1. SEBI launches LEI system
Tags: National News
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SEBI introduced the Legal Entity Identifier (LEI) system for issuers of non-convertible securities, securitized debt instruments and security receipts.
An Overview of the News
- LEI is a unique global identifier for legal entities participating in financial transactions.
- The system is primarily intended for issuers that have listed or plan to list non-convertible securities, securitized debt instruments and security receipts.
- It aims to create a global reference data system that identifies each legal entity that is party to a financial transaction.
- The LEI system will enable greater transparency and better risk management in the financial markets.
- Companies planning to list non-convertible securities, securitized debt instruments, and security receipts will need to obtain an LEI from an authorised issuer.
- The LEI system will also help prevent fraud and financial crimes by properly identifying and verifying legal entities participating in financial transactions.
- Entity Identifier India Limited is a subsidiary of Clearing Corporation of India Limited.
Securities and Exchange Board of India (SEBI):
- It is the regulatory body for securities and commodity markets in India established in 1988.
- Its main objectives are to protect the interests of investors in securities and promote the development of the securities market in India by regulating intermediaries, ensuring transparency and accountability of listed companies, and promoting investor education.
- It is owned by the Ministry of Finance, Government of India, but functions as an autonomous body with its own governing board.
- It has the power to issue guidelines, rules and regulations, investigate and punish fraudulent business practices.
Headquarters - Mumbai, Maharashtra
2. Indian-origin Neera Tandon becomes domestic policy advisor in Biden administration
Tags: Person in news International News
On 5 May 2023, an Indian-American Neera Tandon has been appointed as the domestic policy advisor in US President Joe Biden's team.
Important Point:-
Tandon's appointment has been made keeping in mind the presidential election to be held in the US in 2024.
Following Biden's decision to appoint Neera Tandon, she became the first Asian-American to lead the White House Advisory Council.
Prior to this, Tandon served as Biden's staff secretary during this term.
Neera Tandon responsibly processed all the paperwork that arrived on the President's desk.
According to the White House, Neera Tandon oversaw decision-making processes in the domestic, economic and national security teams.
Neera Tandon:
Neera Tandon was born in Massachusetts to Indian immigrant parents. Tandon studied at the University of California Los Angeles and Yale University.
With over 25 years of experience working in public policy, Neera Tandon has worked with three US presidents, and also headed one of the country's largest think tanks for nearly a decade.
Neera Tandon is the former US Secretary of State and a close aide of Hillary Clinton, the Democratic presidential candidate in the 2016 presidential election.
Neera also helped pass the Affordable Care Act in the Obama administration.
3. Pradhan Mantri National Apprenticeship Mela
Tags: National National News
Under Skill India Mission, the Ministry of Skill Development and Entrepreneurship (MSDE) is organising the Pradhan Mantri National Apprenticeship Mela (PMNAM) on 8th May 2023, in 200 districts across the country.
An overview of the news
Several local businesses and organizations have been invited to be a part of this Apprenticeship Fair to provide relevant apprenticeship training opportunities to local youth.
The event will witness the participation of a number of companies representing various sectors.
The candidates who are Class 5 to Class 12 pass outs or have skill training certificates or are ITI certificate holders or Diploma holders or graduates can apply in this apprenticeship mela.
About Pradhan Mantri National Apprenticeship Mela
Apprenticeship fairs are organized across the country on the second Monday of every month.
In these melas, selected individuals are offered apprenticeship opportunities during which they receive a monthly stipend as per government norms to acquire new skills.
Apprenticeship is considered to be the most sustainable model of skill development and is getting a lot of boost under the Skill India Mission.
Government is trying to train 15 lakh youth every year through apprenticeship training to fulfill this mission.
4. Ukraine apologises for ‘Devi Kali’ tweet
Tags: International News
Ukraine's Deputy Foreign Minister Emin Zhaparova expressed regret over the "misrepresentation" of Goddess Kali by the country's Defense Ministry.
An overview of the news
Apologizing for this act, he said that this country and its people respect the 'unique Indian culture'.
In this illustration, a distorted picture of Goddess Kali was written 'Work of Art' amidst the smoke of the explosion.
This picture was tweeted on April 30, about which objection was expressed on the social media platform.
Jhaparova visited India on 9 April. This was the first official foreign trip by a minister from the Eastern European country (Ukraine) since the Russian invasion of Ukraine began in February last year.
About Ukraine
Ukraine is a country located in Eastern Europe and the second largest country in the continent after Russia.
Its capital is Kiev, located on the Dnieper River in north-central Ukraine.
Prime Minister: Denys Shmyhal
President: Volodymyr Zelensky
Capital: Kyiv
Official Language : Ukrainian
Currency : Rryvnya (UAH)
5. 21st meeting of Bangladesh-India Joint Steering Committee on Cooperation in Power Sector
Tags: International Relations International News
The 21st meeting of the Bangladesh–India Joint Steering Committee (BIJSC) on the power sector was held on 4th May at Khulna, Bangladesh.
An overview of the news
Bangladesh's Ministry of Power, Energy and Mineral Resources Secretary Habibur Rahman and his Indian counterpart Alok Kumar led their respective sides at the meeting.
The meeting reviewed the progress of ongoing activities related to mutual cooperation in the power sector between Bangladesh and India.
The meeting also examined the possibility of power generation projects in India through BIFPCL including power export from Bangladesh to India and setting up of solar power projects.
The delegation also discussed the signing of an agreement to import 500 MW of hydro power from Nepal by GMR to Bangladesh through India.
The progress in the management of the first unit and the implementation of the second unit of the 1320 MW Maitri Super Thermal Power Project construction project was also reviewed.
People’s Republic of Bangladesh
Capital: Dhaka
Prime Minister: Sheikh Hasina Wazed
President: Mohammad Shahabuddin
Currency: Taka
6. India and Israel sign MoU for cooperation on industrial research and development
Tags: International Relations International News
India and Israel signed a Memorandum of Understanding (MoU) to enhance industrial research and development cooperation in high-tech areas such as AI, quantum, semiconductors, healthcare, aerospace, sustainable energy and agriculture.
An Overview of the News
The partnership aims to facilitate collaborative initiatives for industrial research and development in a diverse range of high-tech domains, including artificial intelligence, quantum computing, semiconductor technology, synthetic biology, healthcare, aerospace, sustainable energy and agriculture.
The MoU will focus on specific projects and will be monitored by a Joint Steering Committee to ensure effective implementation.
Memorandum of Understanding (MOU):
It is a type of agreement between two or more parties that expresses a shared intention to take a common line of action.
Memoranda of Understanding can be used in situations where the parties do not intend a legal commitment or cannot form a legally enforceable agreement.
MOUs are often used by many companies and government agencies to define relationships between departments, agencies, or closely related companies.
About Israel
Israel is a Middle Eastern country on the Mediterranean Sea.
It is considered the Holy Land of the Bible by Jews, Christians and Muslims.
Tel Aviv is the financial centre of the country and is known for its beaches and Bauhaus architecture.
Capital and largest city - Jerusalem
Official language - Hebrew
Recognized Language - Arabic
Government - Unitary parliamentary republic
President - Isaac Herzog
Prime Minister - Benjamin Netanyahu
Chief Justice - Esther Hayut
7. 4th edition of G20 TechSprint competition launched by RBI and BIS
Tags: Economy/Finance National News
The Reserve Bank of India (RBI) and the Bank for International Settlements (BIS) launched the G20 TechSprint 2023 competition for cross-border payments innovation.
An Overview of the News
The competition focuses on three problem statements: AML/CFT, sanctions technology and CBDC platform.
The competition is open to global innovators and aims to showcase innovative technology solutions for cross border payments.
Techsprint fosters collaboration between financial institutions, technology providers and stakeholders to develop innovative solutions for cross-border payments.
Reserve Bank of India (RBI):
It was established on April 1, 1935 under the Reserve Bank of India Act, 1934.
Its central office was initially in Kolkata, but in 1937 it was permanently shifted to Mumbai.
It regulates banks and NBFCs under the Banking Regulation Act 1949 and RBI Act 1934 respectively.
It issued currency for India and Myanmar till 1942, but was discontinued after 1947.
Headquarters - Mumbai
Current Governor - Shaktikanta Das
About the G20
It is an international forum of the world's leading economies established in 1999.
Its primary objective is to promote international financial stability and sustainable economic growth.
The G20 serves as a forum to discuss and coordinate policies related to a wide range of economic and financial issues such as trade, investment, employment, energy and climate change.
8. National Mission For Clean Ganga Organizes River-Cities Alliance Global Seminar
Tags: National National News
The National Mission for Clean Ganga (NMCG) in association with the National Institute of Urban Affairs (NIUA) organized the ‘River-Cities Alliance (RCA) Global Seminar: Partnership for Building International River-Sensitive Cities’ on 4th May in New Delhi.
An overview of the news
The RCA Global Seminar was presided over by G. Asok Kumar, Director General (NMCG).
The aim of this global symposium was to provide a platform for officials from member cities and international stakeholders to discuss and learn from good practices for managing urban rivers.
The RCA Global Symposium saw the participation of Embassies/High Commissions of select countries and their respective river cities.
The seminar highlighted RCA's objectives, achievements and potential collaborative outcomes.
About River Cities Alliance (RCA)
It was launched in 2021 as a dedicated platform for river cities of India for discussion and exchange of information for sustainable management of urban rivers.
It was started with 30 cities in 2021 and currently has 95 cities as members across India.
It is formed by the successful partnership of the two Ministries - Ministry of Jal Shakti and Ministry of Housing and Urban Affairs.
It focuses on three broad themes - networking, capacity building and technical support.
It will enable cities to learn from each other's success and failure and connect people to rivers.
National Mission for Clean Ganga(NMCG)
It was registered on 12 August 12, 2011 as a society under the Societies Registration Act 1860.
It serves as the implementing arm of the National Ganga River Basin Authority (NGRBA), which was constituted under the provisions of the Environment Protection Act (EPA), 1986.
It was established to address pollution challenges in the Ganga river.
The operational area of the project covers the Ganga basin and all the states through which the river flows, including Delhi.
The objective is to reduce pollution and ensure rejuvenation of the Ganga river.
9. India’s First International Multimodal Logistics Park at Jogighopa, Assam
Tags: National National News
Union Minister of Ports, Shipping & Waterways and Ayush, Sarbananda Sonowal reviewed progress of India’s first International Multi Modal Logistics park in Jogighopa, Assam.
An overview of the news
The park is likely to be completed within this year.
The Union Minister expressed satisfaction at the pace of work as the road and railway connectivity is also aimed at completion by the end of this year.
About India’s First International Multimodal Logistics Park
The park is being developed under the ambitious Bharatmala Pariyojana.
First such MMLP, it is being made by NHIDCL in Jogighopa of Assam.
The park will be connected to road, rail, air and waterways.
This is being developed in 317-acre land along the Brahmaputra.
The MMLP will have all the facilities like, warehouse, railway siding, cold storage, custom clearance house, yard facility, workshops, petrol pumps, truck parking, administrative building, boarding lodging, eating joints, water treatment plant, etc.
10. Devendra Fadnavis unveiled the statue of Chhatrapati Shivaji Maharaj in Mauritius
Tags: International News
Maharashtra Deputy Chief Minister Devendra Fadnavis unveiled the statue of Chhatrapati Shivaji Maharaj in Mauritius.
An Overview of the News
The ceremony was attended by Prime Minister of Mauritius Pravind Jugnauth and members of the Mauritius Marathi Mandali Federation.
Fadnavis highlighted Maharashtra's potential as a major industrial and investment destination in India.
Fadnavis participated in the Indo-Mauritius Business Forum and signed an MoU to promote trade between Mauritius and Maharashtra.
He also announced a grant of Mauritius Rupees 44 million for the construction of a multi-purpose hall and a scholarship for 10 students.
Fadnavis also attended a cultural event with Prime Minister Jugnauth and interacted with members of the Maharashtrian community in Mauritius.
About Mauritius
It is an island nation located in the Indian Ocean.
The interior of the island is mountainous and contains the Black River Gorges National Park.
Capital - Port Louis
President - Prithviraj Singh Rupan
Prime Minister - Pravind Kumar Jugnauth
Mauritius currency - Mauritian rupee
