Daily Current Affairs May 11 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

Max Life & Indian Industries Association join hands to offer life insurance access to MSME Workers

• Max Life Insurance Company (Max Life), a private life insurer, has entered into a strategic partnership with the Indian Industries Association (IIA) to provide life insurance plans to the Ministry of Micro, Small and Medium Enterprises (MSME) sector’s workforce in Uttar Pradesh (UP).
• Under the recently announced Insurance Regulatory and Development Authority of India(IRDAI) State insurance plan, Max Life aims to enhance accessibility and drive affordable insurance penetration across UP.
• The collaboration with IIA aims to provide life insurance policies to underserved populations in Uttar Pradesh, India’s most populous state.

Key Highlights : 

• Max Life is the appointed lead insurer for the state of Uttar Pradesh under IRDAI’s State insurance plan
• These activities will be undertaken with Sana Insurance Brokers Pvt. Ltd. as the enrollment partner to engage with the MSME workforce.

About Max Life : 

• Founded : 2001
• Headquarters : New Delhi, India
• MD & CEO : Prashant Tripathy
• Max Life Insurance Company is a joint venture (JV) between Max Financial Services Limited and Axis Bank Limited.
• Max Financial Services is a part of Max Group.

About IIA : 

• Headquarters : Lucknow, Uttar Pradesh
• President : Ashok Kumar Agarwal
• IIA is an apex representative body of Micro, Small and Medium Enterprises (MSME).

Visa Launched CVV-free online transactions for tokenized cards

• Card payments company Visa launched cardholder verification value (CVV) free online transactions for domestic tokenized credentials in India.

• With the help of this feature, users can carry out online transactions without entering CVV, if the card has been tokenized.
• The merchants who will adopt CVV free features will not need to ask customers for their CVV every time they do a transaction.
• They will verify a three-digit CVV only once, at the time of tokenizing the card.

Key Highlights : 

• Tokenization masks the card details with a unique code, making the transactions more secure.
• Tokenized transactions are two-factor authenticated, one at the time of tokenization and later at the time of putting the OTP.
• Tokenization removes the need for a customer to put details such as the 16-digit debit or credit card number, CVV and the expiry date at merchant websites every time the person makes a transaction.
• It secures the user from cyber frauds, as online merchants don’t save the card data of customers but only the tokens.
• Merchants like Zomato and payment service providers like Razorpay live with Visa’s CVV-free solution.
• Visa has earlier paused Visa Safe Click service, launched in 2019 to eliminate the requirement of CVV or OTP for transactions below Rs 2,000.
• Through tokenization, card details are hidden with a unique code.
• Latest RBI data shows total debit and credit transactions totaled 458.8 million in February, worth Rs 1.68 lakh crore.
• National Payments Corporation of India (NPCI) data shows total UPI transactions in February exceeded 7.53 billion, processing payments worth Rs 12.35 lakh crore.

GSTN Notifies Deferment Of The Implementation Of Time Limit On Reporting Old E-Invoices  by 3 months

• The Goods and Service Tax Network (GSTN), the company responsible for processing goods and services tax returns has deferred by 3 months the imposition of a 7-day time limit for reporting old e-invoices on the e-invoice portals for GST taxpayers with an aggregate turnover of Rs 100 crore & above.
• The new rule was supposed to be implemented by 1 May 2023.
• Instead of May 01, 2023 this obligation will now come into effect on 1 August 2023.

• However, given the operational difficulties faced by the taxpayers, the GST authorities have decided to defer it.

Key Highlights : 

• e-invoice is a system in which business-to-business (B2B) invoices are electronically authenticated by GST Network, the entity that provided the IT backbone for the administration of GST.
• Under the e-invoicing system, an identification number is issued against every invoice by the Invoice Registration Portal (IRP) to be managed by the GST Network (GSTN).
• Initially, this will only apply to taxpayers with a turnover of Rs 100 crore and above. 
• This will not apply to credit or debit notes.
• GST Network (GSTN) has opened its national e-invoicing registration portal (IRP) to all taxpayers to use for creating and sending electronic invoices to customers.
• Presently, only taxpayers with ₹10 or above sales revenue per annum are mandated to use the government’s e-invoicing system.

GetVantage becomes     first Revenue Based Finance start-up to get NBFC licence

• GetVantage, India’s premier alternative financing fintech platform, has secured a Non-Banking Financial Company (NBFC) licence from the Reserve Bank of India (RBI), becoming the first and only revenue-based financing and alternative funding platform in the country to do so.
• GetGrowth Capital, the NBFC arm of GetVantage will manage the lending operations.

Key Highlights : 

• GetVantage will capitalise the NBFC with ₹50 crore.
• It aims to raise ₹200 crore in total to scale up its lending operations.
• GetVantage is supported by investors, which include Chiratae Ventures, Varanium, InCred, DMI, and Japanese investors like Sony and DI.
• The company is on track to hit annual disbursements of over Rs 500 crore in short-term working capital finance and help over 1,000 emerging SMEs across India with funding in the next 18 months.
• Earlier, BharatPe acquired a majority stake of 51% in NBFC Trillion Loans to boost its lending business.
• Founder and CEO of GetVantage : Bhavik Vasa

CURRENT AFFAIRS: NATIONAL NEWS

Govt. panel proposes ban on diesel 4-wheeler vehicles by 2027

• A panel formed by the Ministry of Petroleum and Natural Gas suggested that India should ban the use of diesel-powered four-wheeler vehicles by 2027.
• The Energy Transition Advisory Committee was formed under the chairmanship of former oil secretary Tarun Kapoor.
• It recommends switching to electric and gas-fuelled vehicles in cities with more than a million people and polluted towns for reducing carbon emissions.
• India is one of the biggest emitters of greenhouse gases.
• India has set a target to produce 40% of its electricity from renewable energy to achieve its net zero goal by 2070.
• The panel suggested that no diesel buses should be added to city transport from 2024 onwards.
• It recommends that no city bus should be added to city transport after 2030 which is not electric.
• Diesel accounts for about two-fifths of refined fuel consumption in India, of which 80% is used in the transport sector.
• The committee recommends that from 2024, only electric-powered city delivery vehicles should be eligible for new registrations.
• It also suggests more use of railways and gas-powered trucks for the movement of cargo.
• India should consider building underground gas storage for two months equivalent demand.
• It suggested the use of depleted oil and gas fields, salt caverns and aquifers for building gas storage.

Mos Dr Bharati Pravin Pawar launches third phase of Thalassemia Bal Sewa Yojana

• Coal India Limited has supported this project as part of the Corporate Social Responsibility initiative to celebrate World Thalassemia Day.
• The Thalassemia Bal Sewa Yojana Portal was also launched by Dr Bharati.
• Under the National Health Mission, Health Ministry has been implementing the Thalassemia Bal Sewa Yojana since 2017.
• Recently, Thalassemia Bal Sewa Yojana has completed its second phase in March this year.
• The Haematopoietic Stem Cell Transplant (HSCT) program funded by Coal India CSR is a unique initiative for poor thalassemia patients who do not have the financial resources for the procedure even if there is a match donor for transplant.
• Under this program, 356 bone marrow transplants have been successfully completed for Thalassemia patients in 10 empaneled hospitals in India in two phases.
• On this occasion, Dr. Pawar also released the Standard Treatment Workflow for Sickle Cell Disease.
• It has been developed by ICMR.

Indian govt panel proposes measures for net zero future

• As India moves towards securing a Net Zero future, it needs to construct gas storage reserves and, for this, it may allow foreign companies to have stakes in these reserves, an energy transition panel has recommended.
• It also proposed that diesel-driven 4-wheelers be eliminated as soon as possible, starting with a ban on diesel-powered four-wheelers in all million-plus cities and all towns with high pollution by 2027.
• Other major recommendations of the panel include raising energy nee ds met through power flowing from the grid from 18% to 40% by 2035, 10% blending of the compressed bio-gas in natural gas by 2030 and use of electricity for electricity for cooking by 25% of households by 2030.

Smt. Nirmala Sitharaman chairs the 27th Meeting of FSDC:

• Finance Minister recently chaired the 27th meeting of the Financial Stability and Development Council (FSDC).
• It is an apex-level forum constituted by the Government of India in December 2010.
• FSDC is not a statutory body.
• No funds are separately allocated to the council for undertaking its activities.
• Its main objective is Strengthening and institutionalizing the mechanism for maintaining financial stability, enhancing inter-regulatory coordination and promoting financial sector development.
• It is chaired by the Union Finance Minister of India.
• Its members include the heads of financial sector Regulators (RBI, SEBI, PFRDA, IRDA & FMC) Finance Secretary and/or Secretary, Department of Economic Affairs, Secretary, Department of Financial Services, and Chief Economic Adviser.
• The Council can invite experts to its meeting if required.
• A sub-committee of FSDC has also been set up under the chairmanship of Governor RBI.
• It discusses and decides on a range of issues relating to financial sector development and stability, including substantive issues relating to inter-regulatory coordination.

CURRENT AFFAIRS: BUSINESS NEWS

GJEPC launches India Jewellery Exposition Centre in Dubai

• The Gem and Jewellery Export Promotion Council (GJEPC) has launched the first ever India Jewellery Exposition Centre in Dubai to commemorate the first year of India-UAE Comprehensive Economic Partnership Agreement.
• IJEX is a 365-day exhibition and showcasing venue in Dubai located at the new Gold Souk in Deira, Dubai.
• This will act as a platform for MSME jewellers to exhibit their indigenous products regularly in the West Asia market, accounting for 30 per cent of India’s gem and jewellery exports.
• The CEPA has been a boon to the bilateral trade relations between the two nations, with India-UAE trade growing by 16 per cent to reach $84 billion in FY23, up from $73 billion in the previous fiscal.
• Vipul Shah, Chairman, GJEPC
• Gem & Jewellery Export Promotion Council is an organisation set up by the Government of India with an aim to promote the Indian gem and jewellery industry and its products.
• Founded: 1966.

CURRENT AFFAIRS : INTERNATIONAL NEWS

Germany & the United Arab Emirates hosted the Petersberg Climate Dialogue 2023 in Berlin   

• Germany and the United Arab Emirates (UAE) hosted the Petersberg Climate Dialogue in Berlin ahead of Conference of the Parties 28 (COP 28).
• Ministers from 40 countries attended the conference.
• The main aim of the Dialogue is to discuss the way forward towards COP28.

Key Highlights : 

• United Nations Secretary-General António Guterres emphasised the need for decarbonisation in every sector and for reducing the use of fossil fuels.
• German Foreign Minister Annalena Baerbock stated that to lower global warming to 1.5°C, the world needs to reduce its greenhouse gas emissions significantly.
• COP28 President-designate Sultan Ahmed Al Jaber calls on meeting participants to accelerate renewable energy capacity building.
• 2023 is the year for the Global Stocktake.
• It is the first Global Stocktake year since the Paris Agreement was signed in 2015.
• Union Minister Shri Bhupender Yadav participated in the Petersberg Climate Dialogue on 3 May, 2023
• He stated that the first Global Stocktake should convey a message on sustainable lifestyles as well as sustainable consumption for the next round of Nationally Determined Contributions.

About Germany : 

• President : Frank-Walter Steinmeier
• Capital : Berlin
• Currency : Euro

About UAE :

• President/Crown Prince : Mohamed bin Zayed Al Nahyan
• Prime Minister : Mohammed bin Rashid Al Maktoum
• Capital : Abu Dhabi
• Currency : UAE dirham

CURRENT AFFAIRS : STATE NEWS

Union Minister Nityanad Rai inaugurates Dawki land port in Meghalaya                          

• The Union Minister of State for Home Affairs Shri Nityanand Rai inaugurated the Dawki Land Port in Meghalaya’s West Jaintia Hills, to promote trade and commerce between India and Bangladesh.
• It is the 10th Landport between India and Bangladesh.

About Dawki land port : 

• The Dawki land port is located in West Jaintia Hills in Meghalaya, 55 km from the district headquarters, Jowai, and about 84 km from Meghalaya’s capital Shillong.
• The corresponding land port in Bangladesh is Tamabil, located in the Sylhet district.
• The port will serve as a vital trade and transportation hub between India and Bangladesh and will facilitate the movement of goods, people, and vehicles across the border.
• It will also facilitate passenger movement across the border.
• The land port is expected to promote the tourism and economic sectors.
• It has good infrastructure, a slew of facilities such as godown, canteen, cargo for tourists and electric substation.

About Meghalaya :

• Governor : Phagu Chauhan
• Chief Minister : Conrad Sangma
• Capital : Shillong
• Festival : Nongkrem Dance, Wangala Festival, Ahiya
• National Parks : Balpakram National Park, Nokrek National Park
• Wildlife Sanctuaries : Baghmara Pitcher Plant Wildlife Sanctuary, Nongkhyllem Wildlife Sanctuary, Siju Bird Sanctuary

Telangana Government implements Rs 5 lakh insurance scheme for toddy tappers

• The government of Telangana, led by Chief Minister Shri K Chandrasekhar Rao has planned to introduce a new insurance scheme for toddy tappers, under the name ‘Geetha Karmikula Bhima’ (Insurance for toddy tappers).
• As per the scheme the insurance money of Rs 5 lakh will be deposited directly in the bank account of the family members in case any toddy tapper dies accidentally while collecting toddy from palm trees in the fields.
• The insurance amount would be disbursed within a week.
• The CM instructed Telangana Finance Minister Shri T. Harish Rao and Excise and Prohibition Minister Shri V. Srinivas Goud to prepare guidelines for the new insurance scheme.
• Meanwhile, the State’s first Neera Cafe will be inaugurated & it was constructed on Necklace Road in Hyderabad with an estimated cost of Rs 13 crore.

About Telangana : 

• Governor : Tamilisai Soundararajan
• Chief Minister : K. Chandrashekar Rao
• Capital : Hyderabad
• National Park : Mrugavani National Park, Periyar National Park

2,000-year-old ‘modern society’ unearthed in Bandhavgarh National Park

• Archeologists have uncovered several archaeological treasures from the Bandhavgarh National Park in Madhya Pradesh (MP).
• They have discovered paintings, water bodies that are man-made, along with a few other pieces of evidence.
• Archeologists also got hold of a 1,500-year-old rock painting, along with several man-made water bodies, which are believed to be no lesser than 1,800-2,000 years old, from the national park in Madhya Pradesh.

About Bandhavgarh National Park : 

• It is located in the Umaria district of Madhya Pradesh (M).
• It is spread over the Vindhya hills.
• It was declared a national park in 1968 and Tiger Reserve in 1993.
• It is known for the Royal Bengal Tigers.

About MP :

• Governor : Mangubhai C. Patel
• Chief Minister : Shivraj Singh Chouhan
• Capital : Bhopal
• National Park : Satpura National Park, Kanha National Park,Bandhavgarh National Park
• Wildlife Sanctuary : Nauradehi Wildlife Sanctuary, Bori Wildlife Sanctuary

67 people arrested under “Operation Maryada” in Uttarakhand                                                                        

• Uttarakhand Police is running a special campaign “Operation Maryada.”

Aim of this campaign : 

• To maintain cleanliness in pilgrimage and tourist places in Uttarakhand.
• Under this campaign, 67 people were arrested, while 2,703 people were fined.

• Director General of Uttarakhand Police Ashok Kumar stated that under this campaign hooliganism and drug addicts are being arrested immediately on the banks of Ganga.
• Operation Maryada was started on 15 July 2021 to stop the anti-social activities that happen daily on the Ganga Ghats.
• Under this, 10 policemen are stationed at Ganga Ghats.

About Uttarakhand : 

• Governor : Gurmit Singh
• Chief Minister : Pushkar Singh Dhami
• National Park : Corbett National Park, Gangotri National Park, Nanda Devi National Park
• Wildlife Sanctuaries : Kanchula Kharak Musk Deer Sanctuary, Askot Musk Deer Sanctuary

CURRENT AFFAIRS: MOUS AND AGREEMENT

India Post looks to onboard ONDC platform; inks MoU with CAIT, Tripta Technologies

• India Post signed an MoU with the Confederation of All India Traders (CAIT) and Tripta Technologies for logistic service.
• The MoU facilitates the operationalization of a portal called ‘Bharat EMart’, which will provide the facility of pick-up of consignments from the premises of traders and will ensure delivery at the doorsteps of the consignees across the country.
• It is believed that it will benefit eight crore traders associated with CAIT.
• India Post recently entered into similar agreements with Government e-Marketplace (GeM), Regional Centers of Tribal Cooperative Marketing Development Federation of India Limited (TRIFED), to provide pick-up and delivery of parcels at the doorsteps of the consignees.
• Shortly, India Post will onboard itself on the Open Network for Digital Commerce (ONDC) platform, being developed by the Ministry of Commerce as a logistics service provider.
• The Minister expressed hope that the MoU with CAIT and Bharat e-Mart would provide much-needed logistics support to small traders in the country, increasing their businesses and employment opportunities.

CURRENT AFFAIRS: AWARDS AND HONOURS

AP wins public service, photo Pulitzers for Ukraine coverage

• The Associated Press won two Pulitzer Prizes, including the distinguished public service award, for its coverage of the war in Ukraine, while the New York Times earned the international reporting honor for its stories about the Russian invasion.
• Washington Post reporter Caroline Kitchener won the national reporting prize for coverage of abortion in the United States after the Supreme Court last year overturned the landmark 1973 Roe v Wade ruling that had legalised the procedure nationwide.
• The annual Pulitzer awards, first presented in 1917, are the most celebrated honors in US journalism.
• The prizes are named for newspaper publisher Joseph Pulitzer, who died in 1911 and left money to create the awards and establish a journalism school at Columbia University.
• The public service award, considered the
• most prestigious, honored Associated Press journalists Mstyslav Chernov, Evgeniy Maloletka, Vasilisa Stepanenko and Lori Hinnant, who remained in the Ukrainian town of Mariupol last spring as it came under fire from Russian troops and documented the killing of civilians.

CURRENT AFFAIRS : DEFENCE NEWS

IAF received 1st batch of indigenous loitering munitions- TATA ALS 50               

• The Indian Air Force (IAF) has received the first indigenously designed and developed loitering munitions named the TATA ALS 50.

Key Highlights : 

• The ALS 50, also known as the “suicide drone,” is a unique Vertical Take Off and Landing (VTOL) weapon that can operate in any terrain, including high-altitude areas, to take down targets at a range of over 50 km.
• It is developed by Tata Advanced Systems Limited (TASL)
• The weapon’s autonomy and precision enable it to carry out precise strikes while minimising the exposure of personnel to risk.
• The ALS 50’s VTOL capability allows it to launch like a quadcopter and transition into fixed-wing mode during flight to cover long distances.
• Moreover, it can operate in areas where space is limited, including narrow valleys, fortified mountain positions, small jungle clearings, and the decks of warships.

About IAF : 

• Established : 1932
• Headquarters : New Delhi, Delhi, India
• Chief of the Air Staff : Air Chief Marshal Vivek Ram Chaudhari

Defence Minister Rajnath Singh inaugurates India’s 1st Indian Air Force Heritage Centre in Chandigarh

• Defence Minister Shri Rajnath Singh inaugurated a first-of-its-kind Indian Air Force (IAF) Heritage Centre in Chandigarh.
• This initiative will help in preserving the rich heritage of the IAF and also inspire the youth to join the armed forces.
• The centre has been set up under a memorandum of understanding (MoU) between the Union Territory (UT) of Chandigarh and the IAF which was signed in 2022.

Key Highlights : 

• The heritage centre is spread over 17,000 square feet. 
• It is located in Sector 18, this centre has put 5 decommissioned aircraft including a Hindustan Piston Trainer-32 primary flying trainer aircraft, a MiG 21 single-seat fighter and a GNAT aircraft (Sabre Slayer) on display.
• Besides, Air Force Kanpur 1 which was made by Air Vice Marshal Harjinder Singh in 1958, has also been positioned.
• The visitors will also be able to buy IAF memorials and scale models from the souvenir shop.
• Souvenir shop is a shop that sells things that are meant to be a reminder of a place one visits.
• He also laid the foundation stone for the Centre for Cyber Ops and Security.

About Ministry of Defence : 

• Defence Minister :  Rajnath Singh
• Minister of State : Ajay Bhatt
• Defence Secretary : Giridhar Aramane

CURRENT AFFAIRS: IMPORTANT DAYS

National Technology Day 2023 – May 11

• National Technology Day 2023 is celebrated every year on May 11.
• This day is observed to commemorate the importance of Scientists, Research, etc.
• This day is celebrated to raise awareness about the Technology that is developed day by day.
• National Technology Day was first observed on May 11, 1999.
• In May 1998, India conducts three nuclear tests in the Pokhran Test range in Rajasthan under the operation Operation Sakthi.
• These tests are done by APJ Abdul Kalam and carried out by Bhabha Atomic Research Center (BARC), Defence Research and Development Organisation (DRDO), and Atomic Minerals Directorate for Exploration and Research (AMDER).
• Technology Development Board (TDB) has instituted a national award for promoting the importance of National technology Day.

Daily CA One- Liner: May 11

• Max Life Insurance Company (Max Life), a private life insurer, has entered into a strategic partnership with the Indian Industries Association (IIA) to provide life insurance plans to the Ministry of Micro, Small and Medium Enterprises (MSME) sector’s workforce in Uttar Pradesh (UP).
• Card payments company Visa launched cardholder verification value (CVV) free online transactions for domestic tokenized credentials in India.
• The Goods and Service Tax Network (GSTN), the company responsible for processing goods and services tax returns has deferred by 3 months the imposition of a 7-day time limit for reporting old e-invoices on the e-invoice portals for GST taxpayers with an aggregate turnover of Rs 100 crore & above.
• GetVantage, India’s premier alternative financing fintech platform, has secured a Non-Banking Financial Company (NBFC) licence from the Reserve Bank of India (RBI), becoming the first and only revenue-based financing and alternative funding platform in the country to do so.
• Germany and the United Arab Emirates (UAE) hosted the Petersberg Climate Dialogue in Berlin ahead of Conference of the Parties 28 (COP 28).
• The Union Minister of State for Home Affairs Shri Nityanand Rai inaugurated the Dawki Land Port in Meghalaya’s West Jaintia Hills, to promote trade and commerce between India and Bangladesh.
• The government of Telangana, led by Chief Minister Shri K Chandrasekhar Rao has planned to introduce a new insurance scheme for toddy tappers, under the name ‘Geetha Karmikula Bhima’ (Insurance for toddy tappers).
• Archeologists have uncovered several archaeological treasures from the Bandhavgarh National Park in Madhya Pradesh (MP).
• Uttarakhand Police is running a special campaign “Operation Maryada.”
• The Indian Air Force (IAF) has received the first indigenously designed and developed loitering munitions named the TATA ALS 50.
• Defence Minister Shri Rajnath Singh inaugurated a first-of-its-kind Indian Air Force (IAF) Heritage Centre in Chandigarh.
• A panel formed by the Ministry of Petroleum and Natural Gas suggested that India should ban the use of diesel-powered four-wheeler vehicles by 2027
• Coal India Limited has supported this project as part of the Corporate Social Responsibility initiative to celebrate World Thalassemia Day
• As India moves towards securing a Net Zero future, it needs to construct gas storage reserves and, for this, it may allow foreign companies to have stakes in these reserves, an energy transition panel has recommended
• Finance Minister recently chaired the 27th meeting of the Financial Stability and Development Council
• The Gem and Jewellery Export Promotion Council (GJEPC) has launched the first ever India Jewellery Exposition Centre in Dubai to commemorate the first year of India-UAE Comprehensive Economic Partnership Agreement
• India Post signed an MoU with the Confederation of All India Traders (CAIT) and Tripta Technologies for logistic service
• The Associated Press won two Pulitzer Prizes, including the distinguished public service award, for its coverage of the war in Ukraine, while the New York Times earned the international reporting honor for its stories about the Russian invasion
• National Technology Day 2023 is celebrated every year on May 11