PM Modi Inaugurates IECC complex “Bharat Mandapam” at Pragati Maidan in New Delhi; IECC to host G20 Meet
On July 26, 2023, Prime Minister (PM) Narendra Modi unveiled the G20 (Group of 20) coin and stamp at Pragati Maidan in New Delhi, Delhi, and also inaugurated a futuristic International Exhibition-cum-Convention Centre (IECC), the revamped India Trade Promotion Organisation (ITPO) complex also known as Pragati Maidan Complex.
- The IECC Complex has been called “Bharat Mandapam,” and the naming ceremony was conducted utilising a drone.
- PM Modi performed Havan and Puja at the new ITPO International Exhibition-cum-Convention Centre and honoured those involved in its construction.
- The G20 leaders’ meeting, slated for September 2023, will be hosted at the IECC Complex.
PFC and REC Signs MoU for Rs 5 lakh Crore Pacts with Clean Energy companies
During the “Green Finance Summit” in Goa, Power Finance Corporation Ltd (PFC) and Rural Electrification Corporation (REC Ltd) inked a Memorandum of Understanding (MoU) with clean energy firms to provide a total of Rs 5 lakh crore cash to their projects.
3rd India & Lao FOC held in Vientiane, Lao; Signed MoUs for 5 QIPs
The third round of Foreign Office Consultations (FOC) between India and the Lao People’s Democratic Republic (PDR) was held in Vientiane, Lao PDR, on July 27, 2023. Saurabh Kumar, Secretary (East), Ministry of External Affairs (MEA), India, and Phoxay Khaykhamphithoune, Deputy Foreign Minister, Ministry of Foreign Affairs, Lao PDR, co-chaired the FOC.
BANKING & FINANCE
SEBI Rolled out Framework for CDMDF; mandates FPIs to disclose LEI Code
The Securities and Exchange Board of India (SEBI) released the Framework for Corporate Debt Market Development Fund (CDMDF) on July 27, 2023, with the goal of establishing a Backstop Facility to purchase investment-grade corporate debt securities, improve secondary market liquidity, and boost confidence among Corporate Debt Market participants during times of stress.
LIC launches Jeevan Kiran to offer Life Cover with Premium Return
On 28th July 2023, the Life Insurance Corporation of India (LIC) launched a new term assurance plan “Jeevan Kiran”, a non-linked, non-participating, individual, savings, and life Insurance plan that offers a combination of protection and savings.
Eligibility & Restrictions:
- Age(Entry): Minimum 18 years to Maximum 65 years.
- Age (Maturity): Minimum 28 years to Maximum 80 years.
- Policy Term : 10 years to 40 years
- Minimum Basic Sum Assured: Rs 15 Lakhs.
- Maximum Basic Sum Assured: No Limit
- Minimum Premium: Rs 3000 for Regular Premium Policies & Rs 30000 for Single Premium Policies.
Razorpay launches ‘MoneySaver Export Account’ for Indian exporters to save 50% on overseas bank transfers
On July 26th, 2023, Razorpay, a Fintech firm, announced the debut of its ‘MoneySaver Export Account,’ which is designed exclusively for small and medium-sized exporters and offers up to 50% savings on foreign bank transfers for Indian exporters. The service allows exporters to open accounts in any country of their choice (over 160).
To avoid large transfer charges, chargebacks, and payment failures, exporters receive international payments locally via the Razorpay platform, such as FedWire, Automated Clearing House (ACH), and others.
With the MoneySaver Export Account, Indian exporters may receive continuous wire transfers from customers in over 200 countries and have their cash-settled straight into their Indian bank accounts.
Users can gain access to the functionalities by using the Razorpay dashboard.