Current Affairs May 2023

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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

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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.

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