Daily Current Affairs 3rd May, 2023

Daily Current Affairs 3 May 2023 for Banking/Insurance/SSC and other related exams.

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Australian High Commission in India announces its Government Grant for Project in Kargil
For the first time in the history of Ladakh the Australian High Commission in India has announced its Government Grant for a Project in Kargil. This was announced during a Special Meeting at Srinagar chaired by the Australian high commissioner to India,  Barry O’Farrell.

  • The project “Return to Roots” aims to integrate traditional knowledge with the current school science curriculum in alignment with the goals of the National Education Policy which includes increasing scientific engagement among school children of the tribal background.

Supreme Court can grant divorce on grounds of ‘irretrievable breakdown’ of marriage, rules Constitution Bench
The Supreme Court held its extraordinary discretion under Article 142 of the Constitution can be used to do “complete justice” for couples trapped in bitter marriages by granting them divorce by mutual consent, thus sparing them the “misery” of waiting for six to 18 months for a local court to declare the annulment final.

  • A Constitution Bench headed by Justice Sanjay Kishan Kaul observed that the same extraordinary power could be used by the court to quash pending criminal or legal proceedings, be it domestic violence or dowry, between the couples. This would wipe the slate clean and help them start afresh their separate lives.


Singapore co-hosts ASEAN-India Maritime Exercise
Indian Naval Ships Satpura and Delhi, led by RAdm Gurcharan Singh, the Flag Officer Commanding Eastern Fleet, arrived in Singapore to participate in the inaugural ASEAN India Maritime Exercise (AIME-2023). The exercise was taken place from May 2nd to May 8th, 2023.

  • The Harbor Phase of AIME-2023 will be held at Changi Naval Base from May 2nd to May 4th, 2023, and the Sea Phase will take place in the South China Sea from May 7th to May 8th, 2023.
  • The primary goal of AIME-2023 is to provide an opportunity for the Indian Navy and ASEAN navies to work together closely and conduct seamless operations in the maritime domain.


RBI removes restrictions on individuals from opening interest-earning FCAs
In yet another initiative to make India’s International Financial Services Centre (IFSC) more attractive, the Reserve Bank of India removed restrictions on individuals from opening interest-earning Foreign Currency Accounts (FCA).

  • Further, the central bank removed the condition of repatriating any funds lying idle in the FCA account for a period of up to 15 days.
  • In February 2021, the RBI allowed resident individuals to make remittances under the Liberalised Remittance Scheme (LRS) to IFSCs set up in India. However, the remittances were to be made only for making investments in IFSC securities.

Redington ties up with SBI for provision of solar loans of up to Rs 5 crore
Redington Ltd, a major distributor of IT hardware, entered the business of stocking up solar modules in 2016, aggregating demand from 3,000-odd systems integrators.

  • It buys modules from three Chinese manufacturers – Trina, JA Solar and Longi – and stocks them for systems integrators who install rooftop solar power plants.
  • The company recently tied up with SBI for provision of solar loans of up to Rs 5 crore at interest rates linked to rates that the bank charges its best customers.


Indian job market to see 22% churn in 5 yrs: WEF
A new study by the World Economic Forum (WEF) suggests that the Indian job market is expected to witness a 22% churn over the next five years, with top emerging roles coming from AI, machine learning, and data segments. Globally, the job market churn is estimated at 23%, with 69 million new jobs expected to be created and 83 million eliminated by 2027.

  • According to the estimates of the 803 companies surveyed for the report, employers anticipate 69 million new jobs to be created and 83 million eliminated among the 673 million jobs corresponding to the dataset, a net decrease of 14 million jobs or 2% of current employment.
  • The report found that in India, 61% of companies think broader applications of ESG (environment, social and governance) standards will drive job growth, followed by increased adoption of new technologies (59%) and broadening digital access (55%). Top roles for industry transformation in India would be AI and machine learning specialists, and data analysts and scientists.
  • Globally, six in ten workers will require training before 2027, but only half of the employees are seen to have access to adequate training opportunities today. At the same time, the report estimates that, on average, 44% of an individual worker’s skills will need to be updated.

New GST Rule in effect from May 1st 2023 for Businesses with 100 Crore and above Turnover
A new GST rule has become mandatory for businesses with an annual turnover of Rs 100 crore from May 1, 2023. All such firms will have to upload their electronic invoices on the Invoice Registration Portal (IRP) within seven days of the issue of such invoice.

  • The IRP is used for validating if invoices are actually genuine. It is used to generate and assign a unique Invoice Reference Number to every GST invoice.
  • The GST Network (GSTN) has said the government has decided to impose a time limit on reporting old invoices on the e-invoice IRP Portals for taxpayers with an aggregate annual turnover greater than or equal to Rs 100 crore.


Abhilash Tomy completes the Golden Globe Race, finishing second
Indian sailor Commander Abhilash Tomy (retd.) will finally set foot on land, 236 days after setting sail in the Golden Globe Race (GGR), a solo non-stop yacht race around the world.

  • The retired Naval Commander, who is also a recipient of the Tenzing Norgay National Adventure Award, had on March 22, 2022, declared his participation in the Golden Globe Race 2022, one of the most dangerous and craziest of endeavours. The GGR began on September 4, 2022.


3 imprisoned Iranian female journalists win top UN prize
UNESCO marked World Press Freedom Day on May 3rd, 2023 by awarding its annual World Press Freedom Prize to three imprisoned Iranian female journalists.

  • The winners, Niloufar Hamedi, Elaheh Mohammadi, and Narges Mohammadi, were recognized for their work in reporting on human rights abuses in Iran and their commitment to truth and accountability.


IIT Madras researchers develop machine learning tool to detect tumours in brain, spinal cord
Researchers at the IIT Madras have developed a machine learning-based computational tool called GBMDriver to improve the detection of cancer-causing tumours in the brain and spinal cord.

  • The tool is freely accessible and was primarily developed to identify driver mutations and passenger mutations in glioblastoma, a rapidly proliferating tumour.
  • The study involved examining 9386 driver mutations and 8728 passenger mutations in glioblastoma. The researchers took into account a number of variables, including the characteristics of amino acids, di- and tri-peptide motifs, conservation scores, and Position Specific Scoring Matrices (PSSM), in the development of the web server.

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