Daily Current Affairs May 30, 2024, Important News Headlines (GK Daily Update) |

national news

India takes over the chairmanship of the Colombo Process for 2024-2026

India has taken chairmanship in Colombo The process was held for the first time since the forum was founded in 2003. The Colombo Process is a regional consultative forum of 12 member states from South and Southeast Asia focusing on the management of overseas employment and the protection of migrant workers.

Meeting news

Sony appoints Disney veteran Gaurav Banerjee as CEO of New India

In a strategic move to strengthen its presence in India’s emerging media landscape, the Japanese electronics and entertainment conglomerate Sony appointed Gaurav Banerjeeexperienced director with Walt Disneyas new Chief Executive Officer for operations in India.

P Santhosh takes over the reins as MD and CEO of NARCL

National Property Reconstruction Company (NARCL), a state-owned company in India bad bankhas appointed P Santhosh as its new company Managing Director and Chief Executive Officer. The decision was made by the NARCL management board, which recommended Santhosh for cooperation three-year term of office at the head of an estate reconstruction company.

Contract news

Indian Army and IOCL are joining forces to conduct trials of hydrogen fuel cell bus technology

Indian Army joined hands with Indian Oil Corporation Limited (IOCL) Down demonstration trials of hydrogen fuel cell bus technology. This collaboration highlights the Army’s commitment to innovation and environmental stewardship.

Banking news

European banks are seeking RBI approval for a third-party transaction model

European Union banks, including: Credit Agricole, Societe Generale, Deutsche Bank and BNP Paribas, face obstacles in trading Indian government bonds and derivatives due to the impasse between national authorities and Indian policymakers over audit oversight rights. The European Securities and Markets Authority (ESMA) he didn’t acknowledge it Clearing Corp of India (CCIL) in October 2022, resulting in the need for alternative settlement mechanisms.

RBI imposes penalty on ICICI Bank and YES Bank

Reserve Bank of India (RBI) punished ICICI Bank and YES Bank for violations of regulatory standards regarding their financial situation as of March 31, 2022. Following supervisory inspections, the RBI issued notices to both banks, which subsequently failed to provide satisfactory explanations for the deficiencies found, leading to the imposition of penalties.

RBI fines HSBC for FEMA violations

The Reserve Bank of India (RBI) has imposed a penalty of Rs 36.38 lakh on HSBC Limited for violation of the provisions specified in Foreign Exchange Management Act (FEMA). In particular, HSBC failed to comply with the reporting requirements under FEMA’s Liberalized Remittance Scheme 1999. The central bank’s action followed a thorough review of the matter, which included HSBC’s response to a previously issued show cause notice.

The RBI imposes business restrictions on the Edelweiss Group

Reserve Bank of India (RBI) took stringent action against Edelweiss Group Loans and asset reconstruction instruments due to concerns about manipulation of loans and structured transactions. The move is part of the central bank’s ongoing efforts to curb the ongoing greening of credit and ensure regulatory compliance in the financial sector.

Asian Development Bank Sovereign Loans of $2.6 Billion to India in 2023

The Asian Development Bank (ADB) involved $2.6 billion in sovereign loans to India in 2023, aimed at strengthening various sectors including urban development, energy, industry, horticulture, communications and climate resilience.

Business news

IRDAI recommends shorter audit periods to improve governance in the insurance sector

As part of an effort to strengthen corporate governance in the insurance industry, the company Insurance Regulatory and Development Authority of India (IRDAI) issued new guidelines that reduce period of employment of statutory auditors with insurance companies from 10 years to 4 years. This strategic decision is intended to ensure regular rotation and independence of audit firms, thereby increasing transparency and accountability in the industry.

SEBI shortens delivery period of commodity derivatives to increase liquidity

As part of a strategic move to improve liquidity in the commodity derivatives market, the company Securities and Exchange Board of India (SEBI) has reduced the delivery period of commodity derivatives from the previous 5 days to Three days. This regulatory change will become effective from July 1, 2024and will apply to contracts with staggered delivery scheduled after that date.

Economic news

The Income Tax Department sets the cost inflation rate for 2024-25

In its latest notification, the Income Tax Department has determined The Cost Inflation Index (CII) for FY 2024-25 was 363. This index is crucial for taxpayers because it helps calculate long-term capital gains arising from the sale of various capital assets, including real estate, securities and jewelry. CII serves as an inflation adjustment tool, allowing taxpayers to accurately determine gains by taking into account actual asset appreciation rather than gains attributable solely to inflation.

Defense News

India successfully tests anti-radiation missile ‘Rudram-II’

India has achieved a significant milestone with the successful flight test of an indigenously developed aircraft Rudram-II anti-radiation missile. Fired from A Su-30 MKI fighter off the coast of Odisha, this missile has the potential to become a significant asset to the Indian armed forces, serving as a force-augmenter in suppressing enemy air defense (SEAD) missions.

Awards News

The best power supplies recognized during the Outlook Planet Sustainability Summit 2024

The first-ever event was recently held in the city of Goa Outlook Planet 2024 Sustainability Summit and Awards Down Central Public Sector Enterprises (CPSEs) May 27. The event, organized by Outlook Media Group with BDO India as advisor for the awards process and IIT Goa as content partner, provided a platform to recognize sustainability initiatives undertaken by government-owned companies.

Important Days

International Potato Day 2024: Harvest diversity and feeding hope

This year, the world will celebrate International Potato Day for the first time May 30. In December 2023, the UN General Assembly designated this function May 30 is International Potato Day, celebrated annually. The aim is to raise awareness of the enormous nutritional, economic, environmental and cultural value of the humble potato.

International Everest Day 2024 is celebrated on May 29

ON May 29the world will notice International Everest Day in memory of Nepalese Tenzing Norgay AND Edmund Hillary from New Zealandthe first people to defeat what was dangerous Mount Everest IN 1953. This extraordinary achievement has gone down in the annals of history, inspiring generations of adventurers and mountaineers.