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RBI Governor Shaktikanta Das Announce Monetary Policy: Repo Rate Unchanged at 6.5% In a crucial announcement on Tuesday, Reserve Bank of India (RBI) Governor Shaktikanta Das revealed that the Monetary Policy Committee (MPC) has decided to keep the policy repo rate steady at 6.5 per cent. This decision comes as retail inflation continues to hover above the central bank's target of 4 per cent, amid ongoing economic uncertainties both domestically and globally. Decision Details The MPC's decision was made by a majority, with four out of six members voting to maintain the current repo rate. As a result: - The Standing Deposit Facility (SDF) rate remains at 6.25 per cent. - The Marginal Standing Facility (MSF) rate and the bank rate are steady at 6.75 per cent. Governor's Emphasis on Balanced Monetary Policy Governor Das, in his post-policy press conference, underscored the importance of a balanced approach in monetary policy. He reiterated the MPC's commitment to graduall...

Indian Oil and Sun Mobility Ink JV for Battery Swapping Business Indian Oil Corporation Ltd (IOCL) and Sun Mobility Pte Ltd, a Singapore-based entity, have signed a joint venture agreement to establish a battery swapping business in India. According to the exchange filing by IOCL, this new venture will be structured as a private limited company with a 50:50 collaboration between the two entities. Battery Swapping Business Model Battery swapping is an innovative alternative to traditional electric vehicle (EV) charging methods, involving the exchange of depleted batteries for fully charged ones. The joint venture aims to implement and operate a Battery-as-a-Service (BAAS) solution for two-wheelers, three-wheelers, and four-wheelers with a gross vehicle weight of less than two tonnes, referred to as Small Format Electric Vehicles (SFEVs). The business model includes retrofitting vehicles to convert them to SFEVs, utilizing docks and batteries that enable their functionality within the BA...

Supreme Court Refuses Bail to Manish Sisodia in Delhi  Excise Policy Case The Supreme Court on Tuesday declined to grant bail to Aam Aadmi Party (AAP) leader Manish Sisodia in connection with the alleged Delhi excise policy scam. The court has permitted Sisodia to revive his bail plea once the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) file their final chargesheets. Court Proceedings and Statements A vacation bench comprising Justices Aravind Kumar and Sandeep Mehta noted the Solicitor General Tushar Mehta's submission, representing the ED and CBI, that the final chargesheets will be filed by July 3. The bench stated, "We will not say anything. We will dispose with liberty to revive your prayers. We are not saying anything on merit, and all contentions are left open." Previous High Court Rulings Sisodia, represented by Senior Advocate Abhishek Singhvi, sought bail citing the prolonged trial delay despite his 15-month custody. Earlier, the Delhi...

Market Mayhem: Sensex and Nifty Plummet as NDA Falls  Short of 300-Seat Mark The stock market experienced a significant downturn on Tuesday as the Bharatiya Janata Party (BJP) struggled to secure a decisive lead in the ongoing national election results.  Election Results Impact Market Sentiment By 11 AM, it became clear that the BJP, on its own, was unlikely to cross the halfway mark, although it is certain that with allies, the National Democratic Alliance (NDA) will form the government at the center. The idea of a coalition government led by the BJP has led to widespread market anxiety and a sharp decline in stock indices. Sharp Decline in Sensex and Nifty Since the opening of trading on Tuesday, investor sentiment has been notably bearish. The Bombay Stock Exchange's benchmark Sensex plummeted by 3905.15 points, while the Nifty 50 index suffered a substantial drop, falling 1061.05 points by 11 AM. Sector-Wide Declines The decline in stocks was widespread, affecting various ...

Sensex and Nifty Reach Record Highs on Expectations of  M odi 3.0 The stock market opened with unprecedented gains on Monday, driven by exit polls predicting a decisive victory for the BJP-led NDA coalition. This surge in investor optimism propelled the Sensex and Nifty to new all-time highs. Sensex and Nifty Surge The Sensex soared by 1859.88 points, opening at a record 75,821.19, while the Nifty jumped 603.85 points, starting the day at 23,134.55. Remarkably, all 50 companies in the Nifty index saw advances, marking an exceptionally strong market performance. Leading the rally were Adani Ports, Adani Enterprises, Power Grid, Shriram Finance, and NTPC. Strong Economic Indicators The buoyant market sentiment was further supported by India's impressive Q4FY24 GDP growth of 7.8%, surpassing expectations and bringing the fiscal year's growth to a robust 8.2%. Varun Aggarwal, founder and managing director of Profit Idea, commented on the positive sentiments driven by the GDP growth...

GST Collection at Rs 1.73 Lakh Crore in May: A Year-on-Year Increase but a Drop from April The gross Goods and Services Tax (GST) collection for May 2024 stood at Rs 1.73 lakh crore, according to a release by the Ministry of Finance. This figure represents a 10% year-on-year growth, driven primarily by a significant increase in domestic transactions and a decrease in imports. Year-on-Year Growth in GST Collection The Ministry of Finance reported a 15.3% increase in domestic transactions and a 4.3% decrease in imports, contributing to the overall 10% year-on-year growth in GST collection for May 2024. After accounting for refunds, the net GST revenue for May 2024 is Rs 1.44 lakh crore, reflecting a 6.9% growth compared to the same period last year. Breakdown of GST Components for May In May, the Central Goods and Services Tax (CGST) was Rs 32,409 crore, the State Goods and Services Tax (SGST) was Rs 40,265 crore, and the Integrated Goods and Services Tax (IGST) was Rs 87,781 crore, incl...

WHO Representative Declares "Tobacco Industry Has Blood on Its Hands" on World No Tobacco Day On World No Tobacco Day, the WHO representative to India, Roderico H Ofrin, delivered a stark message in Delhi, accusing the tobacco industry of targeting young people and being responsible for the premature deaths of half of its users.  Targeting Youth for Profit "The tobacco industry has blood on its hands," Ofrin stated, highlighting how the industry designs and sells products that ultimately kill half of their users prematurely. He emphasized that to sustain their business, tobacco companies must continually recruit new users, primarily targeting the youth. "You have to start them young so that they can earn more because eventually, they'll stop if they get sick," he added. Report Findings: Hooking the Next Generation Ofrin referenced a WHO report titled "Hooking the Next Generation," which reveals that the tobacco and nicotine industry designs p...

Donald Trump Convicted: Can He Still Run for President? Following a New York jury's verdict, former President Donald Trump stands convicted on all 34 felony charges of falsifying business records. This development raises pertinent questions about his future political endeavors and voting rights, as reported by CNN. Eligibility to Run for President Despite the conviction, Trump can still run for president. The US Constitution outlines three prerequisites for presidential candidates: natural-born citizenship, a minimum age of 35, and at least 14 years of US residency. Trump satisfies all these criteria, making him eligible to run for the presidency again. Impact of the 14th Amendment The 14th Amendment imposes restrictions on individuals engaged in insurrection. However, invoking this restriction requires a special law by Congress, which is an unlikely scenario in the current political landscape. Sentencing and Political Implications Judge Juan Merchan has scheduled Trump's sente...

Agnikul Cosmos Successfully Launches Agnibaan SoRTed-01 from Private Launchpad in Sriharikota Sriharikota, India – In a landmark achievement for India’s private space sector, startup Agnikul Cosmos has successfully launched the Agnibaan SoRTed-01 mission from their dedicated launch pad at the Satish Dhawan Space Centre (SDSC SHAR) in Sriharikota. The Indian Space Research Organisation (ISRO) announced the news on Thursday, marking this event as a major milestone in India’s space exploration endeavors. ISRO Congratulates Agnikul Cosmos ISRO lauded Agnikul Cosmos for their achievement, terming it as a significant step forward. "Congratulations, @AgnikulCosmos, for the successful launch of the Agnibaan SoRTed-01 mission from their launch pad. A major milestone as the first-ever controlled flight of a semi-cryogenic liquid engine realised through additive manufacturing," ISRO posted on X. Innovative Engine and Avionics The engine test, driven by Agnikul’s in-house designed data ...

Police in Baramulla Install GPS Tracking Device on Bailed Out LeT Terror Associate Baramulla, Jammu & Kashmir – In a significant move to enhance surveillance and ensure compliance with bail conditions, police in Baramulla have installed a GPS tracking device on a terror associate linked to the Lashkar-e-Taiba (LeT). This action follows a court order and aims to monitor the movements of the under-trial individual who has been granted bail. The accused was arrested under case FIR No 104/2023 at Police Station Uri, charged with sections 13, 18, 18B, 20, 23, 40 of the Unlawful Activities (Prevention) Act (UA(P) Act), 120B of the Indian Penal Code (IPC), and section 7/25 of the Arms Act. The GPS anklet will ensure that the terror associate adheres to the conditions set by the court while on bail. Pioneering Use of GPS Tracking in Kashmir This is not the first instance of using GPS trackers for monitoring accused individuals in Jammu and Kashmir. Earlier, the police in Kupwara district ...

WHO Chief Highlights Global Traditional Medicine Centre in India at World Health Assembly Geneva, Switzerland – World Health Organisation (WHO) Director-General Tedros Adhanom Ghebreyesus addressed the 77th World Health Assembly on Monday, emphasizing the establishment of the Global Traditional Medicine Centre in India. This center, established through a partnership between WHO and the Government of India, represents a significant step in integrating traditional medicine with modern science to enhance global health. Achievements in Traditional Medicine and Technology Transfer In his speech, Ghebreyesus highlighted several key achievements from 2023, including the organization of the first global summit on traditional medicine, co-hosted by WHO and India’s Ministry of Ayush. The summit is part of WHO’s broader efforts to leverage traditional medicine's potential for improving health outcomes worldwide. In 2022, WHO and India signed an agreement to create the Global Centre for Tradi...

Indian Coast Guard Monitors Cyclone Remal's Landfall with Vigilant Preparedness Kolkata, India – As the severe cyclonic storm 'Remal' makes its landfall between the coasts of Bangladesh and adjoining West Bengal, the Indian Coast Guard (ICG) is maintaining a vigilant stance with its disaster response team, ships, and hovercraft on standby. This preparedness ensures swift response to any post-impact challenges. On Monday, the ICG reassured the public through a post on social media platform X, urging them to adhere to official advisories, stay informed, and prioritize safety. The ICG's proactive measures are crucial in mitigating the impact of the cyclone on affected regions. "Update cyclone #Remal@IndiaCoastGuard is closely monitoring the landfall of cyclone #Remal with the disaster response team, Ships, and Hovercraft standby at short notice to respond to post-impact challenges. Follow official advisories, Stay informed, and stay safe," the ICG posted on X. Fo...

India Global Innovation Connect 2024: Catalyzing Innovation and Entrepreneurship in Bengaluru Bengaluru, India – In a significant testament to India's burgeoning prowess in innovation and entrepreneurship, the India Global Innovation Connect (IGIC) 2024 is set to convene in Bengaluru from June 6 to 7. This prestigious event is expected to draw over 500 participants from around the globe, highlighting India's emergence as a global hub for innovation and startups. IGIC 2024 is organized by the Karnataka Digital Economy Mission in collaboration with the US-based strategic advisory firm Claude Smadja & Smadja. The summit aims to spotlight India's growing influence as a global innovator and a nucleus for startup ecosystems. It will see representatives from powerhouse nations including the US, Japan, Korea, Germany, Singapore, Israel, Switzerland, France, and the UAE. The summit serves as a pivotal convergence point for startup founders, venture capitalists, corporate leade...

SEBI's New Guidelines to Curb Misuse of Real-Time Share Price Data The Securities and Exchange Board of India (SEBI) has introduced stringent new regulations aimed at controlling the sharing of real-time share price data with third parties, including various online platforms. These measures are designed to prevent the misuse of such data, particularly by online gaming platforms, apps, and websites that offer virtual trading services or fantasy games based on the real-time movements of share prices of listed companies. SEBI's Observations and Concerns SEBI has observed a growing trend where certain online gaming platforms and apps provide virtual trading services or fantasy games that rely on real-time share price movements. Some of these platforms even offer monetary incentives based on the performance of virtual stock portfolios, which raises concerns about the potential misuse of sensitive market data. Key Guidelines Issued by SEBI To address these issues, SEBI has issued sev...

 Kapil Sibal Questions Election Commission's Reluctance to Publish Poll Data In a recent press conference, senior advocate and Rajya Sabha MP Kapil Sibal raised concerns over the Election Commission of India's (ECI) opposition to a plea demanding public disclosure of Form 17C data. Form 17C records the votes polled at each polling station and is signed by the Presiding Officer and given to the Polling Agent at the end of polling. This information is also directly sent to the ECI.  Sibal questioned the ECI's hesitation to upload this data on its website. "The ECI has filed an affidavit in the Supreme Court stating it has no legal mandate to upload Form 17, which is a record of votes polled at a polling station. Now, why does the ECI not put that data on the website? What is their hesitation or problem?" Sibal said. He emphasized that public disclosure of this data would ensure transparency and address any discrepancies between the number of votes counted and the nu...

Pune Porsche Accident: Juvenile Accused's Bail Cancelled, Sent to Observation Home In a significant development in the Pune Porsche accident case, the Juvenile Justice Board (JJB) has cancelled the bail of the 17-year-old boy accused of causing the deaths of a biker and a pillion rider. The accused has been remanded to a juvenile observation home for 14 days, until June 5, as confirmed by Pune Police Commissioner Amitesh Kumar. The Incident The tragic accident occurred on May 19, 2024, in Pune's Kalyani Nagar. The luxury car, driven by the juvenile, collided with a motorcycle, resulting in the deaths of two young IT professionals, Ashwini Koshta and Aneesh Awadhia, both from Madhya Pradesh. The initial investigation revealed that the accused had been served alcohol at a bar prior to the accident, raising questions about the accountability of the establishment. Legal Proceedings The Pune Police filed a review application with the JJB, requesting that the accused be tried as an a...

The ABCs of Banking: Current Account vs. Savings Account - What Sets Them Apart? In the realm of banking, two fundamental types of accounts reign supreme: the savings account and the current account. While they both serve as safe harbors for your finances, understanding their nuances is crucial for making informed decisions about managing personal or business funds. Let us delve into the ABCs of banking to decipher the differences between these two stalwarts of financial management, with a special focus on the offerings of AU Small Finance Bank. AU Small Finance Bank: Savings Account At AU Small Finance Bank, the savings account is more than just a repository for your funds; it is a gateway to financial empowerment. Designed to cater to the diverse needs of individuals, the AU Savings Account offers a plethora of benefits to enhance your banking experience. Whether you are saving for a rainy day or planning for the future, the AU Savings Account provides a seamless blend of security, a...

SC Dismisses Petitions to Review Article 370 Verdict The Supreme Court has dismissed petitions seeking a review of its judgment that upheld the Union government's 2019 decision to abrogate Article 370 of the Constitution, which conferred special status on Jammu and Kashmir. The five-judge Constitution bench, comprising Chief Justice of India DY Chandrachud and Justices Sanjiv Khanna, BR Gavai, Surya Kant, and AS Bopanna, dismissed the review petitions in chamber, noting no apparent error in the original verdict delivered on December 11, 2022. Supreme Court's Decision on Review Petitions On May 1, the Supreme Court stated, "Having perused the review petitions, there is no error apparent on the face of the record. There is no case for review under Order XLVII Rule 1 of the Supreme Court Rules 2013. The review petitions are, therefore, dismissed." This ruling reaffirmed the court's earlier decision that upheld the abrogation of Article 370, labeling it a "tempor...

EAM Jaishankar Meets Mauritius Envoy to UN; Discusses a Range of Global Issues External Affairs Minister S. Jaishankar met with the Permanent Representative of Mauritius to the United Nations, Jagdish Koonjul, on Monday. The meeting highlighted the enduring and robust relationship between India and Mauritius, with discussions covering a broad spectrum of global issues. Strengthening Bilateral Relations EAM Jaishankar expressed his appreciation for the insightful discussions held with Ambassador Koonjul. In a post shared on X (formerly Twitter), Jaishankar remarked, "Glad to meet Ambassador Jagdish Koonjul of Mauritius. Appreciated our discussions on a range of global issues." The ties between India and Mauritius are rooted deeply in historical, demographic, and cultural connections. Indian-origin people make up nearly 70% of Mauritius' population of 1.2 million, underscoring the unique bond between the two nations. Recent Diplomatic Engagements In March, President Droupad...

"No Sign of Life" at President Raisi's Helicopter Crash Site, Says Iran State TV In a tragic turn of events, Iran President Ebrahim Raisi is feared dead following a helicopter crash. Iran State TV reported early Monday morning that there were "no signs of life" at the crash site. The helicopter, carrying President Raisi and several top officials, went down in bad weather conditions while returning from a visit to Azerbaijan. Wreckage Located by Turkish UAV The Iranian Red Crescent Society announced that the wreckage of President Raisi's helicopter was located with the assistance of a Turkish Akinci unmanned aerial vehicle (UAV). The crash site, identified in Tawal village, was described as grim by state news agency IRNA, which noted that the helicopter was "completely burned." Rescue Operations Underway Rescue teams have been deployed to the crash site, including 73 teams equipped with advanced and specialized equipment. Despite their efforts, ther...