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Important Current Affairs for CLAT-19th July 2023

€500 million in EU’s first phase funding for India green energy

The European Investment Bank (EIB), the lending arm of the European Union, has expressed its intention to invest approximately €1 billion in India’s renewable energy sector. EIB’s Vice President, Kris Peeter, confirmed that discussions are underway with the Central government to provide €500 million during the first phase of funding. The investment aims to bolster renewable sectors, focusing on green hydrogen and solar panels.

India’s Significance as an Investment Destination

  • India holds a prominent position as the largest investment destination of EIB outside Europe.

  • India’s efforts to combat climate change have global significance.

  • India’s ambitious plans for solar panels and hydrogen, emphasizing that these efforts will also lead to potential exports.

EIB’s Previous Investments in India

Until now, EIB has invested approximately €4 billion in India, with €3 billion directed towards infrastructure projects, particularly public transport infrastructure like metro rail projects. EIB’s contributions have played a crucial role in funding metro rail projects in various Indian cities, including Agra, Lucknow, Kanpur, Bengaluru, Bhopal, and Pune.

Supporting India’s Green Hydrogen Initiatives

India is actively pursuing green hydrogen pilot projects with the goal of achieving 8 million tonnes of capacity by 2030. The Union Ministry of New and Renewable Energy is supporting two green hydrogen pilot projects in Gurugram and Bengaluru.

Additionally, other green hydrogen projects across the country, such as those in Jorhat (Assam), Kawas (Gujarat), and Bikaner (Rajasthan), are being developed by entities like Oil India Limited, NTPC Ltd., and ACME, respectively.

U.S. hands over 105 antiquities to India following agreement

In a significant gesture of cultural repatriation, the United States handed over 105 trafficked antiquities to India during a repatriation ceremony at the Indian Consulate in New York. The restitution of these artefacts is a result of an agreement made during Prime Minister Narendra Modi’s state visit to the U.S. last month.

Cultural Property Agreement to Prevent Illegal Trafficking

  • During the visit, India and the U.S. also reached an understanding to work on a Cultural Property Agreement aimed at preventing the illegal trafficking of cultural artefacts in the future.

  • This agreement will foster closer collaboration between Homeland Security and law enforcement agencies of both countries, further enhancing their bilateral ties.

Emotional Significance for India

  • For the people of India, these artefacts hold immense cultural and heritage value, reflecting their living heritage.

  • The artefacts represent various regions of India, with origins spanning from the 2nd-3rd century CE to the 18th-19th century CE. Made of terracotta, stone, metal, and wood, around 50 of these artefacts have religious significance.

Continued Efforts for Repatriation

  • The Indian government has been actively working to retrieve stolen Indian antiquities, and this recent repatriation of 105 artefacts adds to the success of their efforts.

  • In the past, the U.S. has also returned artefacts to India, demonstrating a shared commitment to preserving cultural heritage and fostering an emotional bond between the two nations.

World Brain Day 2023: Date, Theme, Significance and History

Every year, on June 8, World Brain Tumour Day is observed worldwide to promote knowledge and increase awareness regarding brain tumours. Being ranked as the fourth most severe and prevalent disease globally, brain cancer is projected to surpass skin cancer and become the second most common type of cancer by 2030. This global initiative, World Brain Tumour Day, holds immense importance in spreading awareness about brain tumours and offering support to those impacted by this difficult condition.

About the World Brain Day 2023

Brain tumours present a challenging and transformative experience for patients, their loved ones, and caregivers. This significant occasion provides a platform to underscore the effects of brain tumours, disseminate crucial information, encourage early detection, and instill optimism through progress in research, treatment choices, and support systems. Let us come together to explore the date, importance, and origins of World Brain Tumour Day.

World Brain Tumour Day Significance

World Brain Tumour Day holds great importance as a global platform dedicated to increasing awareness about brain tumours. This observance aims to highlight the challenges faced by patients and their families, promote early detection, support research initiatives, and advocate for enhanced treatment options. By bringing together individuals, organizations, and communities from all over the world, World Brain Tumour Day raises public awareness about the impact of brain tumours, fosters empathy, and encourages collaborative efforts to improve outcomes for those dealing with this intricate and life-changing condition. Through education, advocacy, and support, this day plays a vital role in instilling hope, driving progress, and ultimately enhancing the lives of individuals fighting brain tumours.

History of World Brain Tumour Day

The origins of World Brain Tumour Day can be traced back to the early 2000s when the German Brain Tumour Association (Deutsche Hirntumorhilfe e.V.) launched a campaign to raise awareness about brain tumours. In 2000, they designated May 8 as German Brain Tumour Day with the objective of informing the public about the challenges faced by patients and their families.

As the campaign gained momentum, it received international recognition, leading to efforts to establish a global day solely dedicated to brain tumour awareness. In 2010, the International Brain Tumour Alliance (IBTA), an organization that unites brain tumour advocacy groups from across the globe, officially declared June 8 as World Brain Tumour Day.

RBI to detail SOP for banks to help expedite rupee trade

The Reserve Bank of India (RBI) is set to introduce a standard operating procedure (SOP) to enable banks to expedite the issuance of Foreign Inward Remittance Certificates (FIRC) and Electronic Bank Realization Certificates (e-BRCs). This proactive step comes in response to the challenges faced by exporters using the rupee-based trading mechanism for foreign trade.

Understanding FIRC (Foreign Inward Remittance Certificate)

  • A Foreign Inward Remittance Certificate (FIRC) serves as a crucial document, acting as a testimonial for all incoming remittances to India.

  • Statutory authorities widely accept this document as proof that individuals or businesses, including limited companies, partnership firms, sole proprietorship firms, among others, have received foreign currency payments from abroad.

Insight into Electronic Bank Realization Certificate (e-BRC)

  • An Electronic Bank Realization Certificate (e-BRC) holds significant importance for export businesses. It is a digital certificate issued by a bank to confirm that the buyer has made payment to the exporter for services or goods exported.

  • Export businesses seeking benefits under the Foreign Trade Policy (FTP) are required to furnish a valid BRC as proof of payment realization against exports.

  • By streamlining the issuance of FIRC and e-BRC, the RBI aims to provide a more efficient and hassle-free experience to exporters, simplifying their foreign trade transactions and documentation process.

Sarbananda Sonowal launched Curtain Raiser of Global Maritime India Summit, 2023

The Ministry of Ports, Shipping and Waterways has launched the Curtain Raiser event of Global Maritime India Summit 2023 on 18th July 2023.

What’s in News?

According to the Shri Sarbananda Sonowal, Union Minister for Ports, Shipping and Waterways, the third edition of Global Maritime India Summit is going to be held in October 2023 at Pragati Maidan, New Delhi. The Ministry of Ports, Shipping and Waterways has officially launched the curtain raiser event of Global Maritime India Summit 2023 on 18th July 2023 in the presence of Minister of State for Ports, Shipping and Waterways.

About the Curtain Raiser Event:

The Curtain raiser event brought together government officials, influential stakeholders, renowned experts and visionaries from the maritime domain. This event provided a glimpse into the grandeur and significance to the main summit. It highlighted India’s strength in the maritime sector and set the stage for fruitful collaborations and new investment opportunities. The opening ceremony was followed by the influential speakers from the maritime sector who offered valuable insights, perspectives and trends that will shape the maritime industry.

Ministry responsible for the event:

This event was organized by the Ministry of Ports, Shipping and Waterways. This event was served as a precursor to the Global Maritime India Summit 2023.

Objective of the Event:

  • To create an international market for key decision makers and industry leaders.

  • To provide opportunity for start-ups, researchers and incubators.

  • To showcase the latest technology and emerging trends in the maritime sector.

  • To recognize and celebrate achievers in the maritime sector.

  • To create a platform to access skilled manpower through industry academia interaction.

Significance:

This event had significantly unveiled, the official brochure for the Maritime India Summit 2023. The brochure will serve as an essential guide for summit attendees. This provided a comprehensive overview of the summit’s agenda, speakers, exhibitors and key initiatives.

The event also marked the official launch of the Global Maritime India Summit’s dedicated website which will serve as central hub for participants and stakeholders and offer easy access to vital resources and updates.

Global Maritime India Summit 2023:

This year, the third edition of the Global Maritime India Summit is going to be held on 17-19th October 2023 at Pragati Maidan, New Delhi.

More than 30 countries are expected to participate in this summit. The event will open new investment opportunities along with collaborations for knowledge and technology. It will enhance trade between nations and promote Ease-of-Doing-Business.

Launch of ‘CRCS-Sahara Refund Portal’ by Amit Shah

Shri Amit Shah, the Union Home Minister and Minister of Cooperation, officially inaugurated the CRCS – Sahara Refund Portal (https://mocrefund.crcs.gov.in/) in New Delhi. This user-friendly portal has been specifically designed to facilitate genuine depositors of Cooperative Societies of Sahara Group, including Sahara Credit Cooperative Society Limited, Saharayan Universal Multipurpose Society Limited, Hamara India Credit Cooperative Society Limited, and Stars Multipurpose Cooperative Society Limited, to submit their claims conveniently.

Union Home Minister Launches Portal for Cooperative Society Refunds

Led by Prime Minister Shri Narendra Modi, the CRCS – Sahara Refund Portal ensures that investors will recover their funds that were affected by scams. It addresses the concerns of individuals whose hard-earned money is stuck in the four Cooperative Societies of Sahara Group, which have previously not received adequate attention. This cooperative movement will provide millions of people who lack capital but have a strong desire to contribute to the nation’s development with a practical and viable avenue to fulfill their aspirations.

Trial Run Commences for Returning Rs. 5,000 Crore to Investors

The transparent process of returning Rs. 5,000 crore to investors commenced as a trial run. Once the payment of Rs. 5,000 crore is successfully completed, further steps will be taken to appeal to the Supreme Court for the return of funds to the remaining investors. The Union Home Minister and Minister of Cooperation emphasized that this portal enables the initial payment, up to Rs. 10,000, to be made to one crore investors who had deposited Rs. 10,000 or more in these cooperative societies. The portal provides comprehensive online data for applying, ensuring a streamlined and efficient process. Additionally, strict provisions have been implemented to prevent any manipulation or injustice towards genuine investors, ensuring utmost fairness and security throughout the procedure. The portal is also accessible through the Ministry of Cooperation‘s website.

Easy Access and Conditions for Refunds

To facilitate the filing of applications through the Common Service Center (CSC), there are two primary conditions 1)The investor’s Aadhaar card must be linked to their mobile number. 2)Aadhaar card should be linked to their bank account. The Union Home Minister assured the investors that the money would be credited to their bank accounts within a period of 45 days.

Indian Oil inks LNG deals with UAE’s Adnoc, France’s TotalEnergies

Indian Oil, a government-owned enterprise, has signed lucrative agreements worth billions with France’s Total Energies and Abu Dhabi’s Adnoc. According to the list of agreements released by the Ministry of External Affairs, Indian Oil Corporation Limited and Total Energies Gas and Power Ltd (TotalEnergies) have signed a Head of Agreement (HoA) to establish a long-term LNG Sale and Purchase agreement (SPA).

Multibillion-Dollar Agreements and Competitive LNG Supply

Under the terms of the agreement, Adnoc will provide a supply of up to 1.2 million tonnes per year (mtpa) of LNG for a period of 14 years, while Total Energies will supply 0.8 mtpa for 10 years from its global portfolio, both commencing in 2026. Additionally, a “comprehensive economic cooperation agreement” with Abu Dhabi will enable shipments from Adnoc to be economical, as Indian Oil Corporation (IOC) will be exempt from paying a 2.5% duty.

Historic Milestones in the LNG Industry

Total Energies has made history by signing its inaugural long-term agreement with an Indian company, marking a significant milestone. Moreover, this marks the first-ever long-term LNG import deal between an Indian company and Adnoc. As the third largest global LNG supplier, Total Energies will provide Indian Oil Corporation (IOC) with LNG from their diverse portfolio spanning the globe. On the other hand, ADNOC LNG, the national oil and gas company of the Abu Dhabi government, has the distinction of being the longest-standing supplier of natural gas from the Middle East.

About Indian Oil Corporation Limited

Indian Oil Corporation Limited, an Indian multinational oil and gas company, operates under the ownership of the Ministry of Petroleum and Natural Gas, Government of India. With its headquarters located in New Delhi, Indian Oil holds the distinction of the largest government-owned oil producer in India. It ranked 142nd on the Fortune Global 500 list of the world’s largest corporations as of 2022.

Indian Oil Corporation (IOC) is actively forging new agreements in alignment with the government’s objective of raising the share of natural gas in the energy mix to 15 percent by 2030.Indian Oil, a government-owned enterprise, has signed lucrative agreements worth billions with France’s Total Energies and Abu Dhabi’s Adnoc. According to the list of agreements released by the Ministry of External Affairs, Indian Oil Corporation Limited and Total Energies Gas and Power Ltd (TotalEnergies) have signed a Head of Agreement (HoA) to establish a long-term LNG Sale and Purchase agreement (SPA).

Multibillion-Dollar Agreements and Competitive LNG Supply

Under the terms of the agreement, Adnoc will provide a supply of up to 1.2 million tonnes per year (mtpa) of LNG for a period of 14 years, while Total Energies will supply 0.8 mtpa for 10 years from its global portfolio, both commencing in 2026. Additionally, a “comprehensive economic cooperation agreement” with Abu Dhabi will enable shipments from Adnoc to be economical, as Indian Oil Corporation (IOC) will be exempt from paying a 2.5% duty.

Historic Milestones in the LNG Industry

Total Energies has made history by signing its inaugural long-term agreement with an Indian company, marking a significant milestone. Moreover, this marks the first-ever long-term LNG import deal between an Indian company and Adnoc. As the third largest global LNG supplier, Total Energies will provide Indian Oil Corporation (IOC) with LNG from their diverse portfolio spanning the globe. On the other hand, ADNOC LNG, the national oil and gas company of the Abu Dhabi government, has the distinction of being the longest-standing supplier of natural gas from the Middle East.

About Indian Oil Corporation Limited

Indian Oil Corporation Limited, an Indian multinational oil and gas company, operates under the ownership of the Ministry of Petroleum and Natural Gas, Government of India. With its headquarters located in New Delhi, Indian Oil holds the distinction of the largest government-owned oil producer in India. It ranked 142nd on the Fortune Global 500 list of the world’s largest corporations as of 2022.

Indian Oil Corporation (IOC) is actively forging new agreements in alignment with the government’s objective of raising the share of natural gas in the energy mix to 15 percent by 2030.

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