1. Paraguay's Colorado Party's Santiago Peña wins presidential election
Tags: Person in news International News
Santiago Peña, an economist from Paraguay's ruling conservative Colorado party, won the country's presidential election.
An Overview of the News
The election was decided in a single round of voting, and with nearly all ballots counted, Santiago Peña received over 42% of the vote.
His main challenger, Efrain Alegre, who represented the Concertación Nacional coalition, received about 28% of the vote.
The Colorado Party has been the dominant political force in Paraguay for more than 70 years, and Santiago Peña's victory solidified its hold on power.
Despite an expected economic growth of more than 4% this year, Paraguay still struggles with high levels of poverty and corruption.
About Paraguay
It is a country located in the middle of South America. It is a landlocked country, bordered by Argentina, Brazil and Bolivia.
Asuncion is the capital of Paraguay and is situated on the banks of the Paraguay River.
Official languages - Paraguayan Guarani, Spanish
2. 60th Foundation Day of Indian Institute of Foreign Trade
Tags: National National News
Indian Institute of Foreign Trade (IIFT), New Delhi celebrated Diamond Jubilee on 2nd May on 60th Foundation Day.
An overview of the news
On the occasion, Vice-Chancellor of IIFT Prof. Satinder Bhatia released the commemorative issue of Foreign Trade Review (FTR) Journal.
On this significant occasion, Prof. Satinder Bhatia, remembered Late HD Shourie, the founding Director General of IIFT.
She mentioned that he was the father figure to IIFTians, who laid the foundation of IIFT with the motto, ‘Excellence is a way of life’.
In the journey of 60 years, IIFT has consistently achieved better rankings among top business schools by earning AACSB accreditation for offering an impressive range of innovative MDP/EDP offered by the institute.
Indian Institute of Foreign Trade (IIFT)
The Indian Institute of Foreign Trade (IIFT) was established in 1963 as an autonomous body under the Union Ministry of Commerce & Industry to contribute in the skill building for the external trade sector of India.
It is one of the top business schools of India with a special focus on Trade and Finance.
The Institute was granted “Deemed to be University” status in 2002.
It has campuses at Delhi, Kolkata and Kakinada.
Vice Chancellor : Prof. Satinder Bhatia
3. 60th Foundation Day of Indian Institute of Foreign Trade
Tags: National National News
Indian Institute of Foreign Trade (IIFT), New Delhi celebrated Diamond Jubilee on 2nd May on 60th Foundation Day.
An overview of the news
On the occasion, Vice-Chancellor of IIFT Prof. Satinder Bhatia released the commemorative issue of Foreign Trade Review (FTR) Journal.
On this significant occasion, Prof. Satinder Bhatia, remembered Late HD Shourie, the founding Director General of IIFT.
She mentioned that he was the father figure to IIFTians, who laid the foundation of IIFT with the motto, ‘Excellence is a way of life’.
In the journey of 60 years, IIFT has consistently achieved better rankings among top business schools by earning AACSB accreditation for offering an impressive range of innovative MDP/EDP offered by the institute.
Indian Institute of Foreign Trade (IIFT)
The Indian Institute of Foreign Trade (IIFT) was established in 1963 as an autonomous body under the Union Ministry of Commerce & Industry to contribute in the skill building for the external trade sector of India.
It is one of the top business schools of India with a special focus on Trade and Finance.
The Institute was granted “Deemed to be University” status in 2002.
It has campuses at Delhi, Kolkata and Kakinada.
Vice Chancellor : Prof. Satinder Bhatia
4. Maiden ASEAN-India Maritime exercise begins in Singapore
Tags: Defence International News
The first ASEAN-India Maritime Exercise (AIME-2023) began on 2 May in Singapore.
An overview of the news
The maiden exercise is being conducted off the coast of Singapore.
It aims to enhance interoperability and exchange of best practices among the participating navies.
INS Satpura and INS Delhi, accompanied by RADM Gurcharan Singh, Flag Officer Commanding Eastern Fleet, have reached Singapore to participate in the exercise.
AIME 2023 will provide an opportunity for Indian Navy and ASEAN navies to work together closely and conduct seamless operations in the maritime domain.
Indian Navy ships will also participate in the International Maritime Security Conference (IMSC) and the International Maritime Defense Exhibition (IMDEX-23).
The Philippine Navy has deployed its missile frigate BRP Antonio Luna (FF-151) with a 140-man crew of Naval Task Group 80.5 onboard in the exercise.
Phase of the exercise
Harbour Phase - to be conducted at Changi Naval Base.
Sea Phase - to be conducted in the South China Sea.
INS Delhi and INS Satpura
INS Delhi is India’s first indigenously-built guided missile destroyer.
INS Satpura, is an indigenously built guided missile stealth frigate and are fitted with state-of-the art weapons and sensors.
Both are part of the Eastern Fleet based at Visakhapatnam and are under the operational command of the Flag Officer Commanding-in-Chief, Eastern Naval Command.
5. Ministry of Housing & Urban Affairs signs MoU with RITES
Tags: National National News
The Ministry of Housing and Urban Affairs signed a Memorandum of Understanding (MoU) with RITES Limited on 2 May to accelerate solid waste and used water management.
An overview of the news
The MoU was signed for technical assistance for Solid Waste Management (SWM) under Swachh Bharat Mission-Urban 2.0.
The Technical Support Unit (TSU) of RITES will assist Swacch Bharat Mission (SBM-U) for a period of 3 years.
Under SWM, the areas of engagement will be process standardization and engineering design of waste management facilities, like Material Recovery Facility, legacy waste etc.
Under Urban Waste Management (UWM), RITES will provide technical support for standards & specification in the field of sewage and faecal sludge management.
RITES will assist with preparation of model tender documents and procurement in the field of sewage, wastewater management and Solid Waste Management.
Swachh Bharat Mission-Urban 2.0
Prime Minister Narendra Modi launched the second phase of the 'Swachh Bharat Mission-Urban' on October 2, 2021, on the occasion of Gandhi Jayanti.
It has been designed to make all cities garbage free and achieve the goal of water conservation.
In this, a provision has also been made to store and filter waste water by adopting a complete liquid waste management system in cities with a population of less than 1 lakh.
Under this, 3.5 lakh individual, community and public toilets will be constructed for the population going to urban areas for employment in the next 5 years.
Swachh Bharat Mission (SBM) was launched on October 2, 2014 with the objective of promoting 'cleanliness and Sanitation' in the society and the country.
6. Ministry of Housing & Urban Affairs signs MoU with RITES
Tags: National National News
The Ministry of Housing and Urban Affairs signed a Memorandum of Understanding (MoU) with RITES Limited on 2 May to accelerate solid waste and used water management.
An overview of the news
The MoU was signed for technical assistance for Solid Waste Management (SWM) under Swachh Bharat Mission-Urban 2.0.
The Technical Support Unit (TSU) of RITES will assist Swacch Bharat Mission (SBM-U) for a period of 3 years.
Under SWM, the areas of engagement will be process standardization and engineering design of waste management facilities, like Material Recovery Facility, legacy waste etc.
Under Urban Waste Management (UWM), RITES will provide technical support for standards & specification in the field of sewage and faecal sludge management.
RITES will assist with preparation of model tender documents and procurement in the field of sewage, wastewater management and Solid Waste Management.
Swachh Bharat Mission-Urban 2.0
Prime Minister Narendra Modi launched the second phase of the 'Swachh Bharat Mission-Urban' on October 2, 2021, on the occasion of Gandhi Jayanti.
It has been designed to make all cities garbage free and achieve the goal of water conservation.
In this, a provision has also been made to store and filter waste water by adopting a complete liquid waste management system in cities with a population of less than 1 lakh.
Under this, 3.5 lakh individual, community and public toilets will be constructed for the population going to urban areas for employment in the next 5 years.
Swachh Bharat Mission (SBM) was launched on October 2, 2014 with the objective of promoting 'cleanliness and Sanitation' in the society and the country.
7. India to hand-over fast Patrol Vessel ship & landing Craft to Maldives
Tags: International Relations International News
Defence Minister Rajnath Singh will hand over a fast patrol vessel and a landing craft to the Maldives as India’s “gift” during his visit to the island nation from May 1 to 3.
An overview of the news
It will be an “important landmark” in building “strong bonds” of friendship between the two countries.
Maldives is one of India's major maritime neighbors in the Indian Ocean region and overall bilateral relations between the two countries, including in the areas of defense and security, have been on the rise over the years.
Singh will also review the implementation of various India-aided projects in the Maldives and interact with the Indian expatriate.
India and Maldives are working together to effectively address common challenges including maritime security, terrorism, radicalism, piracy, smuggling, organized crime and natural disasters.
About Maldives
It is also called Maldives Islands, an independent island country in the north-central Indian Ocean.
It extends more than 510 miles (820 km) from north to south and 80 miles (130 km) from east to west.
Basis of economy -fisheries, tourism
Industries - handicraft or cottage including the making of coir (coconut-husk fibre) and coir products, fish canning, and boatbuilding.
Capital -Male
President -Ibrahim Mohamed Solih
Official Language - Dhivehi (Maldivian)
Official Religion - Islam
Currency -Rufiyaa
8. India to hand-over fast Patrol Vessel ship & landing Craft to Maldives
Tags: International Relations International News
Defence Minister Rajnath Singh will hand over a fast patrol vessel and a landing craft to the Maldives as India’s “gift” during his visit to the island nation from May 1 to 3.
An overview of the news
It will be an “important landmark” in building “strong bonds” of friendship between the two countries.
Maldives is one of India's major maritime neighbors in the Indian Ocean region and overall bilateral relations between the two countries, including in the areas of defense and security, have been on the rise over the years.
Singh will also review the implementation of various India-aided projects in the Maldives and interact with the Indian expatriate.
India and Maldives are working together to effectively address common challenges including maritime security, terrorism, radicalism, piracy, smuggling, organized crime and natural disasters.
About Maldives
It is also called Maldives Islands, an independent island country in the north-central Indian Ocean.
It extends more than 510 miles (820 km) from north to south and 80 miles (130 km) from east to west.
Basis of economy -fisheries, tourism
Industries - handicraft or cottage including the making of coir (coconut-husk fibre) and coir products, fish canning, and boatbuilding.
Capital -Male
President -Ibrahim Mohamed Solih
Official Language - Dhivehi (Maldivian)
Official Religion - Islam
Currency -Rufiyaa
9. ED raids Byju's premises, alleges FEMA violation
Tags: National National News
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The Directorate of Foreign Exchange (ED) carried out searches at three premises linked to edtech firm Byju's in Bengaluru in connection with its probe into alleged foreign exchange violations.
An overview of the news
ED recovered several incriminating documents and digital data during its searches.
“FEMA (Foreign Exchange Management Act) searches have also revealed that the company has received Foreign Direct Investment of Rs 28,000 crore (approx) during the period 2011 to 2023.
Apart from this, the company has also remitted Rs 9,754 crore (approx) to various countries during the same period in the name of Foreign Direct Investment.
About Foreign Exchange Management Act
It is an act which mainly deals with the provisions relating to cross border trade and payments.
It defines the procedures, formalities and practices of all foreign exchange transactions in India.
It was brought in in 1999 as a replacement to the earlier Foreign Exchange Regulation Act (FERA).
This act came into force on 1 June 2000.
The head office of FEMA is known as Directorate of Enforcement which is situated in Delhi.
Its primary objective is to help facilitate external trade and payments in India.
FEMA is applicable in all parts of India.
This applies equally to offices and agencies located outside India.
10. ED raids Byju's premises, alleges FEMA violation
Tags: National National News
The Directorate of Foreign Exchange (ED) carried out searches at three premises linked to edtech firm Byju's in Bengaluru in connection with its probe into alleged foreign exchange violations.
An overview of the news
ED recovered several incriminating documents and digital data during its searches.
“FEMA (Foreign Exchange Management Act) searches have also revealed that the company has received Foreign Direct Investment of Rs 28,000 crore (approx) during the period 2011 to 2023.
Apart from this, the company has also remitted Rs 9,754 crore (approx) to various countries during the same period in the name of Foreign Direct Investment.
About Foreign Exchange Management Act
It is an act which mainly deals with the provisions relating to cross border trade and payments.
It defines the procedures, formalities and practices of all foreign exchange transactions in India.
It was brought in in 1999 as a replacement to the earlier Foreign Exchange Regulation Act (FERA).
This act came into force on 1 June 2000.
The head office of FEMA is known as Directorate of Enforcement which is situated in Delhi.
Its primary objective is to help facilitate external trade and payments in India.
FEMA is applicable in all parts of India.
This applies equally to offices and agencies located outside India.
