# RBI

• The Reserve Bank of India on Friday announced the withdrawal of the ₹2000 bank note from circulation with the public being encouraged to deposit or exchange the notes at bank branches until September 30, 2023.
• At the same time, the central bank maintained that these notes will enjoy legal tender status even beyond the September 30 deadline.
• The move came over six years after the ₹2000 notes were brought into the system along with the demonetisation of the old 1000 and 500 rupee notes in November 2016 to meet the urgent requirement at the time.
• The central bank cited lack of use and the fact that the bank notes were nearing the end of their four-five year lifecycle as reason for the withdrawal.

# Defence production

• The value of India’s domestic defence production crossed the ₹1 lakh crore mark for the first time in 2022-23, which is 12% higher than the preceding financial year.
• The value of defence production currently stands at ₹ 1,06,800 crore for the 2022-23 fiscal.
• The figure was ₹95000 crore in the 2021-22 financial year.
• There is almost a 200% increase in the number of defence licenses issued to the industries in the last 7-8 years by the government.
• India’s export of arms and defence technologies also reached an all time high of ₹15920 crore in the 2022-23 financial year.

# Delhi

• In a big, dramatic move, the centre on Friday promulgated an ordinance to nullify the recent Supreme Court order that had given Delhi government control over officers dealing with subjects other than public order, police and land.
• The ordinance assigned the Superintending jurisdiction over the entire officer cadre in the national capital Territory to the lieutenant governor.
• Although the committee will be headed by the Chief Minister of Delhi in his ex officio capacity, it will also have the Chief secretary and the principal home Secretary of Delhi as the ex officio members with equal say, differences of opinion are to be referred to LG, whose decision will be final.

# TCS

• The government announced that credit card and debit card spending upto ₹7 lakh in a financial year will not attract the prescribed tax collection at source (TCS), a move that is expected to provide relief to citizens worried about the new rules that kick in from July.
• TCS on Remittances for medical treatment and education is currently pegged at 5%.