Current Affairs One - Liner : 9th March 2024

• National:
• The Ministry of Corporate Affairs (MoCA) has notified a provision that empowers the Competition Commission of India (CCI) to impose penalties on a company’s global turnover. This amendment to the competition laws allows the CCI to impose penalties derived from all products and services of a company, not just from the product under investigation.

• The Meghalaya State Skill Development Society (MSSDS), in collaboration with SANKALP and the Ministry of Skill Development and Entrepreneurship (MSDE), launched Skillerate Connect on the 5th and 6th of March, 2024. The event aimed to boost the Skilling ecosystem by connecting Employers, Skilled Beneficiaries, and Local Entrepreneurs.
• Minister Hardeep S Puri inaugurated the 5th ONGC Para Games on 8th March 2024 at Thyagaraj Stadium, New Delhi. The event, attended by 371 athletes from various oil and gas public enterprises, was held from 8-10 March 2024. Distinguished athletes including Manasi Joshi, Manoj Sarkar, and Captain SK Sangwan participated in the event. The Minister praised India’s performance at international Paralympic events.
• International:
• Sweden officially became the 32nd member of (North Atlantic Treaty Organization) NATO on Thursday, 7th March 2024. This is indeed a historic day as Sweden, after over 200 years of non-alignment, now enjoys the protection granted under Article 5, the ultimate guarantee of Allies’ freedom and security.
• The World Bank, the Bill & Melinda Gates Foundation, and UNICEF have pledged nearly $600 million to combat cervical cancer. The funds will be used to increase global access to vaccination, screening, and treatment. The funding aims to change this statistic. Countries like Indonesia, the Democratic Republic of Congo, Ethiopia, and Nigeria have also pledged their commitment to this cause.
• Banking:
• The Ministry of Corporate Affairs (MCA) in India revised the threshold criteria for merger filings under the Competition Act on March 8, 2024. The exemption limit for small target companies has been increased to ₹450 crore in case of assets or ₹1,250 crore in case of turnover. This means that combinations below this threshold are exempted from merger filing. These changes are valid for two years from the date of publication in the official gazette.
• The Income Tax Department has expanded the list of payments received by units in the International Financial Services Centre (IFSC) that are exempt from Tax Deducted at Source (TDS). This includes 14 types of units and various types of income. The new norm will be effective from April 1, 2024.
• IIFL Finance announced that it will receive a liquidity support of $200 million from its top shareholder, Fairfax India. This decision came after the Reserve Bank of India (RBI) directed IIFL Finance to halt gold loan disbursals, which raised liquidity concerns. Fairfax India, which holds around a 15% stake in IIFL Finance, expressed confidence in IIFL’s management.
• Reports:
• Union Home Minister and Minister of Cooperation, Shri Amit Shah, inaugurated the National Cooperative Database and released the ‘National Cooperative Database 2023: A Report’ in New Delhi. This initiative aims to expand and develop the cooperative sector. The database will identify areas with fewer Cooperatives and guide small cooperative societies for their expansion. It will also connect Primary Agricultural Credit Societies (PACS) with Apex, Mandi with the global market, and state with the international database.
• Appointments:
• Alok Rungta has been appointed as the Managing Director & CEO of Future Generali India Life Insurance, effective from April 1, 2024. He will succeed Bruce De Broize, who will continue to be the MD & CEO until March 31, 2024. Before this, Alok Rungta was serving as the Deputy CEO & Chief Financial Officer (CFO) at Future Generali India Life Insurance.
• Awards & Honours:
• The renowned Indian writer Amitav Ghosh has been awarded the Erasmus Prize 2024. This prestigious award is given by the Praemium Erasmianum Foundation in the Netherlands for exceptional contributions in the humanities, social sciences, or arts.
• Japanese architect Riken Yamamoto won the 2024 Pritzker Architecture Prize. The announcement was made on March 5, 2024. He is known for his work that focuses on community and everyday life. He is the 53rd laureate and the ninth from Japan to receive this honor. The award ceremony will be held in Chicago this spring.
• India has indeed been honored with the prestigious ‘Measles and Rubella Champion’ Award. This recognition was given by The Measles and Rubella Partnership at the American Red Cross Headquarters in Washington D.C., USA on March 6th, 2024.
• Krystyna Pyszkova, from the Czech Republic, was crowned Miss World 2024. The event took place at the Jio World Convention Centre in Mumbai. She is the second Czech woman to win this title. Born on 19 January 1999, Krystyna was studying law and management before her pageantry career.
• Books:
• Sri Lanka’s former President Gotabaya Rajapaksa authored the book ‘The Conspiracy to Oust Me from the Presidency’. In this book, he defends his regime and attributes his political downfall to a “conspiracy” involving foreign and local parties. He announced the book on March 6, 2024.

Questions:

Q.1 What is Sweden’s position in the list of (North Atlantic Treaty Organization) NATO members?
a. 30th
b. 31st
c. 32nd
d. 33rd
Q.2 Who was honored with the ‘Measles and Rubella Champion’ Award in 2024?
a. India
b. China
c. USA
d. Australia