Daily Current Affairs With Video Lecture 20 May 2023 [DOWNLOAD PDF]

In Daily Current Affairs for 20th May 2023, we are going to see the latest national and international current affairs news. These important current affairs will be very helpful for...

Prateek Mattoo
May 20, 2023
662

In Daily Current Affairs for 20th May 2023, we are going to see the latest national and international current affairs news. These important current affairs will be very helpful for your upcoming NDA, CDS, CDS OTA, AFCAT, TA, Agniveer Army, Agniveer Navy, Agniveer Air Force, Women Military Police, INET, MNS, ACC exams, SCO, PCSL, CAPF, and SSB interviews, and direct entries for Army, Navy, and Air Force like SSC Tech, TGC, JAG, NCC, TES, 10+2 Cadet. Download a PDF file about current events at the end of this article.

Daily Current Affairs 20 May 2023

India Launches ‘Operation Karuna’

India Launched “Operation Karuna” To Provide Humanitarian Assistance For People In Myanmar, Which Is Affected By Cyclone Mocha.
3 Ships From India Shivalik, Kamorta And Savitri Carrying Relief Material Reached Yangon On 18th May.
The Ships Are Carrying Emergency Food Supplies, Tents, Essential Medicines, Water Pumps, Portable Generators, Clothes, Hygiene Items, Etc.
Cyclone Mocha Which Recently Hit Myanmar Has Been Classified As An Extremely Severe Cyclonic Storm By The IMD.

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World AIDS Vaccine Day – 18 May

World AIDS Vaccine Day Is Observed On 18 May And It Emphasises The Importance Of Making A Vaccine For HIV, An Incurable Disease.
Pays Tribute To The Scientists And Researchers Working On The Hiv/Aids Vaccine And Raises Awareness.

International Museum Day 2023- 18 May

International Museum Day (IMD) Is An Annual International Event Organised By The International Council Of Museums (ICOM) On 18 May.
Each Year, IMD Focuses On A Different Theme That Reflects A Relevant Issue Or Theme Affecting Museums Globally.
Theme: Museums, Sustainability And Wellbeing
The First International Museum Day Was Organised By The International Council Of Museums (ICOM) In 1977.
The Adoption Of An Annual Theme For The IMD Began In 1992.
The Day Encourages Dialogue And Exchange Of Ideas Among Museum Professionals

UK Announces Sanctions On Russian Diamonds & Metals

The United Kingdom Has Announced Sanctions On The Military-industrial Complex And Metals As Well As Russian Diamonds In A New Round Of Sanctions Ahead Of The G7 Meeting In Japan.
The Ban Specifically Covers Imports Of Copper, Aluminium And Nickel Of Russian Origin
The UK Is Targeting 86 Members Of Russia’s Military-industrial Complex And Individuals Involved In Key Industries Such As Energy, Metals And Shipping.
The UK Government Aims To Crack Down On Sanctions Violations And Target Those Who Aid The Kremlin In Undermining The Effect Of Existing Sanctions

TCS Jumps From 5% To 20% On International Credit Card

The International Credit Card Expenditure Done Outside India Would Now Come Under The Liberalised Remittance Scheme (LRS), Also Attracting A Higher I.E., 20% TCS, With Effect July 1, 2023.
The Central Government, In Consultation With The RBI, Has Notified An Amendment Of Rules Under The FEMA
What Is TCS?
TCS Stands For Tax Collected At Source. It Is A Type Of Tax Collected By The Seller Of Selected Goods And Services From The Buyer.
This Tax Is Collected From A Person When They Send Money Abroad. Sending Money Can Also Mean Taking A Trip Abroad, Shopping Buying Assets Etc.
On May 16, 2023, The Ministry Of Finance Issued A Notification Mentioning To Omit Rule 7 Of The Foreign Exchange Management (Current Account Transactions) Rules, 2000, With Immediate Effect.
Budget 2023 Increased The TCS For Foreign Remittances Under The LRS From 5 Per Cent To 20 Per Cent, Except For Education And Medical Purposes. This Will Be Effective From July 1, 2023
What Is Rule 7 Of FEM(CAT) Rules, 2000?
Rule 7 Of The FEM(CAT) Rules, 2000 Exempted The Use Of International Credit Cards From The LRS For Payments By A Person Towards Meeting Expenses While Such A Person Is On A Visit Outside India.
Earlier Debit & FOREX Cards Were Under The 20% TCS.
TCS Can Be Claimed Only At The Time Of Filing An Income Tax Return (ITR). It Must Be Also Be Noted That The Transaction Limits Will Also Determine This Tax
What is Liberalised Remittance Scheme (LRS)?
Under The Liberalised Remittance Scheme, All Resident Individuals, Including Minors, Are Allowed To Freely Remit Up To USD 2,50,000 Per Financial Year (April – March) For Any Permissible Current Or Capital Account Transaction Or A Combination Of Both.

PM Modi Will Co-Chair FIPIC III Summit

Prime Minister Narendra Modi Will Co-chair The 3^rd Summit Of The Forum For India-Pacific Islands Cooperation (FIPIC III Summit) Jointly With Prime Minister Of Papua New Guinea James Marape On May 22 In Port Moresby, Which Will Be The 1^st Visit By An Indian PM.
India’s Engagement With The 14 Pacific Island Countries Is Part Of Its Act East Policy. Most of India’s Engagement With PICs Is Through Development Assistance Under South-South Cooperation – In The Form Of Capacity Building (Training, Scholarships, Grant-in-aid & Loan Assistance)
What Is FIPIC?
FIPIC Is A Landmark Initiative Launched In 2014. India & 14 Pacific Island Countries, Including Fiji, Papua New Guinea, Tonga, Tuvalu, Kiribati, Samoa, Vanuatu, Niue, The Federated States Of Micronesia, The Republic Of Marshall Islands, The Cook Islands, Palau, Nauru, & The Solomon Islands
Development Partnership Has Been Extended To PICs For Socio-economic Progress, Through Community Development Projects Such As Solar Electrification, Supply Of Agricultural Equipment, Computers And LED Bulbs For Schools, Sewing Machines, Dialysis Machines, Portable Sawmills, Etc.
All The Pics Countries Are Vulnerable To Climate Change And To The Effects Of Rising Sea Levels.
Initiatives Like International Solar Alliance (ISA) And Coalition For Disaster Resilient Infrastructure (CDRI) complement India’s Relationship With PICs.
Under The CDRI Framework, India, Along With Australia, The UK & Small Island Developing States (SIDS) Launched The ‘Infrastructure For Resilient Island States’ (IRIS) On 2 November 2021 To Assist The SIDS From Disasters And To Mobilize Technology, Finance, Necessary Information For Pacific Islands, Etc.