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By admin: Aug. 4, 2023

RBI slaps ₹2,000 crore fine on major Indian PSUs for delayed reporting of overseas investments

Tags: National News

The Reserve Bank of India (RBI) has imposed penalties on four major Indian public sector undertakings for delayed reporting of their overseas investments.

An Overview of the News

• The companies that have been fined by RBI include ONGC Videsh Limited, Indian Oil Corporation Limited, GAIL (India) Limited and Oil India Limited and the total amount of fine imposed by RBI is ₹2,000 crore.

• Delayed reporting of overseas investments has led to restrictive measures by RBI, affecting further remittances and transfers till discrepancies are resolved.

• One of the regulatory measures taken by RBI is to stop outward remittances. Authorised Dealer banks have been instructed not to facilitate any outward remittances or financial commitments by persons resident in India to foreign entities till the reporting issues are regularised.

• Penalties for late submission have been imposed retrospectively, covering a significant number of overseas direct investment (ODI) remittances processed since 2000. The companies involved, including SBI, have reported all ODIs on the basis of documents provided by the remittance companies.

• In an effort to prevent operational disruptions and comply with RBI regulations, the affected companies have sought an extension from the central bank. They aim to resolve late deposit charges with SBI ODI (Overseas Direct Investment) cell.

Reserve Bank of India (RBI):

• The Reserve Bank of India was established under the Reserve Bank of India Act 1934. It started functioning from 1st April 1935

• It was nationalised in 1949 and now the Government of India owns the RBI.

• It has the power to regulate banks under the Banking Regulation Act 1949.

• It has the power to regulate Non-Banking Financial Company (NBFC) under the RBI Act 1934.

• RBI is also the regulator of digital payment systems under the Payment and Settlement Act 2007.

• Headquarters: Mumbai

• Governor: Shaktikanta Das

Gukesh overtakes Anand in FIDE rankings

Tags: Sports News

D. Gukesh surpasses Viswanathan Anand to become India's highest ranked chess player.

An Overview of the News

• The feat was achieved through victory in the second round of the FIDE World Cup.

• Gukesh's live rating has reached 2755.9 and he has secured 9th position in the world and Viswanathan Anand's rating is 2754.0 which has made him 10th

• This is the second time since 1986 that Anand has been removed from the top post in India.

Gukesh's recent rating increase

• Gukesh gained 2.5 rating points and reached a live rating of 2755.9.

• He is the youngest player to reach a live rating of 2750.

Top 10 Chess Players in FIDE Ranking

1. Magnus Carlsen - 2838 (Norway)

2. Fabiano Caruana - 2786 (United States)

3. Hikaru Nakamura - 2781 (United States)

4. Ding Liren - 2780 (China)

5. Ian Nepomniachtchi - 2779 (Russia)

6. Alireza Firouzja - 2777 (France)

7. Anish Giri - 2764 (Netherlands)

8. Wesley So - 2764 (United States)

9. Gukesh D - 2756 (India)

10. Viswanathan Anand - 2754 (India)

Anand's Chess Legacy

• Anand held the top position in India's chess rankings since January 1987.

• He has been one of India's most prominent players since July 1991.

Shohini Sinha appointed as special agent in charge of the FBI's Salt Lake City field office

Tags: Person in news

Indian-American Shohini Sinha has been appointed by FBI Director Christopher Wray as the new special agent in charge of the Salt Lake City field office.

An Overview of the News

• Prior to this appointment, Sinha served as Executive Special Assistant to the Director at FBI Headquarters in Washington, DC.

• Sinha's journey with the FBI began in 2001 when he started as a special agent. His initial assignment was in the Milwaukee Field Office, where he focused primarily on counterterrorism investigations.

• Throughout his career, he gained valuable experience through various temporary assignments including Guantanamo Bay Naval Base, the FBI Legal Attache Office in London, and the Baghdad Operations Center.

About the FBI

• It was founded on July 26, 1908 in the United States of America.

• Its jurisdiction primarily covers activities and investigations within the United States.

• Charles Joseph Bonaparte is credited as the founder of the FBI.

• The headquarters of the FBI is located in Washington, D.C., United States of America. 

NHAI launches a mobile application called 'Rajmargyatra'

Tags: Science and Technology

The National Highways Authority of India (NHAI) launched a citizen-centric integrated mobile application named 'Rajmargyatra' to enhance the highway user experience.

An Overview of the News

• The 'Rajmargyatra' app is available for download on Google Play Store and iOS App Store and currently supports Hindi and English languages.

• 'Rajmargyatra' provides comprehensive information on Indian National Highways, including real-time weather conditions, broadcast notifications, nearest toll plazas, petrol pumps, hospitals, hotels and other essential services for safe and seamless travel.

• The app has an efficient complaint redressal system, which allows users to report highway-related issues with geo-tagged videos or photos. The complaints are dealt with in a time bound manner, any delay is reported to the higher authorities. Users can track the status of their complaints for transparency.

• 'Rajmargyatra' integrates FASTag services with various bank portals, enabling users to recharge FASTags, avail monthly passes and access other related banking services within the app.

• The app also provides over-speed notification and voice assistance to promote responsible and safe driving behaviour.

• 'Rajmargyatra' aims to create a user-friendly experience for highway commuters, thereby ensuring a safer and more enjoyable journey on Indian National Highways.

About National Highways Authority of India (NHAI)

• The NHAI was created through a promulgation of the National Highways Authority of India Act, 1988.

• It is an independent organization established in 1995 by the Government of India.

• NHAI manages and maintains a vast network of more than 50,000 km of National Highways across India, which represents about 40% of the total length of National Highways in the country.

• NHAI is responsible for maintaining and upgrading the quality of National Highways in India and ensuring their smooth operation for the benefit of road users.

• As a nodal agency of the Ministry of Road Transport and Highways, NHAI plays a vital role in formulating policies related to highways and implementing them effectively.

• Headquarters - New Delhi

• President - Santosh Kumar Yadav