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Important Current Affairs for CLAT-13th March 2023

PMLA, 2002 Amended To Include Cryptocurrency Trade

Finance Ministry has tweaked the anti-money laundering law by bringing cryptocurrencies and other virtual digital assets trade under its ambit. This means that exchanges, custodians, and wallet providers, among others in crypto-related trade, will fall under the Prevention of Money Laundering Act. The government has imposed money laundering provisions on cryptocurrencies or virtual assets as it looks to tighten oversight of digital assets. More about the amendment to PMLA, 2002 Things covered by the law

  • Exchange between virtual digital assets and fiat currencies

  • Exchange between one or more forms of virtual digital assets

  • Transfer of virtual digital assets

  • Safekeeping or administration of virtual digital assets or instruments enabling control over virtual digital assets, and

  • Participation in and provision of financial services related to an issuer’s offer and sale of a virtual digital asset will now be covered by the Prevention of Money-laundering Act, 2002.

Further, in regards to ownership, the ministry directed that any individual or group who holds about 10% ownership in the client of a ‘reporting entity’ will be seen as the beneficial owner as against the earlier threshold of 25% ownership. Impact of the amendment in PMLA, 2002 After this, Indian crypto exchanges will have to report suspicious activity to the Financial Intelligence Unit India (FIU-IND). The move is in line with the global trend of requiring digital-asset platforms to follow anti-money laundering standards similar to those followed by other regulated entities like banks or stock brokers. Virtual digital assets were defined as any code or number or token generated through cryptographic means with the promise or representation of having inherent value. Digital currency and assets like NFTs (non-fungible tokens) have gained traction globally over the last couple of years. Trading in these assets has increased manifold with cryptocurrency exchanges being launched. However, India, till last year, did not have a clear policy on either regulating or taxing such asset classes.

India received Golden & Silver Star at ‘Golden City Gate Tourism Awards

The International Golden City Gate Tourism Awards 2023 in the categories of “TV/Cinema Commercials International and Country International” were won by the Indian Ministry of Tourism and Government of India, respectively. As part of a global effort on advertising in the post-Covid period to reopen opportunities in India, the award has been granted to promotional films/television ads made by the Ministry. On March 8, 2023, at ITB, Berlin, Shri Arvind Singh, Secretary (Tourism), Government of India, accepted the honours. Each year, the tourism and hospitality industries compete for the Golden City Gate Tourism Multi-Media Awards in a number of categories. The “Golden City Gate” is an international creative multi-media competition for nations, cities, regions, and hotels. An international panel made up of professionals in the film and tourism industries judges the submissions submitted for the prizes. The premier tourism trade show in the world, ITB Berlin, is the location of the yearly award presentation.

India, France conduct Maritime Partnership Exercise (MPX)

Indian Navy’s indigenously built guided missile frigate, INS Sahyadri participated in a Maritime Partnership Exercise (MPX) with French Navy (FN) ships FS Dixmude, a Mistral Class Amphibious Assault Ship and FS La Fayette, a La Fayette Class Frigate, in the Arabian Sea. The partnership exercise was conducted on March 10-11.

Significance of The Maritime Partnership Exercise (MPX):

According to the Ministry of Defence, the exercise witnessed a wide spectrum of evolutions at sea which included cross-deck landings, boarding exercises and seamanship evolutions. The seamless conduct of the exercise reaffirmed the interoperability and high level of cooperation between the two navies.

INS Sahyadri and Maritime Partnership Exercise (MPX):

INS Sahyadri is fitted with state-of-the art weapons and sensors, which makes her capable of detecting and neutralising air, surface and sub-surface threats. The ship is a part of the Indian Navy’s Eastern Fleet based at Visakhapatnam, under the operational control of FOCinC (East), said the Defence Ministry statement.

  • INS Sahyadri is indigenously built. It is a guided missile frigate.

  • It is capable of detecting and neutralizing air, surface, and sub-surface threat as it is fitted with world-class weapons and sensors.

PM Modi inaugurates world’s longest railway platform in Hubballi, Karnataka

Prime Minister Narendra Modi dedicated World`s longest railway platform of 1.5 kilometres at Sri Siddhaarooda railway station in Hubballi in the state of Karnataka.

Prime Minister Narendra Modi dedicated World`s longest railway platform of 1.5 kilometres at Sri Siddhaarooda railway station in Hubballi in the state of Karnataka. The inauguration of the platform was done during the PM’s Karnataka visit in the presence of Union Minister Pralhad Joshi. It is to be noted that Indian Railways, South Western Railway Zones Hubbali is now registered in the Guinness Book of World Records for having the longest platform.

Significance of The longest platform:

The world’s longest railway platform will cater to the transportation needs of the Hubballi-Dharwad region and will help in enhancing the operational capacity of the yard. Furthermore, it will enable the operations of trains in both directions.

Gorakhpur platform slips to 2nd in the ranking:

Gorakhpur platform in Uttar Pradesh is the second longest at 1,366.33 meters, and Kollam Junction in Kerala has the third longest platform at 1,180.5 meters.

The Bengaluru-Mysuru expressway:

Meanwhile, Prime Minister Narendra Modi also inaugurated the 118-km long Bengaluru-Mysuru expressway. This new project is expected to aid the social and economic growth in the region.

The new e-way built at a cost of Rs 8,480 crore will reduce the travel time between the cities from 3 hours to around 75 minutes.

Furthermore, the project entails widening NH 275 to six lanes along the Bengaluru-Nidaghatta-Mysuru stretch.

PM Modi inaugurates permanent IIT Dharwad campus:

Prime Minister Narendra Modi also dedicated new campus of IIT Dharwad, The foundation stone of IIT Dharwad was also laid by him in February 2019. Developed at a cost of over Rs. 850 crores, the institute currently offers 4-year BTech programs, inter-disciplinary 5-year BS-MS program, MTech and PhD programs.

Oscars 2023: RRR’s “Naatu Naatu” wins Best Original Song

Oscars awards 2023: RRR's "Naatu Naatu" was named the 95th Academy Awards' Best Original Song.

Oscars 2023

Oscars awards 2023: The 95th Academy Awards (Oscars 2023) have announced that RRR‘s “Naatu Naatu” won Best Original Song. The song had to beat out songs like “Applause” from Tell It Like a Woman, “Hold My Hand” from Top Gun: Maverick, “Lift Me Up” from Black Panther: Wakanda Forever, and “This is Life” from Everything Everywhere All At Once. The Oscars 2023 was accepted by lyricist Chandrabose and composer Keeravani. 

The song’s words were written by Chandrabose, with music by MM Keeravaani, and it was performed by Kala Bhairava and Rahul Sipligunj. “Naatu Naatu” received the Golden Globe for best song. RRR became the first Indian film to win a Golden Globe as a result of the victory.

Oscars 2023-About the RRR Nominations

Drawing inspiration from the lives of freedom fighters Komaram Bheem and Alluri Sitarama Raju, RRR narrates a fictional tale set in the 1920s. The film boasts an ensemble cast, starring the likes of Jr NTR, Ram Charan, Ajay Devgn, Alia Bhatt, Olivia Morris, Samuthirakani, Alison Doody, and Ray Stevenson.

Oscars 2023- You may also know this

It should be noted that “Jai Ho,” written by Gulzar and composed by AR Rahman, was the first Hindi song to win an Academy Award for Best Original Song and Best Original Score in the 2008 British film Slumdog Millionaire.

The popularity of ‘Naatu Naatu’ is global. It will be a song that will be remembered for years to come. Congratulations to @mmkeeravaani, @boselyricist and the entire team for this prestigious honour.

Knight Frank releases wealth report 2023

Knight Frank, a global real estate consultancy, released its Wealth Report 2023, which provides insights into the trends and performance of the prime residential property market across the world.

Knight Frank, a global real estate consultancy, released its Wealth Report 2023, which provides insights into the trends and performance of the prime residential property market across the world. Among Indian respondents, the consultant said 88 per cent saw a rise in UHNWI’s (ultra-high-net-worth individuals) wealth in 2022.

India and Knight Frank’s wealth report 2023:

Out of which 35 per cent respondents said that Indian UHNWIs saw an increase in their wealth in excess of 10 per cent last year.

Going forward, the Indian respondents expect wealth of the ultra-wealthy to continue to increase in 2023.

While 47 per cent expect wealth to increase by more than 10 per cent, 53 per cent expect wealth to rise by at least 10 per cent over the previous year.

The survey also found that investable wealth of Indian UHNWIs is largely allocated between equities, real estate and bonds.

Out of the total investable wealth, highest allocation is in equities at 34 per cent, followed by commercial property (25 per cent), bonds (16 per cent), private equity/venture capital (10 per cent), gold (6 per cent) and passion led investment (like art, car and wine) at 4 per cent.

Allocation in equities is higher by Indian UHNWIs than wealthy people globally.

The optimism of the ultra-wealthy on wealth generation here is far higher than their global counterparts and this shall serve as the bedrock of investment and consumption decisions.

Indian super rich owns more residential properties than global average:

Among other findings, the survey report said that on an average Indian super rich owns more than 5 (5.1) residential properties compared to the global average of 4.2 units.

Around 37 per cent of the total wealth’s allocation is towards primary and secondary homes by Indian UHNWIs, of which 15 per cent allocation was towards residential property held outside India.

Knight Frank said that 14 per cent of UHNWIs purchased a home in 2022 and about 10 per cent are expected to make a new home purchase in 2023.

United Kingdom: The Most Preferred Foreign Location:

Amongst foreign locations the United Kingdom, United Arab Emirates and United States are the most preferred locations for purchasing homes.

The United Kingdom was the first preference with 47 per cent of respondents showing affinity towards it.

The second spot was taken by UAE (41 per cent), followed by USA (29 per cent) and Canada (18 per cent).

Indonesia’s Mount Merapi volcano erupts, covering villages in ash

Mount Merapi, one of the world’s most active volcanoes, erupted, spewing out smoke and ash that covered villages near the crater. There were no immediate reports of casualties, the the National Disaster Mitigation Agency said. The images broadcasted shows ash-covered houses and roads at a village near the volcano, in Yogyakarta.

More About The Mount Merapi volcano eruption:

The Merapi Volcano Observatory estimated the ash cloud reached 9,600 feet (3,000 metres) above the summit.

Authorities established a restricted zone of seven kilometres from the crater after the eruption, which was recorded at 12:12 pm (0512 GMT).

The extent of the damage:

At least eight villages near the volcano have been affected by volcanic ash, an officer at one of Merapi’s observation posts said in a statement.

The history of the Mt Merapi’s volcanic activities:

The volcano’s last major eruption in 2010 killed more than 300 people and forced the evacuation of some 280,000 residents. It was Merapi’s most powerful eruption since 1930, when about 1,300 people were killed. An eruption in 1994 left about 60 people dead. The volcano’s alert status has remained at the second-highest level since 2020 after showing renewed activity.

Mount Merapi: the most active volcano in Indonesia:

  • The Mount Merapi is the Fire Mountain in Indonesia and Java.

  • It is an active stratovolcano that is located on the border between the Central Java and Yogyakarta provinces, Indonesia.

  • It is considered as the most active volcano in Indonesia and is erupted regularly since 1548.

  • It is the youngest group of volcanoes in southern Java that is situated at a subduction zone of the Indo-Australian Plate and Sunda Plate.

  • At this subduction zone, the Indo-Australian Plate subducts under the Sunda Plate.

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