Today’s Current Affairs
22nd May 2023 Current Affairs are incorporated with the important news that made the current affairs headlines for banking, UPSC or other competitive exams. Daily Current Affairs is the complete bag of important news that is held all day long. One should have complete knowledge about banking terms, current affairs news, etc. So, here is the Top News of the Day for 22nd May 2023 to help you prepare the Latest Current Affairs part. After reading this section, you can successfully attempt Current Affairs Quiz.
Here is the Current Affairs 22nd May 2023 covering the following news headlines: National Academy of Coastal Policing Campus, National Anti-Terrorism Day, World Metrology Day 2023, Italian Open 2023, Meri LiFE, Mera Swachh Shehar.
National News
1. Amit Shah Lays Foundation Stone of National Academy of Coastal Policing Campus in Dwaraka, Gujarat
Union Home and Cooperation Minister Amit Shah recently laid the foundation stone for the permanent campus of the National Academy of Coastal Policing in Dwaraka, Gujarat. In his address, Shah emphasized the BJP government’s commitment to coastal security, stating that it is a top priority under the leadership of Prime Minister Narendra Modi. The academy aims to provide comprehensive training facilities to over three thousand security personnel annually.
2. Bhupender Yadav Inaugurates Centre of Excellence on Sustainable Land Management at Indian Council of Forestry Research and Education in Dehradun
In a significant step towards combating land degradation and promoting sustainable land management practices, Union Minister Bhupender Yadav inaugurated the Centre of Excellence on Sustainable Land Management (CoE-SLM) at the Indian Council of Forestry Research and Education (ICFRE) in Dehradun.
International News
3. Japan ‘seriously looking’ at joining India’s UPI payments system
Japan is “seriously” evaluating adopting India’s UPI payments system as both governments look at promoting digital cooperation by creating interoperability where the digital payments system could bring ease of cross-border payments. Japan and India aim to boost digital collaboration by creating interoperability through the real-time funds transfer system to ease digital payments.
Important takeaways for all competitive exams:
- Japan Prime minister: Fumio Kishida;
- Japan Capital: Tokyo;
- Japan Currency: Yen;
4. Nepal designates 2025 as a ‘Special tourism year’
During the joint meeting of the federal parliament, President Ram Chandra Paudel announced that the decade of the 2080s in the Bikram Samvat calendar would be recognized as ‘the Visit Nepal decade’ and that the year 2025 will be designated as a special year for tourism. These declarations were presented as part of the policies and programmes for the 2080/81 fiscal year.
Banking News
5. PSU Banks’ Profit Crosses Rs 1 Lakh Crore Mark in FY23
Public sector banks (PSBs) in India have achieved a significant milestone in the financial year ended March 2023, with their cumulative profit crossing the Rs 1 lakh crore-mark. This achievement marks a remarkable turnaround for the PSBs, which had collectively reported a net loss of Rs 85,390 crore in 2017-18. The impressive profit growth can be attributed to a series of initiatives and reforms implemented by the government, supported by factors such as improved credit discipline, responsible lending, and technological advancements. Market leader State Bank of India (SBI) contributed significantly to the overall earnings.
6. No TCS on LRS transactions upto Rs 7 lakh via international debit, credit cards from July 1, 2023
The Indian government has recently announced a relaxation in the Tax Collected At Source (TCS) rules for international transactions made using debit or credit cards. Starting from July 1, 2023, individuals conducting international transactions up to Rs 7 lakh will be exempt from the 20 percent TCS levy. This exemption will also exclude these transactions from the Liberalised Remittance Scheme (LRS) limits of $250,000 per annum.
7. IRDAI Relaxes Norms for Surety Bonds, Boosting India’s Insurance Market
The Insurance Regulatory and Development Authority of India (IRDAI) has recently announced the relaxation of norms for surety bonds, a type of insurance policy that protects parties involved in transactions or contracts from potential financial losses resulting from breaches or non-performance. These regulatory changes aim to expand the surety insurance market and increase the availability of such products. The amendments come as a response to various representations received by IRDAI, reflecting the evolving needs of the market.
Business News
8. Blackstone acquires International Gemological Institute
International Gemological Institute (IGI), the world’s largest certification player for lab grown diamonds and the second largest certification player for natural diamonds, has been fully acquired by global private equity firm Blackstone. The $535m deal sees Blackstone taking over the 80% stake held by China-based investment firm Fosun, as well as the 20% stake held by Roland Lorie, a member of the founding family.
Defence News
9. INS TARKASH and INS SUBHADRA Arrive in Saudi Arabia, Kickstarting AL-MOHED AL-HINDI 2023 Naval Exercise
Marking a significant milestone in the growing defense cooperation between India and the Kingdom of Saudi Arabia, the INS TARKASH and INS SUBHADRA have arrived at Port Al-Jubail to commence the second edition of the naval exercise, ‘AL-MOHED AL-HINDI 2023.’ The visit of these Indian naval ships signifies the beginning of the harbor phase, highlighting the deepening defense ties and promoting regional stability in the Arabian Sea and the Gulf region.
Schemes News
10. Meri LiFE, Mera Swachh Seher Campaign Gains Momentum
The “Meri LiFE, Mera Swachh Shehar” campaign, launched by Union Minister Shri Hardeep S. Puri on 15th May 2023, has gained significant momentum across urban India. With the aim of transforming waste into wealth, this nationwide campaign encourages cities to establish Reduce, Reuse, Recycle (RRR) Centres. These centers serve as one-stop collection points where citizens can contribute items such as clothes, shoes, old books, toys, and used plastic for reuse or recycling. Since its inception, thousands of RRR Centres have been set up, fostering a spirit of sustainability and better living.
11. Unlocking Financial Freedom: An Insight into the Liberalized Remittance Scheme (LRS)
The government, in collaboration with the RBI, has proposed a modification to the Foreign Exchange Management (Current Account Transaction) Rules. This amendment involves including credit card transactions within the limit of $250,000 under the Liberalised Remittance Scheme (LRS). Any foreign remittance or purchase exceeding this limit will require prior approval from the RBI.
Sports News
12. Italian Open 2023: Daniil Medvedev Triumphs
Daniil Medvedev defeated Holger Rune 7-5, 7-5 in the final of the 2023 Italian Open. Medvedev, the world No. 2, won his first clay-court title and sixth ATP Masters 1000 crown. Rune, the world No. 10, was playing in his first Masters 1000 final. In women’s Singles, Elena Rybakina defeated Anhelina Kalinina 6-4, 1-0 (retired) in the final of the 2023 Italian Open . The match was delayed by rain for over four hours, and Kalinina was forced to retire after sustaining a left thigh injury while trailing 6-4, 1-0.
Important Days
13. World Metrology Day 2023 is celebrates on 20 May
To commemorate the anniversary of the signing of the Metre Convention in 1875, Metrology Day is celebrated on 20 May each year. Metre Convention was an international treaty signed in Paris which established the basis for international agreement on units of measurement. The World Metrology Day project is an idea jointly by the BIPM and the OIML. The theme for World Metrology Day 2023 is Measurements supporting the global food system.
14. India observes the National Anti-Terrorism Day on May 21
India observes the National Anti-Terrorism Day on May 21 every year. The day is observed to commemorate the death of former Prime Minister Rajiv Gandhi, who was assassinated on this day in 1991. The day is also observed to spread awareness about the dangers of terrorism and to reaffirm India’s commitment to combating terrorism.
15. International Day for Biological Diversity 2023 observed on 22 May
Every year on May 22, the world marks the International Day for Biological Diversity to increase understanding and encourage the preservation of the Earth’s diverse ecosystems. This significant day serves as a reminder of the crucial role biodiversity plays and emphasizes the urgency to safeguard and revive it. In 2023, particular attention is given to moving beyond mere pledges and translating them into tangible measures that actively restore and conserve biodiversity. The theme for International Day for Biological Diversity 2023 is “From Agreement to Action: Build Back Biodiversity.”
Miscellaneous News
16. Education Ministry and World Bank Host Workshop for School-to-Work Transition
The Ministry of Education and the World Bank held a unique workshop on School-to-Work Transition under the STARS Program. The workshop was led by co-chairs Shri Sanjay Kumar, Secretary of School Education, and Shri Atul Kumar Tiwari, Secretary of Skill Development and Entrepreneurship. Also in attendance were the Secretaries of Education and Skill Department of the six STARS states and representatives from the World Bank.
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