Current Affairs 25 July 2024

PM Modi Inaugurates 46th Session of UNESCO World Heritage Committee at Bharat Mandapam, New Delhi

On July 21, 2024, Prime Minister Narendra Modi inaugurated the 46th Session of the UNESCO World Heritage Committee at Bharat Mandapam in New Delhi. This is the first time India is hosting the WHC Meeting, which will continue until July 31, 2024. The event is organized by the Archaeological Survey of India on behalf of the Ministry of Culture. Alongside the main event, the World Heritage Young Professionals’ Forum and the World Heritage Site Managers’ Forum are also being held. India will contribute USD 1 million to the UNESCO World Heritage Centre for capacity building, technical assistance, and conservation of world heritage sites, particularly benefiting Global South countries. Charaideo Maidam, an ancient burial ground in Assam, has been nominated as India’s 43rd World Heritage Site.

Centre Grants Site Clearance To Parandur Airport

The Union Government’s Steering Committee on Greenfield Airports has approved site clearance for the development of a greenfield airport at Parandur, Kancheepuram, Tamil Nadu. This will be Chennai’s second airport, located 70 km away from the city. The Tamil Nadu Industrial Development Corporation Limited (TIDCO) submitted the application for site approval in 2023. The airport will be constructed in four phases at an estimated cost of Rs 32,704 crore, with the first phase starting in January 2026 and completing by December 2028. The entire project is expected to be completed by December 2046. TIDCO is responsible for funding and land acquisition.

India among Top 3 Countries in Most Significant Forest Area Gains: FAO Report

According to the FAO’s report “The State of the World’s Forest 2024,” India ranks third among the top 10 countries with the most significant forest area gains from 2010 to 2020. India gained 2.66 lakh hectares of forest area annually during this period. China topped the list with a gain of 19.37 lakh hectares, followed by Australia with 4.46 lakh hectares. The global forest cover is about 4.1 billion hectares or 31% of the land area in 2020. The report was released at the 27th session of the Committee on Forestry held at FAO headquarters in Rome, Italy.

BoB Launched Generative AI-Powered VRM and New Payment App among 11 New Initiatives on its Foundation Day

On July 20, 2024, Bank of Baroda (BoB) launched various new digital initiatives, including a Generative AI-powered Virtual Relationship Manager (VRM) and a new payment app, among 11 new initiatives on its 117th foundation day. The theme for the Bank’s 117th year is “Trusted Today, Transforming Tomorrow.” The AI-powered VRM is designed to enhance digital customer service by providing real-time information about the bank’s products and services. The new payment app, bobइPay, includes features like scan to pay, send or receive money, UPI LITE, and RuPay credit card on UPI, including international payments. BoB also launched the BoB Credit line on UPI initiative, initially available on Baroda Kisan Credit Card for customers.

GCF Approves USD 215.6 Million for SIDBI to help MSMEs Adopt Lower Emissions

The Green Climate Fund (GCF) has approved a USD 200 million loan and a USD 15.6 million grant for the Small Industries Development Bank of India’s (SIDBI) Financing Mitigation and Adaptation Projects (FMAP) in Indian Micro, Small, and Medium Enterprises (MSMEs). This funding aims to help MSMEs adopt low-emission and climate-resilient technologies. SIDBI will create a corpus of USD 1 billion for FMAP by contributing another USD 800 million. The FMAP facility aims to provide nearly 10,000 concessional loans to MSMEs for projects such as renewable energy, energy efficiency, energy storage, and e-mobility. The program is expected to reduce greenhouse gas emissions by 35.3 million tonnes.

RBI sells Rs 34 Billion Indian Bonds as Index Inclusion Boosts Inflows

The Reserve Bank of India (RBI) has sold Rs 34 billion (USD 406 million) worth of bonds in the secondary market in July 2024 to absorb excess cash in the banking system. This action followed India’s recent inclusion in JPMorgan Chase & Co.’s Government Bond Index-Emerging Markets (GBI-EM) in June 2024, which spurred significant foreign investment of over USD 1 billion into Indian bonds within the month. The RBI sold bonds to manage the excess liquidity resulting from the increased foreign investments, helping stabilize the financial system by absorbing the surplus funds.

IRDAI Revised its Guidelines on Commission on Long-term Motor Insurance

The Insurance Regulatory and Development Authority of India (IRDAI) has revised its guidelines regarding the commission for long-term motor insurance policies. These revised guidelines align these policies with the standard motor insurance policies having a validity of 1 year. Insurers are now allowed to offer commissions within the expense management framework for long-term policies. The shift from a rule-based to a principle-based regulatory framework for insurers aims to provide ease of doing business, promote innovation, and enable a reduction in response time to emerging market needs. The revised guidelines have also simplified the claim settlement process.

Paytm Partners with Axis Bank to Offer POS Solutions & EDC Devices to Merchant Network

Paytm has partnered with Axis Bank to provide Point-Of-Sale (POS) solutions and Electronic Data Capture (EDC) devices to the bank and its merchant network. This partnership aims to transform the merchant-acquiring business through advanced technology, optimizing business operations, and elevating customer satisfaction. Paytm’s technology will reach a wider merchant base via Axis Bank, enhancing the capabilities of both entities. The POS solutions ensure efficient business management and seamless payment processing capabilities, while the EDC devices are designed to streamline operations and drive business growth.

TerraPay Partners with Swift For Global Account-to-Wallet Payments

TerraPay has partnered with the Society for Worldwide Interbank Financial Telecommunications (SWIFT) to enable financial institutions to send money directly to over 2.1 billion mobile wallets around the world using their Swift connectivity. This partnership aims to improve financial inclusion by providing a more accessible cross-border payment option in areas where the use of mobile wallets is common. Swift payments made by financial institutions will be integrated into TerraPay’s infrastructure, ensuring transparent and fast transfers of funds from accounts to wallets.

Rashtriya Raksha University, NSE IX & NSEICC Signed MoU For Economic and Financial Security

Rashtriya Raksha University (RRU), NSE International Exchange (NSE IX), and National Stock Exchange International Clearing (NSEICC) have signed a Memorandum of Understanding (MoU) to enhance cooperation in economic and financial security. The MoU aims to carry out training and upskilling initiatives in areas like financial laws, economic crimes, forensic accounting, cybercrimes, and technological innovation. It also aims to conduct collaborative research initiatives, design and implement combined online and offline certification programs, and support capacity building for students and faculty.

1st Indian Individual Olympic Gold Medallist Abhinav Bindra Awarded Prestigious Olympic Order by IOC

Abhinav Bindra, a former Indian rifle shooter and the first Indian to win individual gold at the Olympics, has been honored with the Olympic Order by the International Olympic Committee (IOC) for his outstanding contributions to the Olympic movement. The Olympic Order is the highest award of the IOC, given for exceptional services to the Olympic Movement. Bindra is the first Indian to receive this prestigious award. The award ceremony will take place during the 142nd IOC Session in Paris, France, on August 10, 2024.

PM Min Aung Hlaing becomes Myanmar’s Acting President

On July 22, 2024, the Prime Minister of Myanmar and Chairman of the State Administration Council (SAC), Senior Gen. Min Aung Hlaing, assumed the role of Acting President. He succeeds incumbent Acting President Myint Swe, who has been suffering from psychomotor retardation and malnutrition. As acting president, he will also head the National Defence and Security Council (NDSC), responsible for security and defense affairs in Myanmar. Min Aung Hlaing has been the chairman of SAC since the February 2021 coup d’état and appointed himself as PM of Myanmar in August 2021.

Cmde D.K. Murali Took Charge as CMD of BECIL

Commodore D.K. Murali, Indian Navy (Retired), assumed the charge of Chairman and Managing Director (CMD) of the Broadcast Engineering Consultants India Limited (BECIL). He served in the Indian Navy for nearly 35 years, holding various appointments on frontline warships, training, inspection, ship repair yards, etc. As the CMD of BECIL, he will be responsible for the efficient functioning of BECIL to achieve corporate objectives and performance goals.

ISRO Conducts Second Experimental Flight Test of Air Breathing Propulsion Technology

On July 22, 2024, ISRO successfully conducted the second experimental flight test for the demonstration of Air Breathing Propulsion Technology. The propulsion systems were installed symmetrically on either side of a Rohini-560 Sounding Rocket and launched from the Satish Dhawan Space Centre in Sriharikota, Andhra Pradesh. During the flight test, the Sounding Rocket achieved satisfactory performance, and the Air Breathing propulsion systems ignited successfully. The flight data collected from the mission will be useful for the next phase of development.

Income Tax Day 2024 – July 24

Income Tax Day or Aaykar Diwas is annually observed across India on July 24 to commemorate the introduction of Income Tax in India in 1860. July 24, 2024, marks the 165th anniversary of IT Day. In 2010, the Government of India officially designated July 24 as Income Tax Day to honor the 150th anniversary of the introduction of the IT system in India. The Central Board of Direct Taxes (CBDT) is the apex policy-making body for the IT department and is a part of the Department of Revenue in the Ministry of Finance.