Daily Current Affairs 10th May 2023

1. Pakistan’s economic crisis: Hajj quota given up to Saudi Arabia

• For the first time in 75 years, Pakistan has made the decision to surrender its Hajj quota to Saudi Arabia. This move was prompted by the rising inflation in the country, which has caused thousands of Pakistanis to forgo the pilgrimage this year.
• In total, Pakistan has returned 8,000 unused seats, which will save the government a considerable amount of money totalling $24 million.

2. Sri Lanka Supreme Court clears way to decriminalise homosexuality

• The Supreme Court of Sri Lanka has approved a bill seeking to decriminalize homosexuality, according to the Speaker of Parliament, in a move welcomed by LGBTQ+ rights campaigners.
• Under current laws, homosexuality is punishable by imprisonment and fines, but activists have long campaigned for change. After hearing submissions from both sides, the Supreme Court ruled that the proposed legislation was not unconstitutional.

3. India Extends $1 Billion Credit Line to Sri Lanka Amid Economic Crisis

• In the midst of an economic crisis, India has decided to extend a $1 billion credit line to Sri Lanka for another year, providing the much-needed funds to pay for essential imports. The credit line is part of the $4 billion emergency assistance extended by India to Sri Lanka during its peak crisis time last year.
• In April last year, Sri Lanka’s reserves dropped to record lows, triggering its worst financial crisis since its independence from Britain in 1948. The country struggled to pay for essential imports such as fuel, cooking gas, and medicine, and defaulted on its foreign debt.

                                           States News

• Telangana Capital: Hyderabad;
• Telangana Chief minister: K. Chandrashekar Rao;
• Telangana Governor: Tamilisai Soundararajan;
• Telangana Official animal: Chital;
• Telangana Official song: Jaya Jaya He Telangana.

                                         Defence News

5. First Airbus C295 for India successfully completes its maiden flight

• The first C295 aircraft for India has successfully completed its inaugural flight, marking a significant achievement towards its delivery in the latter half of 2023.
• The tactical plane (used by Indian Air Force) took off from Seville, Spain, at 11:45 am local time on May 5th, landing three hours afterward at 2:45 pm.

                                           Banking News

6. Cashfree Payments partners with YES Bank to offer Global Collections service for exporters

• Cashfree Payments and YES Bank have joined hands to launch ‘Global Collections‘, an international collection service for exporters who hold an account with YES Bank.
• This partnership enables the bank’s account holders to collect payments in over 30 foreign currencies using the Global Collections service. Additionally, the funds collected can be converted into INR and settled into their local bank account within one business day.

7. BharatPe rebrands PAYBACK India as ‘Zillion’

• BharatPe, a leading fintech company in India, has announced the rebranding of PAYBACK India, the country’s largest multi-brand loyalty program, as ‘Zillion.’
• This move aligns with the company’s vision to make Zillion a ubiquitous loyalty and rewards program across the nation. Zillion aims to target customers of all age groups and add a new dimension to their shopping experience across various categories and brands.
• With the new brand identity, the loyalty program will offer customers a wide range of options to earn and redeem rewards at a network of offline and online partners, including groceries, fuel, entertainment, travel, apparel, and more.

8. Reserve Bank’s gold reserves rose 4.5% to 794.64 tonnes in 2022-23

• The Reserve Bank of India (RBI) has increased its gold reserves by 4.5% to 794.64 metric tonnes in the fiscal year that ended on March 31, 2023.
• The bank added 34.22 metric tonnes of gold during this period, which brought its total gold reserves up from 760.42 metric tonnes at the end of the previous fiscal year. The RBI has been building up its gold reserves for the last five to six years.

9. RBI Imposes Rs 1.73 Crore Penalty On HSBC Bank

• The Reserve Bank of India (RBI) imposed a monetary penalty of Rs 1.73 crore on the Hongkong and Shanghai Banking Corporation Ltd (HSBC Bank) for violating the Credit Information Companies Rules, 2006.
• The RBI stated that during their examination of the Risk Assessment Report and all related correspondences pertaining to the same, it was discovered that the bank had breached the aforementioned rules.

                                    Important Days News

10. International Day of Argania 2023 observed on 10 May

• Every year on May 10, the International Day of Argania or International Day of the Argan Tree is observed to promote awareness and understanding of the argan tree’s environmental importance worldwide. This holiday was established by UNESCO in 2021.
• In 1988, UNESCO declared the Arganeraie Biosphere Reserve, which is the endemic production area of the argan tree, as a designated area. Additionally, in 2014, UNESCO inscribed all the knowledge and know-how regarding the argan tree on the Representative List of the Intangible Cultural Heritage of Humanity.

                                    Appointments News

11. Badminton Asia appoints Omar Rashid as Chair of Technical Officials Committee

• Badminton Asia has appointed Omar Rashid, the Joint Secretary of the Badminton Association of India (BAI), as the Chair of the Technical Officials Committee.
• Rashid’s vast experience in his previous role with BAI makes him a valuable addition to the committee, ensuring further advancement of badminton in India.

                                   Ranks and Reports News

16. President of India Smt Droupadi Murmu confers 37 Gallantry awards

• On May 09, 2023, the Defence Investiture Ceremony (Phase-1) was held in New Delhi, during which the President of India, Smt Droupadi Murmu, who is the Supreme Commander of the Armed Forces, awarded 8 Kirti Chakras and 29 Shaurya Chakras to personnel of the Armed Forces, Central Armed Police Forces, and State/Union Territory Police. Five of the Kirti Chakras and five of the Shaurya Chakras were awarded posthumously.
• The gallantry awards were presented to individuals who demonstrated outstanding bravery, unwavering courage, and exceptional devotion to their duties. The names of the awardees were listed in the order in which they were presented with their respective awards.

                                          Sports News

17. Fakhar Zaman, Naruemol Chaiwai crowned ICC players of the month for April

• The International Cricket Council (ICC) announced the winners of the ICC Player of the Month awards for April 2023.
• Fakhar Zaman of Pakistan wins the ICC Men’s Player of the Month award, and Thailand skipper Naruemol Chaiwai secures the ICC Women’s Player of the Month after both produced dominant match-winning performances for their countries in the One-Day International (ODI) format.

Important takeaways for all competitive exams: 

• ICC Founded: 15 June 1909;
• ICC Chairman: Greg Barclay;
• ICC CEO: Geoff Allardice;
• ICC Headquarters: Dubai, United Arab Emirates.

18. Andy Murray wins victory over Tommy Paul in Aix-en-Provence

• Andy Murray, a Scottish tennis player, has won his first tournament since 2019 by defeating Tommy Paul, the world No. 17, 2-6 6-1 6-2 in the final of the ATP Challenger event in Aix-en-Provence.
• This victory not only marks his first title since Antwerp in 2019 but also his first clay court title since the Rome Masters 1000 in 2016, which boosts his world ranking to No. 42, the highest in five years. Despite struggling with form and consistency, Murray has managed to defeat three top-20 players this year, and he aims to continue his winning streak as he prepares for the upcoming French Open, which will start on May 22.

19. Argentina’s Lionel Messi wins Laureus sportsman of the year 2023

• Lionel Messi, who led Argentina to victory in the 2022 World Cup as their captain, was honored with the Laureus Sportsman of the Year award at a ceremony held in Paris.
• In addition to that, Messi accepted the World Team of the Year award on behalf of the Argentina men’s football team, who won the championship in Qatar.
• Messi also became the first athlete to scoop both the World Sportsman of the Year Award and the World Team of the Year Award in the same year.

Important Current Affairs of 10th May 2023