CSEET Current Affairs Notes - CA Saumil Manglani

CA Saumil Manglani
CSEET
Current Affairs
Index
Chapter Page
Number Chapter Name Numbers
1 International & National Affairs 1.01 – 1.22
2 Financial Affairs 2.01 – 2.04
3 Political Affairs 3.01 – 3.27
4 Legal & Other Affairs 4.01 – 4.15
5 Business & Economy 5.01 – 5.18
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Ch 1 – International & National Affairs 1.1
LESSON 1
INTERNATIONAL AND NATIONAL AFFAIRS
INTERNATIONAL BODIES
INTERNATIONAL MONETARY FUND
• The International Monetary Fund (IMF) is an organization of 190 countries,

• The IMF was established in 1944 in the aftermath of the Great Depression of the 1930s.
• 44 founding member countries
• staff drawn from 150 nations
IMF Resources
IMF funds come from following three sources:
1. Member quotas- Quotas are the IMF’s main source of financing.
• The 16th review by IMF is expected to conclude by mid- December 2023.
• India has quota of 2.75%
• with 2.63% of voting rights
2. New Arrangements to Borrow- The New Arrangements to Borrow (NAB) constitutes a second
line of defence.
• Certain member countries and institutions stand ready to lend
additional resources
• NAB activation requires support from 85% of participants eligible to
vote.
3. Bilateral borrowing agreements- Bilateral Borrowing Agreements serve as a third line of

defines after quotas and the NAB.
• Activation of the agreements requires support of 85% of creditors eligible to vote.
• Can ask individual countries to lend it some
Fast Facts
Membership 190 countries
Headquarters Washington, D.C.
Executive Board 24 Executive Directors each representing a
single country or groups of countries.
Amount available for lending $ 1 trillion
Current Lending Arrangements 34
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Recipient Countries of 76
emergency
pandemic financing
IMF Leadership
Managing Director Kristalina Georgieva
First Deputy Managing Director Gita Gopinath
Deputy Managing Director Antoinette Sayeh
Deputy Managing Director Kenji Okamura
Deputy Managing Director Bo Li
India at a Glance*
2023 Projected Real GDP (% Change) 5.9
Date of Membership December 27, 1945
Article IV/Country Report December 23, 2022
Special Drawing Rights (SDR) 13667.33 million
Quota (SDR) 13114.4 million
Number of Arrangements since membership 7
*Data extracted from the IMF website on June 05, 2023.
WORLD BANK
✓ World Bank is an international organization affiliated with the United Nations (UN)
✓ Headquartered in Washington, D.C.
✓ Largest source of financial assistance to developing countries.
Five Constituent Institutions under World Bank

The World Bank Group comprises following five constituent institutions that share a commitment to
reducing povert, increasing shared prosperity, and promoting sustainable growth and
development .
1. The International Bank for Reconstruction and Development (IBRD) - provides loans
at market rates of interest to middle-income developing countries and creditworthy
lower-income countries.

2. The International Development Association (IDA) - provides interest-free long-term

loans, technical assistance, and policy advice to low-income developing countries
in areas such as health, education, and rural development.
3. The International Finance Corporation (IFC) - operating in partnership with private
investors, provides loans and loan guarantees and equity financing to business
undertakings in developing countries.
4. The Multilateral Investment Guarantee Agency (MIGA) - Loan guarantees and
insurance to foreign investors against loss caused by non-commercial risks in
developing countries are provided by the MIGA.
5. The International Centre for Settlement of Investment Disputes (ICSID) - is
responsible for the settlement by conciliation or arbitration of investment disputes
between foreign investors and their host developing countries.
World Bank Leadership

World Bank Group David Malpass, President
International Finance Corporation Makhtar Diop, Managing Director
Multilateral Investment Guarantee Hiroshi Matano, Executive Vice president
Agency
The International Centre for Meg Kinnear, Secretary General
Settlement of Investment Disputes
Priorities of World Bank Group

The priorities of World Bank Group inter alia cover the following:
• Climate Change
• Food Security
• Human Capital Project (HCP)
As of October 2022, 86 countries at all income levels are working with the World Bank Group
on strategic approaches to transform their human capital outcomes.

INTERNATIONAL FINANCE CORPORATION (IFC)
History of IFC
More than Six decades ago, a few dozen countries put up $100 million in capital.
Today, IFC is the largest global development institution focused on the private sector, having
delivered nearly $250 billion in financing to businesses in emerging markets.
About IFC
✓ Sister organization of the World Bank
✓ Focused exclusively on the private sector in developing countries.
✓ The Bank Group has set two goals for the world to achieve by 2030:
1. End Extreme Poverty; and
2. Promote shared prosperity in every country.
Funding by International Finance Organization

✓ IFC’s first investment came in September 1957. It was a $2 million, 15-year loan to help the
local affiliate of German electrical equipment manufacturer Siemens build Brazil’s first
integrated assembly plant to supply local utilities.
✓ IFC is an active issuer of ESG bonds also known as Socially Responsible Investments.
Some of the funding instruments are:
• Benchmark & Global Bonds: These bonds are used by governments and large
organizations to borrow money from the public to fund various projects or
operations.
• Discount Notes: Short-term bonds that are issued at a discount and redeemed at
their face value, allowing companies to raise funds quickly.
• Green Bonds: Used to finance eco-friendly projects like renewable energy or
clean water initiatives, helping to tackle environmental challenges.
• Impact Notes: Designed for specific social or environmental causes, the funds
raised are used to directly address the issues targeted by the bonds.
• MTNs & Structured Notes: Medium-term notes and structured notes are flexible
debt instruments that allow issuers to create customized financial products tailored
to their unique needs and goals.

THE ASSOCIATION OF SOUTHEAST ASIAN NATIONS (ASEAN)
✓ Established on 8 August 1967 in Bangkok, Thailand,

✓ with the signing of the ASEAN Declaration (Bangkok Declaration)
✓ Founding countries of ASEAN, namely Indonesia, Malaysia, Philippines, Singapore and
Thailand.
H.E. Dr. Kao Kim Hourn is the Secretary General of ASEAN.
ASEAN Member States
The ASEAN Charter entered into force on 15 December 2008 at the presence of ASEAN Foreign
Ministers at the ASEAN Secretariat in Jakarta.
ASEAN Summit
✓ The ASEAN Summit → highest policy-making body
✓ The ASEAN Summit is held twice annually
✓ The First ASEAN Summit was held in Bali, Indonesia on 23-24 February, 1976.
✓ The 40th and 41st ASEAN Summits were held on 11 November, 2022 under the Chairmanship
of the Kingdom of Cambodia.

ASEAN in News
ASEAN Chairmanship 2023 - Indonesia
Indonesia is honored to be the Chair of ASEAN in 2023. The chairmanship of Indonesia
will adopt the theme ‘ASEAN Matters: Epicentrum of Growth’.
BRICS
✓ In 2006, the foreign ministers of Brazil, Russia, India, and China met for the first time
✓ In 2011, with South Africa officially becoming a member
✓ In 2016, India became the head of the Association - state of Goa on 15-16 October
✓ BRICS is an important group bringing together the major emerging economies from the world,
comprising 41% of the world population, having 24% of the world GDP and over 16% share in
the world trade.
BRICS in News
• 14th BRICS Summit
✓ As the BRICS Chair of 2022, China successfully held the 14th BRICS Summit on
June 23, 2022.
✓ The theme of the 14th BRICS Summit was ‘Foster High-quality BRICS Partnership,
Usher in a New Era for Global Development’.
• 15th BRICS Summit
The 15th BRICS summit is scheduled to be held in Johannesburg, South Africa on August
22-24, 2023.

SOUTH ASIAN ASSOCIATION FOR REGIONAL COOPERATION (SAARC)
✓ The South Asian Association for Regional Cooperation (SAARC) was established with the
signing of the SAARC Charter in Dhaka on 8 December 1985.
✓ The Secretariat of the Association was set up in Kathmandu on 17 January 1987.

✓ H.E. Esala Ruwan Weerakoon of Sri Lanka assumed office of the Secretary General of the
South Asian Association for Regional Cooperation (SAARC) on 01 March 2020.
✓ SAARC Chairmanship Current Chair: Nepal
✓ From Date: 26-11-2014 (Till Date)
THE GROUP OF TWENTY (G-20)
About G20
✓ The participants are leaders from 19 countries and the European Union (EU). The members
of the G20 are: Argentina, Australia, Brazil, Canada, China, France, Germany, India,
Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, Republic of
South Africa, Turkey, United Kingdom, United States of America, and the European Union
(EU).
✓ The G20 Summit is formally known as the “Summit on Financial Markets and the World
Economy”.
✓ Premier forum for international economic cooperation
✓ The host country of the G20 summit leads the group over the course of one year from
December through the following November as the G20 presidency

History of G20 Summit

In November 2008, the inaugural G20 Summit was held in Washington, D.C. in response to the
global financial crisis that occurred in the wake of the collapse of the Lehman Brothers.
Together, The G20 members represent around 85% of the global GDP, over 75% of the global trade,
and about two- thirds of the world population.
INCEPTION OF G20 in 1999
ELEVATION TO LEADER’S LEVEL
The G20 Summit is held annually, under the leadership of a rotating Presidency.
How the G-20 works?
The presidency of the G20 rotates every year among its members, with the country that holds the
presidency working together with its predecessor and successor, also known as Troika, to
ensure the continuity of the agenda. Currently Indonesia, India and Brazil are the Troika
countries.
The G20 has no permanent secretariat.

Agenda and the work coordination are completed by G20 leaders’ personal representatives, known
as sherpas together with finance ministers and central bank governors.

G20 in News
• G20 Leaders’ Summit 2023

The 18th G20 Heads of State and Government Summit will take place on
9th-10th September 2023 in New Delhi.
• Logo and Theme of G20 Leaders’ Summit 2023
✓ The G20 Logo draws inspiration from the vibrant colours of India’s national flag – saffron,
white and green, and blue.
✓ It shows planet Earth with the lotus, India’s national flower that reflects growth amid
challenges.
✓ The Earth reflects India’s pro-planet approach to life, one in perfect harmony with nature.
Below the G20 logo is “Bharat”, written in the Devanagari script.
✓ The theme of India’s G20 Presidency - “Vasudhaiva Kutumbakam” or “One Earth · One
Family · One Future”
✓ For India, the G20 Presidency also marks the beginning of “Amritkaal”, the 25-year period
beginning from the 75th anniversary of its independence on 15 August 2022

THE BAY OF BENGAL INITIATIVE FOR MULTI-SECTORAL TECHNICAL AND ECONOMICCOOPERATION (BIMSTEC)
✓ BIMSTEC is a regional organization comprising 7 Member States lying adjacent areas of the
Bay of Bengal
✓ This sub-regional organization came into being on 6 June 1997 through the Bangkok
Declaration.
✓ It constitutes seven Member States: five deriving from South Asia, including Bangladesh,
Bhutan, India, Nepal, Sri Lanka, and two from Southeast Asia, including Myanmar and
Thailand.
SECTORS
Bangladesh : Trade, Investment and Development

Bhutan : Environment & Climate Change
India : Security
Sub-sectors: Counter-Terrorism and Tras-national Crime, Disaster Management,
Energy
Myanmar : Agriculture and Food Security
Sub-sectors: Agriculture, Fisheries & Livestock
Nepal : People-to-People Contact
Sub-sectors: Culture, Tourism, People-to-People Contact (forums of think tanks,
media etc.)
Sri Lanka : Science, Technology & Innovation (Sri Lanka)
Sub-sectors: Technology, Health, Human Resource Development
Thailand : Connectivity
H. E. Mr. Tenzin Lekphell assumed office as the Secretary-General of BIMSTEC on

06 November 2020. He is the third BIMSTEC Secretary-General.
The BIMSTEC region is home to around 1.5 billion people which constitute around 22% of the global
population with a combined gross domestic product (GDP) of 2.7 trillion economy. In the last five
years, BIMSTEC Member States have been able to sustain an average 6.5% economic growth

BIMSTEC in News
• The Joint Working Group on Counter-Terrorism and Transnational Crime (JWG-
CTTC) held its 10th Meeting in New Delhi on 12-13 January 2023
• Financial experts from BIMSTEC Member States meet to discuss the

establishment of the BIMSTEC Development Fund
The First Meeting of the Ad hoc Expert Group on the Establishment of the
BIMSTEC Development Fund was held virtually at the BIMSTEC Secretariat in
Dhaka on 19 December 2022.
ASIAN DEVELOPMENT BANK
✓ The Asian Development Bank (ADB) was conceived in the early 1960s – to help
poorest regions in the world.
✓ ADB is composed of 68 members 49 of which are from Asia and the Pacific region.
THE ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT (OECD)
The OECD is an international organisation that works to build better policies for better lives. The goal
of OECD is to shape policies that foster prosperity, equality, opportunity and well-being for all.
Mathias Cormann was appointed as the Secretary-General of the OECD on 1 June 2021, for a five-
year term.
The forerunner of the OECD was the Organisation for European Economic Co-operation (OEEC)
NATIONAL BODIES

NITI AAYOG
✓ The NITI Aayog’s precursor, the Planning Commission was established in March 1950 by a
Government of India resolution with the Prime Minister as Chairperson.
✓ NITI Aayog is the premier policy ‘Think Tank’ of the Government of India,
NITI Aayog’s entire gamut of activities can be divided into four main heads:
1. Policy and Programme Framework
2. Cooperative Federalism
3. Monitoring and Evaluation
4. Think Tank, and Knowledge and Innovation Hub
Present Constitution of NITI Aayog

Chairperson- Shri Narendra Modi, Hon’ble Prime Minister
Vice Chairperson- Shri Suman Bery
Minister of State - Rao Inderjit Singh, Union Minister of State (Independent Charge)
of Ministry of Statistics and Programme Implementation; Ministry of Planning; and
Union Minister of State of Ministry of Corporate Affairs
Full-Time Members- Shri V.K. Saraswat, Prof. Ramesh Chand, Dr. V. K. Paul, Dr.
Arvind Virmani
Chief Executive Officer- Shri BVR Subrahmanyam
So far, seven meetings of the Governing Council have been held

Relevance of NITI Aayog
• Competitive Federalism
• Cooperative federalism
• Greater Accountability
• Think tank of innovative ideas
• Convergence for resolution
• NITI Aayog in News

• NITI Aayog Pushed Govt to Privatise PDS, Slash Free Food Coverage, Subsidies (February
10, 2023) In the latest Union budget presented on February 2, there was a deep slash in
foodgrain subsidy for the poor, with a massive 63% cut.

NITI Aayog proposes setting up separate central board for vocational education (February 07,
2023)
The NITI Aayog has proposed setting up a separate central board for recognition of vocational
education, on the lines of an education board such as the central board of secondary education.
It also suggested conducting national centralised examinations for admission to Industrial
Training Institute (ITIs) to streamline the system and ensure transparency.
Reserve Bank of India
Main Functions
Monetary Authority:
• Formulates, implements and monitors the monetary policy.
• Objective: maintaining price stability while keeping in mind the objective of
growth.
Regulator and supervisor of the financial system:
• Prescribes broad parameters of banking operations within which the country’s banking
and financial system functions.
• Objective: maintain public confidence in the system, protect depositors’ interest and
provide cost-effective banking services to the public.
Manager of Foreign Exchange:

• Manages the Foreign Exchange Management Act, 1999.
• Objective: to facilitate external trade and payment and promote orderly development and
maintenance of foreign exchange market in India.
Issuer of currency:
• Issues, exchanges and destroys currency notes as well as puts into circulation coins minted by
Government of India.
• Objective: to give the public adequate quantity of supplies of currency notes and coins and in good
quality.
Developmental role
• Performs a wide range of promotional functions to support national objectives.
Regulator and Supervisor of Payment and Settlement Systems:
• Introduces and upgrades safe and efficient modes of payment systems in the country to meet the
requirements of the public at large.
• Objective: maintain public confidence in payment and settlement system
Related Functions:
• Banker to the Government: performs merchant banking function for the central and the state
governments; also acts as their banker.

• Banker to banks: maintains banking accounts of all scheduled banks.
Governors and Deputy Governors
RBI in news
Policy Rates as on June 05, 2023
Policy Repo Rate 6.50%

Reverse Repo Rate 3.35%
Marginal Standing Facility 6.75%
Rate
Bank Rate 6.75%
Reserve Ratios as on June 05, 2023
Cash Reserve Ratio (CRR) 4.50%

Statutory Liquidity Ratio 18.00%
(SLR)

Financial information registry will help expedite credit flows: RBI Governor
(February 11, 2023)
SECURITIES AND EXCHANGE BOARD OF INDIA (SEBI)
The Securities and Exchange Board of India was established on April 12, 1992 in accordance with
the provisions of the Securities and Exchange Board of India Act, 1992.
Ms. Madhabi Puri Buch is the present Chairperson of Securities and Exchange
Board of India.
Shri S. K. Mohanty, Shri Ananta Barua, Shri Ashwani Bhatia and Shri Ananth
Narayan G are the Whole Time Members.
SEBI in news
SEBI launches information database on municipal bonds (January 22, 2023)
SEBI to extend trading hours in case of outage at stock exchanges (January 09, 2023)
Trading hours will be extended till 5 pm for the day.
SEBI joins RBI’s account aggregator ecosystem (August 19, 2022)
Levy of Goods & Services Tax (GST) on the fees payable to SEBI (July 18, 2022)
The GST Council in its meeting held on June 28 and June 29, 2022, recommended inter alia to
withdraw the exemption granted to services by SEBI
SEBI empanels 8 entities to provide digital forensic services (July 12, 2022)
Capital markets regulator SEBI empanelled eight entities, including Deloitte Touche Tohmatsu India
LLP and Ernst & Young LLP, for providing digital forensic services.
The empanelment will be valid for the period of one year.

Investor Charter issued by SEBI

Background
Rights of Investors
• Expect redressal of investor grievances filed in ‘SEBI Complaints Redress System
(SCORES)’ in timely manner.
COMPETITION COMMISSION OF INDIA (CCI)
The Competition Act

The Act prohibits anti-competitive agreements, abuse of dominant position by enterprises and
regulates combinations (acquisition, acquiring of control and M&A), which causes or likely to
cause an appreciable adverse effect on competition within India.
The Competition Commission of India
✓ The CCI Established -14th October 2003 to achieve the objectives of the Competition Act.
✓ CCI consists of a Chairperson and 6 Members appointed by the Central Government.
✓ It is the duty of the Commission to eliminate practices having adverse effect on
competition, promote and sustain competition, protect the interests of consumers and
ensure freedom of trade in the markets of India.
✓ Ravneet Kaur is the Chairperson of the Commission.
✓ Sangeeta Verma and Shri Bhagwant Singh Bishnoi are the members of the Commission.
CCI in News
• Competition Commission set to invoke ‘doctrine of necessity’ principle to examine M&A deals
(February 02, 2023)
• Regional Office (West) of Competition Commission of India (CCI) in Mumbai inaugurated by
Smt. Nirmala Sitharaman, Hon’ble Union Minister of Finance & Corporate Affairs (October 06,
2022)
• Approval of Combination of Tanweer Infrastructure SAOC (“Acquirer”); and Sembcorp
Energy India Limited (“Target”) by CCI (December 12, 2022)

IBBI
✓ Established on 1st October, 2016 under the Insolvency and Bankruptcy Code, 2016 (Code).
✓ It is a unique regulator which regulates a profession as well as processes.
✓ Shri Ravi Mittal currently serves as Chairperson of the Insolvency and Bankruptcy Board of
India.
✓ Shri Sudhaker Shukla and Shri Jayanti Prasad are the Whole-time members of the Board.
THE INSTITUTE OF COMPANY SECRETARIES OF INDIA (ICSI)
✓ It is a premier national professional body set up under an act of Parliament, the Company
Secretaries Act, 1980.
✓ ICSI functions under the jurisdiction of the Ministry of Corporate Affairs, Government of
India.
✓ At present, there are more than 70,000 members and around 2.5 Lakhs students on the roll
of ICSI.
✓ ICSI has its headquarters at New Delhi, four Regional Offices at New Delhi, Chennai, Kolkata,
Mumbai and 72 Chapters across India. .
✓ Presently, CS Manish Gupta is the President and CS B Narasimhan is the Vice President,
of the ICSI.
Motto
– Speak the Truth, Abide by the Law
Vision
To be a global leader in promoting Good Corporate Governance
Mission
To develop high calibre professionals facilitating good Corporate Governance
ICSI in News
• Corporate Tax Conference, 2023
The Institute of Company Secretaries of India organised its first Corporate Tax Conference in
Dubai, UAE on 3 June 2023 on the theme UAE Corporate Tax – A New Paradigm Towards
Transparency and Good Governance.

• 2nd International Conference of ICSI Overseas Centre in London, UK

The Institute of Company Secretaries of India organised its 2nd International Conference of ICSI
Overseas Centre in London, United Kingdom, on 11-12 May 2023 on the theme
Strengthening Global Governance for an Equitable, Inclusive, and Sustainable Future.
• Crash Course on ESG
ICSI launched the third batch of Online Crash Course on ESG Analysis.
SUMMITS AND CONFERENCES
G7 SUMMIT
About G7
• G7 originally came into being in 1975 when the heads of the world’s six leading industrial
nations-the US, UK, France, Germany, Japan and Italy decided to hold a meeting in the wake of
the oil shock of 1973 and the following financial crisis.
• The six countries were joined by Canada in 1976.
• Russia joined the group, which then became known as the G8, in 1998 but was suspended in
2014 after it annexed Crimea from Ukraine.
• Current members are - US, UK, Canada, France, Germany, Italy and Japan.
• The group regards itself as “a community of values”
G7 Summit 2023
In 2023, as the G7 Presidency, Japan hosted the Summit on May 19-21 in Hiroshima.
G-7 Summit 2022

1. The 48th G7 summit was held from 26 to 28 June 2022 on the theme of ‘Progress
towards an equitable world’ in Schloss Elmau, Krün, Bavarian Alps, Germany.
UTTAR PRADESH GLOBAL INVESTORS SUMMIT 2023
✓ Uttar Pradesh Global Investors Summit (UPGIS) 2023 was held from 10-12 February 2023 at
Lucknow.
✓ It was the flagship Investment Summit of the Government of Uttar Pradesh.
✓ The 3-day long Investors Summit

Key Highlights of the Summit

• In three days, a total of Rs. 33.50 lakh crore investment proposals were
received in the UP Global Investor Summit.
• The state government launched a new online system called ‘Nivesh
Sarathi’ for the convenience of investors and monitoring the implementation
of MoUs.
• The three-day UP GIS-2023 was inaugurated by Prime Minister Narendra
Modi on February 10, 2022.
• The Uttar Pradesh government has also included sports in this summit. The
Uttar Pradesh Cricket Association has signed an MoU with the state
government to build a stadium with a capacity of 30,000 in Barabanki.
• UK companies signed 6 MoUs in the security, technology and defense
sectors at the UK partner country session on the last day of the UP
Global Summit.
• Now Uttar Pradesh will become a big center of medical and
pharmaceutical sector. In the Global Investors Summit, the state has
received proposals worth Rs 63,475 crore in this sector. A total of 156
agreements have been signed so far
• In the Uttar Pradesh Global Investors Summit, investors from Singapore
signed an MoU worth Rs 29,000 crore for spiritual and eco-tourism in
Uttar Pradesh.
• The Uttar Pradesh Global Investors Summit 2023 set an ambitious target
aligned with Prime Minister Narendra Modi’s vision to make India a USD 5
trillion economy, for which the Uttar Pradesh government has 5 years1
trillion economy in the next.
• Thesummit saw the 20 participations of more than 10,000 delegates from
more than (domestic and international) countries.
• In
• Severalprogressive economies such as the United States, the United

Kingdom Canada, Japan, South Korea, Singapore, Germany, the
Netherlands and the United Arab Emirates have been ‘partner
countries’ at the summit.
WORLD INVESTOR WEEK 2022
The International Organization of Securities Commissions (IOSCO) celebrated the sixth annual
World Investor Week (WIW) from 3 to 9 October 2022.
About IOSCO

IOSCO is the leading international policy forum for securities regulators and is recognized as
the global standard setter for securities regulation. The organization’s membership regulates
more than 95% of the world’s securities markets in some 130 jurisdictions, and it continues to
expand.
BUSINESS PERSONALITIES AND LEADERS
BUSINESS PERSONALITIES
Mukesh Ambani
• Mr. Mukesh D. Ambani is the Chairman and Managing Director of Reliance Industries Ltd.
Azim Premji
• Azim Premji is an Indian business entrepreneur who served as chairman of Wipro Limited,
guiding the company through four decades of diversification and growth to emerge as a world
leader in the software industry.
Gautam Adani
• Mr.Gautam Adani is the Founder and Chairman of the Adani Group, which ranks among the top 3
industrial conglomerates in India.
• Mr. Adani, a first-generation entrepreneur, is driven by the core philosophy of infusing “Growth
with Goodness” through his nation-building vision.
.
Kumar Mangalam Birla
• Mr.Kumar Mangalam Birla is the Chairman of the Aditya Birla Group.
Tim Cook
• Tim Cook is the CEO of the most valuable company in the world, Apple.
• He took over Apple after the company’s founder, Steve Jobs, succumbed to cancer in 2011.
Bill Gates
• Gates founded Microsoft, the world’s largest PC software company, and each year; he is
consistently near the top of the list of the world’s wealthiest people.
• Hisfoundation, the Bill and Melinda Gates Foundation, is working to provide clean water and
sanitation (among other things) to third-world countries.
Elon Musk
• Elon Musk was born in South Africa and is a businessman, inventor, and investor. M
• usk is most widely known for his founding of PayPal and Tesla.
• He is also the CEO of rocket manufacturer SpaceX and owns social media company Twitter..

Warren Buffett
• Warren Buffett is one of the most successful investors in the world.
• Some people have referred to him as the “Wizard of Omaha” (his birthplace is Omaha, Nebraska)
and
• He has also pledged to give away nearly 99% of his accumulated wealth to philanthropic
causes after his death.
LEADERS
Narendra Modi
• Shri Narendra Modi was sworn-in as India’s Prime Minister on 30th May 2019, marking the start of
his second term in office.
• The first ever Prime Minister to be born after Independence, Shri Modi has previously served as
the Prime Minister of India from 2014 to 2019.
• He also has the distinction of being the longest serving Chief Minister of Gujarat with his term
spanning from October 2001 to May 2014.
Joe Biden
• Joe Biden is an American politician and also the 46th and current president of the United
States.
•A member of the Democratic Party, he served as the 47th vice president from 2009 to 2017
under Barack Obama.
• He contested the 2020 Presidential polls against Donald Trump, along with Kamala Harris
as his running mate.
• His early presidential activity centered around proposing, lobbying for, and signing into law the
American Rescue Plan Act of 2021 to speed up the United States’ recovery from the Covid-19
pandemic and the ongoing recession, as well as a series of executive orders.
Vladimir Putin
•A former intelligence officer, Vladimir Putin is the President of Russia since 2012, and previously
from 1999 until 2008. He worked as a KGB foreign intelligence officer for 16 years, before
resigning in 1991 to begin a political career in Saint Petersburg.
• Under his first tenure as president, the country’s economy grew for 8 consecutive years.
• The growth was a result of a fivefold increase in the price of oil and gas, which constitute the
majority of Russian exports,
• He graduated in 1975 studying law at the Saint Petersburg State University and joined the KGB.

INTERNATIONAL DIPLOMACY
QUAD LEADERS’ SUMMIT

• India participated in the third in-person Quad Leaders’ Summit in Hiroshima, Japan on 20 May
2023,
• They released the Quad Leaders’ Vision Statement – “Enduring Partners for the Indo-Pacific”
SAMPLE MULTIPLE CHOICE QUESTIONS (MCQS)
1. What is the theme of the World Economic Forum 2023?

a) Unity for World Health
b) Cooperation in a Fragmented World
c) One World One Business Model
d) Cooperation for World Business Model
2. What is the theme of India’s G20 Presidency in 2023?
a) One Earth One Family One Future
b) One World Sustainable World
c) Recover Together, Recover Stronger
d) Building Consensus for Fair and Sustainable Development
3. Where was the International Dairy Federation World Dairy Summit (IDF WDS) 2022 held?
a) Varanasi
b) Nainital
c) Amritsar
d) Greater Noida
4. Which regulatory body has notified a framework introducing a Social Stock Exchange
(SSE) in India?
a) Reserve Bank of India
b) Securities and Exchange Board of India
c) Department of Financial Services
d) Economic Advisory Council
5. Which Indian city was the host of ‘Global Fintech Conference’ in 2022?
a) New Delhi
b) Ahmedabad
c) Mumbai
d) Bengaluru

Ch 2 – Financial Affairs 2.1
LESSON 2
FINANCIAL AFFAIRS
A. CURRENT DEVELOPMENT IN BANKING

1. Reserve Bank of India
a. It is the Central Bank of India
b. RBI Act was established in the year 1934.
c. RBI commenced its operation from 1st April 1935.
d. RBI was shifted from Kolkata - shifted to Mumbai in the year 1937
e. RBI was nationalized in the year 1949
f. Current Governor of RBI is Mr. Shaktikantha Das.
g. RBI Governor is appointed/ reappointed for a period of 3 years.
h. Recently Mr. Shaktikantha Dar has been awarded as the world’s best governor.
i. RBI has 27 regional officer and 4 sub officer.
MAIN FUNCTIONS OF RBI
1. Monetary Authority- Formulation of Monetary Policy, For maintaining price stability and to
achieve growth objective
2. Regulator of Supervision of-
Financial System- Informs Banks regarding parameters to be followed, to maintain the public
confidence
3. Regulator of Supervision of-
Payment for Settlement- It regulates apps like Phone Pe, Google Pay etc., to maintain the
public confidence.
4. Currency Manager of Foreign Currency- has enacted a law named as FEMA, 1999, Will
help to manage Foreign Currency requirements for imports and exports and for balance of
payments.
5. Currency Issuer of Currency (Indian)- RBI decides regarding issue of new currency, notes
and removal of old ones, It also takes care regarding quality and quantity of notes and coins
6. Related Functions- Banker to the Banks, Banker to the Government
BANKING SECTOR IN NEWS

1) UPI for inbound traveler to India-
a. UPI- unified payments interface
b. RBI announced in the statement on Development and regularity Authority.
c. Inbound Traveler from G-20 countries can pay using UPI.
d. At selected International Airports Bengaluru, Mumbai and Delhi
e. Travelers would be given PPI Prepaid Instrument Wallet
limited to UPI.

2) FINANCIAL LITERACY WEEK 2023

a) FLW was started in the year 2016.
b) Theme ‘Good Financial Behaviour’- Your Saviour
c) 2023- between 13 to 17th Feb
3) LAUNCH OF UTKARSH 2.0- Medium Term Sratergy Framework

a) Utkarsh 2.0 duration- 2023 to 2025
b) Launched by Shri Shakti Das
c) Utkarsh 1st version – 2019-2022
d) This document will guide the Prank’s progress towards achieving the identified (Pre
decided) milestones
e) This will focus on core purpose, values MISSION STATEMENT
Launch of Central Bank Digital Currency (CBDC)
• RBI launched CBDC in wholesale and Retail Segment.

• RBI launched this in the wholesale market named on Digital rupee wholesale.
• Launched on 1 November 2022.
• Only for settlement of Govt Securities in Secondary Market.
• This use of e Rupee-w will reduce the transaction cost.
• In retail segment it is called Digital Rupee Retail
• Launched on 1 December 2022.
• The pilot project consists of few consumers and merchants.
• For retail project- 8 banks have been selected.
1st Phase- SBI, ICICI, YES, IDFC
2nd Phase- BOB, Union, HDFC Bank, Kotak
• e Rupee– R is a Digital token and is considered as a legal tender. (currency)

• It is distributed through Financial Intermediary, i.e. banks.
• Trans can be both- P2P(Person to Person) & P2M (Person to Merchant)
• CBDC has same features like cash- Safety, Settlement Finality, Trust
• You will not get any int. of CBDC because it is same line can in your pocket/ almirah.
• NPCI - No charge on UPI upto Rs 2000 using RuPay(Credit Case)
• It is in use since last 4 years.
RBI LAUNCHED DAKSH- Advanced Supervisory Monitoring System(ASMS)
• Daksh launched on 6 October 2022.

• Daksh means efficient and competent.
• It is a web based and to end workflow application.

• Improve the compliance culture in supervised entities like Banks and NBFCs.
Non banking financial corp.
Ex- bajaj finance
• This application will enable reports

➢ Seamless Communication
➢ Inspection Planning & Execution
➢ Cyber incident reporting
➢ MIS
RBI- Integrated Ombudsman Scheme-2021
• Providing cost free mechanism to people for lodging complaints.

• Complaints can be raised against the companies covered under RBIOS, i.e. credit
information companies
RBI – FOUR TIER STRUCURE- URBAN CO-UP BANKS (UCB)
• Committee head- Former Deputy Governor- NS Vishwanuthen

• To provide medium term road map
• For faster complaint resolution of UCB.
NSE get Permission from SEBI to start SOCIAL STOCK EXCHANGE
• It will provide new way to collect money for social initiatives.

• It will provide visibility and transparency in fund mobilization and utilization.
• Social enterprise, for profit social enterprise, NPO with social intent
(Intention to work for the benefit of the society)
can get themselves Registered in this social stock exchange.
Next step- these entities will start fund mobilization through raising money via ZCZP (zero coupon
zero principal).
Money can be raised through- Public Issue or Private Placement
BSE SME PLATFORM- Achiever milestone of 400 Listed Companies
• 400th company got listed on 10 October 2022.

• 8 new companies got added in this list.
• This event was attended by Shri Piyush Goyal
Budget Highlights 2022-23

• Amt for capital expenses has been increased from 5.54 lakh crores to 7.5 lakh crores. This is
an increase by 35.4%
• Effective Cap Exp is Total 10.68 lakh crores, 4.1% of GDP
• An International Arbitration centre will be opened in GIFT CITY(Gujarat)
Venture Capital & Private Equity
Invested> 5.5 Lakh Crores last year
• Amount for “Scheme for Financial Assistance to states for Capital Investments” has been
increased from 10,000 Cr to 15000 Cr
• Total Exp in 22-23 estimated at 39.45 lakh crores
Framework for Operationalizing (Gold Exchange)
Instrument- Electronic Gold Receipts (EGRs)- Cration, Enable Trading, Conversion of Electronic Gold
into Physical Gold
National Stock Exchange Launching NSE Prime
• It is a list/ category created by the NSE

• The companies with best Governance & Management can nominate the names in this list
SAARTHI- SEBIs Mobile App
• It is created for awareness & education of the investors

• It is for both Android and IOS
• Available in both Hindi and English

Ch 3 – Political Affairs CSEET 3.1
Chapter 3
Political Affairs
COMMITTEES AND APPOINTMENTS
Centre sets up committee to prepare draft digital competition law (February 06, 2023)
✓ Committee set up to check whether existing antitrust laws in the

country are ready to deal with the challenges that have emerged from
the digital economy,
✓ Committee submit to the government a draft Digital Competition Act
within 3 months.
✓ Last year, a Parliamentary panel proposed to frame ‘ex-ante’ regulations
to curb the market dominance of large tech companies.
✓ Committee – Head - Secretary of the Ministry of Corporate Affairs
(MCA)
✓ Committee (8 Members including the Chairperson of the Competition
Commission of India)
✓ The joint secretary for competition at the MCA will join the committee as a
member secretary.
✓ The remaining 7 members of the committee are from the private sector
and various law firms.
Three Grievance Appellate Committees (GACs) notified on the recently amended “IT Rules
2021”
S. No. Grievance Appellate Committee
(1) Shri. Rajesh Kumar, Chief Executive Officer, Chairperson ex officio

Indian Cyber Crime Coordination Centre (I4C),
Ministry of Home Affairs
Shri Ashutosh Shukla, Indian Police Service Whole time member, for a term of three years
(Retired) from the date of assumption of office, or until
further orders, whichever is earlier
Shri Sunil Soni, Former Chief General Manager Whole time member, for a term of three years
and Chief Information Officer, Punjab National from the date of assumption of office, or until
Bank further orders, whichever is earlier
(2) Shri Vikram Sahay, Joint Secretary in charge of Chairperson ex officio

Policy and Administration Division in the
Ministry of Information and Broadcasting

Commodore Sunil Kumar Gupta (Retired), Whole time member, for a term of three years
Former Director (Personnel Services), Naval from the date of assumption of office, or until
Head Quarters, Indian Navy further orders, whichever is earlier
Shri Kavindra Sharma, Former Vice President Whole time member, for a term of three years
(Consulting), L&T Infotech Limited from the date of assumption of office, or until
(3) Smt. Kavita Bhatia, Scientist G and Joint Chairperson ex officio

Secretary rank officer in the Ministry of
Electronics and Information Technology
Shri Sanjay Goel, Indian Railway Traffic Whole time member, for a term of three years
Service (Retired) from the date of assumption of office, or until
Shri Krishnagiri Ragothamarao Murali Mohan, Whole time member, for a term of three years
Former Managing Director and Chief Executive from the date of assumption of office, or until
Officer, IDBI Intech Limited further orders, whichever is earlier
✓ The IT rules 2021 provide for creating avenues for grievance redressal
apart from Courts and ensure that the Constitutional rights of Indian
citizens are not contravened by any Big-tech Platform by ensuring
new accountability standards for SSMIs – “Significant Social Media
Intermediaries.”
✓ The Grievance Appellate Committee (GAC) is formed to ensure that
Internet in India is Open, Safe & Trusted and Accountable.
✓ The need for GAC was created due to large numbers of grievances
being left unaddressed or unsatisfactorily addressed by Internet
Intermediaries.
✓ GAC is expected to create a culture of responsiveness amongst all
Internet Platforms and Intermediaries towards their consumers.
✓ The GAC will be a virtual Digital platform that will operate only online
and digitally - wherein the entire appeal process, from filing of appeal
to the decision thereof, shall be conducted digitally.
Dr. Michael Debabrata Patra re-appointed as RBI Deputy Governor (January 10, 2023)
For further period of 1 year with effect from

January 15, 2023, or until further orders, whichever
is earlier.
SEBI expands committees on cyber security and information systems

2 Committees
High Powered
Information Systems
Steering Committee
Security Committee
on Cyber Security
(ISSC)
(HPSC-CS)
• The committee on cyber security has been expanded to 8 members

from 6 earlier.
• Chairman by Navin Kumar Singh, DG at
National Critical Information Infrastructure
Protection Centre (NCIIPC).
• The committee advises SEBI in
developing and maintaining cyber security
and cyber resilience requirements aligned
with global best practices and industry
standards in accordance with the need of
Indian capital market structure.
Former Bureaucrat CV Ananda Bose Appointed West Bengal Governor
• Former bureaucrat CV Ananda Bose has been

appointed Governor of West Bengal.
• Mr. Bose is the recipient of the Jawaharlal
Nehru Fellowship.
• He is also the first ever Fellow of the Lal
Bahadur Shastri National Academy of
Administration in Mussoorie, which trains top
civil service officers.
• A prolific writer and columnist, Mr. Bose has
published 40 books in English, Malayalam and Hindi including novels,
short stories, poems and essays.
• His concept of “affordable housing for all” was adopted by the
government.

SEBI constitutes 15-member committee to attract foreign investment; Former Chief Economic
Advisor K V Subramanian appointed Chairman
• SEBI has constituted an expert group of foreign portfolio investors

(FPIs) to boost overseas flows
into the country.
• The FPI Advisory Committee
(FAC)
• Chairman - by KV
Subramanian, Former Chief
Economic Adviser
+ 14 other members
representing foreign banks,
stock exchanges,
depositories and the RBI.
• The FAC has been tasked with advising on issues related to
investments and operations of FPIs in the financial markets,
including measures to facilitate ease of doing business by FPIs in
India.
• Also, to review investment avenues available for FPIs and to advise on
feasibility of new investment avenues.
• And to suggest measures required to encourage FPI participation in
the bond market.
Appointment of Whole Time Member in IBBI
• The Central Government appointed

Shri Jayanti Prasad,
• for a period of 5 years
• with effect from the 5th July, 2022 or
upto the age of 65 years or until
further orders, whichever is the earliest.
KEY HIGHLIGHTS OF UNION BUDGET 2023-24
1. SEVEN PRIORITIES OF THE BUDGET ‘SAPTARISHI’
Seven priorities of the budget ‘Saptarishi’ are inclusive development, reaching the last mile,
infrastructure and investment, unleashing the potential, green growth, youth power and
financial sector.

1. Inclusive Development
• Union Budget 2023-24 aligns with "Sabka Saath Sabka Vikas" philosophy.
• Emphasizes inclusive development for various groups:
• Farmers
• Women
• Youth
• OBCs (Other Backward Classes)
• Scheduled Castes
• Scheduled Tribes
• Divyangjan (Persons with Disabilities)
• Economically Weaker Sections
• Prioritizes the underprivileged ("vanchiton ko variyata").
• Sustained focus on Jammu & Kashmir, Ladakh, and the North-East regions.
The crucial elements of Inclusive Development are as under-
a) Agriculture and Cooperation
• Digital Public Infrastructure for Agriculture:

• Open source and interoperable platform.
• Enables farmer-centric solutions.
• Provides information services for crop planning and health.
• Improves access to farm inputs, credit, and insurance.
• Assists in crop estimation and market intelligence.
• Supports the growth of agri-tech industry and start-ups.
• Agriculture Accelerator Fund:
• Encourages rural agri-startups, particularly by young entrepreneurs.
• Aims to bring innovative and affordable solutions for farming
challenges.
• Enhancing Cotton Productivity:
• Cluster-based and value chain approach for extra-long staple cotton.
• Implemented through Public Private Partnerships (PPP).
• Atmanirbhar Horticulture Clean Plant Program:
• Launching with an allocation of ₹2,200 crore.
• Boosts availability of disease-free, quality planting material for high-value
horticultural crops.
• Global Hub for Millets ('Shree Anna'):
• India is the largest producer and second-largest exporter of "Shree
Anna" globally.
• Various forms of "Shree Anna" include jowar, ragi, bajra, kuttu, ramdana,
kangni, kutki, kodo, cheena, and sama.
• The Indian Institute of Millet Research, Hyderabad will receive support.

•
It will become a Centre of Excellence.
• Agriculture Credit:
• Increased agriculture credit target to ₹20 lakh crore.
• Focus on animal husbandry, dairy, and fisheries.
• Fisheries (PM Matsya Sampada Yojana Sub-Scheme):

• Launching with an investment of ₹6,000 crore.
• Cooperation and Economic Development:

• Promotion of cooperative-based economic development.
• Initiatives include computerization of 63,000 Primary Agricultural Credit
Societies (PACS) with an investment of ₹2,516 crore.
• Plan to establish massive storage capacity for farmers' produce.
• Facilitation of multipurpose 8 cooperative societies in uncovered
panchayats and villages over the next 5 years.
b) Health, Education and Skilling

• One 157 new nursing colleges will be established in co-location
with the existing 157 medical colleges established since 2014.
• A Mission to eliminate Sickle Cell Anaemia by 2047 will be
launched.
• Facilities in select ICMR Labs - Indian Council of Medical
Research will be made available for research by public and
private medical college faculty and private sector R&D teams
for encouraging collaborative research and innovation.
• A new programme to promote research and innovation in
pharmaceuticals will be taken up through centers of excellence.
85
c) Education & Skilling
i) Revamped teachers’ training via District Institutes of Education and

Training.
ii) National Digital Library to be set up for children and adolescents.
iii) States will be encouraged to set up physical libraries at Panchayat and
ward levels.
➢ Reaching the Last Mile

• Aspirational Blocks Programme covering 500 blocks for saturation of
essential government services across multiple domains such as health,
nutrition, education, agriculture, water resources, financial inclusion, skill
development, and basic infrastructure.
• Pradhan Mantri PVTG Development Mission to be launched in order to
improve socio-economic conditions of the Particularly Vulnerable

Tribal Groups (PVTGs). An amount of Rs. 15,000 crore will be made

available to implement the Mission in the next three years under the
Development Action Plan for the Scheduled Tribes.
• The Government will recruit 38,800 teachers and support staff for the 740
Eklavya Model Residential Schools, serving 3.5 lakh tribal students, in
the next three years.
• Financial assistance to be given for sustainable micro irrigation and
filling up of surface tanks for drinking water in drought prone regions of
Karnataka.
• The outlay for PM Awas Yojana is being enhanced by 66 per cent to over
Rs. 79,000 crore.
• Bharat Shared Repository of Inscriptions (Bharat SHRI) will be set up
in a digital epigraphy museum, with digitization of one lakh ancient
inscriptions.
• The Government will provide financial support to the poor persons who
are in prisons and unable to afford the penalty or the bail amount.
➢ Infrastructure & Investment
• Capital investment outlay has been increased by 33 per cent to Rs. 10

lakh crore, which would be 3.3 per cent of GDP.
• The ‘Effective Capital Expenditure’ of the Centre is budgeted at Rs. 13.7
lakh crore, which will be 4.5 per cent of GDP.
• Continuation of 50-year interest free loan to state governments for one
more year to spur investment in infrastructure, with an outlay of Rs. 1.3
lakh crore.
• Newly established Infrastructure Finance Secretariat to enhance
opportunities for private investment in infrastructure.
• A capital outlay of Rs. 2.40 lakh crore has been provided for the
Railways.
• 100 critical transport infrastructure projects, for last and first mile
connectivity for ports, coal, steel, fertilizer, and food grains sectors are
identified. They will be taken up with an investment of Rs. 75,000 crore,
including Rs. 15,000 crore from private sources.
• 50 additional airports, heliports, water aerodromes and advance
landing grounds to be revived for improving regional air connectivity.
• States and cities to be encouraged to undertake urban planning reforms
and actions to transform cities into ‘sustainable cities of tomorrow’.
• Through property tax governance reforms and ring-fencing user
charges on urban infrastructure, cities to be incentivized to improve their
credit worthiness for municipal bonds.

• Like the Rural Infrastructure Development Fund (RIDF), an Urban

Infrastructure Development Fund (UIDF) to be established through use
of priority sector lending shortfall. This will be managed by the National
Housing Bank, and to be used by public agencies to create urban
infrastructure in Tier 2 and Tier 3 cities.
• All cities and towns to be enabled for 100% mechanical cleaning of septic
tanks and sewers to transition from manhole to machine-hole mode.
Enhanced focus to be provided for scientific management of dry and wet
waste.
➢ Unleashing the Potential
• Mission Karmayogi- The government has launched an integrated online

training platform, iGOT Karmayogi, to provide continuous learning
opportunities for government employees to upgrade their skills.
• The Jan Vishwas Bill introduced to amend 42 Central Acts for effective
trust based governance.
• Centres of Excellence for Artificial Intelligence- 3 specialized centres
for Artificial Intelligence will be set-up in educational institutions to
promote AI based solutions in agriculture, health and sustainable
cities.
• National Data Governance Policy- To enable access to anonymized
data for research by Start- ups and academia. In this regard a National
Data Governance Policy will be introduced.
• Common Business Identifier- PAN to be used as the common identifier
for all digital systems of specified government agencies.
• Unified Filing Process- A system of ‘Unified Filing Process’ will be set-up
for obviating the need for separate submission of same information to
different government agencies.
• Vivad se Vishwas I – Relief for MSMEs- In cases of failure by MSMEs to
execute contracts during the Covid, 95% of the forfeited amount
relating to bid or performance security, will be refunded to them.
• Vivad se Vishwas II – Settling Contractual Disputes- To have faster
settlement of contractual disputes of government and government
undertakings.

• State Support Mission- The State Support Mission of NITI Aayog will be
continued for 3 more years.
• Result Based Financing- The financing of select schemes will be changed
from ‘input-based’ to ‘result-based’ for better allocation scarce resources.
• E-Courts - With an outlay of Rs. 7,000 crore, Phase-3 of the E-Courts
project will be launched to enable efficient administration of justice.
• Entity DigiLocker- An Entity DigiLocker will be set up for use by MSMEs,
large business and charitable trusts.
It will facilitate secure online storing and sharing documents with the
business ecosystem.
• 5G Services- 100 labs for developing applications using 5G services will
be set up in engineering institutions to cover applications such as smart
classrooms, precision farming, intelligent transport systems, and
health care applications, among others.
➢ Green Growth
• Green Growth Priority Sector:

• Government emphasizes green hydrogen, clean energy storage, and
transmission.
• Battery Energy Storage Systems:
• Viability gap funding for 4,000 MWh battery energy storage systems.
• Pumped Storage Framework:
• Formulation of a detailed framework for pumped storage.
• Inter-state Transmission System:
• Construction of an inter-state transmission system for 13 GW renewable
energy from Ladakh.
• Investment of Rs 20,700 crore with Central support of Rs 8,300 crore.
• Green Credit Programme:
• Introduction of a green credit programme under the Environment
Protection Act.
• Aims to encourage behavioral change towards environmental
sustainability.
➢ Youth Power - Amrit Peedhi

• Pradhan Mantri Kaushal Vikas Yojana 4.0:
• Launching a scheme to skill lakhs of youth in the next 3 years.
• Covers new age courses for Industry 4.0 such as coding, AI, robotics, etc.

• Skill India Digital Platform:

• Introduction of the Unified Skill India Digital platform to:
• Address demand-based formal skilling.
• Link with employers, including MSMEs.
• Facilitate access to entrepreneurship schemes.
• National Apprenticeship Promotion Scheme:
• Providing stipend support and Direct Benefit Transfer under a pan-India National
Apprenticeship Promotion Scheme.
• Tourism:
• Selection of at least 50 destinations for development as complete tourism packages
through challenge mode.
• Unity Mall:
• Encouraging states to establish a Unity Mall in their state capital or prominent tourism or
financial centers.
• The mall will promote and sell their own ODOPs (one district, one product) GI
products, among others.
➢ Financial Sector
• Credit Guarantee Scheme for MSMEs:

• Revamped scheme effective from April 1, 2023, with Rs. 9,000 crore infusion.
• Enables additional collateral-free guaranteed credit of Rs. 2 lakh crore and reduces
credit cost by about 1%.
• National Financial Information Registry:
• Establishment of a national financial information registry as a central repository for
financial data.
• Financial Sector Regulations:
• Financial sector regulators to conduct a comprehensive review of existing regulations.
• Consultation with public and regulated entities for regulatory improvements.
• GIFT IFSC Enhancements:
• Measures to enhance business activities in GIFT IFSC, including delegating powers
under the SEZ Act to IFSCA - International Financial Services Centres Authority
• Setting up a single-window IT system for registration and approval.
• Permitting acquisition financing by IFSC Banking Units of foreign banks.
• Establishing a subsidiary of EXIM Bank for trade re-financing.

• Amending IFSCA Act for statutory provisions for arbitration, ancillary services, and
avoiding dual regulation under SEZ Act.
• Data Embassy:
• Facilitation of Data Embassies in GIFT IFSC for countries seeking digital continuity
solutions.
• Banking Sector Governance and Investor Protection:
• Proposed amendments to the Banking Regulation Act, the Banking Companies Act,
and the Reserve Bank of India Act to enhance bank governance and investor protection.
• Capacity Building in Securities Market:
• Empowering SEBI to develop, regulate, maintain, and enforce norms and standards
for education in the National Institute of Securities Markets.
• Recognizing award of degrees, diplomas, and certificates.
• Central Processing Centre:
• Setup of a Central Processing Centre for faster response to companies by centralizing
handling of various forms filed under the Companies Act.
• Reclaiming of Shares and Dividends:
• Establishment of an integrated IT portal for investors to reclaim unclaimed shares and
unpaid dividends from the Investor Education and Protection Fund Authority.
• Mahila Samman Bachat Patra:
• Introduction of a one-time small savings scheme called Mahila Samman Savings
Certificate.
• Offers deposit facility up to Rs. 2 lakh in the name of women or girls for a tenor of 2
years at a fixed interest rate of 7.5 percent with partial withdrawal option.
• Benefits for Senior Citizens:
• Enhancement of maximum deposit limit for Senior Citizen Savings Scheme from Rs.
15 lakh to Rs. 30 lakh.
• Enhancement of maximum deposit limit for Monthly Income Account Scheme for single
and joint accounts.
• Fiscal Deficit of States:
• Allowance of a fiscal deficit of 3.5 percent of GSDP for states, with 0.5 percent tied to
power sector reforms.
• Fiscal Estimates:
• Revised Estimate for 2022-23: Fiscal deficit at 6.4 percent of GDP.
• Budget Estimate for 2023-24: Fiscal deficit estimated at 5.9 percent of GDP.
• Targeted Fiscal Deficit to be below 4.5 percent of GDP by 2025-26.

2. DIRECT TAX
A. Personal Income Tax Rates [New Income Tax Regime Section 115BAC (1A)]
• Applicability: From AY 2024-25 onwards applicable,

- Individual
- HUF
- AOP (other than a co-operative society)
- BOI
- AJP
• Tax Rates
TOTAL INCOME TAX RATE
0-3,00,000 Nil
3,00,001-6,00,000 5%
6,00,001-9,00,000 10%
9,00,001-12,00,000 15%
12,00,001-15,00,000 20%
Above 15,00,000 30%
• Rebate- Resident Individual, Income upto Rs 7,00,000 under 115BAC

• Surcharge: Highest rate of surcharge on income above Rs. 5 crore reduced from
existing rate of 37% to 25%.
• Standard Deduction: Extending the benefits of Standard Deduction to new tax regime
for salaried class and pensioners.
• Leave Encashment: Increasing tax exemption limit to Rs. 25 lakhs on leave
encashment on retirement for non-govt. salaried employees.
B. Co-operative Society
• Tax Rates: A new manufacturing co-operative society set up on or after 01.04.2023,
which commences manufacturing or production on or before 31.03.2024 and does not
avail of any specified incentive or deductions, may opt to pay tax at a concessional rate
of 15% for assessment year 2024-25 onwards. Surcharge would be at 10% on such tax.
• Raising the limit for cash loan/ transactions against primary co-operatives from Rs.
20,000 to Rs. 2 lakh per member for deposits & loans in cash by PACS PCARDBs -
Primary Agricultural Credit Societies," and PCARDBs stands for "Primary Cooperative
Agriculture and Rural Development Banks.
• Increasing threshold limit for co-operatives to withdraw cash without TDS from Rs.
1 crore to Rs. 3 crore.
• Relief to Sugar co-operatives: Amount paid for purchase of sugarcane by the co-
operative societies engaged in the manufacture of sugar at a price which is equal to
or less than the price fixed by or fixed with the approval of the Government shall

be allowed as deduction for computing business income of the sugar co-operative

factories.
C. Relief to Start-ups
• Extension of Date of incorporation by 1 year for income tax benefits to start-ups till 31st
March 2024
• Benefit of carry forward of losses on change of shareholding of start-ups from 7 years of

incorporation to 10 years
D. Relief to MSME
• Deduction on payments made to MSMEs to be allowed only when payment is actually
made.
E. Others
• Extension of period of tax benefits to funds relocating to IFSC, Gift City till March 31, 2025.
• Exclusion of conversion of physical form of gold into EGR and vice versa by a SEBI
registered Vault Manager from the purview of ‘transfer’ for the purposes of Capital gains.
• Exemption of any income arising to a body or authority or Board or Trust or
Commission, not being a company, which has been established or constituted by or
under a Central or State Act.
3. INDIRECT TAX
A. Proposed Changes in Customs Duties in Budget 2023-2024

• Total number of Basic Customs Duty (BCD) rates on goods, other than textiles and
agriculture, reduced from 21 to 13.
• Green Mobility:
- To provide impetus to green mobility, customs duty exemption is being extended
to import of capital goods and machinery required for manufacture of lithium-
ion cells for batteries used in electric vehicle.
• Electronics:
- To deepen domestic value addition in manufacture of mobile phones, it is
proposed to provide relief in customs duty on import of certain parts and inputs
like camera lens and continue the concessional duty on lithium-ion cells for
batteries for another year.
- To promote value addition in manufacture of televisions, it is proposed to
reduce the BCD on parts of open cells of TV panels to 2.5 per cent.
• Electrical:
- To encourage manufacturing of electric kitchen chimneys, the BCD on
electric kitchen chimney is being increased from 7.5 per cent to 15 per cent
and that on heat coils for these is proposed to be reduced from 20 per cent to
15 per cent.

• Precious Metals:
- It is proposed to increase the duties on articles made of gold and platinum to
enhance the duty differential.
- It is proposed to increase the import duty on silver dore, bars and articles to
align them with that on gold and platinum.
• Cigarettes:
- National Calamity Contingent Duty (NCCD) on specified cigarettes was last
revised three years ago. This is proposed to be revised upwards by about 16
per cent.
B. Legislative Changes in Indirect Taxes in Budget 2023-2024

I. GST
• Decriminalisation: Decriminalize certain offences-
• obstruction or preventing any officer in discharge of his duties;
• deliberate tempering of material evidence
• failure to supply the information.
• Amendment to Schedule III of CGST Act, 2017: To keep certain
transactions/ activities, such as supplies of goods from a place outside the
taxable territory to another place outside the taxable territory.
• Return filing under GST: To restrict filing of returns/ statements to a
maximum period of 3 years from the due date of filing of the relevant return
/ statement.
4. START- UPS, MSMES AND EASE OF DOING BUSINESS

• Revamped Credit Guarantee scheme for MSMEs would be effective
from 1st April 2023 through infusion of Rs. 9,000 crore in the corpus. This
will enable additional collateral-free guaranteed credit of Rs. 2 lakh
crore. Further, the cost of the credit will be reduced by about 1 per cent.
• For enhancing ease of doing business, more than 39,000 compliances
have been reduced and more than 3,400 legal provisions have been
decriminalized.

PARIKSHA PE CHARCHA 2023 (JANUARY 27, 2023)

In the 6th edition of Pariksha Pe Charcha (PPC), the Prime Minister, Shri Narendra Modi, interacted
with students, teachers and parents at Talkatora Stadium in New Delhi on January 27, 2023.
Addressing the gathering, the Prime Minister highlighted that this is the first time that Pariksha Pe
Charcha is taking place during the Republic Day celebrations.
PM Modi answered questions on topics ranging from family pressure, stress management,
prevention of cheating, and career selection.
Key Takeaways from the Pariksha Pe Charcha 2023 are as under:
• Pressure of expectations can be obliterated if you remain focused.
• One should take up the least interesting or most difficult subjects when the
mind is fresh.
• Cheating will never make you successful in life.
• One should do hard work smartly and on the areas that are important.
• Most of the people are average and ordinary but when these ordinary
people do extraordinary deeds, they achieve new heights.
• Criticism is a purifying and a root condition of a prospering democracy.
• There is a huge difference between allegations and criticism.
• God has given us free will and an independent personality and we should
always be conscious about becoming slaves to our gadgets.
• Increasing average screen time is a worrying trend.
• One exam is not the end of life and overthinking about the results should
not become a thing of everyday life.
• By attempting to learn a regional language, you are not just learning about
the language becoming an expression but also opening the doors to the
history and heritage associated with the region.
• I believe that we should not go the way of corporal punishment to
establish discipline, we should choose dialogue and rapport.
• Parents should expose the children to a wide array of experiences in
society. We should reduce the stress of exams and turn them into
celebrations.

ANNOUNCEMENT OF PADMA AWARDS 2023 (JANUARY 25, 2023)
Padma Awards - one of the highest civilian Awards of the country, are conferred in three categories,
namely,
i. Padma Vibhushan- exceptional and distinguished service,
ii. Padma Bhushan- distinguished service of high order and
iii. Padma Shri- for distinguished service in any field.
The awards are announced on the occasion of Republic Day every year.
These Awards are conferred by the President of India at ceremonial functions which are held at
Rashtrapati Bhawan usually around March/ April every year.
For the year 2023, the President has approved conferment of 106 Padma Awards including 3 duo
cases (in a duo case, the Award is counted as one) as under:
Padma Vibhushan* 6
Padma Bhushan* 9
Padma Shri* 91
*19 of the awardees are women and the list also includes 2 persons from the category
of Foreigners/NRI/PIO/OCI and 7 Posthumous awardees.
OTHER INITIATIVES AND SCHEMES
IICA signs MoU with DSNLU to collaborate for offering Courses, Research and Publications,
Advancement of Knowledge, Capacity Building, Awareness and Advocacy (December 14, 2022)
IICA - Indian Institute of Corporate Affairs - is established by the Ministry

of Corporate Affairs as a think-tank and a Centre of Excellence to
support the growth of the corporate sector in India through an integrated
and multi-disciplinary approach.
The MOU is signed between IICA and DSNLU - Damodaram Sanjivayya
National Law University for the purpose of academic collaboration that
will encompass
• offer and award of degree,
• diploma and certificate courses of contemporary importance;
• exchange members of faculty and students;
• research and publication;
• other academic activities;
• offer of expert advice and consultancy;

• and conduct joint workshops,

• seminars and conferences.
The MOU will foster advancement in offering Post Graduate Courses
such as LL.M, jointly organizing awareness and outreach programmes for
the benefit and welfare of humanity.
Launch of National Logistics Policy (September 17, 2022)

• The Prime Minister, Shri Narendra Modi launched the National Logistics
Policy (NLP) at Vigyan Bhawan, New Delhi on September 17, 2022.
• The PM GatiShakti - National Master Plan for muti-modal connectivity -
launched last year, was a pioneering step in this direction.
93rd Edition of Mann ki Baat (September 25, 2022)

The key highlights of the programme inter alia cover the following:
• India delighted at return of cheetahs
• A nationwide competition will take place to name the cheetahs.
• Setting up of Task force for monitoring cheetahs
• 28th September a special day for Amrit Mahotsav to celebrate the birth
anniversary of Bhagat Singh ji, the brave son of Mother India
• Chandigarh airport to be named after Bhagat Singh
• PM urges people to use locally made non-plastic bags only
Scheme Launched by Government for MSMEs (July 25, 2022)
• Government has launched a World Bank supported Central Sector

Scheme called Raising and Accelerating MSME Performance (RAMP).
• The scheme aims at strengthening institutions and governance at the
Centre and State, improving Centre-State linkages and partnerships
and improving access of MSMEs to market and credit, technology
upgradation and addressing issues of delayed payments and
greening of MSMEs.
• RAMP programme will be implemented over a period of 5 years.

Release of India Rankings 2022 of higher educational institutes (July 15, 2022)
• The Union Minister Education, Skill Development and Entrepreneurship, Shri

Dharmendra Pradhan released the India Rankings 2022.
• We are moving towards creating a knowledge-based economy which is
innovation-led and technology-driven.
• He also highlighted following points:
• Accreditation and assessment shall be mandatory. Self-declaration
and transparency shall be basis of assessment and accreditation.
• All the institutions shall also be part of NIRF ranking system - National
Institutional Ranking Framework
• From next year NIRF ranking categories will also include Innovation and
Entrepreneurship.
• There is already work going on rankings of ITIs and Polytechnics.
• Soon there will be a system where each school is also accredited.
• Only those Universities/Colleges which have NAAC - National
Assessment and Accreditation Council grading or NIRF ranking will be
eligible for inclusion in the list maintained by the UGC - University
Grants Commission for receiving financial assistance.
• Our accreditation and rankings system will also become international and
invite foreign institutions to be a part of it.
• CUET - Common University Entrance Test is a step in right direction
towards quality and standardization.
Five Broad Categories of Parameters and Weightage

• The National Institutional Ranking Framework (NIRF), launched in November 2015 by the
Ministry of Education, was used for this edition as well as for the past six editions of India
Rankings released for the years 2016 to 2022. Five broad categories of parameters
identified in the NIRF and their weightage on scale of 10 are given below:

Institutions are ranked based on total sum of marks assigned for each of these five broad groups of
parameters.
In addition to parameters used for Overall category, the following two additional sub-parameters
were included in methodology developed afresh for ranking institutions under “Research Institutions”:
i) Research Papers published in journals covered in the First Quartile of Journal Citation
Report (JCRQ1); and
ii) H Index.
Government approves New India Literacy Programme, a new scheme of Adult Education for
FYs 2022-27 (February 16, 2022)
• New India Literacy Programme: Government approved a new scheme called

the "New India Literacy Programme" for the period FYs 2022-2027.
• Alignment with National Education Policy: The program is designed to align
with the National Education Policy 2020 and Budget Announcements for 2021-
22.
• Online Modules:
• Digital Resources: All materials and resources will be provided digitally,
including through TV, radio, cell phone-based apps, and portals.
• Coverage: The scheme targets non-literates aged 15 and above in all states
and Union Territories.
• Foundational Literacy and Numeracy: The target for FYs 2022-27 is 5 crore
learners, using the "Online Teaching, Learning and Assessment System
(OTLAS)" in collaboration with various organizations.
• Registration: Learners can register with essential information like name, date of
birth, gender, Aadhaar number, and mobile number.
Salient Features of the scheme
1. Performance Grading Index (PGI) for State/UT and district level will show the
performance of States and UTs to implement the scheme and achievements on yearly
basis by weighing both the physical and financial progress through UDISE portal.
2. CSR/Philanthropic Support may be received by hosting ICT support - Information and
Communication Technology support, providing volunteer support, opening

facilitation centres for learners and for providing IT access to economically weak
learners in the form of cell phones, etc.
3. Priority and Saturation (Means providing education to 100% population) in
Literacy- Priority will be given in terms of categories to the Girls and women,
SC/ST/OBC/ Minorities, Persons with Special Needs (Divyangjans), Marginalized/
Nomadic/ construction workers/ laborers/etc. who can substantially and immediately
benefit from adult education.
4. Convergence with Ministries and Departments for effective implementation of NILP -
New India Literacy Programme
5. NILP as Janandolan:
• The 3 crores students/children of around 7 lakh schools registered under
UDISE - Unified District Information System for Education along with about 50
lakh teachers of Government, Aided and Private schools will participate as
volunteer.
• An estimated 20 lakh students from Teacher Education and Higher Education
Institutions will be actively involved as volunteer.
• Support will be garnered from PRIs - Panchayati Raj Institutions , Anganwadi

workers, ASHA - Accredited Social Health Activist workers and an
estimated 50 lakhs NYSK - Nehru Yuva Kendra Sangathan, NSS and
NCC – National Cadet Corps volunteers.
• There will be involvement of community, participation of philanthropic/CSR
organizations through volunteerism and through Vidyanjali portal.
Adult Education is now ‘Education for All’ in the country
Highlights of New National Education Policy (NEP)
The special features of NEP 2020 includes: -
1. Ensuring Universal Access at All Levels of schooling from pre-primary school to Grade
12;
2. Ensuring quality early childhood care and education for all children between 3-6 years;
3. New Curricular and Pedagogical Structure (5+3+3+4);

4. No hard separations between arts and sciences, between curricular and extra-curricular
activities, between vocational and academic streams;
5. Establishing National Mission on Foundational Literacy and Numeracy;
6. Emphasis on promoting multilingualism and Indian languages; The medium of
instruction until at least Grade 5, but preferably till Grade 8 and beyond, will be the home
language/ mother tongue/local language/regional language.
7. Assessment reforms - Board Exams on up to two occasions during any given school
year, one main examination and one for improvement, if desired;
8. Setting up of a new National Assessment Centre, PARAKH (Performance Assessment,
Review, and Analysis of Knowledge for Holistic Development);
9. Equitable and inclusive education - Special emphasis given on Socially and
Economically Disadvantaged Groups (SEDGs);
10. A separate Gender Inclusion fund and Special Education Zones for disadvantaged
regions and groups;
11. Setting up of State School Standards Authority (SSSA);
12. Setting up of Multidisciplinary Education and Research Universities (MERUs);
13. Setting up of National Research Foundation (NRF);
14. ‘
15. Teacher Education - 4-year integrated stage-specific, subject- specific Bachelor of
Education;
16. Establishing a National Mission for Mentoring;
17. Creation of an autonomous body, the National Educational Technology Forum (NETF)
to provide a platform for the free exchange of ideas on the use of technology to enhance
learning, assessment, planning, administration. Appropriate integration of technology into
all levels of education;
18. Achieving 100% youth and adult literacy;
19. Multiple mechanisms with checks and balances will combat and stop the
commercialization of higher education;
20. All education institutions will be held to similar standards of audit and disclosure as a
‘not for profit’ entity;
21. The Centre and the States will work together to increase the public investment in
Education sector to reach 6% of GDP at the earliest;
22. Strengthening of the Central Advisory Board of Education to ensure coordination to
bring overall focus on quality education;

GOVERNANCE AND ETHICS
GOOD GOVERNANCE INITIATIVES BY MINISTRY OF CORPORATE AFFAIRS TO SPEED UP

DECISION-MAKING FOR EASE OF DOING BUSINESS TO USHER IN A HEALTHY
ENVIRONMENT FOR INVESTMENT AND CORPORATE GROWTH
1. Enhancing Efficacy of Companies Act, 2013.

• After consultations and interactions with business chambers, corporate and
accounts professionals, MCA has made 40 clarifications/elaborations in
the form of circulars.
• Fifteen amendments in various Companies Rules have also carried out to
achieve similar objectives.
• In seven instances statutory orders to ‘remove difficulties’ have been
issued for smooth implementation of Companies Act, 2013.
• To derive greater benefits of outcomes of CSR initiatives, MCA has
amended relevant rules enabling wider spread of CSR funding; new items
eligible for funding have also been added to provide impetus to sanitation
and environment-related concerns.
2. Providing Greater Clarity in Companies Act, 2013 for Ease of Doing Business
To make Company Law even more business and growth friendly amendments have been moved and
already approved by the Lok Sabha to:
• Bring provisions for minimum capital and company seal at par with
international best practices.
• Make approval for related party transactions simpler without unduly
diluting safeguards for minority shareholders.
• Provide explicit penalties for failure to honour terms and conditions of
deposits.
• To retain the stringent bail provision only for the serious offences of
fraud.
• To rationalize procedural aspects to deal with frauds detected during
the course of audit.
3. Simplification for forms and procedures for Easy Compliance
To make compliances and reporting easy and convenient to companies following major initiatives have
been taken by MCA:

• Four prescribed forms have been discontinued along with substitution

of a simple declaration instead of affidavits for several purposes.
• Procedural requirements for foreign nationals to be Directors in Indian
Companies have been drastically reduced.
• Arrangements have been completed for integration of Name Availability,
allotment of Direct Identification Number (DIN), Company
Incorporation and Commencement of Business with the unified e-
business portal being developed by the Ministry of Industries and
Commerce.
• Fee payable by small companies for various services significantly

reduced.
• Arrangements to enable Indian companies to follow new Accounting
Standards, i.e. IndAS (compatible with the International Financial
Reporting Standards – IFRS) completed.
4. Dealing with Corporate Delinquency

• SFIO completed the investigations in the affairs of 17 so-called ‘Chit Fund
Companies’ unravelling their modus operandi.
• Initial steps have been taken to cause merger of NSEL Limited with its
parent company Financial Technologies (India) Limited to protect the
interest of investors in NSEL on account of its regulatory defaults and the
failure of the holding company to exercise oversight. This is the first ever
initiative.
5. Investor Education initiatives.
• 1380 programs were conducted in various locations to familiarize small

investors of the opportunities and pitfalls in making investments.

FRAMEWORK FOR DISCLOSURES BY FUND MANAGEMENT ENTITIES FOR

ENVIRONMENTAL, SOCIAL OR GOVERNANCE (ESG) SCHEMES (JANUARY 18, 2023)
International Financial Services Centres Authority (IFSCA), with the aim to establish GIFT-IFSC as a
hub for various sustainable finance related activities, has already issued/notified the following
regulatory frameworks/requirements:
• Disclosure and listing of Green Bonds, Social Bonds, Sustainability Bonds

and Sustainability Linked Bonds
• Sustainability reporting by listed companies having market capitalization
above $50 million
• IBUs and Finance Companies to have board approved framework on
sustainable financing and to have at least 5% of their loan assets towards
sustainable sectors
• Sustainability related Disclosures by Fund Management Entities managing

corpus / AUM above $3 Billion
The salient features of the circular are as under:
1. Applicability: The circular is applicable to such retail schemes, exchange traded funds
(ETFs), restricted schemes and venture capital schemes, which:
a. have terms, such as ‘Environment’, ‘Social’, ‘ESG’, ‘Green’,

‘Sustainability’ or any combination thereof or similar terms, incorporated
in their names, or
b. represent or market themselves as ESG focused schemes.
2. Initial Disclosures: For every ESG scheme launched by a FME, the FME shall ensure the
following:
a. Name of the Scheme: The name of an ESG scheme should be reflective

of its ESG focus and consistent with its ESG-related investment
objectives and investment strategy.
b. Investment Objective: FME should transparently disclose the nature and

extent of the scheme’s ESG-related investment objectives, including
details of the primary components of sustainability addressed by the
scheme

c. Investment Strategy: Detailed explanation of type of investment strategy,

including ESG-related investment strategy, that FME intends to pursue
which amongst others may be towards Integration, Impact Investing,
Engagement, Transition for hard-to-abate and other emission-
intensive sectors, etc.
d. Investment Processes: FME shall disclose the methodology for

processes deemed relevant for ESG investments (specifically towards initial
investments, monitoring, engagement and exits).
e. Risks and Risk Management Practices: FME managing an ESG scheme

should disclose all the specific risks that arise on account of the
scheme’s pursuit of ESG-related investment objectives, related
investment strategies and processes in addition to all the other
material risks faced by the scheme.
f. Benchmark: Wherever feasible, FME may designate a reference

benchmark for the ESG scheme to measure the attainment of its ESG
focus and/or financial performance vis-à-vis the benchmark.
3. Periodic Disclosures for ESG Schemes: For every ESG scheme launched by a
FME, it shall disclose to the Authority and investors, on a half-yearly basis for a
retail scheme and on annual basis for other types of schemes, the compliance
with the stated ESG-related investment objectives of the scheme, ESG-
related performance, actual proportion of the investable corpus / assets
under management invested as per the stated ESG-related investment
objectives, Key findings/ Major observations of Internal audits or third-party
validation, if any, etc.
4. Monitoring and Compliance: The FME should undertake, on a half-yearly basis

for a retail scheme and on annual basis for other types of schemes,
assessment of their compliance with the stated ESG-related investment
objectives of the schemes, measurement of the ESG-related performance of
the scheme by evaluating any pre-determined KPIs, expected outcomes and
other relevant factor and submit a declaration.

COMPLIANCE FUNCTION AND ROLE OF CHIEF COMPLIANCE OFFICER (CCO) - URBAN

COOPERATIVE BANKS (SEPTEMBER 19, 2022)
• Keeping in view the principles of proportionality, which shall be
applicable to all UCBs under Tier 3 and Tier 4 categories except UCBs
under All Inclusive Directions (AID).
• UCBs under Tier 1 and Tier 2 categories shall continue to be governed
under the existing guidelines.
• The UCBs under Tier 4 category shall put in place a Board-approved
policy and a Compliance Function, including the appointment of a Chief
Compliance Officer (CCO), based on specified framework. The UCBs
under Tier 3 category shall implement the same latest by October 1, 2023.
CCPA PENALISES ‘FLIPKART’ FOR SELLING SUB-STANDARD PRESSURE COOKERS TO

CONSUMERS; TO PAY PENALTY OF `1 LAKH (AUGUST 17, 2022)
Headed by Chief Commissioner Mrs. Nidhi Khare, the CCPA has directed Flipkart to notify
consumers of all 598 pressure cookers sold on its platform, recall the pressure cookers and
reimburse their prices to the consumers and submit a compliance report of the same within 45
days.
The company has also been directed to pay a penalty of `1,00,000 for allowing sale of such
pressure cookers on its e-commerce platform and violating rights of consumers.
IT MINISTRY TO CONDUCT QUARTERLY AUDIT OF COMPLIANCE BY SOCIAL MEDIA FIRMS

(AUGUST 04, 2022)
The Ministry of Electronics and Information Technology (MEITY) will now conduct compliance
audits of social media companies every quarter.
At present, social media platforms are required to disclose their compliance with IT Rules 2021 every
month where they disclose action taken by them in response to various grievances.
As part of the audit, the Ministry will verify if social media companies are reporting about grievances
raised to them correctly and if their action taken is in sync with the laid out Rules.

1. Ramesh Bais has appointed as Governor of Maharashtra by President of India recently.

Prior to his appointment as Governor of Maharashtra, he was the governor of which of
the following states?
a) Bihar
b) Jharkhand
c) Gujarat
d) Rajasthan
2. Who among the following is the Chief Executive Officer of NITI Aayog?
a) Amitabh Kant
b) Rajiv Kumar
c) BVR Subrahmanyam
d) Indira Nooyi
3. Which of the following Union Ministry has launched E-daakhil portal?
a) Ministry of Commerce and Industry
b) Ministry of Consumer Affairs
c) Ministry of Labour and Employment
d) Ministry of Finance
4. Which Indian state has announced to set up state-level institutions on the lines of NITI
Aayog?
a) Uttar Pradesh
b) Madhya Pradesh
c) Maharashtra
d) West Bengal
5. Which state’s education department has launched an e-governance portal named
‘Samarth’?
a) New Delhi
b) Uttarakhand
c) Telangana
d) Odisha

Ch 4 – Legal & Other Affairs 4.1
LESSON 4
LEGAL AND OTHER AFFAIRS
RECENT IMPORTANT JUDGMENTS PASSED BY SUPREME COURT, HIGH COURTS AND

TRIBUNALS IN INDIA
SUPREME COURT
• The Supreme Court of India is the highest judicial Court

• The final Court of appeal under the Constitution of India,
• The highest Constitutional Court, with the power of judicial review.
India is a federal state and has a single and unified judicial system with three tier structure, i.e.
i. Supreme Court,
ii. High Courts and
iii. Subordinate Courts.
Constitutional Provisions
• The Indian constitution provides for a provision of Supreme Court under Part V (The Union)
and Chapter 6 (The Union Judiciary).
• Articles 124 to 147 in Part V of the Constitution deal with the organisation, independence,
jurisdiction, powers and procedures of the Supreme Court.
• The Indian constitution under Article 124(1) states that there shall be a Supreme Court of India
constituting of a Chief Justice of India (CJI) and, until Parliament by law prescribes a larger
number, of not more than 7 other Judges.
• The Jurisdiction of the Supreme Court of India can broadly be categorised into
i. original jurisdiction,
ii. appellate jurisdiction and
iii. advisory jurisdiction.
However, there are other multiple powers of the Supreme Court.
Organisation of Supreme Court

• Supreme Court (Number of Judges) Bill of 2019 increased the judicial strength from 31 to
34, including the CJI.

• Originally, the strength of the Supreme Court was fixed at 8 (one Chief Justice and seven
other judges).
• The Parliament is authorised to regulate them.
• The Judges are appointed by the President.
✓ The CJI is appointed by the President after consultation with such Judges of
the Supreme Court and High Courts as he deems necessary.
✓ The other Judges are appointed by the President after consultation with the
CJI and such other Judges of the Supreme Court and the High Courts as he
deems necessary.
✓ The consultation with the Chief Justice is obligatory in the
case of appointment of a Judge other than Chief Justice.
Presently, Hon’ble Dr. Justice D.Y. Chandrachud is the Chief Justice of India.
HIGH COURTS IN INDIA
• India has a cohesive judiciary system and the Supreme Court is the apex
court.
• Supreme Court is the final interpreter of the constitution.
• The High Court is the supreme judicial body in a state.
• According to Article 214, each state of India shall have a High Court.
• Article 215 and 26 of the India Constitution states that every High Court shall
be a Court of record.
• Every High Court shall consist of a Chief Justice and such other Judges as the
President may from time to time deem it necessary to appoint.
• There are following 25 High Courts in India, 3 having control over more than
one State.
• Delhi has a High Court of its own among the Union Territories.
ADMINISTRATIVE TRIBUNALS
• Administrative Tribunals Act owes its origin to Article 323-A of the Constitution
which empowers Central Government to set-up by an Act of Parliament
• Administrative Tribunals for adjudication of disputes and complaints with
respect to recruitment and conditions of service of persons appointed to the
public service and posts in connection with the affairs of the Union and the
States.
• The appeals against the Orders of an Administrative Tribunal shall lie before the
Division Bench of the concerned High Court.

• The Government can present its case through its departmental officers or
legal practitioners.
• The Act provides for establishment of Central Administrative Tribunal (CAT)
and the State Administrative Tribunals.(SAT)
• The CAT was set up on 1 November 1985.
• There are 17 Benches and 21 Circuit Benches in the Central Administrative
Tribunal all over India.
• In addition to the Ministries and Departments of Central Government, the
Government of India has notified about 214 organizations to bring them within the
jurisdiction of the Central Administrative Tribunal, from time to time.
• In addition the Central Administrative Tribunal, Principal Bench is dealing with
the matters of Govt. of National Capital Territory of Delhi.
NATIONAL COMPANY LAW TRIBUNAL
• The Central Government has constituted National Company Law Tribunal

(NCLT) under Section 408 of the Companies Act, 2013 w.e.f. 01st June 2016.
• In the first phase, the Ministry of Corporate Affairs has set up 11 Benches, one
Principal Bench at New Delhi
• These Benches will be headed by the President and 16 Judicial Members and
09 Technical Members at different locations.
• Presently, Chief Justice (Retd) Ramalingam Sudhakar is
the President, National Company Law Tribunal.
NATIONAL COMPANY LAW APPELLATE TRIBUNAL
• National Company Law Appellate Tribunal (NCLAT) was constituted under Section
410 of the Companies Act, 2013 for hearing appeals against the orders of
i. National Company Law Tribunal
ii. Insolvency and Bankruptcy Board of India
iii. Competition Commission of India
iv. National Financial Reporting Authority
Ashok Bhushan, retired judge of Supreme Court is the current chairman of National
Company Law Appellate Tribunal

SOME RECENT IMPORTANT JUDGEMENT BY SUPREME COURT, HIGH COURT AND

TRIBUNALS
1. Supreme Court upheld by 4:1 majority the Central Government decision on

demonetize the Rs. 1,000 and Rs. 500 denomination notes (January 02, 2023) - In
the case of Vivek Narayan Sharma vs. Union of India (Writ Petition (Civil)
2. No individual can be forced to receive Covid Vaccinations
Bench- Justices L Nageswara Rao and BR Gavai
“Bodily integrity is protected under Article 21 of the Constitution
of India, and no individual can beforced to be vaccinated.”
3. Daughter’s right to inherit self-acquired property
Case Name- Arunachala Gounder v. Ponnusamy
Bench- Justices S Abdul Nazeer and Krishna Murari
“The legislative intent of enacting Section 14(I) of the Act was to remedy the
limitation of a Hindu woman who could not claim an absolute interest in the
properties inherited by her but only had a life interest in the estate so inherited.”
In simple words, "Section 14(I) of the Act" was created to fix a problem for Hindu women.
Before this law, when a Hindu woman inherited property, she didn't fully own it. She only
had the right to use it during her lifetime but couldn't pass it on to her children or anyone
else. Section 14(I) was made to change that so that Hindu women could have full ownership
rights over the properties they inherited, not just temporary rights.
4. NCLT – Mumbai Bench gives approval for merger of multiplex operators

PVR and Inox (January 12, 2023)
5. Parliament passes bill to rename New Delhi International Arbitration Centre - as the India
International Arbitration Centre
The Rajya Sabha passed the New Delhi International Arbitration Centre
(Amendment) Bill, 2022, which was piloted by Union Law Minister in the house. The
Lok Sabha has already passed the bill on August 2022
6. NCLAT Allows Settlement Between McDonald’s and Former Partner Vikram
Bakshi.
• Filed against each other over Connaught Plaza Restaurants Ltd (CPRL).
• NCLAT also dismissed the intervention application filed by HUDCO earlier
opposing the deal.
• HUDCO had opposed the settlement claiming Rs 195 crore dues from Bakshi
and his related entities.
• CPRL is now wholly-owned by McDonald’s
7. Supreme Court constitutes all-women Bench to hear transfer petitions

• Chief Justice of India D Y Chandrachud has formed an all-

women bench.
• The bench includes Justices Hima Kohli and Bela M Trivedi.
• They will handle transfer petitions related to matrimonial
disputes and bail matters.
• The bench is currently in Court number 11 of the top court.
• There are 32 cases scheduled for this bench.
• These cases include 10 transfer petitions regarding matrimonial disputes and 10 bail
matters.
• The first all-women bench was
established in 2013 with Justices
Gyan Sudha Misra and Ranjana
Prakash Desai, followed by
another in 2018 with Justices R Banumathi and Indira Banerjee.
8. NCLAT dismisses Siemens’ plea against encashment of its guarantee in MEL

• The National Company Law Appellate Tribunal (NCLAT) made a decision.
• Siemens Ltd appealed to NCLAT because Meenakshi Energy invoked its bank guarantees.
• Meenakshi Energy Ltd (MEL) is facing financial difficulties and was building a power
plant.
• Siemens was working as a subcontractor for this project.
• NCLAT upheld the previous order by the Hyderabad branch of the National Company
Law Tribunal (NCLT).
• Meenakshi Energy invoked the bank guarantees because Siemens didn't fulfill its
contract obligations.
• NCLAT found no evidence of fraud and said the NCLT order was okay.
• The Resolution Professional of MEL asked for permission to use Rs 2.50 crore from the
bank guarantees to keep the plant running.
• NCLAT agreed, saying it should be used to keep MEL's business going.
9. Power to admit insolvency application not binding even when debt owed: SC
• The Supreme Court made a decision that can help companies in financial
trouble.
• Vidarbha Industries, a power company, appealed against the National Company
Law Appellate Tribunal (NCLAT).
• Axis Bank started insolvency proceedings against Vidarbha Industries, and
NCLAT didn't stop it.
• Justices Indira Banerjee and JK Maheshwari explained that the court that deals
with insolvency (NCLT) made a mistake.

• They said that starting the insolvency process should not always happen just
because a company owes money.
• Insolvency should only happen if a company is truly bankrupt or unable to pay its
debts.
• They also said that the countdown for the insolvency process only begins when
the court officially accepts the application, not when it's first filed.
• NCLAT made a mistake by thinking that if a company owed money and didn't
pay, the court had to start insolvency proceedings.
CURRENT AFFAIRS RELATED TO ICSI

ABOUT THE INSTITUTE OF COMPANY SECRETARIES OF INDIA (ICSI)
• ICSI is the only recognized professional body in India to develop and regulate
the profession of Company Secretaries in India.
• Company Secretaries Act, 1980.
• ICSI functions under the Ministry of Corporate Affairs, Government of India.
• At present, there are more than 70,000 members and around 2.5 Lakhs
students on the roll of ICSI.
• ICSI has its headquarters at New Delhi, four Regional Offices at
i. New Delhi,
ii. Chennai,
iii. Kolkata,
iv. Mumbai;
• One ICSI - Centre for Corporate Governance, Research and Training
(CCGRT), Navi Mumbai
• One ICSI Centre of Excellence, Hyderabad
• & 72 Chapters across India.
ICSI in News
• The ICSI elects its New President and Vice President for the year 2022
PRESIDENT- CS Manish Gupta
VICE PRESIDENT- CS B. Narasimhan,
for the year 2023 w.e.f. 19th January 2023.

• Celebration of 50th National Convention of Company Secretaries
The Golden Jubilee National Convention of Company Secretaries was

organised from September 1-3, 2022 at Kolkata, West Bengal on the
theme `Company Secretary: A Vishwaguru in Governance and
Sustainability’
• 51st National Convention of Company Secretaries is scheduled to be held

during November 2-3-4, 2023 at Varanasi, Uttar Pradesh on the theme
India@G20: Empowering Sustainable future through Governance &
Technology.
Some of the key ICSI initiatives unveiled during the Convention are:
• New Centre for Corporate Governance Research and Training (CCGRT) in
Kolkata
Eastern India Regional Council (EIRC) in Kolkata, is coming up with a new
CCGRT at Rajarhat New Town Kolkata.
• New ICSI Syllabus: ICSI formally launched a whole New ICSI Syllabus which is
in sync with the New Education Policy of the Government.
• New ICSI overseas Centre in Canada: This would be the sixth ICSI Overseas
Centre after Australia, Singapore, UAE, USA and UK.
• ICSI International Alternate Dispute Resolution (ADR) center:
Arbitration, mediation, conciliation, negotiation are a part and parcel of ADR

addressing commercial disputes. ICSI will start a pilot project from Hyderabad
and has the full support and guidance of the Ministry of Law and the mandate
is to open 20 such ADR Centres across India.
• ICSI-West Bengal Government MoU on MSMEs

CURRENT UPDATES ON ENVIRONMENT, BIO-DIVERSITY, CLIMATE CHANGE AND
SUSTAINABLE DEVELOPMENT
THE ENERGY CONSERVATION (AMENDMENT) BILL, 2022 (DECEMBER 13, 2022)
The Energy Conservation (Amendment) Bill, 2022 was introduced in the

Lok Sabha on August 03, 2022 and was passed on August 08, 2022.
The Rajya Sabha passed the aforesaid bill on December 12, 2022, the key
underlining features of the bill include:
• Carbon credit trading:

i. The Bill empowers the Central Government to specify a carbon

credit trading scheme.
ii. The Central Government or any authorised agency may issue
carbon credit certificates to entities registered and compliant
with the scheme.
iii. One can trade the certificates.
• Obligation to use non-fossil sources of energy:

i. CG to specify energy consumption standards.
ii. The Bill adds that the government may require designated
consumers to meet a minimum share of energy consumption
from non-fossil sources.
iii. Different consumption thresholds may be specified for different
non-fossil sources and consumer categories.
• Standards for vehicles and vessels:
i. Under the Act, the energy consumption standards may be specified

for equipment and appliances which consume, generate,
transmit, or supply energy.
ii. The Bill expands the scope to include vehicles (as defined under
the Motor Vehicles Act, 1988), and vessels (includes ships and
boats).
• Composition of the governing council of BEE: The Act provides for the
setting up of the Bureau of Energy Efficiency (BEE).
UNITED NATION’S CONFERENCE OF PARTIES (DECEMBER 19, 2022)
• An Indian delegation attended the 27th session of the UN Climate Change

Conference (COP 27).
• The conference aimed to advance global efforts in areas like climate
mitigation, adaptation, finance, and more.
• India stressed the importance of following the principles of the UNFCCC -
United Nations Framework Convention on Climate Change and the Paris
Agreement, including principle of common but differentiated responsibilities
(CBDR-RC).
• These principles were reflected in the 'Sharm El-Sheikh Implementation
Plan' and other COP27 decisions.
• COP 27 has been termed as an ‘Implementation COP’

GOVERNMENT EXTENDS ROOFTOP SOLAR PROGRAMME TILL MARCH 2026 (DECEMBER

08, 2022)
• National Portal was developed which was launched by Hon’ble Prime

Minister on 30.07.2022.
• The Rooftop Solar Programme has been extended till 31.03.2026 and
therefore, subsidy under the programme will be available until the target
under the Programme is achieved.
• All residential consumers are hereby advised not to pay any additional
charges to any vendor on account of fee for application on the National
Portal or any additional charges for testing which are not prescribed by the
respective distribution company.
• The subsidy under National Portal has been fixed at Rs. 14,588/- per kW
(for capacity upto 3 kW) for the entire country and residential consumers.
• The vendor has to provide maintenance services to the consumer for at
least 5 years and in case of any default the respective distribution
company can encash the performance bank guarantee of the vendor.
• There is no fee for application on the National Portal.
• Ministry is implementing Rooftop Solar Programme Phase-II wherein
Subsidy is being provided to residential consumers for installation of
rooftop solar.
INDIA EMBARKED ON NEW INITIATIVES IN RENEWABLE ENERGY: ENVIRONMENT

MINISTER (NOVEMBER 15, 2022)
• India has embarked on new initiatives in renewable energy, e-mobility,

ethanol blended fuels and green hydrogen as an alternate energy
source.
• At COP27, the Union minister for Environment, Forest and Climate
Change, Shri Bhupender Yadav said Net zero emissions target by 2070
at Glasgow. “The strategy indicates low carbon pathways in key
economic sectors.”
• India is undertaking huge efforts despite having less than 4% contribution
to the world’s cumulative emissions and one-1/3rd of global average
annual per capita emissions.
• At the centre of India’s vision of a safe planet is the mantra – Lifestyle
for Environment

COMMITTEE OF EXPERTS ON SUSTAINABLE FINANCE SUBMITS REPORT TO IFSCA

(OCTOBER 05, 2022)
• A ‘Committee of Experts on Sustainable Finance’, constituted by

International Financial Services Centres Authority (IFSCA) submitted its
final report to Chairperson, IFSCA on October 03, 2022.
• The committee was chaired by Shri C.K. Mishra,
Former Secretary to Government of India, Ministry
of Environment, Forest & Climate Change.
• The main focus areas of the committee were directed
towards
i. aligning the IFSC regulations with the international best
practices,
ii. exploring ways in which capital flows through IFSC can be
enhanced and
iii. also support development of innovative financial products in
the area of green and sustainable finance.
Some important recommendations include
i. developing a voluntary carbon market,
ii. framework for transition bonds,
iii. enabling de-risking mechanisms,
iv. promoting regulatory sandbox for green fintech and facilitating the creation of a global climate
alliance among others.
• Considering the significance of the MSME sector → setting up of a

dedicated MSME platform for sustainable lending.
• The committee recommends to facilitate the use of innovative

instruments such as catastrophe bonds, municipal bonds, green
securitisation, blended finance among others.
• Focusing on the need to enhance capital flows in IFSC, the committee

endorses the need to enable aggregation facilities, impact funds,
green equity etc. in IFSC.

RELEASE OF WILD CHEETAHS IN KUNO NATIONAL PARK IN MADHYA PRADESH

(SEPTEMBER 17, 2022)
• Brought from Namibia are being introduced in India under Project

Cheetah, which is world’s first inter-continental large wild carnivore
translocation project.
• Out of the 8 Cheetahs there are 5 female and 3 male Cheetahs. .
IBA FORMS KEY WORKING GROUP OF BANKS ON SUSTAINABILITY (SEPTEMBER 23,

2022)
• The Indian Banks’ Association (IBA) has set up a large working group,
comprising representatives of about a dozen-and-a-half key banks,
solely for handling issues covering the entire spectrum of
sustainability and green financing,.
• This working group will play an important role in firming up
recommendations on sustainability finance and could be a useful
tool for authorities ahead of India’s G20 presidency in December,
where Environmental, Social and Governance (ESG) issues will be a
major talking point among participating countries.
RECYCLING OF E-WASTE (AUGUST 8, 2022)
• The E-Waste (Management) Rules, 2016 provide for compulsory

registration of the recycling units and Central Pollution Control Board
(CPCB) has issued guidelines/Standard Operating Procedures (SoPs)
for processing of e-waste.
• The E-Waste (Management) Rules, 2016 also provide for recognition and
registration, skill development, monitoring and ensuring safety and
health, of workers involved in dismantling and recycling of e-waste.
• Under the E-Waste Management Rules, provision for reduction of
hazardous substances in manufacturing of Electrical and Electronic
Equipment (EEE) has been provided.
• It mandates that every producer of EEE and their components shall ensure
that their products do not contain lead, mercury and other hazardous
substances beyond the maximum prescribed concentration.

AMENDMENTS TO FOOD SAFETY REGULATIONS (AUGUST 30, 2022)
• Food Safety and Standard Authority of India (FSSAI) has amended

✓ Food Safety and Standards
✓ (Foods for Infant Nutrition) Regulations, 2020 (FIN regulations) and
✓ Food Safety and Standards (Packaging) Regulations, 2018
(Packaging Regulations).
• These amendments inter alia provide the provisions relating to increase
in the maximum limit of Vitamin B12 in infant formula under FIN
regulations.
LATEST DEVELOPMENTS IN SCIENCE AND TECHNOLOGY, INFORMATION TECHNOLOGY,

COMPUTERS AND SPACE SCIENCE
HONOURABLE PRIME MINISTERS OF INDIA AND SINGAPORE LAUNCH REAL-TIME

PAYMENT SYSTEMS LINKAGE BETWEEN THE TWO COUNTRIES (FEBRUARY 21, 2023)
• Hon’ble Prime Minister of India, Shri Narendra Modi and Hon’ble Prime
Minister of Singapore, Mr. Lee Hsien Loong on February 21, 2023
witnessed the launch of cross-border linkage between India and
Singapore using their respective Fast Payment Systems, viz. Unified
Payments Interface (UPI) and PayNow.
• The UPI-PayNow linkage will enable users to make convenient, safe,
instant, and cost-effective cross-border funds transfers using their
respective mobile apps.
• Funds held in bank accounts or e-wallets can be transferred to / from India
using just the UPI-id, mobile number, or Virtual Payment Address
(VPA).
GOOGLE LAUNCHES ANTI-MISINFORMATION CAMPAIGN IN INDIA (DECEMBER 06, 2022)

• Aimed at preventing misleading information that has been blamed for
inciting violence.
• Indian government officials have called on tech companies such as
Google, Meta, and Twitter to take stronger action against the spread
of fake news.
• The Ministry of Information and Broadcasting (I&B) has repeatedly
invoked “extraordinary powers” to block YouTube channels, and some
Twitter and Facebook accounts, allegedly used to spread harmful
misinformation.

GOVERNMENT LAUNCHES DIGIYATRA FACILITY AT 3 AIRPORTS (DECEMBER 01, 2022)

• Union Minister for Civil Aviation Shri Jyotiraditya Scindia launched Digi
Yatra from the Indira Gandhi International Airport, New Delhi for three
airports in the country, namely New Delhi, Varanasi and Bengaluru.
• Digi Yatra is conceived to achieve contactless, seamless processing of
passengers at airports based on Facial Recognition Technology
(FRT).
• Digi Yatra in the first phase, will be launched at 7 airports.
• However, it has been initially launched at 3 airports i.e., Delhi,
Bengaluru and Varanasi, to be followed by 4 airports namely
Hyderabad, Kolkata, Pune, and Vijayawada by March 2023.
• The service is presently being launched for domestic flights passengers
only.
• Digi Yatra App is available on both IoS and android. .
GOOGLE ROLLS OUT PASSKEY SUPPORT IN CHROME FOR BETTER SAFETY (DECEMBER
10, 2022)
• Tech giant Google has started to roll out passkey support in Chrome with
the Stable M108 version, for better safety.
• Passkeys are a safer replacement for passwords and other phishable
authentication factors.
IIT ROORKEE AND AIIMS DELHI DEVELOP SWASTHGARBH APP FOR PREGNANT WOMEN
(DECEMBER 27, 2022)
• Under the Prime Minister Swasth Bharat Mission, researchers at IIT
Roorkee have developed a new application for pregnant women called
‘SwasthGarbh’.
• The new app is designed to provide antenatal care (Pregnancy Care)
and real-time medical support to pregnant women.
• SwasthGarbh is the first pregnancy app that gives users access to a
doctor when needed.
LAUNCH OF 5G SERVICES
• Shri Narendra Modi while launching 5G services in Pragati Maidan, New
Delhi on October 01, 2022 said that New India will not remain a mere
consumer of technology, but India will play an active role in the
development and implementation of that technology.
• India will play a big role in designing the future wireless technology, and
manufacturing related to it.

• It will help in providing seamless coverage, high data rate, low latency,
and highly reliable communications.
• Also, It will increase energy efficiency, spectrum efficiency and network
efficiency.
• 5G technology will help in connecting billions of Internet of Things devices,
will allow higher quality video services with mobility at high speed, and
delivery of critical services such as telesurgery and autonomous cars
among others.
• 5G will help in real-time monitoring of disasters, precision agriculture,
and minimising the role of humans in dangerous industrial operations
such as in deep mines, offshore activities etc.
INDIA’S FIRST HYDROGEN FUEL CELL BUS (AUGUST 22, 2022)

• A hydrogen fuel cell bus developed by KPIT-CSIR The Council of
Scientific & Industrial Research - in Pune was unveiled by Shri Jitendra
Singh, Union Minister of State for Science and Technology, on August
21, 2022.
• The hydrogen fuel cell uses hydrogen and air to generate electricity,
producing only heat and water in the process.
GOVERNMENT MANDATES REGISTRATION OF IMEI NUMBER OF ALL MOBILE PHONES

BEFORE SALE IN INDIA STARTING 2023 (SEPTEMBER 27, 2022)
• On its anti-counterfeit and lost handset blocking portal from January
01, 2023.
• According to a notification dated September 26, all mobile phones,
whether made locally or imported, will need to be registered and get
IMEI (International Mobile Equipment Identity Number) certificates from
the Indian Counterfeited Device Restriction portal that is run by the
Department of Telecommunications.
1. ‘Kumarakom and Beypore’, which were selected under the Swadesh Darshan 2.0
Scheme, are located in which of the following states?
a) Tamil Nadu
b) Kerala
c) Gujarat
d) Himachal Pradesh
2. Recently, National Green Tribunal (NGT) slashed Rs. 3500 crore fine on which state
government for violating waste management rules?
a) New Delhi

b) West Bengal
c) Assam
d) Uttar Pradesh
3. PM Modi flags off World’s Longest River Cruise, Ganga Vilas, in which city will the cruise
conclude?
a) Patna
b) Kolkata
c) Dibrugarh
d) Guwahati
4. Which state becomes the First State to launch its Own Climate Change Mission in India?
a) Kerala
b) Tamil Nadu
c) Gujarat
d) Himachal Pradesh
5. ‘Green Fins Hub’, a global digital platform for sustainable marine tourism, is associated
with which global institution?
a) International Labour Organisation (ILO)
b) United Nations International Children’s Emergency Fund (UNICEF)
c) The United Nations Environment Programme (UNEP)
d) The United Nations Development Programme (UNDP)

CSEET – Ch 5 – Business & Economy 5.1
LESSON 5
BUSINESS AND ECONOMY
INTERNATIONAL TRADE AGREEMENTS

FREE TRADE AGREEMENTS (FTAS)
FTAs are arrangements - To reduce or eliminate customs tariff and non-
tariff barriers on
FTAs, normally cover
▪ trade in goods (such as agricultural or industrial products) or
▪ trade in services (such as banking, construction, trading etc.).
▪ Other areas such as intellectual property rights (IPRs), investment,
government procurement and competition policy, etc.
Countries negotiate Free trade Agreements for a number of reasons:
• For Easier market access into one another’s markets.
• For preferential treatment
• Protect local exporters
• Possibility of increased foreign investment.
SOME IMPORTANT INTERNATIONAL TRADE AGREEMENTS

Joe Biden Calls Air India-Boeing Deal a Historic Event, Will Grant 1 million Jobs in US
(February 15, 2023)
• between India and the US Government for about 34 billion dollars.
• Air India’s decision to purchase 220 Boeing Aircraft and further calls it a ‘historic
agreement’.
• 1 million American jobs across 44 states, and many will not require a 4-year college
degree.
• Ttrength of the U.S.-India economic partnership

MoU signed between International Solar Alliance and International Aviation Group (September
28, 2023)
• To check the growth of CO2 emissions in the international aviation sector.
• The idea of International Civil Aviation Organisation (ICAO) becoming a
partner organization of International Solar Alliance (ISA) was mooted by the
Minister in his meeting with the President of ICAO during the visit of Minister
Jyotiraditya M. Scindia to Montreal in May 2022.
Virtual Launch of UPI-PayNow Linkage between India and Singapore (February 21, 2023)
• Shri Narendra Modi and PM of Singapore, Mr. Lee Hsien Loong linkage
between the Unified Payments Interface (UPI) of India and PayNow of
Singapore.
• Shri Shaktikanta Das, Governor of Reserve Bank of India and Mr. Ravi
Menon, Managing Director, Monetary Authority of Singapore made live
cross-border transactions to each other using their respective mobile
phones.
• Singapore is the first country with which cross border Person to Person
(P2P) payment facility has been launched.
• This will help migrant workers/students
• QR codes is already available in selected merchant outlets in Singapore.
India extends USD 100 million credits to Maldives to overcome financial crisis
• A ceremony was held at the Ministry of Foreign Affairs where Foreign Minister
Abdulla Shahid and Finance Minister Ibrahim Ammer were also present.
Cabinet approves Air Services Agreement between India and Guyana (February 23, 2023) .
• Indians have 40% of the population as per 2012 census in Guyana
• The agreement is for international air connectivity.
• Air Services Agreement (ASA) is based on the principles of sovereignty of
nations, nationality of carriers and reciprocity in terms of commercial
opportunities for the designated airlines of each side.
• At present there is no Air Services Agreement (ASA) between India and
Guyana.
• India and Guyana are signatories to the Convention on International Civil
Aviation (Chicago Convention).

• The delegations representing India and Guyana met in Nassau, Bahamas

on 06 December 2016 during the ICAO ("International Civil Aviation
Organization.")Air Services Negotiations.
IndAusECTA
• India and Australia have entered into an Economic Cooperation and Trade
Agreement.
• The IndAusECTA was signed last year, on 2nd April, 2022; after Ratification
and Exchange of Written Instruments, the Agreement has come into force on
29th December 2022.
Objectives of the Agreement
The objectives of this Agreement are to:
a. strengthening and enhancing the economic, trade and investment
relationship
b. liberalise and promote trade in goods & Services
c. improve the efficiency and competitiveness of their manufacturing and
services sectors and to expand trade and investment between the Parties;
and
d. facilitate, enhance and explore new areas of economic cooperation and
develop appropriate measures for closer economic cooperation between
the Parties.
Benefits under Trade in Goods
• Indian goods on all tariff lines to get access to Australian market with zero
customs duty
• Cheaper Raw Materials, Faster ApprovaI for Medicines
• 90% of Australian exports by value to get zero duty access to Indian
market
• 10 Lakh More Jobs, 10 Billion Dollar More Exports in 5Years
Benefits under Trade in Services
• More than 1 lakh Indian students in Australia to benefit from post-study
work visa
• Australian services to get Negative List Treatment after 5 Years.
• Under the negative listing approach, a country treats imported and locally
produced goods / services equally in all areas
• End to Double Taxation

Investment Incentive Agreement (IIA) between the Government of India and the Government
of United States of America (May 23, 2022)
• The IIA was signed by Shri Vinay Kwatra, Foreign Secretary, Government of
India, and Mr. Scott Nathan, Chief Executive Officer, U.S. International
Development Finance Corporation (DFC).
• Creation of a new agency called DFC -Development Finance Corporation,
successor agency of the erstwhile Overseas Private Investment Corporation
(OPIC) after the enactment of a recent legislation of USA, the BUILD Act 2018.
• The Agreement is the legal requirement for DFC, to continue providing
investment support in India.
• DFC has provided investment support in sectors such as COVID-19 vaccine
manufacturing, healthcare financing, renewable energy, SME financing, financial
inclusion, infrastructure etc.
India-UAE Comprehensive Economic Partnership Agreement (CEPA) enters into force (May
01, 2022)
• Secretary, Department of Commerce, Shri BVR Subrahmanyam flagged off
the first consignment of goods comprising of Jewellery products from India
to UAE under the India-UAE CEPA at a function in New Customs House in
New Delhi.
• Certificates of Origin to three exporters were given from the Gems &
Jewellery sector.
• Gems & Jewellery sector contributes a substantial portion of India’s exports to
the UAE and is a sector that is expected to benefit significantly from the tariff
concessions
• Overall, India will benefit from preferential market access provided by the UAE
on over 97 % of its tariff lines which account for 99% of Indian exports to the
UAE in value terms particularly from labour-intensive sectors such as Gems
and Jewellery, Textiles, leather, footwear, sports goods, plastics, furniture,
agricultural and wood products, engineering products, pharmaceuticals, medical
devices, and Automobiles.
• As regards trade in services, Indian service providers will have enhanced
access to around 111 sub-sectors from the 11 broad service sectors.

• CEPA is expected to increase the total value of bilateral trade in goods to

over US$100 billion and trade in services to over US$ 15 billion within 5
years.
Overseas investment rules and regulations notified (August 22, 2022)
• In line with FEMA, Outward Investments Rules have been framed by the
Government of India in consultation with the Reserve Bank.
• Presently, the overseas investment by a person resident in India is governed
by the Foreign Exchange Management (Transfer or Issue of Any Foreign
Security) Regulations, 2004 and the Foreign Exchange Management
(Acquisition and Transfer of Immovable Property Outside India)
Regulations, 2015.
• Draft Foreign Exchange Management (Overseas Investment) Rules and
draft Foreign Exchange Management (Overseas Investment) Regulations
were also put in the public domain for consultations.
• Enhancing “Ease of Doing Business”.
EU-India Trade and Technology Council
• The European Union and India have agreed to establish a Trade and
Technology Council with the aim of addressing the challenges to ensure
security and trusted technology
Overview:
• The decision of setting up such a council is a first for India with any of its
partner nations.
• The European Union had already set up such a council with the US with India
being the second one.
• The agreement to form this council was reached at a meeting held between Prime
Minister Narendra Modi and Ursula von der Leyen, European Commission
president.
• Comprehensive free trade agreement as well as an investment agreement.
Need for Trade and Technology Council

• Both sides have agreed that there are rapid ongoing changes in the geopolitical
environment across the world and this calls for a joint in-depth strategic
engagement.
Rolls-Royce Marine North America and Kalyani Strategic Service sign an Agreement
• A memorandum of understanding (MoU) was signed by Rolls-Royce Marine

North America and Kalyani Strategic Service Limited (KSSL), a 100%
subsidiary of Bharat Forge, to investigate the possibility of KSSL serving as
an in-country provider for propeller sales in the Indian market.
Cabinet approves MoU between India, Chile in Agricultural Sector
• For cooperation in the field of agriculture and allied sectors.

• The MoU effective for 5 years from the date of execution after which it will be
automatically renewed for another 5 years.
Cabinet Approves Signing of the MoU between the India and South Africa for cooperation in
Disability Sector
India, Fiji Ink MoU on visa exemption for diplomatic, official passport holders
• India and Fiji have signed a pact to exempt visas for holders of diplomatic and
official passports.
• As of now, India has diplomatic and official passport holders’ visa exemption
pacts with 59 other countries as per the PassportIndia.gov.in website.
India signs MoU with Indonesia-Malaysia-Thailand Growth Triangle Joint Business Council to
promote adoption of energy efficiency
• Energy Efficiency Services (EESL), a joint venture of public sector
undertakings under the Ministry of Power, signed a Memorandum of
Understanding (MoU) with Indonesia-Malaysia-Thailand Growth Triangle
Joint Business Council (IMT-GT JBC) Malaysia at India Energy Week (IEW).
India welcomes Congo into International Solar Alliance
• The External Affairs Ministry said Ambassador of Republic of Congo, Raymond
Serge Bale signed the International Solar Alliance Framework Agreement.
Reliance announces partnership with Sri Lanka’s Maliban
• Reliance Consumer Products Limited, the FMCG firm and a wholly-owned
subsidiary of Reliance Retail Ventures Limited announced a strategic
partnership with Sri Lanka-headquartered Maliban Biscuit Manufactories
Limited.
• Maliban, a biscuit manufacturer, has been well-known for the last 70 years for
its range of quality products including biscuits, crackers, cookies, and wafers.

• According to the partnership, the company has expanded its product’s reach to
global markets and exports to over 35 countries across 5 continents.
India signed MoU Between Prasar Bharati and National Media Authority of Egypt
• To facilitate content exchange, capacity building, and Co-Productions
between Prasar Bharati and the National Media Authority of Egypt.
• The MoU was signed by Union Minister of Information & Broadcasting, Youth
Affairs, and Sports Anurag Singh Thakur, and Minister of Foreign Affairs,
Government of Egypt, Sameh Hassan Shoukry.
• The MoUs were exchanged between the two countries in the presence of the
Prime Minister of India and the President of Egypt following the delegation-
level talks between the two sides at Hyderabad House in New Delhi.
Indo-Russian Joint Venture Embarked Manufacturing AK-203 Assault Rifles in Amethi U.P
• An Indo-Russian Joint venture has started manufacturing Kalashnikov AK-203
assault rifles in Amethi, Uttar Pradesh.
• The Indo-Russian Rifles Private Limited plans to ensure 100 percent
localization of the production of AK-203 rifles in India.
EXPORT IMPORT SCENARIOS
✓ GOVERNMENT PERMITS RUPEE SETTLEMENT IN EXPORT PROMOTION SCHEMES

(November 9, 2022)
✓ Cabinet approves setting up of a national level Multi-state cooperative export society

under Multi State Cooperative Societies (MSCS) Act, 2002 (January 11, 2023)
✓ The Union Cabinet, chaired by the Hon’ble Prime Minister Shri Narendra Modi, has
approved setting up and promoting a National Level multistate cooperative
export society under the Multi State Cooperative Societies (MSCS) Act, 2002
with support from relevant Ministries especially Ministry of External Affairs
and Department of Commerce, Ministry of Commerce and Industry
✓ by following the ‘Whole of Government Approach’
✓ Help in achieving the goal of “Sahakar-se-Samriddhi”

✓ Over 20% YoY increase in export of Agricultural and Allied Products between two FYs 2020 &
2022 (February 03, 2023)
✓ Touched an all-time peak of Rs.374611 crore during the last one year
i.e. 2021-22 (an increase of 20.79%).
✓ India’s agricultural and processed food products exports up by 13% to
USD 19.69 billion in nine months of current fiscal (2022-23) compared to
the same period last year
✓ The initiatives taken by the Agricultural and Processed Food Products
Export Development Authority (APEDA) that works under the Ministry
of Commerce and Industry, Government of India has helped the country
in achieving 84 percent of its total export target for the year 2022-23
in 9 months of the current fiscal.
✓ Centre formulates action plan to promote exports of millets and value-added products
of millets
• Apex agricultural export promotion body, Agricultural and Processed Food
Products Export Development Authority (APEDA) has prepared strategy
• The millets export promotion programme also comes at the backdrop of the
proposal of India that was supported by 72 countries which lead to the United
Nations’ General Assembly (UNGA) declaring 2023 as International Year of
Millets (IYoM) on March 5, 2021.
✓ APEDA organizes Virtual-Buyer Seller Meet to harness export opportunities in UAE for
millets
• Under the leadership of Indian Ambassador to UAE Shri Sanjay Sudir.
Union Budget to give a boost to exports and manufacturing
Following are highlights for export and manufacturing Sector:
• The Department of Commerce’s recommendation on lab grown diamond

(LGD) has been accepted whereby the research grant of Rs. 242 crore over a
period of 5 years to IIT Madras has been approved.
• Reduction of duty on LGD seeds from 5% to 0%
• Custom duty on articles of precious metals such as gold, silver and platinum
has been increased from 20% to 25%
• The reduction in import duty of fish meal from 15% to 5%.

• The recommendation of Department of Commerce for increase in

import duty on compound rubber from 10% to 25% has been
agreed to.
• The budget has identified financial sector as a priority sector.
• Measures to enhance business activities in GIFT IFSC
• Integrated development of at least 50 tourism destinations and measures
related to enhancement of tourist’s experience.
• 30 International Skill India Centres announced
• Reduction of Customs duty on components of mobile phones, lithium-based
batteries, open cells for TV panels etc.
• Customs duty exemption has been provided for capital goods for
manufacture of lithium – ion cells for batteries used in EVs.
• The focus on improving the quality and productivity of Shree Anna (Millets)
through R&D grant to Indian Institute of Millet Research will help in positioning
India as global leader in millet production and exports.
Registering a growth rate of 28.4%, India’s exports of 207 Technical Textile products
have grown from USD 2.21 billion in 2020-21 to USD 2.85 billion in 2021-22
• The Union Minister of State for Textiles, Smt. Darshana Jardosh, the
Government has set up the National Technical Textiles Mission (NTTM) for a
period of 4 years (2020-21 to 2023-24) with an outlay of Rs. 1,480 crore.
• ‘Make in India’ completes 8 years, annual FDI doubles to USD 83 billion (September
24, 2022)
• Completes 8 years of pathbreaking reforms on 25th September 2022.

• Make in India has substantial accomplishments across 27 sectors.
The Government has taken the following measures to boost exports and reduce trade deficit:

i. Foreign Trade Policy (2015-20) extended upto 31-03-2023.

ii. Assistance provided to promote exports, namely,
• Trade Infrastructure for Export Scheme (TIES) and
• Market Access Initiatives (MAI) Scheme.
iii. Rebate of State and Central Levies and Taxes (RoSCTL) Scheme to promote
labour-oriented textile export has been implemented since 07.03.2019.
iv. Remission of Duties and Taxes on Exported Products (RoDTEP) scheme has
been implemented since 01.01.2021.
v. Common Digital Platform for Certificate of Origin has been launched to
facilitate trade and increase Free Trade Agreement (FTA) utilization by
exporters.
vi. 12 Champion Services Sectors have been identified
vii. Districts as Export Hubs has been
Government allocates export quota of 60 LMT Lakh Metric Tonnes to all

sugar mills
• DGFT has already notified to extend the inclusion of sugar exports under
‘Restricted’ category up to 31st October, 2023.
• The Central Government has prioritized availability of about 275 Lakh Metric
Tonnes (LMT) sugar for domestic consumption, about 50 LMT sugar for diversion
to ethanol production and to have closing balance of about 60 LMT as on
30.09.2023.
Remission of Duties and Taxes on Exported Products (RoDTEP) Scheme gets extended to
Chemicals, Pharmaceuticals and Articles of Iron & Steel from 15.12.2022
• The expanded list of eligible export items will increase from current 8,731 export
items to 10,342 export items

• One District One Product (ODOP) initiative operationally merged with ‘Districts as
Export Hub (DEH)’ initiative
ODOP initiative is operationally merged with ‘Districts as Export Hub

(DEH)’ initiative of the DGFT, Department of Commerce, with the
Department for Promotion of Industry and Internal Trade (DPIIT) as a major
stakeholder.
The following are some of the achievements of ODOP:
i. The ODOP GeM Bazaar - Government e-Marketplace (GeM) launched on 29th

August 2022 with over 200 product categories created on the platform to
promote sales and procurement of ODOP products across the country.
ii. ODOP products are showcased in various international forums such as World
Economic Forum, DAVOS in May 2022, at International Yoga Day (IYD) in New
York, US in June 2022 etc.
iii. The ODOP initiative has been identified for the prestigious Prime Minister’s
Award for Excellence in Public Administration in Holistic Development
through One District One Product (ODOP) category in April, 2022.
iv. Under DEH
a. State Export Promotion Committee (SEPC) and District Export Promotion
Committee (DEPC) has been constituted in all the 36, States/UTs.
b. products/services with export potential have been identified in 734 Districts
across the country (Including Agricultural & Toy clusters products in these
Districts);
c. State Export Strategy has been prepared in 28 States/UTs;
d. Under DEH, State Nodal officers are nominated in 34 States/UTs;
e. DEPC meetings has already been conducted in 681 Districts;
f. Draft District Action Plan has been prepared for 570 Districts;
g. a web portal to monitor the progress of District Export Action Plan in all the
Districts has been developed by DGFT.
Import in Defence Sector
• Defence Procurement Procedure (DPP) and Defence Acquisition Procedure

(DAP 2020) with a focus on ‘Aatmanirbhar Bharat’ and ‘Make in India’

• Further, DAP-2020 provides the highest preference to ‘Buy Indian (IDDM)’

category of acquisition and ‘Buy Global’ is only permitted in exceptional
situations with specific approval of Defence Acquisition Council (DAC)/Raksha
Mantri.
The following initiatives/policies have been taken/made by the Government:
➢ A new category of ‘Buy (Global- Manufacture in India)’ has been introduced

➢ Notification of the ‘Positive Indigenisation lists” of weapons
➢ Launch of Innovations for Defence Excellence (iDEX) scheme involving start-
up & Micro, Small and Medium Enterprises (MSMEs).
➢ Launch of indigenisation portal namely SRIJAN to facilitate indigenisation by
Indian Industry including MSMEs.
➢ Establishment of two Defence Industrial Corridors, one each in Uttar Pradesh
and Tamil Nadu.
➢ Opening up of Defence Research & Development (R&D) for industry, start-ups
and academia with 25 percent of defence R&D budget earmarked to promote
development of defence technology in the country.
➢ In line with Government of India’s initiative of Aatmanirbhar Bharat, MoD has
earmarked funds amounting to Rs. 84,598 Cr (68% of the total Capital Acquisition
Budget) for the domestic capital procurement in 2022-23.

RECENT MERGERS AND ACQUISITIONS OF COMPANIES IN INDIA AND ABROAD
Elon Musk/Twitter
In early 2022, American billionaire Elon Musk acquired the social media platform Twitter for $44 billion
in a hostile takeover.
Elon Musk became the owner and CEO of Twitter after firing Parag Agrawal. Musk also laid off nearly
half the employees, while many others quit. Musk plans to combat the misinformation and
spambots on Twitter and also promote “free speech.”
Tata Group/Air India

Tata also announced the merger of Air India with Vistara, a joint venture between Tata Sons and
Singapore Airlines.
Adani Group/NDTV
The Indian multinational conglomerate Adani Group, led by billionaire Gautam Adani, acquired the
news channel NDTV in one of the most controversial acquisitions of recent years. The deal was
criticized both domestically and internationally. Adani’s hostile takeover was termed an attack on
freedom of speech and freedom of the press.
Soon after the announcement, NDTV’s lead anchor, Ravish Kumar, a staunch critic of the ruling BJP
government, tendered his resignation.
NDTV founders and directors Prannoy and Radhika Roy also quit their posts.
PVR/INOX Merger
India’s two leading cinema franchises, PVR and INOX, merged in 2022 to create the largest multiplex
chain in the country with over 1500 screens.. The PVR and INOX merger will result in synergies in
the form of advertising revenues, reduced rental costs, and convenience fees for the merged
entity, which will be called PVR-INOX.
HDFC Ltd/HDFC Bank Merger

India’s largest housing finance company, HDFC Ltd and the largest private sector bank, HDFC Bank,
merged in 2022 in one of the biggest financial deals in India. The $40 billion deal will result in a
single entity, but the services of HDFC Ltd and HDFC Bank will continue to be provided separately.
Adani Group/Ambuja Cement

In a span of a few years, he has claimed a spot as one of the richest people in the world. Along with
the acquisition of NDTV, the Adani Group also acquired a majority stake in Ambuja Cements and its
subsidiary, ACC Ltd.

Adani is now the 2nd largest cement manufacturer in the country after Aditya Birla Group’s UltraTech.
Microsoft Activision/Blizzard
American tech giant Microsoft acquired the game-holding company, Activision Blizzard, for $68.7
billion in 2022’s biggest acquisition.
Microsoft, founded by Bill Gates and currently led by Satya Nadella, is an American tech company
that manufactures gadgets, operating systems, and software
Moj/MX TakaTak Merger

The two leading video-sharing platforms in India, Moj and MX Takatak, merged in 2022. The new entity
will be the largest short-video-sharing app with 300 million monthly active users. The new platform
could prove a huge competitor to China’s Tik Tok.
Broadcom/VMWare
In another noteworthy acquisition, the American semiconductor manufacturing company
Broadcom acquired VMware Inc, an American cloud computing and virtualization company for
$61 billion.
Zomato/Blinkit
Indian food aggregator platform Zomato acquired the quick-commerce company Blinkit for Rs.
4,447 crore ($567 million).
✓ CCI approves proposed acquisition of upto 25% shareholding in HPPL by National

Investment and Infrastructure Fund (NIIF / Acquirer) and proposed merger of HIPL into
HPPL (February 09, 2023)
• NIIF is sponsored and anchored (holding 49% interest) by the
Government of India.
• It primarily focuses on investing in core infrastructure sectors, such as
transportation, energy and digital.
• Hindustan Ports Private Limited (HPPL), Hindustan Infralog Private Limited (HIPL)
✓ CCI approves acquisition of 100% of issued and outstanding share capital and sole
control of VGP Holdings LLC by Gateway Velocity Holding Corp. (February 22, 2023)
The CCI approved the Proposed Combination which relates to the acquisition of 100% of the issued
and outstanding share capital and sole control of the VGP Holding by Saudi Aramco (through Gateway
and Aramco Overseas Company B.V. AOC) from the Seller (Valvoline Inc.). (Proposed Combination)

✓ CCI approves proposed acquisition by Dalmia Cement (Bharat) Limited of target assets
from Jaiprakash Associates Limited and its associate (February 15, 2023)
The Acquirer is a wholly owned subsidiary of Dalmia Bharat Limited (DBL)
DBL is the ultimate parent entity of the Dalmia Bharat Group (i.e., Acquirer Group).
The Target Assets are engaged in the manufacture and sale of clinker in India, manufacture and
sale of grey cement primarily in the states of Madhya Pradesh, Uttar Pradesh, Chhattisgarh and
(coal-based) thermal power generation primarily for captive consumption purposes in India.
✓ CCI approves acquisition of certain equity share capital of LT Foods Limited by SALIC
International Investment Corporation (February 14, 2023)
Acquirer
SALIC International Investment Corporation (SIIC) is an unlisted limited liability company based in
Riyadh, Kingdom of Saudi Arabia.
It is fully owned and controlled by Saudi Agricultural and Livestock Investment Company
(SALIC).
Targets
LT Foods Limited (LT Foods rice-based foods business across the globe. LT Foods has a
subsidiary Daawat Foods Limited (DFL).
The business of LT Foods and DFL in India comprises basmati and other specialty rice led by brands
such as Daawat and other regional brands such as Heritage, Devaaya, Chef Secretz, Rozana, etc.
✓ CCI approves combination involving acquisition of up to 100% shareholding in R

Systems International Limited by BCP Asia II Topco II Pte. Ltd (February 13, 2023)
The Proposed Combination pertains to the acquisition of up to 100% shareholding
in R Systems International Limited (Target) by BCP Asia II Topco II Pte. Ltd
(Acquirer).
The Acquirer has not been engaged in providing any products / services and
/ or performing the business of investment holding in India or worldwide
since its incorporation.
The Acquirer is controlled by funds advised and / or managed by affiliates of
Blackstone Inc.
The Target is a public listed company incorporated in India. The Target and its
subsidiaries are engaged in the provision of information technology (IT) and IT
enabled services (ITeS) in India and worldwide.

✓ CCI approves acquisition of 100% equity and preference shares of Lanco Anpara Power
Limited by Megha Engineering and Infrastructures Limited (February 09, 2023)
The Proposed Combination involves acquisition of 100% of the equity and preference shares of
LAPL by MEIL or its wholly-owned subsidiary.
MEIL is a public limited company, primarily involved in undertaking engineering, procurement and
construction, Build, Own, Operate, Transfer / Build, Own, Operate projects in various sectors
such as power, irrigation, drinking water, transportation, general infrastructure and
hydrocarbons.
MEIL directly as well as through its subsidiary SEPC Power Private Limited, is involved in the
generation of power through sources such as solar and coal energy.
LAPL is engaged in thermal power generation by utilising coal as its source of energy. The power
plant was won through competitive bidding under the Electricity Act 2003.
✓ CCI approves acquisition of 20% equity share capital of Keimed Private Limited by Ms.
Shobana Kamineni through Prime-Time Logistics Technologies Private Limited
(February 09, 2023)
PTL owns a commercial property in a building which it leases under its legal name. It also plans
to commence business activities in relation to providing logistical support services in the current
financial year.
Ms. Shobana Kamineni is the majority shareholder of PTL and an existing shareholder and
director of Keimed. She is an individual having shareholding in, and is a director of several entities.
Keimed is engaged in the business of wholesale sale and distribution of pharmaceutical
products/drugs, healthcare and wellness products, medical consumables, surgical / hospital
consumables across India.
OTHER RECENT BUSINESS DEVELOPMENTS
ChatGPT introduces boom in AI-written e-books on Amazon (February 21, 2023)

Schickler produced a 30-page illustrated children’s e-book in a couple of hours using the AI
programme on Amazon’s self-publishing division.
Uber Signed MoU with Tata Motors for 25000 EVs (February 20, 2023)
The agreement between Uber and Tata Motors is the largest EV commitment yet between an
automaker and a ridesharing platform in India.
Tata Motors will begin deliveries of XPRES-T EVs to Uber fleet partners in a phased manner. The
partnership will aid the electrification of Uber services across Delhi NCR, Mumbai, Kolkata,
Chennai, Hyderabad, Bengaluru, and Ahmedabad.

Bajaj Finance Launched Insurance Mall for Easy-Buy Experience (February 08, 2023)
The new portal offers a plethora of policies and plans in the core insurance segment and also the
company’s one-of-its-kind category of Pocket Insurance and Subscription.
Reliance unveiled India’s 1st hydrogen-powered tech for heavy-duty trucks (February 06, 2023)
Reliance Industries Limited (RIL) and Ashok Leyland unveiled India’s first Hydrogen Internal
Combustion Engine (H2-ICE) technology solution for heavy duty trucks. This technology was
flagged off by PM Modi at the India Energy Week in Bengaluru. The Hydrogen tech solution will emit
near zero emissions, deliver performance on par with conventional diesel trucks and reduce
noise and with projected reductions in operating costs thus redefining the future of green mobility.
Reliance Retail to Accept Digital Currency for Payments (February 06, 2023)
In the process of the adoption of the Central Bank of Digital Currency (CDDC), Reliance Retail
started accepting digital rupees or e-rupee for payments at its store.
The payment through digital currency has been started in Reliance Retail’s Freshpik store in
Mumbai but will soon be expanded to other 17,000 stores of India’s largest retailer.
The initiative of pioneering digital currency acceptance at the Reliance stores is in line with the
company’s strategic vision of offering the power of choice to Indian consumers.
Foxconn, Vedanta plan tech tie-up with STM for Semiconductor Manufacturing unit in India
(February 04, 2023)
Foxconn and Vedanta are close to inducting European chipmaker STMicroelectronics as the
technology partner in their proposed semiconductor chip manufacturing unit in India.
Foxconn will be the lead partner in the joint venture (JV) that was announced last February.
The Vedanta-Foxconn consortium is one of the 5 applicants seeking government incentives under a
$10-billion package announced in December 2021 to promote domestic semiconductor
manufacturing.
Google Invests $300 million in Artificial Intelligence Startup Anthropic (February 03, 2023)
Google has invested around $300 million in Anthropic, an artificial intelligence startup whose
technology is said to rival OpenAI, the company behind ChatGPT.
According to the deal, Anthropic has agreed to purchase some of Google’s services to support its
technology.
The terms of the deal, through which Google will take a stake of about 10 per cent, requires
Anthropic to use the money to buy computing resources from the search company’s cloud computing
division.
Bharti Airtel to Invest Rs 2,000 Crore to set up Hyperscale data Centre in Hyderabad (January
18, 2023)

The announcement was made at the Telangana Lounge at Davos, Switzerland in the presence of
Telangana Minister for IT and Industries K T Rama Rao.
The release added that the Bharti Airtel Group, through its data centre arm, Nxtra Data Centers, will
invest the amount as capital investment for the infrastructure which will further attract investments from
their customers.
Reliance Jio launches 5G in Andhra Pradesh with Rs 6,500-cr investment (December 28, 2022)
The 5G services were launched in Tirumala, Visakhapatnam, Vijayawada, and Guntur districts.
Apart from their existing investment of Rs 26,000 crore, additionally Jio has invested over Rs
6,500 crore for deploying 5G network taluka, mandalam and village of Andhra Pradesh.
Reliance Acquires Metro AG’s India Business for Rs 2,850 Crore (December 23, 2022)
Reliance Retail Ventures Limited (RRVL), a subsidiary of Reliance Industries Ltd signed definitive
agreements to acquire 100 percent equity stake in Metro Cash and Carry India Pvt Ltd, which
operates under the ‘Metro India’ brand, for a cash consideration of Rs 2,850 crore.
1. Dr. N. Kalaiselvi has become the first Woman Director General of which Indian Research
Organisation?
a) Indian Council of Social Science Research
b) Council of Scientific and Industrial Research
c) Indian Council of Agricultural Research
d) Indian Agricultural Statistics Research Institute
2. Who has been appointed as the Presiding officer of the UAPA Tribunal by the Government of
India?
a) Pankaj Bhatia
b) Dinesh Kumar Sharma
c) Vivek Varma
d) Rajeev Mishra
3. Who among the following has been appointed as the next Chief of the United Nations Human
Rights?
a) Achim Steiner
b) Melissa Flaming
c) Susan Akram
d) Volker Turk
4. Which Indian firm will build Mongolia’s first greenfield refinery?
a) Megha Engineering and Infrastructures Limited
b) Himcon Engineers India Pvt Limited
c) Oriental Structural Engineers Private Limited
d) Stelloid Infrastructure Pvt Limited
5. India has signed a joint declaration with which of the following countries on agro-ecology and
sustainable management of natural resources.
a) Denmark
b) Germany
c) Australia
d) Finland

LESSON 5
RECENT APPOINTMENTS OF CHAIRMAN/MD/CEO OF RENOWNED COMPANIES
S. No. Name of the Person Company Remarks

Appointed and
Designation
1. Rajesh Rai Chairman Indian Telephone The Appointments Committee of the Cabinet (ACC) has approved
& Managing Director Industries Limited the appointment of Rai for a period of five years with effect from
(CMD) (ITI Ltd) the date of his assumption of charge of the post, ortill the date of his
superannuation, or until further orders, whichever is the earliest.
2. Meghana PanditCheif Oxford University One of the major teaching hospitals in the UK, Oxford University
Executive Officer Hospitals NHS Hospitals NHS Foundation Trust, has named Professor Meghana
Trust Pandit, arenowned physician of Indian descent, as its CEO. In addition
to being the first person of Indiandescent to be nominated CEO of any
National Health Service (NHS) trust in the Shelford Group, which
includes some of the largest teaching hospitals in the nation, Ms.
Pandit becomes thetrust’s first female chief.
3. Rajan Amba Jaguar Land Tata Motors has appointed Rajan Amba as the Managing
Managing Director Rover India Director of Jaguar Land Rover India. He took charge on March
1, 2023. Amba replaces Rohit Suri, who announced his retirement
earlier this year. Amba’s contributions have been instrumentalin
improving customer experience and expanding Tata Motors’ retail
network. He has been spearheading the commercial teams since
October 2020. Rajan replaced Rohit Suri, who announced his
retirement from the position of MD and President back in January
2023.
4. Advocate New Attorney Advocate R Venkataramani has beenappointed as the new Attorney
R Venkataramani General of India General of India by the Government of India. The Government of
India has appointed him on September 28,2022 for three years
5. Retired Lieutenant Chief of The Indian Government has appointed retired General Anil
General Defence Staff Chauhan as the next Chief of Defence Staff on September 28,
Anil Chauhan 2022. The retired lieutenant will also work as a Secretary, to the
Government of India, Department of Military Affairs from the
date of his assumption of charge. He will also serve as the advisor
to the Nuclear Command Authority chaired by the Prime Minister.

6. Arun Goel Election Election The Minister of Law and Justice on November 19, 2022, notified
Commissioner Commission of the appointment made by the President of India Droupadi Murmu.
India He is a retired IAS officer of the Punjab cadre.
7. Justice Rituraj Law The Government of India on November 7, 2022, appointed the
Awasthi Commission of Chairperson and the members of the Law Commission over two
Chairperson India and a half years after it was constituted. Justice Ritu Raj Awasthi
was the Chief Justice of the Karnataka High Court from October
11, 2021, to July 2, 2022. By appointing the Chairperson and five
other panel members of the Law Commission of India, the
Government of India has reinstated the commission.
8. Justice Dinesh UAPA Tribunal Justice Dinesh Kumar has been appointed as the presiding officer
Kumar Sharma of the Unlawful Activities (Prevention) Act, (UAPA) tribunal by
Presiding Officer the Central government. Sharma is the justice of the Delhi High
Court and has been appointed as the presiding officer in the matter
of Popular Front of India and its associates.
9. Nehal Mohan Chief You Tube YouTube designates Neal Mohan as the new Chief Executive
Executive Officer Officer (CEO) on February 16, 2023 (Thursday). An Indian Origin
Neal Mohan supersedes YouTube’s current head, Susan Wojcicki.
Susan was the CEO since the year 2014 and recently announced
her step down from this role. Stanford Graduate Neal Mohan
served as YouTube’s chief product officer.
His educational background includes a graduation degree in
Electrical Engineering from the Stanford.
10. Meenakshi Nevatia, Pfizer Limited Drug maker Pfizer Limited has announced the appointment of
Additional Director Meenakshi Nevatia as an Additional Director and Managing
and Managing Director for five years.
Director
11. K Satyanarayana Canara Bank The Union Government has appointed K Satyanarayana Raju as
Raju its Managing Director and CEO of Canara Bank, with immediate
MD & CEO effect. He replaced V Prabhakar who demitted office on December
31, 2022.
12. Hein Schumacher, Unilever Unilever has announced the appointment of Hein Schumacher as
Chief Executive its new Chief Executive Officer. Prior to this, Hein was CEO of
Officer the global dairy and nutrition business Royal Friesland Campina
and became a Non-Executive Director of Unilever in October last
year. He will begin as Unilever CEO on 1 July 2023, after a one-
month handover period.
13. Shamalbhai B Patel Amul Gujarat Cooperative Milk Marketing Federation (GCMMF) that
Chairperson markets milk and dairy products under the Amul brand has
announced the appointment of Shamalbhai B Patel as its
Chairman.
14. Praveen Sharma, National Health Praveen Sharma has been selected for appointment as Director in
Director Authority the National Health Authority (Ayushman Bharat Digital Mission)
under the Ministry of Health & Family Welfare for a period of five
years. Sharma is an Indian Defence Service of Engineers (IDSE)
officer of 2005 batch.

15. Retired DG of BSF National Retired Director General of the Border Security Force (BSF),
Pankaj Kumar Singh Security Council Pankaj Kumar Singh was appointed as the Deputy National
Deputy NSA Secretariat Security Adviser in National Security Council Secretariat for a
period of two years. Singh, a 1988-batch IPS officer of the
Rajasthan cadre, has been appointed on a re-employment contract.
Singh had retired as the BSF chief on December 31, 2022. When
Singh took charge of the BSF on August 31, 2021, he had created
history of a son and a father holding the top post of a paramilitary
force during their services. His father and retired IPS officer of the
1959-batch, Prakash Singh, had also headed the BSF from June,
1993 to January, 1994.
16. Santhi Kumari First Telangana Senior IAS Officer A Santhi Kumari has been appointed as the
Woman Chief new Chief Secretary of Telangana. Santhi Kumari took charge as
Secretary the first women Chief Secretary of the State at the Secretariat in
BRK Bhavan.
17. Vikas Purohit New Meta India Meta announced the appointment of former Tata CLiQ CEO Vikas
Global Business Purohit as the Director of Global Business Group in India. In his
Head new role, Purohit will lead Meta’s strategic relationship with
various brands and agencies to boost the adoption of digital tools
for revenue growth of India’s business
18. Chetan Sharma BCCI’s Chetan Sharma was reappointed as the Chairman of the senior
Chairman selection selection committee, exactly two months after his entire panel was
committee disbanded by the BCCI for the Indian team’s semifinal exit in the
T20 World Cup. Salil Ankola, Shiv Sunar Das, Subroto Banerjee
and Sridharan Sharath are new members of the selection
committee. The new committee has been picked by the Cricket
Advisory Committee comprising Ashok Malhotra, Jatin Paranjape
and Sulakshana Naik. The committee further recommended
Chetan Sharma for the role of Chairman of the senior men’s
selection committee.
19. Ajay Kumar Indian Overseas Ajay Kumar Srivastava has been elevated as Managing Director
Srivastava MD and Bank and CEO of Indian Overseas Bank with effect from January 1,
CEO 2023 from his current posting as Executive Director. He started his
banking career as a probationary officer in 1991 with Allahabad
Bank where he worked in various capacities in different parts of
the country.
20. Indermit Gill Chief World Bank The World Bank has appointed Indermit Gill, an Indian national,
Economist Chief Economist and senior Vice President for development
economics at the multilateral development bank. His appointment
will be effective September 1, 2022. Gill will be only the second
Indian to serve as chief economist at the World Bank. Kaushik
Basu was the first, having served in the job from 2012-2016.
Raghuram Rajan and Gita Gopinath have served as chief
economists at the International Monetary Fund, the sister
organisation of the World Bank.
21. Gaurav Dwivedi Prasar Bharati The President of India has appointed, after due recommendation
Chief Executive by the Selection Committee, Shri Gaurav Dwivedi, as Executive
Officer Member (Chief Executive Officer) in Prasar Bharati for a period
of five years from his assumption of charge.
Shri Dwivedi is an Officer of the Indian Administrative Service,
Batch of 1995, of the Chattisgarh cadre.

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CA Saumil Manglani

1 International & National Affairs 1.01 – 1.22

2 Financial Affairs 2.01 – 2.04

3 Political Affairs 3.01 – 3.27

4 Legal & Other Affairs 4.01 – 4.15

5 Business & Economy 5.01 – 5.18

Unique Academy, Pune - 8007916622/33 CA Saumil Manglani Contact 9921051593

• The International Monetary Fund (IMF) is an organization of 190 countries,

3. Bilateral borrowing agreements- Bilateral Borrowing Agreements serve as a third line of

Unique Academy – 8007916622 CA Saumil Manglani - 9921051593

Five Constituent Institutions under World Bank

Unique Academy – 8007916622 CA Saumil Manglani - 9921051593

2. The International Development Association (IDA) - provides interest-free long-term

World Bank Leadership

Priorities of World Bank Group

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INTERNATIONAL FINANCE CORPORATION (IFC)

Funding by International Finance Organization

Unique Academy – 8007916622 CA Saumil Manglani - 9921051593

THE ASSOCIATION OF SOUTHEAST ASIAN NATIONS (ASEAN)

✓ Established on 8 August 1967 in Bangkok, Thailand,

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Unique Academy – 8007916622 CA Saumil Manglani - 9921051593

SOUTH ASIAN ASSOCIATION FOR REGIONAL COOPERATION (SAARC)

✓ The Secretariat of the Association was set up in Kathmandu on 17 January 1987.

THE GROUP OF TWENTY (G-20)

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History of G20 Summit

ELEVATION TO LEADER’S LEVEL

The G20 has no permanent secretariat.

Unique Academy – 8007916622 CA Saumil Manglani - 9921051593

• G20 Leaders’ Summit 2023

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Bangladesh : Trade, Investment and Development

H. E. Mr. Tenzin Lekphell assumed office as the Secretary-General of BIMSTEC on

Unique Academy – 8007916622 CA Saumil Manglani - 9921051593

• Financial experts from BIMSTEC Member States meet to discuss the

ASIAN DEVELOPMENT BANK

THE ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT (OECD)

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Present Constitution of NITI Aayog

So far, seven meetings of the Governing Council have been held

• NITI Aayog in News

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Reserve Bank of India

Manager of Foreign Exchange:

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• Banker to banks: maintains banking accounts of all scheduled banks.

Governors and Deputy Governors

Policy Repo Rate 6.50%

Reserve Ratios as on June 05, 2023

Cash Reserve Ratio (CRR) 4.50%

Unique Academy – 8007916622 CA Saumil Manglani - 9921051593

SECURITIES AND EXCHANGE BOARD OF INDIA (SEBI)

Trading hours will be extended till 5 pm for the day.

SEBI joins RBI’s account aggregator ecosystem (August 19, 2022)

Unique Academy – 8007916622 CA Saumil Manglani - 9921051593

Investor Charter issued by SEBI

COMPETITION COMMISSION OF INDIA (CCI)

The Competition Act