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Important Current Affairs of 29th May

NATIONAL:

Madhya Pradesh to tentatively have new UNESCO heritage site

• Orchha town in Madhya Pradesh has a historical site with the Bundela dynasty architectural style.

• The Archaeological Survey of India included that heritage town of Orchha in a tentative list of United Nations Educational, Scientific and Cultural Organization (UNESCO) world heritage sites. It was included in the proposal sent by the ASI to the UN body in April 2019.

• UNESCO’s rules state that to be a part of the World Heritage sites, the heritage or historical site must first be on the tentative list.

• After making it to that list, yet another proposal is sent to the UNESCO.

Meghalaya CM Conrad Sangma launched a new project to boost medicinal plant cultivation

• Meghalaya Chief Minister Conrad K Sangma launched a new project to boost medicinal and aromatic plants cultivation named "Aroma Mission".

• "Aroma Mission" a project of Rs.18 crore launched to give importance for agriculture and allied sectors so that farmers earn the benefits from it.

• CM inaugurated a processing unit of essential oils and insisted institutions like CSIR-CIMAP to undertake more researches in this field.

• Broomsticks and bay leaves were categorized as 'Agro Forestry' items.

• Cultivation of lemon grass and citronella plant will be undertaken on 50-acre plots in every district of the state.

• Central Institute of Medicinal and Aromatic Plants (CIMAP) is a plant research laboratory of Council of Scientific and Industrial Research (CSIR)

Telangana to set up countrys first 'Blockchain District' in Hyderabad

• Telangana released a draft blockchain policy to set up country's first 'Blockchain District' in Hyderabad. Telangana released a draft blockchain policy to set up country's first 'Blockchain District' in Hyderabad.

• It is aimed to create an ecosystem for major blockchain companies, start-ups for promoting research, innovation and industry collaboration. Telangana Government signed an agreement with Tech Mahindra to set up the Blockchain district in 2018.

• The draft was released by Information Technology, Electronics and Communications (IT E&C) Department. The main focus will be given to the sectors such as banking, financial services and insurance, pharmaceuticals and healthcare, government institutions and departments, logistics and supply chains.

• The incentives like access to investments, subsidies, tax credits will be rolled out to attract enterprises, Small and Medium Enterprises and startups. Other incentives include 25% subsidy on lease rentals up to 5 lakh per annum for the first three years of operations.

• 100% reimbursement of State Goods and Services Tax (SGST ) for the first three years for startups with revenue less than 5 crore and along with one-time grant of Rs.l0 lakh, 75% subsidy in travel fare when the founders attend global conferences and 25% reimbursement on Internet charges would be provided.

INTERNATIONAL:

India, Sri Lanka and Japan signed a deal to develop container terminal at Colombo

• Sri Lanka, Japan, and India signed an agreement to jointly develop the East Container Terminal at the Colombo Port on 28th May. The joint initiative is estimated to cost between $500 million and $700 million.

• The signing of the Memorandum of Cooperation (MoC)is significant, given that the countries had been negotiating the deal since last year with little success.

As per the agreement, the Sri Lanka Ports Authority (SLPA) retains 100% ownership of the East Container Terminal (ECT), while the Terminal Operations Company is jointly owned. Sri Lanka will hold a51% stake in the project and the joint venture partners will retain 49%.

• Aim: The ECT development project aimed at neutralizing the growing influence of China, which has poured money into the South Asian island nation under its Belt and Road Initiative (BRI) infrastructure plan. The ECT is located some three km away from the China-backed international financial city, known popularly as port city.

APPOINTMENTS AND RESIGNATION:

Alapan Bandyopadhyay appointed as new Home Secretary for West Bengal

• Chief Minister of West Bengal, Mamata Banerjee appointed Alapan Bandyopadhyay, an IAS officer of the 1987 batch, as the new Home Secretary for West Bengal. He succeeds Atri Bhattacharya .

• Alapan Bandyopadhyay was in charge of the Micro, Small and Medium Enterprises(MSME) Department with additional charge of Industry, Commerce and Enterprises Department.

• Ajit Ranjan Bardhan as the new principal secretary of the North Bengal Development Department (NBDD)Bardhan was earlier in charge of Youth Services and Sports department.

• Barun Kumar Ray, who was in charge of the NBDD with an additional charge of Jalpaiguri Commissioner was transferred as the Commissioner of Malda.

Choten D Lama, Secretary of the Panchayat & Rural Development Department (P&RD) was shifted to the Backward Classes Welfare Department with an additional charge of the Tribal department.

• Gyanwant Singh was appointed as the new ADGP (Law and Order).

Jayanta Kumar Basu was appointed as the director of the directorate of economic offences.

BUSINESS AND ECONOMY:

RBI extended time window for using the RTGS for customer transactions

• The Reserve Bank of India (RBI) announced that the time-window for using theReal Time Gross Settlement System (RTGS) for customer transactions will be extended from 4:30 pm to 6 pm on all working days. It will be effective from June 1, 2019.

• The current RTGS service window for customer transactions is available to banks from 8 a.m. to 4.30 p.m. on a working day.

Transactions will now take place under three windows:

1.8 am to 11 am

2.11 am to 1 pm

3.1 pm to 6pm

• Charges for the transactions:

• There shall be no charge for transactions between 8 am and 11 am.

• A charge of Rs.2 will be levied on every transaction conducted between 11 am and 1 pm.

Rs.5 shall be charged for every transaction between 1pm and 6pm.

Standard Chartered launched Trade A1 Engine in partnership with IBM

• Standard Charteredlaunched Trade A1 Engine in partnership with IBM Standard Chartered in partnership with IBM has launched the Trade A1 Engine which will automate the high risk process of trade documentation.

• It will enhance client experience through increased operational efficiency and strengthened operational control.This newly launched Trade A1 Engine will replace the Traditional documentary trade consisting of millions of data elements in paper-based that to be reviewed through a largely manual process.

About Trade A1 Engine

• Conversion of non-digital shipping documents into machine-readable format enabled by Optical Character Recognition (OCR).

•The Identification and classification of document types from an initial pre-defined database.

• The Continuous Machine learning (ML) based on user re-classification / re-defining of data elements to further Improve accuracy.

• Natural Language Processing (NLP) capabilities to read and capture context from data in the documents.

Srei Equipment Finance ties up with Oriental Bank of Commerce to offer loans for purchase of equipment under a co-lending arrangement

• Srei Equipment Financetied up with Oriental Bank of Commerce to offer loans for the purchase of equipment under a co-lending arrangement.Srei Equipment Finance is a wholly-owned subsidiary of Srei Infrastructure Finance.

• The funds for the project will be sourced through a platform named iQuippo, a unique digital market place of Kanoria Foundation.It will help in loan origination, loan dues collection, auction of equipment, valuation of equipment and other facilities.

• The co-lending arrangement will include financing of construction, mining and allied equipment, medical equipment, commercial vehicles and farm equipment.

Motila Oswal AMC become the first Indian fund house to introduce WhatsApp transaction platform

• Motilal Oswal Asset Management Company (AMC) become the first Indian fund house to launch WhatsApp transaction platform for mutual fund transactions for new as well as existing investors.This enables investors to use WhatsApp to invest in any scheme from Motilal Oswal AMC.Investors can either invest lump sum or through SIPS.

• The platform works:

• An investor should add Motilal Oswal AMC number (+91 9372205812) to his/her contact list. Then on WhatsApp, type 'Hi' on the above number.

• After sharing the PAN details, the investor should share his/her mode of investment, fund, amount. Finally, authorize payment for the transaction through the payment link sent

DAYS:

Veer Savarkar was observed on 28 May

• Swatantryaveer Vinayak Damodar Savarkar's birth anniversary was celebrated on 28 May 2019. On this occasion, Prime Minister Narendra Modi paid tributes to VD Savarkar. He said that the nation will always remember sacrifices made by Veer Savarkar during the freedom struggle.

SPORTS:

Ivo Karlovic-Oldest Man to win a match at the French Open 2019 for 46 years

• Croatia’s Ivo Karlovic became the oldest man to win a match at the French Open 2019 for 46 years on 28 May. He beat Spain’s fellow veteran Feliciano Lopez in a first-round duel.

• Forty-year-old Ivo Karlovic became the oldest player to win a match at Roland Garros and defeated 37-year-old Feliciano Lopez to secure 7-6(4), 7-5, 6-7(7), 7-5 in three hours and six minutes to reach the second round at the clay-court Grand Slam for the sixth time.

• This was the oldest men’s match in combined age at Roland Garros during the Open Era, and the seventh-oldest match at a Grand Slam. Karlovic hit 35 aces and saved five of the six break points he faced to win his first match since Indian Wells.