Daily Currember 13th 2024-1731487419819

Daily Current Affairs
13th Nov 2024

13th Nov 2024
BANKING & FINANCE

Reserve Bank of India Issues Operational Framework for Reclassifying foreign
portfolio investment to foreign direct investment in Case of Investment Limit Breach
• The Reserve Bank of India (RBI) issued an
operational framework for the reclassification
of foreign portfolio investment (FPI) to foreign
direct investment (FDI) if an FPI breaches the
prescribed investment limit.
• The new directions for reclassification are
operative with immediate effect.
Key Highlights :
• Investment Limit: The prescribed limit for an FPI's
investment in an Indian company is less than
10% of the total paid-up equity capital on a fully
diluted basis.
• Breach of Limit: If the FPI exceeds this limit, it has
the option to either:
• Divest its holdings, or
• Reclassify the excess investment as FDI, subject
to conditions set by the RBI and Securities and
Exchange Board of India (SEBI).
• Timeline for Action: The FPI must take action (either divestment or reclassification)
within five trading days from the date of settlement of the trades causing the breach.
• Approval Process: For reclassification to FDI:
• The FPI must seek approval from the government and obtain concurrence from the
Indian investee company.
• The reclassification is not permitted in sectors prohibited for FDI.
• Reporting Requirements: The FPI must report the entire investment within the
timelines specified under the Foreign Exchange Management (Mode of Payment
and Reporting of Non-Debt Instruments) Regulations, 2019.
• Transfer of Equity Instruments: Once reporting is complete, the FPI must request its
Custodian to transfer the equity instruments from the demat account maintained for
FPI holdings to the one maintained for FDI.
• SEBI Regulations: If the FPI fails to divest its holdings within the specified five
trading days, the entire investment will automatically be reclassified as FDI as per
the SEBI (Foreign Portfolio Investors) Regulations.
About RBI :
• Established : 1 April 1935
• Headquarters : Mumbai, Maharashtra, India
• Governor : Shaktikanta Das
Star India to Produce Web Series on the Reserve Bank of India
• Star India will produce a web series on the Reserve Bank of India's 90-year
journey, aimed at enhancing public understanding of the RBI's role in India’s
economy and contributing to financial literacy.
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13th Nov 2024
• The Reserve Bank of India was established in 1935 and

completed 90 years in April 2023.
Key Highlights :
• Selection Process:The RBI issued a Request for
Proposal (RFP) in July 2023 for the web series.
• Star India Pvt Ltd won the tender for Rs 6.5 crore.
• Competing production houses included Viacom 18, Zee
Entertainment Network Limited, and Discovery
Communications India.
• Only Star India Pvt Ltd and Viacom 18 advanced to the
final round after technical evaluations.
• Series Format:The series will consist of five episodes,
each approximately 25-30 minutes long.
• The episodes may air on national TV channels and OTT
platforms.
• Content Focus:The series will showcase the RBI’s
vision, mission, achievements, and initiatives and
provide insights into its operations, ongoing
developments, and collaborations.
• The series aims to make financial concepts accessible
and interesting to the public, contributing to financial
literacy.
• Production Objectives:The series will use storytelling, expert interviews, and high-
quality visuals to foster engagement, build public trust, and enhance transparency in
the RBI’s operations and policies.
• Educational Resource:The series is designed to serve as an educational resource to
improve public understanding of the RBI's economic role, encouraging greater trust
and confidence in its policies and operations.
Securities and Exchange Board of India directs qualified stock brokers to implement
UPI payment mechanism starting February 1
• The Securities and Exchange Board of India (SEBI)
has mandated that qualified stock brokers (QSBs)
offer either a UPI-based block mechanism for trading
or a 3-in-1 trading account facility to clients.
• The new mandate will come into effect on February 1,
2025.
• QSBs are larger brokers considered systemically
important due to the number of clients and volumes
generated through them.
Key Highlights :
• Block Mechanism: The UPI-based block mechanism,
which has been optional since January 2024, allows
investors to have funds blocked in their bank accounts for trading, enhancing
protection by ensuring funds are not directly transferred upfront to brokers.
13th Nov 2024
• Enhanced Protection: This mechanism provides greater client protection by blocking

funds rather than transferring them, reducing the risk of misuse.
• Use in IPOs: The block mechanism is already widely used in the primary market,
particularly for IPO applications.
• 3-in-1 Account Facility: The 3-in-1 account integrates the trading, demat, and bank
accounts, enabling the blocking of funds for buy orders and securities for sell orders.
Some brokers already offer this facility.
• Regulatory Reasoning: SEBI's move is aimed at improving investor protection and
preventing misuse of funds, following incidents like the Karvy case.
• Market Impact: The block mechanism in the secondary market is expected to bring
Rs 2,800 crore in benefits for investors, according to SEBI estimates.
About SEBI :
• Established : 12 April 1988 as an executive body and was given statutory powers on
30 January 1992 through the SEBI Act, 1992
• Headquarters : Mumbai, Maharashtra
• Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
• SEBI is the regulatory body for securities and commodity markets in India under the
ownership of the Ministry of Finance (MoF), GoI.
Shriram Mutual Fund to introduce India's first multi-sector rotation fund

• Shriram Mutual Fund is launching an
industry-first Multi-Sector Rotation Fund,
which will invest in 3-6 sectors that are
expected to outperform in the near-to-long
term.
• The fund will adopt a quantamental
approach—a blend of quantitative and
fundamental analysis.
• The sectors selected will be based on the
proprietary Enhanced Quantamental
Investment (EQI) framework, factoring in
momentum, fundamentals, macroeconomic indicators, and sentiment.
• The fund will move in and out of sectors based on their relative performance,
rebalance dynamically according to changing conditions.
• The fund will be market-cap agnostic, meaning investments will be made across
large-cap, mid-cap, and small-cap stocks depending on the companies operating
within the selected sectors.
• The fund offers tax efficiency, as there will be no capital gains tax implication when
the fund manager rebalances the portfolio across sectors.
• Unlike flexi-cap or business cycle funds, this fund will focus on a limited number of
sectors, making it unique in its strategy.
• The fund is set to be launched on November 18, 2024.
Reserve Bank of India Expands Forex Transactions Reporting Requirements to

Include Spot Deals
13th Nov 2024
• The Reserve Bank of India (RBI) has expanded

the reporting of forex transactions to include
foreign exchange spot deals to enhance
completeness in the trade repository (TR) of the
Clearing Corporation of India (CCIL).
Key Highlights :
• Currently, authorised dealers report all over-the-
counter (OTC) foreign exchange derivative contracts
and foreign currency interest rate derivative
contracts undertaken by them directly or through
their overseas entities to the TR of Clearing
Corporation of India Limited (CCIL).
• Accordingly, transactions in foreign exchange cash;
foreign exchange tom; and foreign exchange spot,
involving the rupee or otherwise shall now be
reported to the TR.
• However, money-changing transactions are not in
the scope of the latest directions.
• Authorised dealers have been asked to report all inter-bank foreign exchange
contracts undertaken by them to the TR of CCIL with effect from February 10, 2025,
as per defined timelines.
• The RBI also said there would be no requirement to match transactions with
overseas counterparties and client transactions in the TR as the overseas
counterparties and clients are not required to report/confirm the transaction details.
• Authorised Dealer shall report all FX contracts executed with clients to the TR of
CCIL in a phased manner. The following FX contracts executed with clients shall be
mandatorily reported as per the following timelines:
• Phased Reporting for Client Contracts:
• USD 1 Million Threshold: FX contracts with clients valued at or above USD 1 million
(or equivalent) must be reported by May 12, 2025.
• USD 50,000 Threshold: FX contracts with clients valued at or above USD 50,000 (or
equivalent) must be reported by November 10, 2025.
Reserve Bank of India Introduces New Domestic Money Transfer Framework with
Enhanced Know Your Customer Standards for Regulated Entities
• The Reserve Bank of India (RBI) had issued a
new framework on Domestic Money Transfer
(DMT) in July 2024 for regulated enterprises,
requiring stronger Know Your Customer (KYC)
record standards and focusing on banking
services and payment systems.
• The new guidelines are effective from November
1, 2024, as per the RBI’s July 24, 2024 circular.
• The revised regulations are intended to improve the security of domestic money
transfers and ensure compliance with current financial laws.
13th Nov 2024
Key Changes :
• Cash Pay-out Service - The remitting bank shall obtain and keep a record of the
name and address of the beneficiary.
• Cash Pay-in Service - Remitting banks / Business Correspondents (BCs) shall
register the remitter based on a verified cell phone number and a self-certified
‘Officially Valid Document (OVD)’ as per the Master Direction – Know Your
Customer Direction 2016, as amended from time to time.
• Every transaction by a remitter shall be validated by an Additional Factor of
Authentication (AFA).
• Cash pay-out refers to transferring funds from bank accounts to beneficiaries who do
not have a bank account.
• According to the RBI circular dated October 5, 2011, “banks are permitted to provide
services which facilitate transfer of funds from the accounts of their customers for
delivery in cash to the recipients not having bank accounts at an ATM or through an
agent appointed as Business Correspondent.
• It has been decided to raise the ceiling on the value of such transfers from Rs. 5,000
to Rs. 10,000 per transaction subject to the cap of Rs. 25,000 per month.
• It has been further decided to permit banks to facilitate such fund transfers through
any other authorised payment channels as well.
• The remitting bank shall obtain full details of the name and address of the
beneficiary.”
• According to the RBI circular dated October 5, 2011, “a walk-in customer at a bank
branch can remit funds up to Rs. 50,000 to the bank account of a beneficiary through
NEFT.
• Besides, banks are also permitted to allow such customers to transfer funds to a
Bank account of a beneficiary through BCs, ATMs, etc. up to a maximum amount of
Rs.5,000 per transaction with a monthly cap of Rs. 25,000.
• Such a walk-in customer needs to provide minimum details like his name and
complete address to the remitting bank.”
National Payments Corporation of India Launches Auto Top-Up Feature and Raises
Transaction Limits for UPI Lite from November 1, 2024
• The National Payments Corporation of India
(NPCI) has launched an auto top-up feature
and increased transaction limits for UPI Lite,
effective from November 1, 2024.
Key Highlights :
• Transaction Limit Update:The transaction limit
for UPI Lite has been raised to Rs 1,000
without entering a PIN, up from the previous
limit of Rs 500.
• Wallet Balance Limit:The maximum wallet balance for UPI Lite has been increased
from Rs 2,000 to Rs 5,000.
• However, the daily transaction cap remains at Rs 4,000.
13th Nov 2024
• Auto Top-Up Feature:The auto top-up feature automatically replenishes a user's UPI
Lite account when the balance falls below a set threshold.
• Users can configure their preferred top-up amount through their UPI app, with a
maximum of five automatic recharges per day.
Recent News :
• In October 2024, the Unified Payments Interface (UPI) achieved a record milestone
with 16.58 billion transactions amounting to Rs 23.5 trillion.
• This marked the highest-ever transaction volume since the system's launch in April
2016, surpassing the previous record of 15.04 billion transactions in September 2024
and Rs 20.64 trillion in July 2024.
NATIONAL NEWS
India’s Crackdown on Cybercrime: 450,000 Mule Accounts Frozen in Major Anti-
Fraud Effort
• The Indian government has taken
decisive steps to combat cybercrime by
freezing approximately 450,000 “mule”
bank accounts used to launder money
obtained from cyber fraud.
• The effort is part of a nationwide crackdown
on financial cybercrime coordinated by the
Indian Cyber Crime Coordination Centre
(I4C) under the Ministry of Home Affairs.
• Key Details
• Extent of Mule Accounts:
o Mule accounts, used by fraudsters to
channel and withdraw illicit funds,
are often opened using stolen KYC
(Know Your Customer) documents.
o A high concentration of these
accounts is found in prominent banks: SBI (40,000 accounts), PNB (10,000),
Canara Bank (7,000), Kotak Mahindra Bank (6,000), and Airtel Payments
Bank (5,000).
• Financial Losses:
o Cyber fraud linked to mule accounts led to a loss of approximately Rs 17,000
crore in the last year alone, revealing the serious impact of such fraudulent
activities on the financial system.
• Government Actions:
o PMO Involvement: The Prime Minister’s Office (PMO) held discussions with
officials from I4C to review vulnerabilities in the banking system.
o Bank and Police Instructions: Banks have been directed to investigate
potential involvement of staff in facilitating mule accounts, while state and UT
police forces are taking proactive measures against these accounts.
13th Nov 2024
o Regulatory Support: The Reserve Bank of India and the Ministry of

Finance’s Department of Financial Services have been urged to implement
stronger safeguards.
• Airtel Payments Bank’s Anti-Fraud Measures:
o As a low-risk bank, Airtel Payments Bank’s operations are designed to
reduce fraud risks by not offering current accounts or cheque books.
o Technology-Driven Safeguards:
▪ Real-time API Integration: Airtel Payments Bank screens potential
customers through I4C’s suspect registry.
▪ AI/ML Models: Advanced algorithms detect potential account
takeovers.
▪ Face Match Technology: This system verifies KYC compliance by
matching customer photos to records, helping to prevent identity
misuse.
Government Expands e-Shram Portal to Include Self-Employed Workers and Micro-

Enterprise Owners
• The Indian government is enhancing the
e-Shram portal to encourage self-
employed workers—including owners of
micro-enterprises, hawkers, and vendors—
to register.
• This move is part of an ongoing effort to
ensure social security and welfare
benefits reach workers in the unorganized
sector.
• Key Highlights of the Initiative
• New Registration Facility for Self-
Employed Workers:
o A special functionality is being added to the portal for self-employed
workers who may not consider themselves “workers” despite being a part of
the unorganized sector.
o The government aims to include hawkers, street vendors, kirana store
owners, and other micro-business operators in the portal's database.
• About the e-Shram Portal:
o Launched by the Ministry of Labour & Employment in August 2021, the e-
Shram portal serves as a National Database of Unorganized Workers
(NDUW).
o It targets unorganized sector workers, facilitating their registration and
linking them with Aadhaar to provide easy access to welfare schemes.
• Eligibility for e-Shram Portal Registration:
o Unorganized workers from sectors such as agriculture, construction, leather,
handloom, and carpentry, among others.
o Workers with a monthly income below Rs. 15,000 and not members of
EPFO, ESIC, or NPS are eligible.
13th Nov 2024
o Registration is available on a self-declaration basis for 400 occupations

across 30 broad sectors.
• Inviting Platform Aggregators:
o The Ministry has encouraged platform aggregators to register their workers
on e-Shram, providing them with a Standard Operating Procedure (SOP) for
the process.
o A toll-free helpline and email support are available to assist in the
registration process.
• Current Reach and Impact:
o As of December 15, 2023, over 29.23 crore unorganized workers have
registered on the portal, bringing millions of unorganized workers within the
scope of social security and welfare schemes.
STATE NEWS
Andhra Pradesh Chief Minister N Chandrababu Naidu inaugurates seaplane demo
flight from Vijayawada's Prakasam Barrage to Srisailam in Nandyal district
• Andhra Pradesh Chief Minister N Chandrababu
Naidu launched a seaplane demo flight
operation from Prakasam Barrage in Vijayawada
to Srisailam in Nandyal district.
• The initiative is called "Sky Meets Sea," aimed at
connecting Vijayawada and Srisailam.
• The service will be managed by the Andhra
Pradesh Airports Development Corporation
Limited (APADCL).
• The seaplane is a 10-seater aircraft designed for
the service.
• The flight route starts from Prakasam Barrage in
Vijayawada and ends near Pathalaganga in
Srisailam, flying over the Krishna River.
• Passengers on this route will experience scenic
views while flying over the Krishna River.
BUSINESS NEWS
HFCL Ltd Secures Key Broadband Network Projects Under BharatNet Phase III in
Uttar Pradesh and Punjab
• HFCL Ltd, a leading telecom equipment manufacturer, has emerged as the lowest
bidder for optical fibre-based broadband projects valued at Rs 13,000 crore
under the BharatNet Phase III initiative.
• The project aims to expand high-speed internet access across rural India,
focusing on Uttar Pradesh (East and West) and Punjab.
• Project Highlights
• Consortium Partnerships:
13th Nov 2024
o HFCL collaborated with Rail Vikas Nigam

Limited (RVNL) and Aerial Telecom Solutions
Private Limited for the UP East and UP West
bids, securing contracts worth Rs 6,925 crore.
o HFCL bid independently for the Punjab circle,
winning a contract valued at Rs 1,244 crore.
• Operation & Maintenance (O&M) Contracts:
o HFCL and its consortium will manage 10 years
of O&M with annual rates based on capital
expenditure (capex):
▪ First five years: 5.5% of capex
▪ Subsequent five years: 6.5% of capex
o The total O&M contract value is estimated at Rs 4,155 crore for UP and Rs
746 crore for Punjab.
• Objectives of BharatNet Phase III:
o BharatNet Phase III targets bridging digital gaps by connecting unserved
gram panchayats (GPs) with high-speed fibre-optic networks.
o The project aims to provide 100 Mbps bandwidth per GP, connecting 6.4
lakh villages and over 250,000 GPs.
o The network will use IP-MPLS technology to support essential digital
services like e-health, e-education, and e-governance in underserved
areas.
India’s Rise in Intellectual Property Rights: 2023 WIPO

• India’s commitment to innovation and intellectual
property (IP) has paid off, with patent and industrial
design filings doubling between 2018 and 2023,
securing the country the 6th position globally,
according to the World Intellectual Property
Organisation’s (WIPO) latest report.
• Key Highlights
• India’s Growth in IP Rankings:
o Top 10 Placement: For the first time, India is
ranked among the top 10 countries for
patents, industrial design applications, and
trademark applications.
o Patent Growth: India recorded 64,480 patent
filings in 2023, with a 15.7% increase over
2022, marking the fifth consecutive year of
double-digit growth in patent filings.
• Global Patent Filing Landscape:
o Over 3.5 million patents were filed globally in 2023, marking the fourth
consecutive year of growth.
13th Nov 2024
o Top Countries: China led with 1.64 million patent filings, followed by the
USA (518,364), Japan (414,413), South Korea (287,954), Germany
(133,053), and India (64,480).
o Asia’s Dominance: Asian countries contributed significantly to IP activity,
with 68.7% of patent, 66.7% of trademark, and 69% of industrial design filings
globally.
• Types of Intellectual Property Rights:
o Patents: Protect inventions, such as new medicines or technologies.
o Copyright: Grants creators exclusive rights over artistic and literary works
(e.g., books, music).
o Trademarks: Distinctive symbols, designs, or names that differentiate a
company’s goods or services.
o Industrial Designs: Focus on the ornamental or aesthetic aspect of
manufactured goods.
o Geographical Indications: Signify products’ specific origin or quality based
on location.
o Trade Secrets: Involves confidential business information.
• WIPO’s Role:
o Established: In 1967, as a UN agency based in Geneva, Switzerland.
o Function: WIPO promotes IP protection globally, ensuring creators’ rights are
safeguarded against unauthorized use.
Finance Ministry Grants More Autonomy to Key CPSEs for Strategic Investments
• In a strategic shift, the Ministry of Finance has rescinded
an eight-year-old directive, enhancing autonomy for
Maharatna, Navratna, and Miniratna Central Public
Sector Enterprises (CPSEs).
• Highlights of the Policy Update
• Revocation of Prior Approval Requirement:
o CPSEs No Longer Need NITI Aayog Approval:
Maharatna, Navratna, and Miniratna CPSEs are now
exempt from seeking NITI Aayog’s prior
permission for creating financial joint ventures
(JVs) and wholly owned subsidiaries (WoS).
o Streamlined Decision-Making: This removal of the
dual-approval requirement (from both NITI Aayog
and Department of Investment and Public Asset
Management (DIPAM)) is aimed at simplifying and
expediting the investment process for these
enterprises.
• Objective of the Change:
o Ease of Operations: The Department of Public
Enterprises (DPE) highlighted that this step intends
to make investment procedures faster and less cumbersome.
13th Nov 2024
o Enhanced Flexibility for CPSEs: With this policy shift, CPSEs are now
empowered to make strategic financial decisions more autonomously, which
is expected to boost their competitiveness and agility.
• Potential Benefits for CPSEs:
o Encourages Expansion: This autonomy is likely to encourage CPSEs to
pursue growth opportunities through strategic partnerships and
subsidiaries without the bottleneck of prolonged approval processes.
o Improved Efficiency: With fewer regulatory hurdles, CPSEs can more swiftly
align their investments with market dynamics and government objectives.
• Broader Implications:
o Economic Growth and Self-Reliance: This change is aligned with the
government’s broader agenda of promoting Atmanirbhar Bharat (self-reliant
India), enabling CPSEs to contribute more actively to economic growth.
DEFENCE NEWS
Indian Army, Air Force, and Navy to Launch Command-Level Tri-Service Exercise
'Poorvi Prahar' Near India-China Border
• The Indian Army, Indian Air Force, and
Indian Navy will jointly conduct a
command-level tri-service theatre
exercise named 'Poorvi Prahar' along
the India-China border.
• The exercise will take place from 10-18
November 2024 and holds significance
for India’s efforts to establish an
integrated theatre command.
• Purpose and Importance:The exercise is
part of India’s broader strategy to set up
an integrated theatre command, aimed at
enhancing military coordination across
services.
• The exercise focuses on areas of potential conflict or war, specifically targeting the
eastern theatre of the India-China border.
• Location:The exercise will be conducted in the mountainous terrain along the India-
China border, spanning regions in Arunachal Pradesh.
• Airfields from Assam (Dibrugarh, Jorhat, and Tezpur) will serve as operational hubs.
Key Deployments:
• For the first time, the Indian Navy will deploy its P-8I Poseidon long-range patrol
and reconnaissance aircraft.
• Surveillance technology such as Swarm Drones, First Person View (FPV) Drones,
and loiter munitions will be used.
• The Indian Air Force will deploy advanced fighter aircraft, reconnaissance planes,
and Advanced Light Helicopter (Rudra), along with American Chinook helicopters.
• The Indian Army will deploy the M777 Ultra-Light Howitzer artillery systems,
purchased from the US.
13th Nov 2024
• Key Focus:The exercise will focus on rapid deployment of the M777 Ultra-Light
Howitzer artillery using CH-47 Chinook helicopters in the Eastern theatre.
• The M777 Ultra-Light Howitzer is seen as a critical weapon system for India's
defence against China in these regions.
• Technological Integration:During the exercise, joint control structures will be set up to
develop a refined Common Operating Picture.
• The exercise will optimise the use of satellite communications and Artificial
Intelligence (AI)-driven analytics to enhance operational efficiency.
APPOINTMENTS & REIGNATIONS

US President-elect Donald Trump selects Elise Stefanik as nominee for UN.
Ambassador
• United States (US) President-elect
Donald Trump nominated
Congresswoman Elise Stefanik as
the U.S. Ambassador to the United
Nations.
• If confirmed by the Senate, Stefanik
will replace Linda Thomas-
Greenfield, the current U.N. ambassador who has served for 35 years.
About Elise Stefanik :
• Stefanik was born in New York and became the first person in her family to attend
college.
• Stefanik was inspired to pursue politics after the September 11 attacks and was
influenced by former British Prime Minister Margaret Thatcher.
• She worked in the George W. Bush administration before running for Congress.
• At age 30, she became the youngest woman ever elected to the U.S. Congress,
representing New York's 21st district, which had traditionally voted for Democrats.
• Elise Stefanik was a strong supporter of Donald Trump and remained loyal to him
during his impeachment trial in 2019.
• In May 2021, she praised Trump as a "strongest supporter" of the U.S. Constitution.
• Stefanik is known for her strong support of Israel, criticizing anti-Israel protests on
U.S. college campuses.
• She has also been critical of the UN’s role in the Israel-Hamas conflict and was
congratulated by the Israeli UN ambassador for her nomination.
Government extends Vikram Misri's tenure as Foreign Secretary until July 14, 2026
• The Government of India has extended the tenure of Foreign Secretary Vikram
Misri until July 14, 2026, as per an order from the Personnel Ministry.
• Misri's extension comes beyond his superannuation date (November 30, 2024) and
will be in effect until July 14, 2026, or until further orders.
• As Foreign Secretary, Misri continues to lead India’s foreign policy efforts and
diplomatic missions globally.
13th Nov 2024
• The extension is based on the provisions of FR 56 (d),

which allows for an extension in the service of a Foreign
Secretary beyond the superannuation date in the public
interest.
About Vikram Misri :
• Misri is a 1989 batch Indian Foreign Service (IFS) officer.
• He assumed the role of Foreign Secretary on July 15,
2022, succeeding Vinay Kwatra.
• Previous Roles:Misri has served in various capacities at the
Ministry of External Affairs, including as Ambassador to
Spain (2014-2016) and Myanmar (2016-2018).
• He was also India’s Ambassador to China and is
considered an expert on China affairs.
• Prior to his appointment as Foreign Secretary, Misri served as Deputy National
Security Advisor in the National Security Council Secretariat (since January 2022).
• He has also served as Private Secretary to three Indian Prime Ministers: Narendra
Modi, Dr. Manmohan Singh, and Inder Kumar Gujral.
• Key Diplomatic Contributions:Misri played a significant role in managing India-China
relations, especially during the 2020 Galwan Valley clash and the standoff in eastern
Ladakh.
• He has worked on strengthening India’s diplomatic ties across Europe, Africa, Asia,
and North America.
Rakesh Sharma Takes Charge as Managing Director & CEO of Cent Bank Home
Finance Limited
• Shri Rakesh Sharma assumed the role of
Managing Director (MD) & CEO of Cent Bank
Home Finance Limited. (CBHFL), a
subsidiary of the Central Bank of India,
effective from 6th November 2024.
• Before joining CBHFL, Shri Rakesh Sharma was
the CEO of Adani Housing Finance Limited.
About Shri Rakesh Sharma :
• Shri Sharma is an experienced banker with a
varied background in the financial sector.
• He has held roles at several leading financial
institutions, including ICICI Bank, Citi Financials,
ICICI Prudential Life Insurance, India Infoline,
and Aavas Financiers.
SCIENCE & TECHNOLOGY

Indian Institute of Technology Madras Collaborates with Indian Space Research
Organisation to Set Up Research Centre for Spacecraft and Launch Vehicle Thermal
Management
13th Nov 2024
• The Indian Institute of Technology Madras (IIT

Madras) has partnered with Indian Space
Research Organisation (ISRO) to set up a Centre
of Excellence focused on 'Fluid and Thermal
Sciences'.
• ISRO has provided seed funding of ₹1.84 crore for
the establishment of the research centre.
• The ISRO and IIT Madras had previously
collaborated by setting up the ISRO-IIT-M Space
Technology Cell in 1985.
• A Memorandum of Understanding (MoU) was signed
by Manu Santhanam (Dean of Industrial
Consultancy, IIT Madras) and Victor Joseph T.
(Director, Directorate of Technology Development
and Innovation, ISRO).
Key Highlights :
• Research Focus: The centre will focus on critical areas like spacecraft thermal
management, combustion instability in hybrid rockets, and cryo-tank
thermodynamics.
• Role of the Centre: The Centre will serve as the nodal point for spacecraft and
launch vehicle thermal management research activities for ISRO, leveraging IIT
Madras faculty expertise in design, analysis, and testing.
• Objective: To foster industry-academia collaboration, allowing ISRO scientists and
IIT Madras faculty/students to advance research in thermal sciences.
• Key Areas of Research:
o Spacecraft thermal management
o Combustion instability in hybrid rockets
o Cryo-tank thermodynamics
About ISRO :
• Established: 15 August 1969
• Headquarters: Bangalore, Karnataka, India
• Chairman: S. Somanath
SPORTS NEWS
V Pranav Triumphs in Chennai Grandmasters Tournament's Challenger Section
• V Pranav achieved a notable victory in the Chennai Grandmasters Tournament’s
Challenger section, adding to Tamil Nadu's chess accolades.
• Key Highlights
• Tournament Performance:
o Pranav, rated Elo 2602, displayed consistent and strategic gameplay.
o He started strong, winning his first four games and drawing the last three,
totaling 5.5 points in seven rounds.
o His final match, a draw against Leon Mendonca, secured his title, as
Mendonca needed a win to claim the top spot.
• Prize and Career Opportunity:
13th Nov 2024
o Pranav earned a Rs 6 lakh prize from a total

prize pool of Rs 20 lakh.
o Qualification for Masters Section: This win
grants him a spot in next year’s Masters section,
a chance to gain invaluable experience in high-
level competitive chess.
• Association and Background:
o The 18-year-old is associated with Westbridge
Anand Chess Academy and represents Indian
Oil.
o He previously made headlines by defeating world
No. 1 Magnus Carlsen in the Titled Tuesday online tournament and
represented Carlsen’s team in the European Club Team Championship.
• Standings and Tournament Impact:
o Final Standings: Pranav topped with 5.5 points, followed by L. Mendonca
(4.5 points) and R. Sadhwani (4 points).
o His success emphasizes the role of opportunities in elevating young Indian
chess players.
• Notable Matches:
o Pranav defeated notable players including D. Harika, Abhimanyu Puranik,
Murali Karthikeyan, and R. Vaishali and drew against Raunak Sadhwani
and M Pranesh.
IMPORTANT DAYS
Public Service Broadcasting Day: 12th November
• Public Service Broadcasting Day is celebrated
annually on 12th November to commemorate
Mahatma Gandhi's only visit to the Akashvani
(All India Radio) studio in Delhi in 1947.
• This day remembers Gandhiji’s broadcast to
displaced people settled in Kurukshetra,
Haryana, following the Partition.
• Key Highlights
• Historical Significance:
o On Diwali day in 1947, Mahatma Gandhi
was unable to visit the people displaced by
Partition, who were temporarily stationed
in Kurukshetra.
o Instead, Gandhiji decided to reach out to them through a radio broadcast
from the Akashvani studio in Delhi.
o This first and only live broadcast by Gandhi took place on 12th November
1947, where he addressed the suffering people, calling them his "brothers
and sisters."
• Gandhiji’s Message and Belief in Radio:
13th Nov 2024
o Gandhi viewed radio as “Shakti,” or a powerful medium gifted by God,

capable of connecting people and reaching out to those in need.
o His address conveyed empathy and solidarity with those facing hardship
during the turbulent times following Partition.
World Kindness Day: 13th November

• World Kindness Day 2024 is
observed on the 13th of
November 2024.
• nearly 27 countries around the
world celebrate World Kindness
Day.
• But yet the UN has not officially celebrated this day. Some of the countries which
celebrate World Kindness Day are India, Brazil, Australia, Canada, Japan, Italy,
etc.
• World Kindness Day was first celebrated in 1998 at the Tokyo Conference.
• World Kindness Day Movement has been started which helped to bring small
Organizations together for the World Kindness Day Celebration.
• Now it helped to conduct a mega event to promote Kindness globally.
Daily CA One- Liner: November 13

• The Indian government has taken decisive steps to combat cybercrime by
freezing approximately 450,000 “mule” bank accounts used to launder money
obtained from cyber fraud
• The Indian government is enhancing the e-Shram portal to encourage self-
employed workers—including owners of micro-enterprises, hawkers, and
vendors—to register
• HFCL Ltd, a leading telecom equipment manufacturer, has emerged as the lowest
bidder for optical fibre-based broadband projects valued at Rs 13,000 crore
under the BharatNet Phase III initiative
• India’s commitment to innovation and intellectual property (IP) has paid off, with
patent and industrial design filings doubling between 2018 and 2023, securing
the country the 6th position globally, according to the World Intellectual Property
Organisation’s (WIPO) latest report
• In a strategic shift, the Ministry of Finance has rescinded an eight-year-old
directive, enhancing autonomy for Maharatna, Navratna, and Miniratna Central
Public Sector Enterprises (CPSEs)
• The Reserve Bank of India (RBI) issued an operational framework for the
reclassification of foreign portfolio investment (FPI) to foreign direct
investment (FDI) if an FPI breaches the prescribed investment limit.
• Star India will produce a web series on the Reserve Bank of India's 90-year
journey, aimed at enhancing public understanding of the RBI's role in India’s
economy and contributing to financial literacy.
13th Nov 2024
• The Securities and Exchange Board of India (SEBI) has mandated that qualified
stock brokers (QSBs) offer either a UPI-based block mechanism for trading or a 3-
in-1 trading account facility to clients.
• Shriram Mutual Fund is launching an industry-first Multi-Sector Rotation Fund,
which will invest in 3-6 sectors that are expected to outperform in the near-to-long
term.
• The Reserve Bank of India (RBI) has expanded the reporting of forex
transactions to include foreign exchange spot deals to enhance completeness in
the trade repository (TR) of the Clearing Corporation of India (CCIL).
• The Reserve Bank of India (RBI) had issued a new framework on Domestic
Money Transfer (DMT) in July 2024 for regulated enterprises, requiring stronger
Know Your Customer (KYC) record standards and focusing on banking services and
payment systems.
• The National Payments Corporation of India (NPCI) has launched an auto top-up
feature and increased transaction limits for UPI Lite, effective from November 1,
2024.
• Andhra Pradesh Chief Minister N Chandrababu Naidu launched a seaplane
demo flight operation from Prakasam Barrage in Vijayawada to Srisailam in
Nandyal district.
• The Indian Army, Indian Air Force, and Indian Navy will jointly conduct a
command-level tri-service theatre exercise named 'Poorvi Prahar' along the
India-China border.
• United States (US) President-elect Donald Trump nominated Congresswoman
Elise Stefanik as the U.S. Ambassador to the United Nations.
• The Government of India has extended the tenure of Foreign Secretary Vikram
Misri until July 14, 2026, as per an order from the Personnel Ministry.
• Shri Rakesh Sharma assumed the role of Managing Director (MD) & CEO of Cent
Bank Home Finance Limited. (CBHFL), a subsidiary of the Central Bank of
India, effective from 6th November 2024.
• The Indian Institute of Technology Madras (IIT Madras) has partnered with
Indian Space Research Organisation (ISRO) to set up a Centre of Excellence
focused on 'Fluid and Thermal Sciences'.
• V Pranav achieved a notable victory in the Chennai Grandmasters Tournament’s
Challenger section, adding to Tamil Nadu's chess accolades.
• Public Service Broadcasting Day is celebrated annually on 12th November to
commemorate Mahatma Gandhi's only visit to the Akashvani (All India Radio)
studio in Delhi in 1947
• World Kindness Day 2024 is observed on the 13th of November 2024.

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Daily Current Affairs

13th Nov 2024

BANKING & FINANCE

• The Reserve Bank of India was established in 1935 and

• Enhanced Protection: This mechanism provides greater client protection by blocking

Shriram Mutual Fund to introduce India's first multi-sector rotation fund

Reserve Bank of India Expands Forex Transactions Reporting Requirements to

• The Reserve Bank of India (RBI) has expanded

o Regulatory Support: The Reserve Bank of India and the Ministry of

Government Expands e-Shram Portal to Include Self-Employed Workers and Micro-

o Registration is available on a self-declaration basis for 400 occupations

o HFCL collaborated with Rail Vikas Nigam

India’s Rise in Intellectual Property Rights: 2023 WIPO

APPOINTMENTS & REIGNATIONS

• The extension is based on the provisions of FR 56 (d),

SCIENCE & TECHNOLOGY

• The Indian Institute of Technology Madras (IIT

o Pranav earned a Rs 6 lakh prize from a total

o Gandhi viewed radio as “Shakti,” or a powerful medium gifted by God,

World Kindness Day: 13th November

Daily CA One- Liner: November 13

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