17th January 2024 Daily Current Affairs
International Affairs
1. Kuwait announces formation of New Government under New Emir
- Kuwait formed a new government, the first under the country’s new Emir Sheikh Meshal al-Ahmad al-Sabah.
- The freshly formed cabinet, led by PM Sheikh Mohammad Sabah Al-Salem Al-Sabah, consists of 13 members and includes new appointments for the ministries of oil, finance, and foreign affairs.
- A notable departure from tradition is seen in the appointment of Foreign Minister Abdullah Ali al-Yahya, marking the first time a non-royal family member.
Banking & Finance
2. Government of India Launches Sovereign Gold Bonds 2023-24
- In a strategic move to channelize domestic savings into financial instruments, the Government of India has launched the Sovereign Gold Bond Scheme 2023-24 (Series III)
- Stemming from the inaugural scheme in Nov 2015 under the Gold Monetisation Scheme, aims to reduce the demand for physical gold.
- The scheme introduces a digital discount for online applications, enhancing the accessibility and attractiveness of secure gold investments to a diverse investor base.
National Affairs
3. Government considers repeal of 1899 Stamp Act
- The Union government is contemplating the repeal of the Indian Stamp Act of 1899, paving the way for a more contemporary stamp duty regime.
- The Department of Revenue, under the Ministry of Finance, has unveiled a draft of the proposed ‘Indian Stamp Bill, 2023,’ and sought public input over the next 30 days.
- The existing Indian Stamp Act, dating back to the pre-Constitution era, currently governs the taxation of transactions through stamps.
