General Awareness

BUSINESS AND ECONOMY - May 2024

May 2024

May 02, 2024

Indian Oil Corporation's Investment in Renewable Energy: Rs. 5,215 Crore for 1 GW Capacity

Indian Oil Corporation (IOC) announced a significant investment of Rs. 5,215 crore to develop 1 gigawatt (GW) of renewable energy capacity in India. This strategic move aligns with IOC's broader diversification strategy beyond traditional oil and gas ventures.
The investment plan, approved by the board, focuses on establishing standalone ground-mounted solar, onshore wind, or wind-solar hybrid projects.
IOC will inject Rs. 1,304 crore in equity for this initiative.
The projects will be implemented through a proposed wholly-owned subsidiary dedicated to low-carbon, clean energy ventures.

Uttarakhand Suspends Licences of 14 Patanjali Ayurved Products

The Uttarakhand government has suspended the manufacturing licenses of 14 products from Patanjali Ayurved, founded by Baba Ramdev, citing misleading advertisements about their efficacy. This move comes amid ongoing scrutiny and legal proceedings against Ramdev for non-compliance with directives to cease misleading advertising.
The drug regulator of Uttarakhand has suspended the manufacturing licenses of 14 products made by Patanjali Ayurved due to repeatedly publishing misleading advertisements regarding their effectiveness. The government's order, dated April 24, highlights the company's failure to comply with regulations regarding truthful advertising.

RBI Cancels Acemoney (India) NBFC License for Irregular Lending Practices

The Reserve Bank of India (RBI) cancelled the license of Acemoney (India) Limited, a Delhi-based non-banking financial company (NBFC), citing irregular lending practices. This action stems from the company's violation of RBI guidelines regarding excessive interest charges and inadequate protection of customer information. Specifically, the RBI noted discrepancies in Acemoney's management of risks and code of conduct in its digital lending operations through third-party apps.
The RBI exercised its authority under Section 45-IA (6) of the Reserve Bank of India Act, 1934, to cancel Acemoney India's NBFC license. The company, registered in February 2017, operated loan services through various apps such as AgMoney, NiceCash, Leading Cash, and others. This enforcement action underscores the RBI's commitment to maintaining the integrity and stability of India's financial system.

Jamshyd Godrej and Smita Crishna, Godrej & Boyce's Owner after Split

The 127-year-old business empire of the Godrej Group is all set for a shareholding realignment. In the redistribution, the billion-dollar company will now be split between Adi and Nadir Godrej and their cousins Jamshyd Godrej and Smita Crishna Godrej.
While Adi and Nadir will lead Godrej Industries, Jamshyd and Smita will inherit Godrej & Boyce, along with its affiliates and substantial real estate assets, including prime property in Mumbai.
Jamshyd Godrejis presently the Chairman and Managing Director of Godrej & Boyce, a flagship company within the Godrej Group, known for products ranging from consumer goods to engineering solutions.
He was awarded the Padma Bhushan, the third-highest civilian award in India, in 2003.
Smita Crishna Godrej is India's third-richest woman, according to Forbes, with a substantial net worth of $3.8 billion.
She was honoured with the Extraordinary Leadership Award by Education World at their Education World Grand Jury Awards in 2016.

May 01, 2024

RBI Issues Draft Framework for Electronic Trading Platforms

The Reserve Bank of India proposed a revised regulatory framework for Electronic Trading Platforms (ETPs) in the wake of increased integration of the onshore forex market with offshore markets. Market makers too have been requesting the Reserve Bank to allow access to offshore ETPs offering Indian Rupee (INR) products.
ETP refers to any electronic system, other than a recognised stock exchange, on which transactions in eligible instruments are contracted. Eligible instruments mean securities, money market instruments, foreign exchange instruments, derivatives, or other instruments of like nature.
As per the 'Draft Master Direction - Reserve Bank of India (Electronic Trading Platforms) Directions, 2024' an entity seeking authorisation as an ETP operator should maintain a minimum net-worth of Rs. 5 crore and continue to maintain the minimum net-worth prescribed all times.
Also, the entity should be a company incorporated in India. Further, shareholding by non-residents, if any, in the entity seeking authorisation as an ETP operator should conform to all applicable laws and regulations, including the Foreign Exchange Management Act, 1999.

Telecom Industry Seeks Ban on Illegal WiFi 6E Routers

The Cellular Operators Association of India (COAI), representing major telecom players like Reliance Jio, Airtel, and Vodafone Idea, has urged the government to ban the sale of WiFi 6E routers that utilise the 6 GHz spectrum band for data transmission. The association alleges that these routers are being sold illegally through online platforms such as Amazon, Flipkart, and Moglix, as well as offline traders.
The Department of Telecom (DoT) has not yet decided on the utilisation of the 6 GHz spectrum band.
COAI argues that selling equipment for 6 GHz band utilisation, which has not been assigned or declared as licence-exempt by the government, is illegal.
The sale of such WiFi 6E products results in unauthorised transmissions in the country.

Share on

TCY Analytics (View Subscription Plans)

Subscribe to GK Updates

I want to receive

GK Tags

October GK, September GK, August GK, INTERNATIONAL AFFAIRS, ENVIRONMENT, BUSINESS AND ECONOMY, SCIENCE & TECHNOLOGY, SPORTS, NATIONAL AFFAIRS, DEFENCE, PERSONS IN NEWS, DAYS AND EVENTS, AWARDS AND HONOURS, GOVERNMENT POLICIES AND SCHEMES, GENDER/ HEALTH/ EDUCATION, ART AND CULTURE, BOOKS AND AUTHORS, TOURISM AND HOTEL INDUSTRY AWARENESS, ART AND CULTURE, LAW AND CONSTITUTIONAL AFFAIRS

Start Discussion

On any topic

Take Tests

Compiled from GK updates

Login

Sign Up

Forgot Password

Download TCY App

Unlock All Services and Enjoy The Premium Benefits

US$ 10

US$ 13

US$ 15

US$ 17

US$ 19

US$ 20

US$ 21

US$ 22

US$ 23

US$ 24

US$ 25

US$ 26