Daily Current Affairs 7th April 2023 For All Government Examinations

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Monetary policy 2023: RBI keeps repo rate unchanged at 6.5 percent

On the basis of an assessment of the current and evolving macroeconomic situation, the Monetary Policy Committee (MPC) headed by RBI Governor Shaktikanta Das at its meeting decided to:

The monetary policy committee has unanimously decided to keep the repo rate unchanged at 6.5 percent.

The standing deposit facility (SDF) rate remains unchanged at 6.25 percent and the marginal standing facility (MSF) rate and the Bank Rate at 6.75 per cent.

RBI has projected GDP growth for 2023-24 at 6.5 percent with risks evenly balanced and inflation to moderate to 5.2 percent. The next meeting of the MPC is scheduled during June 6-8, 2023.

RBI imposes ₹55 lakh penalty on Indian Bank

The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹55.00 lakh (Rupees Fifty Five lakh only) on Indian Bank for non-compliance with certain provisions of the ‘Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016’.

RBI imposes ₹6.77 crore penalty on Mahindra & Mahindra Financial Services

The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹6.77 crore (Rupees Six crore seventy seven lakh only) on Mahindra & Mahindra Financial Services Limited, Mumbai for non-compliance with the "Non-Banking Financial Company - Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016”.

Delhi airport 9th busiest airport in the World: Airports Council International

Delhi’s Indira Gandhi International Airport (IGIA) has become the 9th busiest airport worldwide for 2022, making it the only airport from South and South East Asia in the prestigious list of top 10 busiest airports globally, as announced by Airports Council International (ACI).

Delhi Airport has bettered its ranking from 13th in 2021 and 17th in 2019. Delhi Airport witnessed a collective footfall of passenger traffic of over 5.94 crores in 2022 as per the ACI report.

Cabinet approves revised domestic gas pricing guidelines

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Narendra Modi, has approved the revised domestic natural gas pricing guidelines for gas produced from nomination fields of ONGC/OIL, New Exploration Licensing Policy (NELP) blocks and pre-NELP blocks, where Production Sharing Contract (PSC) provides for Government's approval of prices. The price of such natural gas shall be 10% of the monthly average of Indian Crude Basket and shall be notified on a monthly basis.

Key Highlights

For the gas produced by ONGC & OIL from their nomination blocks, the Administered Price Mechanism (APM) price shall be subject to a floor and a ceiling. Gas produced from new wells or well interventions in the nomination fields of ONGC & OIL, would be allowed a premium of 20% over the APM price. A detailed notification is being separately issued.

The new guidelines are intended to ensure stable pricing regime for domestic gas consumers while at the same time providing adequate protection to producers from adverse market fluctuation with incentives for enhancing production.

Government has targeted to increase the share of natural gas in primary energy mix in India from current 6.5% to 15% by 2030. The reforms shall help expand the consumption of natural gas and will contribute to achievement of target of emission reduction and net zero.

Govt issues fresh Advisory warning against advertisements of betting and gambling

The Ministry of Information & Broadcasting has today advised media entities, media platforms and the online advertisement intermediaries to refrain from carrying advertisements/promotional content of betting platforms.

Key Highlights

In an Advisory issued the Ministry has taken strong exception to the recent instances of mainstream English and Hindi newspapers carrying advertisements and promotional content of betting websites.

The Advisory has been issued to all media formats, including newspapers, television channels, and online news publishers, and showed specific examples where such advertisements have appeared in the media in recent times.

The Ministry has also objected to the promotion by a specific betting platform encouraging the audience to watch a sports league on its website, which prima facie appears to be in violation of the Copyright Act, 1957.

While emphasizing on the legal obligation as well as the moral duty of the media, the Advisory refers to provisions of the Norms of Journalistic Conduct of the Press Council which, interalia, mentions that “newspapers should not publish an advertisement containing anything which is unlawful or illegal…………”, and further that “The newspapers and periodicals should scrutinize the advertisement inputs from ethical as well as legal angles in view of the editor’s responsibility for all contents including advertisement, under Section 7 of PRB Act, 1867. Revenue generation alone cannot and should not be the sole aim of the Press, juxtaposed with much larger public responsibility”.

South Korean Foreign Minister Park Jin on a two-day visit to India

South Korean Foreign Affairs Minister Park Jin will be on a two-day visit to India on 7th April (today). Minister Park Jin will call on Vice President Jagdeep Dhankhar.

Later, South Korean Foreign Minister Park Jin is scheduled to hold a meeting with External Affairs Minister Dr S. Jaishankar at Hyderabad House.

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Daily Current Affairs 7th April 2023 For All Government Examinations