Daily Current Affairs

The Government of India and France signed a Protocol to amend the India-France Double Taxation Avoidance Convention (DTAC), originally signed on September 29, 1992, to modernise tax provisions and align with current global standards.

• Capital gains from the sale of shares will now be taxed in the country where the company is resident, granting full taxing rights to that jurisdiction.
• The Most-Favoured-Nation (MFN) clause has been removed, resolving past disputes and enhancing certainty in bilateral taxation matters.
• A two-tier dividend tax structure has been introduced: 5% where the shareholder holds at least 10% of the company’s capital, and 15% in all other cases.
• A new concept of Service Permanent Establishment (Service PE) has been added, enabling certain service activities to constitute a taxable presence in either country.

Om Birla, Speaker of Lok Sabha, constituted Parliamentary Friendship Groups (PFGs) with 64 countries to strengthen inter-parliamentary cooperation and legislative dialogue.

• Each group typically comprises 11 members drawn from both Lok Sabha and Rajya Sabha across party lines, headed by a designated Chairperson/Group Leader.
• The initiative aims to enable Indian lawmakers to interact directly with foreign counterparts and boost cooperation on trade, technology, culture, and shared global challenges.

The Ministry of Home Affairs (MHA) released India’s first comprehensive counter-terrorism policy and strategy titled ‘PRAHAAR’ (meaning ‘strike’), outlining a proactive framework to address evolving terror threats.

• The acronym encapsulates seven key pillars: Prevention, Response, Aggregating capacities, Human Rights and Rule of Law, Attenuating enabling conditions, Aligning global efforts, and Recovery and resilience.
• It adopts a whole-of-government and whole-of-society approach, encouraging coordination between law enforcement, the private sector, and civil society.
• The framework establishes a zero-tolerance stance on terrorism, decoupling it from any religion or nationality, while criminalising all supportive ecosystems including radicalisation and terror financing.

The Asian Development Bank (ADB) signed a senior secured debt financing package of up to USD 108 million (approximately ₹983 crore) with Aavas Financiers Limited to expand affordable housing and MSME lending in India.

• The financing will support housing loans for self-built and green-certified homes, promoting climate-resilient and energy-efficient housing for lower-middle-income borrowers.
• The package includes USD 8 million in concessional debt through the Canadian Climate and Nature Fund for the Private Sector in Asia (CANPA).
• An additional USD 150,000 in technical assistance will support capacity building and promote green housing awareness.

A six-member joint expedition from the Nehru Institute of Mountaineering (NIM), Uttarkashi, and the Jawahar Institute of Mountaineering & Winter Sports (JIM&WS), Pahalgam, reached the summit of Mount Aconcagua on February 22, 2026.

• At 6,967 metres, Aconcagua is the highest peak in South America, the tallest mountain outside Asia, and one of the Seven Summits.
• The expedition was led by Colonel Hem Chandra Singh and flagged off by Defence Minister Rajnath Singh on February 5, 2026.
• The team endured temperatures plunging to -30°C and first acclimatised by scaling Mt. Bonete (5,050 m) before attempting the final summit.

Legendary Indian cricketer Sachin Tendulkar was designated a Global Champion for Road Safety by the United Nations on February 24, 2026.

Tendulkar joins other international figures in supporting global awareness efforts around road safety and accident prevention, a cause he has championed in India for several years.

On February 24, 2026, India and the Gulf Cooperation Council (GCC) signed a Joint Statement in New Delhi, formally launching structured negotiations for a comprehensive Free Trade Agreement.

• The statement was signed by Union Minister Piyush Goyal and GCC Secretary General Jasem Mohamed Albudaiwi.
• The FTA will cover trade in goods, services, investment facilitation, and is built on a Terms of Reference signed on February 5, 2026.
• The GCC accounts for about 15% of India’s global trade with bilateral commerce valued at USD 178.56 billion in FY 2024–25.

The Financial Services Institutions Bureau (FSIB) recommended Hitesh Rameshchandra Joshi for the position of Chairman-cum-Managing Director (CMD) of the General Insurance Corporation of India (GIC Re).

• Joshi is a Fellow of the Insurance Institute of India with decades of experience in diverse operational and strategic functions.
• He has been serving as Executive Director of GIC Re since July 9, 2024, and held additional charge as CMD since October 1, 2025.
• The final appointment will be confirmed by the Appointments Committee of the Cabinet (ACC).

The Indian Army and the United States Army commenced the 16th edition of Exercise Vajra Prahar at the Special Forces Training School (SFTS), Bakloh, Himachal Pradesh, on February 24, 2026.

• The exercise will continue until March 16, 2026, and focuses on strengthening combined capabilities for joint special forces operations in mountainous terrain.
• India is represented by 45 personnel from Special Forces units, while the US is represented by 12 personnel from the Green Berets.
• This annual bilateral drill is a key institutional pillar for deepening India-US strategic defence ties and enhancing interoperability.

On February 24, 2026, the Indian Army conducted Exercise Agni Varsha at the Pokhran Field Firing Ranges, Rajasthan, to demonstrate operational preparedness in a simulated battlefield environment.

• The integrated fire and manoeuvre exercise was led by the Army’s Southern Command and validated the coordinated deployment of combined arms, precision long-range firepower, and network-enabled command systems.
• Key platforms deployed included T-90 Main Battle Tanks, K-9 Vajra self-propelled howitzers, Sharang and Bofors artillery, Apache attack helicopters, and indigenous Advanced Light Helicopters.
• The exercise highlighted the Army’s focus on technology infusion, indigenisation, network-centric warfare, and multi-domain readiness.

Argentine tennis player Tomas Martin Etcheverry won his maiden ATP Tour title by claiming the ATP 500 Rio Open in Brazil.

• The 26-year-old secured a hard-fought victory in a three-set final, marking a breakthrough moment in his professional career.
• The Rio Open is one of the premier clay-court tournaments on the ATP calendar, held annually in Rio de Janeiro, Brazil.

Central Excise Day is observed every year on February 24 to commemorate the enactment of the Central Excise and Salt Act, 1944.

The day acknowledges the contribution of the Central Board of Indirect Taxes and Customs (CBIC) and its officers in revenue collection and enforcement of excise laws across India.