Daily Current Affairs Analysis Today : 27 –March-2023
The importance of being knowledgeable about current affairs cannot be overstated. It not only helps individuals in staying informed about the world around them but also increases their chances of success in competitive exams. Keeping up with current events helps individuals to develop an understanding of the interconnection between different events and their impact on different aspects of society, including politics, economics, and international relations. This knowledge can come in handy while attempting objective-type questions in exams. The daily current affairs analysis provided in this section caters to the needs of students and professionals alike. It provides a comprehensive overview of important events and developments in a concise and easy-to-understand manner. With regular practice and analysis, individuals can not only improve their general knowledge but also their analytical and comprehension skills. The provision of regular tests and quizzes further helps individuals in testing their understanding of current affairs and identify areas that need improvement. In conclusion, the daily current affairs analysis is an essential tool for anyone looking to excel in competitive exams and stay informed about the world around them.
Reliance names V Srikanth as new CFO, Alok Agarwal to become senior advisor
Reliance Industries has announced that it is appointing V Srikanth as the company’s new Chief Financial Officer (CFO).
He will succeed Alok Agarwal, who will assume a new role as Senior Advisor to Chairman and MD.
An alumnus of IIT Kanpur and IIM Ahmedabad, Agarwal has worked at Reliance for 30 years and was appointed the company’s CFO in 2005.
Srikanth Venkatachari has been sharing a part of the responsibilities of the CFO position with Alok Agarwal since 2011. Srikanth has been with RIL for the last 14 years.
Founder: Dhirubhai Ambani
Headquarters: Mumbai, Maharashtra, India
Chairman & Managing Director: Mukesh Ambani
Who has been appointed as the new Chief Financial Officer (CFO) of Reliance Industries? V Srikanth
Intel Co-founder & creator of Moore’s Law Gordon Moore passes away aged 94
Intel Co-founder Gordon Moore has passed away aged 94.
Moore founded Intel, originally named Integrated Electronics, with Robert Noyce in 1968.
Mr Moore started working on semiconductors in the 1950s and co-founded the Intel Corporation.
He is widely known for his observation in 1965, which came to be known as “Moore’s Law,” which states that the number of transistors on a microchip will double every 18-24 months, while the cost of production will decrease.
In 2002, Moore received the Medal of Freedom – the highest civilian honour in the US – from President George W Bush.
Founded: July 18, 1968
Headquarters: Santa Clara, California, U.S.
Chairman: Frank D. Yeary
CEO: Pat Gelsinger
Name the Intel Co-founder, who passed away recently? Gordon Moore
Kerala village known for Kathakali renamed after dance form
Kerala’s Ayroor village, known for its 200-year-old Kathakali kalaris, will now be officially known as ‘Ayirur Kathakali Gramam’.
The name change was approved by the panchayat committee in 2010 but took 13 years to complete the procedures.
The village, located on the banks of Pampa river, is famous for its Kathakali performances on stories from Hindu puranas and the Bible.
Governor: Arif Mohammed Khan
Chief minister: Pinarayi Vijayan
What is the new name of the Kerala village famous for Kathakali? Ayirur Kathakali Gramam
Lok Sabha passed Finance Bill 2023
A total of 64 official amendments were proposed in the Bill.
It includes formation of a committee under Finance Secretary T. V. Somanathan will be set up to look into further improvements in the National Pension System (NPS) for government employees.
Further, TDS on online gaming will now come into effect from April 1.
The Bill also proposes that all Liberalized Remittance Scheme (LRS) payments made through credit cards for foreign tours be considered under LRS and be subject to Tax Collection at Source (TCS).
The Finance Bill has paved the way for setting up GST Appellate Tribunals across the country, with a principal bench in New Delhi and several State benches. The Tribunal will be headed by a former Supreme Court judge or a retired Chief Justice of a High Court.
The Centre amended the mutual fund rules in the Finance Bill, 2023. The debt mutual fund (Debt MF) investors will no longer receive the long-term capital gain tax benefit. They will be taxed like bank deposits.
Check amendments made in The Finance Bill 2023 below:
1) Mutual funds having less than 35% AUM in domestic equity to lose indexation benefit, to be taxed as short-term capital gains.
2) Enhanced tax benefits to offshore banking units operating in GIFT city, offshore banking units to get 100% deduction on income for 10 years.
3) Tax on royalty or technical fee earned by foreign (non-resident) companies hiked from 10% to 20%.
4) No change in tax on non-par savings insurance products ( ₹5 lakh cap remains).
5) No change in taxation REITS/InviTs despite representation (Income from REITS to be taxed as ‘income from other sources’ and not as capital gains).
6) The securities transaction tax (STT) on the sale of options has been increased to ₹2,100 on a turnover of ₹1 crore against an earlier levy of ₹1,700, an increase of 23.5%, while on the sale of futures contracts, STT has been raised to ₹12,500 on ₹1 crore of turnover against ₹10,000 earlier, indicating a 25% hike.
The Finance Bill 2023 passed by the Lok Sabha includes setting up of a committee under whose leadership to look into further reforms in the National Pension System (NPS) for government employees? Finance Secretary T.V. Somanathan
Egypt officially becomes member of BRICS New Development Bank
Egypt officially became a member of BRICS’ New Development Bank (NDB) which includes India, Brazil, Russia, China, and South Africa as member countries.
BRICS’ New Development bank was established in July 2014, after an intergovernmental agreement was signed by the partner nations at the sixth BRICS summit in Fortaleza.
Bank’s aim is to provide funding and finance to the BRICS member states for infrastructure and sustainable development projects.
In September 2021, Bangladesh, the United Arab Emirates and Uruguay joined the NDB.
The idea for setting up the bank was proposed by India at the 4th BRICS summit in 2012 held in Delhi.
Note: K. V. Kamath, from India, is the first elected president of the NDB. He was replaced as president by Marcos Prado Troyjo from Brazil since 7 July 2020.
New Development Bank:
Headquarters: Shanghai, China
Membership: Bangladesh, Brazil, China, Egypt, India, Russia, South Africa, United Arab Emirates, Uruguay
President: Dilma Rousseff
Who is the first elected president of the BRICS’ New Development Bank (NDB)? K. V. Kamath
Argentinian Luis Caffarelli wins Abel prize
Luis Caffarelli, 74, has won the 2023 Abel Prize “for his seminal contributions to regularity theory for nonlinear partial differential equations including free-boundary problems and the Monge-Ampère equation”
The award, which comes with a prize of 7.5m Norwegian kroner (about £600,000), recognises lifetime achievement in mathematics and is often described as the equivalent of the Nobel prize.
Caffarelli was born and raised in Buenos Aires, making him the first Abel laureate from South America. He is currently a professor at the University of Texas at Austin, and has lived in the US since gaining his PhD from Buenos Aires University in 1972.
The Abel prize is named after the 19th-century Norwegian mathematician Niels Henrik Abel.
The prize has been awarded annually since 2003.
Who won the 2023 Abel Prize? Luis Caffarelli
Agriculture Minister Narendra Singh Tomar launches DigiClaim
Agriculture Minister Narendra Singh Tomar launched DigiClaim, under the ambit of Pradhan Mantri Fasal Bima Yojana, for claim disbursal through National Crop Insurance Portal.
With the launch of a DigiClaim Module, the insurance claims of over Rs 1260.35 crore have been disbursed to insured farmers of six states.
The states are Rajasthan, Uttar Pradesh, Himachal Pradesh, Chhattisgarh, Uttarakhand and Haryana.
With the DigiClaim platform, now farmers’ claims will be processed directly to their respective bank accounts in a transparent and accountable manner. This technology has been enabled through the integration of National Crop Insurance Portal (NCIP) and Public Finance Management System (PFMS).
This would directly impact the claim reversal ratio, which is expected to go down with DigiClaim. Another noteworthy feature of this digital advancement is that farmers would be able to track the claim settlement process on their mobile phones in real-time and avail the scheme’s benefits.
Recently Agriculture Minister Narendra Singh Tomar has launched ____ for disbursement of claims by farmers through National Crop Insurance Portal. DigiClaim
Women’s World Boxing Championships: Nitu Ghanghas, Saweety Boora become world champions
Nitu Ghanghas defeated Lutsaikhan Altansetseg of Mongolia via a unanimous decision in the 48kg final at the IBA Women’s World Boxing Championship at the Indira Gandhi Sports Complex in New Delhi.
With this victory, Nitu, a 2022 Strandja Memorial gold medallist, became the sixth Indian boxer to be crowned world champion.
Six-time champion Mary Kom (2002, 2005, 2006, 2008, 2010 and 2018), Sarita Devi (2006), Jenny RL (2006), Lekha KC (2006) and Nikhat Zareen (2022) are the other pugilists who have won the world title.
Later in the day, three-time Asian medallist Saweety Boora defeated Wang Lina of China in the 81kg final via a split verdict.
Women’s World Boxing Championships
The 2023 IBA Women’s World Boxing Championships are the 13th edition of the championships and held in New Delhi.
Medal winners are awarded prize money; gold medallists earn $100,000, silver medallists $50,000, and bronze medallists $25,000.
The overall prize fund is $2.4 million.
Rank Nation Gold Silver Bronze Total
1 China 2 1 3 6
2 India 2 0 0 2
3 Russia 1 1 1 3
4 Italy 1 1 0 2
5 Kazakhstan 0 1 4 5
Recently Nitu Ghanghas defeated Lutsaikhan Altansetseg in the ___ category at the IBA Women’s World Boxing Championship in New Delhi. 48kg