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Daily Current Affairs 3rd January 2025 Daily GK Update
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National News
Cabinet approves Rs 69,515 crore boost for PM Fasal Bima Yojana
- The Union Cabinet approved the continuation of the Pradhan Mantri Fasal Bima Yojana (PMFBY) and the Restructured Weather Based Crop Insurance Scheme (RWBCIS) until 2025-26. The decision was made with a total outlay of Rs 69,515.71 crore.
- This extension ensures that farmers will continue to receive coverage for crop losses due to non-preventable natural calamities.
- In addition to the continuation of the schemes, the Cabinet also approved the creation of a Fund for Innovation and Technology (FIAT) with a corpus of Rs 824.77 crore.
- This fund will support technological initiatives, such as the YES-TECH (Yield Estimation System using Technology) and WINDS (Weather Information and Network Data Systems), aimed at enhancing the efficiency and transparency of claim settlements.
- YES-TECH: Utilizes remote sensing technology for accurate yield estimation, now implemented in 9 major states, including Madhya Pradesh, which adopted 100% technology-based estimation in 2023-24.
- WINDS: Plans to set up Automatic Weather Stations (AWS) and Automatic Rain Gauges (ARGs) for hyper-local weather data. The system is being rolled out in 9 states, including Uttar Pradesh and Karnataka, with a 90:10 central-to-state funding ratio for its implementation.
- The government also aims to prioritize the North Eastern States, with a 90% subsidy on premium to encourage farmer participation. The flexibility in fund allocation will ensure no funds are surrendered and can be used for other development projects in these regions.
India declares 2025 as year of defence reforms, vows ‘unprecedented’
- India has declared 2025 as the ‘year of reforms’ in the defence sector and vowed “unprecedented” progress in bolstering India’s security and sovereignty in the face of 21st-century challenges.
- ‘Year of reforms’ will be a momentous step in modernisation journey of the armed forces.
- The reforms aim to implement integrated theatre commands, enhancing synergy among the three services and transforming the military into a technologically advanced, combat-ready force.
Groundwater recharge up by 15 billion cubic meters -Jal Shakti Ministry
- The Groundwater recharge in the country has increased by 15 billion cubic meters and the groundwater extraction has declined by 3 billion cubic meters from the 2017 to 2024 period.
- The latest status of the groundwater recharge in the country ending 31st December 2024 was released by the Union Ministry of Jal Shakti in its Dynamic Ground Water Resource Assessment Report 2024.
- The groundwater assessment was carried out by the Central Ground Water Board (CGWB), under the Union Jal Shakti ministry, in collaboration with the States and Union Territories.
The main points of the Dynamic Ground Water Resource Assessment Report 2024 are as follows;
- The total annual groundwater recharge in the country is -446.90 billion cubic meters (BCM).
- Annual extractable groundwater resource – 406.19 BCM.
- Annual groundwater extraction for all uses – 245.64 BCM.
- Average stage of groundwater extraction in the country stands at 60.47 %.
- Union Minister for Jal Shakti – CR Patil
Cabinet approves extension of One-time Special Package on Di-Ammonium Phosphate beyond NBS subsidy
- The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved the proposal of the Department of Fertilizers for the extension of One-time Special Package on Di-Ammonium Phosphate (DAP) beyond the NBS subsidy @ Rs 3,500 per MT for the period from 01.01.2025 till further orders to ensure sustainable availability of DAP at affordable prices to the farmers.
- The tentative budgetary requirement for above would be approximately upto Rs. 3,850 cr. The subsidy on P&K fertilizers is governed by NBS Scheme w.e.f 01.04.2010. Continuing top most priority in keeping farmers’ welfare in firm focus, GoI has extended a massive relief to farmers in keeping the price of Di-Ammonium Phosphate (DAP) fertilizer unchanged.
- Cabinet in July 2024 approved a one-time Special Package on DAP beyond the NBS subsidy @ Rs 3,500 per MT from 01.04.2024 to 31.12.2024 with approximate financial implication of Rs 2,625 cr. The Cabinet in its meeting held today (1.1.2025) has approved to extend the Special Package on DAP with approximate financial implication upto Rs. 3850 cr.
Banking and Financial
VFS Capital seeks small finance bank licence from RBI under ‘on-tap’ scheme
- Microfinance company VFS Capital has applied for a small finance bank (SFB) licence under the guidelines for ‘on tap’ licensing of SFBs in the private sector.
- During the quarter ended December 31, 2024, the Reserve Bank of India has received one application under the guidelines for ‘on tap’ Licensing of Small Finance Banks in the Private Sector dated December 5, 2019 from VFS Capital Limited.
- VFS Capital, previously known as Village Financial Services Private and headquartered in West Bengal, was incorporated in 1994 as a non-deposit taking non-banking financial company-microfinance institution (NBFC-MFI).
- It started microfinance activity in 2006 and got registered with RBI as NBFC-MFI in September 2013.
- VFS provides loans to individual female members mainly from rural areas in a joint liability group (JLG) with each group consisting of five members. VFS Capital makes its entire disbursements through digital mode.
GST collection jumps 7.3% YoY to Rs 1.77 lakh crore in December
- India’s Goods and Services Tax (GST) collection grew 7.3% year-on-year (YoY) to Rs 1.77 lakh crore in December 2024. However, the figure marked a 3% decline compared to the Rs 1.82 lakh crore collected in November.
- The latest numbers indicate a steady growth in GST revenues but reflect a slowdown in consumption and a rise in refunds issued during the month.
GST COLLECTION
- The total gross GST revenue for December was split across the following categories:
- Central GST (CGST): Rs 32,836 crore
- State GST (SGST): Rs 40,499 crore
- Integrated GST (IGST): Rs 47,783 crore (including Rs 18,310 crore collected on imports)
- Cess: Rs 11,471 crore (including Rs 1,258 crore collected on imports)
GST Collection of Previous Months
- August 2024 – 1.75 lakh crore
- September 2024 – 1.73 lakh crore
- October 2024 – 1.87 lakh crore
- November 2024 – 1.82 lakh crore
- December 2024 – 1.77 lakh crore
Interest rates remain unchanged on National Small Saving Schemes
- The Centre decided to maintain a status quo on the returns payable on small savings schemes for the January to March 2025 quarter, making it the fourth successive quarter that these rates have remained unchanged.
- The interest rates on small savings schemes such as the Public Provident Fund (PPF) and National Savings Certificate (NSC) are reset each quarter as per a formula linked to the yields on government securities of similar maturities.
- The Union Ministry of Finance has reviewed the interest rates on the small saving schemes every quarter since 2016.
Interest rates for Jan-March 2025
- Savings Deposit- 4 per cent
- 1-Year Post Office Time Deposits- 6.9 percent
- 2-Year Post Office Time Deposits- 7.0 percent
- 3-Year Post Office Time Deposits- 7.1 percent
- 5-Year Post Office Time Deposits- 7.5 percent
- 5-Year Recurring Deposits- 6.7 percent
- Senior Citizens Savings Scheme- 8.2 per cent
- Sukanya Samriddhi Account- 8.2 per cent
- Monthly Income Account- 7.4 percent
- National Saving Certificates (NSC)- 7.7 percent
- Kisan Vikas Patra- 7.5 percent (will mature in 115 months)
- Public Provident Fund- 7.1 per cent
CBIC clarifies rules, says no GST to apply on pre-paid gift vouchers, cards
- The Central Board of Indirect Taxes and Customs (CBIC) provided insights into the goods and services tax (GST) treatment of transactions involving vouchers. According to the CBIC, vouchers can be categorised into two types.
- The first category includes prepaid instruments, such as gift cards and digital wallets, which are recognised by the Reserve Bank of India (RBI). These vouchers are treated as ‘money’ under the GST framework, meaning transactions involving them will not be classified as either the supply of goods or services.
- The second category comprises non-prepaid vouchers, which do not qualify as prepaid instruments. These vouchers serve as claims to receive specific goods or services and fall under the definition of ‘actionable claims’. Similar to their prepaid counterparts, these transactions also do not count as the supply of goods or services for GST purposes.
- The CBIC underlined that, regardless of the type of voucher, transactions involving vouchers themselves will not be construed as the supply of goods or services. However, the actual goods or services that can be redeemed using these vouchers may still be subject to GST.
- The CBIC further provided important guidance on the GST implications for transactions involving vouchers, distributed by distributors, sub-distributors, and agents.
- The CBIC outlined two primary models for voucher distribution:
- Commission/fee basis: In this model, distributors and agents act as representatives of the voucher issuer, providing marketing and support services in exchange for a commission or fee. Since these agents do not own the vouchers and operate under the issuer’s guidance, GST will apply to the commission or fees earned, as it is considered a supply of services.
- With regard to GST for additional services and unused vouchers, the CBIC said that if distributors or other service providers offer services like, advertising, co-branding, or customer support to voucher issuers, they can charge a service fee. This fee is subject to GST, meaning businesses must pay tax on it according to the applicable rates.
- Regarding unused vouchers, when vouchers go unused after their expiry date, known as breakage, the money from these unredeemed vouchers is not taxable under GST.
Union Bank of India Enhances Digital Rupee App with Accessibility Features
- Union Bank of India has set a milestone in digital accessibility by integrating new features into its Central Bank Digital Currency (CBDC) application, popularly known as the Digital Rupee (e₹).
- As the first Public Sector Bank (PSB) to introduce such inclusive functionality, Union Bank is paving the way for greater financial inclusion and innovation.
- The Digital Rupee, issued and regulated by the Reserve Bank of India, serves as a digital version of fiat currency, enabling wallet-based transactions, interoperability with UPI QR codes, auto-load capabilities, and real-time settlements.
- Union Bank’s newly added accessibility features aim to empower individuals with different abilities, particularly those who are visually challenged, by enhancing the user experience.
- Key updates include:
- Voice-Over Compatibility: Informative screen reading with properly labeled app elements for seamless navigation.
- Gesture-Based Navigation: Simple gestures like swipe-to-navigate and double-tap-to-select for intuitive interaction.
- Platform Compatibility: Fully functional on both iOS and Android devices.
UPI transactions surge to record 16.73 bn in Dec; value at Rs 23.25 trn
- Unified Payments Interface (UPI) transactions saw an 8 per cent month-on-month increase in volume to 16.73 billion in December, the highest volume for the digital system since it became operational in April 2016. The value also increased by 8 per cent to Rs 23.25 trillion, up from Rs 21.55 trillion in November.
- According to data from the National Payments Corporation of India (NPCI), for the year 2024, the volume increased by 46 per cent to around 172 billion transactions against 118 billion in 2023. In value terms, transactions increased by 35 per cent to around Rs 247 trillion during the entire year compared with Rs 183 trillion in 2023.
- The transactions increased during the year due to a rise in person-to-merchant transactions (for buying goods or services).
- In October, UPI recorded 16.58 billion transactions worth Rs 23.5 trillion, its previous high in terms of volume and highest so far in value. In September, the volume was 15.04 billion, and the value stood at Rs 20.64 trillion.
- Compared with November, the number of daily transactions also increased from 516 million to 540 million in December. This resulted in an increase in daily value to Rs 74,990 crore against Rs 71,840 crore in November. The December numbers were 39 per cent up in volume and 28 per cent in value versus December 2023.
Appointment
ITI Mutual Fund Names Jatinder Pal Singh as CEO
- Jatinder Pal Singh has been appointed as Chief Executive Officer of ITI Asset Management (ITI AML).
- Singh succeeds Hitesh Thakkar, who has served as acting Chief Executive Officer (CEO) of ITI AML.
- Singh has over 25 years of experience in the mutual funds industry. He was associated with Mahindra Manulife Investment Management as a chief marketing officer from September 2015 to December 2024.
Recent Appointment in Banking & Insurance Sector
- Non-executive Chairman of Bandhan Bank – Anup Kumar Sinha (reappointment)
- CEO of DBS Bank India – Rajat Verma (replace Surojit Shome)
- MD & CEO of J&K Bank – Amitava Chatterjee (replace Baldev Prakash)
- MD of State Bank of India (SBI) – Ram Mohan Rao Amaras
- Chairman of Indian REITs Association – Alok Aggarwal
- MD & CEO of RBL Bank – R Subramaniakumar
Awards
Ministry of Youth Affairs & Sports Announces National Sports Awards 2024
- The Union Ministry of Youth Affairs and Sports has announced the names of the winners of the 2024 National Sports Award winner.
- The award winners will be felicitated by the President Droupadi Murmu in a function at the Rashtrapati Bhavan in New Delhi on 17th January 2025.
- The National Sports award consists of Major Dhyan Chand Khel Ratna Award, Arjuna Award, Dronacharya Award, Major Dhyan Chand Award, Maulana Abul Kalam Azad Trophy and the Rashtriya Khel Protsahan Puruskar.
- Major Dhyan Chand Khel Ratna is the highest sports award in the country. It was earlier known as Rajiv Gandhi Khel Ratna Award and was renamed in 2021 as Major Dhyan Chand Khel Ratna Award.
- Major Dhyan Chand Khel Ratna Award 2024
| S. No | Name of Recipient | Discipline |
| 1 | Shri Gukesh D | Chess |
| 2 | Shri Harmanpreet Singh | Hockey |
| 3 | Shri Praveen Kumar | Para-Athletics |
| 4 | Ms. Manu Bhaker | Shooting |
- Arjuna Awards for Outstanding Performance in Sports 2024
| Sr. No | Name of Recipient | Discipline |
| 1 | Ms. Jyothi Yarraji | Athletics |
| 2 | Ms. Annu Rani | Athletics |
| 3 | Ms. Nitu | Boxing |
| 4 | Ms. Saweety | Boxing |
| 5 | Ms. Vantika Agrawal | Chess |
| 6 | Ms. Salima Tete | Hockey |
| 7 | Shri Abhishek | Hockey |
| 8 | Shri Sanjay | Hockey |
| 9 | Shri Jarmanpreet Singh | Hockey |
| 10 | Shri Sukhjeet Singh | Hockey |
| 11 | Shri Rakesh Kumar | Para-Archery |
| 12 | Ms. Preeti Pal | Para-Athletics |
| 13 | Ms. Jeevanji Deepthi | Para-Athletics |
| 14 | Shri Ajeet Singh | Para-Athletics |
| 15 | Shri Sachin Sarjerao Khilari | Para-Athletics |
| 16 | Shri Dharambir | Para-Athletics |
| 17 | Shri Pranav Soorma | Para-Athletics |
| 18 | Shri H Hokato Sema | Para-Athletics |
| 19 | Ms. Simran | Para-Athletics |
| 20 | Shri Navdeep | Para-Athletics |
| 21 | Shri Nitesh Kumar | Para-Badminton |
| 22 | Ms. Thulasimathi Murugesan | Para-Badminton |
| 23 | Ms. Nithya Sre Sumathy Sivan | Para-Badminton |
| 24 | Shri Sajan Prakash | Swimming) |
| 25 | Shri Aman | Wrestling |
| 26 | Ms. Manisha Ramadass | Para-Badminton |
| 27 | Shri Kapil Parmar | (Para-Judo) |
| 28 | Ms. Mona Agarwal | Para-Shooting |
| 29 | Ms. Rubina Francis | Para-Shooting |
| 30 | Shri Swapnil Suresh Kusale | Shooting |
| 31 | Shri Sarabjot Singh | Shooting |
| 32 | Shri Abhay Singh | Squash |
- Arjuna Awards (Lifetime) for Outstanding Performance in Sports 2024
| S. No | Name of Recipient | Discipline |
| 1 | Shri Sucha Singh | Athletics |
| 2 | Shri Murlikant Rajaram Petkar | Para-Swimming |
- Dronacharya Award for Outstanding Coaches in Sports and Games 2024
- Regular Category
| S. No | Name of Recipient | Discipline |
| 1 | Shri Subhash Rana | Para-Shooting |
| 2 | Ms. Deepali Deshpande | Shooting |
| 3 | Shri Sandeep Sangwan | Hockey |
- Lifetime Category
| S. No | Name of Recipient | Discipline |
| 1 | Shri S Muralidharan | Badminton |
| 2 | Shri Armando Agnelo Colaco | Football |
- Rashtriya Khel Protsahan Puraskar
| S. No | Name of the Entity |
| 1 | Physical Education Foundation of India |
- Maulana Abul Kalam Azad (MAKA) Trophy 2024
| S. No | Position | Name of University |
| 1 | Overall Winner University | Chandigarh University |
| 2 | 1st Runner Up University | Lovely Professional University, (Punjab) |
| 3 | 2nd Runner Up University | Guru Nanak Dev University, Amritsar |
Important day
2 January – World Introvert Day
- World Introvert Day is celebrated on 2 January to acknowledge and appreciate the unique qualities of introverts, emphasizing their strengths and contributions to society.
- The day raises awareness about the misconceptions surrounding introversion and promotes acceptance of different personality types.
- Theme 2025 – Some peace and calm in a noisy world.
- World Introvert Day was initially acknowledged in 2011, gaining momentum as a chance to showcase the strengths and contributions of the wallflowers. In contrast to extroverts, they regain energy by spending time alone and typically favour deep one-on-one conversations instead of large social events.
3 January – International Mind-Body Wellness Day
- International Mind-Body Wellness Day is celebrated every year on 3 January.
- This day emphasizes the importance of achieving harmony between mental, emotional, and physical well-being.
- This global initiative encourages individuals to focus on their mental and physical well-being by adopting strategies that promote development and wellness.
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