SEBI Bans 9 Entities, Impounds ₹21 Crore in Front-Running Case

The Securities and Exchange Board of India (SEBI) has issued an interim order banning Sachin Bakul Dagli, an equity dealer with PNB MetLife, and eight other entities from the securities market for their involvement in a front-running scheme. This fraudulent activity, operational for over three years, generated illegal gains of ₹21.16 crore by misusing non-public trade information. The investigation, covering the period from January 1, 2021, to July 19, 2024, revealed a systematic violation of SEBI’s PFUTP regulations and the SEBI Act.

Details of the Scheme

Involvement of Key Individuals: The primary accused, Sachin Bakul Dagli (PNB MetLife), and his brother Tejas Dagli (Investec) accessed confidential trade details of institutional clients and shared them with Sandeep Shambharkar for executing fraudulent trades.

Entities Facilitating the Scheme: Front-running trades were executed through the accounts of Dhanmata Realty Pvt Ltd (DRPL), Worthy Distributors Pvt Ltd (WDPL), and Pragnesh Sanghvi. Directors like Arpan Kirtikumar Shah, Kabita Saha, and Jignesh Nikulbhai Dabhi were found complicit in enabling the scheme.

Modus Operandi and Findings

Execution of Trades: Non-public information was shared via chat platforms, and a Buy-Buy-Sell or Sell-Sell-Buy trading pattern was used to exploit market movements caused by large client trades.

Scale of Operation: SEBI identified 6,766 instances of such trades, resulting in unlawful profits of ₹21.16 crore over the three-year period.

Regulatory Action

Market Ban: All nine entities are prohibited from trading in securities, directly or indirectly, until further orders.

Impounding Gains: SEBI has impounded the illegal profits of ₹21.16 crore from these entities jointly and severally.

Response from PNB MetLife

PNB MetLife, in its statement, emphasized its cooperation with SEBI during the investigation and stated that disciplinary action had been taken against the individuals involved. The company reiterated its commitment to corporate governance, transparency, and integrity.

Summary of the news

Key Points Details
Why in News SEBI banned nine entities, including Sachin Bakul Dagli, for a front-running scheme generating ₹21.16 crore in illegal gains over three years (Jan 2021–July 2024).
Entities Involved Sachin Bakul Dagli (Equity Dealer, PNB MetLife), Tejas Dagli (Equity Sales Trader, Investec), Sandeep Shambharkar, DRPL, WDPL, Pragnesh Sanghvi.
Violation Breach of SEBI’s PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) Regulations and SEBI Act.
Period of Investigation January 1, 2021, to July 19, 2024.
Gains Impounded ₹21.16 crore jointly and severally from the entities involved.
Action Taken by SEBI – Restrained entities from trading in securities until further orders.
– Impounded the unlawful gains made by the entities.
Trade Execution Pattern Used Buy-Buy-Sell or Sell-Sell-Buy patterns to exploit large client trades.
Company Involved PNB MetLife India Insurance Company.
PNB MetLife’s Statement Confirmed disciplinary action against Sachin Bakul Dagli and reiterated its commitment to corporate governance.
Static Information PNB MetLife: A joint venture between PNB and MetLife International Holdings; focuses on life insurance in India.

SpaDeX Mission: ISRO’s Leap Towards Space Docking Technology

The Indian Space Research Organisation (ISRO) is set to launch the Space Docking Experiment (SpaDeX) mission in December 2024, aiming to make India the fourth country to achieve space docking technology. The mission, aboard PSLV-C60, involves two 220-kg spacecraft—SDX01 (Chaser) and SDX02 (Target)—that will demonstrate autonomous in-space docking. This breakthrough will enable ISRO to advance its space ambitions, including lunar missions, the Bharatiya Antariksha Station (BAS), and satellite servicing.

Key Objectives and Concept

Primary Objective: Demonstration of rendezvous, docking, and undocking technologies for two small spacecraft in low-Earth orbit.

Secondary Objectives

  • Power transfer between docked spacecraft.
  • Composite spacecraft control.
  • Payload operations post-undocking.

Mission Execution: Launched into a 470 km orbit, the Chaser and Target spacecraft will progressively reduce inter-satellite distances, culminating in docking, power transfer demonstration, and payload operations for up to two years.

Technological Innovations

Indigenous Mechanisms: Docking systems, autonomous rendezvous algorithms, and power transfer technology.

Advanced Sensors: Laser Range Finder, Proximity and Docking Sensors, and GNSS-based Relative Orbit Determination and Propagation (RODP).

Software & Simulations: Multiple test beds validated algorithms for precision docking and post-docking operations.

Post-Docking Payloads

  • SDX01 features a High-Resolution Camera for surveillance and imaging.
  • SDX02 includes a Miniature Multi-Spectral Payload for resource monitoring and a Radiation Monitor for space radiation studies.

Significance for India’s Space Sector

The success of SpaDeX will position India alongside the US, Russia, and China in space docking capabilities, paving the way for ambitious projects like Chandrayaan-4, BAS, and Gaganyaan. It will also enable satellite servicing, debris management, and public-private partnerships, showcasing India’s expanding space technology ecosystem.

Summary of the news

Key Points Details
Why in News ISRO is set to launch the Space Docking Experiment (SpaDeX) aboard PSLV-C60 in December 2024.
Mission Name Space Docking Experiment (SpaDeX)
Launch Vehicle PSLV-C60
Objective To demonstrate in-space docking capabilities
Developed By Indian Space Research Organisation (ISRO)
Technological Features Advanced sensors, docking mechanisms, and indigenous software
Potential Applications Satellite refueling, space station assembly, human space exploration
India’s Rank India aims to be the fourth country to achieve in-space docking technology
Launch Year December 2024
Static Point PSLV (Polar Satellite Launch Vehicle): India’s reliable workhorse for launching satellites

PM Modi Honoured with Kuwait’s Top Civilian Award

Prime Minister Narendra Modi was awarded Kuwait’s highest civilian honour, the Order of Mubarak Al Kabeer, by Amir of Kuwait Sheikh Meshal Al-Ahmad Al-Jaber Al Sabah. This prestigious accolade marks the 20th international honour received by PM Modi, symbolizing his contributions to fostering global partnerships and India’s growing influence on the world stage.

Award Details

  • The Order of Mubarak Al Kabeer is Kuwait’s highest knighthood order.
  • It is conferred upon Heads of State, foreign sovereigns, and members of royal families as a gesture of friendship and goodwill.
  • Previous recipients include global leaders such as Bill Clinton, Prince Charles, and George Bush.

Significance of the Honour

  • The award underscores the strong diplomatic ties between India and Kuwait.
  • PM Modi dedicated the award to the people of India and the enduring friendship between the two nations.

PM Modi’s Visit to Kuwait

  • Modi embarked on a two-day official visit to Kuwait, starting with a visit to an Indian labour camp to show solidarity with the Indian diaspora.
  • Held bilateral discussions with,
  • Amir of Kuwait, Sheikh Meshal Al-Ahmad Al-Jaber Al Sabah
  • Crown Prince, Sabah Al-Khalid Al-Sabah
  • Prime Minister of Kuwait, Sheikh Ahmed Abdullah Al-Ahmad Al Sabah
  • Received a ceremonial Guard of Honour at Bayan Palace.

Diplomatic Engagements

  • The visit emphasized cooperation in trade, energy, and labour welfare, showcasing India’s role as a strategic partner.
  • PM Modi interacted with the Indian diaspora, acknowledging their contributions to both nations.

Recent International Awards

Last month, PM Modi was conferred,

  • The Order of Excellence (Guyana)
  • Dominica Award of Honour (Dominica)

PM Modi’s Statement

  • Expressed gratitude on social media, saying:
  • “I dedicate this honour to the 140 crore people of India and to the strong friendship between India and Kuwait.”
SummaryStatic Details
Why in the news? PM Modi Honoured with Kuwait’s Top Civilian Award
Award Order of Mubarak Al Kabeer
Conferred By Amir of Kuwait Sheikh Meshal Al-Ahmad Al-Jaber Al Sabah
Type of Award Kuwait’s highest knighthood, given to Heads of State, foreign sovereigns, and royal family members
Previous Recipients Bill Clinton, Prince Charles, George Bush
Visit Purpose Strengthen bilateral ties, labour welfare, and diaspora engagement
Key Meetings Amir of Kuwait, Crown Prince Sabah Al-Khalid Al-Sabah, PM Sheikh Ahmed Abdullah Al-Ahmad Al Sabah
Ceremonial Welcome Guard of Honour at Bayan Palace
Recent International Awards The Order of Excellence (Guyana), Dominica Award of Honour (Dominica)
PM Modi’s Statement Dedicated the award to the 140 crore Indians and the friendship between India and Kuwait
Significance Highlights India-Kuwait diplomatic relations and India’s global influence under PM Modi’s leadership

India-Kuwait Elevate Ties to Strategic Partnership

India and Kuwait marked a historic milestone in their bilateral relations during Prime Minister Narendra Modi’s first official visit to Kuwait on December 21-22, 2024. The visit culminated in the elevation of their ties to a “Strategic Partnership,” signifying deeper cooperation across trade, defence, energy, and cultural domains. Kuwait also honored PM Modi with its highest civilian award, ‘The Order of Mubarak Al-Kabeer,’ in recognition of his role in fostering bilateral ties.

Key Highlights of the Visit

1. Formalizing Strategic Partnership

PM Modi and Kuwait’s Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah agreed to deepen collaboration through the establishment of new Joint Working Groups (JWGs) in trade, technology, education, and defence. The leaders reiterated their commitment to advancing people-to-people ties and sustaining high-level ministerial interactions.

2. Defence and Security Cooperation

The signing of an MoU in defence marked a pivotal step in enhancing bilateral ties. Both nations agreed to conduct joint military exercises, bolster maritime safety, and facilitate co-production of defence equipment. The leaders condemned terrorism in all forms and called for disrupting terror-financing networks and fostering cybersecurity collaboration.

3. Trade and Investment Opportunities

Kuwait lauded India’s efforts to create a conducive environment for foreign investments and expressed interest in Indian infrastructure, technology, and food security sectors. Discussions focused on expediting the Bilateral Investment Treaty and strengthening trade linkages by diversifying the export-import portfolio.

4. Energy Partnership

Recognizing the potential for growth, both sides agreed to expand their energy ties beyond the buyer-seller dynamic. Kuwait expressed interest in India’s Strategic Petroleum Reserve Program and committed to enhanced collaboration in oil, gas, and renewable energy sectors.

5. Cultural and Educational Exchanges

The renewal of the Cultural Exchange Programme (2025-2029) and Executive Programme on Sports (2025-2028) aimed at fostering deeper cultural ties. Both countries explored avenues for educational cooperation, including digital libraries and EdTech platforms.

Major Agreements and Milestones

Defence MoU: Strengthens bilateral defence ties.

Cultural Exchange Programme: Facilitates collaborations in arts and literature until 2029.

Sports Executive Programme: Strengthens cooperation in sports till 2028.

Kuwait’s ISA Membership: Marks a commitment to solar energy collaboration.

Past and Present Linkages

The centuries-old ties between India and Kuwait have evolved from historical trade relationships to strategic economic and political cooperation. Kuwait’s recent membership in the International Solar Alliance (ISA) and its interest in food parks align with India’s global climate and agricultural initiatives. This partnership reflects mutual benefits and supports regional stability, demonstrating a modern synergy between historical allies.

Future Outlook

This strengthened partnership, underpinned by a shared vision, aims to foster sustainable development and enhance regional security. Both leaders emphasized the need for UN reforms and global cooperation to tackle emerging challenges effectively.

Summary of the news

Key Points Details
Why in news PM Narendra Modi was conferred with ‘The Order of Mubarak Al-Kabeer’, Kuwait’s highest civilian honor, during his visit on December 21-22, 2024.
Award Name The Order of Mubarak Al-Kabeer
Purpose of Award Recognition of PM Modi’s efforts in strengthening bilateral relations between India and Kuwait.
Kuwait – Capital Kuwait City
Kuwait – Currency Kuwaiti Dinar
Kuwait – PM Sheikh Ahmad Nawaf Al-Ahmad Al-Sabah
Kuwait – Monarch Emir Nawaf Al-Ahmad Al-Jaber Al-Sabah
Key Outcomes of Visit Elevated relationship to strategic partnership; agreements on trade, defense, energy, technology, and cultural cooperation.

Important Days in December 2024, National and International Days

December, the last month of the year, is a month full of important days that highlight awareness, achievements, and celebrations around the world. These days focus on topics like human rights, environmental protection, and honoring national heroes. From World AIDS Day to Christmas, each date has a special meaning, reminding us of unity, kindness, and responsibility.

Important Days in December 2024

December is a month of joy, celebrations, and meaningful events worldwide. It brings festive cheer, short winter days in the northern hemisphere, and special occasions. Christmas on December 25th, celebrated by over 2.2 billion people, marks the birth of Jesus Christ. Kwanzaa, from December 26th to January 1st, honors African traditions. December ends with New Year’s Eve on the 31st, a global celebration of hope and resolutions. Its name comes from the Latin word “Decem,” meaning ten.

List of Important Days in December 2024, National and International Days

Date Day
01 Dec World AIDS Day
02 Dec International Day for the Abolition of Slavery
03 Dec International Day of Persons with Disabilities
04 Dec International Day of Banks
05 Dec International Volunteer Day for Economic and Social Development
05 Dec World Soil Day
07 Dec International Civil Aviation Day
09 Dec International Day of Commemoration and Dignity of the Victims of the Crime of Genocide and of the Prevention of this Crime
09 Dec International Anti-Corruption Day
10 Dec Human Rights Day
11 Dec International Mountain Day
11 Dec UNICEF Foundation Day
12 Dec International Day of Neutrality
12 Dec International Universal Health Coverage Day
18 Dec International Migrants Day
18 Dec Minorities Rights Day
19 Dec Good Governance Week
19 Dec Goa Liberation Day
20 Dec Sashastra Seema Bal (SSB) Raising Day
20 Dec International Human Solidarity Day
21 Dec World Meditation Day
21 Dec World Basketball Day
22 Dec National Mathematics Day
27 Dec International Day of Epidemic Preparedness

 

National Mathematics Day 2024: Celebrating Srinivasa Ramanujan

Every year on December 22, India celebrates National Mathematics Day. This date marks the birth anniversary of Srinivasa Ramanujan, one of the greatest mathematicians in history.

National Mathematics Day 2024-History

  • National Mathematics Day was first announced in 2012 by India’s former Prime Minister, Dr. Manmohan Singh, to honour Srinivasa Ramanujan’s contributions to mathematics.
  • Srinivasa Ramanujan was born on December 22, 1887, in Erode, Tamil Nadu. Despite having no formal training in mathematics, he made groundbreaking discoveries in fields like infinite series, number theory, and continued fractions.
  • In 1913, Ramanujan started collaborating with G.H. Hardy, a renowned British mathematician at Cambridge University. Together, they published several important papers. Ramanujan became the second Indian elected to the Royal Society in 1918, a prestigious recognition of his work.
  • Unfortunately, Ramanujan passed away at the young age of 32 on April 26, 1920, but his contributions continue to inspire mathematicians worldwide.

National Mathematics Day 2024-Significance

National Mathematics Day celebrates the life and legacy of Ramanujan and highlights the importance of mathematics in our daily lives.

  • Why Mathematics Matters: Mathematics is essential for solving everyday problems, from calculating bills to designing advanced technology. It plays a key role in science, engineering, and innovation.
  • Honouring Ramanujan: This day reminds us of Ramanujan’s achievements and his ability to revolutionize mathematics, even without formal education.

Interesting Facts About Srinivasa Ramanujan

  1. Early Genius: Ramanujan mastered trigonometry by the age of 12 and solved advanced problems that left his teachers amazed.
  2. Hardy-Ramanujan Collaboration: G.H. Hardy recognized Ramanujan’s brilliance and helped him publish several important papers.
  3. The Number 1729: Known as the Hardy-Ramanujan Number, 1729 is the smallest number that can be expressed as the sum of two cubes in two different ways: 1729=13+123=93+1031729 = 1^3 + 12^3 = 9^3 + 10^3.
  4. Legacy in Film: A book on Ramanujan’s life, The Man Who Knew Infinity by Robert Kanigel, was adapted into a movie in 2016.

Here’s a summary of the news in a tabular format:

Category Details
Why in News India celebrates National Mathematics Day on December 22, 2024, marking the birth anniversary of Srinivasa Ramanujan.
History – Declared in 2012 by Dr. Manmohan Singh, India’s former Prime Minister. – Srinivasa Ramanujan, born on December 22, 1887, in Erode, Tamil Nadu, made groundbreaking contributions to infinite series, number theory, and continued fractions. – Collaborated with G.H. Hardy at Cambridge University in 1913 and became the second Indian elected to the Royal Society in 1918. – Passed away at the age of 32 on April 26, 1920.
Significance – Highlights the importance of mathematics in daily life and advancements in science, technology, and innovation. – Celebrates Ramanujan’s legacy and achievements in mathematics.
Interesting Facts Early Genius: Mastered trigonometry by the age of 12. – Collaborated with G.H. Hardy, publishing key mathematical papers. – 1729: Known as the Hardy-Ramanujan Number, the smallest number expressible as the sum of two cubes in two different ways: 1729=13+123=93+1031729 = 1^3 + 12^3 = 9^3 + 10^3. – Film Legacy: Ramanujan’s life inspired the book The Man Who Knew Infinity, adapted into a movie in 2016.

 

Current Affairs Flash 22nd December Based Quiz

In competitive exams like SSC, Defence, State Exams, and Railways, current affairs are crucial. This section evaluates candidates on recent events, policy changes, global developments, and scientific progress. Keeping up with current affairs regularly enables candidates to tackle this section confidently and score higher.

Q1. World Basketball Day is observed annually on which day?

(a) 18th December

(b) 19th December

(c) 20th December

(d) 21st December

 

Q2. Which organization passed the resolution to establish World Meditation Day?

(a) World Health Organization (WHO)

(b) United Nations General Assembly (UNGA)

(c) United Nations Educational, Scientific and Cultural Organization (UNESCO)

(d) International Red Cross

 

Q3. What is the title of Dr. Deepa Malik’s upcoming memoir?

(a) The Journey of Strength

(b) BRING IT ON: The Incredible Story of My Life

(c) Overcoming the Odds

(d) Against All Challenges

 

Q4. Which company’s acquisition of India Cements Ltd (ICL) was approved by the Competition Commission of India (CCI)?

(a) ACC Ltd

(b) Dalmia Bharat Ltd

(c) UltraTech Cement

(d) Shree Cement

 

Q5. The Ministry of Defence (MoD) signed a contract with which company for the procurement of K9 VAJRA-T artillery guns?

(a) ADANI Defence

(b) Space X

(c) L & T

(d) BHEL

 

Q6. What is the maximum loan amount available for rooftop solar systems with up to 3 kW capacity under the Tata Power-Canara Bank partnership?

(a) Rs 5 Lakh

(b) Rs 3 Lakh

(c) Rs 2 Lakh

(d) Rs 6 Lakh

 

Q7. Which state is NTPC planning to set up a nuclear power project in?

(a) Uttar Pradesh

(b) Maharashtra

(c) Bihar

(d) Tamil Nadu

 

Q8.Who holds the joint-fastest fifty record in women’s T20Is along with Richa Ghosh?

(a) Harmanpreet Kaur

(b) Sophie Devine

(c) Ellyse Perry

(d) Meg Lanning

 

Q9. What type of services does the ‘Times Black ICICI Bank Credit Card’ provide?

(a) Basic banking services

(b) Exclusive benefits and luxury services

(c) Standard credit card benefits

(d) Education-related service

 

Q10. Where will the 2025 Para Athletics World Championships be held?

(a) Mumbai

(b) New Delhi

(c) Bengaluru

(d) Chennai

 

S1. Ans. (d)

Sol. Every year on December 21, World Basketball Day is observed to honour the development and significance of a sport that has inspired millions of people worldwide

Correct Answer: 21st December

Key Points:

  • Origins of Basketball: Invented on December 21, 1891, by Dr. James Naismith in Springfield, USA, as a winter activity for students.

 

S2. Ans. (b)

Sol. The United Nations General Assembly (UNGA) passed the resolution on 29th November 2024 to establish World Meditation Day.

Correct Answer: United Nations General Assembly (UNGA)

Key Points:

  • Global Recognition: Meditation has been acknowledged for its transformative mental and physical benefits, and its role in promoting peace and unity globally.
  • India’s Contribution: India’s Permanent Mission hosted an event at the UN Headquarters in New York featuring a global meditation session led by Sri Sri Ravi Shankar.
  • Event Theme: “Meditation for Global Peace and Harmony“

 

S3. Ans. (b)

Sol. Dr. Deepa Malik’s upcoming memoir is titled “BRING IT ON: The Incredible Story of My Life.”

Correct Answer: BRING IT ON: The Incredible Story of My Life

Key Points:

  • Background: HarperCollins India announces the upcoming publication of ‘BRING IT ON: The Incredible Story of My Life’, a memoir by Dr. Deepa Malik.
  • About the Author: Dr. Deepa Malik: India’s most celebrated para-athlete and first female Paralympic medalist.
  • Achievements: Won a silver medal in shot put at the 2016 Rio Paralympics.- Earned 23 international medals.- Recipient of Padma Shri, Khel Ratna Award, and Arjuna Award.

 

S4. Ans. (c)

Sol. UltraTech Cement’s acquisition of India Cements Ltd (ICL) was approved by the Competition Commission of India (CCI).

Correct Answer: UltraTech Cement

Key Points:

  • Acquisition Value: ₹3,954 crore
  • Stake Acquired: 32.72% (from promoters and associates)
  • Promoters Involved: N Srinivasan, Chitra Srinivasan, Rupa Gurunath, SK Asokh Baalaje, and Sri Saradha Logistics

 

S5. Ans. (c)

Sol. The total value of the contract signed by the Ministry of Defence (MoD) with Larsen & Toubro (L&T) is Rs 7,628.70 crore for the procurement of K9 VAJRA-T artillery guns.

Correct Answer: L & T

Key Points:

  • Key Features of K9 VAJRA-T: Long-range precision firepower
  • High rate of fire
  • Cross-country mobility
  • Operates in sub-zero temperatures and high-altitude areas
  • Equipped with cutting-edge technology
  • Strategic Benefits: Enhances artillery modernization and operational readiness of the Indian Army
  • Strengthens firepower and adaptability in diverse terrains

 

S6. Ans. (c)

Sol. The loan available for rooftop solar systems with up to 3 kW capacity is up to Rs 2 Lakh.

Correct Answer: Rs 2 Lakh

Key Points: 

  • Partners: Tata Power Renewable Energy & Canara Bank
  • Loan Amounts: Up to Rs 2 lakh (3 kW capacity) and up to Rs 6 lakh (3-10 kW)
  • Interest Rate: 7% (up to 3 kW) and 10% (3-10 kW)

 

S7. Ans. (c)

Sol. NTPC has unveiled its plans to set up a nuclear power project in Bihar.

Correct Answer: Bihar

Key Points:

  • Nuclear Energy Importance: Emphasis on nuclear energy’s role in India’s future energy sector (20-30 years).
  • Joint Venture: NTPC’s 49% stake in ASHVINI, a JV with NPCIL (51%) to build, own, and operate nuclear plants.

 

S8. Ans. (b)

Sol. Richa Ghosh equaled the joint-fastest fifty record in women’s T20Is with Sophie Devine.

Correct Answer: Sophie Devine

Key Points:

  • Context: India’s wicketkeeper-batter Richa Ghosh smashed the joint-fastest fifty in women’s T20Is.
  • Record Details: Richa scored her half-century in just 18 balls, equalling the record of Sophie Devine (2015) and Phoebe Litchfield (2023).
  • Previous Indian Record: Broke Smriti Mandhana’s record of a 24-ball fifty against New Zealand in 2019.

 

S9. Ans. (b)

Sol. The ‘Times Black ICICI Bank Credit Card’ provides exclusive benefits, luxury services, and a range of perks catering to the sophisticated lifestyle of affluent individuals.

Correct Answer: Exclusive benefits and luxury services

Key Points:

  • Card Design: Metallic card with historic printing plates from The Times of India
  • Collaboration Highlights: ICICI Bank: Customer-centric approach
  • Times Internet: Redefining luxury for affluent India
  • Visa: Combining global expertise and consumer insights

 

S10. Ans. (b)

Sol. The 2025 Para Athletics World Championships will be held at the Jawaharlal Nehru Stadium in New Delhi.

Correct Answer: New Delhi

Key Points:

  • Event Name: 2025 Para Athletics World Championships
  • Venue: Jawaharlal Nehru Stadium, New Delhi

 

Ukraine Strikes Russian High-Rises in Kazan: 9/11-like Attack

On Saturday, December 21, 2024, several explosive-laden drones, believed to be part of Ukraine’s ongoing conflict with Russia, targeted residential high-rises in Kazan, the capital of Russia’s Republic of Tatarstan. The attacks, which involved at least eight kamikaze drones, resulted in fires breaking out across multiple buildings, while the authorities scrambled to manage the aftermath. With images and video footage circulating online, the incident has drawn significant attention, with many observers comparing the scale of the strikes to the devastating 9/11 attacks. The incident is part of a broader series of aerial assaults, including multiple drone strikes on Russia’s territory since the beginning of the war in Ukraine.

The Attack

  • According to Russian authorities, the attack occurred in the morning between 7:40 and 9:20 a.m. local time, with the first reports of drones hitting the city surfacing around 8:00 a.m. 
  • The city was struck by three waves of drone attacks, with six drones hitting residential buildings and one targeting an industrial facility
  • Another drone was intercepted and shot down over a river. 
  • These coordinated strikes, involving multiple drones, caused extensive damage to the targeted high-rise buildings, with video footage showing a drone directly crashing into the upper floors of a building, producing large fireballs upon impact.
  • Videos shared by local news channels and eyewitnesses showed the moment of impact and its aftermath, depicting thick smoke billowing from the buildings, causing residents to flee their homes. 
  • One of the most striking pieces of footage, which was verified by The Associated Press, showed a drone flying into the upper floors of a high-rise building, with the resulting explosion appearing to be reminiscent of the scale of destruction seen during the September 11, 2001, attacks in the United States. 
  • This comparison gained traction on social media, further emphasizing the dramatic and violent nature of the strike.

Emergency Response and Civilian Impact

  • In response to the attacks, local emergency services rushed to the scene. 
  • The immediate priority was the evacuation of residents from the impacted buildings, though as of the latest reports, no fatalities have been confirmed. 
  • The governor’s office of Tatarstan, led by Rustam Minnikhanov, acknowledged the attack and confirmed that arrangements were being made to provide temporary accommodation for displaced individuals. 
  • Despite the extensive damage, no immediate casualties were reported, a fact that authorities and local residents are thankful for, although the psychological toll on those affected is undoubtedly significant.
  • As a precautionary measure, Kazan’s airport was closed temporarily, with flight arrivals and departures halted. 
  • Other airports in the region, including those in Izhevsk and Saratov, were also subject to temporary restrictions. 
  • These measures underscore the serious disruption the attacks caused to the city’s daily operations.

Ukraine’s Role and Military Strategy

  • Ukraine has yet to formally acknowledge responsibility for the attack on Kazan, adhering to its standard policy of not taking public credit for military actions against Russia. 
  • However, the attack is seen as part of a larger strategic approach, wherein Ukraine has increasingly used UAVs for precision strikes against military and infrastructure targets deep within Russian territory. 
  • Ukraine’s use of drones, including kamikaze-style UAVs, has grown more sophisticated over time, highlighting the changing dynamics of modern warfare, where drones offer a relatively low-cost, high-impact method of retaliation.
  • This particular attack follows a deadly missile strike by Ukraine on the Russian city of Kursk on the previous day, which killed six people. 
  • These incidents indicate that Ukraine is widening its offensive strategy, making use of both drones and missiles to target civilian infrastructure and military assets within Russia.
  • Russian authorities have been on high alert, especially as drone attacks have reached Moscow and other regions in the past, though this marks one of the most significant and impactful strikes to date.

Russian Defense and Countermeasures

  • In response to the escalation, Russian air defenses reportedly intercepted a number of Ukrainian drones targeting various locations across the country, including an interception over Tatarstan. 
  • The Russian Defense Ministry claimed that it had shot down one drone over Kazan, although Ukrainian officials suggest that many more drones were lost or jammed during the conflict. 
  • Despite these defensive measures, the Ukrainian UAVs continue to reach their targets, suggesting vulnerabilities in Russia’s air defense systems, especially in urban areas.

Broader Implications

  • The attack on Kazan is part of an ongoing conflict where both Russia and Ukraine are utilizing increasingly advanced technologies to disrupt each other’s infrastructure and weaken civilian morale. 
  • These drone strikes are not only a tactical response but also serve to send a political message, with Ukraine attempting to demonstrate its ability to strike deep into Russian territory and challenge the country’s security apparatus.
  • For Russia, the incident in Kazan highlights the vulnerabilities of its domestic security systems and the risk of widespread disruption in major urban centers. The widespread use of drones in the conflict also suggests that future warfare may rely increasingly on unmanned systems for both offensive and defensive purposes.
Summary/Static Details
Why in the news? Ukraine Strikes Russian High-Rises in Kazan: 9/11-like Attack
Attack Type Kamikaze drone strike (explosives-laden UAVs)
Date of Attack Saturday, December 21, 2024
Location Kazan, Republic of Tatarstan, Russia
Number of Drones 8 drones (6 hit residential buildings, 1 hit an industrial facility, 1 shot down over a river)
Time of Attack Between 7:40 AM and 9:20 AM local time
Targeted Locations Residential high-rises, industrial facility, and general urban infrastructure
Impact Fires in multiple buildings, significant damage, no casualties reported
Flight Disruption Kazan airport temporarily halted flight arrivals and departures
Emergency Response Evacuation of affected residents, temporary accommodation provided, emergency services dispatched
Casualties No casualties reported
Video Footage Eyewitness videos show a drone crashing into high-rise buildings, causing large explosions (9/11-like)
Ukrainian Acknowledgment Ukraine did not acknowledge the attack (standard security policy)
Previous Attack On the previous day, Ukrainian missiles killed 6 people in Russia’s Kursk region
Russian Defense Russian air defenses shot down one UAV over Kazan, other drones lost or jammed during the conflict
Geopolitical Context Attack follows broader Ukrainian strategy of using UAVs and missiles to target Russia’s civilian and military infrastructure
Civilian Response Mass gatherings canceled, local authorities ensured temporary accommodations for evacuees

Which District of Uttar Pradesh is Known as the Moonj City?

Uttar Pradesh, one of India’s most populous states, is known for its rich cultural and agricultural heritage. Among its many districts, one stands out for its connection to a specific agricultural products: Munj. This district, famous for its production of Munj (a type of grass used for making ropes, mats and other products), is known as the “Moonj City.”

An Overview of Uttar Pradesh

Uttar Pradesh is a northern Indian state with over 241 million people, making it the most populous state in India and the world’s most populous subdivision. It covers 243,286 square kilometers, about 7.3% of India’s total area. Uttar Pradesh is bordered by Rajasthan, Haryana, Delhi, Uttarakhand, Nepal, Bihar, Madhya Pradesh, Chhattisgarh and Jharkhand. The capital is Lucknow and Prayagraj is the judicial capital. Uttar Pradesh is divided into 18 divisions and 75 districts.

Number of Districts of Uttar Pradesh

Uttar Pradesh, the most populous state in India, has 75 districts and 1 temporary district. These districts, with populations over 12 lakhs, are organized into 18 divisions for better administration.

Moonj City in Uttar Pradesh

Amethi, a district in Uttar Pradesh, is famously called the Moonj City. This is because it is well-known for producing Moonj, a grass used by locals to make various household and decorative items. Let’s explore more about Amethi and its significance.

What is Mooj?

Moonj is a type of grass that grows naturally in the region. It is a perennial grass called Sarpat and is widely used by the people of Amethi to create different products. These products include foot mats, bags, stools, ropes, pen stands, chairs and tables. The local craftmanship with Moonj has made the district famous for these unique items.

Why is Amethi Known as the Moonj City?

Amethi is known as the Moonj City because it is famous for producing Moonj, a type of grass called Sarpat. Locals use this grass to make various items like foot mats, bags, stools, ropes and furniture. The district’s craftsmanship in creating these products from Moonj has earned it this unique name.

Location of Amethi

Amethi district is located in the Faizabad division of Uttar Pradesh, India. It is connected to major cities in Uttar Pradesh and even to some cities in North-Eastern India through roads and Indian Railways, making it accessible for trade and travel.

55th GST Council Meeting: Key Highlights and Proposals

The 55th GST Council meeting, chaired by Finance Minister Nirmala Sitharaman, convened ministers from 28 states, two Union Territories, and key stakeholders. The discussions centered on vital tax reforms impacting consumers and businesses across sectors, focusing on luxury items, essential services, and rationalizing the tax structure.

Key Highlights

Luxury Items Under Spotlight

  • Proposal to increase GST rates on high-end products,
  • Wristwatches priced above ₹25,000 and shoes costing over ₹15,000 per pair may attract a 28% GST (up from 18%).
  • Premium garments above ₹10,000 might also face a steep 28% tax, while,
  • Garments below ₹1,500 remain at 5%.
  • Garments between ₹1,500 and ₹10,000 may see a jump to 18%.
  • Aim: Align taxation with pricing structures of luxury goods.

Reforms for Food Delivery Platforms

  • GST rate for platforms like Swiggy and Zomato may be reduced.
  • From 18% with Input Tax Credit (ITC) to a simplified 5% without ITC.

Impact

  • Lower delivery charges, benefiting consumers.
  • Address disparity between dining out and food delivery taxation.

GST on Insurance Products

  • Proposals to reform GST on insurance premiums to make policies affordable:
  • Health insurance plans with ₹5 lakh coverage and term life insurance may be exempted from GST.
  • Current GST on health and life insurance premiums is 18%, while endowment and annuity plans have variable rates.
  • Recommendations: Exemptions for senior citizen-focused policies.
  • Rationale: Align with international practices where insurance products are largely tax-free.

Aviation Turbine Fuel (ATF) in GST

Proposal to bring ATF under the GST regime

  • Airlines could claim input tax credit, reducing operational costs.
  • Resistance likely from states due to revenue concerns.
  • Rate Rationalization on 148 Items

Proposed increase in GST for certain goods

  • Items like compact vehicles and pre-owned electric vehicles may move from the 12% to 18% bracket.

Sin Goods

  • Aerated beverages, cigarettes, and tobacco could see GST rates rise to 35% (from 28%), with additional cess.

Current GST Structure

  • Four main GST slabs: 5%, 12%, 18%, and 28%, alongside zero percent and special rates for precious metals.
  • Law permits a maximum combined GST rate of 40% (20% CGST + 20% SGST).

Challenges with Proposed Changes

  • High taxation on items like cigarettes may increase smuggling and tax evasion, causing greater revenue loss.
  • Differentiated tax slabs based on price could lead to administrative complexity and evasion tactics.

Concerns with Revenue and Compliance

  • Quality of revenue remains poor due to high social costs of raising additional tax revenue.
  • Evasion persists despite increased GST collections, necessitating better analytics and enforcement.

Broader Recommendations

  • Expanding the GST base by including petroleum products like ATF and natural gas.
  • Reducing litigation and arrears to enhance efficiency.
  • Ensuring minimal disruption to the current stability in GST compliance and collections.
Summary/Static Details
Why in the news? 55th GST Council Meeting: Key Highlights and Proposals
Luxury Items Proposed 28% GST on wristwatches above ₹25,000, shoes over ₹15,000, and garments above ₹10,000; lower slabs for affordable items retained.
Food Delivery Platforms GST reduction for Swiggy, Zomato to 5% (from 18%) without ITC, lowering delivery charges and aligning with dining-out taxes.
Insurance Products Proposal to exempt health and life insurance premiums from GST, especially for senior citizens, to make policies affordable.
Aviation Turbine Fuel (ATF) Proposal to bring ATF under GST; allows airlines to claim ITC but faces resistance from states due to revenue concerns.
Rate Rationalization Suggested increases: compact vehicles and pre-owned EVs from 12% to 18%; sin goods like cigarettes and aerated drinks to 35%, with additional cess.
Current GST Structure Four slabs (5%, 12%, 18%, 28%), zero percent, and special rates for precious metals; max combined rate capped at 40%.
Challenges High taxes may increase evasion and smuggling; differentiated slabs create administrative complexities.
Broader Recommendations Expand GST base (e.g., include ATF, natural gas), reduce litigation, and enhance enforcement using data analytics.