Daily Current Affairs May 26 2023 | Latest News

 

CURRENT AFFAIRS : BANKING & FINANCE

Google Pay & NPCI Collaborate to launch RuPay credit cards support on UPI

• Google Pay in association with the National Payments Corporation of India (NPCI) rolled out support for RuPay credit cards on Unified Payments Interface (UPI).
• Google Pay users can now link their RuPay credit cards with Google Pay to pay at online and offline merchants.

Key Highlights :

• This feature will give more flexibility to Google pay users and increase the adoption of digital payments in India.
• This feature will be available to RuPay credit card holders of Axis Bank, Bank of Baroda (BoB), Canara Bank, HDFC Bank, Indian Bank, Kotak Mahindra Bank, Punjab National Bank (PNB) and Union Bank of India (UBI).
• The integration of RuPay Credit Card on UPI delivers a remarkable user experience seamlessly combining the convenience of UPI with the benefits of RuPay Credit Card.
• Thereafter, users will need to set a unique UPI PIN by entering the last 6 digits of the card number and expiry, entering the OTP from their bank.
• At present, there is no option to add Visa and Master-issued credit cards to Google Pay or any other UPI payment app in India.
• The Reserve Bank of India (RBI) had allowed linking of RuPay credit cards to the UPI platform in June 2022.

What is Rupay?

• RuPay is Indian multinational financial services and Payment service system that was conceived and launched by NPCI in 2014.
• It was created to fulfil the vision of RBI to establish a domestic, open and multilateral system of payments.
• On 19 August 2020, NPCI International Payments Limited (NIPL) was launched to increase globalisation and availability of RuPay in foreign markets.
• RuPay offers debit cards, credit cards, prepaid cards and government scheme cards like RuPay PMJDY, RuPay Kisan credit card, etc.

Finance Ministry clarifies no tax collection on foreign spending via credit cards for payments up to Rs 7 lakh

• Payments through international debit or credit cards up to ₹7 lakhs will not come under the Liberalised Remittance Scheme (LRS).
• The Finance Ministry clarified such payments will not attract Tax Collected at Source (TCS).
• Meanwhile, transactions through UPI (Unified Payment Interface) exceeding ₹7 lakhs by Indians abroad will be treated at par with international credit or debit cards.
• They will be treated at par with international credit or debit cards.

What is LRS?

• The LRS was introduced in India in 2004 by the Reserve Bank of India (RBI).
• It is a scheme that enables Indian residents to remit funds abroad for certain specified purposes.

Objective :

• To liberalize the existing foreign exchange regulations and facilitate the smooth transfer of funds abroad by Indian residents.
• Under the scheme, individuals were allowed to remit up to USD 25,000 per financial year for eligible transactions.

Key Highlights :

• Under LRS, all resident individuals, including minors, are permitted to freely remit up to $2,50,000 per fiscal year for any permissible current or capital account transaction or a combination of both.
• Resident individuals are allowed to use foreign exchange facilities up to the limit of $2,50,000 only.
• Corporates, partnership firms, HUF, Trusts are not eligible for the scheme.
• The Ministry of Finance (MoF) in consultation with the Reserve Bank of India (RBI) has omitted Rule 7 of FEM (CAT) Rules 2000.
• It has removed the relaxation given to the users of international credit cards for their transactions by a person when they are on overseas visit.
• The change brings overseas international credit card spending under the liberalised remittance scheme (LRS) of the RBI.
• The government announced that all international credit card spending outside of India will be a part of LRS, which will attract a higher tax collected at source at 20%.
• The new tax rate will come into effect from July 1, 2023.

About MoF :

• Cabinet Minister : Nirmala Sitharaman
• Minister of State : Bhagwat Karad,Pankaj Choudhary

Bharti AXA Life Insurance rolls out phase-1 of Project Servottam’

• Bharti AXA Life Insurance rolled-out and completed the first phase of its ‘Project Servottam’ – under which 20 policy servicing journeys were re-considered and the project enabled a 360-degree transformation of physical services into digital services.
• The digital roadmap allows customers to service their policy online in a few clicks, according to a statement shared by the life insurer.

Key Highlights :

• Through Project Serv-o-ttam, customers can easily update their contact details and undertake other policy-related tasks such as switching funds, surrendering their policy, and applying for a loan through DigiServe – the company’s customer-centric portal, which can be accessed from their website.
• The project was aimed at digitizing 8 critical policy servicing journeys – which includes, the demographic change, bank account update, fund switch, payment mode & method change, loan application, partial withdrawal, policy surrender and online nominee update.
• Additionally, Project Serv-o-ttam also offers front-desk employees a single-screen view of customer and policy information, enabling them to provide timely and efficient service to customers.

About Bharti AXA Life Insurance : 

• Established : 2006
• Headquarters : Mumbai, Maharashtra, India
• MD & CEO : Parag Raja
• Bharti AXA Life Insurance is a joint venture (JV) between the Indian conglomerate Bharti Enterprises and the Paris, France based AXA Group.

Central Board of Direct Taxes issues taxation guidelines for online gaming platform

• Central Board of Direct Taxes (CBDT) stated that in a set of guidelines that Online gaming platforms need not deduct tax at source on winnings withdrawn by players if the amount is less than ₹100 a month and meets certain riders.

Key Highlights :

• As per this, net winnings below ₹100 in a month will not be subject to tax deducted at source (TDS) at the time of withdrawal provided the tax liability will be deducted when the net winnings withdrawn exceeds this limit in the same or the subsequent month or at the end of the fiscal year.
• As per section 194BA of the Income Tax Act, online gaming companies paying to any person any income by way of winnings during the financial year, should deduct income-tax on the net winnings in his user account.
• If the money in the user account is used to buy an item in kind and given to the user, then it is to be treated as net winnings in cash and tax is to be deducted at source.
• Where the net winnings are wholly in kind or partly in cash, and partly in kind but the part in cash is not sufficient to meet the liability of deduction of tax, the gaming company should ensure that tax has been paid in respect of the net winnings, before releasing the winnings.
• The Union government has carved out a distinction between online skill-based games and other games such as lottery, puzzles and crossword puzzles through new clauses in the Income Tax Act as disclosed in the Finance Bill on February 1,2023 thereby providing much-needed clarity to the nascent industry in terms of taxation over winnings on online gaming platforms.
• The finance bill has introduced two new sections – Section 194BA that pertains to TDS (tax deducted at source) on net winnings from online games and section 115 BBJ related to computation of tax on winnings from online games.
• The Bill has removed the minimum threshold of Rs 10,000 for TDS while also allowing it to be calculated either at the end of the financial year or at the time of user withdrawal, with effect from July 1, 2023.
• Prior to this, gaming companies were required to deduct TDS at the rate of 0.1 percent for each winnings of over Rs 10,000 while gross winnings from online gaming were taxed at a flat rate of 30%.

BoB introduces Live Video Calling & Live Web Chat facility to enhance customer service                           

• Bank of Baroda (BoB), one of India’s leading public sector banks,launched two innovative customer service initiatives a Live Video Calling service – bob Video Chat and a Live Web Chat facility – bob Live Chat on its website, to enhance the overall experience for customers and prospective customers.
• Bank of Baroda is the first Public Sector Undertaking (PSU) bank to offer live video chat and live web chat services to its customers.
• The bank’s virtual assistant/chatbot will allow customers to initiate a live chat with a customer service executive to resolve their queries.
• The BOB Video Chat facility is available on the bank’s website homepage and at its Digital Banking Units (DBUs) nationwide.
• The live video and text chat launch would elevate the customer experience by helping customers get answers to their banking queries.
• In addition, the Bank has also launched an easy-to-remember, single 8-digit toll-free number – 1800 5700 – with 24x7x365 customer support, which is available in 11 languages including English, Hindi, Marathi, Gujarati, Tamil, Telugu, Malayalam, Kannada, Odia, Punjabi and

About BoB :

• Founded : 20 July 1908
• Headquarters : Vadodara, Gujarat, India
• MD & CEO : Sanjiv Chadha

CURRENT AFFAIRS: NATIONAL NEWS

Shri Piyush Goyal will inaugurate the 44th edition of the ISO COPOLCO Plenary.

• Union Minister Piyush Goyal will inaugurate the 44th edition of the ISO COPOLCO Plenary.
• The 44th edition of the coveted annual consumer policy forum – ISO COPOLCO Plenary will be organized from 23 to 26 May.
• The topics of deliberations at the plenary included challenges related to involving consumers, protection of their rights and legal modalities.
• This year’s plenary is very important for India and the international community.
• Many leaders from government and business sectors will participate in the summit and an international delegation of eminent stakeholders will mark their presence.
• Different Workshops and addresses by several high-level speakers will be part of this ISO COPOLCO Plenary.

About ISO:

• International Standards Organisation (ISO) was founded on 23 February 1947.
• It is an international body with 168 countries as members.
• It develops and publishes international standards in all technical and nontechnical fields except electrical and electronic engineering.

Government cuts subsidy on electric two-wheelers

• The government has cut the subsidy on electric two-wheelers in an effort to overhaul the financial incentives given to this growing industry.
• The heavy industries ministry announced that the subsidy would be reduced to ₹10,000 per kilowatt hour (kWh) effective 1 June from ₹15,000
• The lower subsidy would be applicable to all electric two-wheelers registered on or after 1 June, the ministry said in a notification.
• Further, the cap on incentives for such vehicles has been lowered to 15% of the ex-factory price of vehicles from the earlier 40%.
• But the total amount allocated toward providing incentives for these vehicles will be raised from the current ₹2,000 crores.
• On 17 May, the ministry announced the impending plan to lower the subsidy on electric two-wheelers.

About FAME

• The FAME Scheme was launched in 2019 for a three-year period.
• The scheme has now been extended until 31 March 2024.
• The scheme provides incentives for electric vehicles in the segments of electric three-wheelers, electric four-wheelers, and electric buses.
• Privately owned registered electric two-wheelers are also eligible for subsidies.

CBDT issues taxation guidelines for online gaming platforms

• Central Board of Direct Taxes (CBDT) said in a set of guidelines that Online gaming platforms need not deduct tax at source on winnings withdrawn by players if the amount is less than ₹100 a month and meets certain riders.
• As per this, net winnings below ₹100 in a month will not be subject to tax deducted at source (TDS) at the time of withdrawal provided the tax liability will be deducted when the net winnings withdrawn exceeds this limit in the same or the subsequent month or at the end of the fiscal year.
• As per section 194BA of the Income Tax Act, online gaming companies paying to any person any income by way of winnings during the financial year, should deduct income-tax on the net winnings in his user account.
• If the money in the user account is used to buy an item in kind and given to user, then it is to be treated as net winnings in cash and tax is to be deducted at source.
• Where the net winnings are wholly in kind or partly in cash, and partly in kind but the part in cash is not sufficient to meet the liability of deduction of tax, the gaming company should ensure that tax has been paid in respect of the net winnings, before releasing the winnings.
• The Union government has carved out a distinction between online skill-based games and other games such as lottery, puzzles and crossword puzzles through new clauses in the Income Tax Act as disclosed in the Finance Bill on February 1, thereby providing much-needed clarity to the nascent industry in terms of taxation over winnings on online gaming platforms.
• The finance bill has introduced two new sections – Section 194BA that pertains to TDS (tax deducted at source) on net winnings from online games and section 115BBJ related to computation of tax on winnings from online games.
• The Bill has removed the minimum threshold of Rs 10,000 for TDS while also allowing it to be calculated either at the end of the financial year or at the time of user withdrawal, with effect from July 1, 2023.
• Prior to this, gaming companies were required to deduct TDS at the rate of 0.1 percent for each winnings of over Rs 10,000 while gross winnings from online gaming were taxed at a flat rate of 30 percent.

About CBDT:

• Founded: 1963
• Headquarters: New Delhi
• Chairman: Nitin Gupta

Government mulls setting up of eight new cities in country

• A plan to develop eight new cities to alleviate population burden on the existing urban centres in the country is under consideration.
• The 15th Finance Commission in one of its reports had recommended that new cities should be developed.
• After the finance commission’s recommendation, the states sent proposals to the Central Government for 26 new cities, and after a scrutiny, eight new cities are being considered for development.
• The government will in due course announce locations for the new cities and their development timelines.
• When a new city is developed, social and economic activities will increase within a radius of at least 200 km.

CURRENT AFFAIRS : STATE NEWS

Cisco to begin manufacturing facility in Tamil Nadu 

• Cisco will set up a manufacturing plant in Tamil Nadu (TN) to make two of its highest volume products: switching networks and cutting-edge router platforms.
• The manufacturing facility in Tamil Nadu would generate 1,200 job opportunities.
• Cisco has set a target of $1 billion in combined domestic production and exports in the upcoming years.
• Cisco plans to establish core manufacturing capabilities in India, including testing, development, logistics, and expanding in-house repair operations.

About Cisco :

• Founded : December 10, 1984
• Headquarters : San Jose, California, United States
• CEO & Chairman : Chuck Robbins
• Cisco Systems, Inc., commonly known as Cisco, is an American-based multinational digital communications technology conglomerate corporation.

About Tamil Nadu :

• Governor: R. N. Ravi
• Chief minister: M. K. Stalin
• Capital: Chennai
• Dance : Bharatnatyam, Karakattam
• National Park : Mudumalai National Park, Mukurthi National Park, Guindy National Park, Gulf of Mannar Marine National Park
• Wildlife Sanctuaries : Kalakad Wildlife sanctuary, Karikili Bird Sanctuary, Vedanthangal Bird Sanctuary
• Tiger Reserve : Anamalai Tiger Reserve
• Biosphere Reserve : Agasthyamalai Biosphere Reserve

Kudumbashree becomes the largest network of women in Kerala for empowerment and poverty eradication  

• Kudumbashree is the largest network of women in Kerala for empowerment and poverty eradication, which was completed 25 years ago.

What is Kudumbashree?

• Kudumbashree was set up in 1997 following the recommendations of a 3 member Task Force appointed by the State government.
• The mission was launched with the support of the Government of India (GoI) and NABARD (National Bank for Agriculture and Rural Development).
• The name Kudumbashree in Malayalam language means ‘prosperity of the family’.
• Kudumbashree is the poverty eradication and women empowerment programme implemented by the State Poverty Eradication Mission (SPEM) of the Government of Kerala
• Its formation was in the context of the devolution of powers to the Panchayat Raj Institutions (PRIs) in Kerala, and the Peoples’ Plan Campaign, which attempted to draw up the Ninth Plan of the local governments from below through the PRIs.
• Kudumbashree Community Network consists of a 3 tier structure with Neighbourhood Groups (NHGs) as primary level units, Area Development Societies (ADS) at the ward level, and Community Development Societies (CDS) at the local government level.

About Kerala :

• Governor : Arif Mohammad Khan
• Chief Minister : Pinarayi Vijayan
• Capital : Thiruvananthapuram
• National Park : Eravikulam National Park, Silent Valley National Park
• Wildlife Sanctuary : Chinnar Wildlife Sanctuary, Periyar Wildlife Sanctuary

Uttar Pradesh government inaugurated an online education programme pahal for rural kids

• Chief secretary Durga Shankar Mishra of Government of Uttar Pradesh (UP) inaugurated an online rural education programme ‘Pahal’ at Government UP Sainik Inter College, Sarojini Nagar in Lucknow, UP.
• This programme has been prepared by the department of secondary education in collaboration with Indian Institute of Technology (IIT) Kanpur.

Aim :

• To provide educational opportunities to rural children who have limited access to quality education.
• ‘Pahal’ is designed to bridge the education gap between rural and urban areas.
• Under this programme, free online education will be provided at 10 government secondary schools of UP in the initial phase.
• This facility will be provided in 40,000 schools in UP in the coming days.
• Through these classes, students of rural areas will be able to get the latest information related to science and

About UP :

• Governor : Anandiben Patel
• Chief Minister : Yogi Adityanath
• Capital : Lucknow
• National Park : Dudhwa National Park
• Wildlife Sanctuary : Bakhira Wildlife Sanctuary, Chandraprabha Wildlife Sanctuary, National Chambal Wildlife Sanctuary

CURRENT AFFAIRS: BUSINESS NEWS

Hindustan Unilever Limited and Genpact Launch Be.Seen to Scale Minority-Owned Businesses in India

• In a bid to give a fillip to diverse and sustainable sourcing, Hindustan Unilever (HUL) and Genpact have launched Be.Seen — a program to help scale businesses owned by minority and under-represented groups in India.
• HUL and Genpact aim to enable these businesses to eventually get absorbed into the supply chains of large consumer companies, including that of HUL.
• The program is implemented by Sattva, a social impact research and advisory firm. And in the pilot phase, the program will help shortlisted business owners to develop behavioural and technical skills over a period of six months.
• HUL, Genpact and Sattva will accept applications from businesses that are 51% or more owned, managed, or controlled by members of diverse groups, and are certified by an approved certification body or who self-declare as diverse businesses.

About HUL

• Hindustan Unilever Limited is a British-owned Indian consumer goods company headquartered in Mumbai.
• Headquarters: Mumbai
• Founded: 17 October 1933

TCS to pocket about 80% of Rs 15000 crore BSNL order

• Tata Consultancy Services (TCS) announced that a consortium, headed by the prominent IT company, has been awarded an advance purchase order worth more than ₹15,000 crore by the government-owned BSNL.
• The order is specifically for implementing a nationwide 4G network in India.
• This development takes place amidst Reliance Jio and Bharti Airtel’s ongoing efforts to expand their 5G infrastructure throughout the country.
• In preparation for the official launch of its 4G services, state-owned Bharat Sanchar Nigam Limited (BSNL) introduced pilot-mode 4G services in ce rtain areas of Punjab on April 22.
• The company has initiated live testing of its 4G services across 135 tower sites, utilizing a domestically developed telecom stack.
• Tejas Networks Limited, a part of the Tata Group, announced on April 3 that it had secured an order valued at ₹696 crore from BSNL.
• The order pertains to the enhancement of BSNL’s nationwide IP-MPLS-based Access and Aggregation Network (MAAN).
• Under the terms of the agreement, Tejas Networks will provide, install, and commission over 13,000 of its advanced ‘TJ1400’ series access and aggregation routers.
• Tejas Networks, an Indian company specializing in optical, broadband, and data networking products, operates on a global scale.

CURRENT AFFAIRS: AWARDS AND HONOURS

N. Chandrasekaran awarded Chevalier de la Legion d’honneur

• Chandrasekaran received France’s highest civilian award Chevalier de la Legion d’honneur.
• Chandrasekaran (Natarajan Chandrasekaran) is Tata Group Chairman.
• He has received the award for his contribution to s trengthen the trade relationship between India and France.
• French Minister for Europe and Foreign Affairs Catherine Colonna gave him the award on behalf of the French President on May 16.
• Earlier this year, Air India had signed a deal with Airbus to buy 250 aircraft from Airbus.
• Air India is owned by Tata Group.
• Airbus is headquartered in France.
• In December 2022, Tata Technologies inaugurated its innovation centre in Toulouse, France.
• Chevalier de la Legion d’honneur is the highest civilian award given by France government.
• It was started by Napoleon Bonaparte in 1802.

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

JSW Steel to acquire 100% stake in National Steel and Agro Industries for Rs 621 crore

• JSW Steel announced that its wholly-owned subsidiary JSW Steel Coated Products Limited (JSWSCPL) will complete the acquisition of National Steel and Agro Industries (NSAIL) for a total consideration of ₹621 crore.
• JSW Steel Coated Products, a wholly-owned subsidiary, got approval in respect to the corporate insolvency resolution process of NSAIL.

Key Highlights :

• As per the approved plan, JSW Steel Coated Products proposes to pay ₹612.47 crore to the financial creditor of NSAIL, towards assignment of the financial debt owed by NSAIL to such financial creditor.
• JSW Steel Coated Products will infuse another ₹8.52 crore by way of loan (in one or more tranches) towards full and final discharge and settlement of unpaid insolvency resolution process costs, payment towards operational creditors (including workmen and employees) and other mandatory payments.

About JSW Steel Limited :

• Founded : 1982
• Headquarters : Mumbai, Maharashtra, India
• Chairman : Sajjan Jindal
• JSW Steel Limited is an Indian multinational steel producer based in Mumbai and is a flagship company of the JSW Group.

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

ePlane Company becomes 1st Indian electric aircraft firm to receive Design Organisation Approval from DGCA

• Indian Institute of Technology (IIT) Madras incubated ePlane Company, a developer of Electric Vertical Takeoff and Landing (eVTOL) aircrafts has become India’s first electric aircraft company to receive the Design Organisation Approval (DOA) from the Directorate General of Civil Aviation (DGCA).
• The DOA is an important first milestone in the aircraft certification process.
• Vikram Dev Dutt, Director General, DGCA, awarded the certificate to the company’s founder and CEO Satya Chakravarthy.

Key Highlights :

• ePlane is building a flying taxi for a 10x faster commute in cities.
• The ePlane Company has been incubated at IIT Madras, Chennai, Tamil Nadu (TN) since 2019 & was founded by Satyanarayanan Chakravarthy.
• The ePlane Company is in pursuit of developing India’s first compact flying electric taxi, designed for intra-city commutes and cargo transport.
• The ePlane e200 is a two-seater aircraft that is designed to operate in urban spaces•

About DGCA :

• Headquarters : New Delhi, Delhi
• Director General : Vikram Dev Dutt
• The DGCA is a statutory body of the Government of India to regulate civil aviation in India.
• It became a statutory body under the Aircraft (Amendment) Act, 2020.

CURRENT AFFAIRS : DEFENCE NEWS

AL-MOHED AL-HINDI 2023 Naval Exercise held between India & Saudi Arabia                                     

• The second edition of Al-Mohed-Al Hindi, Joint Naval Exercise between India and Saudi Arabia, conducted from 21 – 25 May 2023 off Al Jubail, Saudi Arabia.
• This exercise will enhance maritime security, and enhance interoperability between the Indian and Saudi naval forces.
• The first edition of this exercise was successfully conducted in August 2021, Indian Naval Ship (INS) Kochi, the flagship destroyer of the Western Naval Fleet, arrived at the Port-al-Jubail, Saudi Arabia representing India.

Key Highlights :

• In 2023, maritime patrol aircrafts are also participating in the exercise.
• This exercise will deepen defence ties between India and Saudi Arabia.
• AL-MOHED AL-HINDI 2023’ comprises a series of exercises conducted on land and at
• Marking a significant milestone in the growing defense cooperation between India and the Kingdom of Saudi Arabia, the INS TARKASH, the flagship frigate of the Indian Western Naval Fleet, along with the INS SUBHADRA, an offshore patrol vessel, arrived at Port Al-Jubail.
• INS TARKASH was commissioned in 2012 and is a state-of-the-art stealth frigate of the Talwar class.
• It is equipped with advanced weapon-sensor technology.
• The name of the ship, derived from the Sanskrit word ‘Tarkash,’ meaning “Quiver of Arrows,” pays homage to its agility and versatility.
• INS TARKASH has actively participated in many humanitarian missions such as Operation Raahat, Operation Kaveri, etc.
• INS SUBHADRA is a patrol vessel of the Sukanya class.
• It served as a test bed for Dhanush ballistic missiles.

About Indian Navy :

• Headquarters : New Delhi, Delhi
• Chief of the Naval Staff : Admiral R Hari Kumar

About Saudi Arabia :

• Prime Minister : Mohammed bin Salman Al Saud
• Capital : Riyadh
• Currency : Saudi riyal

CURRENT AFFAIRS: SPORTS NEWS

V. Prraneeth becomes India’s 82nd Grandmaster

• V.Prraneeth became Telangana’s sixth and India’s 82nd Grandmaster when he outwitted GM Hans Niemann of US in the penultimate round of Baku Open 2023.
• The win against the top seed helped Prraneeth to cross ELO 2500 in the live ratings, 2500.5 to be exact having already earned the third GM norm in the earlier tournament.
• The 15-year-old Prraneeth earned his first GM-norm at GM March 2022 where he also became an IM and his second GM-norm at Biel MTO in July 2022.
• Nine months later, he earned his final GM-norm at 2nd Chessable Sunway Formentera Open 2023.
• The first Indian Grandmaster was Viswanathan Anand, who held the title in 1988.
• Sayantan Das became India’s 81st Grandmaster after his victory at the International Festival des Jeux in Cannes, France.

Daily CA One- Liner: May 26

• Union Minister Piyush Goyal will inaugurate the 44th edition of the ISO COPOLCO Plenary.
• The government has cut the subsidy on electric two-wheelers in an effort to overhaul the financial incentives given to this growing industry
• Central Board of Direct Taxes (CBDT) said in a set of guidelines that Online gaming platforms need not deduct tax at source on winnings withdrawn by players if the amount is less than ₹100 a month and meets certain riders
• A plan to develop eight new cities to alleviate population burden on the existing urban centres in the country is under consideration
• In a bid to give a fillip to diverse and sustainable sourcing, Hindustan Unilever (HUL) and Genpact have launched Be.Seen — a program to help scale businesses owned by minority and under-represented groups in India
• Tata Consultancy Services (TCS) announced that a consortium, headed by the prominent IT company, has been awarded an advance purchase order worth more than ₹15,000 crore by the government-owned BSNL
• Chandrasekaran received France’s highest civilian award Chevalier de la Legion d’honneur
• V.Prraneeth became Telangana’s sixth and India’s 82nd Grandmaster when he outwitted GM Hans Niemann of US in the penultimate round of Baku Open 2023
• Google Pay in association with the National Payments Corporation of India (NPCI) rolled out support for RuPay credit cards on Unified Payments Interface (UPI).
• Payments through international debit or credit cards up to ₹7 lakh will not come under the Liberalised Remittance Scheme (LRS) & the Finance Ministry clarified such payments will not attract Tax Collected at Source (TCS).
• Bharti AXA Life Insurance rolled-out and completed the first phase of its ‘Project Servottam’ – under which 20 policy servicing journeys were re-considered and the project enabled a 360-degree transformation of physical services into digital services.
• Central Board of Direct Taxes (CBDT) stated that in a set of guidelines that Online gaming platforms need not deduct tax at source on winnings withdrawn by players if the amount is less than ₹100 a month and meets certain riders.
• Bank of Baroda (BoB), one of India’s leading public sector banks,launched two innovative customer service initiatives a Live Video Calling service – bob Video Chat and a Live Web Chat facility – bob Live Chat on its website, to enhance the overall experience for customers and prospective customers.
• Cisco will set up a manufacturing plant in Tamil Nadu (TN) to make two of its highest volume products: switching networks and cutting-edge router platforms.
• Kudumbashree is the largest network of women in Kerala for empowerment and poverty eradication, which was completed 25 years ago.
• Chief secretary Durga Shankar Mishra of Government of Uttar Pradesh (UP) inaugurated an online rural education programme ‘Pahal’ at Government UP Sainik Inter College, Sarojini Nagar in Lucknow, UP.
• JSW Steel announced that its wholly-owned subsidiary JSW Steel Coated Products Limited (JSWSCPL) will complete the acquisition of National Steel and Agro Industries (NSAIL) for a total consideration of ₹621 crore.
• Indian Institute of Technology (IIT) Madras incubated ePlane Company, a developer of Electric Vertical Takeoff and Landing (eVTOL) aircrafts has become India’s first electric aircraft company to receive the Design Organisation Approval (DOA) from the Directorate General of Civil Aviation (DGCA).
• The second edition of Al-Mohed-Al Hindi, Joint Naval Exercise between India and Saudi Arabia, conducted from 21 – 25 May 2023 off Al Jubail, Saudi Arabia.