Daily Current Affairs With Video Lecture 21-22 May 2023 [DOWNLOAD PDF]

Prateek Mattoo
May 22, 2023
356

In Daily Current Affairs for 21-22nd 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 21-22 May 2023

Italian Open: Elena Rybakina Clinches Singles Title

In Italian Open Tennis, Elena Rybakina Of Kazakhstan Won The Women’s Singles Title Defeating Ukraine’s Anhelina Kalinina 6-4, 1-0, On 20th May At The Internazionali BNL D’italia In Rome.
It Was Rybakina’s 2^nd Title Of The Year.
With This, Rybakina Won The 5^th Singles Title Of Her Career.
About Italian Open
The Italian Open Started In 1930.
It Consists Of Five Main Draw Events: Men’s Singles, Women’s Singles, Men’s Doubles, Women’s Doubles, And Mixed Doubles.
The Tournament Is Held At The Foro Italico Sports Complex In Rome.
It Hosts Both ATP (Association Of Tennis Professionals) & WTA.

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TCS Jumps From 5% To 20 % In International Credit Cards

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
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 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.

Siddaramaiah Sworn In As CM Of Karnataka

Siddaramaiah Was Sworn In As The CM Of Karnataka For His 2^nd Term And Karnataka Congress President DK Shivakumar Was Sworn In As The Deputy Chief Minister.
The Swearing-in Ceremony Was Administered By Karnataka Governor Thaawarchand Gehlot

RBI Withdraws Rs 2,000 Currency Notes From Circulation

The Reserve Bank Of India (RBI) Announced Its Decision To Withdraw Rs 2,000 Denomination Currency Notes From Circulation And People Can Exchange Or Deposit Them In Their Bank Accounts By September 30.
The RBI 19 Regional Offices And Other Banks Will Start Taking ₹ 2,000 Notes From May 23.
They Will Remain Legal Tender. The Rs 2,000 Denomination Currency Note Was Introduced In November 2016 Under Section 24(1) Of The RBI Act, 1934 After Prime Minister Narendra Modi Scrapped High-value ₹ 1,000 And ₹ 500 Notes Overnight.
The Printing Of Rs 2,000 Notes Was Stopped In 2018-19.
The Denomination Is Not Commonly Used For Transactions By The Public.
The RBI Said That The Value Of These Notes Has Declined Over The Years And Constitutes Only 10.8 % From 37.3% (March 31, 2018) Of The Notes In Circulation As Of March 31, 2023.
The Stock Of Other Denominations Of Bank Notes Is Enough To Meet The People’s Requirements.
The RBI Also Said That This Decision Is In Pursuance Of The “Clean Note Policy” – A Policy To Ensure The Availability Of Good Quality Notes To The Members Of The Public.
About 89% Of Rs 2000 Denomination Banknotes Were Issued Prior To March 2017 And Are At The End Of Their Estimated Life Span Of 4-5 Years.
The Central Bank Said People Can Deposit Or Exchange For Lower Denomination Notes Till September 30 For Up To ₹ 20,000 At A Time.

World Metrology Day – 20 May

World Metrology Day Is Celebrated Annually On 20 May To Commemorate The Signing Of The Meter Convention On 20 May 1875.
The Theme For World Metrology Day 2023 Is “Measurements Supporting The Global Food System”.
The Meter Convention Established A Framework For International Cooperation In The Science Of Measurement And Its Applications In Industry, Commerce And Society.
The Purpose Of The Meter Convention Is To Ensure Global Uniformity In Measurement.

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.

India Achieves 47 % Growth In Coal Production

During The Last Nine Years, India’s Total Coal Production Has Increased By 47 Percent To 893.08 Million Tonnes (MT) And Supply Has Reached 877.74 Million Tonnes, Registering A Growth Of 45.37 Percent.
In FY2023, The Country Made A Huge Jump In The History Of Coal Production With 893.08 Mt
As Per The Action Plan For 2023-24 Of The Ministry Of Coal, There Is A Target Of 1012 Million Tonnes Of Coal Production In The Financial Year 2023-24 By Increasing Overall Production, Efficiency, Stability And Adoption Of New Technologies.
Mission ‘Coking Coal’
It Has Been Launched By The Government In August 2021 With A Roadmap That Will Suggest Ways To Increase the Production And Utilization Of Domestic Coking Coal In India By 2030.
It Is Related To New Exploration, Increasing Production, Increasing Washing Capacity, and Auction Of New Coking Coal Mines.

Saturn Reclaims Its “Moon King” Title

A Team Of Space Scientists Led By The University Of British Columbia Has Discovered 62 New Moons Of Saturn, Taking The Official Tally To 145.
By Overtaking Jupiter, Saturn Has Also Become The First Planet To Have Over 100 Discovered Moons.
For years, Ringed Planet Saturn Was The Planet With The Most Moons With 83.
But It Was Dethroned As The ‘Moon King’ In February This Year After Astronomers Discovered 12 New Moons Around Gas Giant Jupiter, Which Took The Total Tally Of Its Moons To 95.
The New Celestial Bodies Are Being Identified By Numbers, But Will Soon Be Given Names After Gallic, Norse, And Canadian Inuit Gods, In Keeping With The Convention For Saturn’s Moons.
By Analysing Data Gathered From Nasa’s Cassini Spacecraft, Experts Have Concluded That The Colossal Rings Did Not Form Concurrently With The Planet Itself.
Instead, They Estimate That The Formation Of These Majestic Rings Took Place No More Than 400 Million Years Ago.
The Team That Discovered These New Celestial Bodies Around Saturn Used A Technique Called “Shift And Stack”, Which Uses A Set Of Images Shifting At The Same Speed At Which A Moon Moves Through The Sky To Enhance The Signal Of The Fainter Object.
Moons That Are Too Faint To Be Seen In Single Images Can Reveal Themselves In The Resultant “Stacked Image “The Team Used Data Collected By The Canada-France-Hawaii Telescope (CFHT) On Top Of Maunakea In Hawaii Between 2019 And 2021.