11 June, 2021
El Salvador Becomes First Country To Adopt Bitcoin As Legal Tender
El Salvador has become the first country in the world to grant legal tender status to bitcoin. The use of bitcoin as a legal tender will become law in 90 days. The use of bitcoin will be totally optional.
According to World Bank data, remittances from bitcoin to El Salvador account for $6 billion in 2019. It is around a fifth of GDP in 2019 & a highest ratio across the world.
Merits: Bitcoins will be used to buy goods and pay taxes and bank loans and Bitcoin exchanges will not be subject to capital gains tax.It will bring financial inclusion, investment, tourism, innovation and economic development.
Bitcoin is the first decentralized cryptocurrency which was released in 2009.
It is a digital currency which does not have a central bank or single administrator.
About El Salvador:
Capital: San Salvador
Currency: United States Dollar
For the 1st time in two decades, Child Labour increases to 160 million worldwide
According to the ‘Child Labour Global Estimates 2020, trends and roads forward’ released by United Nations Children’s Fund (UNICEF) & International Labour Organization (ILO), for the 1st time in two decades, 160 million children (63 million girls and 97 million boys) were in child labour globally at the beginning of 2020, accounting for almost 1 in 10 of all children worldwide. The Child Labour (160 million) registered an increase of 8.4 million over 4 years (2017-20). The number of children put to work fell by 94 million during 2000 and 2016. The report highlights the significant rise of children working between the ages of 5-11. This age group accounts for just over half of the total global figure (160 million).
About United Nations Children’s Fund (UNICEF)
Executive Director – Henrietta H. Fore
Headquarters – New York, USA
1st Edition of Arab-India Energy Forum held virtually
The 1st Edition of the Arab-India Energy Forum (AIEF) was held virtually from June 8-9, 2021. It was held under the co-chairship of India & the Kingdom of Morocco. During the forum, a range of issues on boosting two-way energy cooperation and intra-regional power trading were discussed. Participants from various public and private sector institutions from India & LAS (League of Arab States) members participated in the event
Prime Minister – Saadeddine Othmani
Capital – Rabat
Currency – Moroccan Dirham (MAD)
CBSE collaborates with Microsoft to introduce Coding & Data Science in schools
As mentioned in New Education policy 2020, the Central Board of Secondary Education (CBSE) has collaborated with Microsoft to introduce Coding and Data Science in schools for classes 6 to 12. These new subjects will be introduced in 2021-22 academic session.
DIC, ICAR sign MoU to provide ‘Demand Based Tele Agriculture Advisories’ to farmers
Digital India Corporation (DIC), Ministry of Electronics & Information Technology, and Indian Council of Agricultural Research (ICAR), Ministry of Agriculture and Farmers Welfare signed an Memorandum of Understanding (MoU) at Krishi Bhawan, New Delhi. The MoU aims to help farmers by providing location specific ‘Demand Based Tele Agriculture Advisories’.
About Digital India Corporation (DIC)
DIC is a not for profit Company set up by the Ministry of Electronics and Information Technology (MeitY under Section 8 of Companies Act 2013. Initially, it was known as ‘Media Lab Asia’. It was renamed as ‘Digital India Corporation’ in 2017.
MD & CEO – Abhishek Singh
Headquarters – New Delhi
About Indian Council of Agricultural Research (ICAR)
Director General – Dr. Trilochan Mohapatra
Headquarters – New Delhi
Founded in – 1929
India to Save Logistics Fuel Worth Rs 311 lakh crore between 2020 and 2050: Report by NITI Aayog, RMI, RMI India
NITI Aayog (National Institution for Transforming India), RMI (Rocky Mountain Institute), and RMI India presented key opportunities for India to reduce its logistics costs through their new report, titled ‘Fast Tracking Freight in India: A Roadmap for Clean and Cost-Effective Goods Transport’. Clay Stranger, Managing Director, RMI mentioned the need in the transformation of the freight sector as it will enable India to save logistics Fuel worth Rs 311 lakh crore between 2020 and 2050.
NHPC Limited Signed E-Mobility Agreements with CESL
As an initiative under environmental protection, National Hydroelectric Power Corporation (NHPC) Limited, the hydropower company under the Ministry of Power has signed E-Mobility Agreements with Convergence Energy Services Limited (CESL), a wholly-owned subsidiary of Energy Efficiency Services Limited (EESL), on the eve of World Environment Day 2021. Under the agreement, NHPC will be leasing 25 nos of Electric Vehicles (EVs) and supply 3 nos. of EV fast chargers to NHPC including its installation & commissioning. In 2019, NHPC had leased 2 no. of Electric Vehicles through EESL and now after the current E-mobility agreement, NHPC will have the biggest EVs fleet amongst Central Public Sector Enterprises (CPSEs) in India. To explore opportunities for Energy Efficiency and Conservation measures in NHPC, both NHPC and EESL have entered into another Memorandum of Understanding (MoU) (Under process).
About NHPC Limited:
It is the largest organisation for hydropower development in India
Establishment – 1975
Headquarters – Faridabad, Haryana
Chairman & Managing Director – Abhay Kumar Singh
About Convergence Energy Services Limited (CESL):
Headquarter – New Delhi
Executive Vice-Chair – Saurabh Kumar
Managing Director – Mahua Acharya
Cabinet Approvals on June 9, 2021
The Union Cabinet headed by Prime Minister Narendra Modi granted approval to several new initiatives. They are Allotment of 5 MHz spectrum in 700 MHz band to Indian Railways Extension of applicability of New Investment Policy (NIP)-2012 Approval of Minimum Support Prices (MSP) for Kharif Crops for marketing season 2021-22
Allotment of 5 MHz Spectrum in 700 MHz band to Indian Railways
The allotment of 5 MHz (Megahertz) Spectrum in 700 MHz frequency band to Indian Railways (IR) under the ‘Atma Nirbhar Bharat’ mission will enhance public safety and security services at stations and in trains.
i.Using this spectrum, IR has planned to provide LTE (Long Term Evolution) based Mobile Train Radio Communication on its route.
About Indian Railways
CEO & Chairman of Railway Board – Suneet Sharma
Headquarters – New Delhi
About Ramagundam Fertilizers and Chemicals Limited (RFCL)
CEO – Nirlep Singh Rai
Head Office – New Delhi
RBI Imposed Penalty of Rs.4 Crore on BOI, Rs.2 Crore on PNB
The Reserve Bank of India(RBI) has imposed a monetary penalty of Rs.4 crore on Bank of India(BOI) and of Rs.2 crore on Punjab National Bank(PNB). The monetary penalty on BOI was imposed for non-compliance with and contravention of directions, viz., breach of stipulated transaction limits,delay in transfer of unclaimed balances to DEA Fund,delay in reporting a fraud to RBI and sale of a fraudulent asset. The monetary penalty on PNB was imposed for non-compliance of the directions, viz., delay in reporting of frauds and not ensuring data accuracy and integrity while submitting data to RBI.
PayNearby tie-up with IndiaFirst Life Insurance Launched Insurance Solutions – ‘Poorna Suraksha’ for Retailers
PayNearby, India’s largest Hyperlocal fintech startup, in collaboration with IndiaFirst Life Insurance Company Limited, launched first of its kind, a cost-effective, 3-in-1 insurance solution named ‘Poorna Suraksha’ to safeguard its 15+ lakh Retail Partners during the COVID-19 and beyond.
About PayNearby Technologies Pvt. Ltd(PayNearby):
It is a Department for Promotion of Industry and Internal Trade (DPIIT) Certified Fintech Company registered under The Startup India program of the Government of India
Establishment – April 2016
Headquarters – Mumbai, Maharashtra
Founder, MD & CEO – Anand Kumar Bajaj
Indian Bank Partnered with Fisdom to Offer Wealth Management Solutions
Indian Bank, the 7th largest public sector bank, partnered with Fisdom, a digital wealth management company to offer its customers comprehensive wealth management products and services. Under the partnership, wealth products and services will be distributed through Indian Bank’s network of 6,000 branches and its digital properties including the mobile banking application and internet banking portal. In the 1st phase of the partnership, Indian Bank customers are enabled to invest in essential financial products viz, mutual funds(MF) of choice, and the National Pension System through Indian Bank’s IndOASIS mobile banking application and its internet banking portal.
About Indian Bank:
Establishment – 1907
MD & CEO – Padmaja Chunduru
Headquarters– Chennai, Tamil Nadu
Tagline – Your Own Bank
IPL’s Remaining Matches To Be Held In UAE In September-October 2021
The Board of Control for Cricket in India (BCCI) announced to complete the remaining matches of VIVO Indian Premier League(IPL) 2021 season in the United Arab Emirates (U.A.E) in the months of September-October 2021. 14th edition of IPL postponed on May after several players and support staff across teams tested positive for COVID-19. As many as 29 matches were held this season before the tournament came to a halt.
Indian Football player Sunil Chhetri Became 2nd Highest International Goal Scorer
Sunil Chhetri, 36-year-old Indian Footballer, became the 2nd highest International goal scorer among the active players. He overtook Lionel Messi of Argentina by scoring his 73rd and 74th Goal during the FIFA 2022 World Cup qualifiers against Bangladesh. Cristiano Ronaldo of Portugal tops the list with 103 international goals. Sunil Chhetri has been placed 11th on the all-time goal-scorers list in men’s international football.
ISRO Developed 3 Types of Ventilators & Set to Transfer Technology to Industry for Clinical Usage
The Indian Space Research Organisation(ISRO) has developed 3 types of ventilators: PRANA , VaU and SVASTA. ISRO is set to transfer the technology to the industry for clinical usage during the 2nd wave of COVID-19 pandemic. “PRANA” Programmable Respiratory Assistance for the Needy Aid a low-cost and portable critical care ventilator based on the automated compression of an AMBU (Artificial Manual Breathing Unit) bag. “VaU” Ventilation assist Unit is an ICU grade positive pressure mechanical ventilator. “SVASTA” Space Ventilator Aided System for Trauma Assistance is a Gas-powered ventilator.
India’s 1st CAR-T cell therapy was conducted at ACTREC, TMC in Mumbai
India’s first Chimeric Antigen Receptor T-cell (CAR-T) therapy was conducted at the Bone Marrow Transplant unit at ACTREC, Tata Memorial Center(TMC) in Mumbai, Maharashtra. The clinical trial is the joint effort of the Indian Institute of Technology(IIT) Bombay and Tata Memorial Centre The clinical trial of CAR-T was supported by the Department of Biotechnology(DBT) through the National Biopharma Mission(NBM)-Biotechnology Industry Research Assistance Council (BIRAC). The National Biopharma Mission-BIRAC of the government of India has approved Rs 19.15 crore to the team to conduct the first in the human phase-1/2 clinical trial of the CAR-T cells.
Former PM Ukhnaa Khurelsukh Became the 6th President of Mongolia
Former Mongolian Prime Minister Ukhnaa Khurelsukh has become the 6th democratically elected President of Mongolia. He was the Presidential candidate of the Mongolian People’s Party. He will be replacing the incumbent President Khaltmaa Battulga Ukhnaa Khurelsukh was forced to resign as the Prime Minister following the protest in January 2021.
LIC Chairman M R Kumar Gets Nine-Month Extension
The Government has given a nine-month extension to Life Insurance Corporation of India (LIC) Chairman M R Kumar till March,2022 in view of the ongoing preparation for the initial public offer(IPO). M R Kumar was to retire on June 30,2021 upon attaining the age of 60 years. To provide extension beyond 60 years, the rules under the Life Insurance Corporation Act, 1956, have been amended
DBS Tops the Forbes World’s Best Banks 2021 List in India
DBS, a leading financial services group headquartered in Singapore, tops the Forbes list of the World’s Best Banks 2021 in India. DBS ranked number 1 out of the 30 domestic and international banks in India for the 2nd consecutive year.
This is the 3rd edition of the World’s Best Banks’ list by Forbes.
This survey on the banking relations of around 43000 banking customers in 28 countries was conducted by Forbes in partnership with Statista, a Market research firm.