The Financial Intelligence Unit-India, has imposed a monetary penalty of 5.49 crore rupees on Paytm Payments Bank Ltd with reference to violations of its obligations under Prevention of Money Laundering Act. Finance Ministry said in a statement that FIU-IND initiated a review of Paytm Payments Bank Ltd on receipt of specific information from law enforcement agencies.
These include organising and facilitating online gambling. The money generated from these illegal operations were routed and channeled through bank accounts maintained by these entities with the Paytm Payments Bank Ltd. Earlier, FIU IND issued a compliance Show Cause Notice to the bank for its violations.
After considering the written and oral submissions of the bank, FIU-IND found that the charges against Paytm were substantiated based on the voluminous material available on record. In exercise of his powers under Section 13 of PMLA, Director, FIU IND imposed the penalty of five crore forty nine lakh rupees on the bank.
A total of 1,68,337 crore rupees gross GST revenue has been collected during February. This marks a robust 12.5 percent increase compared to that in the same month last year. This growth was driven by a 13.9 percent rise in GST from domestic transactions and 8.5 percent increase in GST from import of goods.
GST revenue net of refunds for February this year is 1.51 lakh crore rupees which is a growth of 13.6 percent over that for the same period last year. As of February this year, the total gross GST collection for the current fiscal year stands at 18.40 lakh crore rupees, which is 11.7 percent higher than the collection for the same period in 2022-23.
India's GDP registered a robust growth of 8.4 per cent on an annual basis in the third quarter (October-December), as against a 8.1 per cent in the previous quarter, data released by the National Statistical Office showed. The number for Q1, Q2 FY24 has also been revised upwards to 8.2 per cent (against 7.8 per cent) and 8.1 per cent (against 7.6 per cent) respectively.
Real GDP or GDP at Constant (2011-12) Prices in the year 2023-24 is estimated at Rs 172.90 lakh crore, against the First Revised Estimates (FRE) of GDP for the year 2022-23 of Rs 160.71 lakh crore. The growth in real GDP during 2023-24 is estimated at 7.6 per cent as compared to 7.0 per cent in 2022-23.
The Department for Promotion of Industry and Internal Trade , Ministry of Commerce and Industry in collaboration with the World Bank Group organised a National Workshop on Logistics Efficiency Enhancement in New Delhi that brought together the logistics sector community to brainstorm and identify factors affecting logistics performance and areas of improvement.
Exercise Samudra Laksamana is underway from at/ off Visakhapatnam. Indian Naval Ship Kiltan & Royal Malaysian Ship KD Lekir are participating in the 3rd edition of this exercise which has harbour professional interactions followed by the operational phase at sea. The exercise aims to strengthen bonds and enhance interoperability between the Indian and Royal Malaysian Navy.
The Prime Minister, Shri Narendra Modi inaugurated Bharat Tex 2024, one of the largest-ever global textile events to be organized in the country at Bharat Mandapam in New Delhi. The 4-day textile event is considered one of the largest-ever global textile events to be organised in India with more than 100 countries participating at the event.
In May 2022, the General Assembly adopted proclaimed 1 March as World Seagrass Day. The resolution highlights the urgent need to raise awareness at all levels and to promote and facilitate actions for the conservation of seagrasses in order to contribute to their health and development, bearing in mind that enhancing ecosystem services and functions is important for SDG.
The theme of World Seagrass Day 2024 “Healthy Seagrass, Healthy Planet"
The day was first celebrated on March 1, 2014. UNAIDS had launched its Zero Discrimination Campaign on 'World AIDS Day' in December 2013. UNAIDS is a joint United Nations program on Human Immunodeficiency Virus and AIDS. 2024 is the tenth anniversary of Zero Discrimination Day and the theme is “To protect everyone’s health, protect everyone’s rights”.
The Zero Discrimination Day was established by UNAIDS ten years ago to advance "equality and fairness for everyone regardless of gender, age, sexuality, ethnicity or HIV status.
American beverage giant Pepsi, rolled out its new globe logo worldwide, as part of its first major global redesign in 14 years.
In India, the company unveiled the new globe logo at the Gateway of India, Mumbai, with a digital artwork that introduced the updated colour palette for the brand – electric blue and black.
The manufacturing sector gathered momentum in February on the back of expansion in new export orders and easing of pricing pressures as the headline Purchasing Managers Index (PMI) climbed to a five-month high. It touched 56.9 during the month from 56.5 in January. At 56.9, the February manufacturing PMI is above the flash estimate of 56.7 released on February 22.
A PMI number greater than 50 indicates expansion in business activity. A number less than 50 shows contraction. The rate of expansion is also judged by the difference from the mid-point (50) and also by previous month’s data. It is an economic indicator, which is derived after monthly surveys of different companies. The index shows trends in manufacturing and services.
Policybazaar Insurance Brokers (Policybazaar), has received the nod from the Insurance Regulatory and Development Authority of India (Irdai) to upgrade its license from a direct insurance broker to a composite insurance broker.
A composite insurance broker can also sell reinsurance products besides general and life insurance products.
The Centre appointed 1990 batch IPS officer, Daljit Singh Chaudhary as the director general of National Security Guard. Chaudhary, is currently the DG of Sashastra Seema Bal, has been given the additional charge of heading the NSG. Also known as black cats, NSG is India’s counter terrorism force. It is a federal counter deployment force against terrorism and anti-hijack.
A bill for creation of this Organization was introduced in the parliament in August 1986 and it received the assent of the President on September 22, 1986 and the National Security Guard (NSG) formally came into being from that date.
RBI issued revised norms to streamline the process of bill payments, enable greater participation, and enhance customer protection. The central bank has issued the revised 'Reserve Bank of India (Bharat Bill Payment System) Directions, 2024' as it felt there was a need to update the existing regulations in view of significant developments in the payments landscape.
These directions will be applicable from April 1, 2024 to banks, NPCI Bharat BillPay Limited & other non-bank payment system participants. Bharat Bill Payment System is an integrated bill payment platform which enables payment or collection of bills through multiple channels using various payment modes, like UPI, internet banking, cards, cash, & prepaid payment instruments
Bharat Bill Pay Central Unit (BBPCU), the updated regulations said, will set the rules and regulations governing participation criteria and system operations, in addition to the technical standards for participation in the system. Biller Operating Unit (BOU) will be responsible for onboarding billers to BBPS, and ensuring compliance with requirements.
The Customer Operating Unit (COU) has been tasked to provide digital or physical interface to their customers, and also ensure that customers have access to all billers onboarded on BBPS.
