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Daily Current Affairs 20th May 2023

Current Affairs 2023 are incorporated with the important news that made the current affairs headlines for banking or other competitive exams. Daily Current Affairs 2023 is the complete bag of important news that is held all day long. One should have complete knowledge about banking terms, current affairs news, etc. So, here is the GK update for 20th May 2023 to help you prepare the Current affairs 2023 part. After reading this section, you can successfully attempt Current Affairs Quiz. 

Here is the Current Affairs 20th May 2023 covering the following news headlines: Reserve Bank of India, Kalvari Class Submarine, The Golden Years, Guts Amidst Bloodbath : The Aunshuman Gaekwad Narrative, World Bee Day 2023, International Tea Day 2023.

Top 12 Daily Current Affairs: National & International News:

Here is providing below the top 12 important Daily General Knowledge 2023 updates with national & international news.   

                                     Banking News

1. RBI Announces Withdrawal of ₹2000 Banknotes from Circulation

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  • The Reserve Bank of India (RBI) has made a significant decision to withdraw the ₹2000 denomination banknotes from circulation. Although these banknotes will no longer be issued, they will retain their status as legal tender.
  • The move comes as the objective of introducing the ₹2000 banknotes has been fulfilled, and other denominations now adequately meet the currency requirements of the economy.

2. RBI Approves Rs 87,416 Crore Surplus Transfer to Government for FY23, Triple the Previous Year’s Amount

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  • The Reserve Bank of India (RBI) has approved the transfer of Rs 87,416 crore surplus to the government for the financial year 2022-23. This amount is nearly three times higher than the previous year’s transfer of Rs 30,307 crore.
  • The surge in surplus is attributed to increased income from the sale of foreign exchange reserves. Despite facing challenges such as rising yields on US treasuries, the RBI’s surplus transfer is expected to provide a significant boost to the government’s revenue.

3. IDBI, BOB, and SBI Capital Chosen to Manage IREDA IPO for Renewable Energy Development

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  • The Indian Renewable Energy Development Agency (IREDA) is set to go public with an initial public offering (IPO) in the near future.
  • To oversee this significant event, the government has appointed IDBI Capital, BOB Capital, and SBI Capital as the lead managers for the IPO.
  • The IPO is expected to consist of a 10% stake sale by the government and a 15% fresh equity issuance by IREDA, aimed at funding the growth of the renewable energy project financier.

                                     Defence News

4. Defence Production in India Surpasses ₹1 Lakh Crore Mark on the Back of Crucial Reforms

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  • India has achieved a significant milestone in its defence sector as the value of defence production in the country crossed ₹1 lakh crore for the first time.
  • This achievement is a result of key reforms implemented to boost growth in the sector and reduce reliance on military imports.
  • The value of defence production has nearly doubled over the past five years, reflecting India’s efforts to strengthen its position as a weapons and systems exporter.

5. Vaghsheer, Indian Navy’s Final Kalvari Class Submarine, Begins Sea Trials

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  • The Indian Navy’s sixth and final Kalvari class submarine, Vaghsheer, has begun its sea trials. Vaghsheer is scheduled for delivery to the Indian Navy in early 2024 after completion of these trial. The submarine was launched on 20th April 2022 from the Kanhoji Angre Wet Basin of Mazagon Dock Shipbuilders Limited (MDL).
  • The Ministry of Defence said MDL has delivered’ three submarines of the Project – 75 in 24 months and the commencement of sea trials of the sixth submarine is a significant milestone.

                                 Schemes News

6. Advance and EPCG Authorisation Scheme

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  • The Advance Authorization Scheme (AAS) or Advance License Scheme, introduced by the Government of India under the Foreign Trade Policy 2015-2020, has recently gained attention in the news.
  • This scheme aims to promote the competitiveness of Indian products in the global market by providing duty exemptions on imported raw materials required for the manufacture of export products. By eliminating import duties on these materials, the cost of the final export products is reduced, making them more competitive in terms of pricing.

                            Ranks and Reports News

7. India Supplied Arms Worth ₹422 Crore to Myanmar Junta, UN Report Reveals

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  • A recent report by the United Nations (UN) has unveiled that Indian government-owned companies and private firms in the country supplied arms, dual-use items, and raw materials worth ₹422 crore (approximately $51 million) to the military junta in Myanmar.
  • The report, titled “The Billion Dollar Death Trade: International Arms Networks that Enable Human Rights Violations in Myanmar,” highlights the involvement of UN member states in facilitating this trade, which directly contributes to human rights violations in Myanmar.

                            Books and Authors News

8. Ruskin Bond wrote a new book titled ‘The Golden Years’

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  • Indian author Ruskin Bond wrote a book titled “The Golden Years: The Many Joys of Living a Good Long Life”. The Golden Years book is published by HarperCollins India and released on 19 May 2023, Bond’s 89th birthday.
  • “The Golden Years” focuses on Bond’s experiences during the 60s, 70s and 80s.

9. A book “Guts Amidst Bloodbath : The Aunshuman Gaekwad Narrative” by Aditya Bhushan

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  • Anshuman Gaekwad, a former Indian Test cricketer, released his semi-autobiographical book titled “Guts Amidst Bloodbath” at the Cricket Club of India (CCI).
  • The occasion was graced by six former India cricket captains, namely Sachin Tendulkar, Gundapa Vishwanath, Sunil Gavaskar, Dilip Vengsarkar, Ravi Shastri, and Kapil Dev. These legendary cricketers shared anecdotes and praised Gaekwad for his contributions to the sport.

                                   Important Days

10. World Bee Day 2023 observed on 20th May

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  • World Bee Day is an annual event held on May 20th to increase understanding and recognition of the vital role bees and other pollinators play in our ecosystem.
  • This observance was established by the United Nations in 2017 with the purpose of emphasizing the importance of bees in sustaining both ecosystems and food production.
  • The celebration of World Bee Day seeks to encourage efforts that safeguard bees and their habitats, while also emphasizing the significance of pollinators in preserving biodiversity and ensuring worldwide food security.
  • The chosen theme for World Bee Day 2023 is “Engaging in Pollinator-Friendly Agricultural Production.”

11. International Tea Day 2023 celebrates on 21st May

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  • International Tea Day is an annual observance on May 21st to celebrate the long history and cultural significance of tea around the world.
  • The day also aims to raise awareness of the importance of tea in fighting hunger and poverty, as well as the sustainable production and consumption of tea.

Important takeaways for all competitive exams:

  • Food and Agriculture Organisation Director-General: Qu Dongyu;
  • Food and Agriculture Organisation Headquarters: Rome, Italy;
  • Food and Agriculture Organisation Founded: 16 October 1945.

12. World Day for Cultural Diversity for Dialogue and Development 2023

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  • World Day for Cultural Diversity for Dialogue and Development, also known as Diversity Day, is an annual celebration held on May 21st. Its purpose is to recognize and value the cultural diversities that exist among countries, regions, and individuals worldwide.
  • This day carries significant importance due to the fact that a considerable portion of the world’s major conflicts stem from cultural differences.

Important Current Affairs of 20th May 2023

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What is the contingency risk buffer, The risk provisioning made from economic capital to cover monetary, fiscal stability, credit and operation risks is cumulatively referred to as the Contingent Risk Buffer (CRB), maintained by the RBI for the financial year 2022-23?

The RBI has decided to keep the contingency risk buffer at 6% of the balance sheet for the financial year 2022-23.

The Advance Authorization Scheme (AAS) or Advance License Scheme, introduced by the Government of India under the Foreign Trade Policy 2015-2020, has recently gained attention in the news. Which government body implements the Advance Authorization Scheme?

Directorate General of Foreign Trade (DGFT), operating under the Ministry of Commerce and Industry, is responsible for implementing the Advance Authorization Scheme.