National NEWS:
Yoga Mahotsav Marks 75-Day Countdown to International Day of Yoga 2024 in Pune:
- “Yoga Mahotsav Marks 75-Day Countdown to International Day of Yoga 2024 in Pune” Held at Wadia College Sports Ground, Pune, Maharashtra.
- Jointly organized by Morarji Desai National Institute of Yoga and National Institute of Naturopathy, Ministry of Ayush, Govt. of India.
- Thousands of participants engaged in practicing the Common Yoga Protocol (CYP).
- Reflects the increasing significance of Yoga in promoting personal and societal well-being.
- The International Day of Yoga has been celebrated across the world annually on June 21 since 2015, following its inception in the United Nations General Assembly in 2014
Indian Food Processing Sector Aims for $535 Billion by 2025-26 with Emphasis on R&D:
- Indian Food Processing Sector Aims for $535 Billion by 2025-26 with Emphasis on R&D Ministry of Food Processing Secretary Anita Praveen underscores the importance of research and development (R&D) in boosting the sector.
- Addressing the FICCI Scientific Symposium on ‘Processed Foods for Purpose’, Praveen highlights the sector’s potential for growth and its priority status within India’s agricultural landscape.
- Praveen notes the robust growth of the Indian agriculture sector, with record production levels, and emphasizes the significance of the food processing sector for overall economic growth.
About ministry: Kiren Rijiju from Arunachal Pradesh who is the Cabinet Minister of Earth Sciences and Food Processing Industries in the Government of India
Sitars and Tanpuras from Maharashtra’s Miraj Town Receive GI Tags:
- Miraj, a town in Maharashtra’s Sangli district, renowned for its craftsmanship in making sitars and tanpuras, receives Geographical Indication (GI) tags.
- Instruments from Miraj are favored by prominent classical music artists and the film industry.
- GI tag signifies the product’s origin from a specific geographical area, boosting its commercial value.
- The tradition of crafting sitars and tanpuras in Miraj spans over 300 years, with craftsmen passing down their expertise through seven generations.
Maharashtra:
- Capital: Mumbai
- Chief minister: Eknath Shinde
- Governor: Ramesh Bais
Banking NEWS:
RBI’s Monetary Policy Keeps India’s GDP Growth at 7% for FY25:
- RBI’s Monetary Policy Committee releases 1st Bi-monthly Monetary Policy of FY25, maintaining India’s real GDP growth at 7% for FY25, with quarterly projections.
- The policy stance aims to withdraw accommodation to align inflation with the target while supporting growth.
- India’s Foreign Exchange (Forex) Reserves hit a new high of USD 645.58 billion by March 29, 2024, as per RBI data, marking the third consecutive week of reaching a new peak.
Static Take Away:
Under the Reserve Bank of India (RBI), Act, 1934 (RBI Act, 1934) (as amended in 2016), RBI is entrusted with the responsibility of conducting monetary policy in India with the primary objective of maintaining price stability while keeping in mind the objective of growth. ii.Section 45ZB of the amended RBI Act, 1934 provides for an empowered six-member Monetary Policy Committee (MPC) to be constituted by the Central Government by notification in the Official Gazette.
RBI Cancels Registration of Four NBFCs Under Section 45-IA (6) of RBI Act, 1934:
- RBI exercises powers under Section 45-IA (6) of the RBI Act, 1934, to cancel the Certificate of Registration (CoR) of four Non-Banking Financial Companies (NBFCs).
- NBFCs affected are Kundles Motor Finance Pvt. Ltd. (Uttarpradesh), Nithya Finance Ltd. (Tamilnadu), Bhatia Hire Purchase Pvt. Ltd. (Punjab), and Jiwanjyoti Deposits and Advances Ltd. (Himachal Pradesh).
- CoRs cancelled with respective effective dates: Kundles Motor Finance Pvt. Ltd. (12th March 2024), Nithya Finance Ltd. (14th March 2024), Bhatia Hire Purchase Pvt. Ltd. (19th March 2024), and Jiwanjyoti Deposits and Advances Ltd. (21st March 2024).
About NBFC Act:
The Non-Banking Financial Companies (NBFCs) are financial institutions that offer various banking services but do not hold a banking license. They are regulated by the central bank or financial regulatory authority of the respective countries.
The NBFCs Act, also known as the Non-Banking Financial Companies (NBFCs) Regulations, 1997 (as amended up to 2019), is the primary legislation governing the functioning and regulation of NBFCs in India. It provides the legal framework for the establishment, operation, and regulation of NBFCs in the country.
RBI:
- Founded: 1 April 1935, Kolkata
- Governor: Shaktikanta Das
Appointment NEWS:
Centre Appoints Justice PS Dinesh Kumar as Presiding Officer and Justice Dheeraj Bhatnagar as Technical Member to Securities Appellate Tribunal:
- Retired Justice PS Dinesh Kumar appointed as presiding officer, serving a four-year term at the Securities Appellate Tribunal (SAT).
- Justice Dheeraj Bhatnagar, retired principal chief commissioner of income tax, appointed as technical member, according to a gazette notification by the Ministry of Finance.
- SAT comprises a presiding officer (retired judge) and two members – one judicial and one technical.
- The presiding officer’s position remained vacant for over three months following the retirement of justice Tarun Agarwala in December 2023.
- Justice Meera Swarup was the sole technical member on the bench after justice Agarwala’s retirement.
About SAT:
The Securities Appellate Tribunal (SAT) is a statutory body established under the Securities and Exchange Board of India (SEBI) Act, 1992. Here are some key points about SAT:
- Purpose: SAT serves as an appellate tribunal to hear and adjudicate appeals against orders passed by SEBI and other regulators related to securities market regulations.
- Composition: SAT is composed of a Presiding Officer and two other members. The Presiding Officer is typically a retired judge of the Supreme Court or a High Court, while one member is from a judicial background, and the other is from a technical background.
- Jurisdiction: SAT has the authority to hear appeals against SEBI orders related to various aspects of securities market regulation, including issues like insider trading, fraudulent and unfair trade practices, and violations of securities laws.
- Powers: SAT has the powers of a civil court, including the ability to summon witnesses, enforce attendance, and compel the production of documents.
Defence NEWS:
INS Sharda Awarded On-the-Spot Unit Citation for Anti-Piracy Operation:
- INS Sharda Awarded On-the-Spot Unit Citation for Anti-Piracy Operation Chief of the Naval Staff, Admiral R Hari Kumar, awarded the citation during his visit to Southern Naval Command, Kochi.
- INS Sharda awarded for successful conduct of anti-piracy operations, particularly the safe release of all 19 crew members of Iranian fishing vessel Omari held hostage by pirates off the East coast of Somalia.
- Ship intercepted the vessel based on surveillance inputs, maintaining covert trail throughout the night.
- Ship’s helo and Prahar team launched during early morning hours, coercing pirates to release the crew and boat.
Tri-Service Conference ‘Parivartan Chintan’ to Drive Jointness and Integration Efforts:
- ‘Parivartan Chintan’ conference scheduled in New Delhi on April 8, aimed at generating new ideas and reforms for Tri-Service integration.
- Chaired by Chief of Defence Staff, General Anil Chauhan, it marks the first-ever meeting of heads from Tri-Services Institutions, Department of Military Affairs, Headquarters Integrated Defence Staff, and the three Services.
- Officers from diverse service backgrounds will recommend measures for achieving a “Joint and Integrated” end state swiftly.
Sports NEWS:
Sumit Nagal Makes History at Monte Carlo Masters, First Indian in 42 Years to Enter Singles Main Draw:
- Sumit Nagal is an Indian professional tennis player secures a spot in the Monte Carlo Masters singles main draw, becoming the first Indian in 42 years to achieve this feat.
- Nagal defeated Facundo Diaz Acosta in a three-setter final qualifying round match.
- Ranked 95th in the world, Nagal triumphs over his world number 55 opponent after a grueling match lasting two hours and 25 minutes.
- Nagal’s achievement follows in the footsteps of the legendary Ramesh Krishnan, who last entered the main draw of the tournament in 1982.
Max Verstappen Secures Dominant Victory at Japanese Grand Prix:
- Dutch racing driver Max Verstappen clinches victory at the Japanese Formula One Grand Prix with a pole-to-flag performance.
- The win marks Verstappen’s third consecutive victory and a Red Bull one-two finish, with teammate Sergio Perez securing second place.
- The race took place at the Suzuka Circuit in Japan, where Verstappen showcased his world champion skills, bouncing back after recent setbacks.
Dutch ountry:
- Capital: Amsterdam
- Prime minister: Mark Rutte
