Current Affairs 10 May 2024

We are here for you to provide the important Recent and Latest Current Affairs 10 May 2024, which have unique updates of Latest Current Affairs 2024 events from all newspapers such as The Hindu, The Economic Times, PIB, Times of India, PTI, Indian Express, Business Standard and all Government official websites.

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NATIONAL AFFAIRS

India’s 1st Commercial Utility-Scale BESS Project Received Regulatory ApprovalIndia’s 1st commercial standalone Battery Energy Storage System (BESS) project has received the regulatory approval from the Delhi Electricity Regulatory Commission (DERC).

• The project is being developed by BSES Rajdhani Power Limited (BRPL) in partnership with India Grid Trust (IndiGrid) , and the Global Energy Alliance for People and Planet (GEAPP).
• The project, a 20 megawatt (MW)/40 megawatt hour (MWh) BESS, is set to be installed at BRPL’s 33/11 kilovolt (kV) Kilokari substation, Delhi.

About the BESS Project:
i.The initiative is supported by GEAPP’s concessional loan amounting to 70% of the total project cost.

• GEAPP aims to achieve 1 Giga Watt (GW) of BESS commitments in India by 2026. This is in line with India’s goal of deploying 47GW of BESS by 2032.

ii.The project will commence its operations within 18 to 20 months.
iii.The Project will include cutting-edge technologies for a cleaner, more sustainable energy future.
iv.The project is unique for its cost effectiveness as it will levy annual tariff of Rs 57.6 lakh per MW, which is 55% lower than previous benchmark i.e. Rs 130 lakh per MW per annum.
Significance:
i.It is imperative for BESS project integration in distribution grid as India’s substantial Variable Renewable Energy(VRE) penetration, exceeds 12% in certain region.

• The project will play a vital role in providing the uptake of low-cost VRE by BRPL.

ii.The project offer a comprehensive Monitoring, Evaluation, and Learning(MEL) plan, and will share its key aspects and learnings with other Indian Distribution Companies (DISCOMs), state regulators and power sector stakeholders in India and across Asia, Africa, Latin America and Caribbean.
iii.The project will provide various benefits to DISCOMs such as: reduce power procurement costs, enhance grid stability and improve resource adequacy, among others.
iv.The project Special Purpose Vehicle (SPV)- Kilokari BESS Private Limited, owned by IndiGrid and Ampere-hour Energy will receive payment from BRPL through a fixed-capacity tariff on availability basis. This makes the project more attractive for investors.
Note:

• GEAPP is an alliance of philanthropy, governments in emerging and developed economies, and technology, policy, and financing partners.
• IndiGrid is the first Infrastructure Investment Trust (“InvIT”) in the Indian power sector.

About BSES Rajdhani Power Limited (BRPL):
BRPL is a joint venture (JV) between Reliance Infrastructure Limited  (51%) and the Government of the National Capital Territory (NCT) of Delhi(49%)
CEO– Vineet Sikka
Headquarters– New Delhi, Delhi

ICG & JSP signed MoU to Enhance Indigenous Content in Shipbuilding
On 7th May 2024, Indian Coast Guard(ICG) signed a Memorandum of Understanding(MoU) with Jindal Steel & Power Limited (JSPL), a part of OP Jindal Group, to ensure the supply of indigenous marine grade steel to enhance the indigenous content in shipbuilding.

• Benefits like quality, grades and dimensions, designated steel plants to manufacture the product are stipulated in the MoU as an assurance to the shipbuilding yards for a timely supply of marine-grade steel for the ICG.
• The MoU also highlights the significance of public-private partnerships (PPP) in addressing complex security challenges.

The MoU was signed by Inspector General (IG) HK Sharma, Deputy Director General(Materiel & Maintenance), ICG and SK Pradhan, Chief Marketing Officer(CMO), JSPL in New Delhi, Delhi.
About Indian Coast Guard(ICG):
ICG came into being on 1st February 1977.
Director-General: Rakesh Pal
Headquarters:  New Delhi, Delhi

Springer Nature & DAE signed Transformative Agreement to Drive Open Research 
Springer Nature Group, a German-British academic publishing company, has signed a Transformative Agreement (TA) with the Department of Atomic Energy (DAE), Government of India(GoI) to promote open access principles and remove barriers to the dissemination of scholarly research.
i.Springer Nature is the first to sign a TA with the DAE, a publicly funded department in India, to enable and improve interdisciplinary research.
ii.This will allow more than 50 centers affiliated to the DAE to read and publish Gold Open Access (OA).

• An article published as OA will be available for all to use and reuse from the moment it is published  in Springer Nature’s 2,000+ hybrid journals across all disciplines.

iii.As part of Gold OA, the visibility and impact of Indian research will be enhanced,
Note: TAs enable participating institutions to combine journal subscription (read) access along with open access (OA) publication costs (APCs).

INTERNATIONAL AFFAIRS

India Overtakes Japan To Become World’s 3rd Largest Solar Power Generator As per the report “Global Electricity Review 2024” by the international energy analytics agency Ember, in 2023, India surpassed Japan to become the world’s third-largest producer of solar power, generating 113 Terawatt-hour (TWh) compared to Japan’s 110 Terawatt-hour (TWh).

• This marked India’s significant rise from being 9th in solar energy deployment in 2015.
• India’s solar generation increased 17 times from 0.5% in 2015 to reaching 5.8% in 2023. India’s wind generation increased slightly from 2.5% to 4.2% in 2023.

Highlights:
i.India witnessed the world’s fourth-largest increase in solar generation in 2023, with a growth of 18 terawatt hours (TWh), following China (+156 TWh), the United States (+33 TWh), and Brazil (+22 TWh).
ii.In terms of installed power capacity, India ranked 5th globally at 73 Gigawatts (GW), while Japan stood at third place with 83 GW.

• China led global solar production in 2023, producing 584 Terawatt-hour (TWh), surpassing the combined output of the United States, Japan, Germany, and India.

iii.Solar power accounted for a record 5.5% of global electricity in 2023, Wind power provided a higher share of global electricity, at 7.8% in 2023.
iv.Solar remained the fastest-growing electricity source globally for the 19th consecutive year, outpacing coal. The global growth in solar generation (+307 TWh, +23%) outpaced wind (+206 TWh, +9.8%).
v.Discrepancies between installed capacity and actual power production highlight fluctuations in demand and local circumstances.

• As of May 2024, solar power constituted 18% of India’s installed electricity capacity (442 GW) but only 6.66% of actual production.

vi. Globally, renewable energy contributed 30% of electricity production in 2023, with significant contributions from solar and wind power, driven primarily by China, which accounted for 51% of additional global solar generation and 60% of new global wind generation.
vii.In 2023, India generated 78% (1,536 TWh) of its electricity from fossil fuels, which is higher than the global average of 61% and the regional average of 68% in Asia.

• Also, India was the third largest power sector emitter globally, emitting 1,404 million tonnes of CO2 from electricity generation, behind China (5,491 MtCO2) and the US (1,570 MtCO2).

viii.India is one of the few countries planning to triple renewable capacity by 2030, aiming for 509 GW.

Climeworks Opened World’s Largest DAC + S Plant ‘Mammoth’ in IcelandOn 8th May 2024, Swiss startup Climeworks AG has opened the world’s largest operational Direct Air Capture and Storage(DAC + S) plant named “Mammoth” in Iceland. It will extract Carbon Dioxide(CO2) from the air and store it underground in the form of rock.

• The plant has the capacity to capture up to 36, 000 tons of CO2 per annum.

About Mammoth:
i.Mammoth is the second DAC + S plant of Climeworks , is 10 times bigger than Orca (which is the world’s 1st DAC + S plant opened in Iceland in 2021).
ii.It is built in modular design and will be completed by the end of 2024.
iii.It consists of total 72 collector containers, out of which 12 containers are installed on-site.
iv.It is expected to reduce the cost of CO2 removal  technology to USD 400 to 600 per ton by 2030 and USD 200 to 350 by 2040.
Mechanism:
i.For air capture process, which requires low-temperature heat, it uses renewable source of energy i.e. Geothermal energy.
ii.Once the CO2 is released from filters, it is transported underground, where it will react with basaltic rocks through a natural process and transform into stone.
About Climeworks AG:
Co-Chief Executive Officer(CEO) and Co-Founders: Jan Wurzbacher, Christoph Gebald
Headquarters: Zurich, Switzerland
Iceland:
Capital: Reykjavik
Prime Minister (PM): Bjarni Benediktsson
Currency: Icelandic Krona (IKR)

BANKING & FINANCE

YES BANK Partnered with EBANX to Empower Cross-Border Commerce in India YES Bank Ltd (Youth Enterprise Scheme Bank), a leading private sector bank in India, partnered with EBANX for payment processing in India for the global digital economy.

• This partnership aims to streamline cross-border payment processing and enhance global commerce opportunities for international merchants and Indian customers in India.

Note: EBANX is a global fintech company focused on cross-border e-commerce payments to enable payments from India.
About the Partnership:
Streamlining Cross-Border Payments:
i.The partnership will leverage EBANX’s global experience in cross-border payments and YES BANK’s digital prowess.
ii.It will provide global merchants seamless access to scalable payment solutions aligned with the latest regulatory guidelines.
Innovative Solutions:
It includes a comprehensive range of local payment methods such as Unified Payments Interface (UPI) and cards across all locally available networks.
Efficient Navigation:
With sophisticated recurring payment transactions and mandate management services, merchants can efficiently navigate India’s rapidly growing digital payments landscape.
Strategic Partnership Impact:
The YES BANK and EBANX partnership leverages technological innovation and regulatory compliance to catalyse change, benefiting merchants, consumers, and the broader digital ecosystem in India and beyond.
Key Points:
i.India has the second-largest online shopping market globally, boasting 350 million consumers.
ii.The latest Beyond Borders study forecasts an addition of 109 million individuals to the global consumer class, with India contributing one-third of this growth.
iii.Despite India’s prominence, cross-border payments in digital commerce only account for 9% of transactions (Policy Claims Management International (PCMI)).
About YES Bank Ltd (Youth Enterprise Scheme Bank):
MD and CEO– Prashant Kumar
Headquarters– Mumbai, Maharashtra
Established in– 2004
Tagline– Life Ko Banao Rich

NPCI issues Guidelines for Merchant Acquisition on BHIM Aadhar PayThe National Payments Corporation of India (NPCI) has issued guidelines shifting the responsibility of verifying merchant details onto acquiring banks for Bharat Interface for Money (BHIM) Aadhaar Pay (BAP), where merchants receive digital payments through Aadhaar Authentication.
Key Guidelines for Banks:
i.Acquiring banks are mandated to verify merchant details, whether directly onboarded or through partners.
ii.The banks should assign appropriate Merchant Category Code (MCC) as per the nature of the business or service given in specification defined by International Organization for Standards(ISO).

• MCC 6010, 6011 and 6012 used as default for cash related services or MCCs under miscellaneous category should not be assigned to Merchants on-boarded for BAP.

iii.The banks should ensure that cash withdrawal transactions are not allowed on the BAP service’s merchants and banks have oversight on such merchants.
iv.Acquiring banks are responsible for monitoring merchant activity, including onboarding, transaction monitoring, and training.
v.The bank should ensure that there is a board-approved policy in place for merchant acquisition.
vi.Reviews or audits of the third-party that are engaged by the merchants are mandated.
vii.Merchants associated with any acquiring bank on BAP can accept payments from customers of any bank via biometric authentication.
viii.Participating banks include payments banks, small finance banks, cooperative banks, regional rural banks, and mainline commercial banks.
About National Payments Corporation of India (NPCI):
Managing Director (MD) & Chief Executive Officer (CEO)– Dilip Asbe
Headquarters– Mumbai, Maharashtra
Incorporated in 2008

India contributes USD 500,000 to U.N. Trust Fund for Counter-TerrorismOn May 7, 2024, India’s Permanent Representative to the United Nations (UN) Ambassador Ruchira Kamboj presented a voluntary financial contribution of USD 500,000 to the UN Trust Fund for Counter-Terrorism, and handed over to Under Secretary General, United Nations Office of Counter-Terrorism (UNOCT) Vladimir Voronkov.

• This contribution aims to support UNOCT’s global programmes, focusing on Countering Financing of Terrorism (CFT) and Countering Terrorist Travel Programme (CTTP).

Key Points:
i.With this latest contribution, India’s cumulative financial support to the trust fund reaches USD 2.55 million.

• Qatar tops the UN Trust Fund for Counter-Terrorism with USD 139,530,303.

ii.Since 2018, India has actively supported programmes combating terrorism.
iii.With this India reaffirms its commitment to international cooperation in countering terrorism.
About The United Nations Trust Fund for Counter-Terrorism:
The Fund was established in 2009 by the Secretary-General and transferred to UNOCT in 2017 following General Assembly resolution 71/291.

• As of 31 March 2024 there are 42 funding partners. The Organization of American States (OAS) is the new funding partner in 2024.

About United Nations Office of Counter-Terrorism:
Secretary General – Vladimir Voronkov
Established – 2017
Headquarters – New York, United States

SEBI Mandates Standardized Periodic Reporting for Investment AdvisersOn May 7, 2024, Securities Exchange Board of India (SEBI) has mandated Investment Advisers (IAs) to submit periodic reports for half-yearly periods ending on September 30 and March 31 of every financial year.

• These reports encompass various details, including shareholding pattern, Investment Adviser Administration and Supervisory Body (IAASB) membership number, SEBI registration number, complaints filed against the IA, and social media handles, among others.

This information by SEBI is provided in exercise of its powers conferred under Section 11(1) of SEBI Act, 1992 read with Regulation 14 and Regulation 15 (12) of IA Regulations  to  protect  the  interests  of  investors  in securities market and to promote the development of securities market.
Key Points:
i.They should also share details such as social media handles, bank accounts, National Institute of Securities Markets (NISM) certification, and last inspection details in their periodic reports.
ii.Previously, IAASB sought these reports on an ad-hoc basis, leading to the decision to specify a standardized format for periodic reporting.
iii.SEBI has now developed a standardized periodic format for submission of information by investment advisors, following recommendations from the Industry Standards Forum (ISF).
iv.For the half-yearly period ending on March 31, 2024, investment advisors must submit the periodic report within 15 days from the date of IAASB’s circular issuance.

• Subsequently for half-yearly periods, investment advisers will submit periodic reports within seven working days from the end of the respective half-yearly period.

Click Here for Official Circular
SEBI extends Settlement Scheme period till Jun 10 in stock option cases
SEBI has extended the settlement scheme period until June 10, 2024 for entities involved in reversal trades in the stock options segment on BSE in 2014 and 2015.

• Originally scheduled to end on May 10, 2024 the scheme provides an opportunity for settlement to entities facing adjudication proceedings.

Key Points:
i.The ISO Settlement Scheme 2024 targets entities involved in trade reversals on BSE (formerly Bombay Stock Exchange) between April 1, 2014, and September 30, 2015, with pending adjudication proceedings.
ii.After the scheme period ends, actions under securities laws will continue against entities not participating in settlement.
iii.Availing the scheme benefits entities by resolving proceedings, avoiding delays, and reducing legal expenses.

South Indian Bank signed MoU with Northern Arc Capital to Set New Benchmarks in the Financial Sector
South Indian Bank Limited, Kerala-based private bank has signed a Memorandum of Understanding (MoU) with Northern Arc Capital Limited, a Non-banking finance company (NBFC), to explore and maximise commercial prospects by combining efforts in loan origination, underwriting, disbursement, collection, and reconciliation procedures.

• Under this MoU, both the organisations aim to explore pioneering innovative solutions and set new benchmarks within financial industry.
• This will focus on co-lending and partnership lending activities and facilitate seamless loan transfers between banks and originators.
• This cooperation will allow South Indian Bank to use nPOS, Northern Arc’s unique technology platform to interact with numerous originators for loan origination, underwriting, disbursement, and reconciliation.

SCIENCE & TECHNOLOGY

Google Launched Google Wallet for Android Users in IndiaGoogle has launched Google Wallet, a secure and private digital wallet for all Android users in India to store cards, passes, tickets, keys, or IDs.

• It offers users a single, organised location for quick and easier access to digital documents integrated with QR codes.
• Google Wallet in India will not support payment-related features. Google Pay, Google’s mobile payment app, will continue to serve the payment needs of users in India.

Google Wallet: 
i.The Google Wallet application was first launched in 2011. In 2015, it was succeeded by Android Pay as a replacement for Google Wallet.
ii.In 2018, Google announced a merger between Google Wallet and Android Pay application creating Google Pay.
iii.Google Wallet app available on the Google Play Store.
Note: Google Tez, now known as Google Pay, was launched in India on 18th September 2017.
Utility of Google Wallet:
i.Currently, Google Wallet supports access to digital documents from 20 Indian brands including e-commerce platform Flipkart, Airline companies such as Air India and Indigo, cinema multiplex chains PVR and INOX, MakeMyTrip (MMT), and more.
ii.Public transport: Google has partnered with Kochi Metro, Hyderabad Metro, VRL Travels, and Abhibus to provide access to transit tickets for travellers using these services.
iii.Corporate Badge: Users can store and access corporate badges in the app making workspace access more convenient.
iv.Other utilities are: Saving movie/event tickets, and mobile boarding passes; Accessing loyalty points and gift cards; Creating new passes in wallets by clicking a picture of any document containing a barcode or QR code.
Additional info: 
i.The app available in India is slightly different from its international counterparts.
ii.In India, Google Wallet operates exclusively on Android phones and is not compatible with smartwatches or wearables, unlike in other countries.

ENVIRONMENT

Batillipes Chandrayaani: New Tardigrade Species Discovered from Coast of TN; Named After Chandrayaan-3 MissionResearchers from the Department of Marine Biology, Cochin University of Science and Technology (CUSAT) in Kochi, Kerala, have discovered a new species of marine tardigrade “Batillipes Chandrayaani”, named after the Chandrayaan-3, in the intertidal beach sediments at Mandapam Coast, Ramanathapuram, Tamil Nadu(TN).

• The paper on the discovery was published in the peer-reviewed scientific journal “Zootaxa”.

Research team:  Vishnu Dattan N.K (research scholar) and Dr S Bijoy Nandan (Senior Professor) Department of Marine Biology, Microbiology and Biochemistry, CUSAT.
About Batillipes Chandrayaani:
i.Batillipes Chandrayaani marks the 39th species, described under the Batillipes genus and belongs to the phylum tardigrade.
ii.It grows to a length of 0.15 millimetres (mm) and 0.04 mm in width.
iii.It has a trapezoid-shaped head and four pairs of legs with sharp-tipped sensory spines.
iv.This is the third marine tardigrade species identified in Indian waters and the second found along the East Coast.
Note: In 2021, Stygarctus keralensis, a tardigrade species from Kerala (southwest coast) and  in 2023, Batillipes kalami from Tamil Nadu(south east coast)were discovered.
What are Tardigrades?
i.Tardigrades are microscopic, multicellular organisms commonly known as ‘water bears’ or ‘moss piglets’, found in all the oceans.
ii.The Marine tardigrades account for 17% of all known tardigrade species.
iii.These are one among the toughest animals, enduring mass extinctions with great survival skills.
iv.They can survive in extreme physiochemical conditions with the process of cryptobiosis(state of extreme inactivity in response to adverse environmental conditions).
Chandrayaan-3:
i.Chandrayaan-3 is the third mission in the Chandrayaan programme, a series of lunar-exploration missions developed by the Indian Space Research Organisation(ISRO).
ii.This became the first spacecraft to land in the Moon’s south polar region on August 23, 2023.

Peucetia chhaparajnirvin: New Green Lynx Spider Discovered from Rajasthan
Atul Bodkhe, Daryapur-based arachnologist has identified a new green lynx spider species named Peucetia chhaparajnirvin from Tal Chhapar Wildlife Sanctuary in Churu District, Rajasthan.The new species was named “chhaparajnirvin “ after the Tal Chhapar where it was discovered by Nirmala Kumari and Vinod Kumari.

• The new species was discovered on the green leaves of the  Babul Tree (scientific name Vachellia nilotica). The spider is nocturnal and feeds on small insects.
• The specimens have been deposited in the entomology lab at the University of Rajasthan, Jaipur, Rajasthan. It was identified and described in the Spider Research Lab (SR-Lab) at J.D. Patil Sangludkar Mahavidyalaya Daryapur in Amravati district, Maharashtra.

SPORTS

Indian Boxers clinch 43 Medals at the ASBC Asian U-22 and Youth Boxing Championships 2024 The Indian boxing team bagged a total of 43 medals at the Asian Boxing Confederation (ASBC) Asian U-22 and Youth Boxing Championships 2024, held in Astana, Kazakhstan, from April 25 to May 8, 2024.
Key Points:
i.The Indian boxers secured 12 gold, 14 silver, and 17 bronze medals from both the youth and U-22 categories and ranked second in terms of the medal count, only behind the host Kazakhstan, which won 48 medals in total.
ii.The Asian Boxing Federation hosted the 2024 Asian U-22 and Youth Boxing Championship.
iii.Brijesh gave India its first gold medal in youth category by defeating Tajikistan’s Muminov Muinkhodzha in the men’s 48kg final. Olympic boxer Preeti (54kg) clinched a gold medal in the U-22 category after defeating Kazakhstan’s Bazarova Elina.
>> Read Full News

OBITUARY

Sahitya Akademi Award-winning Urdu litterateur Salam Bin Razzaq Passed AwayRenowned Urdu litterateur and Sahitya Akademi Award winner(2004) Shaikh Abdussalam Abdurrazzaq known by his pen name Salam Bin Razzaq passed away at the age of 83. He was born in 1941 at Panvel, Raigad district, Maharashtra.
About Shaikh Abdussalam Abdurrazzaq:
i.Shaikh Abdussalam Abdurrazzaq published his first short story in the literary magazine Shaa’ir in 1962.
ii.He also wrote three collections of short stories, two in Urdu and one in Hindi and he also translates Marathi fiction into Urdu.
iii. Over four dozen of his stories have been broadcast on All India Radio (AIR), and more than a dozen are included in the syllabus of school, college, and university students.
iv.Some of his literary creations: ‘Nangi Dopahar Ka Sipahi’(1977), ‘Muabbir‘(1987), ‘Zindagi Afsana Nahin’(2012).
Awards  
i.He won the Sahitya Akademi Award for his Urdu short stories collection, ‘Shikasta Buton Ke Darmiyan’, in 2004.
ii.He also won Ghalib Award, Maharashtra Urdu Sahitya Akademi Award.

IMPORTANT DAYS

World Red Cross and Red Crescent Day 2024 – May 8 World Red Cross and Red Crescent Day is annually observed across the globe on 8th May to honour and thank the volunteers and staff of the International Red Cross and Red Crescent Movement.

• The day also celebrates the principles of the International Red Cross and Red Crescent Movement.

The theme of World Red Cross and Red Crescent Day 2024 is “Keeping Humanity Alive”.
Background:
i.During the 14th International Conference of the Red Cross held in London, England, in 1938, the delegates decided to observe 8th May of every year as the International Red Cross Day.
ii.The 1st ‘International Red Cross Day,’ was celebrated on May 8, 1948.
iii.The official title of the day changed over time and became known as ‘World Red Cross and Red Crescent Day’ in 1984.
About the International Federation of Red Cross and Red Crescent Societies (IFRC):
President– Kate Forbes
Headquarters– Geneva, Switzerland
>> Read Full News

World Thalassaemia Day 2024 – May 8
International Thalassaemia Day(also known as World Thalassaemia Day) is annually observed across the globe on 8 May to raise awareness about Thalassaemia, an inherited blood disorder that causes your body to have less hemoglobin than normal.

• The day also celebrates the global thalassaemia community and advocates for equitable healthcare access to diagnosis and therapies for people living with the condition.

The observance is led by the Thalassaemia International Federation (ΤΙF).
The theme of  International Thalassaemia Day 2024 is “Empowering Lives, Embracing Progress: Equitable and Accessible Thalassaemia Treatment for All”.
Background:
i.Thalassaemia International Federation (TIF) established 8th May as International Thalassaemia Day (ITD) in 1994.
ii.Panos Englezos, president and founder of the Thalassemia International Federation (TIF), established the inaugural World Thalassemia Day on 8th of May 1994.
iii.The day was established in memory of George Englezos, the son of Panos Englezos, who died of Thalassemia.
About Thalassaemia International Federation (TIF):
TIF is a non-profit, non-governmental organisation founded in 1986.
President– Panos Englezos
Headquarters– Strovolos, Nicosia, Cyprus
>> Read Full News

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