Current Affairs - July 1, 2024 Current Affairs

SEBEX 2 is India's latest revolutionary explosive developed by Economic Explosives Ltd (EEL), a subsidiary of Solar Industries, based in Nagpur. It offers twice the lethality of standard TNT and is designed to enhance the destructive capabilities of artillery shells and warheads without increasing their weight. Certified by the Indian Navy, SEBEX 2 is set to bolster India's defence capabilities significantly, showcasing advancements in Indigenous defence technology.

Russia has sent two trains carrying coal to India through the International North-South Transport Corridor (INSTC) for the first time. The consignment will travel over 7,200 km from St. Petersburg, Russia to Mumbai port via Bandar Abbas port in Iran. It integrates shipping, rail, and road networks to facilitate cargo movement between India, Iran, Azerbaijan, Russia, Central Asia, and Europe. Initiated on September 12, 2000, in St. Petersburg, the corridor was established by a trilateral agreement among Iran, Russia, and India during the Euro-Asian Conference on Transport in 2000 to enhance transportation cooperation.

Tata Group has been identified as India’s most valuable brand with a reported value of US$ 28.6 billion, marking a significant increase from the previous year. This underscores Tata Group's strong market presence and strategic brand management, positioning it ahead of other prominent entities like Infosys and HDFC Group in terms of brand value.

Japan is scheduled to introduce new banknotes, incorporating state-of-the-art holography technology that creates the illusion of rotating historical portraits in 3D. These banknotes will also feature tactile marks to aid visually impaired individuals in identifying different denominations by touch. The introduction of these advanced security features aims to enhance the authenticity and security of Japan's currency while existing banknotes will continue to remain valid post their issuance.

The RBI increased the Ways and Means Advances (WMA) limit for State governments and Union Territories (UTs) by 28%, raising it from ₹47,010 crore to ₹60,118 crore. This adjustment aims to assist States and UTs in managing temporary mismatches in their cash flow, based on recommendations from State Finance Secretaries and recent expenditure data. The revised limit underscores RBI's proactive measures to support regional financial liquidity during economic fluctuations and fiscal challenges.

The Indian Agricultural Research Institute (IARI) appointed T R Sharma as its new director, replacing Ashok K Singh. Currently holding the position of Deputy Director General (Crop Science) at ICAR, Sharma brings substantial experience and expertise in agricultural sciences to his new role. His appointment is aimed at further advancing research and innovation in agriculture, aligning with India's agricultural development goals under ICAO's leadership

Challa Sreenivasulu Setty has been chosen by the Financial Services Institution Bureau (FSIB) to succeed Dinesh Khara as the next chairman of the State Bank of India (SBI). Setty, currently serving as the senior Managing Director at SBI, brings over 35 years of experience within the bank, having held various significant roles including Deputy Managing Director and Chief General Manager. His selection reflects his extensive banking expertise and leadership capabilities in navigating complex financial landscapes.

The Geographical Indications of Goods (Registration and Protection) Act was enacted in India in the year 1999, and it came into effect in 2003. This legislation was crucial for establishing the framework to protect and promote products with unique geographical origins and qualities. The first product in India to receive a Geographical Indication (GI) tag under this law was Darjeeling tea in 2004, marking a significant milestone in India's efforts to safeguard its traditional products and enhance their market recognition based on their geographical identity.

CA Day is celebrated annually on July 1st to commemorate the founding of the Institute of Chartered Accountants of India (ICAI) in 1949. This day acknowledges the significant role of chartered accountants in India's economic development and financial sector regulation.

The eSankhyiki portal launched by MoSPI aims to enhance data access by centralizing and streamlining access to comprehensive national statistical data. It includes features like a Data Catalogue Module with over 2291 datasets and a Macro Indicators Module providing time-series data, aimed at supporting planners, policymakers, researchers, and the public in making informed decisions based on robust statistical insights.

Ravi Agrawal, a 1988-batch IRS officer, has been appointed as the new chairman of the CBDT, succeeding Nitin Gupta. His appointment extends till June 2025, with a reappointment on a contract basis to ensure continuity in the CBDT’s policy framework. Agrawal's role involves overseeing critical tax policy decisions and managing the Income Tax Department's operations under the Union government's administration.

GST Day is observed on July 1 each year to commemorate the implementation of the Goods and Services Tax (GST) system in India, which was enacted through the Constitution (101st Amendment) Act in 2016. This tax reform aimed to streamline India's tax structure, unify the market, enhance transparency, and foster economic growth by replacing multiple indirect taxes with a comprehensive indirect tax regime.