3rd May, 2024 Current Affairs

NATIONAL
Justice Dinesh Kumar Appoints as the SAT Presiding officer

• Justice (retired) Dinesh Kumar took charge as the Presiding Officer of the Securities Appellate Tribunal (SAT) on 29 April 2024. The government of India appointed Justice Dinesh Kumar for a four-year term. Before taking over as the presiding officer of SAT, Justice Dinesh Kumar was the chief justice of the Karnataka High Court. He retired from the post in February 2024.
• The SAT has been functioning without a presiding officer for the last four months, as the last presiding officer, Justice Tarun Aggarwal, retired in December 2023.
• Dheeraj Bhatnagar also took charge as the technical member of the tribunal. He has been appointed for a term of four years or till he reaches the age of 67, whichever is earlier. Dheeraj Bhatnagar retired as principal chief commissioner of Income Tax Delhi. The other member of the three-member SAT is Meera Swarup.

INTERNATIONAL
India set to host the prestigious 46th Antarctic Treaty Consultative Meeting and 26th Meeting of the Committee for Environmental Protection in 2024

• The Ministry of Earth Sciences (MoES), Government of India, through the National Centre for Polar and Ocean Research (NCPOR), will host the 46th Antarctic Treaty Consultative Meeting (ATCM 46) and the 26th Meeting of the Committee for Environmental Protection (CEP 26) from May 20 to 30, 2024, in Kochi, Kerala.
• This is in line with India’s poise to facilitate constructive global dialogue on environmental stewardship, scientific collaboration, and cooperation in Antarctica.
• India has been a Consultative Party to the Antarctic Treaty since 1983. It participates in the decision-making process along with other 28 Consultative Parties to the Antarctic Treaty to date. India’s first Antarctic research station, Dakshin Gangotri, was established in 1983.
• At present, India operates two year-round research stations: Maitri (1989) and Bharati (2012). The permanent research stations facilitate Indian Scientific Expeditions to Antarctica, which have been ongoing annually since 1981. In 2022, India enacted the Antarctic Act, reaffirming its commitment to the Antarctic Treaty.   
• As a signatory to the Antarctic Treaty, India remains dedicated to environmental protection, scientific cooperation, and peaceful operations in Antarctica.

India and New Zealand to have deeper collaboration in Pharma, Agriculture and Food Processing Industries, among others

• Todd McClay, Acting Chief Executive and Secretary of Foreign Affairs and Trade of New Zealand, Mr. Brook Barrington, the India-New Zealand Business Council (INZBC) and the 11th India - New Zealand Joint Trade Committee (JTC) Meeting.
• Both sides acknowledged the existing huge potential in both economies and mutual trade complementarities, there is a substantial potential to increase the trade and people to people contacts. These meetings had focused discussions on several key areas aimed at promoting bilateral trade and cooperation, marking a pivotal moment in strengthening economic ties and fostering collaboration between the two nations, building upon the existing close ties through people to people and business contacts.
• Services sector and enhancing its scale for bilateral trade was given special focus during the discussions held at various levels which revealed great interest from both sides for increasing business to business as well as people to people contacts and to work on the skill gaps and how the same can be strengthened through capacity building and improving the ease of mobility. It touched upon areas such as hospitality sector including adventure tourism, nursing, tele-medicine, education, air connectivity, Joint R&D (wherever feasible), startups, etc.

Also Read: April 26th Current Affairs GK quiz: Top GK Questions and Answers

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ECONOMY
RBI Imposes Monetary Penalties on Co-operative Banks

• The Reserve Bank of India (RBI) has recently imposed monetary penalties on several co-operative banks for various regulatory violations. These penalties are based on deficiencies in regulatory compliance and are not intended to validate or invalidate any specific transactions or agreements entered into by the banks with their customers.
• A penalty of Rs 43.30 lakh has been imposed on this bank for non-compliance with RBI directions regarding loans and advances to directors and their relatives, prohibition on opening certain types of savings bank accounts, and maintenance of deposit accounts.
• A monetary penalty of Rs 5 lakh has been imposed on this bank by the RBI.
• The penalties stem from various regulatory compliance issues such as non-compliance with RBI directions regarding loans, advances, savings bank accounts, and maintenance of deposit accounts. These penalties serve as reminders for banks to adhere strictly to regulatory guidelines set forth by the RBI to ensure the stability and integrity of the banking system.

Published date : 04 May 2024 12:53PM