Ministry of Finance amends Small Saving Rules rules, allows NRIs as NomineesThe Ministry of Finance has amended the Government Savings Promotion General Rules, 2018 with Government Savings Promotion General (Second Amendment) Rules, 2023, under which the Non-resident Indians (NRIs) are made eligible to be nominated as nominee for government saving schemes.
- This is on the condition that payment to such nominee/s shall be on non-repatriation basis.
- This amendment has been added as a sub-rule in the principal rules, in rule 14, after sub-rule (8).
- The new rule indicates that the money needs to utilised in India.
i.The rule covers various schemes under the Government Savings Promotion Act, 1873, such as Public Provident Fund (PPF), National Savings Certificate (NSC), Sukanya Samriddhi Yojana (SSY), Senior Citizens Savings Scheme (SCSS), Mahila Samman Savings Certificate Scheme (MSSC), Post Office Time Deposits, Kisan Vikas Patra (KVP), and Post Office Monthly Income Scheme.
ii.This amendment benefits NRIs by allowing them to invest in small saving schemes and addresses issues related to their nomination.
iii.Another amendment allows for converting a joint account into a single account upon the death of an account holder. Previously, this conversion was not allowed.
iv.Changes have been made to payment norms for the death of a depositor. For amounts up to Rs 5 lakh without a nominee, specific documents must be provided within six months. In the absence of relevant documents, the rightful claimant will be required to fill out Form 11.
- For amounts exceeding Rs 5 lakh, payment is based on the will or letter of succession, along with other necessary documents.
v.Another Key Amendments include Changes to name/surname, Accounts on the names of minors, etc. Click Here for Official full list of Amendments
L&T and Spain’s Navantia sign an ‘Teaming Agreement to build submarines for Indian NavyOn 10th July 2023, Spain’s shipbuilder Navantia and engineering major Larsen & Toubro Ltd (L&T), India signed an ‘Teaming Agreement'(TA) in Delhi to jointly bid for a Rs. 43,000-crore project to build 6 advanced diesel-electric submarines for the Indian Navy.
- The TA was signed for the purpose of submission of a techno-commercial bid for the Indian Navy’s Project 75 (India) or P75 (I), a military acquisition initiative and submarine programme affiliated to India’s Ministry of Defence (MoD) .
Project 75 (I)
i.It requires Indian bidder to tie up with a foreign collaborator and execute the programme for the delivery of six conventional submarines equipped with Air-Independent Propulsion (AIP), while achieving targetted Indigenous content.
- The environmentally Green AIP is a third-generation system that runs on Bio-Ethanol Stealth Technology (BEST) and has lower operating and through-life costs.
About Larsen & Toubro Ltd (L&T):
Chief Executive Officer & Managing Director– S. N. Subrahmanyan
U20 chair city Ahmedabad hosted U20 Mayoral Summit 2023 in Gandhinagar, GujaratAhmedabad (Gujarat), the Chair City of Urban 20(U20) 2023, hosted the 2-day U20 Mayoral Summit 2023 from 7th to 8th July 2023 in Gandhinagar, Gujarat. The Summit concluded with the handover of the Communiqué from the Mayors to G20 leaders.
- Kiritkumar J Parmar, Mayor of Ahmedabad handed over the Communique to Hardeep Singh Puri, Union Minister of Housing & Urban Affairs and Amitabh Kant, G20 (Group of 20) Sherpa.
- The handover was moderated by the U20 convenors, C40 Cities and United Cities and Local Governments (UCLG).
Chief Minister- Bhupendrabhai Patel
Governor- Acharya Devvrat
Airport- Sardar Vallabhbhai Patel International Airport and Dholera International Airport
Assam’s Numaligarh Refinery Limited Upgraded to ‘Schedule A’ CPSEThe Ministry of Petroleum and Natural Gas in its recent notification announced that the largest refinery in northeast India, The Numaligarh Refinery Limited (NRL) in Assam has been elevated from the ‘Schedule B’ to ‘Schedule A’ category Central Public Sector Enterprises(CPSE) by Government of India.
i. With its new status as a ‘Schedule A’ enterprise, NRL becomes eligible to achieve the coveted Navratna As a Navratna company, NRL will have the freedom to invest up to Rs 1,000 crore without seeking approval from the central government.
ii. NRL will now have the authority to make swift decisions concerning joint ventures, strategic partnerships, and special-purpose vehicles, paving the way for strategic growth.
About Numaligarh Refinery Limited(NRL):
- Numaligarh Refinery Limited(NRL) in which the Assam government holds a 26% stake, ranks among the top 20 Central Public Sector Enterprises (CPSEs) in India in terms of sales revenue and profitability.NRL is the largest refinery in Northeast India.
- NRL has also made its mark internationally by commencing the export of petroleum products to neighbouring countries, thereby promoting the government’s Act East Policy.
About categories in Central Public Sector Enterprises(CPSE):
All CPSEs are required to be categorised into four schedules namely,
- Schedule ‘A’ : These are the largest and most important CPSEs. These are the highest-ranked CPSEs, known for their excellent performance, high profitability, and strategic importance. Schedule A CPSEs have greater financial autonomy and can make investment decisions up to a certain limit without requiring approval from the central government.
- Schedule ’B’: These are medium-sized CPSEs. CPSEs in this category are considered to have good financial performance and operational capabilities, but they may not meet all the criteria of Schedule A enterprises.
- Schedule ‘C’ : These are smaller CPSEs CPSEs classified as Schedule C are generally characterized by moderate financial performance and operational capabilities. They may require higher levels of oversight and approvals from the central government for key investment decisions.. They provide a variety of goods and services, including banking, insurance, and tourism.
- Schedule ‘D’: CPSEs falling under Schedule D have comparatively weaker financial performance and operational capabilities. These enterprises usually require central government for major decision-making, including investments.
MoD & HAL sign Rs 458 crore contract for two Dornier Aircraft
On 7th July 2023, Ministry of Defence(MoD) signed a contract with Hindustan Aeronautics Limited (HAL) for procurement of 2 Dornier Aircraft for Indian Coast Guard (ICG). The overall cost is Rs 458.87 crore along with associated Engineering Support package.
- The aircraft will be procured under the Buy (Indian) Category in New Delhi, Delhi in line with the Aatmanirbhar Bharat policy.
- The aircraft will be equipped with advanced equipments such as glass cockpit, maritime patrol radar, electro-optical infrared device, mission management system, etc. which enhances the aerial surveillance capability of maritime areas under the responsibility of the ICG.
Note: The Dornier aircraft are being indigenously manufactured at HAL (Transport Aircraft Division), Kanpur, Uttar Pradesh under “Make in India” initiative.
Department of Telecommunications (DoT) Launches Bharat Internet Utsav
The Department of Telecommunications (DoT) under Ministry of Communication(MoC) in collaboration with MyGov(Government of India’s citizen engagement platform), has launched the “Bharat Internet Utsav” to celebrate the transformative role of the internet by encouraging citizens to share their stories of how the internet has positively impacted their lives.
- To participate in this Utsav, citizens can share their videos of up to 2 minutes of various empowering real-life stories on the transformation brought by Internet in the various aspects of their life on any of the social media handles with #BharatInternetUtsav or upload in drive link, and the same link can be submitted on MyGov at https://innovateindia.mygov.in/bharat-internet-utsav/.
- The contest shall be conducted on MYGOV from 07.07.2023 to 21.08.2023 and the best stories shall be rewarded with prizes upto Rs 15,000.
- DoT is utilizing the Universal Service Obligation Fund (USOF) to provide affordable, reliable internet access to citizens in remote and commercially unviable areas, ensuring widespread connectivity.
AIM and Bayer launches Nationwide ATL Industry Visit for students
The Atal Innovation Mission (AIM) in collaboration with Bayer launched an industry visit initiative under Atal Tinkering labs (ATL), at Bayer’s manufacturing facility in Vapi, Gujarat.
- The collaboration aims to introduce students to the latest manufacturing techniques and technologies used in industry.
- Bayer has opened its manufacturing and production plants and research centers at Vapi(Gujarat), Shamirpet(Hyderabad ), Chandippa(Telangana) and Bangalore for ATL students to experience how technology, automation and innovation are leveraged by the industry.
- Bayer is a Life Science company operating in the areas of agriculture and healthcare. Bayer has partnered with Niti Aayog since 2021 to support various initiatives of the AIM.
- Bayer has partnered with and extended support to 125 schools, located in seven states, through the adoption of the Atal Tinkering Lab (ATL) initiative.
Note: Atal stands for AICTE Training And Learning Academy
United Nations IMO adopts strategy to reduce GHG Emissions from ShipsOn 7th July 2023, the United Nations(UN) International Maritime Organisation (IMO) adopted the 2023 IMO Strategy at the Marine Environment Protection Committee (MEPC) on Reduction of Greenhouse gases (GHG) Emissions from Ships, with enhanced targets to tackle harmful emissions.
- The revised IMO GHG Strategy aims to reach net-zero GHG emissions from international shipping close to 2050.
- IMO has also established a goal to adopt technologies, fuels, and energy sources with zero greenhouse gas (GHG) emissions, aiming for a minimum adoption rate of 5% and striving for for a higher adoption rate of 10% by the year 2030.
MEPC’s 80th session was held at the IMO headquarters in London United Kingdom(UK) from July 3rd -7th of 2023.
Maritime countries, including India have agreed on indicative checkpoints of reducing emissions by at least 20%, striving for 30%, by 2030 compared to 2008 levels and at least 70%, striving for 80%, by 2040, reaching net-zero around 2050 depending on national circumstances.
Levels of ambition directing the 2023 IMO GHG Strategy:
i.carbon intensity of the ship to decline through further improvement of the energy efficiency for new ships
ii.The goal is for the carbon intensity of international shipping to decline, aiming to reduce CO2 emissions per unit of transport work.
iii.uptake of zero or near-zero GHG emission technologies, fuels and/or energy sources to increase
iv.GHG emissions from international shipping to reach net zero
About International Maritime Organisation (IMO):Secretary-General- Kitack Lim
Headquarters- London, United Kingdom
RBI allows Card Network Portability from Oct 1, 2023i.The Reserve Bank of India (RBI) has issued a ‘Draft Circular – Arrangements with Card Networks for issue of Debit, Credit and Prepaid Cards’ empowering the debit, credit, and prepaid card users in India with Card network portability w.e.f. October 1st, 2023.
ii.This means users can port their card network just like one can port switch/port mobile service providers while retaining the same phone number.
iii.The Card network portability will keep their existing card accounts, balances, and credit history intact.
iv.The RBI has invited opinions from various stakeholders for the same up to August 4, 2023.
v.This decision by RBI has been taken in exercise of its powers conferred under Section 18 read with Section 10(2) of the Payment and Settlement Systems Act, 2007 (Act 51 of 2007), by ensuring the interest of payment system and public interest.
Bajaj Allianz General Insurance sets Guinness World Records title at the first-ever General Insurance Festival of IndiaOn 3rd July 2023, Bajaj Allianz General Insurance Company (BAGIC), one of the leading private general insurers of India, hosted the first-ever General Insurance Festival of India (GIFI) in Pune, Maharashtra, which officially set a new Guinness World Records achievements for the largest attendance for an insurance conference.
There was a record turnout of 5235 attendees who contributed to creating history in the insurance industry worldwide. This record-breaking achievement was announced at the main event of GIFI.
As a part of GIFI, Bajaj has established the GIFI Awards in India to recognise the top-ranked health and general insurance advisors across the insurance industry.
i. GIFI started with the idea of creating a platform that brings together the best in the general insurance industry and celebrates the industry’s contribution towards society’s well-being.
ii. The event included a remarkable performance by the comedian Sunil Grover and a musical performance by the music composer Pritam among other spectacular performances.
iii. The event had various attractions like an automobile zone featuring manufacturers like Porsche, McLaren Automotive, and Lamborghini.
The event was graced by Sanjiv Bajaj, Chairman and Managing Director (CMD), Bajaj Finserv; Charu Kaushal – Chief Executive Officer (CEO), Allianz Partners India and other eminent industry representatives.
GIFI Awards announced the top-ranked health and general insurance advisors across the insurance industry
During GIFI, Bajaj Allianz General Insurance announced the winners and runners of the health and general insurance advisors across the insurance industry.
- Based on a strict assessment process conducted by an independent process reviewer and a third-party panel of judges, the company announced and honoured winners and runners-up for each category at the GIFI.
- The judging panel for the GIFI Awards are Dr. S Prakash, MD of Star Health Insurance, Alice G Vaidyan, former chairman and MD of General Insurance Corporation of India, and Nilesh Sathe, Former Member of IRDAI.
Winners and Runners-up of the GIFI awards:
4 Indian Origin Women features on Forbes’ America’s Richest Self-Made Women 20234 Indian Americans, Jayshree Ullal, President and Chief Executive Officer (CEO) of Arista Networks, Neerja Sethi, co-Founder of Syntel, Neha Narkhede, co-founder of Confluent, and Indra Nooyi, former chair and CEO of PepsiCo, were featured on the 2023 America’s Richest Self-Made Women, 9th edition of Forbes’ annual ranking of the United States of America (USA)’s most successful women entrepreneurs, executives and entertainers.
- Jayshree Ullal is ranked 15th with net worth of USD 2.2 billion, Neerja Sethi, is ranked 25th with net worth of USD 990 million, Neha Narkhede is ranked 50th with net worth of USD 520 million and Indra Nooyi is ranked 77th with net worth of USD 350 million
- The combined net worth of these 4 women stands at USD 4.06 Billion.
Sumit Virmani, chief marketing officer (CMO) of Infosys (India) is ranked 41st on the The Forbes World’s Most Influential CMOs List 2023, which recognises the 50 Most Influential CMOs in the World.
Forbes is a media and publishing company.
Founded in- 1917
CEO- Mike Federle
Headquarters- Jersey City, New Jersey, the United States of America (USA)
NLC India Ltd as been declared the Winner of the GeM Award for 2023
NLC India Limited (NLCIL), a Navratna company under the Ministry of Coal, as been declared the Winner of the Government e-Marketplace (GeM) award for the year 2023 in“Timely Payments (CPSEs)” category for promoting and encouraging business activities through e-Market.
- K Mohan Reddy, Director (Planning and Projects), received the award on behalf of NLCIL from Piyush Goyal, Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution & Textiles.
i.NLCIL registered and on-boarded in GeM portal in the year 2017.
ii.It’s growth in GeM procurement started at Rs 2.21 crore during the year 2018-19 and the company has now registered an impressive growth of Rs 984.93 crore during the year 2022-23.
Note: GeM is dedicated e-Market service platform, a National public procurement portal, for selling and buying of different goods and Services.
Shavkat Mirziyoyev Re-Elected as President of Uzbekistan for 7 years termOn 9th July 2023, the incumbent Uzbek President Shavkat Mirziyoyev has been re-elected with 87.1 % of the vote for 7 years term according to preliminary results released by the Central Election Committee(CEC) of the Republic of Uzbekistan. He is a member of the UzLiDeP (Uzbekistan Liberal Democratic Party).
- On 30th April 2023, the Uzbek President called for snap election on which Uzbek citizens voted on constitutional amendments through a referendum which reset his term count and extended the presidential term to seven years from five.
- More than 15 million voters participated in the election, which comprises 79% of the voters.
Other presidential candidates:
Ulugbek Inoyatov(4.02%) from the People’s Democratic Party of Uzbekistan, Robakhon Makhmudova(4.43%) from the Social Democratic Party of Uzbekistan “Adolat” and Abdushukur Khamzayev (3.74%) from the Ecological Party of Uzbekistan.
About Shavkat Mirziyoyev:
i.In 2003, Mirziyoyev served as prime minister under his predecessor Islam Karimov (the first post-independence president of Uzbekistan) and he was subsequently reappointed to the position three times, in 2005, 2010, and 2015.
ii.He was elected as president in 2016 following the death of Islam Karimov and again in the year 2021 for the 2nd term.
Prime Minister- Abdulla Nigmatovich Aripov
Microsoft India President Anant Maheshwari resigns, Irina Ghose becomes MD
Microsoft India promoted Irina Ghose as its Managing Director (MD), while Anant Maheshwari stepped down from his position as Microsoft India President.
- As part of the executive reshuffle, Navtez Singh Bal has been appointed as the new Chief Operating Officer (COO). He was earlier heading the Government, Public Sector and Education Business for Microsoft in India which is now taken care of by Venkat Krishnan.
About Irina Ghose:
i. The then COO of Microsoft India, Irina Ghose who was associated with the firm for more than 2 decades, focused on the end-to-end operations, go-to-market strategies and drove one of the largest world-class sales enablement programs.
ii. In 2010, she founded MyLittleBit, a philanthropic foundation that believes that everybody can contribute in small parts to make a giant impact on the underprivileged.
iii. She is actively engaged with Microsoft for Startups, a Microsoft program that provides support, Azure credits and free licences to selected Microsoft products to software entrepreneurs and startups.
About Anant Maheshwari:
i. AnantMaheshwari steps down as Microsoft India President after 7 years, who joined Microsoft in the year 2016.
ii. In the month of April 2023, he was appointed as the Chairperson of National Association of Software and Service Companies(NASSCOM) for the period 2023-24. He also served on NASSCOM’s Executive council since 2017.
iii. He is India Advisory Committee member of U.S.-India Business Council (USIBC), National Council member of Confederation of Indian Industry (CII), Ex Chairperson CII IT/ITeS committee and is a fellow of the Aspen Global Leadership Institute.
About Microsoft (India):
Country Manager – Ashutosh Gupta
Headquarters – New Delhi, Delhi
Established in – 1990
World Archery Youth Championships 2023: India won 11 medals(6 Golds, 1 Silver, 4 Bronze)The Indian Archery team won 11 medals (6 Golds, 1 Silver, 4 Bronze) and secured 2nd position in the medal tally of the Limerick 2023 World Archery Youth Championships held in Limerick, Ireland from 3rd July-9th July 2023.
- South Korea topped the medal tally with 10 medals(6 Gold and 4 Silver).
i.The 19-year old Parth Salunkhe from Maharashtra becomes the 1st Indian male archer to win a gold medal in Recurve men’s individual by defeating South Korea’s Song Injun.
About World Archery:
President – Dr Ugur Erdener
Established – 1931
Headquarters – Lausanne, Switzerland
Spain’s only Ballon d’Or winner Luis Suarez passed away at 88Former Spanish footballer Luis Suarez Miramontes, The Ballon d’Or winner passed away at the age of 88 in Milan, Italy.He was the only spanish-born men’s footballer to receive the Ballon d’Or award (1960) as of July 2023.
- Luis Suárez Miramontes is often referred to as the “Golden Galician” and nicknamed as “The Architect”.
About Luis Suarez:
i.Luis Suarez was born in La Coruna, Spain in 1935 and began his career as footballer at Deportivo La Coruna football club.
ii.He represented Barcelona team for 253 games scoring 141 goals from 1954 to 1961 and was the part of winning two Liga titles (1958-59 and 1959-60), two Spanish Cups (1956-57 and 1958-59), and two Fairs Cups (1957-58 and 1959-60) .
iii.He played for Italian football club Inter Milan from 1961 to 1969, winning three Serie A titles, two European Cups and two Intercontinental Cups during his stay in Milan.
iv.He represented the Spanish national team for 32 games between 1957 and 1972, including winning the European Cup in 1964.
v.He also coached the Spanish National Team (La Roja) at the 1990 world cup in Italy.
Alexia Putellas of Spain won the women’s Ballon d’Or twice in 2021 and 2022.
About Ballon d’Or Award:
The Ballon d’Or is annually presented by the France Football magazine to the world’s best footballer for their performances over the previous year , since 1956.
World Population Day 2023 – July 11 The United Nations (UN)’s World Population Day is annually observed across the globe on 11th July to focus attention on the urgency and importance of population issues and to enhance awareness of population issues, including their relations to the environment and development.
The 2023 theme of World Population Day is “Unleashing the power of gender equality: Uplifting the voices of women and girls to unlock our world’s infinite possibilities“.
i. In 1989, the then-Governing Council of the United Nations Development Programme (UNDP) established World Population Day, an outgrowth of the interest generated by the “Day of 5 Billion“, which was observed on 11 July 1987.
ii. In December 1990, the United Nations General Assembly (UNGA) adopted the resolution A/RES/45/216 and decided to continue observing “World Population Day“.
iii. World Population Day was first observed on 11th July 1990 across the globe in more than 90 countries.
About United Nations Population Fund (UNFPA):
UNFPA is the United Nations sexual and reproductive health agency and it aims to deliver a world where every pregnancy is wanted, every childbirth is safe and every young person’s potential is fulfilled.
Started Operations- 1969
Executive Director- Dr. Natalia Kanem
Headquarters- New York, the United States of America (USA)
Motto: “Ensuring rights and choices for all”