Exp. Government scraps windfall tax on crude, petrol, diesel export

The Indian government has abolished the windfall tax on aviation turbine fuel (ATF), crude oil, petrol, and diesel, effective immediately.

This move marks the end of a levy introduced in July 2022 and aims to provide relief to oil producers and refiners.

The decision is expected to benefit major oil players like Reliance Industries and ONGC by boosting their gross refining margins—a measure of profitability in refining crude oil.

Additionally, the government has removed the Road and Infrastructure Cess (RIC) on petrol and diesel exports, further alleviating financial pressure on the oil sector.

What is a windfall tax?

• A windfall tax is an additional levy imposed on extraordinary or unexpected profits made by companies or industries.
• India introduced the windfall tax on domestic crude oil production in July 2022, following a sharp rise in global crude oil prices. The tax aimed to capture excess revenue generated from these unexpected gains.
• Since its implementation, the tax has been a subject of controversy. While it initially sought to balance government revenue amid fluctuating oil prices, industry players argued that it negatively impacted profitability and disincentivised production.

Exp. Razorpay Partners with MHA to Fortify India’s Digital Payments Ecosystem

Razorpay, India’s leading omnichannel payments and banking platform, has collaboration with the Ministry of Home Affairs (MHA) and the Indian Cyber Crime Coordination Centre (I4C) to enhance the security of the country’s burgeoning digital payments ecosystem.

This partnership comes as India contributes 46% of the global digital payment volume, underscoring the urgent need for robust cybersecurity measures to safeguard businesses and consumers.

As part of the collaboration, Razorpay will drive nationwide awareness campaigns to educate businesses and consumers on cybersecurity best practices. Initiatives include:

Direct Engagement with Law Enforcement: Establishing connections with over 1,600 cybercrime stations across 25 states and union territories to bolster communication and collaborative efforts.

Exp. Indian Army begins Harimau Shakti Exercise with Malaysian Army

India and Malaysia commenced the bilateral Joint Military Exercise “Harimau Shakti” on 2 December 2024 at Bentong camp, Pahang district, Malaysia.

The 2024 edition of the annual bilateral exercise will be held from 2 to 15 December 2024.

In 2023, the Indian Army hosted the exercise at its Umroi Cantonment in Meghalaya.

The first annual bilateral military exercise, Harimau Shakti, between the Indian Army contingent and the Malaysian Army contingent was held in October 2012 in Kuala Lumpur, Malaysia.

In the 2024 edition of the Harimau Shakti Exercise, 78 personnel of the Indian Army’s Mahar Regiment will represent the Indian contingent, and 123 personnel of the Royal Malaysian Regiment will represent the Malaysian side.

Aim of the Joint Exercise is to enhance joint military capability of both sides to undertake counter insurgency operations in jungle terrain under Chapter VII of the United Nations Mandate. The exercise will focus on operations in the jungle environment.

Recent Exercise

• 1^st edition of Joint Tabletop Exercise, CINBAX between India and Cambodia – Foreign Training Node, Pune, Maharashtra.
• ICG conducted 11th National Maritime Search and Rescue Exercise (SAREX-2024) off the Kochi coast.
• 13th edition of Joint Military Exercise AGNI WARRIOR (XAW-2024) between India and Singapore – Field Firing Ranges, Devlali, Maharashtra
• Multilateral Annual Joint Humanitarian Assistance and Disaster Relief (HADR) Exercise, ‘Sanyukt Vimochan 2024’ by Indian Army – Ahmedabad and Porbandar, Gujarat.
• Indian Army, Indian Air Force and Indian Navy jointly commence a command-level tri-service theatre exercise code-named ‘Poorvi Prahar’ along the India-China border.

Exp. Arunachal Pradesh launches ‘Mission Himveer’ to boost local economy

To boost market linkage for agricultural and horticultural products in Arunachal Pradesh, the state government has launched Mission Arun Himveer by signing a pact between the agriculture marketing board and the Indo-Tibetan Border Police, North East Frontier.

As part of the initiative, the state government will supply fruits, vegetables, meat, and poultry to the ITBP. These produces will be procured from local farmers, self-help groups (SHGs), farmer producer organisations and farmer cooperatives.

The mission aims to provide readymade markets for farmers in remote villages and regions with low marketable surplus. It also seeks to stimulate a vibrant local economy while addressing employment challenges across the state.

This new agreement follows a similar understanding with the Army in August 2022, under which the state government, via LAMPS (Liberalized Agricultural Marketing Cooperative Societies), supplied around 400 tons of fruits and vegetables worth Rs 72 lakh to the armed forces from local farmers.

About Arunachal Pradesh

• Capital – Itanagar
• Chief Minister – Pema Khandu
• Governor – LG (Retd) Kaiwalya Trivikram Parnaik
• Legislative Assembly Seat – 60

Exp. Donald Trump nominates Indian American Kash Patel as FBI Director

President Donald Trump has nominated Kash Patel as the next Director of the Federal Bureau of Investigation (FBI), marking him as the highest-ranking Indian American in Trump’s incoming administration.

Kash is a brilliant lawyer, investigator, and ‘America First’ fighter who has spent his career exposing corruption, defending Justice, and protecting the American People,.

Who is Kash Patel?

New York-born Mr Patel has his roots in Gujarat. However, his parents are from East Africa — mother from Tanzania and father from Uganda. They came to the U.S. from Canada in 1970.

Recent Appointments in Foreign

• Chairman of International Cricket Council (ICC) – Jay Shah (replace Greg Barclay)
• DG of World Trade Organization (WTO) – Dr. Ngozi Okonjo-Iweala (reappointment)
• President of Asian Development Bank – Masato Kanda;11th (replace Masatsugu Asakawa) effect from 24 Feb 2025
• Secretary General of Interpol – Valdecy Urquiza (Brazil’s Federal Police Commissioner)
• Chairperson of 77th Session of WHO Regional Committee – JP Nadda
• President of the 68th General Conference of the International Atomic Energy Agency (IAEA) – Sang Wook Ham

Exp. SBI Launches Nationwide Drive to Reactivate Inoperative Accounts

State Bank of India (SBI) has launched a nation-wide drive to raise awareness about the importance of inoperative account activation.

A savings or a current account is treated as inoperative if the customer has no transaction in the account for a period of over two years.

Activation of these accounts requires Re-KYC. Necessity of regular transactions in the account and preventing categorization into in-operative was the key message.

SBI chairman C S Setty emphasised the need to drive Re-KYC exercise in letter and spirit, to maintain PMJDY accounts in active status and enabling customers to conduct transactions seamlessly.

About State Bank of India (SBI)  

• Founded – 1 July 1955
• Headquarters – Mumbai, Maharashtra
• Chairman – Challa Sreenivasulu Setty; 27^th (replace Dinesh Kumar Khara)
• Tagline – (1) Pure Banking Nothing Else

                               (2) With you all the way 

                               (3) A bank of the common man 

                               (4) The banker to every Indian

                               (5) The Nation banks on us  

Exp. 2 December – International Day for the Abolition of Slavery

 International Day for the Abolition of Slavery is an important global event observed annually on December 2,.

Objective – To raise awareness about human trafficking, and promoting the rights and dignity of all individuals, especially those who have been victims of slavery.

The International Day for the Abolition of Slavery marks the date of the adoption, by the General Assembly, of the United Nations Convention for the Suppression of the Traffic in Persons and of the Exploitation of the Prostitution of Others (resolution 317(IV) of 2 December 1949).

Exp. 16th COP of the UNCCD Commences in Riyadh, Saudi Arabia

The 16th session of the Conference of the Parties (COP) of the United Nations Convention to Combat Desertification (UNCCD) commenced in Riyadh.

COP16 will take place in Riyadh, Saudi Arabia from 2-13 December 2024 under the theme Our Land. Our Future.

The COP to the UNFCCD is held every two years, and the 15th COP was held in May 2022 in Abidjan, Cote d’Ivoire.

The 16th Conference of Parties of the UNCCD is being organised by the United Nations Convention to Combat Desertification and is hosted by the Saudi Arabian Government.

The Indian delegation at the 16th CoP of the UNCCD is being jointly led by the  Union Minister for Environment, Forest and Climate Change, Bhupendra Yadav and the chief minister of Haryana, Nayab Singh Saini.

Exp. Sindhu & Lakshya win 2024 Syed Modi International Badminton tournament

The Indian badminton ace PV Sindhu and Lakshya Sen, respectively, won the women’s and men’s titles of the 2024 Syed Modi International badminton tournament.

The USD 2.10 Lakh prize money BWF (Badminton World Federation) World Tour 300 Syed Modi International badminton tournament was held at the Babu Banarsi Das Indoor Stadium in  Lucknow, Uttar Pradesh.

It was PV Sindhu’s first BWF title since the 2022 Singapore Open title.

Since 2022, after her win at the 2022 Singapore Open, PV Sindhu has failed to win a BWF Tournament singles title. In between, Sindhu made the finals at the 2023 Spain Masters Super 300 and 2024 Malaysia Masters Super 500 but lost in the finals .

She defeated Chinese player Wu Luo Yu  21-14, 21-16 in the final to winSyed Modi International Badminton singles title.

While, Lakshya Sen, who lost in the semi-finals of the 2024 Paris Olympics, won his fifth BWF singles title of his career by winning the 2024 Syed Modi International Badminton Tournament singles title at Lucknow.

In the final, Lakshya Sen defeated Singapore’s Jia Heng Jason Teh  21-6, 21-7.

Exp. GST collection rises 8.5 pc to Rs 1.82 lakh cr in November 2024

The total gross Goods and Services Tax (GST) revenue grew 8.5 per cent to over Rs 1.82 lakh crore in November 2024 as compared to Rs 1.68 lakh crore in the same month a year ago.

The Central GST collection stood at Rs 34,141 crore, State GST at Rs 43,047 crore, Integrated IGST at Rs 91,828 crore and cess at Rs 13,253 crore.

During the month under review, GST from domestic transactions grew 9.4 per cent to Rs 1.40 lakh crore, while revenues from tax on imports rose about 6 per cent to Rs 42,591 crore.

GST Collection of Previous Months

• July 2024 –82 lakh crore
• August 2024 – 1.75 lakh crore
• September 2024 – 1.73 lakh crore
• October 2024 – 1.87 lakh crore
• November 2024 – 1.82 lakh crore

Exp. 3 December – World Computer Literacy Day

World Computer Literacy Day is observed annually on December 2 to celebrate and promote computer education worldwide.

The day aims to raise awareness about the importance of digital skills and computer literacy in today’s rapidly evolving technological landscape.

The day was first celebrated in 2001, initiated by the Indian multinational company NIIT to mark its 20th anniversary. During its inception, research highlighted a gender gap in computer literacy, with most computer users being men.

Exp. India Gets First Water Transport Service ‘Uber Shikara’ In Srinagar

In a pioneering move, Uber has launched its first water transport service in India, the Uber Shikara, on the serene Dal Lake in Srinagar.

This new offering allows users to book shikara rides through the Uber app, bringing a modern twist to a traditional form of transport in Kashmir.

The Uber Shikara service is the first of its kind in Asia and follows in the footsteps of similar services in European cities like Venice. Initially, Uber has onboarded seven shikaras and plans to gradually expand the fleet based on user demand.

About Shikara

• Shikaras are traditional wooden boats that are found on Dal Lake and other bodies of water in Srinagar.
• These boats, which typically seat six people with a boatman at the back, are a symbol of Kashmir’s cultural legacy.
• While some shikaras are still used for fishing and transport, they are now primarily used by tourists for scenic rides around the picturesque Dal Lake.

About Dal Lake

• Dal Lake is one of the most iconic tourist spots of the Srinagar Valley. It is the second largest freshwater lake in Jammu and Kashmir after the Wullar Lake.
• Dal Lake, also known as the ‘Jewel in Kashmir’s Crown,’ is surrounded on three sides by the Pir Panjal mountains.
• A perennial inflow channel from the north supplies about 80% of the lake’s water. Towards the southwest side, an outflow channel drains the lake water into a tributary of the River Jhelum.

Exp. RBI lifts supervisory restrictions on Sachin Bansal-led Navi Finserv

The Reserve Bank of India (RBI) has lifted the restrictions imposed on Sachin Bansal-led Navi Finserv with immediate effect.

The central bank on October 17, 2024 had issued directions to Navi Finserv Limited, Bengaluru (and three other NBFCs), to cease and desist from sanction and disbursal of loans, effective from close of business of October 21, 2024.

Besides Navi, the central bank had put similar restrictions on three other NBFCs — New Delhi-based DMI Finance Private Limited, Kolkata-based Arohan Financial Services Limited, and Chennai-based Asirvad Micro Finance Limited.

Exp. Kirti Vardhan Singh launches ‘Nano Bubble Technology’ for cleaning and purifying water

Union Minister of State for Forest, Environment and Climate Change, Kirti Vardhan Singh has launched ‘Nano Bubble Technology’ for cleaning and purifying water of the National Zoological Park in Delhi, and to promote the health of aquatic animals.

This technology can effectively clean dirty pond water by eliminating algae and similar growths. It is being tested in the zoo for the first time as a 15-day trial. If successful, it will be used in the zoo.

The primary goal of this technology is to keep water clean, ensuring the health and well-being of aquatic creatures. “Clean water helps prevent foul smells, algae buildup, and discolouration often caused by dirty pond water.  

Exp. Ratapani Tiger Reserve, MP notified as the 57th Tiger Reserve of the country.

Union Minister for Environment, Forest and Climate Change, Bhupender Yadav, informed the Nation about the notification of the Ratapani Tiger Reserve, Madhya Pradesh, as the 57th Tiger Reserve of the country.

Ratapani Tiger Reserve has a core area of ​​763.8 sq km, a buffer area of ​​507.6 sq km and a total area of ​​1271.4 sq km. It is the 8th tiger reserve of Madhya Pradesh.

This conservation initiative will strengthen wildlife management in the forests of Ratapani, Bhopal Sehore area. Standard protection, habitat management, ecotourism, community engagement activities etc shall be adopted which will strengthen Wildlife conservation in the Ratapani Tiger landscape.

About Madhya Pradesh

• Capital – Bhopal
• Chief Minister – Dr Mohan Yadav (replace Shivraj Singh Chauhan)
• Deputy CM – Jagdish Devda & Rajendra Shukla
• Speaker of Madhya Pradesh Assembly – Narendra Singh Tomar
• Governor – Mangubhai C. Patel
• Lok Shaba Seats – 29
• Rajya Sabha Seats – 11
• Legislative Assembly Seats – 230