India’s Foreign Relation India and Russia ▪ According to the Russia based Sberbank, India and Russia have doubled their payments in their national currencies (rupee-rouble). ▪ Rupee deposits by Indian corporates have also increased multifold in 2024 despite western sanctions. ▪ India and Russia have set a 100$ billion trade target by 2030. ▪ The bilateral trade between India and Russia in 2023-24 is around $65 billion. About Russia ✓ Capital – Moscow ✓ Currency - Russian Ruble ✓ Prime Minister - Mikhail Mishustin ✓ President – Vladmir Putin General Awareness and Public Administration Money Bills ▪ Chief Justice of India D.Y. Chandrachud stated that a Constitutional Bench will be formed to address the petitions challenging the passage of Laws as Money Bills by the Central Government. ▪ Some of the legislations passed as Money Bills in the Parliament include: ✓ Amendments to the Prevention of Money Laundering Act ✓ The Finance Act of 2017 ✓ Aadhaar Act, 2016 ▪ The Money Bill question was referred to a seven judge Bench in November 2019 by a five- judge Bench headed by Chief Justice Ranjan Gogoi in the case of Rojer Mathew vs. South Indian Bank Ltd. Note ▪ A Money Bill is deemed to contain only provisions dealing with all or any of the matters under clauses (a) to (g) of Article 110(1). ▪ Article 110 deals with Money Bill and it can be introduced only in Lok Sabha. Welfare Schemes “One Scientist, One Product” programme ▪ The Indian Council of Agricultural Research (ICAR) launched the ‘One Scientist One Product’ recently on its 96th Foundation Day (July 16) ▪ One Scientist One Product - Aims to improve research in the field of agriculture and animal husbandry. ▪ ICAR also announced the release of 323 varieties of 56 crops, including cereals,…
India signs 1stever term contract with Russia for Importing Russian Crude Oil
The union cabinet Minister for the Ministry of Petroleum and natural Gas Shri Dharmendra Pradhan signed the 1st ever term contract with Mr. Igor Sechin, Chief Executive Officer (C.E.O) and Chairman of Rosneft (Russia’s largest oil producing Company). The term contract is between State-Owned Indian Oil Corporation Limited (IOCL) and Rosneft for Importing 2 Million Metric Tonnes of Urals grade crude oil to India for the year 2020.
