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Ministry of Food Processing Industries
Three One District One Product Brands and Five Products launched under the PMFME scheme of the Ministry of Food Processing Industries (MAY 5, 2022)
Shri. Pashupati Kumar Paras, Union Minister of Food Processing Industries in the august presence of Sh. Prahlad Singh Patel, MoS (FPI) Smt. Anita Praveen, Secretary, MoFPI, and Senior Officials from the Ministry and NAFED launched Three One District One Product (ODOP) brands under the Pradhan Mantri Formalisation of Micro food processing Enterprises (PMFME) Scheme today in New Delhi. The Ministry of Food Processing Industries has signed an agreement with NAFED for developing 10 brands of selected 20 ODOPs under the branding and marketing component of the PMFME scheme.
7 ODOP Brands and 9 Products, 3 ODOP Brands and 5 Products namely Madhurmithas, Anaras, Pind Se and two products Masala Paste and Lemon Honey under the newly developed brands Kashmiri Mantra and Madhumantra respectively were successfully launched.
RBI
Exim Bank's Government of India supported additional Line of Credit (LoC) of USD 190 million to the SBM (Mauritius) Infrastructure Development Company Ltd (MAY 5, 2022)
Export-Import Bank of India (Exim Bank) has entered into an agreement dated January 06, 2022 with the SBM (Mauritius) Infrastructure Development Company Ltd (SBMIDCL), for making available to the latter, Government of India supported Line of Credit (LoC) of USD 190 million (USD One Hundred and Ninety Million Only) for the purpose of financing its participation through Redeemable Preference Shares in public sector entities for implementing the ongoing Metro Express Project and other infrastructure projects in Mauritius.
The Credit facility is an additional tranche to the existing Credit of USD 500 million (USD Five Hundred Million) which has been extended to SBMIDCL on the terms and conditions contained in the Dollar Credit Line Agreement dated May 27, 2017. Under the arrangement, financing of export of eligible goods and services from India, as defined under the agreement, would be allowed subject to their being eligible for export under the Foreign Trade Policy of the Government of India and whose purchase may be agreed to be financed by the Exim Bank under this agreement.
The Agreement under the LoC is effective from April 18, 2022. Under the LoC, the terminal utilization period is 60 months from the scheduled completion date of the project.The directions contained in this circular have been issued under section 10(4) and 11(1) of the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999) and are without prejudice to permissions/ approvals, if any, required under any other law.
SUPREME COURT
Supreme Court Upholds High Court Order On Delhi Metro Arbitral Award (MAY 5, 2022)
The Supreme Court on Thursday upheld a Delhi High Court order directing the Delhi Metro Rail Corporation (DMRC) to pay over ₹ 4,600 crore of arbitral award along with interest to the Delhi Airport Metro Express Private Limited (DAMEPL) in two equal installments in two months. The order was passed by a bench of Justices L Nageswara Rao and B R Gavai.
The high court on March 10 had directed the DMRC to pay over ₹ 4,600 crore of arbitral award along with interest to DAMEPL. The court had said the first and second instalments shall be paid on or before April 30 and May 31 this year. The high court's judgement had come on DAMEPL's execution petition filed against DMRC concerning the arbitral award in its favour.
The arbitral award pertained to a concession agreement between the two entities, which was signed on August 25, 2008. Under the agreement, the DMRC was to carry out civil works, excluding at the depot, and the balance, including the project system works, were to be executed by DAMEPL, a joint venture of Reliance Infrastructure (R-infra) and a Spanish construction company -- Construcciones Y Auxiliar De Ferrocarriles -- with a shareholding of 95 and five per cent respectively.
The Supreme Court fortnightly: 15 important judgments - April 16 to 30, 2022
BOMBAY HC
2008 Indian Mujahideen Case: HC Directs Special Court to Re-adjudicate Plea of Accused Against MCOCA Charges (MAY 5, 2022)
The Bombay High Court has directed a special court here to re-adjudicate an application filed by Mubin Shaikh, arrested in 2008 for allegedly being a member of the banned terror outfit Indian Mujahideen, challenging the invocation of provisions of the stringent Maharashtra Control of Organised Crime Act (MCOCA). A division bench of Justices Sadhana Jadhav and Milind Jadhav gave its judgement on Wednesday and a copy of it was made available on Thursday.
Shaikh and several others were arrested by the Mumbai police in 2008-2009 for allegedly being members of the Indian Mujahideen’s (IM) media cell. The prosecution case is that emails were sent to media organisations in August 2008 claiming responsibility for a series of blasts at Ahmedabad in Gujarat in 2008, in which more than 50 people were killed and several others injured.
The court was on Wednesday hearing the petition filed by Shaikh, seeking to quash the special court’s order of April 2019 rejecting his application against the invocation of MCOCA. Shaikh in his plea claimed that pending hearing of their application against MCOCA, the special court framed charges against them in the case and later rejected the application as infructuous.
BUSINESS
Apple stops accepting debit, credit cards for subscriptions, app purchases in India (MAY 5, 2022)
Apple appears to have stopped accepting credit and debit card payments for subscriptions and media on its platforms in India, in line with government regulations. Apple announced the changes in a support update in April, but it seems that the changes have now taken effect according to multiple reports and users on Twitter.
The change has come as a result of the new auto-debit rules from the Reserve Bank of India (RBI) that came into force last year and are disrupting recurring online transactions.
Apple is not alone in shifting its payments mechanism. Google is also one of the largely impacted companies due to the RBI update. A large number of its users are facing difficulties in making recurring payments and purchases via their cards on Google Play and YouTube. So now for subscribing to Apple One plan which includes Apple Music, Apple TV+, Apple Arcade, and iCloud plus with extra storage you will have to pay using your Apple ID balance.
SCI / TECH
Indian Start-up Announces 'Right to Nap', Employees Could Snooze for 30 Minutes at Work (MAY 5, 2022)
Bengaluru-based start-up is allowing its employees to nap for up to 30 minutes at work. Wakefit, headquartered in Bengaluru, announced the “right to nap” on Twitter. As per their statement, all employees would have the right to nap from 2 pm to 2:30 pm everyday. The calendars of the employees will be blocked during this time, designated as “Official Nap Time”. What’s more, the company is also working towards coming up with “cozy nap pods” and “quiet rooms” within the office to provide a “perfect nap environment” for the employees.
WakeFit also shared a screengrab of the internal email sent by co-founder Chaitanya Ramalingegowda, which talks about doing justice to a “crucial aspect of rest- the afternoon nap”. The mail cites NASA and Harvard studies which indicate that naps improve performance and also prevent burnout.
In 2019, Wakefit offered a few interns Rs 1 lakh for nine hours of sleep daily for 100 days. Wakefit.co announced the internship programme called the ‘Wakefit Sleep Internship’, where selected candidates were required to sleep nine hours every night for 100 days. The selected candidates would sleep on the company’s mattress, get a sophisticated fitness and sleep tracker and counselling sessions from experts.
WORD OF THE DAY
Embezzlement refers to a form of white-collar crime in which a person or entity intentionally misappropriates the assets entrusted to them. In this type of fraud, the embezzler attains the assets lawfully and has the right to possess them, but the assets are then used for unintended purposes. Embezzlement is a breach of the fiduciary responsibilities placed upon a person.
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DOLLAR VS RUPEE
1 US Dollar = 76.41 Indian Rupee ( May 5, 3:03 PM UTC )
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