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Sh. Bhuvnesh Kumar assumes charge as Chief Executive Officer of Unique Identification Authority of India (UIDAI).

Shri Bhuvnesh Kumar assumed charge as the Chief Executive Officer (CEO) of Unique Identification Authority of India (UIDAI). He is an officer of the 1995 batch IAS from the Uttar Pradesh cadre.

A graduate and gold medalist from the National Institute of Technology, Kurukshetra, he held several important positions both at the Centre and in his cadre state.

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Sh. Bhuvnesh Kumar assumes charge as Chief Executive Officer of Unique Identification Authority of India (UIDAI).

Along with CEO UIDAI, he continues to be an Additional Secretary in the Ministry of Electronics and Information Technology (MeitY), Government of India. Earlier, he has also served as the Joint Secretary in MeitY.

In Uttar Pradesh, he served as the Principal Secretary in the Department of Animal Husbandry, Dairy Development and Fisheries.

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Sh. Bhuvnesh Kumar assumes charge as Chief Executive Officer of Unique Identification Authority of India (UIDAI).

Previously he was the Secretary Finance, Secretary MSME, Secretary Technical Education and Divisional Commissioner Department of Land Revenue in the Government of Uttar Pradesh.

He was also the Secretary in charge of Sports and Youth Welfare, Planning, and Vocational Education among many other important positions in his cadre.

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Air Marshal Jeetendra Mishra assumes command of IAF's Western Air Command.

Air Marshal Jeetendra Mishra assumed the prestigious role of commanding the Indian Air Force's (IAF) Western Air Command, a vital position that oversees the defence of India's western borders.

With a career spanning over three decades, Air Marshal Mishra was commissioned into the Indian Air Force as a fighter pilot in December 1986 and,

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Air Marshal Jeetendra Mishra assumes command of IAF's Western Air Command.

has accumulated more than 3000 flying hours throughout his career.

The Western Air Command, which is one of the IAF's most strategically important formations, is tasked with defending India's western frontier and providing support during times of conflict.

He was Deputy Chief of Integrated Defence Staff (Operations) before taking over his present appointment.

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Air Marshal Jeetendra Mishra assumes command of IAF's Western Air Command.

The Air Officer is a recipient of the 'Ati Vishisht Seva Medal' and 'Vishisht Seva Medal'.

Air Marshal Jeetendra Mishra succeeds Air Marshal Pankaj Mohan Sinha who superannuated on December 31, 2024 after putting in more than 39 years of distinguished service in the IAF.

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Cabinet announces Rs 14,000 cr for seven farmers' welfare schemes.

The Union Cabinet led by PM Narendra Modi announced the launch of Digital Agriculture Mission (DAM) with an outlay of Rs 2,817 crore, in an attempt to improve farmers' lives through technology.

The government has given its nod to total of seven agriculture projects worth Rs 13,966.

7 major decisions have been taken in the cabinet meeting for improving the lives of farmers.

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Cabinet announces Rs 14,000 cr for seven farmers' welfare schemes.

A major component of DAM mission is the creation of an Agri Stack, which includes a Farmers Registry, Village Land Maps Registry, and Crop Sown Registry.

The Agri Stack will serve as a comprehensive database through detailed records of farmers, land usage, and crop patterns.

Another crucial aspect of the mission is the Krishi Decision Support System.

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Cabinet announces Rs 14,000 cr for seven farmers' welfare schemes.

This system will leverage geospatial data, drought and flood monitoring, weather and satellite data, and groundwater availability information to assist farmers in making informed decisions.

dditionally, the system will include modeling tools for crop yield and insurance, helping farmers to better plan their activities and mitigate risks.

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Cabinet announces Rs 14,000 cr for seven farmers' welfare schemes.

Crop Science

In a significant move towards enhancing food and nutritional security, the government has allocated Rs 3,979 crore for crop science initiatives.

The allocated funds will be directed towards Research and Education, Plant Genetic Resource Management, Genetic Improvement for Food and Fodder Crops among other aspects.

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Cabinet announces Rs 14,000 cr for seven farmers' welfare schemes.

Strengthening Agri Education, Management and Social Sciences

The cabinet has approved a sum of Rs 2,291 crore towards strengthening agri education and management, in an attempt to modernise agri research and education. Other projects include steps towards sustainable livestock health and production and sustainable development of Horticulture for,

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Cabinet announces Rs 14,000 cr for seven farmers' welfare schemes.

Rs 1,702 crore and Rs 860 crore respectively.

Ashwini Vaishnaw also announced the missions towards strengthening of Krishi Vigyan Kendra with an allocation of Rs 1,202 crore and Rs 1,115 crore given towards Natural Resource Management.

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Manish Singhal appointed ASSOCHAM’s Secretary General.

Associated Chambers of Commerce and Industry of India (ASSOCHAM), an apex business chamber, has a new Secretary General in Manish Singhal.

Singhal, an industry leader with over 35 years of experience in Chamber and Corporate India, had earlier worked as Deputy Secretary General of The Federation of Indian Chambers of Commerce and Industry (FICCI).

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Manish Singhal appointed ASSOCHAM’s Secretary General.

He had also worked with various Indian transnational companies, including Tata Motors, Eicher (Volvo), Tata Auto Comp Systems, Moser Baer India and BEML to name a few.

Singhal succeeds Deepak Sood, who recently after a five-year stint stepped down to pursue other interests.

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Cabinet approves extension of One-time Special Package on DAP beyond the NBS subsidy for the period from 01.01.2025.

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has approved the proposal of the Department of Fertilizers for extension of One-time Special Package on Di-Ammonium Phosphate (DAP) beyond the NBS subsidy @ Rs 3,500 per MT for the period from 01.01.2025 till further orders to ensure sustainable availability of DAP at affordable prices to the farmers.

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Cabinet approves extension of One-time Special Package on DAP beyond the NBS subsidy for the period from 01.01.2025.

The tentative budgetary requirement for above would be approximately upto Rs. 3,850 cr.

The subsidy on P&K fertilizers is governed by NBS Scheme w.e.f 01.04.2010. Continuing top most priority in keeping farmers’ welfare in firm focus, Government of India has extended a massive relief to farmers in keeping the price of Di-Ammonium Phosphate (DAP) fertilizer unchanged.

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Cabinet approves extension of One-time Special Package on DAP beyond the NBS subsidy for the period from 01.01.2025.

Cabinet in July, 2024 had approved one-time Special Package on DAP beyond the NBS subsidy @ Rs 3,500 per MT from 01.04.2024 to 31.12.2024 with approximate financial implication of Rs 2,625 cr. The Cabinet in its meeting held today (1.1.2025) has approved to extend the Special Package on DAP with approximate financial implication upto Rs. 3850 cr.

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Cabinet approves Modification/addition of the features/ provisions in the Pradhan Mantri Fasal Bima Yojana (PMFBY).

The Union Cabinet chaired by Prime Minister Shri Narendra Modi approved continuation of the Pradhan Mantri Fasal Bima Yojana and Restructured Weather Based Crop Insurance Scheme till 2025-26 with an overall outlay of Rs.69,515.71 Crore from 2021-22 to 2025-26.

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Cabinet approves Modification/addition of the features/ provisions in the Pradhan Mantri Fasal Bima Yojana (PMFBY).

The decision will help in risk coverage of crops from non-preventable natural calamities for farmers across the country till 2025-26.

In addition to the same, for large scale technology infusion in implementation of the scheme leading to increasing transparency and claim calculation and settlement.

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Cabinet approves Modification/addition of the features/ provisions in the Pradhan Mantri Fasal Bima Yojana (PMFBY).

the Union Cabinet has also approved creation of Fund for Innovation and Technology (FIAT) with a corpus of Rs.824.77 Crore.

The fund will be utilised towards funding technological initiatives under the scheme namely, YES-TECH, WINDS, etc as well as Research and Development studies.

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CBIC clarifies rules, says no GST to apply on pre-paid gift vouchers, cards.

The Central Board of Indirect Taxes and Customs (CBIC) provided insights into the goods and services tax (GST) treatment of transactions involving vouchers. According to the CBIC, vouchers can be categorised into two types.

The first category includes prepaid instruments, such as gift cards and digital wallets, which are recognised by the Reserve Bank of India (RBI).

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CBIC clarifies rules, says no GST to apply on pre-paid gift vouchers, cards.

These vouchers are treated as ‘money’ under the GST framework, meaning transactions involving them will not be classified as either the supply of goods or services.

The second category comprises non-prepaid vouchers, which do not qualify as prepaid instruments.

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CBIC clarifies rules, says no GST to apply on pre-paid gift vouchers, cards.

These vouchers serve as claims to receive specific goods or services and fall under the definition of ‘actionable claims’. Similar to their prepaid counterparts, these transactions also do not count as the supply of goods or services for GST purposes.

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CBIC clarifies rules, says no GST to apply on pre-paid gift vouchers, cards.

The CBIC underlined that, regardless of the type of voucher, transactions involving vouchers themselves will not be construed as the supply of goods or services. However, the actual goods or services that can be redeemed using these vouchers may still be subject to GST.

The CBIC further provided important guidance on the GST implications for transactions involving vouchers,

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CBIC clarifies rules, says no GST to apply on pre-paid gift vouchers, cards.

distributed by distributors, sub-distributors, and agents. The CBIC outlined two primary models for voucher distribution:

Principal-to-principal basis: In this model, distributors buy vouchers from issuers at discounted prices and sell them to sub-distributors or customers, earning a profit from the price difference.

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CBIC clarifies rules, says no GST to apply on pre-paid gift vouchers, cards.

Since these transactions do not qualify as the supply of goods or services, they will not be subject to GST.

Commission/fee basis: In this model, distributors and agents act as representatives of the voucher issuer, providing marketing and support services in exchange for a commission or fee.

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CBIC clarifies rules, says no GST to apply on pre-paid gift vouchers, cards.

Since these agents do not own the vouchers and operate under the issuer’s guidance, GST will apply to the commission or fees earned, as it is considered a supply of services.

With regard to GST for additional services and unused vouchers, the CBIC said that if distributors or other service providers offer services like,

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CBIC clarifies rules, says no GST to apply on pre-paid gift vouchers, cards.

advertising, co-branding, or customer support to voucher issuers, they can charge a service fee. This fee is subject to GST, meaning businesses must pay tax on it according to the applicable rates.

Regarding unused vouchers, when vouchers go unused after their expiry date, known as breakage, the money from these unredeemed vouchers is not taxable under GST.

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ITI Mutual Fund Names Jatinder Pal Singh as CEO.

ITI Mutual Fund has named Jatinder Pal Singh, commonly known as JP, as its new Chief Executive Officer (CEO), effective January 1, 2025. He will succeed Hitesh Thakkar, who has been serving as the Acting CEO since August 2022.

JP brings over 25 years of extensive experience in the mutual fund industry.

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ITI Mutual Fund Names Jatinder Pal Singh as CEO.

Before joining ITI Mutual Fund, he was the Chief Marketing Officer (CMO) at Mahindra Manulife Investment Management from September 2015 to December 2024. Prior to that, he held senior leadership roles at Morgan Stanley Investment Management, where he served as the National Head of Sales & Distribution, and at HSBC Asset Management India, where he was VP.

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DBS Bank India Names Rajat Verma as CEO.

DBS Bank India has announced the appointment of Rajat Verma as its new Chief Executive Officer, effective March 1, 2025. Verma will succeed outgoing CEO Surojit Shome, who is set to retire on February 28, 2025.

The appointment was confirmed on December 30, following approval from the Reserve Bank of India (RBI).

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DBS Bank India Names Rajat Verma as CEO.

Currently heading the Institutional Banking Group (IBG) at DBS Bank India, Verma has significantly expanded the bank’s business by strengthening corporate relationships, acquiring new customers, and identifying growth opportunities.

Before joining DBS in June 2023, Verma had a 26-year tenure at HSBC, where he served as the Head of Commercial Banking in India.

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Union Bank of India Enhances Digital Rupee App with Accessibility Features.

Union Bank of India has set a milestone in digital accessibility by integrating new features into its Central Bank Digital Currency (CBDC) application, popularly known as the Digital Rupee (e₹). As the first Public Sector Bank (PSB) to introduce such inclusive functionality, Union Bank is paving the way for greater financial inclusion and innovation.

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Union Bank of India Enhances Digital Rupee App with Accessibility Features.

The Digital Rupee, issued and regulated by the Reserve Bank of India, serves as a digital version of fiat currency, enabling wallet-based transactions, interoperability with UPI QR codes, auto-load capabilities, and real-time settlements.

Union Bank’s newly added accessibility features aim to empower individuals with different abilities,

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Union Bank of India Enhances Digital Rupee App with Accessibility Features.

particularly those who are visually challenged, by enhancing the user experience.

Key updates include:

Voice-Over Compatibility: Informative screen reading with properly labeled app elements for seamless navigation.

Gesture-Based Navigation: Simple gestures like swipe-to-navigate and double-tap-to-select for intuitive interaction.

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Union Bank of India Enhances Digital Rupee App with Accessibility Features.

Platform Compatibility: Fully functional on both iOS and Android devices.

The addition of accessibility features not only extends the reach of the Digital Rupee but also reinforces Union Bank’s position as a leader in inclusive banking. This initiative supports the government’s vision of a less-cash economy by encouraging secure and efficient digital transactions.

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A. Manimekhalai- MD & CEO

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J&K Bank Names Amitava Chatterjee MD & CEO; Baldev Prakash Steps Down.

Amitava Chatterjee officially assumed the role of Managing Director and Chief Executive Officer of Jammu and Kashmir Bank, succeeding Baldev Prakash, whose three-year term concluded.

Under Amitava Chatterjee’s leadership, J&K Bank is poised to continue delivering value to its customers, investors, and stakeholders while playing a pivotal role in the economic development.

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J&K Bank Names Amitava Chatterjee MD & CEO; Baldev Prakash Steps Down.

The event also marked a farewell for Baldev Prakash, who served as J&K Bank’s first MD & CEO since December 2021, overseeing significant transformations within the organization. The Bank’s management and staff extended their gratitude for his contributions and wished him success in his future endeavors.

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UPI transactions surge to record 16.73 bn in Dec; value at Rs 23.25 trn.

Unified Payments Interface (UPI) transactions saw an 8 per cent month-on-month increase in volume to 16.73 billion in December, the highest volume for the digital system since it became operational in April 2016. The value also increased by 8 per cent to Rs 23.25 trillion, up from Rs 21.55 trillion in November.

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UPI transactions surge to record 16.73 bn in Dec; value at Rs 23.25 trn.

According to data from the National Payments Corporation of India (NPCI), for the year 2024, the volume increased by 46 per cent to around 172 billion transactions against 118 billion in 2023. In value terms, transactions increased by 35 per cent to around Rs 247 trillion during the entire year compared with Rs 183 trillion in 2023.

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UPI transactions surge to record 16.73 bn in Dec; value at Rs 23.25 trn.

The transactions increased during the year due to a rise in person-to-merchant transactions (for buying goods or services). In October, UPI recorded 16.58 billion transactions worth Rs 23.5 trillion, its previous high in terms of volume and highest so far in value. In September, the volume was 15.04 billion, and the value stood at Rs 20.64 trillion.

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UPI transactions surge to record 16.73 bn in Dec; value at Rs 23.25 trn.

Compared with November, the number of daily transactions also increased from 516 million to 540 million in December. This resulted in an increase in daily value to Rs 74,990 crore against Rs 71,840 crore in November. The December numbers were 39 per cent up in volume and 28 per cent in value versus December 2023.

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Global Family Day | 1 December

The Global Family Day is observed on January 1, setting the tone for the new year with a message of unity, love and appreciation for the families we cherish.

Proposed in November 1997, the idea for the day was sparked by a book called 'One Day In Peace', which was published on January 1, 2000 by the United Nations.

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Global Family Day | 1 December

Global Family Day, which emphasises the value of fostering harmony and unity in diversity, is also referred to as World Peace Day. Raising awareness of wars and conflicts and how we can unite to bring about peace and happiness is one of the best ways to commemorate Global Family Day.

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