7th July 2023 Current Affairs and News Headlines (Daily GK Update)

Here are the GK updates and new headlines for 7 July 2023 to help you prepare the Current Affairs 2023 for all banking exams. The Current Affairs of 7th July 2023 covers the news headlines on SALVEX Exercise, PNB Metaverse, Kiswahili Language Day, India and Singapore MoU, World Cup 2023 Schedule.

Top 16 Current Affairs and News Headlines of 7th July 2023

Defence News

1.Indian Navy and US Navy Conduct Seventh Edition of SALVEX Exercise in Kochi

• The Indian Navy and the US Navy successfully concluded the seventh edition of the Indian Navy – US Navy (IN – USN) Salvage and Explosive Ordnance Disposal (EOD) exercise, SALVEX, held from June 26 to July 6, 2023, in Kochi.
• This joint exercise has been a regular feature since 2005, promoting collaboration and cooperation between the two navies in the fields of salvage and EOD operations.

Economy News

2.GST Council Proposes Stricter Registration Rules to Counter Fake Registrations

• In a bid to tackle fake registrations and enhance the integrity of the Goods and Services Tax (GST) system, the GST Council is considering implementing new measures.
• These measures include reducing the time period for submission of PAN-linked bank account details, introducing mandatory physical verification for “high risk” applicants, and amending GST Rules regarding the presence of applicants during verification.

3.India and 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.
• 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.

   Banking News

4.PNB Launches Virtual Branch in the Metaverse with Immersive 3D Experience

• Punjab National Bank (PNB) has announced the launch of PNB Metaverse, a virtual branch that offers a unique banking experience.
• Customers can explore various products and services such as bank deposits, loans, digital products, and government schemes through their mobile phones and laptops.

Important Days News

5.Kiswahili Language Day 2023: Date, Theme, Significance and History

• The United Nations Educational, Scientific and Cultural Organization(UNESCO) celebrated the World Kiswahili Language Day on 7th July.
• Kiswahili also known as Swahili language is the only African language within the Directorate of the Global Communications at the United Nations.
•  The day offers a platform to promote the potential of Kiswahili to achieve both the UN Agenda 2030 for Sustainable Development and the African Union Agenda 2063.

6.World Chocolate Day 2023: Date, Significance, Celebrations and History

• Every year, on the 7th of July, people around the world unite to celebrate World Chocolate Day.
• On this day, chocolate enthusiasts of all ages come together to relish their favorite treats, be it a plain chocolate bar, a decadent truffle, or a delectable chocolate cake.

Appointment News

7.FPSB India appoints Krishan Mishra as CEO

• The Financial Planning Standards Board (FPSB) of India has appointed Krishan Mishra as Chief Executive Officer (CEO), effective 1 August 2023.
• FPSB India is the Indian subsidiary of FPSB, the global standards-setting body for the financial planning profession and owner of the international Certified Financial Planner (CFP) certification program.

8.RBI appoints P Vasudevan as new executive director

• The Reserve Bank of India (RBI) has appointed P. Vasudevan as executive director. His appointment is effective from July 03, 2023.
• The Reserve Bank in a statement said Vasudevan will look after Department of Currency Management, Corporate Strategy and Budget Department (Areas other than that of Budget & Funds) and Enforcement Department.
• Prior to being promoted as executive director, Vasudevan was the Chief General Manager-in-charge of the Department of Payment and Settlement Systems.

9.Bangladesh captain Tamim Iqbal announces retirement

• Bangladesh one-day captain Tamim Iqbal announced his shock retirement from international cricket, three months before the team begins its ODI World Cup campaign in India.
• The 34-year-old was in tears as he announced his decision to end his 16-year international career in a news conference.

Agreements News

10.India and Singapore extend MoU on cooperation for 5 years

• The Department of Administrative Reforms and Public Grievances of India and the Public Service Division of the Republic of Singapore recently signed a protocol document to extend their memorandum of understanding for five more years until 2028.
• The MoU encompasses various areas of cooperation aimed at promoting administrative reforms, public sector transformation, and capacity building.

Sports News

11.Netherlands men team wins second FIH Hockey Pro League title

• Netherlands men team finish their season four campaign on 35 points, making them champions of the FIH Hockey Pro League 2022/23 season.
• With this win, Netherlands become the first team in the men’s competition to win a second title, successfully defending their first title, won in the competition last year.

12.World Cup 2023 Schedule, Date, Time & Location

• The schedule for the ICC World Cup 2023 Schedule has been released by ICC.
• The 2023 ICC Men’s Cricket World Cup will be held in India from October 5 to November 19, 2023 which will feature a total of 10 teams.
• India, as the host nation, has secured direct qualification, along with Afghanistan, Australia, England, Bangladesh, New Zealand, Pakistan, and South Africa.

Science and Technology News

13.Elena Introduces India’s First NavIC

• In a significant stride towards achieving self-reliance in navigation applications and services, Elena Geo Systems, a Bengaluru-based firm, has unveiled the country’s first hand-held navigation device based on the Indian Regional Navigation Satellite System (NavIC).
• The device aims to provide precise directions for various infrastructure projects such as railway, land survey, telecoms, and hydrocarbon exploration.
• With a cost of Rs 6,000, it can be easily attached to smartphones using an on-the-go (OTG) connector, enabling users to leverage data from any mapping application or satellite source.

14.Chandrayaan-3 to be launched on July 14

• India’s lunar mission Chandrayaan-3 is going to be launched on July 14, at 2:35 P.M. from Satish Dhawan Space Centre in Sriharikota announced by the Indian Space Research Organisation (ISRO).
• The date was later confirmed by Secretary of Space department and ISRO Chairman S. Somnath at a press briefing on the sidelines of the G-20 Fourth Economy Leaders Meeting in Bengluru.

Summits and Conferences News

15.Highlights from the 67th TAAI Conference in Colombo

• The three-day 67th Travel Agents Association of India (TAAI) convention commenced in Colombo on July 6.
• The conference brought together industry professionals from India and Sri Lanka, offering valuable business opportunities and fostering collaboration in the travel industry.

Miscellaneous News

16.Dalai Lama’s 88th Birthday

• Dalai Lama, the revered Tibetan spiritual leader, marked his 88th birthday with a joyous celebration at his headquarters in Dharamsala, India.
• The event saw hundreds of his supporters and exiled Tibetans coming together to honor the occasion. The courtyard of the Tsuglakhang Temple, adorned with Tibetan and Buddhist flags and portraits, served as the backdrop for the Dalai Lama’s birthday festivities.
• The gathering reflected the deep respect and admiration that people have for the Dalai Lama, with attendees expressing gratitude for his teachings of peace and nonviolence.

Important Current Affairs of 7th July 2023

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