prompting the Council to settle at 5% without input tax credit (ITC).

2. Tax on Floor Space Index (FSI)

• Builder Obligations:
  • Builders will need to pay 18% GST on payments made to local authorities for FSI, including additional FSI charges.
  • These charges are deemed commercial and facilitate business, making them taxable with the availability of ITC.

3. Tax Cuts on Critical Healthcare Services

• Gene-Modified Cell Therapy:
  • A proposal to reduce GST on gene-modified cell therapy for advanced blood cancer from 12% to nil will likely be approved, providing significant relief to patients.

4. Clarification on GST Rates for Food Items

• Ready-to-Eat Popcorn:
  • Popcorn mixed with salt and spices to attract 5% GST.
  • Popcorn mixed with sugar to attract 18% GST.

5. Electric Vehicle (EV) Components Taxation

• No Tax Reduction:
  • The Council is unlikely to approve a reduction in GST on EV components, which currently attract 18% and 28% GST, to 5%.

6. GST on Penal Charges by Financial Institutions

• Exemption Proposal Likely Approved:
  • Penal charges levied by banks and finance companies (regulated by the RBI) may be exempted from GST.

CURRENT AFFAIRS: AWARDS AND HONOURS

Vinícius Júnior Named The Best FIFA Men’s Player for 2024

• Vinícius Júnior, Brazilian and Real Madrid forward, has been crowned The Best FIFA Men’s Player for the first time.
• He is the first Brazilian to win the award since 2007 and the first in its current format.
• Outstanding 2023/24 Season:
  • Scored 24 goals in 39 appearances across all competitions for Real Madrid.
  • Delivered match-defining performances, including:
    • A goal in the UEFA Champions League final against Borussia Dortmund.
    • A hat-trick in the Supercopa de Espana final against Barcelona.
  • Major Titles Won in 2023/24:
    • UEFA Champions League: Scored in the final, helping secure Real Madrid’s victory.
    • Spanish La Liga: Contributed significantly to Real Madrid’s league triumph.
    • Supercopa de Espana: Dominated the final with a hat-trick performance.
    • Named UEFA Champions League Player of the Season.
  • Voting Results:
    • Vinícius secured 48 points, finishing ahead of:
      • Rodri (Manchester City) with 43 points.
      • Jude Bellingham (Real Madrid) with 37 points.

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

Competition Commission of India approves Ramon Investments' acquisition of stake in Speed JVco S.à r.l.   

• The Competition Commission of India (CCI) has approved the acquisition of a certain stake in Speed JVco S.à r.l. (Target) by Ramon Investments Private. Limited. (Acquirer).
• Ramon Investments Private. Limited. is an investment holding company with no business operations other than holding investments. It is a wholly owned subsidiary of Temasek Holdings (Private) Limited, a Singapore-based investment company.
• Temasek is an investment company with a broad global portfolio in various sectors, including transportation, financial services, telecommunications, media & technology, consumer & real estate, life sciences & agri-food, and multi-sector funds.
• Target Details: Speed JVco S.à r.l. (Target), including its affiliates, provides visa outsourcing and related services such as:
• Visa application and consular services to governments and diplomatic missions.
• Travel-related services including facilitation of travel itineraries, hotel reservations, travel insurance, SIM cards, and forex.
• The proposed combination involves the acquisition of a stake in the Target by the Acquirer.

About CCI :

• Founded : 14 October 2003
• Headquarters : New Delhi, India
• Chairman : Ravneet Kaur

CURRENT AFFAIRS : DEFENCE NEWS

Indian Naval Ship Nirdeshak Set to Be Commissioned at Naval Dockyard, Visakhapatnam  

• Indian Naval Ship (INS) Nirdeshak, a state-of-the-art survey vessel, will be commissioned on 18 December 2024 at Naval Dockyard, Visakhapatnam.
• The ceremony will be presided over by Union Minister of State for Defence, Shri Sanjay Seth.
• It will be hosted by the Flag Officer Commanding-in-Chief, Eastern Naval Command.
• Built by Garden Reach Shipbuilders & Engineers (GRSE), Kolkata, INS Nirdeshak has over 80% indigenous content, showcasing India's capabilities in ship design and construction.
• The ship is part of the Survey Vessel (Large) Project.
• Indian Naval Ship (INS) Nirdeshak launched on 26 May 2022.

Key Highlights :

• Ship Specifications:The vessel is 110 meters long with a displacement of approximately 3800 tons.
• It is powered by two diesel engines.
• The ship is equipped with Hydrographic and Oceanographic Survey Equipment.
• Purpose and Role:INS Nirdeshak will conduct hydrographic surveys, support maritime operations, and aid in navigation.
• It is the second ship of the Survey Vessel (Large) Project.
• It is designed to enhance India's strategic presence in the Indian Ocean Region and support foreign cooperation surveys.
• Capabilities:It is equipped with Multi-Beam Echo Sounder (MBES), Autonomous Underwater Vehicle (AUV), Remotely Operated Vehicle (ROV), and advanced communication systems.
• It has long endurance capabilities, enabling it to operate for over 25 days at sea and achieve speeds exceeding 18 knots.
• Strategic Importance:INS Nirdeshak will play a key role in mapping India's waters and providing hydrographic data for regional and global maritime safety.
• It will support nautical chart updates, identify navigational hazards, and enhance global shipping industry safety.
• Regional and Diplomatic Engagement:The vessel will strengthen India’s hydrographic collaboration with nations in the Indian Ocean Region, particularly through IORA and BIMSTEC.
• It will promote interoperability and trust among regional navies via joint hydrographic missions and training programs.
• Training programs for personnel from neighboring countries will foster self-reliance and technical expertise.
• Humanitarian Aid and Disaster Relief:INS Nirdeshak can function as a Hospital Ship, assisting in post-disaster recovery, such as underwater debris removal and restoration of navigation channels.
• Aatmanirbhar Bharat Initiative:The ship is a significant indigenous achievement under India’s Atmanirbhar Bharat initiative, highlighting India's technological prowess.

About Ministry of Defence :

• Cabinet Minister : Rajnath Singh
• Minister of State : Sanjay Seth

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

Scientists create 'Kisan Kavach' to protect farmers from pesticide exposure   

• The Department of Biotechnology (DBT) and BRIC-inStem Bangalore developed an 'anti-pesticide' suit named Kisan Kavach to protect farm laborers from harmful pesticide exposure during spraying activities.

Key Highlights :

• Suit Composition: The suit consists of a trouser, pullover, and face-cover made from 'oxime fabric,' designed to chemically break down pesticides that come in contact with the fabric, preventing them from being absorbed by the skin.
• Health Hazards: Pesticides, often neurotoxic, pose severe health risks including dizziness, headaches, vomiting, and even death. Chronic exposure has been linked to cancer, as per studies.
• Product Features: The Kisan Kavach retains its protective qualities even after 150 washes and is effective across a wide temperature range, even under UV-light exposure.
• Affordability: The price of the suit is ₹4,000, and efforts are underway to reduce its cost to make it accessible to more farmers.
• Field Surveys: Research on pesticide exposure, involving 200 farmers in 60 villages, revealed dangerous health effects from direct exposure to pesticides during spraying.
• Partnerships: The project was developed by BRIC-inStem in collaboration with Sepio Health Private. Limited. and supported by the Ministry of Science and Technology.
• Government Support: The initiative was unveiled by Union Minister Dr. Jitendra Singh, aligning with the government's vision to protect farmers through technology and innovation.
• Manufacturing Process: The suit is made from cotton fabric treated with a nucleophile to deactivate pesticides, preventing toxicity.
• Market Reach: Kisan Kavach is the first such innovation in India, with the potential to protect the 65% of the population engaged in agriculture. The government plans to increase production to ensure wider accessibility.
• Global Relevance: India is a major producer of pesticides, with over 61,000 tonnes used annually.

Meta rolls out worldwide anti-scam awareness initiative ahead of festive season    

• Meta launched a global campaign to help users stay safe from online scams across its platforms, including WhatsApp, Instagram, and Marketplace.
• Meta introduced new tools to detect and prevent scams on its platforms, aiming to protect users from fraudulent activities.
• The campaign is a joint initiative with three key Indian government bodies:
• Ministry of Electronics and Information Technology (MeitY)
• Indian Cybercrime Coordination Centre (I4C)
• Ministry of Information and Broadcasting (MIB)
• This partnership supports efforts to combat the rise in scams and cyber frauds in India.
• Meta released a musical remake of the iconic track "Oye Lucky Lucky Oye" featuring actor Abhay Deol to enhance scam awareness, leveraging entertainment to educate users.
• The initiative aligns with the government's efforts to tackle cybercrime and improve cybersecurity in India.

CURRENT AFFAIRS: MOUS AND AGREEMENT

IEPFA and ACCA Collaborate to Boost Financial Literacy in India

• The Investor Education and Protection Fund Authority (IEPFA) and the Association of Chartered Certified Accountants (ACCA) have signed a Memorandum of Understanding (MOU) aimed at enhancing financial literacy, investor education, and investor protection across India.
• The signing ceremony took place in New Delhi and marks a key step in promoting financial education, with a special focus on schoolchildren in both urban and rural areas.

Key Highlights:

• Signatories:
  • Mrs. Anita Shah Akella, CEO of IEPFA and Joint Secretary, Ministry of Corporate Affairs
  • Helen Brand OBE, Chief Executive of ACCA
• Main Objective: The partnership focuses on improving financial literacy by targeting young minds, especially students in grades 6 to 9, to equip them with essential financial skills for a secure financial future.

Program Details:

• ACCA’s Financial Literacy Program:
  • Known as "Financial Education for You" (FEFY), this is a four-year course designed for schoolchildren in grades 6-9.
  • The program aims to promote sound financial decision-making, creating a foundation for future investors.
• Collaboration Terms:
  • IEPFA will support the introduction of FEFY in selected schools across India, including both urban and rural regions.
  • ACCA will provide free digital content for the program, ensuring that it is widely accessible.
  • ACCA members will also offer training to school educators to help them effectively deliver the curriculum.

Program Launch:

• Pilot Phase: The FEFY program will begin in select schools, with a focus on making the learning process interactive and engaging. Schools will need to meet digital requirements and allocate time for both teacher training and student participation.
• Interactive Learning: The program will incorporate experiential learning methods to influence students’ financial decision-making behaviors positively.

Additional Initiatives:

• Workshops and Seminars: In addition to FEFY, the partnership will include:
  • Seminars, workshops, and roundtables on topics such as financial education, investor protection, and capital market development.
  • These activities, funded by ACCA, will further support the investor education initiatives of IEPFA.

CURRENT AFFAIRS: SPORTS NEWS

Women's Hockey Junior Asia Cup 2024: India beat China in the shootout to defend the title

• The Indian women's junior hockey team successfully defended their Women’s Junior Asia Cup title with a thrilling 3-2 penalty shoot-out win over China in the final held in Muscat, Oman.
• The match ended 1-1 in regulation time, with India securing their second consecutive title after their victory in the 2023 edition.
• This win also guaranteed India a spot in the 2025 FIH Women’s Junior Hockey World Cup in Chile, alongside other top teams like China, Japan, South Korea, and Malaysia.

Key Highlights

• Venue and Dates: The tournament took place in Muscat, Oman, from December 7 to December 15, 2024.
• Final Result: India defeated China 3-2 in a penalty shoot-out after a 1-1 draw in regulation time.
• Goal Timeline:
  • 30th Minute: Jinzhuang (China) scored the opening goal.
  • 41st Minute: Kanika Siwach (India) equalized for India.
• Penalty Shoot-out Heroics:
  • Indian goalkeeper Nidhi made three crucial saves in the penalty shoot-out.
  • Shoot-out Scorers for India: Ishika, Sakshi Rana, and Sunelita Toppo converted their penalties.

Semi-Final Results

• India defeated Japan 3-1.
• China defeated South Korea 4-1.

Teams Qualified for the 2025 FIH Women’s Junior Hockey World Cup

1. India (Champions)
2. China (Runners-up)
3. Japan (Third place)
4. South Korea (Fourth place)
5. Malaysia (Fifth place; defeated Thailand to secure qualification)

Historic Achievement for India

• India’s victory in the 2024 Women’s Junior Asia Cup mirrors the success of the Indian men's junior hockey team, which also won the 2024 Men’s Junior Asia Cup in Muscat, marking a historic double for India.

About the Women’s Junior Asia Cup

• Organizing Body: Asian Hockey Federation (AHF).
• Player Age Group: Under 21 years.
• Purpose: Serves as a qualification tournament for the FIH Women’s Junior Hockey World Cup.
• First Edition: Held in 1992 in Kuala Lumpur, Malaysia.
• Most Successful Team: South Korea (4 titles).
• India’s Titles: Two wins (2023 and 2024 editions).

Mumbai Clinches Syed Mushtaq Ali Trophy 2024 with Five-Wicket Win Over Madhya Pradesh

• Mumbai won the Syed Mushtaq Ali Trophy 2024 with a commanding five-wicket victory over Madhya Pradesh in the final at the M Chinnaswamy Stadium, Bengaluru.

Match Overview

• Madhya Pradesh's Innings:
  • Total: 174/8 in 20 overs.
  • Top scorer: Rajat Patidar – 81 off 40 balls (6 fours, 6 sixes).
  • Mumbai's early breakthroughs and strong middle overs helped restrict MP, despite Patidar's late blitz.
• Mumbai's Chase:
  • Total: 180/5 in 17.5 overs.
  • Top scorer: Suryakumar Yadav – 48 off 35 balls.
  • Match-winner: Suryansh Shedge – an unbeaten 36 off 15 balls, hitting 3 fours and 3 sixes.
  • Atharva Ankolekar contributed with a quickfire 16 off 6 balls to finish the match.

Mumbai's Victory Highlights

• This was Mumbai's second Syed Mushtaq Ali Trophy title after their first win in 2022.
• Suryansh Shedge’s quickfire 36* and Atharva Ankolekar’s 16 off 6 balls were the finishing touches in Mumbai’s thrilling chase.
• Ajinkya Rahane, the top scorer of the tournament with 469 runs, played a crucial role in Mumbai’s chase.

CURRENT AFFAIRS: IMPORTANT DAYS

Pensioners Day: A Tribute to D.S. Nakara and the Struggle for Pension Rights

• Pensioners Day is observed annually on 17th December in India to honor the legacy of S. Nakara, a pioneering figure who fought for the rights and dignity of pensioners.
• This day commemorates the landmark Supreme Court judgment of 1982, which secured equality and justice for pensioners and retired officials.

History of Pensioners Day

• Date: 17th December marks the anniversary of the historic Supreme Court ruling in 1982.
• D.S. Nakara's Role:
  • Nakara, a retired official from the Department of Defense, challenged a discriminatory pension policy in the Supreme Court, which only benefited employees who retired after March 31, 1979.
  • He argued that the pension rules violated the principle of equality, as those who retired before this date were denied the same benefits.
• Supreme Court Verdict:
  • The court declared the discrimination unconstitutional, stating that pension benefits should be equally available to all eligible individuals, regardless of their retirement date.
  • This judgment became known as the “Magna Carta of Pensioners”, as it guaranteed the dignity and economic security of pensioners.

History of the Pension System in India

Colonial Origins

• The Indian pension system traces its origins back to British colonial rule. In 1881, the Royal Commission on Civil Establishments introduced pension benefits for government employees.

Pre-Independence Developments

• The Government of India Acts of 1919 and 1935 further expanded pension benefits for public sector employees.

Post-Independence Pension Reforms

• Post-Independence: The Indian government introduced the Central Civil Services (Pension) Rules, 1972, under Articles 148(5) and 309 of the Constitution.
  • This comprehensive pension system provided retirement benefits for central government employees.
  • Key provisions:
    • Employees with 33 years of service were eligible for 50% of their average salary during the last 36 months of service as pension.
• Amendments:
  • The Pension Act, 1972 was later amended to address demands from employees and implement the Pay Commissions’ recommendations.

Daily CA One- Liner: December 19

• Union Minister of Youth Affairs and Sports, Mansukh Mandaviya, flagged off the 'Fit India' cycling movement at the Major Dhyan Chand National Stadium in Delhi.
• India has scrapped duty-free imports for solar power generation equipment under the Manufacturing and Other Operations in Warehouse Regulations (MOOWR).
• The 10th World Ayurveda Congress (WAC 2024) and the Arogya Expo were inaugurated in Dehradun, marking a pivotal event for Ayurveda and digital health.
• The government investment of Rs 1.46 lakh crore has been realised, resulting in incremental production and sales of over Rs 12.50 lakh crore across 14 PLI sectors till August 2024
• The Delhi Development Authority (DDA) has set March 31, 2025, as the new deadline to complete the Bharat Vandana Park in Dwarka’s Sector 20.
• The GST Council, chaired by Finance Minister Nirmala Sitharaman, is set to discuss and decide on several important issues in its upcoming meeting in Jaisalmer.
• Vinícius Júnior, Brazilian and Real Madrid forward, has been crowned The Best FIFA Men’s Player for the first time.
• The Securities and Exchange Board of India (SEBI) has proposed the creation of MITRA (Mutual Fund Investment Tracing and Retrieval Assistant).
• The Reserve Bank of India (RBI) lifted business restrictions on two entities of the Edelweiss Group, ECL Finance Limited and Edelweiss Asset Reconstruction Company Limited (Edelweiss ARC), with immediate effect.
• Shri Sanjay Kumar Agarwal, Chairperson of the Central Board of Indirect Taxes and Customs (CBIC), launched new initiatives in the presence of the CBIC Board Members, focusing on improving taxpayer services.
• The Central Board of Direct Taxes (CBDT) has initiated an electronic campaign to assist taxpayers in resolving mismatches between income and transactions reported in the Annual Information Statement (AIS) and those disclosed in Income Tax Returns (ITRs) for FY 2023-24 and FY 2021-22.
• InCred, a fintech unicorn, is planning its initial public offering (IPO) to raise INR 4,000 Cr (approx. $470 Mn) to INR 5,000 Cr (approx. $590 Mn) by late 2025.
• ICICI Prudential Life Insurance recorded a claim settlement ratio of 99.04% for the July-September quarter of FY2025.
• By March 2025, Indian tourists may be able to enter Russia without requiring a visa.
• The 16th Conference of the UN Convention to Combat Desertification (UNCCD) took place in Riyadh, Saudi Arabia.
• West Bengal (WB) Chief Minister (CM) Mamata Banerjee launched the "Banglar Bari" scheme to provide houses for the rural poor in the state.
• The Competition Commission of India (CCI) has approved the acquisition of a certain stake in Speed JVco S.à r.l. (Target) by Ramon Investments Private. Limited. (Acquirer).
• Indian Naval Ship (INS) Nirdeshak, a state-of-the-art survey vessel, will be commissioned on 18 December 2024 at Naval Dockyard, Visakhapatnam.
• The Department of Biotechnology (DBT) and BRIC-inStem Bangalore developed an 'anti-pesticide' suit named Kisan Kavach to protect farm laborers from harmful pesticide exposure during spraying activities.
• Meta launched a global campaign to help users stay safe from online scams across its platforms, including WhatsApp, Instagram, and Marketplace.
• The Investor Education and Protection Fund Authority (IEPFA) and the Association of Chartered Certified Accountants (ACCA) have signed a Memorandum of Understanding (MOU) aimed at enhancing financial literacy, investor education, and investor protection across India.
• The Indian women's junior hockey team successfully defended their Women’s Junior Asia Cup title with a thrilling 3-2 penalty shoot-out win over China in the final held in Muscat, Oman.
• Mumbai won the Syed Mushtaq Ali Trophy 2024 with a commanding five-wicket victory over Madhya Pradesh in the final at the M Chinnaswamy Stadium, Bengaluru.
• Pensioners Day is observed annually on 17th December in India to honor the legacy of S. Nakara, a pioneering figure who fought for the rights and dignity of pensioners