• Muttahida Qaumi Movement (MQM) founder Altaf Hussain criticized the Pakistani military establishment and said that they are interfering in the politics of Pakistan while appearing in a hate speech case at the Kingston-upon-Thames crown court.

• He said that he is struggling for the rights of Mohajirs and all nationalities of Pakistan and wants Pakistan free from the interference of the military establishment.

• Talking about Pakistan, he said that the nation must be "liberated from the brutal rule of the 2 per cent elite class".

• Hussain pleaded not guilty to the charge filed under Section 1(2) of the Terrorism Act (TACT) 2006. He was charged with inciting violence in an incendiary speech relayed from the United Kingdom to his followers in Pakistan on Aug 22, 2016.

• He was arrested and released on bail. However, charges were filed in 2019, three years after Scotland Yard launched an investigation into speeches made in the UK that allegedly encouraged violence in Karachi.

• The MQM founder has lived in self-imposed exile in London since the early 1990s, when he applied for asylum.

• He was later granted British citizenship. From London, Hussain has played an active role in politics, regularly broadcasting political speeches to his followers in Karachi.

• State-owned GAIL (India) Ltd  has  reported its higher quarterly net profit in three months to December 2021 as a rise in natural gas prices helped improve its margins.

• Net profit of Rs 3,287.99 crore, or Rs 7.40 per share, in October-December 2021 was more than double as compared to Rs 1,487.33 crore, or Rs 3.30 a share, in the same period a year back.

• The profit was 15 per cent higher than the preceding quarter's.

• While natural gas transmission volumes and profitability remained almost unchanged, the firm saw its profitability from the marketing of the fuel jump to Rs 1,749.71 crore in the third quarter of the current fiscal year as against a loss of Rs 73.70 crore a year back.

• Profitability from its LPG and liquid hydrocarbon business also jumped 200 per cent.

• Revenue rose 66 per cent Rs 26,427.37 crore.

• In the first nine months of the current fiscal year, the company posted a net profit of Rs 7,681 crore on a revenue of Rs 64,678 crore

• GAIL Chairman and Managing Director Manoj Jain said this is the highest-ever quarterly revenue from operations and net profit of the company.

• GAIL incurred a capex of Rs 5,034 crore mainly on pipelines, petrochemicals, equity to joint ventures.

• During the quarter, GAIL acquired 26 per cent stake from IL&FS in ONGC Tripura Power Company.

He said GAIL has commissioned India's first-of-its-kind pilot project for mixing hydrogen into the City Gas Distribution network of AGL at Indore, Madhya Pradesh.

• The licence of Independence Co-operative Bank, Nashik has been cancelled as it does not have adequate capital and earning prospects, the RBI said.

• Independence Co-operative Bank has ceased to carry on banking business with effect from the close of business hours on February 3, 2022, the RBI said in a statement.

• On liquidation, every depositor would be entitled to receive deposit insurance claim amount of his/her deposits up to a ceiling of Rs 5 lakh from the Deposit Insurance and Credit Guarantee Corporation (DICGC).

• As per the data submitted by the bank, more than 99 per cent of the depositors are entitled to receive full amount of their deposits from DICGC.

• The RBI said the bank has failed to comply with the requirements of the Banking Regulation Act, 1949.

• Continuance of the bank, RBI said, is prejudicial to the interests of its depositors, and with its present financial position, it would be unable to pay its depositors in full.

• Consequent to the cancellation of its licence, Independence Co-operative Bank has been prohibited from conducting the business of banking, including acceptance and repayment of deposits.

• As of January 27, 2022, DICGC had disbursed Rs 2.36 crore of the total insured deposits based on the willingness received from the concerned depositors of the bank, the RBI said.

• Cryptocurrency will never be a legal tender, Finance Secretary T V Somanathan said on feb 3  clearing the air on the legality of private digital currencies in the market.

• The 2022-23 Budget has given a clarity on taxation of virtual digital assets and proposed to impose a 30 per cent tax on gains made on such trades, besides subjecting crypto transactions, beyond a threshold, to 1 per cent TDS.

• Somanathan said just like gold and diamond, despite being valuable, are not a legal tender, private cryptocurrencies too will never be a legal tender.

• Except El Salvador, which in September last year adopted Bitcoin as legal tender, no other country has made crypto a legal tender.

• India is working on legislation to regulate cryptocurrencies, but no draft has yet been released publicly.

• In the meanwhile, a central bank-backed digital currency will start circulating in the next fiscal to usher in cheaper, more efficient currency management.

• From April 1, 30 per cent tax will have to be paid on income from cryptocurrencies.

• Income tax return form from next year will have a separate column to declare gains from crypto.

• The government had listed for introduction the 'Cryptocurrency and Regulation of Official Digital Currency Bill' for regulating cryptocurrencies in the previous session of Parliament.

• The bill comes amid concerns over such currencies being allegedly used for luring investors with misleading claims.

• Currently, there is no regulation or any ban on use of cryptocurrencies in the country.

• The crypto market in India grew 641 per cent in the year through June 2021, according to an October report by industry research firm Chainalysis.

• The Budget has also announced the India's central bank will launch 'digital rupee' in the next fiscal.

• A blockchain is basically a digital ledger that records transactions that can be tracked.

• Gifts in crypto and digital assets would also be taxed.

• The RBI has been vehemently opposing private cryptocurrencies as they could have implications on national security and financial stability.

• As many as 350 customs duty exemptions have been withdrawn in the Budget 2022-23 to boost domestic manufacturing.

• A comprehensive review of customs duty exemption on capital goods and project imports undertaken and more than 40 customs exemptions to be gradually phased out.

• In total, 350 customs exemptions are being withdrawn.

• The Budget tabled in Parliament on February 1 had rationalised customs duty rate on a host of goods.

• Duty on capital goods and project imports was rationalised by phasing out concessional rates and applying a moderate tariff of 7.5 per cent.

• However, exemptions for advanced machineries that are not manufactured within the country will continue.

• For the electronics sector, customs duty rates are being standardised on wearable devices, hearable devices and electronic smart meters.

• Besides, there has been a reduction in duty concessions on parts of the transformer of mobile phone chargers and the camera lens of the mobile camera module.

• Also, the basic customs duty on hearable and wrist wearable devices and their inputs/ parts/ sub-parts will be increased in a phased manner.

• In the gems and jewellery sector, customs duty on cut and polished diamonds and gemstones has been reduced from 7.5 per cent to 5 per cent.

• Simply sawn diamond will attract nil customs duty imported under Kimberley Process Certification Scheme (KPCS).

• Basic customs duty rate of 20 per cent or Rs 400/kg, whichever is higher, will be applied on imitation jewellery.

• The Sports Ministry has released financial assistance to the tune of Rs 2.54 crore (2,54,03,910) for athletes and coaches during the period April 2020 till January 2022 under the 'Pandit Deendayal Upadhyay National Welfare Fund for Sportspersons' (PDUNWFS).
• The scheme provides for grant of suitable financial assistance to outstanding sportspersons now living in indigent condition, medical treatment, procurement of sports equipments, participation in national and international events etc.
• In a written reply in Rajya Sabha, Sports Minister Anurag Thakur said the financial assistance has been provided to 78 athletes, former athletes and coaches, which also includes sportspersons, who have been facing financial difficulties due to the COVID-19 pandemic.

• Assistance under this fund is demand driven and financial help is provided to eligible players based on applications.

• Skateboarding, surfing and sport climbing have officially been added to the 2028 Los Angeles Olympics.

• The decision by the International Olympic Committee was expected after its executive board agreed to an initial list of 28 sports in December.

• The IOC is promoting urban sports to attract younger viewers.

• Boxing, modern pentathlon and weightlifting have not yet been included.

• They can be added next year by meeting targets set by the IOC board.

• Space can also be made for sports suggested by Los Angeles organizers.

• Those could include breakdancing or baseball and softball.

• Breakdancing will debut at the 2024 Olympics at the request of the Paris organizers.

• India's Saketh Myneni was awarded a wildcard into the singles main draw of the Bengaluru Open ATP Challenger.

• Only two Indians -- Prajnesh Gunneswaran and Ramkumar Ramanathan -- have secured a direct berth for the main draw of the event.