In a very bold move to promote trade in Indian currency, the Reserve Bank of India (RBI) on july 11 unveiled a rupee settlement system for international trade. The RBI’s move, which analysts  say would make the Indian currency more tradable globally and lessen dependence on US dollar,  has been hailed as progressive.

Under the new arrangement, authorised dealer (AD) banks in India may open special rupee accounts of correspondent banks of the partner trading country, in order to allow settlement of international trade transactions through this arrangement. However, AD banks will have to take prior permission from the foreign exchange department of RBI, before putting the mechanism to use.

The export/import undertaken and settled in this manner will be subject to usual documentation and reporting requirements. “…. the above instructions shall come into force with immediate effect. AD banks may bring the contents of this circular to the notice of their constituents and customers concern,” an RBI notification said.

As per the notification, Indian exporters may receive advance payment against exports from overseas importers in rupee through the payment mechanism. Also, rupee surplus balance held may be used for permissible capital and current account transactions in accordance with mutual agreement, the notification stated

The Reserve Bank on  july 12   imposed a penalty of over Rs 1.68 crore on Ola Financial Services for non-compliance with specific provisions related to pre-paid payment instruments and Know Your Customer norms.

Ola Financial Services Private Limited, a subsidiary of ride-hailing app Ola, offers financial services such as lending for two-wheelers, four-wheelers, personal loans and insurance products.

"It was observed that the entity was non-compliant with the directions issued by RBI on KYC requirements," the central bank said in a statement. A notice to the entity advising it to show cause as to why a penalty should not be imposed for non-compliance with the directions.

"After considering the entity's response, RBI concluded that the aforesaid charge of non-compliance with RBI directions was substantiated and warranted imposition of monetary penalty," the RBI said.

The penalty is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by Ola Financial Services with its customers, it added.

Captain and goalkeeper Savita Punia's heroics in the shootout helped the Indian Women's Hockey Team beat Canada to register their first win at the FIH Hockey Women's World Cup Spain and Netherlands 2022.

After the two teams ended the regulation time at 1-1, the Indian team defeated Canada 3-2 in the penalty shootout to progress to the 9-12th placings of the tournament.

Madeline Secco (11') scored for Canada, while Salima Tete (58') scored the equaliser for India in the regulation time.

Savita, who put up a scintillating show, made a total of six saves in the shootout, while Navneet Kaur, Sonika and Neha converted their chances to help India register their first win in the competition.

Q1. The Indian Women's Hockey has  registered  their first win at the FIH Hockey Women's World Cup Spain and Netherlands 2022 by defeating

1. Spain
2. Netherlands
3. Canada
4. Japan
5. None of These

Q2. The Prime Minister Narendra Modi on  july 12 asserted that India was the "mother of all democracies",  he  made the remark at a function organised on the occasion of centenary celebrations of

1. Bihar Assembly
2. Assam Assembly
3. UP Assembly
4. Punjab Assembly
5. None of These

Q3What amount of fresh aid has been approved by the European Union on july 12, 2022 for Ukraine ?

4  billion euros

3   billion euros

2  billion euros

1 billion euros

None of These

Q4. India took part in the G20 Sherpa meet (July 10th and 12th) in Labuan Bajo of

1. Malaysia
2. Indonesia
3. Thailand
4. Singapore
5. None of These 

Q5. World Population Day is celebrated on

1. 1 July
2. 5 July
3. 11 July
4. 15 July
5. None of These 

Answers

1-------------3    Canada

2--------------1   Bihar Assembly

3--------------4    1 billion euros

4---------------2    Indonesia

5---------------3   11 July

Prime Minister Narendra Modi on july 11` unveiled the national emblem cast on the roof of the new Parliament building.

Officials said the emblem is made up of bronze with a total weight of 9,500 kg and is 6.5 metres in height.

It has been cast at the top of the central foyer of the new Parliament building, and a supporting structure of steel weighing around 6,500 kg has been constructed to support the emblem, they said. Modi also interacted with workers involved in building the new Parliament.

A Delhi court has summoned filmmaker Leena Manimekalai on a plea seeking injunction against her upcoming movie “Kaali” for allegedly depicting Hindu goddess in an uncalled way in its posters and promotional videos.

Judge Abhishek Kumar directed Manimekalai to appear before the court on August 6, saying she needed to be heard before passing any order.

The petition seeking a permanent and mandatory injunction against the filmmaker alleged that the accused depicted the Hindu goddess in a very uncalled way in the poster and promo video of their upcoming Movie “Kaali”.

The plea added that the poster was tweeted by Manimekalai from her Twitter handle. The plea, filed by Raj Gaurav, also sought an interim injunction to restrain Manimekalai temporarily from depicting goddesses in the way they have been depicted in the poster and video, and the tweet.

Thirteen of the 18 Lok Sabha MPs of the Shiv Sena in Maharashtra physically attended a key meeting on the presidential elections and a majority of them suggested supporting the BJP-led NDA's candidate Droupadi Murmu, party leader Gajanan Kiritkar said.

However, party MP and chief spokesperson Sanjay Raut claimed of the 18 MPs in the Lok Sabha, 15 attended the meeting held at 'Matoshree', the private residence of Shiv Sena chief Uddhav Thackeray in suburban Bandra. He did not provide details.

Besides 18 Lok Sabha members in Maharashtra, the Shiv Sena also has its MP, Kalaben Delkar, in the Union Territory of Dadra and Nagar Haveli and Daman and Diu.

Kiritkar said 13 MPs physically attended the meeting, while three others -- Sanjay Jadhav, Sanjay Mandlik and Hemant Patil -- could not make it to the gathering, but affirmed their support to the leadership.

Sri Lanka's embattled President was flown to an airbase near the main international airport on july 11, raising speculation he will flee into exile abroad.

Gotabaya Rajapaksa fled the presidential palace in Colombo under naval protection on july 9 , shortly before tens of thousands of protesters overran the compound.

Hours later, the parliamentary speaker announced Rajapaksa would resign on july 13  to allow a "peaceful transition of power".

The 73-year-old leader had taken refuge at a navy facility, , before being brought to the Katunayake airbase -- which shares a perimeter fence with the country's main Bandaranaike International airport.

There was no official word from the president's office about his whereabouts, but several local media reports speculated he was set to leave for Dubai.

Prime Minister Ranil Wickremesinghe's office said Rajapaksa had officially informed him of his intention to resign, without specifying a date.

Earlier, millions of rupees in cash left behind by President Gotabaya Rajapaksa when he fled his official residence in the capital will be handed over to court.

Protesters discovered 17.85 million rupees (about $50,000) in crisp new banknotes but turned them over to police following  storming of the Presidential palace.