On June 5, Prime Minister Narendra Modi launched the ‘Ek Ped Maa Ke Naam’ campaign to commemorate the World Environment Day. He planted a Peepal tree sapling at Buddha Jayanti Park in Delhi. He was accompanied by Union Environment Minister Bhupender Yadav and Delhi’s Lieutenant Governor Vinai Kumar Saxena.
India’s Shifting Oil Dynamics: Russia Emerges as Top Supplier Despite Sanctions
Amidst tightening Western sanctions, India’s reliance on Russian oil has seen a significant shift. Despite a decline in imports due to sanctions-related challenges, Russia has maintained its position as India’s leading oil supplier for the second consecutive year.
The Central Board of Indirect Taxes and Customs (CBIC) Chairman, HRI Sanjay Kumar Agarwal, officially launched the GST Bhawan, the official complex of the Central Board of Indirect Tax (CGST) Rohtak Commissionerate, in Rohtak, Haryana. At the inaugural ceremony were Shri Shashank Priya, Member of CBIC (GST, Legal, CX & ST), together with officers and staff from the CGST Rohtak Commissionerate, Panchkula Zone, and senior CBIC officers.
India to Host 81st IATA Annual General Meeting in 2025
India will host the prestigious 81st International Air Transport Association (IATA) Annual General Meeting (AGM) in 2025, marking its return after a 42-year hiatus. This significant event, scheduled for June 8 to 10, will convene in Delhi, the third time the city has hosted the AGM after 1958 and 1983.
NOTA Creates Record In MP’s Indore Lok Sabha Seat
NOTA created a record with 2.18 lakh voters in Madhya Pradesh’s Indore opting for the ‘none of the above’ option in the Lok Sabha elections, counting for which is underway. Of the total voters, 14.01 per cent opted for ‘None of the Above’, introduced in 2013 following a Supreme Court order.
International News
Russian cosmonaut becomes 1st person to spend 1,000 cumulative days in space
Roscosmos state corporation cosmonaut Oleg Kononenko, who currently works at the International Space Station has booked a record of 1,000 days for the first time in the world in terms of total spaceflight duration.
12 Countries Signed Zero Debris Charter – Pivot to Space Sustainability
12 countries signed the Zero Debris Charter, a landmark initiative led by the European Space Agency (ESA) to address the pressing issue of space debris. Unveiled in 2023, the Charter commits signatories to achieving debris-neutral space activities by 2030.
Appoinments News
Om Birla, the incumbent Lok Sabha Speaker, has achieved a remarkable feat by winning the Kota parliamentary seat on June 4, 2024. With a resounding margin of 41,139 votes, Birla has become the first presiding officer in 20 years to be re-elected to the Lower House of Parliament.
Rakesh Mohan Joshi, an international trade and management expert, has been appointed as the Vice-Chancellor of the Indian Institute of Foreign Trade (IIFT), a prestigious business school under the Ministry of Commerce.
Agreements News
MoD Signs MoUs to Expand SPARSH Service Centers
The Ministry of Defence (MoD) has taken a significant step towards enhancing pensioner services by forging partnerships with four prominent banks. These Memorandums of Understanding (MoUs) aim to establish SPARSH service centers, leveraging the System for Pension Administration (RAKSHA), across 1,128 branches nationwide. SPARSH, a web-based system, facilitates streamlined pension processing and direct crediting to defense pensioners’ bank accounts.
Banking News
Axis Bank and Bajaj Allianz Forge Bancassurance Alliance
Axis Bank and Bajaj Allianz General Insurance have joined forces in a strategic bancassurance partnership aimed at boosting insurance penetration and financial inclusion in India. Through this collaboration, Bajaj Allianz General Insurance products will be distributed across Axis Bank’s extensive network of over 5,250 branches.
Bombay High Court Rules Against PSU Banks’ Power to Issue Look-Out Circulars
In a significant ruling, the Bombay High Court declared that public sector banks lack the legal authority to issue Look Out Circulars (LOCs) against defaulting borrowers. This verdict, based on a challenge to a clause in a government memorandum, invalidates all LOCs issued by such banks.
NPCI International and Reserve Bank of Peru Forge Landmark Partnership for UPI Payments
NPCI International and the Reserve Bank of Peru have joined forces to introduce a UPI-like real-time payments system in Peru, marking a pioneering move for South America. This collaboration aims to revolutionize Peru’s financial landscape, fostering economic growth and financial inclusion by leveraging India’s renowned Unified Payment Interface (UPI) technology.
Business News
Arka Fincap Expands Financial Solutions with IRDAI License
Arka Fincap Limited, a subsidiary of Kirloskar Oil Engines Limited, has obtained a Corporate Agency License from the IRDAI, marking a significant milestone. This license allows Arka to venture into insurance distribution, enhancing its existing financial solutions portfolio to meet customer needs comprehensively.
SEBI Forms Committee to Review Clearing Corporations
In response to the dynamic growth of Indian securities markets, SEBI has established a committee, chaired by Usha Thorat, former Deputy Governor of the RBI, to assess and propose enhancements to the ownership and economic framework of clearing corporations.
Important Days
UN Russian Language Day is observed annually on June 6th and was established by the United Nations Educational, Scientific, and Cultural Organization (UNESCO) in 2010. This day is dedicated to promoting the study and appreciation of the Russian language. It coincides with the birthday of Aleksandr Pushkin, one of the most prominent Russian writers and creators.
