India’s Foreign Exchange Reserves Hit Record $651.5 Billion: With $651.5 billion in foreign exchange reserves by May 31, 2024, India had the highest amount of foreign exchange reserves ever. Positive changes in trade, remittances, and foreign investments have helped India’s external industry reach a strong point. The Reserve Bank of India (RBI) says that service […]
Category: Current Affairs
STPI Celebrated 33rd Foundation Day In New Delhi
STPI Celebrated 33rd Foundation Day In New Delhi: STPI Celebrated 33rd Foundation Day in New Delhi. Software Technology Parks of India (STPI), an autonomous society under the Ministry of Electronics and Information Technology (MeitY), celebrated its 33rd Foundation Day on 5th June 2024 at a special event held in New Delhi, Delhi. The foundation day […]
Somalia Wins Non-Permanent Seat On UN Security Council
Somalia Wins Non-Permanent Seat On UN Security Council: Somalia has reached a major milestone by becoming the first country since the 1970s to have a non-permanent place on the UN Security Council. This change, which was revealed after a vote in the 193-member UN General Assembly in which Somalia got 179 votes, is a major […]
Capital Account Convertibility
Capital Account Convertibility: To stay “future-ready” for India’s fast-growing economy, the Reserve Bank of India (RBI) has set aspirational goals: capital account liberalization, internationalization of the Indian rupee (INR), universalizing digital payments, and globalizing India’s financial sector over a multi-year timeframe. Capital Account Convertibility: Balance of Payments Account: It is a statement of all transactions […]
GNSS-Based Electronic Toll Collection (ETC) System
GNSS-Based Electronic Toll Collection (ETC) System: NHAI has invited expressions of interest (EoIs) from around the world for the implementation of GNSS-based (satellite-based) electronic toll collection to provide a seamless and barrier-free tolling experience for National Highways users. GNSS-based Electronic Toll Collection (ETC) system is a barrier-free method of electronic toll collection that uses Global […]
NaturAfrica Initiative
NaturAfrica Initiative: The European Commission (EC) has removed Tanzania from the list of countries eligible for its 18 million Euro conservation grant to be launched in East Africa as part of its NaturAfrica initiative. NaturAfrica initiative is a European Union (EU) program aimed at supporting biodiversity conservation in Africa through a people-centred approach. It identifies […]
Sticky Inflation
Sticky Inflation: Sticky inflation has dashed the hopes of early rate cuts with experts now pencilling in repo rate cuts by the RBI from December this year. Economists expect a shallow rate cut cycle with RBI likely to lower the repo rate by 75 – 100 basis points. Sticky Inflation refers to a phenomenon where […]
Foreign Exchange Management Act (FEMA), 1999
Foreign Exchange Management Act (FEMA), 1999: RBI is planning to rationalise the Guidelines for Export and Import of Goods and Services under the Foreign Exchange Management Act (FEMA), 1999. Foreign Exchange Management Act (FEMA), 1999 came into force on June 1, 2000, as a successor to the Foreign Exchange Regulation Act, or FERA, of 1973, […]
Pump And Dump Scheme In The Stock Market
Pump And Dump Scheme In The Stock Market: The Securities Exchange Board of India’s (SEBI) recently slapped a fine of Rs 7.75 crore on 11 individuals for allegedly operating a ‘pump and dump’ scheme. Pump and Dump Scheme is a type of manipulation activity that involves artificially inflating the price of a stock through false […]
World Wealth Report 2024
World Wealth Report 2024: The number of high-net-worth individuals (HNWI) in India increased by 12.2% in 2023 compared to 2022 as per the Capgemini Research Institute’s World Wealth Report 2024. World Wealth Report 2024 is released by the Capgemini Research Institute. It covers 71 countries, accounting for more than 98% of global gross national income […]
