DAILY GK 25-26 FEB

 DAILY GK 25 - 26 FEB

1.              INTEREST EQUALIZATION SCHEME EXTENDED TILL JUNE 2024

·                The Reserve Bank of India (RBI) announced that the Interest Equalization Scheme (IES) for Pre and Post-Shipment Rupee Export Credit was extended by the Government of India (GoI) till 30th June 2024 with an additional allocation of Rs. 2500 crores.

·                The Rate of Interest Equalization is for the Manufacturers and Merchant Exporters exporting under 410 Harmonized System (HS) lines, the interest equalization rate will be at 2%.

·                Micro, Small & Medium Enterprises (MSME) manufacturers, exporting under any HS line, the interest equalization rate will be at 3%.

·                Cap on Subvention Amount: The annual net subvention amount is already limited to Rs.10 Crores per Importer-Exporter Code (IEC) in a given financial year with effect from 01st April 2023.

 

2.              16th TRILATERAL COAST GUARD EXERCISE “DOSTI 16”

·               The Indian Coast Guard (ICG), the Sri Lankan Navy (SLN), and the Maldives National Defense Force (MNDF) are jointly conducting the 16th edition of the biennial trilateral Coast Guard exercise named ‘Dosti-16’  in the Male, Maldives.

·              DOSTI exercise was initiated between the coast guards of Maldives and India in 1991 and included Sri Lanka since 2012.

 

3.              ICA’S WORLD COOPERATIVE MONITOR 2023

·                According to the International Cooperative Alliance (ICA)’s 2023 edition of the World Cooperative Monitor (WCM) report, India’s Indian Farmers Fertiliser Cooperative (IFFCO) Limited has topped the Top 300 Cooperatives ranking based on the ratio of turnover over GDP(gross domestic product) per capita under the Agriculture and Food Industries section.

·                India’s Gujarat Cooperative Milk Marketing Federation Limited(AMUL) has been ranked 2nd followed by France’s GroupeCréditAgricole at 3rd. 

·                IFFCO has been ranked 72nd in ranking of Top 300 Largest Cooperative and Mutual Organisations based on Turnover.

·                Nonghyup(National Agricultural Cooperative Federation – NACF) of South Korea topped in world

 

4.              RBI ALLOWS BANKS, NON-BANKS TO ISSUE PPIS TO COMMUTERS FOR PUBLIC TRANSPORT

·                Reserve Bank of India (RBI) amended the Master Direction on Prepaid Payment Instruments (PPI) to permit authorised bank and non-bank PPI issuers to issue PPIs for making payments across various public transport systems.

·                This aims to offer convenience, speed, affordability, and safety of digital modes of payment to commuters using the public transport systems like metro, buses, rail, waterways, tolls, and parking.

·                PPIs are instruments that facilitate purchase of goods and services, conduct of financial services, enable remittance facilities, etc., against the value stored therein. It can be issued by banks and non-banks.

 

5.              EX-LOK SABHA SPEAKER MANOHAR JOSHI PASSED AWAY

·                Manohar Joshi, a former Chief Minister (CM) of Maharashtra & former Speaker of LokSabha, passed away at the age of 86 in Mumbai, Maharashtra.

·                He served as CM of Maharashtra from 1995 to 1999. He was the first leader from the undivided Shiv Sena to occupy the CM post in Maharashtra.

 

6.              CENTRAL EXCISE DAY 2024- FEBRUARY 24

·                The Central Excise Day is annually observed across India on 24 February to recognise and highlight the contributions of the Central Board of Indirect Taxes and Customs (CBIC), which is responsible for administering indirect taxes in India.

·                The day also commemorates the anniversary of the enactment of the Central Excise and Salt Act, 1944 on 24 February 1944.

·                CBIC It is the administrative authority for its subordinate organizations, including Custom Houses, Central Excise and Central Goods and Service Tax (GST) Commissionerates, and the Central Revenues Control Laboratory.