National and International News :
1. MoHUA and MoR jointly ink MoU with JICA for Project SMART
A Memorandum of Understanding (MoU) was signed on May 8, 2023 between the Ministry of Housing & Urban Affairs (MoHUA) and Ministry of Railways (MoR) with Japan International Cooperation Agency (JICA) for 'Station Area Development along Mumbai-Ahmedabad High Speed Rail (SMART)'.
- The MoU covers four stations of the Mumbai-Ahmedabad High Speed Rail Corridor (MAHSR), also known as the bullet train project, namely Sabarmati, Surat, Virar and Thane. These are among the 12 stations along the 508 km route that will connect India's economic hub Mumbai with the capital of Gujarat, Ahmedabad.
- The aim of the project is to enhance the accessibility and livability of the areas around the MAHSR stations and to promote economic development in these regions. The project will also support the government and other stakeholders in planning, designing and managing the station areas in a sustainable and inclusive manner.
- Sabarmati is a brown field development, while Surat, Virar and Thane are green field developments. The project will involve various activities such as urban design, land use planning, infrastructure development, public transport integration, heritage conservation and social development.
About Japan International Cooperation Agency (JICA) :
President : Akihiko Tanaka
Headquarters : Tokyo, Japan
2. India Post, CAIT and Tripta Technologies signed MoU for Logistics Services
A tripartite MoU was signed on 9th May 2023 between India Post, CAIT and Tripta Technologies to provide logistics services for small traders. The MoU was signed in New Delhi in the presence of Devusinh Chauhan, the Minister of State for Communications . The MoU will enable small and medium traders to use India Post as a logistics service provider across the country and will also streamline the parcel operations of India Post . The MoU is expected to benefit thousands of traders and take e-commerce to small towns and rural areas .
- Key features of the MoU are :
(i) The MoU will facilitate the operationalisation of the 'Bharat EMart' portal, which will provide the facility of pick-up of consignments from the premises of traders and ensure delivery at the doorsteps of the consignees across the country.
(ii) The partnership between India Post, CAIT and Tripta Technologies will provide shipping and the last mile delivery services to CAIT's strong trader base and small and medium business in the unorganised sector .
(iii) India Post will also soon onboard itself on the Open Network for Digital Commerce (ONDC) platform, being developed by the Ministry of Commerce as a logistics service provider.
Notes :
(i) Tripta Technologies, a platform that provides technical and business solutions for e-commerce and other digital domains, is supported by the Confederation of All India Traders (CAIT), which represents eight crore traders and over 40,000 trade associations .
(ii) The Government of India has modernized the India Post by introducing technology to expand its service areas. India Post now offers banking and insurance services, as well as financial inclusion services.
About India Post :
Director General (Postal Services) : Alok Sharma
Headquarters : New Delhi, Delhi
About Confederation of All India Traders (CAIT) :
Chairman : Mahendra Shah
President : B.C.Bhartia
Secretary General : Praveen Khandelwal
Headquarters : New Delhi, Delhi
3. Dr Bharati Pravin Pawar launches Phase-III of Thalassemia Bal Sewa Yojana
Dr. Bharati Pravin Pawar, Minister of State from the Ministry of Health and Family Welfare (MoHFW), launched the 3rd phase of the Thalassemia Bal Sewa Yojana (TBSY) on May 8, 2023, in commemoration of World Thalassemia Day. TBSY is an initiative of the MoHFW and is supported by Coal India Limited (CIL) as part of their Corporate Social Responsibility (CSR) efforts. The Minister also launched the Thalassemia Bal Sewa Yojana Portal and unveiled the Standard Treatment Workflow for Sickle Cell Disease, developed by the Indian Council of Medical Research (ICMR).
- The 3rd phase of TBSY will continue to provide financial assistance of 10 lakhs per Hematopoietic Stem Cell Transplant (HSCT) procedure, which will be directly transferred from CIL to the institutions performing the HSCT. TBSY has empaneled 10 reputed hospitals across India, including AIIMS in New Delhi, CMC Vellore, Kokilaben Dhirubhai Ambani Hospital in Mumbai, MCGM Hospital in Mumbai, PGIMER in Chandigarh, Rajiv Gandhi Cancer Institute in New Delhi, SGPGI in Lucknow, Narayana Hrudayalaya in Bangalore, CMC in Ludhiana, and Tata Medical Centre in Kolkata.
- About TBSY : The MoHFW has been implementing TBSY since 2017 under the National Health Mission (NHM) to treat Thalassemia, an inherited blood disorder that causes the body to have less hemoglobin than normal. The HSCT program is an initiative to provide a one-time cure opportunity to underprivileged Thalassemia patients who have a matched sibling donor but lack the financial resources to cover the procedure's cost. The second phase of TBSY was completed in March 2023.
4. Union Minister Sarbananda Sonowal receives 1st Indian Cargo Ship at the Sittwe Port, Myanmar
The inauguration of Sittwe Port in Myanmar was a historic milestone for India and Myanmar connectivity. The port was jointly inaugurated by Union Minister Sarbananda Sonowal and Myanmar's Deputy Prime Minister Admiral Tin Aung San on May 9, 2023. They also received the first Indian cargo vessel ITT LION that brought construction material to Sittwe from Kolkata.
- Sittwe Port is a part of the Kaladan Multi-Modal Transit Transport Project (KMTTP) funded by India. The project aims to develop transport infrastructure in Southwestern Myanmar and Northeastern India. The port will reduce the cost and time of transportation of goods between Kolkata and the northeastern states by 50 per cent. It will also provide an alternative route for the region to access international sea routes via Sittwe. The port has a maximum capacity of 20,000 DWT and will boost the economic development of Rakhine State and the region.
5. Defence Minister Rajnath Singh Inaugurates India’s 1st IAF Heritage Centre in Chandigarh
The Union Minister of Defence, Rajnath Singh, visited Chandigarh on May 08, 2023 and inaugurated the country's first Air Force Heritage Centre in Sector 18. The centre showcases the history and achievements of the Indian Air Force (IAF) through various exhibits and displays.
- The centre covers an area of 17,000 square feet and houses five vintage aircraft, including the Air Force 'Kanpur-1 Vintage Prototype Aircraft', which was designed and built by Air Vice Marshal Harjinder Singh in 1958. The visitors can also experience the cockpit of a MiG-21 fighter jet and a flight simulator at the centre.
- The centre aims to preserve the rich heritage of the IAF and inspire the youth to join the armed forces. Rajnath Singh said that the centre is a tribute to the courage and dedication of all those who have served in the IAF and a reminder of their invaluable contributions in protecting the nation .
6. Uttar Pradesh becomes first state to make digital health cards for children
The 'School Health Program' is a new initiative by the Urban Development Department and Lucknow Smart City in Uttar Pradesh to provide digital health cards and health insurance to municipal school children. The pilot project covers three schools in Lucknow: Aminabad Inter College, Kashmiri Mohalla Girls Inter College and Kashmiri Mohalla Montessori School, with a total of 1765 students .
- A mobile health team of doctors, paramedics, health volunteers and coordinators conducts a comprehensive health check-up of each child on 130 parameters, including physical, mental and oral health . A unique ID card is issued for each child, which allows the parents, school and officials to access the digital health report card online. The health report card is updated every six months and provides a health cover cashless card of Rs 25,000 for hospitalization.
- The program aims to improve the health and academic performance of the children, as well as their future prospects. It also includes workshops on child psychology, first aid, health and hygiene. Uttar Pradesh is the first state in India to implement such a program for municipal school children.
7. Vistara Becomes the First Indian Airline to Use Sustainable Aviation Fuel
Air Vistara, the Indian carrier, made history on May 4th, 2023, by becoming the first Indian airline to operate a commercial domestic flight on a widebody aircraft using sustainable aviation fuel (SAF). The airline's new Boeing 787-9 Dreamliner flew from Indira Gandhi International Airport in Delhi to Chhatrapati Shivaji Maharaj International Airport in Mumbai, using a blend of 17% SAF and 83% conventional jet fuel, reducing carbon dioxide (CO₂) emissions by approximately 4,500 kilograms (kg).
- This move helped Vistara reduce around 10,000 pounds of CO₂ emissions on the flight. This effort is part of Vistara's broader commitment to reduce carbon emissions and promote a sustainable future for the aviation industry.
- Vistara is a joint venture between Tata Sons and Singapore Airlines, and it was recently awarded the "Best Overall Airline" in Central/Southern Asia at the 2023 Regional Passenger Choice Awards, as well as the Ch-aviation Asia's Third Youngest Airline Fleet award for the second consecutive year.
8. Indian Navy decommissions INS Magar at Naval base in Kochi after 36 years of Service
After serving the nation for 36 years with distinction, Indian Naval Ship Magar, a Landing Ship Tank (Large) amphibious assault ship, was decommissioned at Kochi Naval Base on May 6, 2023. The ship was indigenously built by Garden Reach Shipbuilders & Engineers Ltd, Kolkata and commissioned on July 18, 1987 by the late Admiral R H Tahiliani.
- The ship was under the command of CDR Hemant V Salunkhe during the decommissioning ceremony, which was attended by Vice Admiral MA Hampiholi, Commanding-in-Chief, Southern Naval Command, as the Chief Guest. He had also commanded the ship from 2005-06.
- INS Magar was named after a species of crocodile and was the lead ship of the Magar class amphibious warfare vessels of the Indian Navy. The ship participated in various naval operations ranging from amphibious operations, fleet deployments and humanitarian assistance and disaster relief missions.
The most notable among them was Op Pawan in support of the forces on ground during the Sri Lankan civil war and Op Samudra Setu during the Covid-19 pandemic, wherein it repatriated more than 4,000 Indian nationals from different parts of the world . The ship also played a key role in the evacuation of over 1,300 survivors after the December 2004 Tsunami. The ship had been converted into a training ship in 2018 and joined the First Training Squadron at Kochi.
9. IAF Received 1st Batch of Indigenous Loitering Munitions – TATA ALS 50
The TATA ALS 50, the first indigenously designed and developed Vertical Take Off and Landing (VTOL) loitering munitions, have been received by the Indian Air Force (IAF). These munitions, also known as suicide drones, have been developed by Tata Advanced Systems Limited (TASL) and can operate from any type of terrain or high altitude area, taking down targets over a range of 50 km, without posing any risks to personnel.
- During trials and tests, the munitions have demonstrated their precision strike capabilities with an accuracy of less than 2 meters. The TATA ALS 50 is designed for VTOL and could enable real-time targeting either by the operator or autonomously.
- VTOL capability will support operating in areas where limited space is available, like narrow valleys, fortified mountain positions, small jungle clearings and the decks of warships. Loitering munition could be used to destroy enemy targets that may be beyond line of sight, including high-value targets like command centres and missile launchers, that may be located at far distances.
10. Dr Sandeep Marwah Presented the First Copy of Book “8 Years of Modi Sarkar” to Ram Nath Kovind
Dr Sandeep Marwah, the Chancellor of AAFT University, Raipur, Chhattisgarh, and President of the International Chamber of Media and Entertainment Industry (ICMEI), presented the 1st copy of the book “ 8 Years of Modi Sarkar- A Compilation of Achievements ” , published by ICMEI, to Ram Nath Kovind, the former President of India.
- The book documents the achievements of the Modi government over the past 8 years. The book is sure to be a valuable resource for researchers, policymakers, and anyone interested in understanding the government’s work over the past eight years.
11. Transactions by CA & CS for Clients are Now Under the ambit of Money Laundering Law
The Union Ministry of Finance announced changes to the Prevention of Money Laundering Act (PMLA) on April 4, 2023, to expand its scope and include financial transactions facilitated by Chartered Accountants (CAs), Company Secretaries (CSs), and Cost and Works Accountants (CWAs).
As a result of these changes, the financial transactions carried out by these professionals, including managing their client firms and trusts, as well as buying and selling business entities, will now be subject to the anti-money laundering law.
- Details of the changes in PMLA 2002 :
(i) The changes have been made in the sub-clause (vi) of clause (sa) of sub-section (1) of Section 2 of the PMLA, which defines ‘relevant persons’ and firms covered under the anti-money laundering law.
(ii) Prior to these changes, the PMLA 2002 did not include these professionals. Following this change, CA, CS and cost and works accountants have all become ‘reporting entities’.
- Company Secretaries : Individuals who obtained a certificate of practice under section 6 of the Company Secretaries Act, 1980.
- Penalties : Failure to meet the requirements will result in penalties imposed by the Director of Financial Intelligence Unit–India (FIU-IND) under Section 13 of the Act.
Key notes :
(i) The Union Ministry of Finance has widened the scope of the Prevention of Money Laundering Act (PMLA), 2002, to include financial transactions facilitated by Chartered Accountants (CA), Company Secretaries (CS), and Cost and Works Accountants (CWA). As a result, these professionals will now be responsible for activities such as managing assets, creating, operating, or managing companies, limited liability partnerships or trusts, and buying and selling of business entities on behalf of their clients.
(ii) Under the amended law, they will also be required to examine their clients' financial position and sources of funds, as well as record the purpose of specified transactions. If they facilitate a transaction that violates the law, they will now be liable under the PMLA.
Banking and Finance News :
1. Visa Launched CVV-Free Payments Feature for Tokenised Cards
- The feature works by allowing merchants to verify the three-digit CVV only once when tokenizing the card. Under tokenized cards, the card details are replaced with a unique code, which enhances transaction security. Tokenized transactions require two-factor authentication, first at the time of tokenization and then when entering the OTP.
- With this new CVV free feature, customers no longer need to input their 16-digit debit or credit card number, CVV, and expiry date at merchant websites for every transaction. This enhances the security of online transactions, as online merchants can only store tokens (not card data), which cannot be used on other merchant platforms.
Other News :
1. World Portuguese Language Day 2023 - 5th May
Every year on May 5, World Portuguese Language Day is celebrated worldwide to recognize the crucial role played by the Portuguese language in preserving human civilization and culture.
- Since 2005, the Community of Portuguese-Speaking Countries (CPLP) Member States has designated May 5 as a day to celebrate the Portuguese language and Lusophone culture. The CPLP Member States initiated the first celebration of the Portuguese language at the UNESCO headquarters in Paris, France, in 2006.
- In 2019, during the 40th session of the UNESCO General Conference, May 5 was officially proclaimed as "World Portuguese Language Day."
- The first-ever World Portuguese Language Day was observed on May 5, 2020.
2. International Thalassaemia Day 2023 – 8th May
Every year on May 8th, International Thalassaemia Day is celebrated worldwide to raise awareness about Thalassaemia, a genetic blood disorder that occurs when the body fails to produce sufficient amounts of the protein haemoglobin, an essential component of red blood cells.
- Theme : The theme for International Thalassaemia Day 2023 is "Be Aware. Share. Care: Strengthening Education to Bridge the Thalassaemia Care Gap."
- Aim / Objectives : The objectives of the day are to increase awareness and knowledge about thalassaemia, its symptoms, and its impact on individuals, families, and communities. It also aims to show support for those living with thalassaemia and promote the importance of early diagnosis, appropriate treatment, and ongoing support for people affected by this blood disorder and healthcare professionals involved in their care.
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