Daily Current Affairs Notes for 24 February 2023

Central Excise Day 2023

Central Excise Day is commemorated annually on February 24 to acknowledge and appreciate the invaluable contributions of the Central Board of Indirect Taxes and Customs (CBIC). This observance aims to enhance public awareness regarding the unwavering commitment and strenuous efforts of CBIC. The CBIC is primarily responsible for safeguarding manufactured goods from any form of tampering.

To promote the significance of paying taxes and adhering to customs protocols, the agency organizes numerous initiatives and activities on Central Excise Day. These events are intended to increase public awareness about the importance of following regulations related to Central Excise and Customs. Moreover, CBIC introduces fresh campaigns on diverse themes at its offices throughout India on this day to educate people about the relevant rules and regulations.

Purpose of Central Excise Day

Central Excise Day is celebrated with the objective of recognizing and appreciating the dedication and perseverance of employees who strive to collect taxes, prevent smuggling, and curb fraudulent activities. Additionally, this day highlights the crucial role played by the department in promoting economic growth. The annual observance aims to inspire excise department personnel to carry out their duties with utmost efficiency all over India. This, in turn, helps prevent corruption in the manufacturing sector and ensures the implementation of regulations to provide the best possible excise services.

History of Central Excise Day

Salt has been a crucial commodity since the beginning of civilizations. In India, native governments considered salt as a source of revenue and imposed excise duties, transit tax, and other charges on it. However, there was a lack of uniformity in the administrative control for collecting salt revenue, leading to varied approaches across different regions.

On February 24, 1944, the Central Excise and Salt Act was enacted to amend the laws regarding salt and Central duties. This legislation comprised a total of 11 Acts pertaining to excise duties. In 1985, the Central Excise Tariff Act was introduced and integrated into the pre-existing Central Excises and Salt Act. As of September 28, 1996, this Act was renamed the Central Excise Act 1944.

About CBIC:

The Central Board of Indirect Taxes and Customs (CBIC) is a division of the Department of Revenue, which operates under the purview of the Ministry of Finance, Government of India. Its responsibilities include formulating policy concerning customs and the collection of Central Excise, CGST, and IGST duties. Additionally, it is responsible for preventing smuggling, overseeing matters related to the aforementioned subjects, and regulating narcotics to the extent covered by CBIC's jurisdiction.

The administrative authority of the Board is comprised of its subordinate organizations, which include Custom Houses, Central Excise and Central GST Commissionerates, and the Central Revenues Control Laboratory.

Rajeev Singh Raghuvanshi, who previously served as the secretary-cum-scientific director of the Indian Pharmacopoeia Commission, has been designated as the new Drug Controller General of India (DCGI) for the Central Drugs Standard Control Organization (CDSCO).

Dr. PBN Prasad, who currently holds the position, will be succeeded by Rajeev Singh Raghuvanshi after February 28, 2023. The appointment order specifies that Raghuvanshi will serve as the DCGI until February 28, 2025.

Rajeev Raghuvanshi Appointed as New Drug Controller General of India- Key Points

• The Union Public Service Commission (UPSC) has recommended Rajeev Singh Raghuvanshi as the successor to Dr. V G Somani, whose extended tenure will conclude in mid-February.
• Following the UPSC's recommendation, the Health Ministry approved Rajeev Singh Raghuvanshi's appointment as the new Drug Controller General of India (DCGI) for the Central Drugs Standard Control Organization (CDSCO). Subsequently, the Appointments Committee of Cabinet, led by Prime Minister Narendra Modi, also approved the appointment.
• After reviewing the bio-data of eligible officers and conducting personal interviews with them on January 27, Dr. Rajeev Singh Raghuvanshi has been recommended for a short-term contract appointment to the post of Drug Controller (India).
• The Central Drugs Standard Control Organization (CDSCO), led by the Drug Controller General of India (DCGI), is responsible for ensuring the supply of quality drugs across the country.
• In addition to ensuring the supply of quality drugs, the Central Drugs Standard Control Organization (CDSCO) is also responsible for approving new drugs and regulating clinical trials.
• Dr. Raghuvanshi has been granted 14 US patents and has more than 250 published patent cooperation treaties and Indian patents to his name.
• Dr. Raghuvanshi has authored over 25 publications in peer-reviewed journals and has co-authored six chapters in books.

Ajay Banga nominated  to lead World Bank

Former Mastercard CEO Ajay Banga has been nominated by US President Joe Biden to lead the World Bank from Washington. This nomination comes as the current chief, David Malpass, announced plans to step down early, amidst calls for development lenders to address global issues like the environment more effectively. The World Bank has initiated a process to accept candidate nominations, which will continue until March 29. The bank has also stated its strong encouragement of women candidates. Typically, the president of the World Bank is American, while the leader of the International Monetary Fund is European.

The World Bank has opened the nomination process for its next leader, which will continue until March 29. Traditionally, the president of the World Bank has been an American, as the United States is the largest shareholder in the organization, while the International Monetary Fund (IMF) has been led by a European. However, developing countries and emerging markets have advocated for greater representation, as reported by Reuters. Germany, another significant shareholder, has emphasized the need for a woman to lead the bank, as it has never been led by a woman in its 77-year history.

Ajay Banga, a 63-year-old Indian-American who is currently the vice chairman at equity firm General Atlantic, has been nominated by US President Joe Biden to lead the World Bank. Biden praised Banga's "critical experience mobilizing public-private resources to tackle the most urgent challenges of our time, including climate change."

Who is Ajay Banga?

1. Currently serving as the Vice Chairman at equity firm General Atlantic, Ajay Banga is a 63-year-old Indian-American. He previously served as the Chief Executive Officer at Mastercard, having joined the company in August 2009 as President and Chief Operating Officer. He was later appointed as the CEO in April 2010.
2. Banga was born in Pune and received a B.A. in economics from St. Stephen’s College at Delhi University. He is also a graduate of the Indian Institute of Management in Ahmedabad
3. Ajay Banga's professional career began with a 13-year stint at Nestle, India. He then spent two years at Pepsico before joining Citigroup in 1996, where he served in various positions of increasing responsibility. He also served as the CEO of Citigroup's Asia-Pacific region.
4. Additionally, he held positions on Citi's executive committees and senior leadership.