Daily Current Affairs for 04 May 2023


India's First Underwater Sea Tunnel

  • India’s First Undersea Tunnel in Mumbai Set to Open by November 2023.
  • The tunnels begin close to Girgaon (before Marine Drive), travel under the Arabian Sea,
    Girgaon Chowpatty, and Malabar Hill, and finally terminate at Breach Candy’s Priyadarshini
  • The high-speed coastal route aims toreduce the 45-minute peak-time trip from Girgaon to
    Worli to only 10 minutes.
  • The diameter of the tunnels is 12.19 meters which is17-20 meters below sea level. About 1
    kilometer part is under the sea.
  • Construction of tunnels is a part of the Mumbai Coastal Road Project (MCRP) being built by
    the Brihanmumbai Municipal Corporation (BMC).

Government Launches Vivad Se Vishwas Scheme

  • The Department of Expenditure, Ministry of Finance, has launched the scheme, ‘Vivad se
    Vishwas I – Relief to MSMEs’ for providing relief to Micro, Small and Medium Enterprises
    (MSMEs) for COVID-19 period.
  • The scheme was announced in the Union Budget 2023-24 by Union Finance Minister Nirmala Sitharaman.
  • The relief provided under this scheme is in continuation to the efforts of the government in promoting and sustaining the MSME sector.
  • Under the scheme, ministries have been asked to refund performance security, bid security and liquidated damages forfeited/ deducted during the Covid pandemic.


HDFC Bank Launches Digital Distribution Platform

  • HDFC Bank introduced a Digital Distribution Platform (DDP) – ‘HDFC Bank Smart Saathi’, a
    state-of-the-art solution which is built on a robust and digitally enabled technology architecture that provides a secure and user-friendly experience to all its users.
  • This platform will use advanced technology solutions to connect Business Correspondents
    (BCs) and Business Facilitators (BFs) to the bank.
  • HDFC Bank Smart Saathi will contribute by making banking products and services available,
    especially credit for rural customers, which will help in the development of the country.
  • Over the next 12 to 18 months its plan is to reach 2 lakh villages through a combination of our branches and agent network.
  • HDFC Bank Smart Saathi will enable its agents to offer over 40 banking products and services,
    including loan products.

RBI Removes Restrictions on Interest-Earning FCA in India’s IFSC

  • In an effort to make India’s International Financial Services Centre (IFSC) more appealing, the Reserve Bank of India (RBI) has allowed individuals to open interest-earning Foreign Currency Accounts (FCA) without restriction.
  • The RBI also removed the requirement to repatriate funds remaining idle in the FCA account for up to 15 days.
  • In February 2021, the RBI allowed resident individuals to make remittances under the
    Liberalised Remittance Scheme (LRS) to IFSCs set up in India.
  • Moreover, only a non-interest-bearing FCA was allowed in IFSCs under LRS.
  • Any funds lying idle in the account for a period up to 15 days from the date of its receipt were
    to be immediately transferred back to the domestic account of the investor in India.
  • Under the LRS, authorised dealers were allowed to facilitate remittances by resident
    individuals up to $ 250,000 per financial year for any transactions permitted under the law.
  • This move by the RBI will also help banks at IFSC mobilise liabilities.
  • It will give them cheaper access to funds and in turn, allow them to lend at more competitive


India Surpasses Australia to Become No. One Test Team

  • Rohit Sharma-led India overtook Australia to become the number one Test team in the latest
    rankings released by the International Cricket Council (ICC).
  • India is currently on top with 121 points, while Australia are second with 116 points.
  • Earlier this year, India registered a 2-1 series win against Australia to retain the BorderGavaskar trophy for the fourth time in a row.
  • England (116 points), South Africa (104) and defending champions New Zealand (100) occupy the third, fourth and fifth places respectively in the rankings.

China's First World Chess Champion

  • Ding Liren became China’s first world chess champion after defeating Russia’s Ian Nepomniachtchi in a tie-breaker.
  • Ding Liren has become the 17th World Chess Champion.
  • He took over from Magnus Carlsen of Norway as the winner of the World Chess
  • The first stage of the World Chess Championship in Astana, Kazakhstan ended with Ding Liren and Nepomniachtchi with seven points, with three wins and eight draws.


UN Press Freedom Prizes

  • The United Nations announced its premier prize for press freedom has been awarded to three imprisoned Iranian female journalists ‘for their commitment to truth and accountability.’
  • Award winners include Niloufer Hamidi, Elaheh Mohammadi and Nargis Mohammadi.
  • The award is given to a person, organization or institution who, at the risk of life, has made an
    outstanding contribution to the defense and, or promotion of freedom of the press, anywhere
    in the world.
  • Niloufer had informed people about 22-year-old Mahsa Amini, who had died in September
    2022, through a news item.
  • Amini was arrested by the ethics police for not wearing a headscarf properly.
  • Elaheh wrote about Amini’s funeral.
  • Amini’s death triggered months of protests in Iran’s cities.
  • The third winner, Nargis Mohammadi, worked for many years as a journalist and is one of
    Iran’s most prominent activists.
  • The award is named in honor of Guillermo Cano Isaza, a Colombian journalist who was
    assassinated on 17 December 1986.


Book ‘Made in India: 75 Years of Business and Enterprise’

  • The book ‘Made in India: 75 Years of Business and Enterprise’ is written by Amitabh Kant.
  • It is published by Rupa Publications India.
  • The book coincides with India becoming the 5th largest economy in the world, overtaking the
    United Kingdom after 75 years of independence.
  • This book presents a multidimensional survey of India’s business heritage and culture to
    understand the country’s remarkably strong and resilient growth story of Indian business and
  • Through the book, Amitabh Kant aims to provide insight into the success of Indian businesses and enterprises and how they can move forward in the future.


World Press Freedom Day

  • World Press Freedom Day is observed every year on 03 May.
  • The day is celebrated to increase understanding about the importance of a free press.
  • The theme for the year is ‘Shaping a Future of Rights: Freedom of Expression as a Driver for All Other Human Rights’, which highlights the important role of freedom of expression in the protection and promotion of other human rights.
  • World Press Freedom Day is a reminder of the important role of free and independent media in promoting democracy, human rights and sustainable development.
  • World Press Freedom Day was proposed by UNESCO’s General Conference in 1991 to
    celebrate and promote press freedom.


Ranjit Guha Passed Away

  • An eminent historian, Ranjit Guha passed away at the age of 100 in Austria.
  • Guha completed his post-graduation in history from the University of Calcutta after studying at
    a school in Kolkata.
  • He was associated with several renowned institutions during his career, including the
    Australian National University, from where he retired in 1988.
  • One of his famous contributions in the field of history is his book titled ‘Elementary Aspects of Peasant Insurgency in Colonial India’.


Samajwadi Pandit Ramkishan Becomes ‘Century Man’

  • Pandit Ramkishan, a famous socialist leader, was honoured with the title of ‘Shatabdi Purush’
    (Man of the Century) in New Delhi for his contribution to Indian socialism.
  • The award was presented to him during the birth centenary celebrations of renowned socialist
    thinker and parliamentarian Madhu Limaye.
  • Ramkishan is considered the most senior and distinguished figure in Indian socialism and has
    been recognized as the ‘Socialist Centenary Man’.
  • Ramkishan took an active part in socialist movements led by other prominent leaders like
    Jayaprakash Narayan and Lohia and was jailed several times, including during the Emergency

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