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CURRENT AFFAIRS : BANKING & FINANCE

RBI Levies Monetary Penalty on Hanamasagar Urban Co-operative Bank Ltd., Karnataka

• The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹50,000 on Hanamasagar Urban Co-operative Bank Limited., Karnataka.
• Reason : Penalty imposed for non-compliance with RBI directions regarding monitoring and reporting mechanisms for frauds, as well as reporting of frauds on XBRL-FMR submission.
• The penalty is imposed due to deficiencies in regulatory compliance and does not imply any judgement on the validity of transactions or agreements with the bank's customers.
• Legal Basis for Penalty :RBI's action is based on the powers conferred under the provisions of section 47A(1)(c) read with sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

Other Penalties :

Monetary penalties imposed on other cooperative banks include:

• Transport Co-operative Bank Limited., Indore, Madhya Pradesh, faced a monetary penalty of ₹1.00 lakh for non-compliance with RBI's directions on loans and advances to directors, relatives, and firms/concerns in which they are interested, as well as on investments by cooperative banks.
• Janseva Co-operative Bank Limited, Nashik, Maharashtra, received a penalty of ₹50,000 for similar non-compliance.
• G P Parsik Sahakari Bank Ltd, Thane, faced a penalty of ₹26.60 lakh for non-compliance with RBI's directions on customer protection regarding unauthorized electronic banking transactions and Basic Savings Bank Deposit Account (BSBD Account).

About RBI :

• Established : 1 April 1935
• Headquarters : Mumbai, Maharashtra, India
• Governor : Shaktikanta Das

Paytm Teams Up with Axis Bank for Merchant Payment Settlement Amid Reserve Bank of India's Actions on Payments Banks

• Paytm has partnered with Axis Bank for the settlement of merchant payments.

Key Highlights :

• The company issued a release stating that One97 Communications has shifted its nodal account to Axis Bank via an escrow account that it has opened with it.
• The shift of nodal accounts to Axis Bank will ensure seamless merchant settlements as before.
• According to One97 Communications, the parent company of Paytm, Paytm QR, Soundbox and card machines will continue to operate seamlessly for all their merchant partners.
• Additionally, the Reserve Bank of India (RBI) has confirmed the continued seamless functionality of Paytm QR, Soundbox, and card machines beyond March 15.
• According to Paytm, merchants with fund transactions connected to any bank account other than Paytm Payments Bank need not worry about disruptions.
• The RBI extended the deadline for Paytm Payments Bank Ltd (PPBL) to stop accepting fresh deposits and do credit transactions to March 15 from February 29.
• Nodal accounts or nodal bank accounts are special internal bank accounts that are mandated by the RBI for businesses that are intermediaries, connecting customers to sellers.
• An escrow account is a temporary pass through account held by a third party during the process of a transaction between two parties.

About Paytm :

• Founded : August 2010
• Headquarters : Noida, Uttar Pradesh, India
• Founder & CEO : Vijay Shekhar Sharma

About Axis Bank :

• Established : 3 December 1993
• Headquarters: Mumbai, Maharashtra, India
• MD & CEO: Amitabh Chaudhry
• Tagline : Badhti Ka Naam Zindagi

India contributes $1 million to IBSA Fund for poverty and hunger alleviation

• India announced to contribute $1 million to the Poverty and Hunger Alleviation Fund established by India, Brazil, and South Africa (IBSA).
• The fund is aimed at alleviating poverty and hunger.
• India’s Permanent Representative to the UN, Ambassador Ruchira Kamboj handed over the cheque to the Director of the UN Office for South-South Cooperation (UNOSSC) Dima Al-Khatib.
• The IBSA countries - India, Brazil and South Africa - each contribute one million dollars annually to the Fund in a spirit of partnership and support for demand-driven, transformational projects in developing countries.

About IBSA Fund :

• The IBSA Facility for Poverty and Hunger Alleviation (IBSA Fund) was established jointly by grouping in March 2004 and it became operational in 2006.
• The purpose of the fund is to identify replicable and scalable projects that can be disseminated to developing countries on a demand-driven basis.
• IBSA Fund-supported projects help partner countries in the Global South to achieve their national priorities, as well as all other internationally agreed development goals.
• India’s contribution to the IBSA Fund has cumulatively exceeded US$ 18 million since the Fund was established.
• The UN Office for South-South Cooperation (UNOSSC) acts as the Fund Manager and Secretariat of the IBSA Fund.
• Till now, the IBSA Fund has allocated $ 50.6 million to 45 projects across 37 countries of the global South.

CURRENT AFFAIRS: NATIONAL NEWS

The Global Textile Expo-Bharat Tex 2024 will be opened by Prime Minister

• Prime Minister Narendra Modi will inaugurate Global Textile Expo-Bharat Tex 2024 on 26th February in New Delhi.
• Ministry of Textiles, Secretary, Rachna Shah said that the four long day long Bharat Tex will be spread over a 22 lakh square feet exhibition area across Bharat Mandapam and Yashobhoomi.
• The participation of buyers from 100 countries and over 100 international speakers is expected during the event.
• The expo will be a unique opportunity to showcase the strength of India's textile value chain on a global stage.
• Being organised by a consortium of 11 Textile Export Promotion Councils and supported by the Ministry of Textiles.
• Bharat Tex is built on the twin pillars of trade and investment and with an overarching focus on sustainability and resilient supply chains.
• 46 Memorandum of Understandings (MOUs) will be signed during the event including international partnerships.
• The Expo will also witness the launch of Textiles Grand Innovation Challenge aimed to identify futuristic circular solutions

Prime Minister sanctions INR 492 crore Puri-Konark new rail line in Odisha

• Prime Minister Narendra Modi has sanctioned a new railway line project to connect the holy city of Puri with Konark.
• The Union Minister said that Rs 492 crore has been sanctioned for the construction of this 32-km-long railway line to connect Puri Jagannath temple and the Sun Temple of Konark.
• Shri Vaishnaw also released five Commemorative Postage Stamps on Legendary Poets of Odisha and the Cultural Heritage of Western Odisha through video conferencing from Bhubaneswar.
• He also inaugurated 42 branch post offices in seven districts of western Odisha.

In Varanasi, the Prime Minister sets the groundwork for several development projects totalling over Rs 13,000 crores for the nation.

• Prime Minister, Shri Narendra Modi inaugurated and laid the foundation stone for multiple development projects worth more than Rs 13,000 crores in Varanas
• The Prime Minister also visited Banas Kashi Sankul, a milk processing unit of Banaskantha District Cooperative Milk Producers Union Ltd built at UPSIDA Agro Park, Karkhiyaon, Varanasi and interacted with cow beneficiaries.
• PM Modi also handed out employment letters and GI-authorized user certificates.
• The development projects cater to important sectors such as road, rail, aviation, tourism, education, health, drinking water, urban development, and sanitation.

Background

• To further enhance road connectivity in Varanasi, the Prime Minister inaugurated and laid the foundation stone of multiple road projects including four laning of Ghargra-Bridge-Varanasi section of NH-233; four laning of Sultanpur-Varanasi section of NH-56, Package-1; six laning of phase-1 of Varanasi-Aurangabad section of NH-19; four laning of Package-1 Varanasi-Hanumana section on NH-35; and ROB on Varanasi- Jaunpur rail section near Babatpur. He also laid the foundation stone for the construction of Varanasi-Ranchi-Kolkata Expressway Package-1.

The first-mile connectivity projects of South Eastern Coalfields Limited in Chhattisgarh will be inaugurated by Prime Minister Shri Narendra Modi.

• Prime Minister Shri Narendra Modi is scheduled to virtually inaugurate three key First Mile Connectivity Projects of South Eastern Coalfields Limited (SECL), a Coal India Subsidiary under the Ministry of Coal, in Chhattisgarh.
• These projects, valued at over Rs 600 crore, mark a significant step towards faster, eco-friendly, and efficient mechanized coal evacuation.
• The Dipka OCP Coal Handling Plant, located in SECL's Dipka Area, stands out as a key project constructed at a cost exceeding Rs. 211 Crore.
• With an annual coal handling capacity of 25 MT, the project features an overground bunker capacity of 20,000 tons and a 2.1 km long conveyor belt, facilitating the rapid loading of 4,500 – 8,500 tons of coal per hour.
• Moreover, the project will ensure eco-friendly transportation by minimizing road-based coal movement between the pit and rail sidings, thereby curbing carbon emissions.
• This will not only benefit the environment but also enhance operational efficiency by significantly reducing rake loading time to less than an hour.
• Another noteworthy project is the Chhal OCP Coal Handling Plant in SECL’s Raigarh Area, built at a cost of over 173 crores.
• With a capacity to handle 6 MT of coal annually, it includes an overground bunker, a conveyor belt spanning 1.7 km, and a Silo with a capacity of 3,000 tons.

CURRENT AFFAIRS : STATE NEWS

Madhya Pradesh Launches 'Bagless School' Initiative to Alleviate Student Stress                 

• The Madhya Pradesh (MP) government has announced 'bag less school' day once a week for students in classes 1 to 12, starting from the upcoming academic session in 2024-25.
• This decision applies to all government and private schools operating in the state.
• The state government, aiming to alleviate the burden on students, has issued a notice outlining the maximum permissible weight of school bags for different classes.

Key Highlights :

• According to the notice, students in classes 1 and 2 should carry bags weighing between 1.6-2.2 kg, while those in classes 3 to 5 should limit their bags to 1.7-2.5 kg. For classes 6 and 7, the recommended weight is 2-3 kg, and for classes 8, 2.5-4 kg. Students in classes 9 and 10 are advised to carry bags weighing between 2.5-4.5 kg.
• Additionally, the weight of school bags for students in classes 11 and 12 will be determined by the school management committee based on the students' respective streams.

About MP :

• Governor: Mangubhai C. Patel
• Chief Minister: Mohan Yadav
• Capital: Bhopal
• National Park: Satpura National Park, Kanha National Park, Bandhavgarh National Park
• Wildlife Sanctuary: Nauradehi Wildlife Sanctuary, Bori Wildlife Sanctuary

CURRENT AFFAIRS: BUSINESS NEWS

As of December 2023, the nation's mineral production has increased by 5.1%.

• Mineral Production in the Country has grown by 5.1 percent in December 2023 as compared to the level in the month of December 2022.
• As per the Ministry of Mines, the cumulative growth of Mineral Production from April to December, 2023-24 is 8.5 per cent higher than the corresponding period of last year.
• Minerals that have projected positive growth during December, 2023 include Magnesite, Lignite, Limestone, Coal, Natural Gas, Zinc, Manganese, Lead, Copper and Bauxite.

CURRENT AFFAIRS: AWARDS AND HONOURS

Shashi Tharoor conferred France’s highest civilian honour

• Shashi Tharoor has been given France’s highest civilian honour.
• The highest civilian honour bestowed by France, the Chevalier de la Legion d'Honneur France, was given to Shashi Tharoor.
• He was awarded the honour in August 2022, but a formal conferring took place on 20 February 2024.
• He is a senior leader of Congress party.
• He has been serving as Member of Parliament for Thiruvananthapuram, Kerala, since 2009.
• He is the current Chairman of the Standing Committee on Chemicals and Fertilizers.
• He was awarded by the World Economic Forum as "Global Leader of Tomorrow".
• ‘Ambedkar: A Life’ is a book about B. R. Ambedkar written by Shashi Tharoor and published in 2022.

CURRENT AFFAIRS: MOUS AND AGREEMENT

Collaboration in the field of Archives is agreed upon between Oman and India.

• India and Oman have mutually agreed to cooperate in the field of Archives. A delegation of the National Archives of India (NAI), visited the National Records and Archives Authority (NRAA) of Oman on February 21-22, aimed at exploring the areas of bilateral cooperation in the archival field.
• According to the Ministry of Culture, both countries have agreed on the need for formalising the institution-to-institution cooperation.
• In this regard, the draft of an Executive Programme of Cooperation (EPC) has been finalised, which would now be submitted for approval by the competent authorities of both parties and formally signed in the near future.
• According to the proposed EPC, some of the activities agreed upon includes:

i) Organizing a joint exhibition based on curated archival materials from both archives, together with a conference highlighting the historical relations between India and Oman

ii) Exchanging digital copies of documents that hold mutual interest to enrich both collections.

iii) Facilitating a framework for exchange program involving experts in the fields of digitization and preservation to share knowledge on best practices of both institutions

iv) Bringing out a joint publication based on curated archival materials from both archives.

The government of Goa and Power Finance Corporation come together to pioneer a subnational Blended Finance Facility for Climate Action

• Power Finance Corporation (PFC), leading NBFC, power sector PSU and the largest renewable energy financier in India, has signed a Memorandum of Understanding (MoU) to support the climate ambitions of the state of Goa.
• The support extended would be under the Blended Finance Facility being set up by Government of Goa in partnership with The World Bank.
• The Government of Goa is setting up the sub-national Blended Finance Facility in partnership with the World Bank, aiming to foster low-carbon, climate-resilient development.
• Under the MoU, PFC will utilize innovative blended finance mechanisms to fund key climate projects such as renewable energy, green hydrogen, electric vehicles, waste-to-wealth technology and nature-based solutions, thus contributing to Energy Transition.
• The initiative is an innovative partnership between Government of Goa and the World Bank on the one hand and leading financial institutions PFC, SIDBI and NABARD on the other, to finance climate action priorities.

CURRENT AFFAIRS : DEFENCE NEWS

India Launches Extensive 9-Day Naval Exercise in Visakhapatnam, With Around 50 Participating Navies, Amid Heightened Global Security Concerns in the Red Sea Region              

• India kick-started a 9-day mega naval exercise in Visakhapatnam with participation of around 50 navies that came amid the fractious geopolitical environment including growing global concerns over deteriorating security situation in the Red Sea.
• Navies from the United States (US), Japan, Australia, France, Bangladesh, South Korea, Vietnam, Indonesia and Malaysia, among others, are participating in the 12th edition of the 'Milan' exercise that is aiming to bolster maritime cooperation among like-minded nations.

Key Highlights :

• Commencement : The exercise commenced with the arrival of 15 warships and one maritime patrol aircraft from friendly foreign countries.
• Indian Navy Participation : From the Indian Navy, nearly 20 ships including aircraft carriers Vikrant and Vikramaditya and nearly 50 aircraft including MiG 29K, Light Combat Aircraft Tejas and P-8I long-range maritime reconnaissance and anti-submarine warfare aircraft are participating in the exercise.
• Phases: The exercise includes a harbour phase from February 19 to 23, followed by a sea phase featuring various complex drills and manoeuvres from February 24 to 27.

About Milan exercise :

• Milan is a biennial multinational naval exercise which started in 1995 with the participation of Indonesia, Singapore, Sri Lanka and Thailand in consonance with India's 'Look East' policy.
• The exercise flourished under the aegis of Andaman and Nicobar Command till its 10th edition.
• The previous edition of the exercise took place in 2022 in Visakhapatnam.

About Ministry of Defence :

• Defence Minister : Rajnath Singh
• Defence Secretary : Giridhar Aramane

Multinational military exercise ‘Shanti Prayas IV’ kicks off in Nepal                        

• Multinational military exercise – ‘Shanti Prayas IV’ – kicked off in Nepal at the Army headquarters here with the participation of 19 countries, including India, Bangladesh and Pakistan to enhance the interoperability and peacekeeping skills of the forces.
• The multinational military exercise is taking place at the Birendra Peace Operation Training Centre in the Kabhre district, 50 km east of Kathmandu.
• Objective: To enhance interoperability and peacekeeping skills among the participating forces.
• It aims to prepare them for deployment in UN missions and provides operational level staff training (STE).
• Prime Minister Pushpa Kamal Dahal “Prachanda” inaugurated the two-week-long military drill.

Key Highlights :

• It will see the participation of 1,125 army personnel from 19 countries, including India, Bangladesh, Nepal, Pakistan, Sri Lanka and Thailand.
• The exercise has been organised with the assistance of the Global Peace Operation Initiative of the US government and with the joint efforts of the Nepal Army and the US Army.
• The US delegation to the joint military exercise is led by Deputy Assistant Secretary Rachel Schiller.
• During the inaugural event at the playground of Nepal Army headquarters, participating countries displayed their respective flags, fly passes and bands.
• The inaugural multi-platoon training event 'Shanti Prayas' was hosted by Nepal in 2000.
• The key events of the exercise are the tactical level field training event (FTE) and critical enabler and capability enhancement (2CE).

About Nepal :

• President : Ram Chandra Poudel
• Prime Minister : Pushpa Kamal Dahal
• Capital : Kathmandu
• Currency : Nepalese rupee

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

ISRO Collaborates with Sahyadri Farms to Develop Research and Innovative Grape Cultivation Practices     

• The Indian Space Research Organisation (ISRO) and Sahyadri Farms are poised to transform agriculture through advanced satellite technology and data analytics.
• This partnership promises to transform traditional farming practices, enhance crop health monitoring, predict weather patterns and optimise resource management.

Key Highlights :

• One of the key areas of focus is the exploration of climate-compatible grape varieties.
• This research is essential for ensuring the sustainability and resilience of viticulture in the face of climate change.
• Ongoing research and innovative practices in this field are driving the grape industry forward, offering a glimpse into a more sustainable future, according to Sahyadri Farms.
• This initiative aligns with the Pradhan Mantri Fasal Bima Yojana, a crop insurance scheme aimed at providing financial support to farmers.
• The satellite’s launch is expected to provide farmers with valuable insights and data-driven solutions, enabling them to make informed decisions and increase productivity.

About ISRO :

• Established: 15 August 1969
• Headquarters: Bangalore, Karnataka, India
• Chairman: S. Somanath

Google Unveils Gemma: A New Line of Open AI Models Inspired by Gemini                        

• Google has introduced Gemma, a family of open AI models aimed at empowering individuals and businesses to develop their own Artificial Intelligence (AI) software responsibly.

Key Highlights :

• Development Collaboration: Gemma models are developed by Google DeepMind in collaboration with various teams within Google, leveraging cutting-edge technology similar to the acclaimed Gemini models.
• Model Variants: Gemma models are available in two sizes: Gemma 2B and Gemma 7B, with parameters ranging from 2 billion to 7 billion. Each size comes with pre-trained and instruction-tuned variants.
• Not Fully Open Source: While Gemma is open for use, Google retains some control over terms of use and ownership, falling short of being fully "open source."
• Responsible AI Toolkit: Google offers a Responsible Generative AI Toolkit to guide the creation of safer AI applications with Gemma, emphasizing responsible development practices.
• Toolchains and Framework Support: Google provides toolchains for inference and supervised fine-tuning (SFT) across major frameworks like JAX, PyTorch, and TensorFlow via native Keras 3.0.
• Ease of Use: Ready-to-use Colab and Kaggle notebooks, along with integration with popular tools like Hugging Face, MaxText, NVIDIA NeMo, and TensorRT-LLM, simplify the process of getting started with Gemma.
• Deployment Options: Pre-trained and instruction-tuned Gemma models are deployable on various platforms, including laptops, workstations, Google Cloud, Vertex AI, and Google Kubernetes Engine (GKE).
• Performance Optimization: Gemma models are optimized for performance across multiple AI hardware platforms, including NVIDIA GPUs and Google Cloud TPUs.
• Terms of Use: Google's terms of use permit responsible commercial usage and distribution of Gemma models for all organizations, irrespective of their size.

Recent News :

• In Feb 2024, Google renamed its chatbot Bard to Gemini, presenting it as an advanced Artificial Intelligence (AI) tool accessible to users worldwide.

About Google :

• Founded : September 4, 1998
• Headquarters : California, United States
• CEO : Sundar Pichai

Reliance's 'Hanooman': Artificial Intelligence Model Supported by Mukesh Ambani, ChatGPT, to Debut in March

• In a significant step towards the development of indigenous artificial intelligence (AI) in India, the BharatGPT group, backed by Mukesh Ambani’s Reliance Industries and top engineering schools in the country, aims to launch its first ChatGPT-style service in March 2024 named "Hanooman".
• The AI model is being developed in collaboration with 8 Indian Institutes of Technology (IIT) and is backed by Reliance Jio Infocomm and the central government.

Key Highlights :

• Demonstration at Technology Conference: A preview of the Hanooman model was showcased at a recent technology conference in Mumbai, demonstrating its capabilities through interactions in various languages and domains, including Tamil, Hindi, and computer programming.
• Usage Across Domains: Hanooman is designed to operate in 11 regional languages across four key domains: education, financial services, healthcare, and governance, reflecting its potential impact on various sectors.
• Competition in AI Development: The initiative symbolizes India's endeavour to compete in the global race to develop groundbreaking AI technologies, amidst efforts by other startups to create open-sourced AI models tailored for India.
• Speech-to-Text Functionality: Hanooman aims to provide consumers with speech-to-text functionality, enhancing accessibility and user experience across different linguistic backgrounds.
• Reliance's AI Initiatives: Reliance is also developing "Jio Brain," a platform leveraging Artificial Intelligence to serve its extensive network of around 450 million subscribers, indicating the company's broader AI-focused endeavours.
• Support from Reliance Industries: The BharatGPT group receives support from Mukesh Ambani's Reliance Industries Ltd. and includes Reliance along with eight affiliated universities, showcasing a collaborative effort towards AI advancement in India.

Meta Collaborates with Misinformation Combat Alliance to Launch WhatsApp Fact-Checking Helpline Against Artificial Intelligence-Generated Deepfakes

• Tech giant Meta has joined hands with the Misinformation Combat Alliance (MCA) in a cross-industry alliance announced towards launching a fact-checking helpline on messaging platform WhatsApp to combat the menace of artificial intelligence (AI)-generated deepfakes.

Key Highlights :

• Helpline Functionality : The helpline, expected to be available for public use next month, will allow users to flag deepfakes by alerting a dedicated WhatsApp chatbot.
• Multilingual Support : The chatbot will offer multilingual support in English as well as Hindi, Tamil, and Telugu.
• Global Initiative : A group of 20 leading tech companies across the globe including Microsoft, Meta, Google, Amazon and IBM signed an agreement to tackle AI-generated misinformation ahead of the 2024 elections.
• Government Involvement : In November,2023 Union Minister of Electronics and Information Technology Ashwini Vaishnaw stressed watermarking and labelling of content as an approach to tackle deepfakes, after holding two rounds of discussions with intermediaries on the issue of deepfakes and misinformation.
• Legal Measures : The Indian government has also said that it would introduce stringent provisions to deal with deepfakes under the information technology (IT) rules, 2021, through a fresh amendment.
• Centralized Analysis Unit : As a part of the collaboration with Meta in India, MCA will set up a central “deepfake analysis unit” to manage all inbound messages they receive on the WhatsApp helpline.
• Fact-Checking Mechanism : Further, it will work closely with other member fact-checking organisations as well as industry partners and digital labs to assess and verify the content and respond to messages accordingly, quashing false claims and misinformation.
• Four-Pillar Approach : The programme will follow a four-pillar approach-detection, prevention, reporting and driving awareness to stop the spread of deep fakes.

Recent News :

• In Feb 2024 Meta also announced an “AI labelling policy” in which it plans to collaborate with other industry partners and develop “common technical standards” that will help in tagging AI-generated content.

About Meta :

• Founded : January 4, 2004
• Headquarters : California, United States
• Chairman & CEO : Mark Zuckerberg

CURRENT AFFAIRS: SPORTS NEWS

Khelo India Games: Jain University tops the standings in all categories of swimming events with 7 Gold, 6 Silver, and 3 Bronze.

• In the Khelo India Games, Jain University of Karnataka topped the list in all categories of Swimming events with 7 Gold, 6 Silver and 3 Bronze followed by the University of Kerala with 5 Gold, 1 silver and 2 bronze medals and Adamas University placed in the third with 6 medals played at the Dr. Zakir Hussain Swimming Pool in Guwahati.
• Jasmeen Kaur of Punjab University won the Gold in the Women's 10-meter Air Rifle, Devanshi Katara, University of Rajasthan bagged the Silver while Kajal Kumari of Manipal University won the Bronze medal at the Khelo India University Games 2023 Ashtalakshmi at Kahilipara Shooting Range, Guwahati.

Key Highlights

• In the Women's Table Tennis event, Chitkara University, Punjab won the Gold in the Silver medal went to SNDT Women's University and Jain University & SRM University won the Bronze medal.
• In contrast, Chitkara University, Punjab also won the Gold in the Men's Table Tennis event, Silver medal went to Chandigarh University and University of Madras & University of North Bengal won the Bronze medal played at the DTRP Stadium in Guwahati.
• In shooting, Jasmeen Kaur of Punjab University won the Gold in the Women's 10 meters Air Rifle, Devanshi Katara, University of Rajasthan bagged the Silver while Kajal Kumari of Manipal University won the Bronze medal, Ashichouksey of Guru Nanak Dev University won the Gold in the Women's 50 meter Rifle, Nischal of Manipal University bagged the Silver while Shift Kaur Samra of Guru Nanak Dev University won the Bronze medal at the Khelo India University Games 2023 Ashtalakshmi at Kahilipara Shooting Range, Guwahati

CURRENT AFFAIRS: IMPORTANT DAYS

Central Excise Day 2024: February 24

• Every year February 24 is celebrated as the central Excise Day all over the world.
• The day is being celebrated to honour the service of the Central Board of Excise and Customs (CBEC) to the country.
• The Central Excise Department was one of the oldest departments in India which was established in the year 1855, under the British Raj.
• “The Central Excise Act” or “The Central Excise and Salt Act” was regulated in the year 1944, in which year for the first time Central Excise Day was celebrated but later in the year 1996 these acts get some changes.
• For the Central Excise Officers under the Union Government the “Power to Arrest” was given in the year 1973, which in the year 2013 was given to the Service Tax Matters.
• In this act, at first, there were 67 items mentioned about the Excise Duties which now approximately reach the number 1000.
• After the year 2017, July, and the appearance of GST the Central Excise department only focus on Petroleum and Liquor products to get the tax on perfect assurances.
• In recognition of the establishment of laws, the CBEC has celebrated Central Excise day since the passing of the Salt Act which was signed into law on February 24, 1944.

Daily CA One-Liner: February 24 

• Prime Minister Narendra Modi will inaugurate Global Textile Expo-Bharat Tex 2024 on 26th February in New Delhi
• Prime Minister Narendra Modi has sanctioned a new railway line project to connect the holy city of Puri with Konark
• Prime Minister, Shri Narendra Modi inaugurated and laid the foundation stone for multiple development projects worth more than Rs 13,000 crore in
• Prime Minister Shri Narendra Modi is scheduled to virtually inaugurate three key First Mile Connectivity Projects of South Eastern Coalfields Limited (SECL), a Coal India Subsidiary under the Ministry of Coal, in Chhattisgarh
• Mineral Production in the Country has grown by 5.1 percent in December 2023 as compared to the level in December 2022.
• Shashi Tharoor has been given France’s highest civilian honour
• India and Oman have mutually agreed to cooperate in the field of Archives. A delegation of the National Archives of India (NAI), visited the National Records and Archives Authority (NRAA) of Oman on February 21-22, aimed at exploring the areas of bilateral cooperation in the archival field.
• Power Finance Corporation (PFC), leading NBFC, power sector PSU and the largest renewable energy financier in India, has signed a Memorandum of Understanding (MoU) to support the climate ambitions of the state of Goa
• In the Khelo India Games, Jain University of Karnataka topped the list in all categories of Swimming events with 7 Gold, 6 Silver and 3 Bronze followed by the University of Kerala with 5 Gold, 1 silver and 2 bronze medals and Adamas University placed in the third with 6 medals played at the Dr. Zakir Hussain Swimming Pool in Guwahati
• Every year February 24 is celebrated as the central Excise Day all over the world.
• The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹50,000 on Hanamasagar Urban Co-operative Bank Limited., Karnataka.
• Paytm has partnered with Axis Bank for the settlement of merchant payments.
• India announced to contribute $1 million to the Poverty and Hunger Alleviation Fund established by India, Brazil, and South Africa (IBSA).
• The Madhya Pradesh (MP) government has announced 'bag less school' day once a week for students in classes 1 to 12, starting from the upcoming academic session in 2024-25.
• India kick-started a 9-day mega naval exercise in Visakhapatnam with the participation of around 50 navies that came amid the fractious geopolitical environment including growing global concerns over the deteriorating security situation in the Red Sea.
• Multinational military exercise – ‘Shanti Prayas IV’ – kicked off in Nepal at the Army headquarters here with the participation of 19 countries, including India, Bangladesh and Pakistan to enhance the interoperability and peacekeeping skills of the forces.
• The Indian Space Research Organisation (ISRO) and Sahyadri Farms are poised to transform agriculture through advanced satellite technology and data analytics.
• Google has introduced Gemma, a family of open AI models aimed at empowering individuals and businesses to develop their own Artificial Intelligence (AI) software responsibly.
• In a significant step towards the development of indigenous artificial intelligence (AI) in India, the BharatGPT group, backed by Mukesh Ambani’s Reliance Industries and top engineering schools in the country, aims to launch its first ChatGPT-style service in March 2024 named "Hanooman".
• Tech giant Meta has joined hands with the Misinformation Combat Alliance (MCA) in a cross-industry alliance announced towards launching a fact-checking helpline on messaging platform WhatsApp to combat the menace of artificial intelligence (AI)-generated deepfakes.