This is the current affairs of 20 May 2023. Here are 10 questions and answers of daily current affairs for better preparation of competitive exams for government jobs.
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1. Under which policy, RBI decided to withdraw Rs 2000 notes by 30 September?
a. Note change policy
b. Clean note policy
c. Virtual note policy
d. All of the above
Answer: b. Clean note policy
– The RBI has decided to withdraw 2000 rupee notes under the ‘Clean Note Policy’.
– This news spread like wildfire across India, reminding people of the demonetization of 2016.
– However, this decision by the RBI is not similar to 2016, as at that time, the legal tender status of 1000 and 2000 rupee notes was suddenly revoked.
Legal tender status will remain for the 2022 notes.
– Banks will no longer issue 2000 rupee notes.
– The RBI has instructed to exchange or deposit 2000 rupee notes in banks by September 30.
– The RBI has stated that 2000 rupee notes will remain legal tender, meaning they will not be invalidated.
– Even after this period, the notes will continue to be legal.
– This is only to encourage people to return these notes to banks.
– However, it is believed that after this decision by the RBI, the general public and shopkeepers will stop accepting 1000 rupee notes. In such a case, even though they remain legal tender, these notes will not circulate in the market.
What did the RBI say?
– The Reserve Bank will withdraw the circulation of 2000 rupee notes, but the existing notes will not be invalidated.
– After achieving its objective, the printing of these notes was discontinued in 2018-19.
What will happen if notes are not deposited by September 30?
– The use of 2000 rupee notes for transactions can continue, and they can also be received as payment.
– However, the RBI has advised to deposit or exchange these banknotes by September 30, 2023, or before.
Can notes be exchanged in any bank without an account?
– Yes. Non-account holders can exchange 2000 rupee notes up to a limit of ₹20,000/- in one go, meaning they can exchange them for other denominations.
– If you have an account, you can deposit any number of 2000 rupee notes.
What impact can buying with 2000 rupee notes have in the market?
– Although the government has kept it in circulation for now, traders may hesitate to accept it for transactions.
– In such cases, it is better to exchange them at the bank.
Under which policy was the decision made and why?
– The decision was made under the ‘Clean Note Policy’.
– Under the ‘Clean Note Policy’, it is a rule that people should not write anything on currency notes, as it damages their appearance and reduces their lifespan.
– The implementation of the Clean Note Policy aims to ensure good-quality banknotes (paper currency) in transactions.
What impact will it have on the general public?
– Anyone who has a 2000 rupee note will have to go to the bank to exchange it.
– During the demonetization of 500 and 1000 rupee notes in 2016, long queues formed for exchanging them.
– This caused a lot of inconvenience for people.
– This time, a similar situation may not arise, but there could still be some inconvenience.
Is this decision a government rectification?
– In 2016, 2000 rupee notes were printed to compensate for the shortage of discontinued 500 and 1000 rupee notes.
– When an adequate quantity of notes of other denominations became available, the printing of 2000 rupee notes was discontinued in 2018-19.
– It cannot be directly said that removing 2000 rupee notes from circulation is a government rectification.
Negative Impact: Economic journalist Harvir Singh says that
– The decision to discontinue the 2000 rupee note will disrupt the economy.
– This step can have adverse effects on small businesses.
– It will weaken the demand and have a negative impact on the economic growth rate.
– Currency circulation may decrease, as witnessed in the experience of 2016.
Losses from the previous demonetization:
– It was claimed that black money would be eradicated, but 99% of the money returned to the banks.
– It was promised that it would eliminate unaccounted wealth and corruption. However, it resulted in less benefit and more harm to the economy.
– The GDP growth rate dropped from 8.2% to 4.1% in a few years.
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2. How much loan has been approved by the World Bank to control zoonotic diseases in India?
a. 82 million dollars
b. 85 million dollars
c. 90 million dollars
d. 92 million dollars
Answer: a. 82 million dollars
– Zoonotic diseases are infectious diseases that spread between species, from animals to humans (or humans to animals), such as rabies.
– The World Bank has approved a loan of 82 million dollars (679 crore rupees) to the Indian government.
– Its objective is to prevent, detect, and respond to local zoonotic, transboundary, and emerging infectious diseases.
Livestock Health and Disease Control Program:
– The amount from the World Bank loan will be spent on the India Livestock Health and Disease Control Program.
– The objective of this program is to control animal diseases and zoonoses.
– In fact, India is home to the largest livestock population in the world.
– In such a scenario, the risks associated with animal diseases are particularly high.
– These diseases pose risks to public health systems and increase economic costs.
World Bank:
– President: Ajay Banga
– MD & CFO: Anshula Kant
– Headquarters: Washington, D.C.
– Established: 1944
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3. Name the two new judges of the Supreme Court, who took oath in May 2023?
a. Prashant Kumar Mishra and KV Viswanathan
b. Rajesh Joshi and VK Menon
c. RK Viswanathan and Prashant Singh
d. none of these
Answer: a. Prashant Kumar Mishra and KV Viswanathan
– The Chief Justice (CJI) of India, Devi Chandrachud, administered the oath to both on May 19, 2023.
– Prior to this, the recommendation of both names was made by the collegium headed by CJI Devi Chandrachud, which was accepted by the central government.
– Prashant Kumar Mishra: Former Chief Justice of the Andhra Pradesh High Court.
– K.V. Vishwanathan: Senior advocate. He has practiced law in the Supreme Court for more than 30 years.
– With this, the Supreme Court has reached its full strength.
– The total approved strength of judges here is 34.
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4. Where was the three-day International Museum Expo 2023 held, which was inaugurated by PM Modi?
a. Mumbai
b. New Delhi
c. Goa
d. Bangalore
Answer: b. New Delhi
– Prime Minister Narendra Modi inaugurated the EXPO during the 47th International Museum Day on May 18.
– This event took place at Pragati Maidan in Delhi from May 18 to May 20, 2023.
– During this time, Prime Minister Modi launched the Museum Directory in India.
Total number of museums established so far:
– The Ministry of Culture has established 383 museums so far.
– Out of these, 145 museums were initiated under the leadership and vision of Prime Minister Narendra Modi during the last 9 years.
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5. How much TCS has been imposed by the central government on credit cards used outside the country?
a. 10%
b. 15%
c. 20%
d. 25%
Answer: c. 20%
– Using a credit card abroad is going to be expensive.
– From July 1, a 20% Tax Collected at Source (TCS) will be levied on it.
– The government has stated that this has been done based on the advice of the Reserve Bank of India.
Here’s an explanation:
– In fact, the Ministry of Finance amended the regulations under the “Foreign Exchange Management Act” on May 16, 2023.
– After this amendment, the usage of international credit cards outside India falls under the “Liberalized Remittance Scheme” or LRS.
– Under the Liberalized Remittance Scheme (LRS), any Indian citizen can spend up to $250,000 annually (approximately two crore rupees) abroad without the permission of the RBI. (Permission from the RBI is required for spending more than this amount)
– The transactions involving the exchange of funds through debit cards or forex cards fall within this scope, but now the transactions made through credit cards are also included in it.
– However, the Ministry of Finance has stated that expenses related to medical and education will not be included in this scheme.
Why was the tax implemented?
– Essentially, people who travel abroad for leisure often use credit cards for purchases exceeding a certain limit ($250,000). In doing so, they avoid the hassle of seeking permission from the RBI and dealing with taxes because such expenses fall outside the scope of LRS.
– However, with the introduction of new regulations, they will now have to pay taxes to the government on such transactions.
20% TCS
– Now, credit card companies will deduct a 20% tax on every expense incurred abroad, which they will deposit with the government.
– This means that whether it’s hotel bookings, car rentals, purchasing goods from foreign websites, or even spending on coffee or snacks during foreign travel using a credit card, all these transactions will have the tax deducted by credit card companies.
– You can later claim reimbursement from the government for expenses within the specified limit.
– However, by the time you receive your reimbursement, your expenses during foreign travel would have already increased.
What will be the impact of the new rule?
– People may hesitate to make online payments through credit cards; they might prefer to keep foreign currency in cash for their purchases.
– This could lead to an increase in the use of illegal hawala channels.
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6. When is World Bee Day celebrated?
a. 17 May
b. 18 May
c. 19 May
d. 20 May
Answer: d. 20 May
Theme 2023:
– Bee engaged in pollinator-friendly agricultural production
– This day is celebrated to commemorate the birth (1734) of Anton Jansa. He is considered a pioneer in beekeeping.
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7. When is the International Day against Homophobia, Transphobia and Biphobia observed?
a. 17 May
b. 18 May
c. 19 May
d. 20 May
Answer: a. 17 May
– Celebrated with the goal of coordinating international events to raise awareness of LGBT rights and inspire interest in LGBT rights work around the world.
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8. When is World Metrology Day celebrated?
a. 17 May
b. 18 May
c. 19 May
d. 20 May
Answer: d. 20 May
Theme 2022
– Measurements supporting the global food system
What is metrology?
– Metrology is that branch of physics in which we have knowledge about pure measurement.
Why the day is organized
– The meter convention was signed on 20 May 1875 in Paris. It was an international treaty, which worked to bring uniformity in units of measurement throughout the world.
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9. Name the 82nd Grandmaster of India?
a. Vuppla Praneeth
b. Rakesh Maria
c. Vivek Asthana
d. none of these
Answer: a. Vuppla Praneeth
– He is 15 years old chess player from Telangana.
– He achieved this feat by defeating GM Hans Niemann of America during the final round of Baku Open 2023.
– 82nd Grandmaster: Vuppala Praneeth
– 81st Grandmaster: Sayantan Das
– 80th Grandmaster: Vignesh NR
– 79th Grandmaster: Pranesh M
– 78th Grandmaster: Kaustuv Chatterjee
Who was the first Indian Grandmaster?
– Viswanathan Anand
– He won the title in 1988.
– He is a five time world champion.
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10. Which Chief Minister received the Bharat Ratna Dr. Ambedkar Award 2023?
a. Arvind Kejriwal
b. Mamata Banerjee
c. Yogi Adityanath
d. P Vijayan
Answer: c. Yogi Adityanath
– Former President Ram Nath Kovind presented this award in Mumbai.
– The honor was accepted by Dr. Lalji Prasad Nirmal, a member of the Uttar Pradesh Legislative Council, on behalf of Chief Minister Yogi Adityanath.
– The Bharat Ratna Dr. Ambedkar Award is an annual award.
– This award includes a symbolic emblem, a cash prize of 10 lakh rupees, and a certificate of recognition.
– The Vice President of India serves as the Chairman of the selection committee for this award.
List of previous recipients:
– Harshali Malhotra (2022)
– Richa Chadha (2020)
– Prakash Ambedkar (2018)
– Mayawati (2017)
– P.S. Krishnan (2016)
– Shabana Azmi (2014)
– Kanshi Ram (2012)
– Joginder Singh (2011)
– Anand Teltumbde (2010)
– Nitish Kumar (2009)
– Shekhar Suman (2008)
– S.M. Krishna (2007)
