🇮🇳 National News
The Maharashtra government has unveiled a major reform to dismantle the century-old Pagdi system prevalent in Mumbai. Deputy Chief Minister Eknath Shinde stated that the move aims to resolve long-standing landlord-tenant disputes, provide legal clarity, and speed up redevelopment of old and unsafe buildings.
The Pagdi system originated before Independence and became widespread prior to the 1940s. Though informal, it is still recognised under the Maharashtra Rent Control Act.
Key features of the Pagdi system:
- Tenants pay a one-time premium
- Monthly rents remain extremely low and unchanged for decades
- Tenants enjoy near-permanent occupancy rights
- Tenancy rights can be resold, often with profit-sharing between tenants and landlords
Problems caused by the system:
- Minimal rental income for landlords
- Poor building maintenance and serious structural safety concerns
- Redevelopment deadlocks
- Informal cash dealings and prolonged legal disputes
Thousands of Pagdi buildings in Mumbai have aged dangerously, stalling urban redevelopment for decades.
The Maharashtra government, in partnership with Microsoft, has launched MahaCrimeOS Artificial Intelligence, a cutting-edge cybercrime investigation platform. The platform was unveiled by Satya Nadella, Chairman and CEO of Microsoft, during the Microsoft AI Tour in Mumbai.
MahaCrimeOS AI is an AI- and Microsoft Azure-powered digital investigation system developed by CyberEye in collaboration with MARVEL (Maharashtra’s AI governance SPV) and Microsoft India Development Center.
The platform aims to:
- Standardise cybercrime case handling
- Improve investigation speed
- Enhance overall law enforcement efficiency across the state
Kolkata has unveiled a 70-foot iron statue of Lionel Messi, believed to be the tallest statue of the footballer worldwide. The statue has been installed by the Sree Bhumi Sporting Club at Lake Town, South Dum Dum.
The statue depicts Messi lifting the FIFA World Cup trophy, symbolising Argentina’s 2022 World Cup victory. It is 70 feet tall, made entirely of iron, and was completed in just 40 days.
Final finishing work is being handled by artist Monty Paul and his team ahead of the official inauguration. West Bengal Minister and Sree Bhumi Sporting Club President Sujit Bose stated that no other Messi statue globally matches this height. The installation reflects Kolkata’s deep emotional bond with football.
Dinesh Khatak, a senior officer of the Central Reserve Police Force (CRPF) from Jind district, Haryana, has been awarded the Union Home Minister’s Efficiency Medal.
The award recognises:
- Exceptional leadership
- Operational excellence
- Discipline
- Long-standing contributions to national security
Dinesh Khatak joined the CRPF in 2005 after clearing the UPSC examination, entering as a Gazetted Officer. His service includes deployments in high-risk and sensitive regions.
The honour underscores both his dedication and the vital role of the CRPF, India’s largest central armed police force.
The World Book of Records, London has recognised Nitish Kumar for taking oath as Chief Minister of Bihar ten times, a rare achievement in Indian politics.
Nitish Kumar first assumed office in 2000, stepping down briefly within a week. He has remained largely in power since 2005, except for a short break during 2014–15.
Key milestones in his tenure:
- His political career is marked by multiple alliance shifts between NDA and Mahagathbandhan
- Took oath for the 5th time in 2015 with the RJD–Congress alliance
- After resigning in 2017, he returned to power within 24 hours, marking his 6th term with the NDA
- Further realignments in 2020, 2022, and 2024 led to his 10th oath
In the latest Bihar Assembly elections, the NDA won 202 out of 243 seats, enabling Nitish Kumar’s record-breaking tenure.
The 14th edition of the FIH Men’s Junior Hockey World Cup 2025 was held in Chennai and Madurai, Tamil Nadu from 28 November to 10 December 2025.
| Medal | Country | Result |
|---|---|---|
| 🥇 Gold | Germany | Beat Spain 3–2 (shoot-out) |
| 🥈 Silver | Spain | Lost to Germany in final |
| 🥉 Bronze | India | Beat Argentina 4–2 |
Germany secured their 8th Junior Hockey World Cup title – the highest by any nation – further cementing their dominance in global junior men’s hockey.
Tournament Venues:
- Mayor Radhakrishnan Hockey Stadium, Chennai
- Madurai International Hockey Stadium
John Cena, the legendary professional wrestler and 17-time world champion, officially retired after his final match at Saturday Night’s Main Event (SNME). In his farewell match, Cena tapped out to World Heavyweight Champion Gunther.
Cena’s legacy is closely associated with his motto: “Hustle, Loyalty, Respect”.
His illustrious 20-year WWE career included:
- 14 WWE Championship reigns
- 3 World Heavyweight Championships
- Multiple mid-card and tag-team titles
- 2 Royal Rumble victories
- A career Grand Slam
Fellow wrestlers and legends such as The Rock, Triple H, CM Punk, and Mick Foley paid tribute to the retiring champion.
India created history by winning the WSF Squash World Cup 2025 for the first time. The Indian team defeated top-seeded Hong Kong 3–0 in the final held in Chennai.
This victory marked India’s second medal in Squash World Cup history and a significant milestone in India’s emergence as a global squash powerhouse.
Key performers for India:
- Joshna Chinappa
- Abhay Singh
- Anahat Singh
The triumph was achieved with strong support from a home crowd in Chennai.
💼 Business & Economy
The Reserve Bank of India (RBI) has announced a relaxation in regulations governing the opening and maintenance of Cash Credit (CC), Current Accounts, and Overdraft (OD) facilities. These revised guidelines were finalised after considering feedback received from stakeholders on the draft circular released in October.
The revised framework will become effective from April 1, 2026, although banks may choose to implement it earlier in its entirety.
Key provisions of the new guidelines:
- Banks are now permitted to open Cash Credit (CC) accounts without any regulatory restrictions, solely based on the genuine business needs of customers
- For customers with total banking exposure below ₹10 crore, any bank can open or continue Current Accounts or OD facilities
- For borrowers with aggregate exposure exceeding ₹10 crore, only banks holding at least 10% of the borrower’s total exposure can open or maintain Current or OD accounts
- If no bank or only one bank meets the 10% exposure criterion, the top two lenders by exposure are allowed to operate Current or OD accounts
Compliance requirements:
- All funds credited into collection accounts must be transferred to the designated CC, Current, or OD account within two working days
- Any OD amounts disbursed from collection accounts must be routed exclusively through the designated account
- Banks are mandated to closely monitor transaction accounts and conduct compliance reviews at least once every six months
The Central Board of Direct Taxes (CBDT) has initiated action against intermediaries who facilitate the filing of Income Tax Returns (ITRs) with fraudulent deductions and exemptions under the Income Tax Act, 1961.
Investigations uncovered a nationwide network of agents who filed tax returns with incorrect claims in exchange for commissions, leading to significant tax evasion and wrongful issuance of income tax refunds.
Key findings:
- A large number of false deduction claims were routed through donations to Registered Unrecognised Political Parties (RUPPs) and certain charitable institutions
- The practices led to significant tax evasion and wrongful issuance of income tax refunds
The CBDT’s data-driven NUDGE initiative aims to identify, deter, and prevent such misuse of tax provisions.
China has crossed the $1 trillion trade surplus mark for the first time, supported by strong exports to non-U.S. markets such as Europe, Australia, and Southeast Asia. This milestone was achieved despite a sharp decline in export shipments to the United States.
| Indicator | November 2025 | October 2025 |
|---|---|---|
| Trade Surplus | $111.68 billion | $90.07 billion |
| Export Growth (YoY) | +5.9% | — |
| Import Growth (YoY) | +1.9% | — |
China’s broader manufacturing sector remains under stress, contracting for the eighth consecutive month. Domestic demand continues to be weak due to a prolonged downturn in the property sector.
Russia’s Sberbank, in collaboration with JSC First Asset Management, has introduced a new mutual fund named First-India. The fund enables Russian retail investors to gain exposure to India’s equity markets through the Nifty50 Index.
The fund was launched during Sberbank CEO Herman Gref’s visit to India, at an event organised by the National Stock Exchange (NSE).
About the Nifty50 Index:
- Launched in 1996
- Consists of 50 major stocks across 15 sectors
- Among the world’s most widely tracked indices
- Over 45 passive funds in India and 22 international funds linked to it
NSE Managing Director & CEO: Ashishkumar Chauhan
JPMorgan Chase & Co. has received in-principle approval from the Reserve Bank of India (RBI) to open a new branch in Pune. This marks the bank’s first branch expansion in India in nearly ten years.
The Pune branch will be JPMorgan’s fourth branch in India and will primarily serve corporate clients, offering services including transaction banking and term lending.
About JPMorgan Chase & Co.:
- An American multinational banking and financial services company
- Headquarters: New York City, Incorporated in Delaware, USA
- As of 2025, it is the largest bank in the United States and the world’s largest bank by market capitalisation
- JPMorgan last received branch approval in 2016, when it was allowed to open three branches
🌐 International News
Pakistan’s traditional musical instrument Boreendo (also known as Bhorindo or Bareendo) has been inscribed on UNESCO’s List of Intangible Cultural Heritage in Need of Urgent Safeguarding. The inscription took place during the 20th Session of UNESCO’s Intergovernmental Committee, held at the Red Fort, New Delhi.
Boreendo is a spherical terracotta flute originating from Sindh, Pakistan, believed to be over 5,000 years old. Its origins are linked to the Indus Valley Civilization, including sites like Mohenjo-Daro.
Key facts about Boreendo:
- Regarded as the oldest surviving musical instrument of southern Sindh
- Similar instruments found in Kutch, Gujarat, reflect shared cultural heritage across the Indus Valley region
- Traditionally used in Sufi devotional gatherings, village rituals, and winter festivals
UNESCO granted the status due to the imminent risk of extinction, as only two individuals possess complete knowledge of its music and craftsmanship: Ustaad Faqeer Zulfiqar (musician) and Allah Jurio (master potter).
UNESCO categorised Boreendo as an “ancient dying folk musical instrument”, covering both musical traditions and crafting skills. Pakistan’s Permanent Delegate to UNESCO, Ambassador Mumtaz Zahra Baloch, described the listing as recognition of Sindh’s artistic, spiritual, and Indus Valley cultural heritage.
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