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Important Current Affairs for CLAT-3rd April 2023

India, Malaysia can now trade in Indian rupee

The Ministry of External Affairs declared that trade between India and Malaysia can now be conducted using the Indian Rupee (INR) as a mode of settlement, in addition to other currencies.

The Ministry of External Affairs declared that trade between India and Malaysia can now be conducted using the Indian Rupee (INR) as a mode of settlement, in addition to other currencies. This announcement follows the launch of the Foreign Trade Policy (FTP) 2023 by the Ministry of Commerce the day before, which reaffirmed the government’s determination to establish the rupee as a global currency. This move is expected to boost bilateral trade between the two countries and reduce transaction costs for businesses.

Significance of India, Malaysia Trade in Indian rupee:

The decision to trade in local currencies is part of a broader trend towards currency swap agreements between countries. These agreements are aimed at reducing reliance on the US dollar as the dominant currency for international trade and finance. The use of local currencies can also help reduce currency risk for businesses and encourage greater economic integration between countries.

For India and Malaysia, the move to trade in local currencies is particularly significant. The two countries have a long history of trade and investment ties, and bilateral trade between the two countries has been growing steadily in recent years. However, much of this trade has been conducted in US dollars, which has created additional transaction costs and currency risk for businesses.

By allowing trade to be conducted in local currencies, India and Malaysia will be able to reduce these costs and encourage greater trade and investment between the two countries. This is particularly important for small and medium-sized enterprises (SMEs), which may not have the resources to manage currency risk effectively. By trading in local currencies, SMEs will be able to reduce their exposure to currency fluctuations and focus on growing their businesses.

Need of the India, Malaysia Trade in Indian rupee:

The agreement between India and Malaysia is also a positive development for the broader region. Both countries are important players in Southeast Asia and South Asia, respectively, and the agreement is likely to encourage other countries in the region to explore similar arrangements. This could help to strengthen economic ties between countries in the region and reduce reliance on the US dollar for international trade and finance.

What are the concerns regarding use of local currencies:

However, there are also some potential risks associated with trading in local currencies. One concern is that it could lead to greater volatility in exchange rates, particularly if one currency experiences significant fluctuations in value. This could create additional risk for businesses and potentially undermine the benefits of trading in local currencies.

Another potential risk is that trading in local currencies could create additional complexity and administrative burden for businesses. This could be particularly challenging for SMEs, which may not have the resources to manage the additional paperwork and compliance requirements associated with trading in local currencies.

India, Malaysia Trade in Indian rupee: In Conclusion:

Overall, the agreement between India and Malaysia to trade in local currencies is a positive development for both countries and the broader region. It has the potential to reduce transaction costs and currency risk for businesses, encourage greater economic integration between countries, and reduce reliance on the US dollar for international trade and finance. However, it is important to monitor the potential risks associated with trading in local currencies and take steps to mitigate them as necessary.

GST revenue collection increases 13% to Rs 1.60 lakh crore in March 2023

The Goods and Services Tax (GST) revenue collection for March 2023 has increased by 13% to Rs 1.60 lakh crore, according to data released by the Ministry of Finance.

The Goods and Services Tax (GST) revenue collection for March 2023 has increased by 13% to Rs 1.60 lakh crore, according to data released by the Ministry of Finance. This marks the third consecutive month of increase in GST collections and is a positive sign for India’s economy, which has been grappling with the impact of the COVID-19 pandemic.

What are the reasons for increase in GST collections:

The increase in GST collections can be attributed to a number of factors, including the revival of economic activity and the government’s efforts to improve tax compliance. The government has introduced a range of measures to encourage businesses to comply with GST regulations, including the introduction of a simplified tax filing system and the use of technology to streamline the tax collection process.

The increase in GST collections is also a reflection of the improved business sentiment in the country. India’s economy is expected to rebound strongly in 2023, with growth projected to exceed 7%. This has led to increased business activity, which in turn has boosted GST collections.

The government has expressed optimism about the future of GST collections, stating that it expects collections to continue to increase in the coming months. The government has also announced a number of new measures to improve tax compliance and reduce tax evasion, including the introduction of a new electronic invoicing system and the use of data analytics to identify tax evaders.

Challenges in India’s tax system:

Despite the increase in GST collections, there are also challenges facing India’s tax system. One of the main challenges is the high rate of GST compliance, particularly among small businesses. Many small businesses struggle to comply with the complex regulations and reporting requirements of the GST system, which can lead to underreporting of revenues and tax evasion.

Need of the simplification of the GST system:

To address these challenges, the government has announced a range of new measures to simplify the GST system and reduce the compliance burden for small businesses. These measures include the introduction of a composition scheme for small businesses and the establishment of a dedicated GST help desk to provide guidance and support to businesses.

Overall, the increase in GST revenue collection for March 2023 is a positive sign for India’s economy and a reflection of the government’s efforts to improve tax compliance and boost economic activity. However, there is still work to be done to address the challenges facing India’s tax system and ensure that all businesses can comply with the regulations and contribute to the country’s economic growth.

PM Modi flags off Bhopal-New Delhi Vande Bharat Express at Rani Kamlapati Railway Station

Prime Minister Narendra Modi inaugurated the Vande Bharat Express train service between Rani Kamlapati Railway Station in Madhya Pradesh and Hazrat Nizamuddin Railway Station in Delhi.

Prime Minister Narendra Modi inaugurated the Vande Bharat Express train service between Rani Kamlapati Railway Station in Madhya Pradesh and Hazrat Nizamuddin Railway Station in Delhi. The train will cover a distance of 701 kilometres in 7 hours and 30 minutes and will operate on all days except Saturday. It will stop at Veerangana Laxmibai Jhansi, Gwalior, and Agra.

About Vande Bharat Express:

The Vande Bharat Express is a high-speed train service in India.

It is the country’s first semi-high speed train service, with a maximum speed of 160 km/h.

The train was designed and manufactured in India, with 80% of its components being indigenous.

It offers several amenities to passengers, such as Wi-Fi, automatic doors, bio-vacuum toilets, GPS-based passenger information systems, and more.

The train is also eco-friendly, as it uses regenerative braking systems to conserve energy.

The introduction of the Vande Bharat Express is a significant step towards the modernization and improvement of the country’s railway infrastructure.

10th Indian – Sri Lanka Bilateral Maritime exercise SLINEX-2023 begins

The 10th annual SLINEX-2023 bilateral maritime exercise between India and Sri Lanka has commenced in Colombo, Sri Lanka.

Maritime exercise SLINEX-2023

The 10th annual SLINEX-2023 bilateral maritime exercise between India and Sri Lanka has commenced in Colombo, Sri Lanka. The exercise is divided into two phases, the Harbour Phase and the Sea Phase, each lasting three days. The Indian Navy is represented by INS Kiltan and INS Savitri, while the Sri Lanka Navy is represented by SLNS Vijayabahu and SLNS Samudura. In addition, the exercise also includes participation from the Indian Navy’s Chetak helicopter and Dornier Maritime Patrol Aircraft, as well as Sri Lanka Air Force’s Dornier and BEL 412 helicopters. The exercise will also feature the Special Forces of both navies working together.

The primary objective of SLINEX-2023 is to improve the inter-operability and mutual understanding between the Indian and Sri Lankan navies, as well as exchange best practices and procedures for multi-faceted maritime operations. The Harbour Phase of the exercise will involve various activities such as sports, yoga, and cultural events to facilitate mutual learning, reinforce shared values, and foster friendship and camaraderie between personnel from both navies. The annual maritime exercise is a testament to the strong engagement between India and Sri Lanka, which has resulted in increased cooperation in the maritime domain. The navies of both countries have been interacting more frequently in recent years in line with India’s ‘Neighbourhood First’ policy and the Prime Minister’s vision of ‘Security and Growth for All in the Region’ (SAGAR).

During the Harbour Phase of SLINEX-2023, both INS Kiltan and INS Savitri will be open for visitors, including schoolchildren. Additionally, a joint band performance by the Indian Navy and Sri Lanka Navy in collaboration with the Swami Vivekananda Cultural Centre is also planned. The Sea Phase of the exercise will involve various exercises in multiple dimensions such as surface and anti-air firing exercises, seamanship evaluations, helicopter and maritime patrol aircraft operations, advanced tactical manoeuvres, search and rescue, and Special Forces operations at sea.

History of SLINEX-2023

The Indian-Sri Lanka Bilateral Maritime Exercise, also known as SLINEX, is an annual naval exercise conducted by the Indian Navy and the Sri Lanka Navy since 2005. The aim of the exercise is to enhance inter-operability, improve mutual understanding, and exchange best practices and procedures in multi-faceted maritime operations between both navies.

Britain forges biggest trading deal since Brexit, set to join trans-Pacific pact

In a significant development for post-Brexit Britain, the UK is set to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

In a significant development for post-Brexit Britain, the UK has reached its largest trade deal yet. The country is set to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which covers a market of around 500 million people with a combined GDP of £9tn.

What is Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP):

The CPTPP agreement was signed by 11 countries, including Canada, Japan, Mexico, and Australia, and came into force in December 2018. The UK’s entry into the agreement marks a major milestone for the country’s global trading ambitions and reinforces the government’s commitment to building trade partnerships outside of Europe.

Significance of UK’s Joining of CPTPP:

The deal will remove tariffs on a range of British exports to member countries, including whisky, cars, and beef, and will give UK businesses greater access to fast-growing markets in the Asia-Pacific region. The agreement will also create new opportunities for UK services, particularly in areas such as digital trade, financial services, and professional services.

The UK’s membership of the CPTPP is expected to boost trade between the UK and member countries by around £9bn, or 0.08% of GDP. The government has also said that joining the CPTPP will help to diversify the UK’s trading relationships and reduce the country’s reliance on any one market.

The UK’s entry into the CPTPP has been welcomed by business groups, who have long advocated for the country to pursue new trade deals outside of Europe. The deal is also likely to be seen as a sign of the UK’s growing influence on the global stage, despite its departure from the European Union.

What the critique are saying:

However, the deal has also attracted criticism from some quarters. Labour Party has raised concerns about the impact of the deal on British workers and the environment, while some farmers have expressed fears that the agreement could lead to a flood of cheap imports that would undermine their livelihoods.

UK and CPTPP: Long Time To Go:

The UK’s entry into the CPTPP is expected to take several years, as the country will need to negotiate individual agreements with each member country before joining the agreement as a whole. However, the government has said that it will seek to accelerate the process wherever possible.

UK and CPTPP: In Conclusion:

Overall, the UK’s entry into the CPTPP marks a significant step forward for the country’s global trading ambitions. It is also likely to be seen as a sign of the UK’s growing influence on the global stage, as it seeks to build new trading relationships outside of Europe. However, there are also likely to be challenges ahead, as the country negotiates individual agreements with each member country and seeks to balance the interests of different stakeholders in the UK.

World Autism Awareness Day 2023 observed on 2nd April

Autism Speaks, an organization that advocates for individuals with autism, observes World Autism Month every April, starting with World Autism Awareness Day on April 2nd.

World Autism Awareness Day 2023

World Autism Awareness Day: Autism Speaks, an organization that advocates for individuals with autism, observes World Autism Month every April, starting with World Autism Awareness Day on April 2nd. This year marks the 16th anniversary of the day, which is recognized by the United Nations and aims to promote awareness and advocacy for the rights of people with autism. Autism is a condition that usually begins during childhood and can continue into adulthood.

World Autism Awareness Day: Theme

Every year, a different topic is used to mark World Autism Awareness Day. World Autism Awareness Day 2023’s topic this year is “Contribution of Autistic Individuals at Home, at Work, in the Arts, and Policymaking.”

What is Autism?

Autism, or Autism Spectrum Disorder (ASD), is a neurodevelopmental disorder that affects communication, social interaction, and behavior. It is called a spectrum disorder because it affects individuals differently and to varying degrees.

Some common signs of autism may include difficulty in social interaction and communication, delayed language development, repetitive behaviors, and difficulties with sensory processing. Some people with autism may also have intellectual disabilities or other health conditions.

It is important to note that every individual with autism is unique, and there is no single set of symptoms or characteristics that define autism. However, early diagnosis and intervention can greatly improve outcomes for individuals with autism, and there are many therapies and interventions available to help individuals with autism learn and develop new skills.

History of Autism Day

The United Nations General Assembly officially declared April 2nd as World Autism Awareness Day in 2007, following a proposal put forward by the State of Qatar. The resolution, titled “World Autism Awareness Day,” was co-sponsored by 62 countries and adopted without a vote.

The first World Autism Awareness Day was observed in 2008, and since then, it has been marked by various events and activities worldwide. The day serves as an opportunity to increase public understanding of autism and encourage individuals, communities, and organizations to take action to support people with autism and their families.

India Post Payments Bank launches WhatsApp Banking Services

India Post Payments Bank (IPPB) launched its WhatsApp Banking Services in New Delhi, allowing customers to conveniently access banking services on their mobile phones.

India Post Payments Bank (IPPB) launched its WhatsApp Banking Services in New Delhi, allowing customers to conveniently access banking services on their mobile phones. The new WhatsApp Banking channel will enable customers to connect with the bank on WhatsApp and access a range of services, including requesting doorstep services, finding the nearest Post Office, and more.

More About IPPB WhatsApp Banking Services:

India Post Payments Bank (IPPB) has partnered with Bharti Airtel to offer WhatsApp Banking services to customers in small towns and tier 2,3 cities.

The service will soon support multi-language, allowing rural customers to access banking services in their preferred language.

The addition of WhatsApp messaging is part of IPPB’s effort to promote financial inclusion and reach the rural areas of the country.

IPPB and Airtel IQ are also planning to integrate a live customer support agent into the WhatsApp solution, providing customers with 24/7 support and quick resolution of their queries.

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