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The Gem and Jewellery Export Promotion Council (GJEPC) recently raised concerns on the decision of G7 countries to impose a ban on direct imports of Russian-origin rough diamonds from January 1, 2024. The ban also includes diamonds processed by third countries, including India, from March 1,2024. India is home to world’s 90% Diamond cutting and polishing industry.

UPI Payment Limit

The Reserve Bank of India (RBI) recently enhanced the UPI payment limits for healthcare and education from Rs.1 lakh to Rs.5 lakh. The limit on recurring e-payment mandates for credit card and insurance premia payments as well as mutual fund investments to Rs.1 lakh from the current limit of Rs.15,000.

Outcomes of Monetary Policy Committee Meeting

The Monetary Policy Committee (MPC) of the RBI unanimously decided to keep the repo rate unchanged at 6.5%. The standing deposit facility (SDF) rate remains at 6.25% and the marginal standing facility (MSF) rate and the bank rate at 6.75%.

MoU between NMCG-MRCTI

The National Mission for Clean Ganga (NMCG) has signed the Memorandum of Common Purpose (MoCP) with the Mississippi River Cities and Towns Initiative (MRCTI) of USA recently. The signing took place in Dubai during the COP28. The MoCP has signed on behalf of the River Cities Alliance (RCA).

UN Resolution on Ceasefire

A recent UN resolution to call for a ceasefire in Gaza was blocked by the United States using its veto power. A ceasefire is a temporary suspension of a war where each side agrees to stop aggressive actions. The 5 permanent members who have veto powers in the United Nations Security Council - China, France, Russia, United Kingdom, and United States.

EU's AI Rules

The European Union has reached a deal recently on the world's 1st comprehensive artificial intelligence rules. It paves the way for legal oversight of AI technology.