1st July, 2024 Current Affairs

NATIONAL
World Bank Approves $1.5 Billion Loan to Support India’s Green Hydrogen Push

• The World Bank has approved a second round of $1.5 billion in financing to help India accelerate its development of low-carbon energy. This funding aims to promote the market for green hydrogen, electrolysers, and increased renewable energy penetration.
• The initiative aligns with India’s National Green Hydrogen Mission and energy transition targets, including achieving 500 GW of installed renewable energy capacity by 2030 and reaching net zero by 2070.
• National Green Hydrogen MissionAligns with the ₹17,000-crore mission to promote electrolyser and green hydrogen manufacturing.
• $1.46 billion loan from the International Bank for Reconstruction and Development (IBRD) and $31.5 million credit from the International Development Association (IDA) already provided.

Three New Criminal Laws Come Into Force

• The three New Criminal Laws – Bharatiya Nyaya Sanhita, 2023, Bharatiya Nagarik Suraksha Sanhita, 2023 and Bharatiya Sakshya Adhiniyam, 2023, come into force.
• The government of India has held regular meetings with States and Union Territories and they are fully geared up in terms of technology, capacity building and awareness generation to implement the new Criminal Laws.
• As the new Criminal Laws laid emphasis on technology in investigation, trial and court proceedings, National Crime Records Bureau (NCRB) has made 23 functional modifications in the existing Crime and Criminal Tracking Networks and Systems (CCTNS) application. It is also providing technical assistance to the States and UTs for seamless transition to the new system.
• To implement the new Criminal Laws, training of the Police and investigating authorities have been done for a smooth transition into the system.

INTERNATIONAL
MEA Joint Secretary J P Singh Represents India At UN-Led Conference On Afghanistan In Doha

• India has joined UN-led conference on Afghanistan which began in Doha yesterday. India is being represented by Joint Secretary in the Ministry of External Affairs, J P Singh. India is among the 25 countries participating in the third UN-led conference on Afghanistan, looking to find ways to improve the lives of the Afghan people in the Taliban ruled country. The meeting is significant as it is the first time that the Taliban are attending the talks. However, the UN has denied that the latest round of talks in Doha are meant to pave the way for international recognition for the Taliban. The conference in Doha is also seeing participation by the EU, OIC and SCO.
• India has legitimate economic and security interests in Afghanistan. New Delhi is of the view that the international community must focus on combating terrorism, humanitarian assistance, formation of a truly inclusive government and preserving the rights of women, girls and minorities.
• Securing its investments in Afghanistan is also a priority for India as it working on close to 500 projects in the country spread across all 34 provinces.
• Ensuring that Afghan territory is not used for sheltering terrorists or financing terrorist acts, however, tops the list of Indian priorities. India will look to again make the point that any instability in Afghanistan is a threat to the whole region.

Bangladesh Navy Signs Contract For ‘Made In India’ 800 Tons Ocean Going Tug With India’s GRSE

• A new milestone in India’s Defence Line of Credit to Bangladesh.
• Bangladesh Navy signed a contract for ‘Made in India’ 800 tons Ocean Going Tug with India’s Garden Reach Shipbuilding and Engineers on Sunday. The signing coincides with the visit of India’s Chief of Naval Staff Admiral Dinesh K Tripathi to Bangladesh.

Japan To Launch New Banknotes On July 3

• Japan will start issuing new banknotes on the 3rd of July next month. Local media reported that it is the world’s first use of cutting-edge holography that makes the portraits of historic figures appear to rotate in 3D.
• This new technology will allow visually impaired people to feel and discern which banknote they are holding. Tactile marks for the visually impaired will also make them recognizable to touch.
•  By the end of March next year, nearly 7.5 billion new banknotes will have been printed. Existing banknotes will remain valid after the introduction of the new banknotes.

 India Presided Over ‘Colombo Process’ At Permanent Representative Level Meeting In Geneva

• India presided over its first meeting as Chair of the ‘Colombo Process’ at the Permanent Representative Level Meeting in Geneva yesterday at the International Organisation for Migration (IOM) Headquarters. The Colombo Process is a Regional Consultative Process comprising 12 Member States from Asia, which primarily serve as countries of origin for migrant workers. The forum facilitates the exchange of best practices on managing overseas employment. Last month, India assumed the chair of the Colombo Process for the first time since its inception.
• The meeting was marked by a spirit of cooperation and a shared vision towards the goals of the Colombo Process.
•  India’s commitment to advancing the objectives of the Colombo Process and enhancing collaboration among member states. India presented an outline of an action plan for the next two years, focusing on key priorities and initiatives to further strengthen the Colombo Process.
•  India’s priorities for Colombo Process include reviewing the financial sustainability of the Colombo Process, broadening the membership by including new member states and observers, reconfiguring technical-level collaborations, Implementing a structured rotation for the chairmanship, conducting a regional review of the Global Compact for Safe, Orderly, and Regular Migration and engaging in dialogues with the Abu Dhabi Dialogue and other regional processes.
• The Colombo Process continues to play a pivotal role in enhancing regional cooperation on migration issues and with India’s leading role, there is a renewed commitment to engaging all member states actively, improving migration governance, and fostering safe, orderly, and regular migration for organised overseas employment.
• The Secretariat of the Colombo Process is hosted by IOM with its headquarters in Geneva.

Turkey Triumphs as FATF Grey List Status Revoked

• Turkish Finance Minister Mehmet Simsek announced that Turkey has been removed from the FATF ‘grey list’ after recent evaluations of the country’s progress on money laundering and terrorist financing. The decision, declared at the FATF plenary meeting in Singapore, marks a significant milestone for Turkey, which had been placed on the grey list in 2021.
• The FATF acknowledged Turkey’s significant reforms, particularly in the regulation of cryptocurrency. The Turkish Parliament recently approved legislation increasing oversight of the crypto market, ensuring stringent management and operational standards. This move was pivotal in addressing FATF’s concerns and contributed to Turkey’s removal from the grey list.

Also Read: Test Your Knowledge with Our Daily Current Affairs Quiz - May 14th, 2024

                         >> Download Current Affairs PDFs Here

                              Download Sakshi Education Mobile APP

ECONOMY
India Initiates Anti-Dumping Probe Into Import Of Glass Fibre From China, Thailand And Bahrain

• India has initiated an anti-dumping probe pertaining to glass fibre imports from China, Thailand, and Bahrain, following a complaint from a domestic player. If confirmed, anti-dumping duties can be imposed.
• Directorate General of Trade Remedies (DGTR) initiated the anti-dumping investigation based on the evidence submitted by the applicant concerning the dumping of the product.
• The DGTR is the commerce ministry’s investigation arm and can recommend imposing anti-dumping duties on the imports. However, that final decision is taken by the finance ministry.

RBI Ups Financial Accommodation for States/UTs by 28% to ₹60,118 Crore

• The Reserve Bank of India (RBI) has increased the aggregate Ways and Means Advances (WMA) limit for State governments and Union Territories (UTs) by 28%, from ₹47,010 crore to ₹60,118 crore, effective from July 1, 2024. This revision, based on recommendations by a Group of select State Finance Secretaries and considering recent expenditure data, aims to help States and UTs manage temporary mismatches in their cash flow.
• The SDF, linked to investments in marketable securities and Auction Treasury Bills (ATBs), will continue as per the existing framework. The maximum limit of SDF that can be availed against investments in the Consolidated Sinking Fund (CSF) and Guarantee Redemption Fund (GRF) will be 50% of the lower value between the outstanding balance as of the last date of the second preceding quarter and the current balance in CSF/GRF.
• For investments in ATBs, the SDF limit is set at 50% of the lower value between the outstanding balance in ATBs (91/182/364 days) as of the last date of the second preceding quarter and the current ATB balance.

SPORTS
Union Minister of Youth Affairs & Sports unveils new AFI logo

• Hon’ble Minister for Youth Affairs and Sports and Labour & Employment Dr.Mansukh Mandaviya unveiled the Athletics Federation of India’s new logo and interacted with Paris 2024 Olympic Games-bound track and field athletes competing in the National Inter-State Athletics Championships at the Tau Devi Lal Stadium.
• Addressing the athletes heading to the Olympic Games and encouraging them, he said that all necessary help have been provided to all athletes for Paris Olympics.