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CURRENT AFFAIRS : BANKING & FINANCE

Reserve Bank of India Proposes Rationalization of Regulations on Export and Import Transactions    

• The Reserve Bank of India (RBI) has proposed rationalisation of norms governing export and import transactions to promote ease of doing business and empower banks to deliver quicker and more efficient services to foreign exchange customers.

Key Highlights of the norms :

• Exporter Declaration Requirement: Every exporter must furnish a declaration specifying the full export value of goods or services.
• Repatriation Timeline: The full export value of goods must be realised and repatriated to India within 9 months from the date of shipment for goods and the date of invoice for services.
• Draft Regulations under FEMA: The proposed changes were part of draft regulations released by the RBI under the Foreign Exchange Management Act (FEMA),1999.
• The central bank sought comments on these draft norms by September 1, 2024.
• Caution List:Exporters who fail to realize the full export value within the specified time may be placed on a caution list by authorized dealer banks.
• Caution-listed exporters can only undertake exports against advance payment in full or an irrecoverable letter of credit, as approved by the authorized dealer.
• Import Regulations: No advance remittance for the import of gold and silver is permitted unless specifically approved by the RBI.
• Advance Payment for Exports:Advance payment for exports is allowed as per the export contract, with interest rates not exceeding the all-in-cost ceiling of trade credit.
• If exporters are unable to meet export obligations, the advance received must be refunded immediately.
• Authorized dealers can grant extensions for export obligation completion.
• Project Exports: For project exports of goods and services on deferred payment terms, exporters must seek prior approval from authorized dealers before entering such arrangements.
• This applies to turnkey projects or civil construction contracts under project exports.
• Bank Policy Requirement: Banks must establish a comprehensive, well-documented policy for handling payment transactions related to the export/import of goods and services within 6 months of the issuance of this circular.
• The policy should ensure that procedures are conducive to international trade and non-discriminatory.

About RBI :

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

Nine Non-Banking Financial Companies  Surrender Registration Certificates to Reserve Bank of India   

• The Reserve Bank of India (RBI) announced that 9 non-banking financial companies (NBFCs), including Ujjivan Financial Services, have surrendered their certificates of registration (CoR).

Key Details :

• Exit from Business : 5 of these NBFCs exited the non-banking financial institution business, leading to the surrender of their CoR.
• These companies are:

1. Vigfin Holdings
2. Strip Commodeal
3. Allium Finance
4. Eternite Finvest
5. Fino Finance

• Unregistered CIC Criteria: 3 NBFCs surrendered their CoR after meeting the criteria for unregistered Core Investment Companies (CICs) that do not require registration.
• These companies are:

1. Allegro Holdings
2. Temple Trees Impex and Investment
3. Hem Financial Services

• Amalgamation: Ujjivan Financial Services Limited surrendered its CoR as it ceased to be a legal entity due to amalgamation.

Recent News :

• In May 2024, the RBI reported that 15 NBFCs had surrendered their licenses due to exiting the business, amalgamation/merger, dissolution, or voluntary strike-off.

State Bank of India Introduces MSME-Sahaj: Web-Based Digital Business Loan Solution for Micro, Small and Medium Enterprises Invoice Financing    

• State Bank of India (SBI) has launched "MSME Sahaj," a web-based digital business loans solution focused on invoice financing for MSMEs (micro, small, and medium enterprises) under the Goods and Service Tax (GST) regime.
• Purpose : To provide "on tap" short-term credit for working capital needs to GST-registered MSME units.
• MSME Sahaj is a data-driven invoice financing credit assessment engine which will provide an end-to-end solution from applying for the loan, documentation and disbursement of the sanctioned loan within 15 minutes, without any manual intervention.

Features of MSME Sahaj :

• Web-Based Solution: Allows customers to avail finance against their GST-registered sales invoices up to ₹1 lakh in less than 15 minutes.
• Data-Driven Approach: Uses a machine learning-based credit assessment engine leveraging authentic data from GST Identification Number (GSTIN), bank statements, and credit information companies (CICs).
• Accessibility: The product is accessible through SBI's digital platform Yono (You Only Need One), targeting existing customers, including GST-registered MSMEs and sole proprietorships maintaining satisfactory accounts with the bank.
• Benefits: Addresses liquidity challenges faced by MSMEs by enabling quick access to funds based on their GST-registered sales invoices, thereby unlocking cash flows instantly.

What is Invoice financing?

• Invoice financing is a form of short term borrowing which is extended by the bank or a lender to its customers based on unpaid invoices.
• It is often carried out to meet the short-term liquidity needs of the company.

Recent News :

• In June 2024, According to a report released by the SBI, India formalised Rs 26 trillion of its economy between FY16 and FY23, as the share of the informal economy fell to 7% from 25.9% during the 7 years.

About SBI :

• Established : 1 July 1955
• Headquarters : Mumbai, Maharashtra, India
• Chairman : Dinesh Kumar Khara

Zomato Financial Withdraws Application for Non-Banking Financial Company License    

• Zomato Financial Services, a wholly-owned subsidiary of Zomato, has withdrawn its application for a non-banking financial company (NBFC) license with the Reserve Bank of India (RBI).
• The company announced it does not plan to pursue lending in the future.
• The application for the NBFC license was submitted on April 29, 2022.
• Zomato Financial Services was incorporated in February 2022.
• Reason for Withdrawal: The decision to withdraw the application was voluntary and has no material impact on the revenue or operations of Zomato.
• The disclosure is made voluntarily.

Key Highlights :

• Related Developments:Zomato Payment Private Limited (ZPPL), another subsidiary of Zomato, voluntarily surrendered its certificate of authorization from the RBI to operate as an online payment aggregator in May 2024. ZPPL was incorporated in 2021 to carry out payment aggregator business and issue prepaid payment instruments.
• Zomato was reportedly in talks with multiple NBFCs to offer working capital loans to its partner restaurants before withdrawing the NBFC application.
• This would be Zomato’s second-largest purchase since acquiring Blinkit in 2022 for $569 million in an all-stock deal.

Recent News :

• In June 2024, Zomato is in advanced talks to acquire Paytm’s movie and event ticketing business, with a potential deal valued between Rs 1,600 crore and Rs 2,000 crore.

About Zomato :

• Founded : July 2008
• Headquarters : Gurgaon, Haryana, India
• MD & CEO : Deepinder Goyal

Government Maintains Current Interest Rates for Small Savings Schemes unchanged for Q2 FY 2024-25           

• The government has decided to keep the current interest rates for small savings schemes the same, for the period of 01, July to 30th September 2024, i.e. the second quarter (Q2) for the financial year (FY) 2024-25.
• This means that the rates have remained unchanged from the first quarter of FY 2024-25.
• The schemes include the
• Kisan Vikas Patra (KVP): A savings certificate scheme with a maturity period.
• Mahila Samman Savings Certificate: A savings scheme specifically for women.
• Senior Citizen Savings Scheme (SCSS): A scheme for senior citizens with attractive interest rates.
• Post Office Monthly Income Scheme (POMIS): A monthly income scheme offered by post offices.
• Sukanya Samriddhi Yojana (SSY): A savings scheme targeted at the girl child.
• Public Provident Fund (PPF): A long-term savings scheme with tax benefits.
• National Savings Certificate (NSC): A fixed-income investment scheme.
• Post Office Time Deposits (POTD-1,2,3 & 5 year tenure): Fixed deposit schemes offered by post offices with different maturity periods.

Interest Rate on Small Savings Scheme for Q2FY2024-25 :              

Note : KVP - 7.5% (will mature in 115 months)

Key Highlights :

• Interest Rates Revision History:The last revision of interest rates was in December 2023 for Q4 FY24 (January-March 2024).
• In this revision, rates for certain small savings schemes, such as Sukanya Samriddhi Scheme and 3-year Time Deposit, were increased by up to 20 basis points (bps).
• Public Provident Fund (PPF) rates have been unchanged for over 3 years, last adjusted in April-June 2020 from 7.9% to 7.1%.
• Calculation of Interest Rates:Interest rates for small savings schemes are determined based on recommendations by the Shyamala Gopinath Committee.
• According to the committee, these rates should be 25 to 100 basis points above the yields of corresponding government bonds.
• Tax Benefits:Some small savings schemes come with tax benefits under Section 80C of the Income-tax Act of 1961.
• These include: NSC, SCSS, SSY, and PPF.
• Schemes Without Section 80C Benefits:
• Kisan Vikas Patra (KVP)
• Post Office Time Deposits (except for the 5-year tenure)
• Post Office Monthly Income Scheme
• Mahila Samaan Savings Scheme
• Post Office Recurring Deposits

Bandhan Bank Introduces New Service for Online Direct Tax Collection                                

• Bandhan Bank has launched a facility for online collection of direct taxes, enabling its customers and others to pay taxes seamlessly across India.
• As an RBI-appointed agency bank, it also accepts offline payments through its 1,700 branches.
• The service is available through internet banking, payment gateway, cash, cheque, or demand draft.

About Bandhan Bank :

• Founded : 2015
• Headquarters : Kolkata, West Bengal, India
• CEO: Chandra Shekhar Ghosh.

CURRENT AFFAIRS: NATIONAL NEWS

Union Minister G Kishan Reddy Launches NIRMAN Portal to Support UPSC Aspirants

• Union Minister for Coal and Mines, Shri G Kishan Reddy, inaugurated the "Noble Initiative for Rewarding Mains Aspirants of National Civil Services Examination (NIRMAN)" portal in New Delhi, a CSR initiative by Coal India Limited (CIL) to aid meritorious youth from its operating districts who have qualified for the UPSC Preliminary exams in 2024.

Key Points:

1. Launch and Vision:
   • The NIRMAN portal was launched in alignment with Prime Minister Narendra Modi's "Mission Karmayogi" vision.
   • The initiative aims to support candidates who have cleared the Preliminary round of the UPSC Civil Services & Forest Service exams in 2024.
2. Financial Support:
   • Qualified candidates will receive a financial aid of Rs 1,00,000.
   • Eligibility criteria include an annual family income less than Rs 8 lakhs and belonging to Scheduled Caste, Scheduled Tribe, female, or third gender categories.
   • Applicants must be permanent residents of any of the 39 operational districts of CIL.
3. Application Process:
   • The application process is entirely online through a dedicated portal, ensuring transparency and efficiency.
   • This initiative supports the Digital India dream envisioned by Prime Minister Narendra Modi.
4. CSR and Educational Support:
   • CIL, a Maharatna company, plays a significant role in energy security and corporate social responsibility, fostering education in coal-bearing areas.
   • In line with "Viksit Bharat" by "Sabka Saath, Sabka Vikas, Sabka Prayas," CIL and its subsidiaries have launched various initiatives to help underprivileged students from coal-bearing areas gain admission to nationally reputed professional institutes.

Jaishankar to represent India in place of Modi at SCO summit in Kazakhstan

• External Affairs Minister Jaishankar arrived in Astana, Kazakhstan to represent India at the Shanghai Cooperation Organisation (SCO) Council of Heads of State on July 3 and 4, stepping in for Prime Minister Narendra Modi.

Key Points:

1. SCO Summit Overview:
   • The summit, hosted by Kazakh President Kassym-Jomart Tokayev, will gather leaders from SCO member states, including newly added Belarus, as well as observers like Iran (whose President's attendance is uncertain due to ongoing elections) and dialogue partners.
   • Chinese President Xi Jinping arrived earlier for a state visit and bilateral meetings ahead of the SCO sessions.
2. Indian Delegation's Role:
   • Minister Jaishankar will lead the Indian delegation and is slated to address the plenary session on July 4, articulating India's perspectives and contributions within the SCO framework.
3. Attendees:
   • Notable attendees include Russian President Vladimir Putin, Pakistan Prime Minister Shehbaz Sharif, and Presidents from Uzbekistan, Kyrgyzstan, and Tajikistan.
4. Summit Agenda:
   • The summit's agenda includes discussions on regional security, economic cooperation, and enhancing cultural ties among member states.

CURRENT AFFAIRS : INTERNATIONAL NEWS

India Chairs 'Colombo Process' Meeting at Permanent Representative Level in Geneva          

• India presided over its first meeting as Chair of the ‘Colombo Process’ at the Permanent Representative Level Meeting in Geneva at the International Organisation for Migration (IOM) Headquarters.

Colombo Process Overview :

• The Colombo Process is a Regional Consultative Process comprising 12 Member States from Asia, which primarily serve as countries of origin for migrant workers.
• The forum facilitates the exchange of best practices on managing overseas employment.
• In May 2024, India assumed the chair of the Colombo Process for the first time since its inception.
• India's Action Plan and Priorities:Outline of a two-year action plan presented by India.
• Key priorities:
• Reviewing financial sustainability.
• Broadening membership (new member states and observers).
• Reconfiguring technical-level collaborations.
• Implementing a structured rotation for the chairmanship.
• Conducting a regional review of the Global Compact for Safe, Orderly, and Regular Migration.
• Engaging in dialogues with the Abu Dhabi Dialogue (ADD) and other regional processes.

About IOM :

• Established : 6 December 1951
• Headquarters : Geneva, Switzerland
• Director General : Amy Pope
• Membership (2023) : 175 member states and 8 observer states
• The IOM is a United Nations related organisation working in the field of migration.

CURRENT AFFAIRS: BUSINESS NEWS

U.S. Awards $176 Million to Moderna for Bird Flu Vaccine Development

• The U.S. government has allocated $176 million to Moderna to advance its development of a bird flu vaccine amid concerns over a multi-state outbreak of the H5N1 virus in dairy cows and human infections.

Key Points:

1. Funding and Purpose:
   • Moderna received $176 million from the U.S. Biomedical Advanced Research and Development Authority to complete late-stage development and testing of an mRNA-based vaccine targeting H5N1 avian influenza.
   • The funding is intended to accelerate preparations for a potential pandemic.
2. Development Timeline:
   • Late-stage testing is scheduled to commence in 2025, pending results from Moderna's phase 1 trial, expected in the coming weeks. The focus will likely be on safety and immune response.
3. Flexibility in Development:
   • The contract includes provisions to expedite the timeline based on factors such as increased human cases, severity, or human-to-human transmission of the virus.
4. Manufacturing Capacity:
   • Details on the number of vaccine doses Moderna can produce are still uncertain, as per Robert Johnson, director of the medical countermeasures program at HHS.
5. Outbreak Details:
   • The outbreak of H5N1 in dairy cattle first reported in March has spread to over 130 herds across 12 states, with infections also reported among dairy workers.

CURRENT AFFAIRS: AWARDS AND HONOURS

Shah Rukh Khan to Receive Career Achievement Award at Locarno Film Festival

• Bollywood megastar Shah Rukh Khan is set to be honoured with the prestigious Pardo alla Carriera at the 77th edition of the Locarno Film Festival in Locarno, Switzerland.
• The festival will take place from August 7 to 17.

Key Points:

1. Award Details:
   • Shah Rukh Khan will receive the Pardo alla Carriera, celebrating his remarkable career in Indian cinema.
   • The award ceremony will take place on August 10 at the open-air venue Piazza Grande.
2. Film Screening and Appearance:
   • The festival will screen one of Shah Rukh Khan's celebrated films, "Devdas," directed by Sanjay Leela Bhansali.
   • Shah Rukh Khan will participate in a conversation at the Forum @Spazio Cinema on August 11.
3. Past Recipients:
   • Previous recipients of the Pardo alla Carriera include notable figures such as Tsai Ming-liang, Claudia Cardinale, Johnnie To, Francesco Rosi, Harry Belafonte, and Jane Birkin.

CURRENT AFFAIRS : DEFENCE NEWS

Indian Air Force Chief Air Chief Marshal V R Chaudhari Inaugurates Newly Established Weapon Systems School in Hyderabad               

• Indian Air Force (IAF) Chief Air Chief Marshal V.R. Chaudhari inaugurated the newly established Weapon Systems School (WSS) at Air Force Station Begumpet, Hyderabad.
• This follows the approval for the creation of a new Weapon System (WS) branch in 2022.
• The WS branch comprises 4 streams:

1. Flying stream for operating weapons and systems on airborne platforms like Sukhoi-30 MKI and C-130J.
2. Remote stream for operating remotely piloted aircraft.
3. Mission commanders and operators for Surface-to-Air and Surface-to-Surface weapon systems.
4. Intelligence stream for handling space-based intelligence and imagery.

• Training Focus: The WSS aims to provide contemporary and effect-based training to officers of the WS branch, aligning with the operational requirements of the IAF.

Key Highlights :

• Strategic Importance: The establishment of WSS marks a significant step towards recalibrating and transforming the IAF into a future-oriented force.
• Academic Integration: Flight cadets of the WS branch will undergo their second semester of training at WSS, integrating practical and theoretical aspects of weapon systems operations.
• Enhanced Capabilities: The creation of the WS branch consolidates ground-based and specialist weapon system operators under one umbrella, enhancing the IAF's warfighting capabilities.

About IAF :

• Headquarters : New Delhi, Delhi, India
• Chief of Defence Staff (CDS) : General Anil Chauhan
• Chief of the Air Staff (CAS) : Air Chief Marshal Vivek Ram Chaudhari

India-Mongolia Joint Military Exercise 'Nomadic Elephant' Commences in Meghalaya      

• The 16th edition of India-Mongolia Joint Military Exercise NOMADIC ELEPHANT commenced today, at Foreign Training Node, Umroi (Meghalaya).
• The Exercise is scheduled to be conducted from 03rd to 16th July 2024.

Participants:

• Indian contingent: Represented by a Battalion of Sikkim Scouts comprising 45 personnel, along with personnel from other arms and services.
• Mongolian contingent: Represented by personnel from the 150 Quick Reaction Force Battalion of the Mongolian Army.
• Dignitaries:The opening ceremony was attended by His Excellency Mr. Dambajavyn Ganbold, Ambassador of Mongolia to India, and Major General Prasanna Joshi, General Officer Commanding 51 Sub Area of the Indian Army.
• Major General Gyanbyamba Sunrev, Chief of General Staff of the Armed Forces of Mongolia, is scheduled to attend the closing ceremony on July 16, 2024.

About Exercise Nomadic Elephant :

• Exercise Nomadic Elephant is an annual training event alternately conducted in India and Mongolia.
• The 1st edition was held in 2004 at the Mongolian Armed Forces’ Peace Support Training Centre (PSTC) in Terelj, Mongolia.
• The 15th edition took place in Ulaanbaatar, Mongolia from July 17 to 31, 2023.
• Aim of the Exercise : To enhance the joint military capability of both sides to undertake counter-insurgency operations in a sub-conventional scenario under Chapter VII of the United Nations Mandate.
• The exercise will focus on operations in the semi-urban and mountainous terrain.
• The exercise will enable both sides to share their best practices in Tactics, Techniques and Procedures of conducting joint operations.
• This will also enhance the level of defence cooperation, further augmenting bilateral relations between the two friendly nations.
• Tactical Drills: Activities during the exercise include Response to a Terrorist Action, Establishment of a Joint Command Post, Intelligence & Surveillance Operations, Helipad/ Landing Site Security, Small Team Operations, Heliborne Operations, Cordon & Search Operations, and Deployment of Drones and Counter-Drone Systems.

Recent News :

• The Indian Army contingent has departed for the 13th edition of the India-Thailand joint military Exercise MAITREE scheduled from July 1 to 15, 2024, at Fort Vachiraprakan in Tak Province, Thailand.

About Mongolia :

• President : Ukhnaagiin Khürelsükh
• Prime Minister : Luvsannamsrain Oyun-Erdene
• Capital : Ulaanbaatar
• Currency : Tögrög

About Ministry of Defence :

• Defence Minister : Rajnath Singh
• Minister of State : Sanjay Seth
• Defence Secretary : Giridhar Aramane

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

Rajinder Khanna was Appointed as Additional National Security Adviser, and TV Ravichandran was Named Deputy NSA   

• National Security Advisor (NSA) Ajit Doval has appointed TV Ravichandran and Pawan Kapoor as the new deputy NSAs in the National Security Council Secretariat (NSCS) team.
• Similarly, Rajendra Khanna, who served as the deputy NSA, has been appointed as the Additional NSA.

About TV Ravichandran :

• TV Ravichandran is a 1990 batch IPS officer and is currently the special director in the Intelligence Bureau.

About Pawan Kapoor :

• Pawan Kapoor is a 1990 batch IFS officer and has served in several missions abroad for India.
• He has served in the Ministry of External Affairs, and the Prime Minister's Office.
• He also served as an international civil servant with the Commonwealth Secretariat in London.

About Rajendra Khanna :

• Khanna, a 1978-batch IPS officer from the Odisha cadre, served as the chief of the Research and Analysis Wing (R&AW) from December 2014 to December 2016.
• He was appointed deputy NSA in January 2018, overseeing the Technology and Intelligence section.

Recent News :

• In June 2024, deputy NSA Vikram Misri was appointed as the Foreign Secretary.
• Notably, In June 2024, Doval, a 1968 batch IPS officer, was appointed as the NSA for the third time by the Prime Minister Narendra Modi-led central government.
• He has been assigned the rank of Cabinet Minister.

About National Security Council :

• Established : 19 November 1998
• Headquarters : New Delhi, Delhi
• The National Security Council Secretariat (NSCS), led by Prime Minister Narendra Modi serves as the apex body for all internal and external security-related matters in India.

SBI General Insurance Names Naveen Chandra Jha as New MD & CEO     

• SBI General Insurance announced the appointment of Naveen Chandra Jha as its new Managing Director (MD) and Chief Executive Officer (CEO).
• He was nominated by the parent company, State Bank of India (SBI).
• He succeeds Kishore Kumar Poludasu.
• Prior to his current role, Naveen Chandra Jha served as Deputy Managing Director of SBI.
• Capital Infusion:During the year ending March 31, 2024, SBI infused additional capital of Rs 489.67 crore into SBI General Insurance Company Ltd.
• Employee Stock Ownership Plan (ESOP) : The company has also allotted ESOP to employees and consequently, the bank's stake has decreased from 69.95% to 69.11%.

About SBI General Insurance Company :

• Founded : 2009 (Started operations in 2010)
• Headquarters : Mumbai, Maharashtra, India
• It is a joint venture between State Bank of India (SBI) and Insurance Australia Group (IAG).

CURRENT AFFAIRS: MOUS AND AGREEMENT

Airbus Wins $24 Billion Deal from Cebu Air for Over 150 Jets

• Cebu Pacific Air has announced a preliminary agreement with Airbus to purchase 152 single-aisle jets, marking the largest jet purchase in Philippine history.

Key Points:

1. Purchase Details:
   • The deal, valued at US$24 billion at list prices, includes 102 firm orders for Airbus A321neo jets.
   • Cebu Pacific also has options for an additional 50 A321neo aircraft, reflecting the airline's growth ambitions.
2. Aircraft Details:
   • The Airbus A321neo is known for its efficiency and is Airbus's best-selling model, with a substantial backlog extending into the next decade.
3. Strategic Expansion:
   • Cebu Pacific, owned by Lance Gokongwei's conglomerate JG Summit Holdings Inc., aims to leverage these new jets for expansion plans centered around Manila's upcoming new airport.
   • The airline seeks to strengthen its dominant position in the Philippine domestic market amidst competition from Philippine Airlines Inc.
4. Current Fleet and Orders:
   • Currently, Cebu Pacific operates a fleet of approximately 85 Airbus jets and smaller ATR turboprop aircraft.
   • They also have an existing order book with Airbus for more than 30 additional planes.

TCS Secures Title Partnership Deal with Sydney Marathon

• Tata Consultancy Services Ltd (TCS) shares saw a marginal rise after announcing a five-year title partnership with the Sydney Marathon in Australia.

Key Points:

1. Partnership Details:
   • TCS has signed a significant deal to become the title partner of the Sydney Marathon, Australia's largest and most prestigious race.
   • The partnership aims to enhance the marathon's use of technology, sustainability, accessibility, and charitable impact. It also supports running and wellbeing initiatives across Indigenous Australia.
2. Global Sponsorship:
   • TCS is already a sponsor for several major global running events, including the World Marathon Majors in New York, London, Chicago, and Boston, as well as marathons in Amsterdam, Mumbai, Singapore, and Toronto.
   • With the addition of the Sydney Marathon, TCS now sponsors a total of 14 global running events.
3. Impact and Charity:
   • The Sydney Marathon, held since 2000, features three races and has raised over $26.5 million for charitable organizations.
   • This year's marathon is scheduled for September 15.
4. Business Impact:
   • TCS, ranked among the Top 50 most valuable global brands, has seen its brand value rise by 7% to $44.79 billion.
   • The association with the Sydney Marathon is expected to further enhance TCS's brand visibility and reputation globally.
5. Stock Performance:
   • TCS shares initially rose over 1% to an intraday high of ₹4,022 on the BSE, reflecting positive market sentiment. However, they later traded slightly lower at ₹4,008.5 apiece.

CURRENT AFFAIRS: SPORTS NEWS

George Russell Secures Victory at Austrian Grand Prix

• George Russell won the Austrian Grand Prix 2024 for Mercedes after a collision between Red Bull’s Max Verstappen and McLaren’s Lando Norris.
• The clash occurred late in the race while battling for the lead.

Key Points:

1. Race Outcome:
   • George Russell's win marked Mercedes' first victory since November 2022, when Russell won in Brazil.
   • This victory is the second of Russell's career.
2. Podium Finishers:
   • McLaren’s Oscar Piastri finished second.
   • Ferrari’s Carlos Sainz secured third place at the Red Bull Ring in Spielberg, Austria.
3. Starting Positions and Incident:
   • Verstappen started from pole position, with Norris alongside on the front row.
   • Russell began the race in third position.
   • The critical collision between Verstappen and Norris happened on Lap 64 of 71, leading to punctures for both.
4. Impact of the Collision:
   • Lando Norris retired after limping back to the pits.
   • Verstappen rejoined the race and finished fifth.
5. Additional Placements:
   • Lewis Hamilton finished fourth, behind Russell.
   • Nico Hulkenberg placed sixth for Haas.
   • Sergio Perez of Red Bull came in seventh.
   • Kevin Magnussen, also for Haas, finished eighth.
   • Daniel Ricciardo brought Red Bull additional points by finishing ninth.
   • Pierre Gasly took the final point for Alpine, finishing tenth.

AB de Villiers Invests in D2C Nutrition Startup Supply6

• Former South African cricketer AB de Villiers has made an investment in Bengaluru-based direct-to-consumer (D2C) nutrition startup Supply6.
• He has also been appointed as the brand ambassador for the company.

Key Points:

1. Investment and Role:
   • AB de Villiers has joined Supply6 as an investor and brand ambassador.
   • The financial terms of his investment have not been disclosed.
2. Startup Details:
   • Supply6 was founded in 2019 by Vaibhav Bhandari and Rahul Jacob.
   • The startup specializes in health supplements aimed at promoting healthier lifestyles.
3. Product Focus:
   • Supply6 products address common deficiencies in Vitamin D, B12, and gut health.
   • They also offer solutions for skin wellness and energy enhancement.

Hockey India to host first-ever Masters Cup

• Hockey India has unveiled the inaugural Masters Cup, a groundbreaking tournament set to showcase the prowess of veteran players in both men's and women's categories.
• This event aims to honor seasoned hockey players' enduring passion and skill.

Tournament Details:

• Participants: The tournament is open to all Hockey India-affiliated state member units. Eligible players, aged around and above 40 years, are encouraged to register through their respective member units via the Hockey India Member Unit Portal.
• Objective: The Masters Cup seeks to celebrate veteran hockey players' rich legacy and contributions, providing them with a platform to display their talent and competitiveness.

Four Different Venues To Host Durand Cup 2024 Starting July 27

• The Durand Cup, Asia’s oldest football tournament, will commence its 133rd edition from July 27 to August 31, featuring a lineup of Indian Super League (ISL), I-League, and other invitational teams.
• The tournament will host 43 matches in a round-robin league-cum-knockout format across four venues.

Key Details:

• Venue: Matches will take place at four venues:
  • Vivekananda Yuba Bharati Krirangan (VYBK) in Kolkata (opening match and final)
  • Kokrajhar, Assam (second consecutive year)
  • Shillong, Meghalaya
  • Jamshedpur, Jharkhand
• Format: The 24 participating teams will be grouped into six groups. The top teams from each group and the two best second-placed teams will advance to the knockout stage.
• Schedule: The tournament will feature a total of 43 matches, culminating in the final at VYBK in Kolkata.

CURRENT AFFAIRS: IMPORTANT DAYS

GST Day - July 1

• GST Day is observed on July 1st each year, commemorating the date when GST was officially launched in India.
• The first GST Day was observed on July 1, 2018, marking the first anniversary of the adoption of this transformative tax system.
• The Goods and Services Tax (GST) is an indirect tax that has eliminated multiple complex taxes levied by the central and state governments. It is a successor of VAT used in the supply of goods and services. Both VAT and GST have the same taxation slabs.
• Goods and Services Tax (GST) simplified the tax structure focusing on destinations, and improving transparency and efficiency.

History

• The concept of Goods and Services Tax (GST) was first presented in India in the early 2000s to simplify the convoluted tax structure.
• The Kelkar Task Force proposed a comprehensive indirect tax system to replace the previous framework that decreases the country's economic growth.
• The parliament enacted the Constitution (101st Amendment) Act in August 2016 authorising the central government to charge and collect GST.
• The government also established the GST council comprising finance ministers from the central and state governments to supervise the implementation.
• The council held several meetings to decide GST rates, exemptions and concerns.
• Hence, GST came into effect on July 1, 2017, establishing a single market for easy interstate trade.

Daily CA One- Liner: July 4

• Union Minister for Coal and Mines, Shri G Kishan Reddy, inaugurated the "Noble Initiative for Rewarding Mains Aspirants of National Civil Services Examination (NIRMAN)" portal in New Delhi, a CSR initiative by Coal India Limited (CIL) to aid meritorious youth from its operating districts who have qualified for the UPSC Preliminary exams in 2024.
• External Affairs Minister Jaishankar arrived in Astana, Kazakhstan to represent India at the Shanghai Cooperation Organisation (SCO) Council of Heads of State on July 3 and 4, stepping in for Prime Minister Narendra Modi.
• The U.S. government has allocated $176 million to Moderna to advance its development of a bird flu vaccine amid concerns over a multi-state outbreak of the H5N1 virus in dairy cows and human infections
• Bollywood megastar Shah Rukh Khan is set to be honoured with the prestigious Pardo alla Carriera at the 77th edition of the Locarno Film Festival in Locarno,
• Cebu Pacific Air has announced a preliminary agreement with Airbus to purchase 152 single-aisle jets, marking the largest jet purchase in Philippine history.
• Tata Consultancy Services Ltd (TCS) shares saw a marginal rise after announcing a five-year title partnership with the Sydney Marathon in Australia.
• George Russell won the Austrian Grand Prix for Mercedes after a collision between Red Bull’s Max Verstappen and McLaren’s Lando Norris.
• Former South African cricketer AB de Villiers has made an investment in Bengaluru-based direct-to-consumer (D2C) nutrition startup Supply6
• Hockey India has unveiled the inaugural Masters Cup, a groundbreaking tournament set to showcase the prowess of veteran players in both men's and women's categories.
• The Durand Cup, Asia’s oldest football tournament, will commence its 133rd edition from July 27 to August 31, featuring a lineup of Indian Super League (ISL), I-League, and other invitational teams
• The Reserve Bank of India (RBI) has proposed rationalisation of norms governing export and import transactions to promote ease of doing business and empower banks to deliver quicker and more efficient services to foreign exchange customers.
• The Reserve Bank of India (RBI) announced that 9 non-banking financial companies (NBFCs), including Ujjivan Financial Services, have surrendered their certificates of registration (CoR).
• State Bank of India (SBI) has launched "MSME Sahaj," a web-based digital business loans solution focused on invoice financing for MSMEs (micro, small, and medium enterprises) under the Goods and Service Tax (GST) regime.
• Zomato Financial Services, a wholly-owned subsidiary of Zomato, has withdrawn its application for a non-banking financial company (NBFC) license with the Reserve Bank of India (RBI).
• The government has decided to keep the current interest rates for small savings schemes the same, for the period of 01, July to 30th September 2024, i.e. the second quarter (Q2) for the financial year (FY) 2024-25.
• Bandhan Bank has launched a facility for online collection of direct taxes, enabling its customers and others to pay taxes seamlessly across India.
• India presided over its first meeting as Chair of the ‘Colombo Process’ at the Permanent Representative Level Meeting in Geneva at the International Organisation for Migration (IOM) Headquarters.
• Indian Air Force (IAF) Chief Air Chief Marshal V.R. Chaudhari inaugurated the newly established Weapon Systems School (WSS) at Air Force Station Begumpet, Hyderabad.
• The 16th edition of India-Mongolia Joint Military Exercise NOMADIC ELEPHANT commenced today, at Foreign Training Node, Umroi (Meghalaya).
• National Security Advisor (NSA) Ajit Doval has appointed TV Ravichandran and Pawan Kapoor as the new deputy NSAs in the National Security Council Secretariat (NSCS) team.
• SBI General Insurance announced the appointment of Naveen Chandra Jha as its new Managing Director (MD) and Chief Executive Officer (CEO).
• GST Day is observed on July 1st each year, commemorating the date when GST was officially launched in India.