1. Number of demat accounts in India crosses 10 crore mark
Tags: National Economy/Finance
According to data released by depository firms National Securities Depository Limited (NDSL) and Central Depository Services (CDSL), over 22 Lakh new accounts were opened in August, taking the figure to 10 crore and five lakh. In March 2020, the total number of demat account holders in India was four crore and nine lakh.
IMPORTANT FACTS -
- CDSL is currently the largest depository in the country in terms of active demat accounts.
What is the need for a Demat account ?
- If a person wants to buy and sell securities (shares, bonds etc.) on the National Stock Exchange (NSE), Bombay Stock Exchange (BSE) or other exchanges, he or she needs a trading account, demat account. Both the account has to be linked with the person's bank accounts.
- Trading accounts are needed for the purpose of buying and selling securities.
Then what is a Demat account ?
- Demat is an abbreviation of dematerialised. Dematerialised means which is not in physical form but in an electronic form.
- Market regulator securities and Exchange Board of India (SEBI) has made it compulsory for the companies to issue securities in electronic forms only. Earlier they were issued in physical or paper forms.
- So a person who buys the securities needs a place where to deposit the securities.
- Here the facility is offered by Depository Participants (DP).
- The investor opens Demat accounts with a SEBI registered Depository Participants (DP) to keep their shares, bonds, debentures etc. in electronic form.
- The Demat account is linked with the trading account so that the investor can smoothly buy and sell the securities.
ADDITIONAL INFORMATION -
Depositories Participants :
- They are financial institutions which are a member of Depositories and they offer the Demat account facilities to the investor. They could be banks, share broking companies etc.
Depositories :
- hey are set up in India after the enactment of the Depositories Act 1996. They are licensed and regulated by SEBI.
- There are two Depositories in India and both are based in Mumbai, Maharashtra.
- They are National Securities and Depositories Limited (NDSL) and Central Depositories Services India Ltd (CDSL).
- NSDL was the first depository to be set up in India in August 1996.
- CDSL was set up in 1999.
What do they do ?
- They convert the securities (shares, bonds, etc) issued by companies into electronic form, enabling their buying and selling in the capital market (popularly known as share market). SEBI has made the dematerialisation of securities compulsory in India.
2. Union cabinet approves launch of centrally sponsored scheme of PM SHRI Schools
Tags: National Government Schemes National News
The Union cabinet on 7 September approved the launch of a new centrally sponsored scheme of setting up PM Schools for Rising India, PM - SHRI Schools.
IMPORTANT FACTS -
- Under this scheme, more than 14,000 schools including Kendriya Vidyalayas and Navodaya Vidyalayas as well as schools run by State Governments and local bodies will be strengthened to emerge as PM-Shri Schools.
Prime Minister Narendra Modi announced this scheme for the up-gradation and modernization of existing schools managed by the central and state governments as well as local bodies on Teachers' Day on 5 September.
The total project cost for five years would be Rs 27,360 crore, of which the Centre's share would be Rs 18,128 crore.
187 lakh students will be benefited under this scheme.
3. Union cabinet approves launch of centrally sponsored scheme of PM SHRI Schools
Tags: National Government Schemes National News
The Union cabinet on 7 September approved the launch of a new centrally sponsored scheme of setting up PM Schools for Rising India, PM - SHRI Schools.
IMPORTANT FACTS -
- Under this scheme, more than 14,000 schools including Kendriya Vidyalayas and Navodaya Vidyalayas as well as schools run by State Governments and local bodies will be strengthened to emerge as PM-Shri Schools.
Prime Minister Narendra Modi announced this scheme for the up-gradation and modernization of existing schools managed by the central and state governments as well as local bodies on Teachers' Day on 5 September.
The total project cost for five years would be Rs 27,360 crore, of which the Centre's share would be Rs 18,128 crore.
187 lakh students will be benefited under this scheme.
4. All Approvals to Industry to be given by though NSWS by March 2023: DPIIT
Tags: National Economy/Finance
The Government of India intends to bring all the states and the Union Territories on board all states that are not a part of the National Single Window System (NSWS) by March 2023.
This was stated by the Department for Promotion of Industry and Internal Trade (DPIIT), Government of India on 6 September 2022.
IMPORTANT FACTS -
What is NSWS ?
- NSWS was launched in September 2021 by the Department for Promotion of Industry and Internal Trade (DPIIT) along with Invest India.
- It is a digital platform that serves as a guide for investors to identify and to apply for approvals as per their business requirements.
- At present 15 States/UTs are integrated with the NSWS. They are Andhra Pradesh, Goa, Gujarat, Himachal Pradesh, Jammu & Kashmir, Karnataka, Madhya Pradesh, Maharashtra, Odisha, Punjab, Tamil Nadu, Telangana, Uttar Pradesh, and Uttarakhand and Nagaland.
Objective of the National Single Window System ?
- The main objectives of the NSWS are as follows:
- 1) To establish a single-window mechanism by integrating the services provided by various Central Ministries, Departments, and State Governments
- 2) To provide a one-stop-shop for procuring pre-establishment and pre-operation approvals and permits required to establish a business in India
- 3) To provide efficient, convenient, transparent, and integrated electronic service to investors, industries, and businesses
- DPIIT
- The Department for Promotion of Industry and Internal Trade (DPIIT) was established in the year 1995 and was reconstituted in the year 2000 with the merger of the Department of Industrial Development.
- The department was earlier called Department of Industrial Policy & Promotion; and was renamed as DPIIT in January, 2019.
- It comes under the Ministry of Commerce and Industry :
ADDITIONAL INFORMATION -
Important Function of the DPIIT :
- It helps in making the Industrial policy of the Government of India
- It is the nodal body for matters related to Foreign Direct Investment (FDI).
- It undertakes promotion of investment for industrial development of the country.
- It is the nodal body for matters relating to Protection of Intellectual Property Rights (IPR) and administers law related to IPR.
vest India :
- Invest India is a National Investment and Promotion Agency to promote India as an investment destination and encourage Foreign Direct Investment (FDI) in India.
- It was set up as a company in 2009 and started its operation in 2010.
- It is a joint venture of the government and the private sector.
- The Central and State Government holds 49% of the shares in Invest India and the rest 51% is with Industrial bodies (Federation of Indian Chambers of Commerce and Industry (FICCI), National Association of Software Services Companies of India (NASSCOM), Confederation of Indian Industries (CII).
5. Signing of MoU between India and UAE on Cooperation in the field of Education approved
Tags: National National News
The Union Cabinet chaired by the Prime Minister Narendra Modi has approved the signing of a Memorandum of Understanding between the Ministry of Education, Government of India and the Ministry of Education, Government of the United Arab Emirates, on cooperation in the field of education.
IMPORTANT FACTS -
- An MoU was signed with UAE in 2015 in the field of education which expired in 2018.
In 2019, at a meeting between the education ministers of the two countries, the UAE side proposed the signing of a new MoU.
The new 2022 MoU covers the changes brought in by the National Education Policy 2020 in India's education ecosystem.
The MoU will be valid for a period of five years from the date of signing and will be automatically renewable with the consent of both countries.
ADDITIONAL INFORMATION -
Objective of MoU :
To further strengthen the ongoing educational cooperation between India and UAE and widen the scope of mutual engagement.
Promote Exchange of Information Education,
Capacity Development of Technical and vocational Education and Training (TVET) teaching staff,
Facilitation of academic collaboration between Higher Education Institutions in both the countries for offering Twinning,
Joint Degree and Dual Degree Programmes
6. Signing of MoU between India and UAE on Cooperation in the field of Education approved
Tags: National National News
The Union Cabinet chaired by the Prime Minister Narendra Modi has approved the signing of a Memorandum of Understanding between the Ministry of Education, Government of India and the Ministry of Education, Government of the United Arab Emirates, on cooperation in the field of education.
IMPORTANT FACTS -
- An MoU was signed with UAE in 2015 in the field of education which expired in 2018.
In 2019, at a meeting between the education ministers of the two countries, the UAE side proposed the signing of a new MoU.
The new 2022 MoU covers the changes brought in by the National Education Policy 2020 in India's education ecosystem.
The MoU will be valid for a period of five years from the date of signing and will be automatically renewable with the consent of both countries.
ADDITIONAL INFORMATION -
Objective of MoU :
To further strengthen the ongoing educational cooperation between India and UAE and widen the scope of mutual engagement.
Promote Exchange of Information Education,
Capacity Development of Technical and vocational Education and Training (TVET) teaching staff,
Facilitation of academic collaboration between Higher Education Institutions in both the countries for offering Twinning,
Joint Degree and Dual Degree Programmes
7. PM Modi addresses plenary session of Eastern Economic Forum in Vladivostok, Russia
Tags: International News
Prime Minister Narendra Modi delivered a video address on 7 September at the plenary session of the Eastern Economic Forum (EEF) 2022 being held in Russia's Vladivostok.
IMPORTANT FACTS -
- Prime Minister Modi was the chief guest at the EEF in 2019.
The Seventh Eastern Economic Forum (EEF) was held in the Russian Far Eastern city of Vladivostok from 5 September.
It was attended by participants from more than 60 countries and regions.
Russian President Vladimir Putin addressed the EEF's plenary session on global processes and the development of Russia's Far East on 7 September.
Theme of Eastern Economic Forum 2022 - "The Path to a Multipolar World".
This year's forum aims to shed light on global transformation led by the new economic model and provide a dialogue platform for all stakeholders.
ADDITIONAL INFORMATION -
About Eastern Economic Forum :
It is a key international platform for establishing and strengthening ties within the Russian and global investment communities.
It was established by Russian Federation President Vladimir Putin in 2015 to promote the economic development of Russia's Far East and to expand international cooperation in the Asia-Pacific region.
8. Indian-origin Suella Braverman appointed Britain's new Home Secretary
Tags: Person in news International News
Indian-origin barrister Suella Braverman was appointed as Britain's new Home Secretary( Home Minster in Britain is known as Home Secretary) on 6 September.
IMPORTANT FACTS -
- Suella Braverman has been an aide to former Indian-origin Home Secretary Priti Patel.
She has served as the Attorney General in the Boris Johnson-led government.
She is the daughter of Tamil origin mother Uma and Goan origin father Christy Fernandes.
Her mother immigrated to the Britain from Mauritius, while her father immigrated to the Britain from Kenya in the 1960s.
After the resignation of Indian-origin Priti Patel, the newly appointed Prime Minister of Britain, Liz Truss, announced her appointment to this post.
9. Committed to deepen strategic ties with Mongolia: Rajnath Singh
Tags: Defence Person in news International News
Indian Defence Minister Rajnath Singh who is on an official visit to Mongolia said that New Delhi is committed to further deepening multifaceted Strategic Partnership with Mongolia.
Rajnath Singh is on a five-day visit to Mongolia and Japan beginning 5 September 2022 with an aim to expand India's strategic and defence ties with the two countries.
IMPORTANT FACTS -
Visit to Mongolia :
His visit to Mongolia from 5-7 September 2022 is the first-ever tour to the East Asian country by an Indian defence minister.
He met the Mongolian defence minister Saikhanbayar Gursed in Ulaanbaatar on 6 September 2022.
The Minister also met President of Mongolia, U. Khurelsukh.
ADDITIONAL INFORMATION -
India Mongolia relationship :
India and Mongolia share warm and cordial bilateral relations. Mongolia regards India as its “third” and a “spiritual neighbour”.
The bilateral relationship was upgraded to a Strategic Partnership in 2015 during the historic visit of Prime Minister Modi to the country.
India has provided a loan of USD 1.236 billion to Mongolia to build a 1.5 million metric tonnes oil refinery near Sainshand in southern Dornogovi province of Mongolia.
It is being constructed by India’s public sector Engineers India Limited.
Mongolia :
It is located in North Central Asia.
Capital: Ulaanbaatar
Currency: Tugrik
President: Ukhnaagiin Khurelsukh
10. Liz Truss appointed as the 56th Prime Minister of Britain by Queen Elizabeth
Tags: Person in news International News
96 year old United Kingdom Monarch, Queen Elizabeth II appointed Elizabeth Truss, popularly known as Liz Truss, as the 56th Prime Minister of the United Kingdom on 6th September 2022.
IMPORTANT FACTS -
- She will now occupy 10 Downing Street in London which is the official residence of the Prime Minister.
- She replaced the former Prime Minister Boris Johnson who had to resign over a party scandal. She was officially elected the leader of the Conservative party on 5th September defeating her rival Rishi Sunak.
- Truss is the fourth Conservative party’s Prime Minister in six years. She faces a difficult time as the country faces a prospect of recession, double digit inflation and soaring energy cost.
ADDITIONAL INFORMATION -
- Robert Walpole is considered to be the first Prime Minister of Britain (1721-1742) and also the first Prime Minister in the world.
