Daily Current Affairs 18 & 19 June 2023 for Banking/Insurance/SSC and other related exams.
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NATIONAL NEWS
UP prisons to be known as “Reform Homes”
In a significant move towards prison reform, Chief Minister Yogi Adityanath emphasised the need to transform prisons into ‘Sudhaar Grah’ or ‘Reform Homes’ and instructed the preparation of a new Prison Act for Uttar Pradesh. He reviewed the state’s prison system in a high-level meeting.
- Currently, the Jail Act of 1894 and the Prisoners Act of 1900 govern the functioning of prisons, but these outdated laws no longer align with the changing circumstances and the modern rehabilitative approach towards prisoners.
- The chief minister stressed the importance of focusing on reform and rehabilitation, prompting the need for new legislation that suits the evolving needs of the state.
Centre forms expert committee to suggest reforms to arbitration law
The first meeting of the expert panel set up by the Centre and led by former law secretary T K Vishwanathan to recommend reforms to the Arbitration and Conciliation Act, 1996. The panel will have 15 other members.
- The prime reason of the exercise is guided with a view to reduce court intervention in the whole process to the minimum and make arbitration a truly party-driven process, cost-effective, and with time-bound finality being attached to the award,” the office memorandum issued by the law and justice ministry said.
146th Jagannath Puri Rath Yatra 2023 begins In Gujarat
The Jagannath Puri Rath Yatra is an important annual festival held in Odhisha’s Puri. It is an annual chariot festival dedicated to Lord Jagannath.
- The Puri Rath Yatra 2023 is celebrated from June 20 and devotees from across the country visit the state and the temple town during this period.
- Apart from Odisha, the world-famous Rath Yatra Festival is also celebrated in Gujarat. The ‘Ratha Yatra’ Festival celebrated in Ahmedabad is considered to be the second biggest Rath Yatra in the country after the Puri Jagannath Rath Yatra.
INTERNATIONAL NEWS
IREDA participates in “Intersolar Europe 2023” Exhibition
IREDA, a Mini Ratna (Category – I) enterprise under the Ministry of New and Renewable Energy, participated in the prestigious three-day “Intersolar Europe 2023″ exhibition held in Munich, Germany.
- Visitors to the pavilion had the opportunity to learn about IREDA’s initiatives in financing renewable energy projects, promoting energy efficiency, and supporting the growth of renewable energy sector in India.
Japan raises age of consent from 13 to 16 after over a century
Japan’s parliament has raised the age of consent from 13 to 16, a limit which had remained unchanged for more than a century and was among the world’s lowest consent age.
- Lawmakers also broadened the definition of rape from “forcible sexual intercourse” to “non-consensual sexual intercourse”.
BANKING & FINANCE
Bangladesh floats currency for the first time to access IMF funds
In a historic move, Bangladesh’s central bank has decided to allow its currency, the taka, to float freely for the first time.
- The decision comes in response to demands from the International Monetary Fund (IMF) and aims to unlock additional funds from a $4.7 billion loan program.
- While Bangladesh is not heavily indebted, it joins several such countries in loosening a tight grip on local currencies in order to get financing from the Washington-based lender. Pakistan, Egypt and Lebanon were among those that have dropped their fixed exchange rates this year.
Sberbank introduces Indian rupee accounts for individuals in Russia
Russia’s Sberbank said individuals could now open accounts in Indian rupees, expanding the range of foreign currencies available as Moscow strives to reduce dependency on the U.S. dollar and euro.
- The bank said the accounts will be available from 14 June 2023. It added “the bank supports the trend of de-dollarisation and constantly increases the number of foreign currencies available to clients
Sovereign Gold Bond Scheme: Issue price fixed at Rs 5,926/gm
The government has fixed the issue price at Rs 5,926 per gram of gold for the first tranche of the Sovereign Gold Bond Scheme 2023-24, which will open for subscription for five days.
- The issue will be opened for subscription during the period June 19-23, 2023, with the settlement date of June 27, 2023, the finance ministry said in a statement.
- The government in consultation with the Reserve Bank of India has decided to allow a discount of Rs 50 per gram from the issue price to those investors who apply online and the payment is made through digital mode.
BUSINESS & ECONOMY
Egypt Retains World Squash Championship
Egypt has retained the World Squash Championship. Egypt beat Malaysia 2-1 in the final in Chennai. Malaysia won the silver. The third place was shared jointly by hosts India and Japan.
- India was beaten by Malaysia 3-0 in the semi-final. Eight countries took part in the championship which began on June 13.
SPORTS
India lifted the Intercontinental Cup after beating Lebanon
India beat Lebanon 2-0 in the Intercontinental Cup final at the Kalinga Stadium, Bhubaneswar to win the title.
- Sunil Chhetri’s 46th minute goal broke the deadlock before Lallianzuala Chhangte made it 2-0 in the 66th minute as India beat Lebanon for the first time since 1977.